Finance Minister Arun Jaitley will hold a meeting with the heads of PSBs on Sept 16 to find ways to deal with the situation. Besides, he will also discuss credit growth and bad loan situation, they said, adding that the various recovery measures by banks and the legislative steps taken by the Government to expedite recovery are also part of the agenda.
-The New Indian Express
Calling Urjit Patel a "competent economist", Finance Minister Arun Jaitley expressed hope that as the next RBI Governor he will be able to contain inflation and contribute in country's economic growth.
-Business Standard
A move is afoot to change the ranking of the RBI Governor to the level of principal secretary in the Central Government’s protocol order, after Urjit Patel assumes office. A senior Govt official said the finance ministry had prepared such a plan. The Governor currently has the rank of a Union Minister of State, a position no other regulator holds. Accordingly, the four Deputy Governors, who now hold the rank of secretary, will also slip down the hierarchy by a notch.
-Business Standard
The selection panel to appoint 3 Govt nominees for the monetary policy committee (MPC) held its first meeting recently to consider the candidates, a top Finance Ministry official said today. "The committee had its first meeting recently. Let's see if they can suggest a name before October 4 policy," the official said. Once formed, the 6-member MPC will decide on interest rates based on the inflation target under the monetary policy framework agreement.
-Deccan Chronicle
Canara HSBC Oriental Bank of Commerce Life Insurance has introduced a new unit-linked insurance product Secure Bhavishya to protect and meet an individual’s future financial needs. It will help customers build-up a retirement fund which can be used to provide a steady post retirement income, a company statement said.
-Business Line
Bank of Baroda MD and CEO P S Jayakumar today said the onus of recovery is on the Government and not RBI. He said the Government needs to pay vendors on time for services, ensure the projects perform and improve the legal system by upgrading enforcement processes.
-The Economic Times
Lenders of the Indian financial systems require looser liquidity, more efficiency and pools of profit to resolve NPA issue, said Arundhati Bhattacharya, Chair-Managing Director of SBI.
-Money Control Com
Former CCI head Ashok Chawla will take over as Non-Executive Part-time Chairman of Yes Bank from October as the lender has received approval from the Reserve Bank for this appointment.
-NDTV Profit
SBI chairman Arundhati Bhattacharya said that retail loans is still less than 10% of the country's GDP, which is far lower than other developing countries, hence there is more room to grow.
-Economic Times
RBL Bank's up to 12.13 billion rupees ($182 million) IPO was fully subscribed on the second day of the sale on Monday, stock exchange data showed.
-Reuters
PNB MetLife today announced the launch of its first online ULIP — Mera Wealth Plan — a comprehensive and flexible online plan.
-Business Line
Moody's Investors Service today said continued reforms to enhance business environment and moderate inflation will help India achieve robust growth but cautioned that rising contingent liability risks in the banking sector could affect its credit quality.
-NDTV Profit
The IT services industry is increasingly looking to make performance evaluation more stringent. A recent news report stated that Infosys has sacked 500 employees. The story said that some of these employees could not complete the required 9.15 hours of work every day. In a statement, Infosys said that it has laid off "a few" people on grounds of non-performance and disciplinary issues but denied reports of 500 jobs being cut by the country's second largest software services company.
-Business Standard
Indian shares fell on Monday as state-owned lenders retreated after Urjit Patel was named as the next Central Bank Governor, which was seen as reducing the prospect of rate cuts in the near term and as continuing a push to aggressively clean up bad debt.
-Business Line
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