As was widely expected, the outgoing RBI Governor Raghuram Rajan maintained status quo on the policy rate in his last policy review. The repo rate was left unchanged at 6.50 per cent. Rajan's 3-year term at the helm of RBI comes to an end on Sept 4.
-Business Line
PM Narendra Modi today said the Government and the RBI have agreed to maintain an inflation target of 4 per cent. He said the target has been set by a legislation and it would be incumbent on the RBI as well as the officials to see that inflation remains at 4 per cent with a margin of plus or minus 2 per cent.
-Deccan Chronicle
Government today said the top 100 borrowers of PSBs owe nearly Rs 14 lakh crore to them. "The amount outstanding for top 100 borrowers of public sector banks as on March 31, 2016 was Rs 13,71,885 crore," Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha. The gross non-performing assets (GNPAs) of the PSBs increased Rs 2.16 lakh crore in 2013-14 to Rs 4.76 lakh crore in 2015-16, he said.
-Economic Times
The RBI retained growth projection for the current fiscal at 7.6 per cent but cautioned that sluggishness in global economy may neutralise India's momentum which has been built up by good monsoon and uptick in rural demand.
-Deccan Chronicle
The RBI will soon tweak a lending rate mechanism that commercial lenders began using last April, Governor Raghuram Rajan said on Tuesday, adding that he took a dim view of banks' failure to lower lending rates by more after past reductions in the central bank's policy rates.
-Reuters
RBI lauded the banks in the way they have cleaned up their balance sheets. "Broadly speaking, we are comfortable with the recognition process as banks have certainty taken a lot of steps. Some banks have taken more steps than we require them to take, and so the culture of cleaning up seems well-embedded as well as a culture of recovery on the loans," said Raghuram Rajan, Governor, RBI.
-Business Standard
Indian Overseas Bank, which has the highest bad loan ratio among the nation's lenders, reported on Tuesday a first-quarter net loss of Rs 1,451 crore ($217 million) with a further rise in its sour assets. Bad loans as a percentage of total loans rose to 20.48% as of end-June from 17.4% three months earlier, the bank said in a filing.
-Business Standard
United Bank of India has a new Managing Director and CEO in Pawan Kumar Bajaj. Bajaj, who is currently ED at Indian Overseas Bank, has been appointed to the post up to September 20, 2018, the date of his attaining the age of superannuation, an order issued by department of personnel and training said. The Centre has appointed Ravindra Prabhakar Marathe as MD and CEO of Bank of Maharashtra. Marathe, who is currently ED at Bank of India, will assume charge on or after October 1, 2016 and remain in the post till November 30, 2019, the date of his retirement. These two appointments had the nod of the Appointments Committee of Cabinet.
-Business Line
UCO Bank today posted a net loss of Rs 440.56 crore for the first quarter of the present financial year, against a net profit of Rs 256.70 crore in the same quarter last year. However, on a sequential basis, net loss came down, as in the quarter ended 31 March 2016, the bank had posted a net loss of around Rs 1,777. 22 crore.
-Business Standard
Warning public of fraudulent prize winning e-mails in the name of RBI, Governor Raghuram Rajan said the central bank does not give money to citizens directly even though it prints currency notes.
-Business Standard
Raghuram Rajan in the monetary policy statement on Tueday said that RBI will continue with domestic liquidity operations and foreign exchange interventions to ensure smooth repayments, allaying fears of market disruption in view of $20 billion worth of redemptions in foreign deposit accounts in the coming months. "The RBI will continue with both domestic liquidity operations and foreign exchange interventions that should also enable management of the FCNR(B) redemptions without market disruptions," he said.
-The Financial Express
Kerala police has issued directives to customers of SBI, Federal bank and of other banks who had withdrawn money from five ATMs in Thiruvananthapuram where the robbers used skimmers and cameras to get the password of customers who had used the ATMs on June 30, July 3 and 4. According to ADGP Sandya, the investigation team has identified three foreign nationals who had withdrawn money. A police official said, that the syndicate installed a chip to read the ATM numbers and a camera that discloses the pin number.
-India Today
Passage of the Bill to fast track debt recovery, together with the bankruptcy law passed earlier, will lead to structural improvements and is credit positive for Indian banks, Moody's Investors Service said.
-NDTV profit
The Union Cabinet will take a decision on the suggestions of a special committee which has been set up to look into the provision of allowances under the 7th Central Pay Comission recommendations, Finance Minister Arun Jaitley said today.
-Economic Times
All pre-2016 retirees will get the benefits of 7th Central Pay Comission recommendations like hike in pension and arrears by this month end, the Government has said.
-NDTV Profit
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