Finance Minister Nirmala Sitharaman  said she is “not sitting back” after the recent spate of measures, and will take more steps if required for NBFCs and other sectors. The minister will be meeting the chiefs of PSBs on Oct 14, and she said will seek details of funding to NBFCs and retail customers.
-Business Line

The RBI’s central board today discussed in detail the regulatory and supervisory architecture of commercial and cooperative banks against the backdrop of Rs 4,500 crore scam at the PMC Bank. The meeting of the central board, held in Chandigarh, came a day after Finance Minister Nirmala Sitharaman announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks.
-Economic Times

The RBI remained net seller of the US dollar after it sold $4.072 billion in August on a net basis in the spot market, RBI data showed. During the reporting month, the RBI had purchased $615 million and sold $4.687 billion in the spot market.
–Moneycontrol.com

The heads of Union Bank of India, Corporation Bank and Andhra Bank addressed the customers and staff members in Bengaluru on Thursday following the Union Finance Ministry’s announcement on August 30 to amalgamate them. A press release by Corporation Bank said here on Friday that the heads of 3 banks informed the gathering about the upcoming amalgamation and the synergies arising out of this process.
-Business Line

Government e-Marketplace (GeM)  today said it has signed a pact with Union Bank of India (UBI) under which the bank will offer several services to it including transfer of funds. The Commerce Ministry launched the procurement portal GeM to increase transparency in public procurement of goods and services, which is estimated at about Rs 8 lakh crore per year.
-Business Line

Allahabad Bank today reduced the MCLR by 5 basis points, with effect from Monday.  The benchmark 1-year MCLR, against which most of the consumer loans are priced, will now stand at 8.35% from the earlier rate of 8.40%.
-Economic Times

Amid the crisis at Punjab &  Maharashtra Cooperative Bank (PMC), HDFC chairman said it is “brutally unfair” we have regular loan waivers and corporate loan write-offs but no financial system to protect the common man’s savings. The scam at PMC Bank has affected thousands of its depositors as their money is stuck with the urban cooperative bank’s after RBI had put a withdrawal limits at Rs 25,000 per accounts last month.
-Economic Times

SBI will start charging processing fees for home loan borrowers, top-up plans, and loans to corporates and builders. This decision comes on the heels of the bank facing a sharp dip in its interest income after the RBI lowered rates.
-Economic Times

The RBI has imposed a monetary penalty of ₹12.88 lakh on Prepaid Payment Instrument (PPI) issuer Balancehero India Private and ₹5 lakh on Toyota Financial Services India. The central bank, in a statement, said in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, it has imposed the monetary penalty on Balancehero India Private Ltd for non-compliance of regulatory guidelines.
-Business Line

Infosys has posted a 1.8% decrease in net profit to Rs 4,037 crore for the second quarter of this fiscal on a year on year basis, while on a sequential basis, it rose 6.2%.
-Business Line

The country’s foreign exchange reserves surged by $4.24 billion to touch a record high of $437.83 billion in the week to October 4, according to the latest data from the RBI. In the previous week, the reserves had surged by massive $5.02 billion to $433.59 billion.
-Economic Times

Industrial growth shrank 1.1% in August, after a gap of 26 months, reinforcing fears of a slowing economy and deteriorating consumer sentiment. Industrial production, as measured by the index of industrial production (IIP) had grown 4.8% August last year. Data released by the statistics office  today showed April-August factory output growth at 2.4% well below 5.3% for the same period in the last fiscal.
-Economic Times

The 51-day old strike at Muthoot Finance ended with the Co management and the Muthoot Banking and Private Finance Employees Association reaching an agreement at a conciliatory meeting here. By the agreement, all employees will get an interim wage revision of Rs 500 a month from October. The increment of employees will be given with retrospective effect from April and the Labour Department will ensure that the annual bonus for 2018-19 will be paid, a release issued by the trade union said.
-Business Line

Reliance Industries chairman Mukesh Ambani topped the Forbes’ India’s 100 Richest People list for the 12th year in a row. He  is followed by  Gautam Adani. The Hinduja brothers, Srichand, Gopichand, Prakash and Ashok, who control the Hinduja Group came on the third spot. Pallonji Mistry followed at number 4. Kotak Mahindra Bank’s Uday Kotak was at the fifth spot, followed by HCL’s Shiv Nadar, who has a net worth of $14.4 billion. Other names in the top 10 included Radhakishan Damani, the Godrej family, Lakshmi Mittal, and Kumar Birla.
-Economic Times

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