Tuesday, March 22, 2016

BANKING NEWS-22.03.2016

State-run Canara Bank said it would raise Rs 3,000 crore on a private placement basis by issuing Basel-III compliant tier-II bonds. The decision was taken at the bank's Board meeting held on Monday. "The Board of Directors of the company permitted the bank to raise capital of Rs 3,000 crore through issue of Basel-III compliant tier-II bonds by way of private placement", it said in a BSE filing. The coupon rate on the bonds will be decided by the Bond Committee of the bank to support the asset growth and maintain comfortable level of CRAR, it added. 
-Business Today
Public sector Andhra Bank on Monday said it would issue over 2.88 crore shares to LIC to raise over Rs 136.47 crore. The bank is "raising of capital by way of creating, offering, issuing and allotting 2,88,53,210 equity shares for cash at Rs 47.30 per share on preferential basis to  LIC"
-The Hansindia
SBI, on Tuesday said it has raised Rs. 500 crore from issue of bonds on a private placement basis. "The bank on March 21, 2016 issued 5,000 Basel III compliant, tier-ll bonds in the nature of debentures of face value of Rs. 10,00,000 each at par with 10-year tenure, bearing 8.45 per cent per annum coupon payable annually and with a call option after 5 years aggregating Rs 500 crore on a private placement basis," State Bank of India said in a BSE filing. 
-The Statesman
IDBI Bank's board of directors has approved in-principle rupee bond issuance limit of Rs. 20,000 crore to be borrowed in one or more tranches during FY 2016-17 or during one year from the date of passing of the special resolution by shareholders at the ensuing AGM of the Bank, whichever is later.In a notice to BSE, the bank said the issuance will comprise Senior/Infrastructure Bonds, Basel III compliant Tier II / Additional Tier I Bonds by way of private placement/public issue.
-Business Line
Prime Minister has instructed officials to  monitor loans extended to rural self-help groups (SHGs) through the Aadhaar scheme. Three crore households have so far been linked to SHGs under the Deendayal Antyodaya Yojana that targets poverty alleviation through sustainable livelihood, NITI (National Institution for Transforming India) Aayog officials told the prime minister.
-B K Online
Finance Minister Arun Jaitley denied any rift with the Reserve Bank today and attributed the reports about his officials not being on the same page with their Mint Road counterparts as a result of "our national love for conspiracy theories". Stating that he has "a good professional relation" with Reserve Bank Governor Raghuram Rajan.
-The Hansindia
The Enforcement Directorate (ED) has questioned IDBI bank officials, including its former CMD, in connection with its money laundering probe in the over Rs 900 crore alleged loan fraud involving the bank and Kingfisher Airlines. 
-The New Indian Express
As many as 9.39 crore Jan Dhan accounts have been seeded with Aadhaar, Minister of State for Finance Jayant Sinha said today. 
-The Financial Express
The government is expected to propose 100% FDI in 25 more segments of NBFCs including commodity broking and infrastructure debt fund with a view to attract more foreign inflows. The proposal, according to sources, is based on the announcement for allowing FDI in more categories of Non-Banking Financial Company (NBFCs) activities, made by Finance Minister Arun Jaitley in his Budget speech. 
-Free Press
The government is looking at imposing penalties for delaying farmers' settlement claims under the new crop insurance plan, Financial Services Secretary Anjuly Chib Duggal said on Tuesday. 
-Asian Age
RBI Governor Raghuram Rajan said that the world needs a new international agreement on the lines of Bretton Woods that created the current multilateral financial system, to prevent central banks from adopting policies that could hurt other economies. 
-B K Online
Indian banks' asset quality and capitalisation are likely to remain under pressure in the next 12 months mainly because of tepid industrial activity and high leverage by some corporates, Standard & Poor's said today.
-Profit NDTV
Union Finance Minister Arun Jaitley   said the behaviour of Vijay Mallya who has defaulted on Rs 9,000 crore repayment to 17 banks, has brought the private sector entrepreneurs in India a "terrible name." "He has not only brought himself a bad name, he has also brought a terrible name to private sector entrepreneurs in the country," 
-India TV News
India will get USD 421 million from an American financial institution for its solar and broadband projects to enable it to become a low carbon economy and expand the internet infrastructure. US Government's development finance institution, Overseas Private Investment Corporation (OPIC), approved USD 250 million last week 
-The Statesman
Total investments in electronics manufacturing sector in India, one of the world's largest consumer electronics market, has crossed Rs 1.28 lakh crore, Communications and IT Minister Ravi Shankar Prasad said on Tuesday.
-Profit NDTV
Local manufacturers of Holi colours and sprinklers are facing huge losses ahead of the festival as Chinese-made alternatives are selling like hot cakes, an Assocham survey has revealed.
The survey said Chinese products were more "innovative" and were cheaper by up to 55 per cent, due to which they were outselling the ones manufactured locally in states like Uttar Pradesh, Rajasthan, Madhya Pradesh and Gujarat.
-Profit NDTV
RBI likely sold dollars through state-owned banks in a bid to prevent sharper falls in the rupee after reports of explosions at the Brussels airport hit global markets, three currency traders said on Tuesday. The traders added the intervention started when the rupee fell to around 66.83 per dollar levels, down from its 66.5250-66.5350 close on Monday.
-Deccan Chronicle

US Dollar/INR  66.72
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