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Raising their protest against the FRDI Bill, 2017, bank employees' unions have launched a nationwide signature campaign to highlight the adversities in the Indian banking sector. Expressing concerns over the safety for people's money deposited in Banks, the AIBEA demanded withdrawal of the FRDI Bill, 2017, which they claim, is trying to remove the safety for the bank deposits. AIBEA plans to collect 1 crore signatures from across India by end of March 25 and submit a mass petition to the Parliament and Lok Sabha Speaker.
-Business Line

The Government and the RBI may postpone the implementation of new accounting standards for banks because of the legislative changes and additional capital requirements the process would entail, according to  senior officials. Banks and NBFCs are due to switch to Indian Accounting Standards (IndAS) from 1 April 2018. They currently follow Indian generally accepted accounting principles(GAAP) standards  Other corporate entities started complying with IndAS with effect from 1 April 2016.

Axis Bank  reported a 25% year-on-year (YoY) rise in net profit at Rs 726 crore for December quarter. The Bank had reported a profit of Rs 580 crore in the corresponding quarter last year.
-Economic Times

Pitching for a nuanced message at the World Economic Forum (WEF) to present India as an open economy which cares for interest of domestic as well as global audience, Kotak Mahindra Bank M D Uday Kotak said the country needs to position itself as a statesman and not just a salesman.

The date of the next submissions hearing in the extradition trial of Vijay Mallya over alleged fraud  and money laundering amounting to Rs 9,000 crores remains uncertain, as the case was today not discussed in a London court due to differences among lawyers on a mutually convenient date.
-Economic Times

The Indian economy is seeing broad- based improvement across all sectors and should clock 7% growth in the second half of the current fiscal, ICICI Bank Chief Chanda Kochhar said today.

Communications Minister Manoj Sinha  said the government is working on establishing 650 branches  for India Post Payments Bank to facilitate  financial inclusion.
-Economic Times

The banking sector will be saddled with gross NPAs worth a staggering Rs 9.5 lakh crore by March-end, up from Rs 8 lakh crore in the year-ago period,  Assocham -Crisil studyreport said today. The high level of stressed assets in the banking system provide enormous opportunity for ARCs which are important stakeholders in the NPA resolution process, said the study.
-Business Line

India was today ranked at the 62nd place among emerging economies on an Inclusive Development Index, much below China’s 26th position and Pakistan’s 47th. Norway remains the world’s most inclusive advanced economy, while Lithuania again tops the list of emerging economies, the World Economic Forum (WEF) said while releasing the yearly index in Davos before the start of its annual meeting, to be attended by several world leaders.
-The Hindu

In the past week alone, petrol prices across the country have gone up by 1-2% while diesel prices are up 2% in most major cities. In Mumbai, price of a litre of non-branded petrol today stood at Rs 80.10 per litre while diesel cost Rs 67.10, the highest since August 2014. Similarly, petrol prices in Kolkata and Chennai have gone up and are within kissing distance of Rs 75 - diesel prices are around Rs 66. Petrol price in Delhi is Rs 72.23 per litre and diesel Rs 63.
-Business Standard

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