Banking Newsletter -December 07 to December 11, 2015

India Infoline News Service | Mumbai | December 11, 2015 18:16 IST

The Reserve Bank of India has issued guidelines for introduction of cross currency futures and exchange traded cross currency option contracts in the currency pairs of Euro (EUR)-US Dollar (USD), Pound Sterling (GBP)-USD and USD- Japanese Yen (JPY).

Top News

RBI issues guidelines for cross currency futures and exchange traded cross currency option

The Reserve Bank of India has issued guidelines for introduction of cross currency futures and exchange traded cross currency option contracts in the currency pairs of Euro (EUR)-US Dollar (USD), Pound Sterling (GBP)-USD and USD- Japanese Yen (JPY). Further, exchange traded option contracts in the currency pairs of EUR-Indian Rupee (INR), GBP-INR and JPY-INR have also been introduced in addition to the existing USD-INR pair.Read more

Govt to set up Bank Investment Company to enhance banks’ autonomy
Government is very close to taking the first step in its long-term strategy of giving more autonomy to public sector banks. Government has already announced its plan of setting up a holding company for all public sector banks, i.e. Bank Investment Company (BIC).Read more

RBI officials to meet bank chiefs on SDR, 5/25 scheme
Top officials of the Reserve Bank of India (RBI), including governor Raghuram Rajan, will meet bank chiefs on Monday to assess the progress and implementation of stressed-asset management schemes, reports a business daily.Read more

News Infocus

SBI wants NSE to list; Starts process to sell 15% stake

State Bank of India (SBI), which is the largest shareholder in the National Stock Exchange (NSE), wants the exchange to go public, according to a business daily. Read more

Domestic news

Debt is like a dynamite, Rajan warns India Inc
Reserve Bank of India (RBI) Governor Raghuram Rajan on Thursday said warned India Inc against high level of borrowings, equating debt with “dynamite” which can blow up their finances badly if not controlled. “Debt is very much like a dynamite. It is an instrument which is very useful in right places and explosive in others,” Rajan said at the Presidency University in Kolkata. Read more 

Muthoot Finance cautions against fraudulent gold loan companies
Muthoot Finance, the flagship company of India’s leading business conglomerate- The Muthoot Group, has cautioned people against fake Muthoot Finance schemes and advertisements.Read more

SARE Homes ties up with HDFC Bank in Srinagar
SARE Homes - one of India’s premier FDI-funded developers with seven integrated township projects across the country - today announced its strategic tie up with HDFC Bank in Srinagar for easy finance option for its prospective buyers.Read more

Indian banks' credit growth is likely to be moderately higher in FY16: Fitch
Indian banks' credit growth is likely to be moderately higher in financial year 2016 (FY16, to March 2016), but any sharp recovery in credit fundamentals appears unlikely with capital and asset quality-related challenges acting as impediments to growth.Read more

IndusInd Bank opens new branch in Indore
IndusInd Bank has inaugurated a new branch in Indore, the business and trading capital of the state.Read more

Premature to write off debt-for-equity swap tool as a failure: RBI Deputy Governor
Refuting it is way too early to write off the debt-for-equity swap tool as a failure, RBI Deputy Governor S S Mundra unveiled that the central bank is mulling over the provision which it introduced in June, regarding aiding lenders in management of stressed assets.Read more

CBI registers case in Rs. 212-Cr Central Bank of India fraud
The Central Bureau of Investigation (CBI) on Tuesday registered a case against the former DGM of Central Bank of India and three other directors of a private company for an alleged loss of approximately INR 212.30 crore to the bank.Read more

SBI denies committing to Adani's Aussie coal project
State Bank of India (SBI) on Tuesday said that it had not committed to extend any loan to the Australian coal mines project of Adani Group but had only signed a conditional Memorandum of Understanding (MoU).Read more

YES Bank commits to target mobilizing US$ 5 bn for climate action by 2020
YES BANK Limited, India’s fifth largest private sector bank, made a major announcement for mobilizing USD 5 billion towards its commitment to climate finance in India, on the occasion of Conference of Parties (COP) 21 climate summit underway in Paris.Read more

State Bank of India announces measures for Chennai flood victims
In view of the extreme hardships faced by the people in Chennai and few other flood affected districts State Bank of India, as a responsible Corporate citizen has taken immediate measures.Read more

International News

Bank Of England leaves Bank Rate unchanged at 0.5%

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy in order to meet the 2% inflation target and in a way that helps to sustain growth and employment.  At its meeting ending on 9 December 2015, the MPC voted by a majority of 8-1 to maintain Bank Rate at 0.5%.Read more
 

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