🍒 With over 1 million followers on Twitter, RBI creates a world record : In a first among central banks, the Reserve Bank of India (RBI) has become the first monetary authority in the world to have more than 1 million followers on its official Twitter handle. Despite much less monetary firepower, the Reserve Bank of India (RBI) has beaten the world’s most powerful central banks -- the US Federal Reserve and the European Central Bank -- on Twitter by a wide margin, emerging as the most popular central bank on the microblogging site with over 1 million followers. As of Sunday, the RBI handle is followed by as many as 10,00,513 people around the world. The achievement is impressive as the 85-year-old Reserve Bank was also a latecomer to the world of Twitter as it created the account only in January 2012.According to the latest information available on the RBI’s Twitter handle ‘@RBI’, the number of followers has increased from 9.66 lakh on September 27, 2020 to over 10 lakh as of Sunday. “RBI Twitter account reaches 1 million followers today. A new milestone. Congratulations to all my colleagues in RBI,” Governor Shaktikanta Das Tweeted on Sunday. - Business Line
🍒 Only Rs 1,000-1,500 cr of loan book to be restructured: Bank of Maharashtra chief : State-run Bank of Maharashtra is expecting only ₹1,000 to ₹1,500 crore of its total advances to come up for one-time restructuring under the Reserve Bank of India’s scheme before December 31, its managing director and CEO AS Rajeev said. The lender had earlier estimated around ₹3,000-4,000 crore from its moratorium book to come under one-time restructuring. However, over a period of time the moratorium book itself came down drastically from 27 per cent in March to 15-16 per cent (₹14,000-15,000 crore) as of end August, he said. “We had earlier expected that 15-20 per cent of the total moratorium book will go for restructuring. But now we think only ₹1,000-1,500 crore from our total advances will come up for restructuring,” Rajeev told PTI. The bank’s total advances stood at ₹1,03,408 crore as on September 30, 2020. - Business Line
🍒 HDFC Bank restores digital payment services after outage : Private sector lender HDFC Bank on Sunday said its services have been restored after a sudden outage at one of its data centres impacted its digital and mobile banking and ATM and payment services on Saturday evening. “The services impacted following the outage have been restored. While you may face intermittent issues as the system stabilises there is no reason to worry now,” the bank said in a tweet on Sunday. HDFC Bank had earlier attributed the problem to an unexpected outage at one of its data centres. “An unexpected outage at one of our data centres has impacted some of our services. We are working towards the restoration of services…,” the lender had tweeted late on Saturday evening. A large number of customers had complained that they were unable to make payments through HDFC Bank credit cards and UPI, use ATM services, and access their internet and mobile banking services.- Business Line
🍒 IOB expects resolution of NPAs worth Rs 18,000 crore in 2nd half of FY21 : State-owned Indian Overseas Bank (IOB) expects resolution of about Rs 18,000 crore of non-performing assets (NPAs) under the insolvency and bankruptcy process during the second half of the current fiscal, a move that will boost its bottomline. Besides, the Chennai-based bank is hoping to come out of the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) next fiscal. “We are hoping resolution of NPA cases worth about Rs 18,000 crore pending before NCLT (National Company Law Tribunal) in the second half...In the last quarter, resolution of some big account at NCLT will further strengthen the balance sheet,” IOB Managing Director P P Sengupta told PTI. On the back of resolution and pick up in advances, the bank aims to bring down the gross NPAs below 10 per cent mark by March.- Business Line
🍒 Operation of some banks temporarily halted due to power issue at data centre on Saturday : Operation of some banks including HDFC Bank were temporarily impacted on Saturday due to power outage at Dhirubhai Ambani Knowledge CITY (DAKC), in Navi Mumbai which has data centres of several companies. However, power was later restored and banking services were functioning normally, sources said. According to sources, banking operations are now up and running. - Eononomic Times
🍒 Existing players, analysts welcome RBI report on ‘ownership norms’ for private banks : The RBI Internal Working Group’s report on ownership guidelines and corporate structure for private banks could help existing players such as IndusInd Bank, and analysts said it would also encourage others to work towards acquiring a banking licence. “The report rightfully puts a greater onus on the promoter-shareholders to exercise oversight through a higher shareholding limit of 26 per cent, with commensurate voting rights. It helps strengthen the institutional framework by ensuring promoter responsibility with more skin in the game, a supervisory stance for large conglomerates, including consolidated supervision will ensure the necessary checks and balances in the system,” Ashok Hinduja, Chairman of the Hinduja Group of Companies (India) said in a statement on Sunday.- Business Line
🍒 Small towns account for 16% of MF asset base; Maharashtra biggest contributor among states : The contribution of small towns or B30 cities to mutual fund industry's average assets under management of over Rs 28 lakh crore stood at 16 per cent as of October-end, while state-wise Maharashtra remained the biggest contributor to the assets base, industry body Amfi said. Since last few years, markets regulator Sebi has been pushing asset management companies to reach out to small towns for increasing their assets base. B30 (beyond top 30 cities) accounted for 16 per cent of the total industry Average Assets Under Management (AAUM) in October this year, and the balance was contributed by T30 cities, or the top 30 locations in India, the Association of Mutual Fund Industry (Amfi) said.- Eononomic Times
🍒 RBI panel's suggestion 'rightfully' puts greater onus on promoters: Hinduja : Applauding the recommendation of the Reserve Bank of India (RBI) to increase the shareholding of bank's promoters in the bank, Ashok Hinduja, Chairman of the Hinduja Group of Companies (India), said that the report rightfully puts a greater onus on the promoter-shareholders to exercise oversight through a higher shareholding limit. In its report released on Friday, the report by the RBI committee said that suggested that while the initial five-year lock-in period for promoter shareholding in banks with a minimum holding of 40 per cent per cent of the paid-up voting equity share capital may continue, the cap on promoters' stake in long run of 15 years may be raised from the current levels of 15 per cent to 26 per cent. "The report rightfully puts a greater onus on the promoter-shareholders to exercise oversight through a higher shareholding limit of 26 per cent with commensurate voting rights," Hinduja said in a statement on Sunday. "It helps strengthen the institutional framework by ensuring the promoter responsibility with more skin in the game, supervisory stance for large conglomerates, including consolidated supervision will ensure the necessary check and balance in the system." - Business Standard
🍒 Indiabulls Housing Finance appoints ex-BoI CEO as independent director : The board of Indiabulls Housing Finance has approved the appointment of Dinabandhu Mohapatra as an Independent Director (Additional Director), on the Board of Directors of the Company. The appointment has been made pursuant to the applicable provisions of the SEBI regulations by the board on the recommendation of the Nomination and Remuneration Committee of Directors.Mohapatra has been appointed for a period of three years, with effect from November 23, 2020. The appointment is subject to the approval of the members of the company. Mohapatra is former MD & CEO, Bank of India and is a seasoned banker, with a career spanning over three decades, during which he held various high level positions, including Executive Director of Canara Bank and Chief Executive Officer of Hong Kong and Singapore Centres of Bank of India.- Business Standard
🍒 Forex reserves increase by over $100 billion since March lockdown; hit lifetime high at $572 billion : Amid a severe hit to the Indian economy by the Covid pandemic in the past eight months, the country’s foreign exchange reserves increased by more than $100 billion since the Covid-induced lockdown was enforced in March-end. From $469.9 billion in the week ended March 20, 2020, the forex reserves jumped by $102.8 billion to a lifetime high of $572.7 billion in the week ended November 13, 2020, according to the data released by the Reserve Bank of India. Importantly, the reserves grew by $4.277 billion from the week ended November 6, 2020. The jump was on account of Foreign Currency Assets (FCA), a major component of the country’s reserves, that increased by $5.526 billion to $530.2 billion from $524.7 billion in the preceding week. However, the gold reserves reduced by $1.233 billion from $37.587 billion to $36.354 billion in the week. On the other hand, the special drawing rights with the International Monetary Fund (IMF) were unchanged from the preceding week at $1.488 billion, the data showed. - financial express
🍒 Five of top-10 cos lose Rs 1,07,160 crore in m-cap : Five of the 10 most valued domestic firms suffered a combined loss of Rs 1,07,160 crore in market valuation last week, with Reliance Industries Ltd (RIL) emerging as the biggest loser. Tata Consultancy Services Ltd (TCS), HUL, Infosys Ltd and ICICI Bank Ltd were the other bluechip firms that witnessed a drop in their market capitalisation (m-cap) last week. However, HDFC Bank, HDFC Ltd, Bajaj Finance Ltd and Bharti Airtel finished with gains.RIL's valuation tumbled Rs 69,378.51 crore to Rs 12,84,246.18 crore. The m-cap of TCS plummeted Rs 4,165.14 crore to Rs 9,97,984.24 crore and that of Hindustan Unilever Ltd (HUL) dropped by Rs 16,211.94 crore to Rs 4,98,011.94 crore. - Moneycontrol.com
🍒 Gold, silver prices in India drop for second week in a row : Gold prices in India fell for the second week in a row as optimism about covid vaccine and uncertainty over US stimulus package dented global rates. On Friday, gold futures on MCX ended 0.5% higher to ₹50,260 per 10 gram while silver settled 1.2% higher at ₹62,260 per kg. However, for the week, gold prices ended about ₹700 per 10 gram lower in Indian markets while silver fell ₹1,500 per kg. The price correction helped boost buying in India's retail gold market this week, Reuters reported, though premiums eased slightly from a week ago. Dealers charged premiums of about $2 an ounce over official domestic prices, down from $4 last week. Gold prices in India include 12.5% import and 3% GST. - Live Mint.
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