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Banking Awareness One Liners August 2019

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Banking Awareness One Liners August 2019

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The article Banking Awareness One Liners August 2019 includes Banking Awareness One Liners with an explanation, analysis and issues of current events in the month of August. And these One Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.

shape August 2019

  • Automakers bank on buyback option to tackle slowdown. An industry standard in developed markets, carmakers try to raise low consumer confidence as the industry wades through a tough slowdown.

  • Bank employees stage protest against Centre's decision to merge PSU banks. Employees of all public and private sector banks wore black badges to work as a mark of protest to the government's decision.

  • Once city of banks, Kolkata may have one PSU bank headquarter. Now Kolkata could soon be left with just one HQ of a state-run lender — UCO Bank.

  • The government’s proposal to merge six public sector banks with their peers will propel Delhi-based Punjab National BankNSE -0.23 % to become the second largest PSB in India.

  • A $5 trillion economy requires bigger banks and the PSU Bank merger move by the government will definitely give strength," said RA Sankara Narayanan, MD and CEO, Canara BankNSE 0.00 % in an interaction with ET Now.

  • Bank merger: A move 6 months in making that even bank bosses had no idea about there were several calculations, including political ones. It was tech that finally settled the issue.

  • Govt banks on big bang mergers as GDP tanks. In mega merger, 10 PSBs combined into 4; bank boards to be given greater autonomy

  • Corporation Bank Officers’ Organisation unhappy over merger plan. Opposing the decision of the Centre to merge Corporation Bank with Union Bank of India and Andhra Bank, the Corporation Bank Officers’ Organisation (CBOO) said the government has given a shock to them with the decision.

  • IDBI Bank introduces repo-linked home and auto loans. Suvidha Plus Home Loan will be offered for up to Rs. 75 Lakh with a tenor of up to 35 years

  • Mega bank mergers come with mammoth issues. After the merger of SBI with its five associate banks two years ago and Bank of Baroda with Dena Bank and Vijaya Bank last year, consolidation among other PSBs was long-awaited. The Centre’s move to lay down a concrete roadmap for consolidation has no doubt ended the uncertainty over the matter.
  • RBI extends banking license of Rupee Cooperative Bank till Nov 30, 2019.

  • Digital payments growing in India at 12.7% CAGR: KPMG. Besides, the number of merchants accepting digital payments modes has increased to over 10 million in a short span of two to three years.

  • Syndicate Bank, OBC surge ahead of FM's meet on bank merger. Syndicate Bank, Indian Bank, Oriental Bank of CommerceNSE 8.55 % and Corporation Bank are some of the banks that have been called for the meeting, the report added. The Nifty PSU Bank index was trading 0.17 per cent.

  • Share market update: Bank shares advance; Federal Bank rises 2%. Shares of Federal Bank (up 1.74 per cent), Bank of BarodaNSE 0.87 % (up 1.42 per cent), RBL BankNSE 2.51 % (up 1.35 per cent) and IndusInd Bank (up 1.26 per cent) were the top performers in the index.

  • State Bank of India (up 0.98 per cent), Punjab National Bank (up 0.92 per cent), HDFC Bank (up 0.88 per cent) and Axis Bank (up 0.75 per cent) too were trading higher

  • Share market update: PSU bank shares mixed; J&K Bank jumps 5%. Shares of Jammu & Kashmir Bank (up 5.16 per cent), Allahabad BankNSE 4.44 % (up 1.18 per cent), Central Bank of IndiaNSE 4.22 % (up 0.79 per cent) and Indian Bank (up 0.47 per cent) were the top performers in the index.

  • Bank of India (down 1.52 per cent), Union Bank of India (down 1.51 per cent), Oriental Bank of Commerce (down 1.03 per cent) and Punjab National Bank (down 0.77 per cent) were trading lower.

  • India's Growth Slowdown Set to Deepen as Consumers Buckle. Finance Minister Nirmala Sitharaman is still considering whether to use the windfall from the central bank to cut borrowings or boost spending.

  • April-July Fiscal Deficit Crosses 77% Of Budgeted Target. Net tax receipts in the first four months of the fiscal year were Rs. 3.39 lakh crore rupees, government data showed.

  • Adani Green Energy To Buy Essel Group's Solar Assets. Gautam Adani-led by Adani Group's Adani Energy has signed an agreement to buy solar assets of Essel Group, Adani Green Energy said.

  • Sensex, Nifty Snap Two-Day Losing Streak Ahead Of GDP Data. All the 11 sector gauges compiled by National Stock Exchange ended higher led by the Nifty Pharma index's 2.4 per cent gain.

  • Sensex Recovers 489 Points From Day's Low Led By Banks. Nine of 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty FMCG index's 1.4 per cent gain.
  • Bank credit contracts even as deposits surge till in April-Aug. Bank credit contracted by ₹48,792 crore in the financial year so far (up to August 16), even as deposits surged by ₹1,21,990 crore in the same period.

  • IIFL Wealth Group to buy L&T Cap Markets. IIFL Wealth Group, on Wednesday, announced plans to acquire 100 per cent stake in L&T Capital Markets, which is a wholly-owned subsidiary of L&T Finance.

  • Singapore expects new digital banks to start by mid-2021. The Monetary Authority of Singapore to award licenses by next year. Singapore plans to award licenses for its new digital banking initiative by mid-2020, with successful applicants expected to start business a year later, its financial regulator said.

  • KLM Axiva Finvest announces new NCD issue. KLM Axiva Finvest Ltd, a Kerala based non-baking financial company (NBFC), has announced its debenture issue with a target to raise a capital of Rs 125 crore.

  • The benchmark indices, the BSE Sensex and the NSE Nifty, ended Thursday's session in the red.
  • The Sensex was down 382 points or 1.02 per cent lower at 37,068, while the Nifty finished at 10,948, down 97 points or 0.89 per cent weaker.

  • The top gainers on the Sensex were Sun Pharma, Vedanta, NTPC, ONGC and Infosys, while the laggards were SBI, YES Bank, HDFC, Axis Bank and Kotak Bank.

  • Metal and healthcare sector shares were the notable gainers on the BSE index. On the other hand, the 30-share benchmark was dragged down by banking and finance sector shares that lost between 1.60-2 per cent during the session.

  • Yes Bank shares tank on CG Power. Shares of Yes Bank dipped 6.5 per cent on NSE on Thursday afternoon after CG Power announced removal of its Chairman Gautam Thapar.

  • HDFC AMC made a new lifetime high as it zoomed past its previous high of Rs 2,370 and closed at Rs 2,392 on Tuesday. The stock continued to rally on Wednesday and has recorded a new high of Rs 2,478.8. With this upmove, the stock has broken out of the Rs 2,050 and Rs 2,330 range, implying an upcoming bullish trend.

  • Gold jumps Rs 250 to record fresh life-time high of Rs 40,220. Gold prices on Thursday jumped Rs 250 to breach the record Rs 40,000 per 10 gram level for the first time at the bullion market here on strong demand from investors amid growing fears of global economic slowdown.

  • Gold, silver open firm as rupee remains weak. Cabinet decisions on boosting income appear to be failing to ease economic concerns. Gold and silver prices opened with marginal gains in the futures market on Thursday as currency pressure prevailed.

  • Gold prices edge higher on recession worries, trade uncertainty. Spot gold rose 0.3 per cent to $1,542.77 per ounce, as of 0754 GMT. US gold futures were up 0.2 per cent at $1,552.70 an ounce.

  • Yes BankNSE -3.53 %, MindtreeNSE 1.54 %the company include RBL BankNSE 1.70 %, Axis BankNSE -2.51 % and Yes Bank. Mutual funds such as DSP, Indiabulls and Bank of India-AXA also hold securities of the company and face dismal recovery prospects.
  • A year after IL&FS collapse: Debt, destruction and dithering. There were high hopes after Kotak came in. But the complexities of the case soon put paid to them.

  • Major relief to stressed realty sector on the anvil. The government is also likely to make changes to the definition of affordable housing as sought by developers.

  • Moody's Cuts Yes Bank Ratings With "Negative" Outlook. Given the negative outlook, an upgrade is unlikely over the next 12 to 18 months, said Moody's.

  • ICICI Bank Deploys Robotic Arms To Count Currency Notes. These Robotic Arms are currently functioning at Mumbai, and Sangli (Maharashtra), New Delhi, Bengaluru and Mangaluru (Karnataka), among other cities.

  • Sensex tanks 380 points, Nifty closes below 11,000. Foreign portfolio investors sold shares worth a net of Rs 935.27 crore while domestic institutional investors purchased shares worth Rs 359.32 crore, provisional data showed.

  • RBL Bank’s Mastercard credit card holders will be able to make contactless transactions on their Samsung Pay-compatible smartphones

  • The Banks Board Bureau (BBB) has recommended names of Mukesh Kumar Gupta and Raj Kumar for the post of Managing Director of insurance behemoth LIC.

  • Bank credit contracted by ₹48,792 crore in the financial year so far (up to August 16), even as deposits surged by ₹1,21,990 crore in the same period.

  • Link between banks, NBFCs raises risk of contagion in a financial crisis: Bimal Jalan committee. RBI and govt must be aware of the sources of financial instability: Bimal Jalan panel report

  • Parthasarathi Mukherjee, Managing Director & Chief Executive Officer of Lakshmi Vilas Bank (LVB) has put in his papers citing personal reasons. Mukherjee's resignation comes at a time when the Reserve Bank of India is considering a proposal of merger of Indiabulls Housing Finance with LVB.
  • The math behind RBI’s Rs 1.76 lakh crore surplus transfer to the Central Government

  • The RBI earning a robust net income and write back of excess provisions in the contingency fund have led to the massive pay out. This may not recur.

  • A rainy-day giveaway from India’s Central Bank. The RBI governor’s spare umbrella may give the bond market a speck of hope today.

  • Central bankers’ new-found love of gold likely to boost demand. Purchases have increased amid slowdown in growth, trade war

  • Deutsche Bank is hiring in India. To recruit about 140 people to boost its retail banking and wealth management operations.

  • PSBs brainstorm to make India a $5-trillion economy in 5 years. Eighteen PSBs came together recently in Pune as part of the second round of the ideation.

  • Bain Capital to enter credit business in India, hires director. Bain Capital Credit is a leading global credit specialist with $41 billion in assets under management.

  • SBI, PNB, Bank of Baroda under ED scrutiny in Ratul Puri bank fraud case. Puri, nephew of Madhya Pradesh chief minister Kamal Nath, was arrested by the agency on August 20 while he was undergoing questioning in the AgustaWestland case.

  • Punjab National BankNSE 2.13 % and Bank of BarodaNSE 2.37 %, have larger loan exposure to Puri’s Moser BaerNSE -4.00 % group other than the Central Bank of India which has approached the CBI for the alleged fraud.

  • You may not be able to use ATM twice a day if banks have their way. The report says that the banks want to allow just one transaction per a certain period, say 12 hours.

  • The political leadership should work with the Finance Ministry to ensure a sufficient overall defence budget with an appropriate allocation to capital expenditure, including R&D, in line with requirements.

  • NBFCs fail to reflect fall in G-sec yield as sector worries continue spreads on five-year AAA rated NBFC paper is at least 80 basis points higher than what it was since the IL&FS crisis.

  • Shares of IndusInd Bank (up 2.77 per cent), DCB BankNSE -0.20 % (up 2.50 per cent), Federal BankNSE 1.27 % (up 1.57 per cent) and ICICI Bank (up 1.54 per cent) were the top gainers in the index. YES Bank (up 1.19 per cent), Axis Bank (up 0.62 per cent) and IDFC First Bank (up 0.58 per cent) too were trading higher.

  • State governments need to realise their role in promoting manufacturing in auto sector. The automobile sector accounts for 49 per cent of India's manufacturing Gross Domestic Product (GDP).

  • Yuan weakens to 11-1/2-year low on trade fatigue, but PBOC fixing offers some relief. Losses were kept in check, however, after the central bank set a daily midpoint that was stronger than traders expected, raising hopes it was again trying to stabilise the currency.
  • Bank of Maharashtra to link retail loans with repo rate. The inter-bank meeting, held under the aegis of the State Level Bankers' Committee (SLBC), was organised by BoM, convenor, SLBC, Maharashtra State.

  • CVC sets up panel to examine bank fraud above Rs 50 cr. The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financial Frauds.

  • Simpler KYC may not make life easier for NBFCs. Govt's move on customer onboarding through Aadhaar may not bring down costs on physical verification for shadow banks.

  • Buzzing stocks: YES Bank, HDFC Bank, SBI, ICICI Bank, RIL. Shares of YES Bank (number of shares traded: 0.29 crore) , Spentex Ind (number of shares traded: 0.24 crore) , Idea Cellular (number of shares traded: 0.24 crore) , SBINSE 3.36 % (number of shares traded: 0.17 crore) , Reliance Communications (number of shares traded: 0.11 crore) , ICICI Bank (number of shares traded: 0.11 crore)

  • HDFC Bank says no risks to consumption story yet. Largest credit card issuer HDFC BankNSE 4.32 % feels the consumption story is still on and will keep growing the unsecured lending business going forward.

  • One Industrial Spaces to focus on warehousing sector in India. The newly formed firm will focus on tier I and II towns and will deploy capital to unlock prime lands via flexible models of partnerships.

  • Sentiment and liquidity will give boost to auto sector: Vinkesh Gulati, FADA. We were not expecting that GST cut will come so soon but we were trying for it because that would give the required boost, says Vinkesh Gulati, Vice President, FADA.

  • Share market update: Private bank shares mixed; RBL Bank gains 3%. Shares of RBL Bank (up 2.80 per cent), Axis BankNSE 2.98 % (up 0.99 per cent), ICICI BankNSE 4.11 % (up 0.94 per cent) and HDFC Bank (up 0.82 per cent) were trading with gains.

  • Share market update: PSU bank shares rise; Indian Bank jumps 6%. Shares of Central Bank of IndiaNSE 9.80 % (up 7.56 per cent) , Indian Bank (up 5.59 per cent) , Allahabad BankNSE 7.97 % (up 5.26 per cent) and Oriental Bank of Commerce (up 4.00 per cent) were the top performers in the index.

  • Govt indulging in media management in name of finding solution to slowdown: Priyanka Gandhi. Priyanka Gandhi urged the Centre to take meaningful steps such as encouraging new investments.

  • Analyst Calls: Adani Ports, Federal Bank, IndusInd Bank, Greenply Industries. ICICIdirect has maintained hold rating on Greenply Industries with a target price of Rs 160.

  • 5 reasonably valued stocks that are good bets during slowdown. Stocks with stronger return ratios and healthier business potential are good bets during a slowdown.

  • In short term, fixed income scores over equities in India: Bhanu Baweja, UBS.

    1. We are not far from a global recession and very close to a European recession.
    2. We are underweight Indian equities and overweight Indian bonds.
    3. Fixed income is a much better asset class in India.
  • How the rollback of surcharge works. No relief for other capital gains, such as the sale of unlisted equity shares, debt instruments, salaries, income from house property, business income, and other sources.

  • Gold ETFs attract steady inflow of investments in April-July. Assets under management rose to over ₹5,000 crore due to global economic headwinds.

  • In a world of negative yields, Singapore still pays interest. Yield curve near flattest level ever poses a challenge

  • Can the frontloading of Rs 70,000 crore capital into PSBs and other measures boost banks and NBFCs? Persisting stress in banks’ books and underlying risk aversion may continue to impede lending to corporates and risky segments such as real estate, NBFCs and infrastructure

  • Jaitley was champion of economic freedom in India: IBBI Chief Sahoo.

  • Germany seeks ways to insulate its thrifty citizens from negative rates. Steps to limits banks’ options could escalate spat with the European Central Bank.

  • Paytm Money expects 50 per cent market share in direct mutual funds in 6 months. The company has started new fund offers for mutual funds.

  • Overseas investors withdraw Rs 3,014 crore from capital markets in August so far: Experts. FPIs had infused a net Rs 10,384.54 crore in June 2019

  • Centre to consider proposal to relax local souring norms for foreign single brand retail. Currently, online sale by a single-brand retail player is allowed only after opening of physical outlet.

  • The escalating trade war means investors won’t have long to chew over the outcome of weekend meetings of central bankers in Wyoming and world leaders in France.

  • The Jalan Panel has submitted its report and the board of the Reserve Bank of India will consider the same on Monday, ETNOW reported.
  • Former Finance Minister Arun Jaitley (66) passed away on Saturday noon after a prolonged illness at All India Institute of Medical Sciences (AIIMS).
  • Stimulus Package : More noise, less action for Auto sector. A lot of announcements have been made on the auto sector, but only a few are significant.

  • To allow an additional 15 per cent depreciation, taking it to 30 per cent, on all vehicles acquired from now till March 2020.

  • Stimulus package: India’s GDP expansion higher than global growth, says Union Finance Minister. Global GDP growth may be revised downwards from the current estimate of 3.2 per cent

  • Capital infusion brings smiles to bankers. Move will have positive impact on auto, MSME sectors; more liquidity for housing finance firms welcomed

  • PM Narendra Modi launches RuPay card in UAE. Prime Minister Narendra Modi launched the RuPay card here, making the UAE the first country in West Asia to initiate the Indian indigenous system of electronic payment.

  • To improve liquidity, ₹ 70,000-cr capital to be infused into public sector banks. Banks to launch repo rate and external benchmark-linked loan products

  • Rejigged Advisory Board will first examine all large fraud cases in PSBs. CVC reconstitutes body with four members, who will have a 2-year tenure

  • State Bank cuts term deposit rates for second time this month. In view of the falling interest-rate scenario and surplus liquidity, State Bank of India (SBI) has decided to slash retail domestic term deposit rates by 10-50 basis points (bps), as well as bulk domestic term deposit rates by 30-70 bps across tenors.

  • India’s largest bank had last cut interest rates for retail domestic term deposits below ₹2 crore and bulk domestic term deposits (₹2 crore and above) by 5-75 basis points across tenors on August 1.

  • Oriental Bank to offer home and personal loans via 59 minutes portal. This will be in addition to the MSME loans provided by OBC through this portal, Mukesh Kumar Jain, Managing Director and CEO

  • Foreign Portfolio Investors (FPI) will not have to pay enhanced surcharge on gains arising from the transfer of derivatives, better known as Future & Options (F&O). However, domestic investors will not get this benefit.

  • Taking permitted stocks into index is a good move. The NSE last week made a significant shift in the process of selecting stocks to be part of Nifty indices. Under the new proposal, the NSE will also include stocks that are not listed on its platform but are trading under the permitted category.
  • Banks suggest easier farm loan rules to remove stress. Banks are collating these suggestions from grassroots employees, refining them and are likely to handover the suggestions to the government in the first week of September.

  • IIFL set to snap up L & T Fin's wealth management arm for Rs 250 cr. One of the largest players in in the wealth management business, IIFL will put the deal through next week. L & T FinanceNSE 0.15 % is selling its wealth management.

  • Readying for life after Aditya Puri's retirement: HDFC Bank rejigs top management. Terms Sashidhar Jagdishan ‘change agent’, also makes him the head of all important portfolios.

  • Share market update: Bank shares down; IndusInd Bank dips 2% . Shares of IndusInd Bank (down 2.44 per cent), ICICI BankNSE -0.93 % (down 1.84 per cent), Kotak Mahindra BankNSE -0.54 % (down 1.47 per cent) and HDFC Bank (down 1.11 per cent) were trading lower.

  • IDFC First Bank (down 1.05 per cent), Axis Bank (down 0.45 per cent) and State Bank of India (down 0.39 per cent) too were trading with losses.

  • Slowdown in auto sector temporary: KIA Motors. "There is some industry slowdown. We believe that the slowdown in the automobile industry is temporary. Customer sentiments will revive again," said Yong S Kim, ED and CSO of KIA Motors India.

  • Buzzing stocks: YES Bank, DLF, ICICI Bank, SBI. The NSE Nifty index was trading 74.25 points down at 10,667.10.

  • Shares of MPS Infotecnics (number of shares traded: 0.61 crore), DLFNSE 5.30 % (number of shares traded: 0.23 crore), Vodafone Idea (number of shares traded: 0.21 crore), Reliance Capital (number of shares traded: 0.11 crore), SBI (number of shares traded: 0.10 crore), Ashok Leyland (number of shares traded: 0.09 crore), Coffee Day Enterprises (number of shares traded: 0.09 crore), Tata Motors (number of shares traded: 0.08 crore) and Uttam Value Steel (number of shares traded: 0.08 crore) also

  • ICICI BankNSE -0.93 % (22.19 crore) was leading the pack of most active stocks in value terms.

  • Share market update: Private Bank shares slip; IndusInd Bank falls over 1 % YES Bank (up 4.44 per cent) and DCB Bank (up 3.56 per cent) were the top gainers.

  • Shares of IndusInd Bank (down 1.44 per cent), Kotak Mahindra Bank (down 1.40 per cent), ICICI Bank (down 1.18 per cent ) and HDFC Bank (down 0.86 per cent) were the top losers in the index. Shares of YES Bank (up 4.44 per cent) and DCB Bank (up 3.56 per cent) were the top gainers around the same time.

  • IBC can't resolve power sector crisis, but ARCs can: Secretary SC Garg. "Not every kind of industry or every kind of asset can be best reconstructed through the IBC," Garg told an event on ARCs organised by Assocham.

  • Share market update: PSU bank shares rise; Bank of Baroda up 2%. Share market update: PSU bank shares rise; Bank of Baroda up 2%. Bank of India (up 1.92 per cent), Syndicate Bank (up 1.51 per cent) , Oriental Bank of Commerce (up 1.49 per cent) and Union Bank of India (up 1.28 per cent) too were trading higher.

  • Sensex jumps 228 points, Nifty ends above 10,800 on hopes of FPI tax rollback. The BSE Sensex rose 228.23 points or 0.63 percent to 36,701.16 while the NSE Nifty closed 88.00 points or 0.82 percent to 10,829.35.

  • Senior Congress leader Kapil Sibal on Friday took a swipe at the government, saying the "economy is in ICU" and the Modi dispensation has issued a "look out notice" for all those defending civil liberties.
  • Floccinaucinihilipilification? RBI Governor Knows What It Means - Central bank watchers are already battling to predict policy makers' next move after the MPC cut interest rates by an unconventional 35 basis points.

  • Timings For Payment System RTGS To Change From August 26, Here's All You Need To Know - The Real Time Gross Settlement (RTGS) system is meant for instant fund transfers above Rs. 2 lakh.

  • Second leg of ideation exercise for PSU banks to begin from Thursday. The second leg of the month-long campaign will be inter-bank and will be held at state-level as per the direction of Department of Financial Services, Ministry of Finance.

  • Slowdown in certain sectors limit job options. The first quarter of the fiscal year 2019-20 has been marked by weak corporate earnings, indicative of an overall slowdown in various industries and the economy.

  • We will stick to picking stocks in these 4 sectors: Mukul Kochhar

    1. When it comes to stock picking, there are winners and losers that remain unchanged.
    2. We like high CASA banks, chemicals, EMS outsourcers and insurers.
    3. We have more of a secular, not a cyclical strategy.

  • Share market update: Private bank shares dip; YES Bank drops over 7 %. Among the 50 stocks in Nifty index, 7 were trading in green, while 43 were in red.

  • Shares of YES Bank (down 7.26 per cent), DCB Bank (down 4.76 per cent), IDFC First Bank (down 2.07 per cent), IndusInd Bank (down 1.89 per cent) and RBL Bank (down 1.85 per cent) were among the top losers in the index.

  • How to reset SBI net banking profile password. The profile password is usually used by a Net banking user to access his/her own profile details or to add a third party for transferring funds or to change the login password.

  • Share market update: PSU bank shares tumble; J&K Bank slips 4%. The Nifty PSU Bank index was trading 1.09 per cent down at 2420.25 around 10:54 am.

  • Shares of Jammu & Kashmir Bank (down 3.69 per cent), Indian BankNSE -5.64 % (down 2.79 per cent), Allahabad BankNSE -4.06 % (down 2.66 per cent) and Central Bank of India (down 1.89 per cent) were the top losers in the index.

  • Shadow bank crackdown accelerates in India amid cash squeeze. RBI has canceled registrations of 1,851 non-bank finance companies in the year ended March 31, which is eight times more than those in the last year.

  • Noida-based Paytm's valuation hiked 25 % to $15 billion in the latest investment round, Founder and CEO Vijay Shekhar Sharma said. The round saw several employees cash out their shares worth $150 million to US - based based investors nearly three months ago, Sharma added.

  • The Securities and Exchange Board of India (SEBI) on Wednesday said that individuals providing "credible and original information" on insider trading would be rewarded. The reward will be 10% of the disgorgement amount, up to ₹1 crore.

  • Deutsche Bank now requires division heads to ask for approval from CEO Christian Sewing, his deputy Karl von Rohr and CFO James von Moltke to fill any open positions. "Hiring will be restricted to positions that are viewed as critical to the bank's success and future growth," an internal memo said. The bank recently announced plans to cut 18,000 jobs.

  • Markets end deep in red; Sensex falls nearly 590 points, Nifty slips below 10,750. Yes Bank was the major loser in the Sensex pack, falli9 13.91 percent as investors were worried about the corporate governance issues reported in CG Power. The private lender has significant stake in CG Power.
  • Resolve Stressed Assets In Time For Maximum Value, Says RBI. The new framework stresses coordination between banks while dealing with a stressed assets by mandating them to sign inter-creditor agreements.

  • DBS Bank To Enter India's Credit Card Market In 2020. The latest data from May showed 48.9 million credit card users in the country, compared with some 825 million with debit cards.

  • Bank of Baroda capital raising committee to meet next week to consider bond issue. Bank of Baroda did not elaborate on the quantum of funds it plans to raise.

  • Public - sector lender Bank of BarodaNSE -3.90 % on Wednesday said its capital raising committee will meet next week to consider raising capital through issuance of bonds.

  • It's confirmed: For private sector salaries, this was the worst year in a decade. Data from CMIE confirmed that appraisals were low everywhere in this season of discontent.

  • Banks Board Bureau invites applications for top posts of 4 big PSU banks

  • The Banks Board Bureau, the headhunter for state-run banks, has invited applications for the posts of Managing Director and Chief Executive Officer at four major public sector banks, including Bank of BarodaNSE -3.90 % and Punjab National Bank.NSE -2.36 %

  • Share market update: Private bank shares mixed; Yes Bank slips 4 %. Among the 50 stocks in Nifty index, 15 were trading in green, while 35 were in red.

  • Shares of HDFC Bank (up 0.80 per cent), DCB Bank (up 0.33 per cent), ICICI Bank (up 0.31 per cent) and Kotak Mahindra Bank (up 0.19 per cent) were trading higher.

  • YES Bank (down 3.79 per cent), IDFC First Bank (down 3.34 per cent), RBL Bank (down 2.13 per cent) and Federal Bank (down 0.94 per cent) were trading with losses.

  • Shares of Jammu & Kashmir Bank (down 2.55 per cent) , Allahabad BankNSE -8.18 % (down 1.72 per cent) , Central Bank of IndiaNSE -3.39 % (down 1.56 per cent) and Indian Bank (down 1.48 per cent) were trading with losses.

  • Sensex, Nifty snap 3 - day winning run; PSU bank, FMCG stocks weigh. Investors will also be closely watching Federal Reserve Chair Jerome Powell comments at Jackson Hole.

  • As NBFC crisis lingers on, SBI sews up maiden co-origination pact to lend to MSMEs. SBI has stitched a co-origination pact with the shadow banks to finance small businesses. SBINSE -2.22 % has stitched a co-origination

  • SBI plans to establish nearly 10 lakh YONO Cash Points. State Bank of IndiaNSE -2.22 %, the country's largest lender, is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months.

  • Debit cards might soon be a thing of the past
  • Dewan Housing Finance Corporation (DHFL) has said it defaulted on its financial repayment obligations worth Rs. 1,571 crore with regard to the issuance of bonds and commercial papers.

  • SBI Hopes Credit Growth Of 12-14 % In 2019-20. SBI's loan portfolio stands at around Rs. 23 lakh crore, Rajnish Kumar said adding the bank has sufficient liquidity to deploy.

  • SBI Waives Processing Fee On Car Loans Ahead Of Festival Season. SBI said it is offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest.

  • Amid protests from the auto industry, the government is likely to go slow on pushing electric mobility for the next few months, arguing that it has to be sympathetic to the downturn that has gripped the auto industry.

  • Shares of YES Bank (down 5.94 per cent), Bank of BarodaNSE -3.80 % (down 2.00 per cent), IndusInd BankNSE -2.61 % (down 1.65 per cent) and Punjab National Bank (down 1.49 per cent) were the top losers in the index.

  • RBL Bank (down 1.37 per cent), Axis Bank (down 1.26 per cent), IDFC First Bank (down 1.21 per cent) and Federal Bank (down 1.17 per cent) too were trading lower.

  • Shares of YES Bank (down 6.98 per cent), RBL BankNSE -2.56 % (down 3.22 per cent), IndusInd BankNSE -2.61 % (down 3.02 per cent) and IDFC First Bank (down 2.42 per cent) were trading lower.

  • Federal Bank (down 2.04 per cent), ICICI Bank (down 1.82 per cent), Axis Bank (down 1.38 per cent) and Kotak Mahindra Bank (down 0.28 per cent) too were trading with losses.

  • Shares of Union Bank of IndiaNSE -3.74 % (down 3.59 per cent), Bank of India (down 3.12 per cent), Indian BankNSE -1.00 % (down 2.62 per cent) and Bank of Baroda (down 2.58 per cent) were trading in the red.

  • Canara Bank (down 2.53 per cent), Punjab National Bank (down 2.23 per cent), Oriental Bank of Commerce (down 1.48 per cent) and Syndicate Bank (down 1.43 per cent) too were trading lower.

  • Route to $5 trillion facing headwinds: Bank CEOs. Banking executives said though there are opportunities in some segments of the economy, the aim to make India a $5-trillion economy will need a lot more effort.

  • In a panel discussion that included CEOs from State Bank of India (SBINSE -1.10 %), Punjab National Bank (PNBNSE -2.53 %), Axis Bank, Standard Chartered Bank, Citibank and Bandhan Bank

  • Even as governor Shaktikanta Das pitched for a system - wide adoption of repo - linked pricing of loans and deposits, private sector lender Axis BankNSE -1.85 %.

  • In further trouble for non-bank lenders, their loan growth slipped into negative territory with a de - growth of nearly 2% in the quarter ended June 30 and a year-on-year growth of 11 %, according to an analysis by Credit Suisse.

  • If the largest lender SBI has its way, it may herald the beginning of the end of the ubiquitous debt cards from the banking system as the bank plans to promote more digital payment solutions and eliminate the plastic cards.
  • Growth top priority but important to look at financial stability. Underlining the need for a robust non-banking finance company (NBFC) system, the Governor said the RBI is exploring the regualtory changes needed for housing finance companies (HFCs) and has sent suggestions on PSB reforms to the government.

  • Markets close marginally higher, Nifty surges above 11,000. Foreign portfolio investors sold shares worth a net of Rs 1,339.27 crore on Friday, while domestic institutional investors purchased shares worth Rs 1,058.28 crore, provisional data showed.

  • SBI extends credit period for auto dealers by 15-30 days. The auto sector is the worst-hit sector in the current slowdown and apart from huge inventory build-up, the companies are resorting to production shutdowns to cope up with poor sales.

  • State Bank Of India, Union Bank of India, Central Bank of India, Canara BankNSE -2.08 % and Punjab National BankNSE -1.17 % is having series of meeting on bottom-up consultative process from the branch level.

  • General Manager of State Bank of IndiaNSE -1.39 %, Sudhir Kumar Sharma said that in the two day meeting local economy was discussed. “Ideas were discussed which can boost up local economy.”

  • Direct Tax Code set to replace existing Income Tax Act of 1961, Task Force to submit report today. In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government in November, 2017.

  • Shares of RBL Bank (up 2.34 per cent), ICICI BankNSE 1.06 % (up 1.52 per cent), Axis BankNSE 1.38 % (up 1.21 per cent) and Kotak Mahindra Bank (up 0.95 per cent) were trading with gains.

  • Shares of DCB Bank (up 3.45 per cent), RBL BankNSE 0.87 % (up 3.17 per cent), ICICI BankNSE 1.06 % (up 1.49 per cent) and Axis Bank (up 1.18 per cent) were trading with gains.

  • IndusInd Bank (up 0.82 per cent), Federal Bank (up 0.82 per cent), Kotak Mahindra Bank (up 0.79 per cent) and HDFC Bank (up 0.18 per cent) too were trading higher.

  • European shares rose on Monday, extending gains from the previous session, as German stocks, led by Deutsche Bank, rallied and investors cheered plans from Germany and China to counter slowing growth.

  • Shares of Central Bank of India (up 3.99 per cent) , Oriental Bank of CommerceNSE 0.60 % (up 0.82 per cent) , Syndicate BankNSE 0.16 % (up 0.79 per cent) and Punjab National Bank (up 0.66 per cent) were the top performers in the index.

  • Private sector lender, Axis Bank, announced on Monday that it has cut its marginal cost-based lending rates (MCLR) across all tenors. The bank has cut its one - year MCLR 8.55 percent from 8.65 percent with effect from August 17, 2019.

  • Nifty futures on the Singapore Exchange were trading 27.50 points, or 0.25 per cent, higher at 11,081.50, indicating a positive start for Dalal Street.
  • The Banks Board Bureau (BBB) has invited applications for the post of Managing Director and Chief Executive Officer (MD and CEO) in two major public sector banks, Punjab National BankNSE -1.17 % and Bank of India.

  • SoftBank is planning to lend up to $20 billion to its employees, including Founder and CEO Masayoshi Son, to buy stakes in its Vision Fund 2, The Wall Street Journal reported.SoftBank had announced the $108 billion Vision Fund 2 with backing from Apple and Microsoft in July.

  • Hyundai Motor India has announced 'no production days' this month at its Sriperumbudur, Tamil Nadu facility "due to prevailing market conditions".

  • Maruti Suzuki India has sought tax relief for hybrid and CNG cars to promote greener cars in the country. The company's Chairman RC Bhargava said it will take some time for mass acceptance of Electric vehicles (EVs) considering the high cost of technology. The hybrid cars are 25-30 % more efficient and will help reduce Oil imports, he added.

  • Madhya Pradesh CM Kamal Nath's nephew Ratul Puri and his father, Moser Baer's Founder Deepak Puri, have been booked by CBI in connection with an alleged ₹354 - crore bank fraud case. Moser Baer and its three other directors including Ratul's mother Nita Puri were also booked by CBI.

  • Traders' body CAIT has called for the boycott of Chinese products and sought high customs duties of up to 500 % on these goods. This comes after China supported Pakistan's case on abrogation of Article 370 in J&K at the UNSC.

  • The Income Tax Department is reportedly planning to adopt 'non-threatening' language to ask taxpayers whether or not an expense has been accounted for, instead of the intimidating officialese. Usually, the department specifies I-T sections under which a notice has been issued.

  • State Bank of India (SBI) Chairman Rajnish Kumar on Sunday said credit demand remains subdued and there is a need for stimulus in the economy. Though lack of credit demand exists in the economy, there is no supply-side constraint as the public sector banks are more or less well-capitalised. "Demand for credit in the economy is subdued.

  • Easing Of US-China Trade Concerns, Hopes Of Fiscal Stimulus To Drive Markets. Analysts opined that investors are awaiting a stimulus package and relief for FPIs from the super-rich surcharge which was announced in the Budget.

  • "The broader theme is how to motivate branch level employees to align them with national priorities and how banks can contribute to make India a $5 trillion economy," SBI chairman Rajnish Kumar said.

  • To help the auto sector tide over stress, the country's largest lender State Bank of IndiaNSE -1.39 % (SBI) has extended the credit period of automobile dealers that are facing demand slowdown and inventory build up.

  • "As a bank, we can only focus on the financing side. Our main focus is make available funds at cheaper cost for those retail customers keen on buying cars. We also fund the dealers when they buy cars from the manufacturer. However, for the aspect of revival of demand, only government can step in."

  • State Bank of IndiaNSE -1.39 % said it is contemplating extending the benefit of the repo-linked lending rate to the existing home loan borrowers while hoped for better traction in consumer demand in the second half of the fiscal expecting the government to offer fiscal stimulus.

  • The Reserve Bank of India’s direction to all lenders to promote and publicise the Gold Monetisation Scheme (GMS) from their branches underscores the intent of the banking regulator to make the Scheme a success, said officials from two private banks.
  • NEW DELHI: Benchmark equity indices BSE Sensex and NSE Nifty ended the truncated week in the red, following mixed macroeconomic data amid fears of a global economic slowdown.

  • F&O: Nifty needs a decisive hold above 11,110 to rise towards 11,200

  • NEW DELHI: North Block has asked public sector banks to initiate a month-long consultation process with officers starting at the branch level to seek suggestions for preparing the future roadmap of the banking sector.

  • MUMBAI: Public sector banks are starting a two-day campaign and consultation process to undertake a government-ordered mega review of the performances of their branches at zonal levels across the country.

  • India’s payment apps battle to catch China in squeezing out cash

  • The Indian Railways has set a target of going for 100 % electrification by the end of 2022. With this, the Indian Railways aims at doing away with all diesel locomotives and ensuring reduction in operating cost of trains.

  • The BSE Sensex rose 38.80 points or 0.10 percent to end at 37,350.33 while the NSE Nifty edged higher by 18.40 points or 0.17 percent to 11,047.80.

  • Gardenia Gateway builder mortgages sold out flats, Bank serves notice to flat buyers

  • Over 3,000 temporary workers have lost jobs with the country's largest carmaker Maruti Suzuki due to the ongoing slowdown in the automobile industry, Chairman RC Bhargava said. "If government makes an announcement and takes positive actions it should help improve the situation," he said. Maruti's sales fell 34 %, the biggest decline in almost seven years, to 109,264 units in July.

  • Mahindra & Mahindra (M&M) has set up its first passenger car assembly plant in Sri Lanka in collaboration with local partner Ideal Motors. It is located about 60 km from Colombo.

  • The value of Anil Ambani's holdings in his Reliance Group companies has fallen to about $75 million, from at least $31 billion in 2008, according to Bloomberg.

  • The Central Board of Direct Taxes (CBDT) on Wednesday said all communications issued by the Income Tax Department to assessees from October 1 will carry a unique Document Identification Number (DIN) to promote transparency. The CBDT said it noted some instances in which such communications were found to have been issued manually, without maintaining a proper audit trail.
  • MUMBAI: Liquidity risk is increasing for Indian-based real-estate developers, as non-bank financial institutions (NBFI; including housing financeNSE -0.84 % companies) are shying away from lending to the sector, said Fitch Ratings.

  • In the month of August, automobile manufacturing plants usually work overtime to build up inventory for the upcoming festive season. But this year automakers are observing no-production days in order to adjust manufacturing to the muted demand amidst the ongoing slowdown.

  • Shares of YES Bank (up 5.36 per cent) , DCB BankNSE 4.63 % (up 2.72 per cent) , IDFC First BankNSE 3.27 % (up 1.35 per cent) and Axis Bank (up 1.26 per cent) were the top performers in the index.

  • Shares of Jammu & Kashmir Bank (down 3.16 per cent), Indian BankNSE -0.49 % (down 1.58 per cent), Syndicate BankNSE -1.10 % (down 1.41 per cent) and Central Bank of India (down 1.33 per cent) were the top losers in the index.

  • I would wait at least a quarter before looking at bottom fishing in autos, says BOB Capital MD & CEO.

  • NEW DELHI: Equity benchmarks Sensex and Nifty rebounded from day's low and ended marginally higher in a volatile trading session on Friday supported by auto and banking shares.

  • Share markets on Friday: Seven of 11 sector gauges compiled by National Stock Exchange ended higher led by Nifty Auto Index's 1 per cent gain.

  • Sensex Surges 470 Points From Day's Low Led By ITC, Axis Bank

  • Sensex, Nifty Trim Losses As Buying Emerges In Auto Sector: 10 Things To Know

    • 1. Top percentage laggards on the 50-scrip index at the time were Indiabulls Housing Finance, Vedanta, Hindalco, Tata Motors, Dr Reddy's, JSW Steel and Tata Steel, struggling with losses of between 1.47 per cent and 7.71 per cent. Reliance Industries, Infosys, HDFC Bank, ICICI Bank and SBI were the top drags on the Sensex.
    2. Market breadth was negative with 777 stocks on the BSE enjoying gains and 1,171 struggling with losses. On the NSE, 620 stocks advanced while 1,018 declined.
    3. Indiabulls Housing Finance shares plunged as much as 9.67 per cent, after credit ratings major Moody's downgraded the mortgage lender's corporate family rating to "Ba2" from "Ba1", and changed its outlook to negative from stable.
    4. The Sensex lost as much as 337.12 points to touch 36,974.41 on the downside earlier on Friday, and the Nifty dropped to 10,924.30, down 105.1 points from the previous close.
    5. The Sensex lost as much as 337.12 points to touch 36,974.41 on the downside earlier on Friday, and the Nifty dropped to 10,924.30, down 105.1 points from the previous close.
    6. Heavyweight Reliance Industries moved in the negative territory after four straight days of gains, falling as much as 1.17 per cent in intraday trade.
    7. Analysts say that with the earnings season and key macroeconomic data now behind, some volatility can be expected in the near term in the absence of domestic cues.
    8. Equities in other Asian markets fell and were headed for weekly losses as conflicting messages on the US-China trade war only added to worries for the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.17 per cent, to be down 1.4 per cent for the week. Japan's Nikkei fell 0.5 per cent, making a loss of 1.8 per cent on the week.
    9. US President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short. Beijing vowed to counter the latest tariffs on $300 billion of Chinese goods but called on the US to meet it halfway on a potential trade deal.
    10. The markets were set to end the three-day trading week on a lower note. The Indian financial markets remained shut on Monday and Thursday. On Wednesday, the Sensex and Nifty had ended 0.96 per cent and 0.95 per cent higher.
  • Under a negative interest rate policy, central banks encourage lending by requiring banks to pay interest for keeping excess reserves with it. Hence, banks offer a negative interest rate on customer deposits, making customers pay to deposit money with banks, to encourage spending and discourage saving.

  • The Hong Kong government on Thursday announced a stimulus package worth $2.4 billion amid the ongoing anti-government protests. The measures include subsidies for the underprivileged, business enterprises, school students as well as higher salary tax rebates.

  • Financial Secretary Paul Chan said GDP will expand by 0 % to 1 % this year, revising down the previous forecast of 2 % to 3 %

  • Ex-Axis Capital CEO Dharmesh Mehta and other investors will be acquiring 100 % stake in IDFC Securities, IDFC group's broking and research business.

  • The Reserve Bank of India (RBI) on Wednesday said IL&FS may not have disclosed bad loans on its books in four years to March 2018.

  • The State Bank of India on Wednesday said it is planning to dilute stake in its credit card subsidiary, SBI Cards and Payment Services, through an initial public offering. SBI had received in-principle approval from its central board to list SBI Card. It currently holds 74 % stake in SBI Card and will now seek regulatory approval to sell the stake.

  • These ATM Transactions Not To Be Counted As Free Transactions In A Month: 10 Points

    • 1. The central bank directed the lenders not to count transactions failing on account of technical reasons such as hardware, software or communication issues and non-availability of currency notes in the ATM for the customer.
    2. All scheduled commercial banks - including regional rural banks, urban/state/district central co-operative banks, small finance banks and payment banks - as well as white label ATM operators have also been directed not to treat transactions failing due to reasons such as invalid PIN and validation among the free transactions allowed to a customer in a month.
    3. Non-cash withdrawal transactions - such as balance enquiry, cheque book request, payment of taxes and funds transfer - will also not be part of the number of free ATM transactions, according to the RBI.
    4. "Consequently, no charges will be levied on these failed transactions," the RBI added.
    5. According to existing rules, banks provide a certain number of transactions free of cost every month to the customer. The number of such transactions allowed to the customer every month varies, depending on factors such as type - whether the ATM is part of the home bank's ATM - and location of the ATM - whether it is located in a metro city.
    6. For transactions at the ATMs in the network of the same bank as the account, the lenders offer a minimum of five free transactions in a month.
    7. For transactions at ATMs outside the home bank's network but in one of six metros - Mumbai, Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, they offer a minimum of three free transactions in a month.
    8. For any transactions at ATMs of other banks outside these cities, a minimum of five transactions are provided to the customer free of cost, according to current rules.
    9. Customers are charged for transactions at ATMs over and above the mandated number of free transactions. The charges applicable in case of any transactions above the monthly threshold vary from bank to bank.
    10. Currently, these charges cannot exceed a maximum of Rs. 20 per transaction (plus applicable taxes, if any) by banks, according to the RBI.

  • ATM transactions: Currently, transactions that have failed due to technical reasons are also included in the monthly limit of free transactions.

  • Domestic stock markets are set to finish the week on a lower note. While the S & P BSE Sensex index has shed 270.38 points - or 0.72 per cent - in two days, the broader NSE Nifty benchmark is down 80.25 points - or 0.72 per cent. In the previous week, the Sensex and Nifty had clocked gains of 1.25 per cent (463.69 points) and 1.02 per cent (112.3 points) respectively, marking their first weekly gain in five. Analysts say thin trade can be expected on Friday - the final day of the three-day, holiday-shortened week.
  • Finance Ministry is working overtime to see that economy does not shrink any further as it might lead to crisis situations where lakhs may lose their jobs.

  • "The economy requires a critical intervention by introducing a stimulus package. We have suggested a package of over Rs 1 lakh crore," said B.K. Goenka, president Assocham.

  • At the Interbank Foreign Exchange, the rupee opened weak at Rs 71.15 then fell further to 71.16 against the American currency, down 38 paise over it's previous closing price.

  • The BSE S & P Sensex closed 624 points lower at 36,958 while the Nifty50 was down by 184 points to 10,925. All sectoral indices at the National Stock Exchange were in the red with Nifty auto plunging by 3.95 per cent.

  • RBI said, Bank credit to NBFCs for On-Lending will be allowed upto a limit of five percent of individual bank’s total priority sector lending on an ongoing basis.

  • CBDT refuses reports about Income Tax notices to Durga Puja Committees

  • The BSE Sensex rose 105.64 points or 0.29 percent to 37,063.80 in early trade while the NSE Nifty edged higher by 55.05 points or 0.50 percent to 10,980.90.

  • Government Notifies Partial Credit Guarantee Scheme For State-Run Banks

  • The government on Tuesday notified the scheme of partial credit guarantee for PSBs to buy pooled assets of NBFCs (non-banking financial company) up to Rs. 1 lakh crore, activating the announcement of the Budget in July this year to boost lending to the cash strapped NBFCs.

  • Government To Raise Income Tax Exemption For National Pension System (NPS) Subscribers: 5 Things To Know

    1. "With a view to enable the pensioner to have more disposable funds, it is proposed to amend the said section (10 of the Act) so as to increase the said exemption from forty per cent to sixty per cent of the total amount payable to the person at the time of closure or his opting out of the scheme," said the Budget document tabled in Parliament by Finance Minister Nirmala Sitharaman. The proposed higher exemption limit will be applicable from April next year.
    2. The government also proposed to separate the NPS Trust from regulator Pension Fund Regulatory and Development Authority (PFRDA).
    3. PFRDA implements and regulates the National Pension System (NPS) and Atal Pension Yojana through various intermediaries including, inter-alia, the NPS Trust. The trust was established by the PFRDA for taking care of the assets and funds under the NPS.
    4. "Keeping in view the wider interest of the subscribers and to maintain arm's length relationship of the NPS Trust with PFRDA, steps will be taken to separate the NPS Trust from PFRDA with appropriate organizational structure," the minister said in her Budget speech.
    5. The Budget document further said that in order to ensure that the central government employees get full deduction of the enhanced contribution, it is proposed to increase the limit from 10 to 14 per cent of contribution made by the government to the account of its employees.

  • Sensex Jumps Over 450 Points Amid Buying In Financial, Auto, Energy Stocks: 10 Things To Know

    1. At 1:12 pm, the Sensex traded 413.38 points - or 1.12 per cent - higher at 37,371.54, while the Nifty was up 123.90 points - or 1.13 per cent - at 11,049.75.
    2. Top percentage gainers on the 50-scrip index at the time were Tata Steel, UPL, Vedanta, Zee Entertainment, Grasim and Yes Bank, trading between 4.01 per cent and 5.64 per cent higher.
    3. Market breadth was largely positive with 1,125 stocks on the BSE trading higher and 1,074 struggling with losses. On the NSE, 904 stocks advanced while 805 declined.
    4. Reliance Industries, ICICI Bank and HDFC contributed the most to the advances in Sensex.
    5. The gains came a day after reports that the Ministry of Finance is working on a stimulus package for the industry to revive the economy.
    6. News agency IANS quoted official sources as saying that the stimulus package by the government would not only aim to reduce the cost for the industry but would also lay out procedures that would further provide impetus to ease of doing business.
    7. Wholesale inflation eased to 1.08 per cent in July, from 2.02 per cent in the previous month, government data showed on Wednesday. Separate official data earlier showed consumer inflation came in at 3.15 per cent last month, remaining below the Reserve Bank of India's medium-term target for the twelfth month in a row.
    8. Equities in other Asian markets joined a global equities surge on Wednesday, after Washington delayed tariffs on some Chinese imports. Wall Street stocks soared overnight as US President Donald Trump backed off his September 1 deadline for 10 per cent tariffs on the remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods in the hopes of blunting their impact on US holiday sales.
    9. The surge in US stocks lifted MSCI's broadest index of Asia-Pacific shares outside Japan by 0.9 per cent. The Shanghai Composite Index advanced 0.6 per cent while Hong Kong's Hang Seng, which has been hurt by disruptions from large anti-government protests, rose 0.5 per cent. South Korea's KOSPI advanced 0.8 per cent and Japan's Nikkei rose 0.6 per cent.
    10. The Sensex and Nifty had closed 1.66 per cent and 1.65 per cent lower respectively on Tuesday, hurt by a selloff across sectors barring energy shares.

  • Sensex Falls Over 250 Points Amid Selling Across Most Sectors, Reliance Industries Bucks Trend
  • Reliance shares up 12 % in biggest intraday rise in decade; Airtel, Vodafone shares slide

  • Jio to launch broadband in Sept, further disrupt telco markets

  • The announcements drove Reliance shares up as much as 12 % - its biggest such move since January 14, 2009. The spike has put the company within touching distance of becoming the highest-valued Indian company again. Currently, it trails Tata Consultancy Services by slightly more than $1 billion.

  • Index - heavyweight Reliance Industries Ltd. (RIL) jumped nearly 9 per cent after Saudi Aramco signed a letter of intent for a proposed investment in RIL's oil-to-chemical division. The deal is likely to fetch RIL $15 billion for a 20 per cent stake.

  • Gold prices on Monday retouched the all - time high mark of Rs 38,470 per 10 gram in the national capital after the precious metal advanced by Rs 50 on fresh buying from jewellers amid positive overseas trend, according to the All India Sarafa Association.

  • Reliance to sell stakes for Rs 1.15 lakh cr to become zero - debt firm in 18 months: Mukesh Ambani

  • Piyush Goyal urges companies to come with substantial outcomes at high - power delegation meet in Russia

  • Maruti Suzuki Shares Fall Over 3 % On Temporary Workforce Cut

  • Bosch, the latest firm to flag weak conditions in the Indian auto market, said its automotive sales dived 17.5 per cent in the June quarter.

  • Mid- and small-cap shares were also witnessing selling pressure as the Nifty Midcap 100 Index dropped 1.5 per cent.

  • Shares of Federal Bank (down 2.90 per cent), HDFC BankNSE -2.70 % (down 2.10 per cent), IDFC First BankNSE -2.71 % (down 1.92 per cent) and ICICI Bank (down 1.21 per cent) were trading with losses.

  • HDFC BankNSE -2.70 % managing director Aditya Puri remained the highest paid bank chief executive in India with a monthly basic salary of Rs 89 lakh in FY19. Puri has led the bank — the most valuable lender in the country — since its inception 25 years ago.

  • Axis BankNSE -1.72 % CEO Amitabh Chaudhry, who took over the position in January, was second at a basic monthly salary of Rs 30 lakh.
  • The Indian cloud market is expected to grow at an average 23 per cent annually over the next five years to touch $5.6 billion.

  • The statement comes at a time when the growth of the Indian economy has slowed and consumption is significantly low in several sectors.

  • Escalation in trade tension between the two largest economies -- US and China -- is the chief factor nudging the world economy towards a recession.

  • Bibek Debroy said that steps such as a three-rate GST structure and removal of corporate social responsibility spending could help revive the economy.

  • Cape Town-based Naspers is in the midst of deploying a close to $10 billion war chest to scale up its e-commerce ventures and make new investments in online classifieds, payments and food delivery platforms.

  • Government needs funds for its infrastructure and borrowing overseas makes lot of investment economically viable,

  • Reliance Industries' $15 Billion Deal With Saudi Aramco: 10 Points

    1. Saudi Aramco will invest $15 billion for buying 20 per cent in the Reliance Industries oil-to-chemicals division.
    2. Saudi Aramco will also supply 5,00,000 barrels of crude oil a day on a long-term basis to Reliance Industries' Jamnagar refinery, Mr Ambani said.
    3. "This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added.
    4. The deal should be completed by March and is subject to due diligence, definitive agreements and regulatory and other approvals, the billionaire added.
    5. Aramco has been targeting refining deals in India since at least last year, when chief executive officer Amin Nasser told reporters that the firm wanted to double its capacity to produce gasoline and other fuels.
    6. Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance Industries on the stake sale as it plans to secure new markets for its crude.
    7. This partnership will cover all of Reliance Industries' refining and petrochemicals assets, including 51 per cent of the Petroleum Retail JV.
    8. "Since its inception, our Jamnagar refinery has been processing Saudi oil every single day for 20 years. Now we have transformed our longstanding relationship of two decades, based on mutual trust, into a Partnership of growth potential for many more years. I feel privileged to welcome Saudi Aramco, which is the largest business enterprise in the world," Mr Ambani said.
    9. "I am grateful to the visionary leaders, Honourable Prime Minister Shri Narendra Modi and His Royal Highness Crown Prince Mohammad bin Salman Al Saud, who have laid the foundation for strategic cooperation between India and the Kingdom of Saudi Arabia," he added.
    10. At the annual general meeting Mr Ambani also said that the Reliance Industries will become zero-net debt company within the next 18 months.
  • These Post Office Saving Schemes Offer Income Tax Benefits

    • 1. Investment in time deposits or fixed deposits of one-year, two-year and three-year maturity periods fetch an interest of 6.9 per cent.
    2. Five-year time deposit account offers a return of 7.7 per cent. The interest is payable annually but calculated quarterly.
    3. The investment under 5-year account qualifies for the benefit of Section 80C of the Income Tax Act, 1961.
    4. The scheme offers an interest rate of 7.9 per cent per annum, which is compounded yearly.
    5. An individual of the age of 60 years or more is eligible for the scheme. The scheme offers an interest rate of 8.6 per cent per annum.
    6. The NSC fetches an interest rate of 7.9 per cent per annum. This interest is compounded annually but payable at maturity. An NSC of Rs. 100 offers Rs. 146.93 on maturity after five years, according to India Post.
  • The major subjects discussed in the meeting included liquidity problems and completion of stalled projects.

  • Sangharsh Nagar looks like a rural pocket trapped in the urban sprawl of Mumbai. A herd of goats roam around the main Khairani Road, blocking auto-rickshaws already jostling for space with mini-trucks. As it starts to rain, a furniture-shop owner quickly pulls the goats into the store.

  • KOLKATA: Days after the 35 bps repo rate cut by the Reserve Bank of India, state-run lenders Allahabad BankNSE -1.22 % and UCO BankNSE -2.51 % on Friday slashed marginal cost of funds- based lending rate (MCLR) across all tenors.

  • 37 paise lower at 71.16 against the US dollar following buying in American currency by banks and importers. Meanwhile, sustained selling by foreign institutional investors continued to weigh on sentiment in the forex market.

  • HDFC Bank mulls doubling credit card user base to 25 million this fiscal

  • India’s most valuable lender HDFC BankNSE -2.70 % is planning to double its credit card base and triple the merchant acquiring business this fiscal year, even as most banks raise concerns over rising stress in their unsecured loan book.
  • Indian Bank signs up Corporate Agency pact with Chola MS

  • Indian Bank has entered into a corporate agency agreement with Cholamandalam MS General Insurance Company Ltd.

  • Under the agreement, Indian Bank will distribute the latter's insurance products ranging from motor, home, health PA, and travel insurance, and SME and commercial line of business etc.

  • All these products will be distributed through traditional and digital platform to Indian Bank customers.

  • Loan will be cheaper from August 10, millions of customers will benefit

  • The State Bank of India (SBI) has announced a cut in interest rates after the Reserve Bank of India (RBI) cut the repo rate by 35 basis points in its bi-monthly monetary review meeting.

  • SBI has announced a reduction of 0.15 per cent interest rate on all term loans.

  • Important Things:

    • 1. Repo rate has been reduced to 5.40 %.
    2. The Reserve Bank's repo rate was earlier at 5.75 %.
    3. Reduction of 0.75% occurred in the last three review meetings. Abha has been cut by 35 basis points for the fourth time.
    4. Earlier the reverse repo rate was 5.50 per cent which has now been reduced to 5.15 per cent.
  • Dewan Housing Finance (DHFL) has said that it may fail to meet its payment obligations in the near future, amid ongoing discussions with lenders regarding its resolution plan.

  • The centre recently removed special status to Jammu and Kashmir under Article 370 and has carved out two Union Territories (UTs).

  • RBI lowered its economic growth forecast for the current fiscal year and said inflation would not breach its medium-term target of 4 % in near-term.

  • In the Budget last month, Nirmala Sitharaman proposed to hike taxes on those earning more than Rs. 2 crore annually, a step that rattled many FPIs.

  • The government may soon announce relief measure for the NBFC sector, sources told ET NOW.

  • Banks near zero hour on $124 trillion of flows

  • Shares of RBL Bank (up 8.09 per cent), IDFC First BankNSE 4.00 % (up 2.47 per cent), Federal BankNSE 0.46 % (up 2 per cent) and HDFC Bank (up 1.89 per cent) were the top performers in the index.

  • Axis Bank (up 1.76 per cent), Kotak Mahindra Bank (up 1.27 per cent), ICICI Bank (up 1.18 per cent) and IndusInd Bank (up 0.98 per cent) too were trading in the green.

  • Shares of RBL Bank (up 3.64 per cent), Federal BankNSE 0.46 % (up 2.63 per cent), IDFC First BankNSE 4.00 % (up 1.88 per cent) and HDFC Bank (up 1.48 per cent) were trading higher.

  • Bank of Baroda (up 0.85 per cent), Axis Bank (up 0.80 per cent), ICICI Bank (up 0.69 per cent) and Punjab National Bank (up 0.53 per cent) too were trading with gains.

  • Yes BankNSE -7.40 % has embarked on a plan to generate $285 million (Rs 2,000 crore) by selling shares through a qualified institutional placement (QIP), the success of which will be crucial for the bank’s survival, said people with knowledge of the matter.

  • Non-banking financeNSE 0.23 % companies such as Bajaj Finance, Sundaram Finance and Manappuram FinanceNSE 1.74 % posted strong growth in the past quarter, even as the sector was still negotiating its worst crisis in a decade and some like Reliance CapitalNSE -1.45 % and Dewan Housing missed payment commitments.

  • The Union Budget 2019 increased the surcharge on the super rich, which in effect included foreign portfolio investors who operate as trusts.

  • Hindalco said its earnings before interest, tax, depreciation and amortization (EBITDA) fell 13.04 per cent to Rs. 3,769 crore in the June quarter.

  • Market breadth favoured gains, as 1,576 stocks on the BSE traded higher while 674 struggled with losses.
  • Shares of HDFC BankNSE 1.99 % (up 1.36 per cent), DCB BankNSE 1.37 % (up 1.32 per cent), YES Bank (up 0.63 per cent) and Kotak Mahindra Bank (up 0.15 per cent) were trading higher.

  • IndusInd BankNSE -1.68 % (down 2.71 per cent), Axis Bank (down 2.12 per cent), Federal Bank (down 0.86 per cent) and RBL Bank (down 0.78 per cent) were trading

  • Shares of IndusInd Bank (down 3.05 per cent), Axis BankNSE 0.04 % (down 0.94 per cent), Federal BankNSE 0.40 % (down 0.58 per cent) and YES Bank (down 0.29 per cent) were trading with losses.

  • Government eyes Rs 3 lakh crore by public sector transmission lines, telecom towers, gas pipelines & airports

  • The bank's aim has always been to provide Financial Inclusion to the underserved sections of the society, including small business units, small and marginal farmers, micro and small industries, its MD & CEO, Ajay Kanwal said.

  • India has primarily been a debit card market, with more than 824 million such cards in the system, as per RBI figures. Unified Payments Interface (UPI) and mobile wallets have grabbed the attention of policymakers, but the increase in the number of credit cards is not only an indication of growing digital payments but also the expansion of retail borrowers in the ecosystem.

  • The unconventional quantum of reduction in the repo rate — 35 basis points (bps) — threw some market participants into a tizzy with future reductions becoming unpredictable. Interest rate changes are typically in 25 basis point increments. The cut brings repo rate to a nine-year low.

  • Governor Shaktikanta Das came up with a multi-pronged attack to lower rates for consumers by promising adequate liquidity and reducing cost of capital for banks by lowering risk weights for consumer loans, except credit cards.

  • The former chief executive officer of HSBC Holdings Plc’s Swiss private bank pleaded guilty to helping wealthy clients hide assets worth at least 1.6 billion euros ($1.8 billion) as French prosecutors flex their muscles to tackle white-collar crime.

  • Domestic equity benchmarks BSE Sensex and NSE Nifty started on a highly volatile note on Thursday amid weak domestic cues.
  • SBI Reduces Key Lending Rates, Home Loans To Get Cheaper: 10 Things To Know

      • 1. From August [latex] {10}^{th} [/latex], the MCLR will stand reduced to 8.25 per cent for the one-year tenor, as against the existing 8.40 per cent, according to SBI's statement.
      2. With the latest cut in the MCLR, the effective reduction in home loan rates since April [latex] {10}^{th} [/latex] is 35 basis points, SBI added
      3. Earlier in the day, the Monetary Policy Committee slashed the repo rate by 35 basis points or 0.35 percentage point to 5.40 per cent, the lowest in over nine years.
      4. "SBI has effected full transmission of repo rate cuts by RBI and has passed on the benefit of repo rate reduction by 85 basis points during the current financial year to its cash credit/overdraft customers with limits above Rs. 1 lakh," SBI said.
      5. Cash credit (CC) is a short-term source of financing which enables customers to withdraw money from a bank account without keeping a credit balance.
      6. An overdraft account is a type of account from which customers can withdraw amount even if there is no fund in the account.
      7. The bank sanctions a specific limit and the account can go in negative up to that limit.
      8. With today's cut, SBI's effective repo linked lending rate (RLLR) for cash credit/overdraft customers will stand revised to 7.65 per cent from September [latex] {1}^{st} [/latex].
      9. SBI introduced repo-linked home loan products in July this year. A repo rate-linked home loan means that any changes in the key interest rate by the central bank are passed on directly to the customers.
      10. Last week, SBI released its quarterly earnings. It reported net profit of Rs. 2,312.20 crore in April-June period compared with loss of Rs. 4,875.85 crore in the same quarter last year.

    • RBI Stays "Accommodative" With Rare 35 Basis-Point Cut to Spur Economy.

    • RBI Cuts Repo Rate For Fourth Time This Year, EMIs Set To Get Lower.

    • 24-Hour Fund Transfers To Be Allowed Via Payment System NEFT From December.

    • In India, which is the largest two-wheeler market in the world, SoftBank’s move beyond ride-hailing could be a bet on the emerging two-wheeler rentals business.

    • Shares of YES Bank (up 6.03 per cent), IndusInd BankNSE 0.72 % (up 2.60 per cent), IDFC First BankNSE -0.84 % (up 1.08 per cent) and ICICI Bank (up 0.94 per cent) were trading higher.

    • The Reserve Bank of India will create a Central Payment Fraud Registry to monitor digital payments related frauds on a real-time basis and provide customers with periodic aggregated data of risks associated with individual payments operators in a bid to improve customer confidence in these channels.

    • Chronicling the journey of Indian private banks

    • Shares of Jammu & Kashmir Bank (up 19.89 per cent) , Central Bank of India (up 8.05 per cent) and Indian BankNSE -0.38 % (up 3.33 per cent) were trading in the green.

    • Oriental Bank of Commerce (up 1.44 per cent), Canara BankNSE -3.34 % (up 0.67 per cent) and Allahabad Bank (up 0.27 per cent) too were trading higher.
    • BSE Sensex: 36,700 (–418), NSE Nifty: 10,863 (–135).

    • The Department of Consumer Affairs has released draft guidelines on e-commerce titled 'e-commerce guidelines for consumer protection 2019'.

    • The draft aims to protect the interest of online shoppers. It provides measures to prevent fraud, unfair trade practices and protect the legitimate rights and interests of consumers.

    • ZEEL was trading 6 per cent lower at Rs 312 on the BSE, as compared to a 0.85 percent rise in the S&P BSE Sensex. A combined 15.6 million shares changed hands on the counter on the BSE and NSE till the time of writing this report.

    • PAT (profit after tax) or net profit is projected to fall 7.5 percent QoQ to Rs 2,383.3 crore. On YoY basis, it is likely to fall nearly a percent.

    • IIFL Finance said that it plans to raise Rs 1,000 crore via non-convertible debentures (NCDs) in order to expand.

    • IIFL Finance company will issue both secured and unsecured NCDs aggregating to Rs 100 crore, with a greenshoe option to retain over-subscription to Rs 900 crore.

    • The Reserve Bank of India will lower the benchmark repurchase rate by 25 basis points to 5.5 percent, according to almost all of the 36 economists surveyed by Bloomberg.

    • SRF company's consolidated revenue during the quarter grew by 9 percent from Rs 1,676 crore to Rs 1,828 crore in Q1FY20 when compared with corresponding period last year.

    • The Reserve Bank of India (RBI) said it has imposed a collective penalty of Rs 8.5 crore on eleven commercial banks for violating norms on fraud classification and reporting by commercial banks and selected financial institutions (FIs).

    • While the RBI imposed a fine of Rs 1.5 crore on Oriental Bank of Commerce, it slapped a fine of Rs 1 crore each on Indian Overseas Bank, Punjab & Sind Bank, UCO Bank and United Bank of India.

    • Warburg holds 471.73 million shares in IDFC First Bank through an entity called Cloverdell Investment Ltd.

    • Warburg has mobilized around $150 million by pledging the entire IDFC First stake, said a person aware of the development.
    • A law which allowed RBI to circulate Rs 1000 denomination notes to tide over the shortage of currency in the late 1990s scrapped.

    • State Bank of India's Shanghai branch linked to China's National Advanced Payment System (CNAPS).

    • It is the first Indian Bank to operationalize it. The CNAPS, launched in 2008 by the People's Bank of China (PBOC) provides real-time settlement services for all payments cleared in China.

    • The Reserve Bank of India imposed a penalty of ₹11 crores on seven public sector banks for violating norms on current account opening.

    • The banks which includes Allahabad Bank and Bank of Maharashtra have been imposed a fine of ₹2 crore each, Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been slapped with fines of ₹1.5 crore each, while Oriental Bank of Commerce has been imposed with a penalty of ₹1 crore.

    • RBI imposed a fine of ₹1 crore on Corporation Bank for non-compliance of norms related to cyber security framework for banks, and frauds classification.

    • Maharashtra has granted infrastructure project status for a $10-billion plan (around Rs 70,000 Crore) to build the world’s first ultra-fast hyperloop project i.e Mumbai-Pune hyperloop project.

    • Flipkart, India’s leading e-commerce marketplace launched ‘Flipkart Samarth’ – a breakthrough initiative aimed at bringing India’s artisans, weavers, and handicrafts producers onto e-commerce.

    • State-run Jammu & Kashmir Bank reported a 58 percent fall in its net profit to Rs 21.87 crore in the first quarter of 2019-20 due to a rise in provisions for bad loans.

    • FMCG major Nestle India reported an increase of 10.83 percent in net profit to Rs 437.84 crore for the second quarter ended June 2019, led by sales and volume growth.

    • SBI, BOB, J&K Bank, Indian Bank, Allahabad Bank, Oriental Bank of Commerce, Bank of India and Canara Bank were down more than 3% in intra-day trade.

    • Government tenders worth over Rs 25,000 crore were either cancelled or modified and re-issued after the Department for Promotion of Industry and Internal Trade (DPIIT) stepped in to change their conditions to promote ‘Made in India’ goods, a top official said.
    • Parliament passes the Airports Economic Regulatory Authority of India (Amendment) Bill, 2019 that increases the threshold of annual passenger traffic for major airports to over 35 lakh.

    • RBI bars NBFCs from charging pre-payment penalties or foreclosure charges from individual borrowers.

    • RBI tightens the fit-and-proper criteria for directors on the boards of PSBs, Centre’s nominee director shall not be part of the nomination and remuneration committee (NRC).

    • RBI slaps penalties on nine banks over delay in reporting of frauds.

    • India participates in 8[latex]^{th}[/latex] RCEP Inter-Sessional Ministerial Meeting in Beijing on August 2[latex]^{nd}[/latex]-3[latex]^{rd}[/latex].

    • The housing sector regulator National Housing Bank (NHB) opened a liquidity infusion facility of Rs.10000 crore for Housing Finance Companies (HFCs) to improve liquidity in sector.

    • Khanij Bidesh India Ltd. (KABIL) planned to set up with the participation of three Central Public Sector Enterprises namely, National Aluminium Company Ltd.(NALCO),Hindustan Copper Ltd.(HCL) and Mineral Exploration Company Ltd. (MECL).

    • Indiabulls Housing Finance will buy back bonds worth up to $50 million. The value is around 348 crores. It is a part of its $1.5 billion bond programme.

    • The company did a buyback of up to $50 million of the $350 million 6.375 percent notes issued by the company. The buyback is part of the company's $1.5 billion (around ₹10,398 crore) secured euro medium-term note programme.

    • According to World Bank data survey, India slipped to the 7[latex]^{th}[/latex] position in the global GDP rankings in 2018. It stands marginally behind UK and France.

    • Prior to this, FPIs withdrew a net Rs 2,985.88 crore from the Indian capital markets (both equity and debt) during July 1[latex]^{st}[/latex]-31[latex]^{st}[/latex].

    • FPIs were net buyers in the Indian capital markets in the first half of 2019, barring January. They infused a net Rs 10,384.54 crore in June, Rs 9,031.15 crore in May, Rs 16,093 crore in April, Rs 45,981 crore in March and Rs 11,182 crore in February.

    • The valuation of SBI tumbled Rs 30,388.3 crore to Rs 2,75,279.64 crore.

    • RIL's m-cap plummeted Rs 18,952.5 crore to Rs 7,50,674.86 crore and that of HDFC Bank plunged Rs 16,774.8 crore to Rs 6,05,627.15 crore.

    • Infosys' market cap eroded by Rs 5,111.1 crore to reach Rs 3,33,037.59 crore and that of ICICI Bank went lower by Rs 3,003.03 crore to Rs 2,65,122.36 crore.

    • The valuation of Kotak Mahindra Bank fell by Rs 649.22 crore to Rs 2,87,873.18 crore.

    • In 2018-19, India's total exports of gold jewellery to the US was $1.9 billion which was actually 16.4% lower than the preceding year's $2.3 billion.
    • BSE Sensex: 37,118.22 (+99.90), NSE Nifty: 10,997.35 (+17.35).

    • Country’s forex reserves decreased by USD 727 million to USD 429.649 billion for the week ended July 26[latex]^{th}[/latex].

    • Sovereign Gold Bonds 2019-20 (Series III) to be open for the period August 05[latex]^{th}[/latex] – 09[latex]^{th}[/latex], 2019; Issue Price to be Rs. 3,499 per gram.

    • NHB to provide additional liquidity infusion facility of Rs 10,000 crore to HFCs.

    • Wage Bill:

        • 1. Parliament passes wage code bill providing minimum wages for workers.
        2. The Code on Wages Bill, 2019 was passed in the Rajya Sabha 85-8, was passed in the Lok Sabha on July 30[latex]^{th}[/latex].
        3. The Bill subsumes 4 labour laws — Minimum Wages Act, Payment of Wages Act, Payment of Bonus Act and Equal Remuneration Act.

    • Magsaysay Award:

        • 1. NDTV India’s journalist Ravish Kumar among the five winners of this year’s Ramon Magsaysay Award given in Philippines.
        2. Other 4 winners: Ko Swe Win from Myanmar, Angkhana Neelapaijit from Thailand, Raymundo Pujante Cayabyab from Philippines and Kim Jong-Ki from South Korea.

    • Mekong Ganga Cooperation:

        • 1. 10[latex]^{th}[/latex] MGC (Mekong Ganga Cooperation) Ministerial meeting held in Bangkok.
        2. MGC comprises India and 5 ASEAN countries, namely, Thailand, Myanmar, Cambodia, Laos and Vietnam.

    • Asian Development Bank(ADB) approved $350 million in loans to rehabilitate and upgrade two state highways.

    • There are around 23 major district roads totaling about 850 kilometers in Chhattisgarh.

    • The overall total cost of the project is $521.69 million. The state government of Chhattisgarh to provide $171.69 million.

    • The number of registered vehicles doubled from 2.1 million in 2009 to 4.8 million in 2016.

    • Asian Development Bank(ADB) extended loan amount of $180 million for 1,700 km state highways and $300 million.

    • State Bank of India (SBI) and India's sovereign wealth fund, National Investment and Infrastructure Fund (NIIF) signed an MoU (Memorandum of Understanding) to provide financing solutions to the infrastructure sector.

    • SBI made extended loans of about 51 crore to 47 infrastructure projects during the financial year of 2018-19.

    • Indian Overseas Bank (IOB), a public sector bank appointed Karnam Sekar as its new Managing Director (MD)and Chief Executive Officer(CEO).

    • SoftBank invested around $250 million in Ola Electric Mobility. Ola Electric issued 4,326 fully and compulsorily convertible series B preference shares of face value of Rs 10 each having the privileges and preferences.

    • The Reserve Bank of India (RBI) has further relaxed the norms related to external commercial borrowing (ECB). It loosened the end-use restrictions with regard to working capital, general corporate purpose and repayment of rupee loans.

    • The Reserve Bank of India (RBI) allowed Bank of China to offer regular banking services in the country. Commercial banks, like SBI, HDFC Bank, Punjab National Bank and ICICI Bank, are in the Second Schedule.

    • The Bank of China Limited included in the Second Schedule to the Reserve Bank of India Act, 1934.The RBI told Jana Small Finance Bank Limited included in the Second Schedule.
    • BSE Sensex: 37,018.32 (–462.80), NSE Nifty: 10,980.00 (–138).

    • Parliament passes bill aimed at making India an international arbitration hub by providing facilities for settlement of commercial disputes.

    • Finance Ministry to conduct 1[latex]^{st}[/latex] National Time Release Study to enable faster movement of cargo across borders to benefit traders.

    • Girraj Prasad Gupta takes over as the Controller General of Accounts (CGA).

    • Google announces doodle contest for Children’s Day, winner to get Rs 5 lakh scholarship.

    • Japan’s Aiwa re-enters Indian market with its range of TVs and audio products.

    • Ravi Capoor, an Indian Administrative Service (IAS) officer of 1986 batch, assumed charge of the office of Secretary Ministry of Textiles in New Delhi.

    • He is in charge of Mines & Minerals, Forest & Environment, Act East Policy Affairs, and Public Enterprises Department. He had the portfolios of Industry and Commerce.

    • The bank reported fresh gross slippages at Rs 16,212 crore, as against analysts' expectations of Rs 7,000 crore. There were up 13 percent YoY, from Rs 14,349 crore in Q1FY19.

    • HDFC, reported a 46 per cent growth in standalone net profit of Rs 3,203.10 crore as compared to the profit of Rs 2,190 crore it had posted in the corresponding quarter of 2018.

    • The company's profit was boosted by one-time gain of Rs 1,894.21 crore from stake sale in Gruh Finance.

    • Bharti Airtel was able to retain its top spot in the market in terms of revenue as its top line was up 2.8 percent at Rs 15,345 crore.

    • GST collection at Rs 1.02 trillion in the month was slightly more than 2 percent higher than the Rs 99,939 crore in June and 5.8 percent higher than the Rs 96,483 crore in July last year.

    • State GST collection too was lower at Rs 25,008 crore in the month against Rs 25,343 crore in June.

    • Talwalkars Group companies – Talwalkars Healthclubs (THL) was locked in the lower circuit of 5 percent at Rs 30 per share, plummeting 71 percent in the past four weeks from Rs 103 (on July 5[latex]^{th}[/latex], 2019) to Rs 30.10 (today's low).

    • Talwalkars Better Value Fitness (TBVFL), too, was frozen in the 5 percent lower circuit at Rs 16 per share, slipping 69 per cent from level of Rs 52 during the same period. There were pending sell orders for 2 million shares on both the exchanges.
    • Reserve Bank of India (RBI) has relaxed External Commercial Borrowing (ECB) norms for corporates, non-banking lenders by relaxing end-use restrictions with regard to working capital, general corporate purpose and repayment of rupee loans.

    • Recent changes by RBI:

        • 1. End-use stipulations for ECBs for both corporates as well as liquidity starved non-banking lenders has been liberalised.
        2. Liberalisation will be applicable to ECBs taken for general corporate purpose loans, working capital or repayment of rupee loans.
        3. It allows eligible borrowers to raise ECBs from recognised lenders, except foreign branches and overseas subsidiaries of Indian banks, with minimum avrage maturity period of ten years for working capital purposes and general corporate purposes.
        4. It also allows ECBs to raise with minimum average maturity period of 7 years for repayment of rupee loans availed domestically for capital expenditure.
        5. It also permits borrowing for on-lending by NBFCs for above maturity and end-uses. It also permits borrowings for on-lending by NBFCs for repayment of rupee loans availed domestically for capital expenditure.

    • Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister has approved proposal for fixation of Nutrient Based Subsidy Rates for Phosphatic and Potassic (P&K) Fertilizers for the year 2019-20.

    • Nutrient Based Subsidy Rates 2019-20:

        • 1. Benefits: The expected expenditure (during 2019-20 period) on releasing subsidy on P&K Fertilizers will be Rs.22875.50crore.
        2. Expenditure: This will enable manufacturers and importers to formalize supply contracts for fertilizers and fertilizer inputs. It will make fertilizers available to farmers in year 2019-20.

    • The 22[latex]^{nd}[/latex] National Conference on e-Governance 2019 will be held in Shillong, capital of Meghalaya. This will be for first time this mega knowledge sharing event will be organized in the north-eastern region of the country.

    • 22[latex]^{nd}[/latex] National Conference on e-Governance 2019:

        • 1. Organized by: Department of Administrative Reforms and Public Grievances (DARPG) in association with Union Ministry of Electronics and Information Technology and Meghalaya State Government. It is being held in Shillong is part of the DARPG’s 100 days initiatives.
        2. Theme of the conference: ‘Digital India: Success to Excellence’. Besides there will be discussions held on five sub-themes in plenary sessions during conference. Four breakout sessions will be held on the sub-themes.
        3. Purpose: It will provide considerable momentum to e-Governance initiatives in North east region, providing opportunities to civil servants and others to showcase their successful interventions in improving end-to-end service deliver.
        4. Participation: It will see participation of as many as 28 states and eight Union Territories and over 450 delegates.

    • The Mutual fund (MF) industry had Rs 5,000-6,000 crore exposure to Essel group entities, which were loans-against-shares exposures.

    • We will see our exposure to Essel group go down by half as our exposure was pledged by Zee shares. From Rs 1,500 crore, we should see it fall to Rs 750 crore as a result of this deal.

    • Shares of CARE Ratings tanked 19 percent to hit a fresh 52-week low of Rs 608 on the BSE after the company reported a 46 percent decline in its consolidated net profit at Rs 13.5 crore in the June quarter (Q1FY20), due to drop in revenue.

    • Edelweiss Securities, however, expects a higher PAT at Rs 3,433 crore, up nearly 57 percent YoY, on the back of one-time gain from stake sale in Gruh Finance.

    • Analysts at ICICI Securities, for instance, peg the PAT at Rs 3,257.5 crore, up 49 percent YoY from Rs 2,190 crore seen in the corresponding quarter of 2018. The same was Rs 2,861.6 crore in the March quarter of fiscal year 2018-19 (Q4FY19).
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