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Talks between the IBA and the unions held in Mumbai on Wednesday, to avert a nationwide strike on Aug 22, have failed. C H Venkatachalam of the AIBEA said the IBA insisted that it was for the Govt to make a decision on most of the unions’ demands.  The unions will now meet with the CLC in New Delhi on Aug 18.
-Business Line

UFBU has called a nation-wide strike on Aug 22 to protest against the reforms proposed by the Centre Govt.
-Economic Times

In line with the Govt's policy,  the RBI on Wednesday said farmers can avail of short-term crop loans of up to Rs 3 lakh at a subsidised interest rate of 7% that could go down to 4%  on prompt repayment. "To ensure hassle-free benefits to farmers under the Interest Subvention Scheme, the banks are advised to make Aadhaar linkage mandatory for availing of short-term crop loans in 2017-18," the RBI said in a notification to banks.
-Business Standard

No lobbying, "allotment" on the basis of merit-cum-performance and enlarging the employment pool to include the private sector are some key initiatives taken by the Centre for top-level recruitments in PSBs, the personnel ministry has said. "It is expected that these reforms in appointment process will result in better governance and eventually reduce NPAs and sustain profitability of PSBs," the ministry said.
-Economic Times

State governments are lining up to re-negotiate tariffs for renewable energy. However the IBA is not happy with the idea. In a letter to the government, the association has warned that any such changes will open the door to corruption and that any cancellation of existing contracts will be a violation of commitments made by state governments

HDFC Bank has reduced the interest rate on SB account by 50 basis points to 3.5% on deposits up to Rs 50 lakh. However, the Bank will continue to pay 4% interest on deposits of above Rs 50 lakh. “Post revision, customers maintaining SB account balance of Rs 50 lakh and above will continue to earn interest at 4% per annum. Customers maintaining account balance of below Rs 50 lakh will earn interest at 3.5% per annum,” HDFC Bank said in a regulatory filing.
-Business Line

Axis Bank has launched affordable housing loan product to “reward” customers with regular repayment behaviour helping them reduce EMIs by up to 12 months.

Moody’s has downgraded ratings on forex debt of ICICI Bank raised through its Bahrain branch under the medium term notes programme even as it retained the ratings on the bank’s foreign currency senior unsecured debt.
-Business Line

The Finance Ministry will work out a roadmap to regulate the use of virtual currencies such as bitcoins based on the report of an official committee that has suggested not to legalise them. While welcoming the use of new technologies such as block chain, the committee is said to have proposed that the use of crypto-currencies should not be permitted in the country. It is also not in favour of a complete ban, but is understood to have recommended stringent provisions for regulating it.
-Business Line

A person who has to receive a payment from an insolvent co can now seek the claim under the insolvency law as the revised regulations have enabled owners of undelivered flats to get relief. Till now, only financial and operational creditors were permitted to seek claims under the Insolvency and Bankruptcy Code (IBC). The revised regulations come at a time when a large number of flat buyers have been left in the lurch, especially in the National Capital Region (NCR), due to long delay in deliveries amid the developers citing fund crunch.
-Economic Times

The first shipment of American crude oil worth $100 million will reach India next month, with US President Donald Trump promising to be a “reliable, long-term supplier” of energy to India’s developmental needs. The shipment of crude oil to India comes nearly 2 years after the then US president Barack Obama lifted the 40-year-old ban on its export.
-Business Line

On Wednesday Ghulam Nabi Azad, opposition leader Rajya Sabha, questioned PM Modi over figures quoted in his Independence Day speech on demonetisation, and asked him how he knew that Rs 3 lakh crore had come into the banking system when the RBI was still counting notes. He said the claim made by the Prime Minister on Tuesday of Rs 3 lakh crore getting into the banking system post-demonetisation, is in clear contrast to what the RBI has said.
-News 18

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