The World of Finance: Week of November 03rd to November 09th 2014

the-world-of-finance-week-2014-Nov-09

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India: RBI

  • RBI prescribes measures for banks to prevent cheque frauds. Makes SMS alerts for cheques mandatory
  • RBI cautioned the Indian corporate sector against increasing leveraging of their balance sheet, failure to hedge foreign currency debt and intra-day trade

India: SEBI

  • SEBI has proposed that bank funding to listed small and medium enterprises (SMEs) be given a priority lending tag
  • SEBI mulls performance-based fees for MFs

India: Finance Ministry

  • Jayant Sinha took charge as Minister of State in the Finance Ministry
  • FinMin asks RBI to ease infra funding norms
  • Hasmukh Adhia took charge as Financial Services Secretary, replacing G S Sandhu

India: Banking Development

  • Pradhan Mantri Jan Dhan Yojana: Banks to do ward-wise survey to gauge extent of exclusion

India: Banking Expansion

  • Ratnakar Bank (RBL) plans to raise funds through an initial public offer which will hit the market in the next 8-9 months
  • Axis Bank has signed a pact with NongHyup Bank (NH Bank) to enhance cooperation in treasury, trade and other business between India and South Korea
  • Syndicate Bank is planning to open 300 more branches and 27 mid-corporate branches during the current financial year
  • Corp Bank to raise Rs 1,500 cr capital via Basel llI bonds in Q3

India: General banking

  • Axis and HDFC Bank to charge their own customers beyond 5 ATM transactions
  • Central Bank of India turns around to report net profit of Rs 103 crore
  • Standard & Poor’s lowered credit rating of Indian Overseas Bank (IOB) to BB+
  • ‘Make in India’ push: Union Bank cuts rates for MSMEs
  • SBI says that associate banks don’t need capital

India: Frauds

  • The Punjab Commission for Non-Resident Indians (NRIs) has issued notice to the HDFC Bank after a Britain-based NRI alleged that an amount of Rs.70 lakh was siphoned off from his account allegedly by an official of the bank

India: They said it

  • Narendra Modi, PM, India: Jan Dhan Yojana needed as banking benefits did not reach poor
  • KC Chakrabarty, former deputy governor of RBI: India offers more banking licences to foreign banks than local players
  • R. Gandhi, Deputy Governor of RBI: India’s central bank has asked the government to adopt a key panel’s suggestions on restructuring bank boards, but in a phased manner
  • HR Khan, Deputy Governor of RBI: Recent fall in inflation does not mean decline is permanent

India: Forex reserve

  • India`s foreign exchange reserves grew by $1.73 Bn to $315.91 Bn for the week ended Oct 31

International:

  • Sri Lanka supported setting up of a SAARC       Development Bank for meeting infrastructure funding needs of countries in the region at low cost
  • The central banks of China and Canada have agreed to a currency swap worth 200 Bn yuan ($32.67 Bn) or C$30 Bn