Banking Awareness & Financial Affairs – 5th April, 2017

1IOB cuts base rate by 20 bps

Base Rate –

Minimum rate at which banks should lend

Indian Overseas Bank has cut its base rate by 20 bps effective April 1. The new base rate is 9.50 per cent. The existing loans linked to the base rate will be revised with effect from April 1, the bank said.

Banking

 

2Govt to rank non-integrated secondary steel producers

50 secondary steel producers will be awarded

The Ministry of Steel is going to rank non-integrated secondary steel producers.

The Union Minister for Steel, Chaudhary Birender Singh, said, “The government is going to identify and award the top 50 secondary steel producers of the country for their contribution to nation building.”

Business

 

3Capital-raising a success: SIB

Rs. 630.99 crores to be raised

The recent capital-raising initiative by South Indian Bank to support business growth has received an overwhelming response from customers. The rights issue of shares for a total amount of ₹630.99 crore was subscribed 1.84 times.

Banking

 

4Kharat is new Indian Bank chief

He has served IDBI Bank previously

Kishor Kharat has assumed charge as the Managing Director and CEO of Indian Bank from Tuesday. Prior to this, he was MD and CEO of IDBI Bank.

Banking

 

5Centre’s tax collections rise 18 per cent in FY 17

Rs. 17.10 lakh crore collected

Direct tax collections in fiscal 2016-17 stood at Rs. 8.47 lakh crore, 14.2 per cent more than the net collections last year.

Indirect tax collections (Central Excise, service tax and Customs) in FY17 came in at Rs. 8.63 lakh crore, 22 per cent more than the actual revenue receipts in 2015-16.                                                                                                                          Tax income to the government stood at Rs. 17.10 lakh crore, beating the revised target of last year by 18 per cent.

Finance

 

6We must now deliver on our promises: SBI chief

Arundhati Bhattacharya

Chief of SBI

A transition management office and 64 dry runs in IT helped State Bank of India (SBI) to seamlessly acquire its five associate banks and the Bharatiya Mahila Bank.                                                                                                                                       Arundhati Bhattacharya, said that who wants her bank to break into the league of top 30 global banks in the next few years, gave a lowdown on the preparations in the run-up to the merger.

Banking

 

7Yogi waives farm loans up to Rs. 1 lakh

Farm loans worth Rs. 30, 729 crore.

Uttar Pradesh CM Yogi Adityanath on 4th Apr announced the waiver of farm loans worth Rs. 30, 729 crore. Loans up to Rs. 1 lakh will be waived.

The government will also write off loans of around Rs. 6,000 crore given to seven lakh small and marginalised farmers which have turned into non-performing assets. State who took loans until March 31, 2016. The total cost to the State exchequer would amount to Rs. 36,000 crore.

Finance

 

8Two new Circles proposed in SBI structural shake-up

with this SBI will have 16 circles now.

SBI has decided to carve out a new Circle (Jaipur) from the existing Delhi and bifurcate the Hyderabad Circle into Andhra Pradesh (new) and Telangana Circles.

As a result of this, the No of Circles under the National Banking Group would increase to 16 from 14 .

Banking

 

9Economic emergency in Mocoa

After Mudslides left more than 270 people dead, including 43 children

Colombian government on 3rd March declared a state economic emergency in the town of Mocoa in southern Colombia, after mudslides left more than 270 people dead, including 43 children.

Juan Manuel Santos President  said that  “We have the toll of the people who have unfortunately died,”

International

 

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