News in Media - 08-01-2016Fwd R B Kishore
Dear all,
BANKING
SBI to take on private banks in wealth management segment
Established players in the wealth management space such as Citibank, ICICI Bank, Standard Chartered and Kotak Bank are in for some serious competition with State Bank of India, the big daddy of Indian banking, set to venture into this segment.India's largest bank will soon open its first wealth management branch in IT and start-up hub Bengaluru.
http://www.thehindubusinessline.com/todays-paper/sbi-to-take-on-private-banks-in-wealth-management-segment/article8078892.ece
Indian banks are too stressed out
In recent years, the Reserve Bank of India, not without good reason, has combined the statutoryReport on Trend and Progress of Banking in India (T&P) required under Section 32 (2) of the Banking Regulation Act 1949, and the Financial Stability Report (FSR) which has a much wider coverage of the entire Indian financial sector against the backdrop of global developments.The T&P for 2014-15 and the FSR for December 2015 are not reports to be consigned to the archives but benchmark reference documents which should be used as a lexicon by policymakers as also operators.
http://www.thehindubusinessline.com/todays-paper/tp-opinion/indian-banks-are-too-stressed-out/article8078955.ece
Banks told to frame policy for non-fund-based facility
The Reserve Bank of India on Thursday said banks can grant non-fund-based facilities, including Partial Credit Enhancement (PCE), to those customers, who do not avail any fund-based facility from any bank in India, subject to conditions.The central bank said banks should formulate a comprehensive Board-approved loan policy for grant of non-fund-based facility to such borrowers.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/banks-told-to-frame-policy-for-nonfundbased-facility/article8078879.ece
Bandhan Bank mobilises Rs. 5,000-cr deposits till Dec
Kolkata-based Bandhan Bank is making rapid progress in deposit collection and credit operations.The bank, which started operations in August last year,, has already opened 605 branches across 27 states.According to Chandra Shekhar Ghosh, Founder-MD and CEO of Bandhan Bank, deposits grew to nearly Rs. 5,000 crore in a little over four months of its existence.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/bandhan-bank-mobilises-rs-5000cr-deposits-till-dec/article8078881.ece
IFSC banking units can open foreign currency current a/cs
Banking units operating in International Financial Service Centres (IFSCs) can now open foreign currency current accounts of units operating in IFSCs and of non-resident institutional investors to facilitate their investment transactions, according to Reserve Bank of India.Hitherto, the IBUs (IFSC banking units) were not allowed to open any current or savings accounts.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/ifsc-banking-units-can-open-foreign-currency-current-acs/article8078880.ece
ICICI Bank to partner FINO PayTech for payments bank
ICICI Bank will partner FINO PayTech to foray into the payments bank space, a top official said on Thursday."We have tied up with ICICI Bank as a partner bank for our payments bank foray. That discussion is already closed. We are now working to identify the areas where we will work together for building up avenues," Mr. Rishi Gupta, managing director and chief executive officer of FINO PayTech, told The Hindu .
http://www.thehindu.com/todays-paper/tp-business/icici-bank-to-partner-fino-paytech-for-payments-bank/article8079117.ece
TRADE
India Inc asks govt to review of trade pacts, address falling rural demand
A day after meeting Finance Minister Arun Jaitley, India Inc representatives on Thursday urged Commerce and Industry Minister Nirmala Sitharaman to review free trade pacts, and address weakening rural demand and the surge in imports."We had a detailed discussion with industry. We tried to understand the situation on investments, and the industry's mind on what is happening in the Indian economy and what the States and the Centre can do to improve the situation," she told reporters after the two-hour meeting.
http://www.thehindubusinessline.com/todays-paper/tp-news/india-inc-asks-govt-to-review-of-trade-pacts-address-falling-rural-demand/article8078922.ece
INFORMATION TECHNOLOGY
IT firms seek steps to boost domestic manufacturing
Finance Minister Arun Jaitley said on Thursday that electronic systems and IT and Business Process Management sectors are among the 25 key sectors under the Make in India campaign and that the Centre has taken a number of steps to encourage the sector.He said this in his address at the pre-Budget consultations with software and hardware firms in the IT sector.On its part, the IT industry sought relief from double taxation on software products, the option to stagger bonus payments to employees and extension of differential pricing rules that had been imposed on mobile phones to other electronic products as well.
http://www.thehindubusinessline.com/todays-paper/tp-news/it-firms-seek-steps-to-boost-domestic-manufacturing/article8078920.ece
STEEL SECTOR
'Only higher govt spending on infra will help steel sector'
Tata Steel Managing Director TV Narendran on Thursday called for higher government spending on infrastructure. Referring to the safeguard duty as a "temporary" relief, he said the real solution for the steel sector woes lies in demand creation."The safeguard (duty), to me, is a temporary solution to a temporary problem (Chinese dumping). We shouldn't be vulnerable to other country's problems and be the solution to them…I would like the government to accelerate the expenditure on infrastructure," he told media persons here.
http://www.thehindubusinessline.com/todays-paper/tp-news/only-higher-govt-spending-on-infra-will-help-steel-sector/article8078926.ece
GLOBAL MARKETS
Sensex crashes below 25,000 on China rout
The Indian equity market continued its downward spiral for the fourth day in a row on Thursday hit by panic in China and sliding crude oil prices.Trading was again halted in mainland China after the CSI 300 index tumbled more than 7 per cent in early trade. This after The People's Bank of China set the yuan's daily reference rate at its lowest level since April 2011. China had lowered the yuan nearly 5 per cent against the dollar in August, sending tremors through global markets.
http://www.thehindubusinessline.com/todays-paper/sensex-crashes-below-25000-on-china-rout/article8078893.ece
Sensex slumps to 19-month low, ends below 25,000
Indian indices fell for a fourth straight session on Thursday, touching the lowest intraday level since June 2014, as a global sell-off continued unabated amid concerns over an economic slowdown in China and crude trading near 12-year lows.The 30-share benchmark Sensex lost 554.50 points, or 2.18 per cent, to fall below the psychological 25,000 mark. It ended the day at 24,851.83 after hitting a low of 24,825.70 during intra-day trades.
http://www.thehindu.com/todays-paper/tp-business/sensex-slumps-to-19month-low-ends-below-25000/article8079115.ece
COAL
Coal Ministry turns down Reliance Power plea to reconsider lifting mining cap
The Coal Ministry has informed Reliance Power that it cannot consider the company's request to re-consider a Ministry decision to restrict mining from Moher and Moher Amlohri Extn to 16 million tonne per annum.The Ministry stated that since the matter was sub judice, it would not be able to consider Reliance Power's requests.
http://www.thehindubusinessline.com/todays-paper/tp-news/coal-ministry-turns-down-reliance-power-plea-to-reconsider-lifting-mining-cap/article8078915.ece
GST
GST hopes revive as Venkaiah meets Sonia
Six weeks ahead of the budget session of Parliament, the Centre has started efforts to placate the Opposition Congress on the Goods and Services Tax Bill.Renewing dialogues between the Centre and the Opposition, Parliamentary Affairs Minister Venkaiah Naidu met Congress president Sonia Gandhi on Thursday and reiterated the BJP's request for the Congress to cooperate in passing the legislation.
http://www.thehindubusinessline.com/todays-paper/tp-politics/gst-hopes-revive-as-venkaiah-meets-sonia/article8078930.ece
AGRICULTURE
Centre to launch software to connect agri markets
The Centre will soon launch a software solution that helps connect agricultural markets across the country."The new software could break the virtual and connectivity barriers of agricultural markets and will benefit the farmers in getting fair prices," Radha Mohan Singh, Union Minister of Agriculture and Farmers Welfare, said. Addressing a gathering at Mulugu in Medak district after laying foundation stone for Shri Konda Laxman Telangana State Horticulture University, he said Karnataka could bring 50 agricultural markets on one platform.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/centre-to-launch-software-to-connect-agri-markets/article8078864.ece
Telangana apple hits Hyd market
Experimenting in agriculture being his second nature Krishna Reddy of Charlapalli village in Jadcherla mandal of Mahbubnagar district imported the crossbreed sapling of green apple and jujube (popularly known as Regu pandu in Telugu) from Thailand and started cultivation two years back. He did not anticipate that the new variety would become very popular so soon though he named the fruit as Telangana apple.Krishna Reddy, who was vexed with the regular farming, started experimenting with several commercial crops in his 18-acre farm. He visited his relatives in Thailand sometime back and came across a new variety of fruit which was a crossbreed between green apple and jujube there.
http://www.thehansindia.com/posts/index/2016-01-08/Telangana-apple-hits-Hyd-market-198838
Centre's drought relief for TS soon
Within a week, the Central government is going to announce drought relief for Telangana and this would be more than the relief offered by any previous government. Moreover, the Centre would also release Rs 35 crore for the construction of horticultural university in Mulugu.Union Minister for Agriculture lays foundation stone for horticulture university.Centre to release 35 cr for the varsity.Addressing a huge gathering of farmers and students at the foundation laying ceremony of Sri Konda Laxman Telangana State Horticultural University on Thursday, the Union Minister for Agriculture, Radha Mohan Singh, chief guest for the occasion, said NDA was a farmer-friendly government and extensively working towards it betterment.
http://www.thehansindia.com/posts/index/2016-01-08/Centre%C3%A2%C2%80%C2%99s-drought-relief-for-TS-soon-198748
Restore seed sovereignty of ryots
In the wake of loss of self-sufficiency in seeds production by farmers, particularly in the case of cotton, due to proliferation of hybrid varieties, a movement of farmers, civil societies and scientists has begun in both Telugu States.They point out the havoc caused by toxic genes inserted by MNCs into germ plasm of indigenous crop seeds. Alarmed by serious attempts to expand this trend (of transgenics through hybrids) to food crops and oilseed crops, the concerned people came together and improved upon the old cotton varieties.For the last three seasons, desi varieties are said to be yielding nearly as much output as Bt varieties, but with lower costs and no adverse impact on the environment.Whether it is traditional farming or modern agriculture, 'seed' remains the critical input of crop production. India farmers for a long time conserved and improved the seeds and retained the seed sovereignty.In the era of Green Revolution that responsibility was shared by public research institutes in India. However, government policies in the last over two decades made the farmers as well as the scientists of public institutions to lose their rights on seeds; their role was shrunk in other principal inputs of agriculture.
http://www.thehansindia.com/posts/index/2016-01-08/Restore-seed-sovereignty-of-ryots-198818
INFRASTRUCTURE
NHAI cracks down on overloaded vehicles
To check overloaded vehicle movement on highways, the National Highways Authority of India (NHAI) has asked road developers and toll operators to keep vehicles off the roads till the extra load is removed at the cost and risk of the transporters concerned. An official release said the overloaders will now have to pay penal charges ten times the applicable fee at toll plazas, adding that, so far, NHAI toll contractors and developers had not been offloading trucks and were only charging 10 times penalty, citing lack of space at toll plazas and other practical difficulties.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/nhai-cracks-down-on-overloaded-vehicles/article8078935.ece
FDI
Open multi-brand retail, e-commerce, education to more FDI: India Inc.
The government should further ease Foreign Direct Investment (FDI) norms, especially in sectors such as multi-brand retail, education and e-commerce -- where its stance has been ambivalent till now, the country's leading industry associations demanded. They also sought more liberalised norms for the insurance industry.In a pre-Budget meeting with the commerce and industry ministry on Thursday, India Inc. also raised concerns on the "adverse" impact of Free Trade Agreements (FTA) on local manufacturing and demanded support to boost manufacturing, exports and startups. FTAs, they said, have led to import surges as a consequence of lower/nil duties.
http://www.thehindu.com/todays-paper/tp-business/open-multibrand-retail-ecommerce-education-to-more-fdi-india-inc/article8079118.ece
STATE
AP summit: boost likely for infra, energy sectors
The Andhra Pradesh government is set to ink a number of MoUs in the infrastructure and energy sectors at the CII-Partnership Summit to be held at Visakhapatnam.According to the Energy Department, MoUs worth over Rs. 1 lakh crore are expected to be signed in the infrastructure and energy segments, including gas, ports, airports, fibre grid and beach corridor. In the energy sector alone, there could be total investment commitment of Rs.47,460 crore.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/ap-summit-boost-likely-for-infra-energy-sectors/article8078940.ece
Shipping Ministry backs TN plan for fishing harbor
The Shipping Ministry is backing the Tamil Nadu government's efforts to develop a fishing harbour at Mookaiyur in Ramanathapuram district.Usually, the States take up development of minor ports or fishing habours .In the case of Mookaiyur, the Centre is providing support. This is to bring back fishermen who had moved away from here after the cyclone in 1957.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/shipping-ministry-backs-tn-plan-for-fishing-harbour/article8078939.ece
Ministry of Overseas Indian Affairs to merge with MEA
Prime Minister Narendra Modi on Thursday approved the long-awaited merger of the Ministry of Overseas Indian Affairs (MOIA) with the Ministry of External Affairs (MEA).External Affairs Minister Sushma Swaraj in a tweet said that as the Minister for both the ministries, she found "substantial work of MOIA is done through our missions abroad." Therefore, she took the merger proposal to the Prime Minister who accepted it.
http://www.thehindubusinessline.com/todays-paper/tp-news/ministry-of-overseas-indian-affairs-to-merge-with-mea/article8078918.ece
Karnataka earmarks 15,000 acres of land for investors
The Karnataka government has created a land bank of 15,000 acres to be offered at the forthcoming 'Invest Karnataka 2016' meet."Over 15,000 acres of government land has been transferred to KIADB by the revenue department free of cost and this is expected to open a new chapter in the history of industrialisation of Karnataka," K Ratna Prabha, Karnataka Additional Chief Secretary Department of Commerce and Industries, toldBusiness Line .
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/karnataka-earmarks-15000-acres-of-land-for-investors/article8078938.ece
BS-VI norms: Gadkari to meet auto companies' heads on Jan. 14
Union Minister for Road, Transport and Highways, Nitin Gadkari, will meet representatives of automobile companies on January 14 to understand their concerns following the government's move to directly implement the Bharat Stage (BS)-VI emission norms by April 2020 skipping BS-V standards.The automobile sector representatives had voiced their apprehensions over an early deadline to implement clean fuel technology citing financial burden and inability to switch to BS-VI norms due to technical complexities.
http://www.thehindu.com/todays-paper/tp-business/bsvi-norms-gadkari-to-meet-auto-companies-heads-on-jan-14/article8079119.ece
Real estate developers hail changes in building rules
Four associations of real estate developers and builders in Telangana on Thursday jointly welcomed the recent changes made by the State government to building rules and expected them to deliver multiple benefits over time, including a reduction in customer price.Declaring that reforms were need of the hour, leaders of the associations said a majority of issues faced by the realty sector in the State have been addressed. These were much expected as sector was sagging for five years now due to reasons political, regulatory and those associated with bifurcation of erstwhile Andhra Pradesh.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/real-estate-developers-hail-changes-in-building-rules/article8079394.ece
Govt. in a spot over 'Swiss Challenge' mode
The Andhra Pradesh government which has zeroed- in on "Swiss Challenge" mode for selecting a master developer for the capital and other infrastructure projects as well, finds itself in a fix with the Central government's expert committee clearly not favouring it.This is the second road block the government is facing in preferring the mode, that too from a friendly Central government, the first one being from within the bureaucracy.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/govt-in-a-spot-over-swiss-challenge-mode/article8079374.ece
Mahbubnagar to have skill training centre
Mahbubnagar district, which was so far considered to be a district with highest skill gap, will soon have a skill development training centre. An Australian company has come forward to set up a skill development training centre at Kothur. The company will enter into a pact with TS government in a week and the training classes will begin from April. Such training centers will also be opened in all districts in Telangana in the coming days, according to Hanumantha Rao Vamaraju, Executive Director or ASD Education Private Ltd.
http://www.thehansindia.com/posts/index/2016-01-08/Mahbubnagar-to-have-skill-training-centre-198790
This is for your information.
RB Kishore
VP,AIRIEF,
ED(Retd),LIC
Life Member,Probus Club
044-2815 5810 & 098 4034 0591
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