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Current affairs on 18 November 2016

State Bank of India (SBI) write off loans for willful defaulters

The State Bank of India (SBI), has decided to write off loans worth almost 7016 Crore Rupees, owed to it by 63 willful defaulters including Vijay Mallya’s Kingfisher Airlines and considered thoes under Advance Under Collection Account (AUCA).
The move is a part of a cleanup process of the bank’s balance sheets. While the loans of the 63 willful defaulters have been written off completely, 31 have been partially written off and remaining 6 of the bank’s top 100 defaulter’s list have been shown as non-performing assets (NPAs).

Federal Bank opened its first international branch

Federal Bank, India's major commercial bank open its first international branch at the Dubai International Financial Centre.
New international branch was opened after when it received Reserve Bank of India (RBI)'s permission.

Posted on: 16th November 2016 Read complete Article →

First Small Finance Bank Kicks Off with 10 branches

After one of the 10 applicants to be given in-principle approval to set up Small finance bank, Jalandhar-based Capital Small Finance Bank Ltd, India’s first small finance bank, has commenced operations with ten branches.
In the current fiscal, the bank would consolidate in Punjab.
Capital Small Finance Bank has been set up by converting the erstwhile Capital Local Area Bank Ltd.

Posted on: 15th November 2016 Read complete Article →

SBI Net Profit Shrinks 35%

SBI quarterly earnings plunged 35% during July-Sept as provisions for bad loans eroded treasury gains while net profit fell to Rs 2,538 crore in the Sept quarter, from Rs 3,879 crore a year ago.
â€‹Provisioning for bad loans nearly doubled to Rs 7,670 cr as gross bad loans climbed to a record of Rs 1.05 lakh cr.

Posted on: 14th November 2016 Read complete Article →

SBI to Raise Rs 5,000cr in FY17

Country’s largest lender SBI will raise Rs 5,000 crore to fund infrastructure and affordable housing during the fiscal by issuing long-term infra bonds.
The bank was accorded approval from the Executive Committee of its Central Board.
The bonds are to be issued on a private placement basis in tranches.

Posted on: 12th November 2016 Read complete Article →

UCO Bank raise equity shares from LIC

In order to to meet Basel III stringent capital norm, UCO Bank has announced that it would raise Rs.271 crore from Life Insurance Corporation of India in preferential allotment of equal shares at Rs.37.74 apiece.
Uco Bank placing shares with LIC on preferential basis to bring down government stake and raise public holding.

Posted on: 11th November 2016 Read complete Article →

ATMs to Dispense Rs 50 & Rs 100 Notes

After the discontinuation of Rs.500 and Rs1000 from 9th Nov 2016, now all ATMs in the country will dispense banknotes of Rs 50 and Rs 100 denominations.
The RBI claimed that all ATMS and cash-dispensing machines will be re-configured to disburse notes with withdrawal limit of Rs 2000 per day per card and that will be raised to Rs 4000 later.

Direct Tax Collection up 10.6%

Direct tax collections have soared over 10% during the April-October period of 2016-17 of current financial year and that includes corporate and personal income tax.
As much as 3.77 lakh crore rupees was collected in direct taxes during the April-October period of 2016-17.
It is 10.6% higher than collections in the same period a year ago.

Penalty of 200% on deposits of over Rs 10 lakh, unaccounted cash

Govt will monitor all cash deposits of over Rs 10 lakh and 200% penalty will be levied iffunds do not tally with an individual's tax returns.
Govt assured that people depositing Rs 1.5-2 lakh in their accounts would face no harassment

Posted on: 10th November 2016 Read complete Article →

StanChart Launches UPI Solution

Standard Chartered Bank has launched ‘Unified Payments Interface’ (UPI)solution for its corporate and financial institutional, and commercial banking clients.
Therefore now it will enable clients to send and receive money using a Virtual Payment Address without entering additional bank account details and also allows real time ‘push and pull’ of funds.

Posted on: 10th November 2016 Read complete Article →