Banking Awareness 21st December 2016 | Financial Affairs 21st December 2016

Users must pay for rail services: Jaitley

Finance Minister signals Centre will resist populist measures in coming Budget

Finance Minister Arun Jaitley said rail passengers need to pay for services, outlining a vision for the Indian Railways, two months before he is set to present the Union Budget that will merge the rail budget for the first time in Indian history.

57

Percentage of Indian Railways recovered from the travel cost on passenger tickets.

Legal spat worries shareholders of Indian Hotels Company

Cyrus Mistry’s decision to take legal recourse

• Shareholders of Indian Hotels Company Ltd. (IHCL) expressed concern over former Tata Sons Chairman Cyrus Mistry’s decision to take legal recourse to fight his rivals in the Tata Group.
• Though Mr. Mistry’s resignation from all group companies has allayed concerns about a protracted boardroom tussle, shareholders said a legal battle would have an adverse impact on the group and ultimately erode the value of their shares.

No support for Mistry.

Thirty eight shareholders spoke against on the occasion of Mr. Mistry.

‘Key rural sectors need attention due to demonetisation’

Rural sectors need positive perception on demonetization

Representatives of the banking industry told Finance Minister Arun Jaitley that rural sectors such as vegetable growers, brick kiln labourers, transport industry and plantations need special attention even though there is a perception about a positive impact of demonetization.

Proposals of E-payment in following sectors

• Primary agriculture cooperative societies
• Regional rural banks and co-operative banks.

Micro-lender stocks fall as Maharashtra announces probe

Special investigation team to look into such lenders

Shares of micro-lenders tanked after the BJP-led State government in Maharashtra said it would form a special investigation team to look into whether such lenders had flouted Reserve Bank of India (RBI) norms.

Loan recovery hits low

Almost all transactions in the micro-finance sector are made using cash.

Srinivasan quits United Breweries Holdings board

16 year run comes to an end.

• In a significant development, N. Srinivasan, a doyen among chartered accountants, has quit the board of United Breweries (Holdings) Ltd., controlled by beleaguered businessman Vijay Mallya.
• Mr. Srinivasan, who served on the board for 16 years, cited health reasons for his resignation from the board.

United Breweries ltd

The company markets beer under the Kingfisher brand.

IFC invests in ed-tech company BYJU’s

Plans to make quality education accessible to students

• International Finance Corporation (IFC), the World Bank’s private sector-investment arm, said that it has invested in education technology company BYJU’s.
• It said the partnership would enable BYJU’s to further plans to make quality education accessible to students across the nation as well as in international markets.

Byju Raveendran

Founder and chief executive of BYJU’s.

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