Country's largest lender SBI stated Wednesday that the cash availability at its automated teller machines (ATMs) across the country has improved in the past 24 hours. The latest announcement from the SBI comes after the reports of acute currency shortage in many states in the country. Efforts are being made on a continuous basis to improve the cash availability further in a few geographies.
Nearly 19 crore Indian adults do not have bank accounts, making the country the second-largest in terms of unbanked population, according to a PTI report quoting World Bank data. Besides, almost half of the bank accounts remained inactive in the past year, the multilateral financial institution said in a report. The World Bank, however, lauded the Indian government's financial inclusion scheme, the Jan Dhan Yojana, for bringing in additional 31 crore Indians into formal banking system by March 2018.
India's economy could grow at 7.4 percent in the fiscal year to March 2019 after a resilient performance in the second half of the previous year, Reserve Bank of India (RBI) Governor Urjit Patel said. Several factors are expected to accelerate the pace of growth in 2018/19, a government statement said, quoting Patel. On the whole, real GDP growth is expected to expand at 7.4 percent in 2018/19, with risks evenly balanced, he said.
Indiabulls Housing Finance (IBHFL) reported a 34.3 per cent growth in assets under management, as of end-March. A 35 per cent rise in disbursement, year-on-year (y-o-y), led by home loans, boosted the AUM. There is huge momentum in the affordable housing segment, and premium housing has started selling well. Analysts expect the pressure of high costs of fund to persist for a while; also, high competition would impact the yields.
SBI Thursday said people in smaller towns can withdraw up Rs 2,000 a day from its PoS machines at retail outlets free of charges, a move aimed at easing cash crunch in some parts of the country. As per the RBI guidelines, the withdrawal limit from PoS machines at retail outlets in Tier 1 and 2 cities per card per day is Rs 1,000 and Rs 2,000 for smaller towns.
Private sector lender Axis Bank on Friday said it has started the process to select a new Managing Director & CEO as the incumbent Shikha Sharma is scheduled to demit office in December. This is to inform you that the Board of Directors of the Bank has commenced the succession process to appoint a new Managing Director & CEO of the Bank, Axis Bank said in a regulatory filing.
To catch manipulators, markets regulator Sebi has started looking at Facebook accounts of suspected persons, with 'friends' and 'likes' for posts being scanned in insider trading cases. After gathering evidence, also through scanning of Facebook posts, about the violations, Sebi has ordered impounding of unlawful gains worth over Rs 240 million from three entities involved in the case. They had details pertaining to the company bagging three contracts from ONGC and using it the entities made illegal gains, as per Sebi.
The benchmark indices logged their fourth straight weekly gain but ended weak on Friday amid weakening of the rupee and a surge in government bond yields. The Sensex fell 11.71 per cent to close at 34,415.6, while the Nifty50 index declined 1.25 points to finish the day at 10,564. Release of the minutes revive the risk of an earlier-than-expected rate hike, Morgan Stanley said in a note. Banking shares fell sharply after the RBI policy panel minutes suggested a hawkish tone.
Terming the RBI's statement of having sufficient cash as unsatisfactory, Chidambaram said if the RBI has printed and supplied sufficient cash, it must explain why there is a cash shortage. The government is complaining that Rs 2,000 notes are being hoarded, but they were printed only to help hoarders. The shortage may be felt in some pockets largely due to logistical issues of replenishing ATMs frequently and the recalibration of ATMs being still underway.
Entities having sufficient networth and the ability to run Air India (AI) can bid for 76 per cent stake in the national carrier, DIPAM Secretary Neeraj Gupta said on Thursday. Prodding venture capital funds to participate in the PSU disinvestment programme, Gupta said such funds may tie up with domestic companies to bid for state-run assets. Even in Air India, we are not looking for only an airline to take over.
PSBs are much more than commercial entities as they have to fulfil social obligations, and that they have done quite well. Time is not ripe for large scale privatisation of public sector banks (PSBs) given the current socio-economic conditions in the country, SBI Chairman Rajnish Kumar said today. Privatisation has not always worked well, and ownership does not matter as there are both good and bad companies in both private and public sectors.
Favouring status quo on key policy rate, RBI Governor Urjit Patel preferred to wait for more data before changing monetary stance though he took note of recovery in economic activities and continued improvement in credit offtake, according to minutes of the April policy meeting. The six-member Monetary Policy Committee (MPC), headed by Patel, had left the benchmark repo rate unchanged for the third time in a row after deliberations on April 4-5.
The country's largest software exporter TCS on Thursday reported a 4.4 per cent growth in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter and its board recommended a 1:1 bonus share issue. The company had reported a net profit of Rs 6,608 crore in the same period last fiscal, TCS said in a regulatory filing.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday asked the committee of creditors (CoC) to reconsider the bids of ArcelorMittal and Numetal for Essar Steel made in the first round. The two competing bidders had also participated in the second round with Numetal teaming up with JSW Steel. As reported, ArcelorMittal was a promoter in Uttam Galva Steels, which has defaulted on its loans.
Procter & Gamble Co (P&G) has agreed to acquire Merck KGaA's consumer health unit for 3.4 billion euros ($4.2 billion), giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets. The deal follows GlaxoSmithKline agreeing to buy Novartis out of their consumer healthcare joint venture for $13 billion after dropping its pursuit of Pfizer's consumer unit. US-based P&G derived 12 percent of group sales, or $7.5 billion, from health care products last year, including Oral-B toothbrushes and toothpastes.
Higher crude prices, rising US rates and breakevens, stronger USD against majors, hawkish RBI MPC minutes are all weighing on the rupee at this point. The RBI minutes were hawkish as opposed to the actual policy statement, said Abhishek Goenka, CEO, IFA Global. Indian rupee fell for a fifth session as the RBI minutes revealed that RBI's tone is more hawkish than what markets had previously gauged.
Walmart Inc could seal a deal to buy a more than 51 percent stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday. That stalemate between SoftBank and Walmart has ended, one of the sources told Reuters on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some of its shares in Flipkart.
Mid-size private sector lender Yes Bank today said it has received approval from the Reserve Bank of India (RBI) to have presence in London and Singapore to support the diaspora business and also international trade. The announcement to have representative offices in London and Singapore comes at a time when many state-run lenders are consolidating their foreign presence following the over Rs 13,000-crore scam at the Punjab National Bank.