Financial Awareness for RBI Grade B-19 July 2017
Bankruptcy proceedings against Monnet Ispat, Alok Industries get NCLT nod (Source: MINT)
- Bankruptcy proceedings against Monnet Ispat and Energy Ltd and Alok Industries Ltd were approved by different benches of the National Company Law Tribunal (NCLT).
- They become the second and third among the big 12 firms identified for early bankruptcy proceedings by the Reserve Bank of India (RBI) where the process has gone into the second stage. Jyoti Structures was the first.
2. Banks need Rs 18,000 cr extra provisioning for 12 large bankruptcy cases: India Ratings (Source: MINT)
- Banks may need to keep aside at least Rs 18,000 crore more as provisions for 12 large accounts referred to National Company Law Tribunal for insolvency proceedings, India Ratings said.
- The rating agency’s estimate comes at a time when large banks such as State Bank of India, Axis Bank and Bank of Baroda have said that required provisioning may not be large enough to hurt profitability.
3. State Bank of India launches ‘SBI Realty’ portal for home buyers (Source: MINT)
- India’s largest commercial bank State Bank of India (SBI) said it has launched a dedicated portal ‘SBI Realty’- a one-stop integrated website www.sbirealty.in for home buyers.
- SBI Realty will help customers to choose their dream home from 3,000 SBI-approved projects, which are spread across 13 states and union territories covering 30 cities.
4. HDFC Bank launches digital-only marketing campaign (Source: ET)
- HDFC Bank launched a national digital-only marketing campaign, reinforcing its position as ‘India’s No. 1 Bank’ in products like credit cards, personal loans and auto loans.
- The campaign involves a series of creatives including films that will be showcased across all major digital video platforms like Youtube, Facebook, Hotstar, etc. and also through display ads across digital channels.
5. Over 36 lakh bank accounts saw cash deposit of Rs 10 lakh or more (Source: ET)
- Over 36 lakh bank accounts have seen cash deposits of Rs 10 lakh or more in a financial year.
- As per the I-T rules, cash payment aggregating to Rs 1 lakh or more in a financial year against bills raised in respect of one or more credit cards will have to be reported by banks to tax authorities.
6. RBI not reviewing 90-day NPA classification window to help small biz: Govt (Source: BS)
- The finance ministry said the Reserve Bank is not examining any proposal to extend the 90-day period for classification of non-performing assets (NPAs) or bad loans to help small businesses.
7. India’s current account deficit to widen to 1.3% of GDP in 2017: Nomura (Source: MINT)
- India’s current account deficit (CAD) is likely to widen to 1.3% of its gross domestic product (GDP) in 2017 from 0.6% in 2016, largely owing to stronger domestic growth in the second half of this year, says a Nomura report.
- According to the Japanese financial services major, import demand is expected to resume once disruptions due to the implementation of the goods and services tax (GST) settle down after July.
- According to Reserve Bank of India data, CAD soared to $3.4 billion, or 0.6% of GDP, in the fourth quarter of 2016-17 fiscal, from $0.3 billion in 2015-16.
8. In last five years, real farm income has increased only marginally by 0.4% (Source: BS)
- In five years to 2015-16, inflation-adjusted farm income per cultivator grew at only 0.44% a year, according to March 2017 policy paper by National Institution for Transforming India (NITI) Aayog. Since 1993-94, it has risen 108.5% to Rs 44,027 in 2015-16 in real terms, the paper reveals.
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