Banking Affairs 26 & 27th February 2017 | Financial Affairs 26 & 27th February 2017

1. India, ADB ink $375 mn loan pact for industrial corridor

 

• India and ADB have signed USD 375 million pact for loans and grants to develop 800 km Visakhapatnam—Chennai Industrial Corridor, which is the first phase of a planned 2,500-km East Coast Economic Corridor.
• ADB had approved USD 631 million in loans and grants for the industrial corridor, last September 2016. It approved loans comprising a USD 500 million multi-tranche facility to build key infrastructure in the four main centres along the corridor — Visakhapatnam, Kakinada, Amaravati, and Yerpedu—Srikalahasti in Andhra Pradesh.

2. Dena Bank rolls out RFID-enabled cards

• Dena Bank has introduced RFID-enabled banking cards whereby a branch/relationship manager can identify a valued client entering a branch with the card.
• Once the client enters the branch, complete information about him/her will pop up on the manager’s desktop.
• This will help the branch staff to take care of the customer’s needs and offer services quickly without any delay, the bank said.

3. India fastest growing economy in G-20

• India will be the fastest-growing economy among G-20 countries clocking a 7.1% growth in 2017, Moody’s Investors Service said.
• The Indian economy had slowed in the fourth quarter of 2016 due to the withdrawal of 86%.
• Regarding Asia, Moody’s said China’s economy stabilised around the official growth target of 6.7% in 2016, but will likely continue to decelerate to 6.3% & 6% in 2017 & 2018.

4. HSBC faces tax fraud probe in India, other countries

• British bank HSBC said that it was being investigated by tax and law enforcement agencies around the world, including India, the US, France and Belgium, for alleged tax evasion, money laundering and unlawful cross-border banking solicitation.
• The bank has set aside $773 million to deal with the financial impact of these investigations.

5. Railways mulls new performance index

• The Indian Railways is mulling a new metric to measure its performance. This comes at a time when it is staring at a five-year high for the operating ratio by the end of this fiscal year.
• The Railways formed a committee of executive directors from its budget, finance efficiency and research departments last week to look at some of the best corporate practices and suggest a new financial ratio.

6. India, Germany ratify social security agreement

• India and Germany have ratified the Social Security Agreement (SSA), which will come into force from 1 May 17  this year, to help promote more investment flows between the two countries.
• The SSA will also integrate the provisions of the 2008 social insurance pact that exempts detached workers of the two countries from making social security contributions in either country so long as they were making such contributions in their respective countries, the External Affairs Ministry said, adding the 2008 pack will then cease to be in force.

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