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The World of Finance: Week of September 22nd to September 28th 2014

the-world-of-finance-week-2014-Oct-01

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India: RBI

  • RBI panel outlines steps to help PSU banks manage talent better
  • RBI released the issuance calendar of Government bonds for the second half of this fiscal year

India: SEBI

  • SEBI appoints Gyan Bhushan as Chief vigilance officer
  • MCX Stock Exchange Ltd (MCX-SX) receives approval from SEBI to change its name to Metropolitan Stock Exchange of India Ltd, or mSXI
  • SEBI wants SMEs to get listed for more gains

India: Finance Ministry

  • The Finance Ministry is pushing for further easing of rules for foreign direct investment
  • The Finance Ministry has opposed a proposal to supply domestically produced coal to power plants that do not have a fuel supply agreement (FSA)

India: Banking Development

  • IDFC Bank to kick-start banking operations by Oct 1, 2015
  • SBI, ICICI allow kids to operate bank accounts
  • Banks get a push from RBI to mine social media, know customers better

India: Banking Expansion

  • FIPB to decide on HDFC Bank proposal to increase foreign investment limit
  • IDFC raised Rs 1000 Cr through qualified institutional placement (QIP) after selling 7.3 crore shares for Rs 137 each
  • Rs 1,500 crore deposited in banks under Jan Dhan Yojana
  • Already about 4  Crore new bank accounts have been opened under Jan Dhan Yojana

India: General banking

  • Board of Bank of Baroda approves  stock split of 1 equity share into five equity shares, subject to regulatory approvals
  • Bank unions plan protests from Oct 10
  • State Bank of India likely to hold the subsidiary banks’ merger plan
  • Calcutta HC stays United Bank of India’s declaration of Kingfisher Airlines as wilful defaulter
  • IDBI Bank approves raising rupee borrowing limit to Rs 15,000 crore
  • Syndicate Bank terminated its suspended CMD Sudhir Kumar Jain’s term

India: Frauds

  • The Visakhapatnam branch of CBI has registered a case against the chief manager of the Indian Bank at Narasaraopet in Guntur for allegedly entering into a criminal conspiracy with a few companies and persons to defraud the bank of Rs 10.49 lakh

India: They said it

  • Raghuram Rajan, RBI Governor: Macro indicators improving but rate cut still away
  • Raghuram Rajan, RBI Governor: Need to tackle ‘persistent’ inflation
  • Raghuram Rajan, RBI Governor: India needs “sensible” regulations to spur growth
  • RBI Deputy Governor: Discussions are going on to Join Euroclear

India: Forex reserve

  • India’s forex reserves fell by $101.3 Mn in the week ended September 19 to $315.59 Bn

International:

  • A China-led effort to launch the Asian Infrastructure Investment Bank has attracted the interest of 21 countries
  • Banks shut branches over Hong Kong protests

The World of Finance: Week of June 23rd to June 29th, 2013

India: New Banking Licenses

  • Receipt of applications for new bank licence in the private sector closes on July 1, 2013
  • RBI says it won’t consider incomplete banking licenses
  • Aditya Birla says there is a need to set up more banks as penetration of financial services is poor
  • Department of Posts (DoP) applies for Banking License. DoP has 1,54,822 branches all over India
  • Religare’s founders plan to sell a nearly 23% stake, to reduce their holding to 49%. Customers Bancorp invests $51 million into Religare
  • Reliance Capital ties up with Japanese financial giants Sumitomo Mitsui Trust Bank and Nippon Life Insurance to apply for banking license
  • Bajaj Finserv, Edelweiss, IDFC, IFCI, India Infoline, Magma Fincorp to apply for banking licenses
  • Mahindra & Mahindra Finance opts out of applying to banking license

India: Non Banking Financial Companies

  • RBI has imposed restrictions on debt sales by NBFCs, and has set a minimum waiting period of 6 months between private debt placements
  • Motor & General Finance (MGF) to surrender its NBFC license
  • Tripura Government orders 4 NBFCs to repay deposits to customers by July 31st
  • Clearwater partners with PHL Finance in INR 300 Crore land deal

India: Other News

  • SBI Life using Facebook to reach out to Uttarakand victims
  • Insurance companies setting up special on-call and on-location cells to help Uttarakand victims
  • Swiss Bank UBS to exit Indian banking operations
  • Exim Bank gets license to open representative office in Myanmar
  • TATA roll out first white label ATM and brands it ‘Indicash’. Plan to rollout 50,000 ATMs by 2016
  • Muthoot Finance eyeing 9000 white label  ATMs in 3 years
  • RBI to set up a committee to review the existing financial benchmarks like Repo Rate, Reverse Repo Rate among others
  • RBI lowered the risk weight for home loans above Rs 75 lakh to 75% from 125%
  • RBI said financial assets of Indian residents abroad stood at $447.8 billion, an increase of $3.9 billion over the previous quarter

India: Recognitions

  • HDFC Life recognized for excellence in ‘First Level Sales Manager Productivity’
  • HDFC Life honoured with CIO magazine’s 2013 CIO 100 Award
  • Karvy Stock Broking Limited Awarded ‘Largest E-Broking House in India’
  • Max India operated the first three US FDA approved pharma plants in India. A representation of Max Group’s focus on ‘Quality’

Worldwide: International Debt Market

  • IGI Metro has ~2000 Crores debt to be repayed
  • India has to repay ~$172 Billion in Debt by March 2014, current reserves at ~$287 Billion
  • India’s external debt at ~$390 Billion as on March 31st 2013
  • Russia’s external debt at ~$684 Billion
  • China’s external debt at ~$765 Billion
  • U. S. external debt ~$15.9 Trillion
  • Japan’s National Debt above $10 Trillion

Worldwide: Metals

  • Gold posts its largest quarterly loss in at least 45 years
  • India Ranks 10th in Gold reserves with 557.7 tones equivalent to 9.6 percent of its foreign reserves
  • India imports 162 ton of Gold in May 2013, 19.50 tons higher than April
  • Russia to soon begin trading precious metals on its Moscow Stock Exchange

Worldwide: Other News

  • Growth rates of Islamic banks higher than traditional banks in Bangladesh. Standard Liquidity Ratio 7.5% lower for Islamic banks
  • U. S. mortgage rates spike 0.53% to an average of 4.46%
  • EU leaders to put Euro 6 Billion into youth training schemes and promote lending to credit-starved small businesses
  • Blind man sues bank over ATM Accessibility
  • U. S. unemployment rate at 7.6%, down from 10% in October 2009
  • Eurozone unemployment rate at ~11.5%
  • Kuwait Finance House offers money transfer through ATM. Money can be transferred  to other KFH accounts or to accounts at other bank.’

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