Banking Awareness 19th December 2016 | Financial Affairs 19th December 2016

Rs.10,000-crore fund planned for infra finance

$1.5 trillion requires for country’s infrastructure sector

The country’s infrastructure sector, requiring investments of more than $1.5 trillion in the coming ten years, is set to get a boost with a dedicated fund of Rs.10,000 crore to provide credit enhancement for commercially viable projects.

SPV route

The dedicated fund will be in the form of a Special Purpose Vehicle (SPV).

Titan beats demonetisation blues, revives Favre Leuba

Favre Leuba’ Swiss watch brand to India.

Bucking the trend of deferred product introductions in the wake of the withdrawal of high-denomination banknotes, jewellery and watch retailer Titan Company Ltd. has brought the ‘Favre Leuba’ Swiss watch brand to India.

Oldest brand

It is among the world’s oldest watch brands (1737).

Foreign banks in Britain pay fraction of tax rate

Average tax rate of just 6 per cent on the billions of dollars

A Reuters analysis of regulatory filings shows that some of the biggest foreign investment and commercial banks operating in Britain paid an average tax rate of just 6 per cent on the billions of dollars of profits they made in the country last year.

Company and amount of tax paid.

• Morgan paid $160 million in tax on $3.3 billion in UK profits.
• Goldman Sachs paid $256 million tax on $2.8 billion.

Point of Sale terminals: How they work

Banks to install three lakh Point of Sale terminals

The government wants banks to install three lakh Point of Sale terminals in the next three months. Following the withdrawal of high-value currency notes, activity at PoS terminals saw exponential growth, even as the number of new such machines installed has also gone up.

Merchant Discount Rate (MDR)

RBI had asked banks to waive off the MDR till the end of December.

U.S. housing starts tumble from nine-year high

Construction activity declined broadly

U.S. homebuilding fell more than expected in November, tumbling from a nine-year high as construction activity declined broadly, the latest sign of slower economic growth in the fourth quarter.

Housing project

Dropped 18.7% to a seasonally adjusted annual rate of 1.09 million units.

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