Volume XXXI Number 5 November 2, 2015

Weeklies

BI – Business India

BusW – Business World

BusT – Business Today

CMar – Capital Market

EPW – Economic and Political Weekly

SE – Southern Economist

Eco – Economist

For(Asia) – Fortune AsiaCI – Corporate India

Newspapers

BS – Business Standard

ET – Economic Times

FE – Financial Express

FT – Financial Times

H – Hindu

HBL – Hindu Business Line

HT – Hindustan Times

IE – Indian Express

TI – Times of India

Mint – Mint

Classifications

Economy Banking Agriculture & Rural Development Industry Small Scale Industry

International Economics Labour & Personnel Management Management Miscellaneous Books

CONTENTS

A. ECONOMY 1

B. BANKING 3

C. AGRICULTURE & RURAL DEVELOPMENT 16

D. INDUSTRY 17

E. SMALL SCALE INDUSTRY 20

F. INTERNATIONAL ECONOMICS 20

G. LABOUR & PERSONNEL MANAGEMENT 21

H. MANAGEMENT 21

I. MISCELLANEOUS 22

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BANKERS' BRIEF Vol. XXXI No. 5November 2, 2015

ECONOMY"India can be in top 100, says Kaushik Basu" – It is not impossible for India to be among the top 100

countries in ease of doing business by next year if it continues with its planned economic reforms, includingGST and cutting down of bureaucratic costs, according to a World Bank economist. If the changes that wesaw thus far can be kept up and strengthened a little, it is not impossible for India to be in the top 100 (rankingin the ease of doing business) by next year, according to Kaushik Basu, Chief Economist and Senior Vice-President, World Bank. – (HBL Oct 29, 2015 p 4)

Barua, Abheek and Ganguly, Bidisha – "The easy money debate resurfaces" – Critics of quantitativeeasing say it has inflated asset prices without stimulating any real economic growth. Those who back it say apremature withdrawal has led to discouraging data over the last few months. An article. – (BS Oct 26, 2015 p 8)

Bhattacharya, Arindam – "Making Make-in-India happen: In some investment-intensive sectors,India must offer a package of incentives to attract global players" – India has her third chance atdeveloping a positive sentiment with global investors after ten full years. It is an unprecedented opportunitygiven that India is the one bright spot among all developing countries (keeping aside China). An article.– (FE Oct 26, 2015 p 6)

Kant, Krishna – "Global speed bumps on India's growth highway: Poor global demand might make ittough for India to crank its growth engine" – Economists say the global supply-demand mismatch willtake at least two years more to clear. An article. – (BS Oct 23, 2015 p 14)

DEFLATION"Deflation can be a concern even if it is not in final goods: Onion price rise is due to seasonality;

pulses pose a long-term challenge: Anant" – Excerpts from an interview with TCA Anant, ChiefStatistician. He said the deflation in wholesale price index (WPI) is a matter of concern because there are asignificant number of manufactured and primary products whose prices are declining. – (HBL Oct 24, 2015 p 4)

ECONOMIC REFORMS"India less exposed to external risks: Moody's" – Forecasting that India will clock the highest growth rate

of 7-7.5 per cent among G20 economies in 2015 and 2016, Moody's Investors Service today said the countryis less exposed to external shocks, and the positive rating outlook reflects resilient growth and reformsmomentum. – (FE Oct 23, 2015 p 2)

EMPLOYMENT"Govt to come out with quarterly, annual employment surveys: Will help policymakers, analysts

calculate impact of decisions on real-time job market" – The Ministry of Statistics and ProgrammeImplementation is set to launch quarterly and annual surveys on employment. We are in the process ofgetting administrative clearances. The methodology has already been finalised and the surveys should belaunched soon, according to TCA Anant, the country's Chief Statistician. Once this is done, it is expected tobridge a major deficit in the country's macro-economic data. The lack of frequent and regular estimates onemployment and unemployment in the country is considered a major handicap by policymakers and privatesector analysts, who find it difficult to calculate the impact of policies on the real-time job market. Accordingto the plan, the Ministry will conduct quarterly surveys in urban areas and annual surveys across the countryto assess the employment and unemployment situation. – (HBL Oct 24, 2015 p 1)

FOREIGN INVESTMENT"Foreign investments in India should be 100 times more" – Doing business in India is like doing business

across 29 countries. Each State has its own rules. If that changes, there be an incredible impact, according toMark Mobius. – (HBL Oct 26, 2015 p 2)

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GST

– BANKRUPTCY CODE BILL

"Top priority for GST, bankruptcy Bills: Sinha" – The Modi Government would give top priority to passingthe Goods and Services Tax (GST) and Bankruptcy Code Bills in the forthcoming session of Parliament,according to Minister of State for Finance, Jayant Sinha. He was addressing the media on the sidelines of aconference on capital markets organised by FICCI. – (HBL Oct 28, 2015 p 10)

INFLATION"Price comfort: Low inflation is high on benefits" – Low inflation is finally becoming a reality in India and

over the next few years this should be a positive for the economy. Leveraged companies will benefit fromlower interest payments. Besides, the government's interest burden will also ease, implying a positive impacton the fiscal deficit. A graphical report. – (ET Oct 28, 2015 p 20)

"Rural inflation running higher than urban: HSBC" – Notwithstanding the fact that overall inflation hasfallen strikingly in the past few months, its benefits have not been distributed with price rise running higher inrural areas because of structural bottlenecks, says a report. According to global financial services firmHSBC, rural inflation has not fallen as much as urban inflation and the 'excess inflation' that rural India isfacing is apparent across major sub-categories like fuel, core and food. – (BS Oct 23, 2015 p 4)

REMITTANCES"Remittances to grow 2.5%: World Bank" – Even as developing countries as a whole will witness a

slowing of remittances in 2015, India, the world's largest recipient of such inflows, would somewhat weatherthe trend, according to the World Bank. On the back of the recovery of the US economy and the 'fiscallysupported economic resilience' in the Gulf countries, remittances to India will grow 2.5% this year comparedwith a 2% increase in such flows to all developing countries, according to the World Bank's latest Migrationand Development Brief released on October 23, 2015. A graphical report. – (FE Oct 24, 2015 pp 1, 2)

TAX RETURNS

– CREDIT CARDS

"Why are high-value credit card purchases part of tax returns?" – Finance Minister Arun Jaitley questionedincome tax officials on why high-value credit card transactions are part of the Annual Information Return(AIR). If more and more people are going to be using mobile wallets, online payments and debit and creditcards, do we need to use such transactions for AIR reporting (that is used to select cases for scrutiny).Under current guidelines, credit card issuers are mandated to report all credit card transactions of over Rs.2lakh per year by a person to the income tax authorities. – (HBL Oct 28, 2015 p 4)

TAXATION"Centre sets up new panel to simplify I-T Act: Move to address tax issues raised by foreign investors"

– The government has set up a new committee to simplify the provisions of the Income Tax Act, 1961 in itsbid to project India as an attractive business destination for foreign investors, who have time and again raisedconcerns over the country's taxation policies. We have been trying to make the I-T Act simpler. We have alsobeen trying to resolve some of the issues in the last few months. So we have constituted a committee tosimplify the provisions of the I-T Act, according to Arun Jaitley, Finance Minister. – (HBL Oct 28, 2015 p 4)

Singh, Hardayal – "Cut in tax rates. Any takers?: India is one of the few countries where the Lafferprinciple has proved to have worked in modern times" – Further cuts in marginal tax rates along withrationalisation of tax slabs by the government may thus provide a more powerful impetus to the economythan even the interest rate cut recently effected by RBI. An article. – (FE Oct 24, 2015 p 6)

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TRANSFER PRICING

– TAXATION

"Transfer pricing: Aligning Indian taxation with global standards" – The govt is slowly aligning transferpricing legislation with global best practices and standards. The move is aimed at lowering tax disputes andmaking it easier for companies to do business in India. Transfer pricing deals with fixing the price of goods orservices transferred between two related entities, either cross-border or domestic, for determining profit andlevying of taxes. It is among the top causes of tax-related disputes in India. – (BS Oct 26, 2015 Pt.II p 3)

BANKING

GENERAL"Banking sector will see stiff competition" – Edited excerpts from panel discussion with Sharad Sharma,

MD, State Bank of Mysore and Shyam Srinivasan, MD & CEO, Federal Bank Ltd. and A K Purwar, aformer chairman of State Bank of India. – (Mint Oct 26, 2015 p 28)

"Credit growth stays subdued at 9.79% despite festive spirit" – Indian banks' non-food credit growthremained below 10% mark even as the so-called busy festival season has set in from October. Data from theReserve Bank of India showed that outstanding non-food credit stood at Rs.66.88 lakh crore as of October16, a growth of 9.79% from a year ago. However, the growth rate has picked up from 9.45% seen in theprevious fortnight. With bank loan growth remaining flat in April-September, most banks are betting on arobust growth during October-March period in order to meet their annual targets. Deposit growth also remainedsluggish at 11.18% and outstanding deposits were Rs.90.73 lakh crore as of October 16. Banks have beencutting deposit rates since October last year with most lenders paying close to 7.50% for one-year termdeposits. A report. – (FE Oct 29, 2015 p 10)

"Need to check flaws in banking system: Rajan" – Reserve Bank Governor Raghuram Rajan said there isa need to check flaws in the banking system to ensure that defaulters are not let off scot-free. We have tocheck the flaws in banking system where a defaulter cannot escape with impunity. The banking sector iscurrently struggling with high non-performing assets (NPAs). Delivering the annual Sardar VallabhbhaiMemorial Lecture at The Sardar Vallabhbhai Patel National Police Academy in Hyderabad, Dr Rajan alsocalled for 'focus' in implementation of economic reforms and improving capacity at every level of economyand village and national infrastructure to maintain growth and check inflation. – (BS Oct 24, 2015 p 4)

Venkatesh, Latha – "Banks set to turn less profitable; some need to die" – An article. – (Mint Oct 26,2015 p 28)

AXIS BANK"Axis Bank gets nod to hike stake in Max Life Insurance" – Axis Bank will increase its stake in Max

Life Insurance Company (MLIC), a joint venture life insurance firm in which it holds a 2 per cent stake. Theboard of directors of Max India gave its approval for Axis Bank to increase its stake in MLIC. Besides AxisBank, the other stakeholders in the joint venture are Max India (72 per cent) and Mitsui Sumitomo InsuranceCompany (26 per cent). Indications are that there would only be a minor increase in stake and the post-transaction holding for the bank would still be lower than 5 per cent. This is being done to strengthen MaxIndia's partnership with Axis Bank. – (HBL Oct 24, 2015 p 12)

"Axis Bank profit jumps 19% in second quarter: Higher net interest income, reduction in provisionsboost growth" – Net profit of Axis Bank rose 19 per cent to Rs.1,916 crore during the July-Septemberquarter on the back of higher net interest income and reduction in provisions. The bank posted Rs.1,610-crore profit in the same quarter of the previous financial year. Net interest income, the difference betweeninterest earned and expended, increased 15 per cent to Rs.4,062 crore in the quarter. Other income, includingincome from fee, trading profit, etc., increased 5 per cent to Rs.2,041 crore. A report. – (HBL Oct 28, 2015p 10)

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"Expect investment demand to improve by end of fiscal" – Excerpts from an interview with V Srinivasan,Deputy Managing Director, Axis Bank and Sanjeev K Gupta, ED (Corporate Centre), Axis Bank. – (FE Oct28, 2015 p 12)

Krishnan, Ravi – "Axis Bank: Asset quality improves, but sales to ARCs high" – An article.– (Mint Oct 28, 2015 p 18)

BANK OF BARODA"BoB launches 'Chillr Mobile App'" – Bank of Baroda launched Chillr Mobile app and became the first

public sector bank to partner with Chillr. The product, a first-of-its kind application, is directly linked to thecustomer's bank account. The customer can send/ receive money to/ from any person in India, once he/shedown loads the app and registers. – (ET Oct 26, 2015 p 6)

– FOREX SCAM

"BoB case: court sends 4 accused to two-week judicial custody" – Four persons, including an HDFCBank employee, arrested on alleged money laundering charges in the Rs.6,000-crore remittances case of aBank of Baroda (BoB) branch here, were remanded to two weeks judicial custody by a Delhi court. Theaccused, Kamal Kalra, working with the HDFC Bank's foreign exchange division, Chandan Bhatia, GurucharanSingh Dhawan and Sanjay Aggarwal were produced before District Judge Yogesh Khanna after expiry oftheir custodial interrogation by the Enforcement Directorate. – (HBL Oct 24, 2015 p 10)

"BoB scam: RBI may invoke inter-regulatory provisions" – As it investigates the over Rs.6,000-croreillegal remittances scam at Bank of Baroda, the RBI will look at invoking inter-regulatory provisions as mostof the remittances have been to Hong Kong. We will look and invoke any inter-regulatory provisions if thereis a need, according to S S Mundra, RBI Deputy Governor, speaking on the sidelines of a capital marketsevent organised by FICCI. Denying that the scam was a systemic issue, Mundra said every incident providesa reason to the regulators to take a fresh look at the provisions in order to plug the loopholes. – (HBL Oct 28,2015 p 10)

"RBI to seek global regulators' help to probe BoB scam" – Reserve Bank of India will seek informationfrom the overseas regulators to investigate the trail of money with regards to the alleged Rs.6,000-croreforeign exchange remittance scam unearthed early this month. RBI will invoke the provisions of exchange ofinformation from overseas regulatory authority, according to S S Mundra, deputy governor of the centralbank. Speaking to reporters at the sidelines of a FICCI event in Mumbai, Mundra said the central bank is alsomaking all attempts to plug loopholes that led to the alleged illegal transfer of more than Rs.6,000 crore toHong Kong and Dubai from Bank of Baroda's Ashok Vihar branch in Delhi, which is being investigated byEnforcement Directorate and CBI. – (ET Oct 28, 2015 p 10)

CANARA BANK"Canara Bank launches Canara Galaxy account" – Canara Bank launched Canara Galaxy Account, an

innovative product offering wide range of services. While launching the Product, coinciding with the CorporateCircle Heads' Meet held at Bangalore, Rakesh Sharma, MD & CEO of the Bank, informed that CanaraBank has been a pioneer in the banking industry for Offering state of the art tech-aided banking services andproducts. – (ET Oct 26, 2015 p 6)

CORPORATION BANK"Corporation Bank opens 'Forex Hub' at Bengaluru" – Corporation Bank opened its Forex Hub at

Malleswaram, Bengaluru. The 'Forex Hub' was inaugurated by S R Bansal, CMD, Corporation Bank. PParamasivam, Circle General Manager, A K Vinod and A P Suresh, DGM were present on the occasion.– (ET Oct 26, 2015 p 6)

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HDFC BANK"Change in the banking system is now in the hands of customers: Today, change is happening as

customers are demanding it, says HDFC Bank's Ravi Narayanan" – Excerpts from an interview withRavi Narayanan, Senior Executive Vice-President, Branch Banking Head, West, HDFC Bank. The governmentand the regulator have realised that for the Indian consumer to move away from the cash-based economy, itis important to latch onto technology as an enabler. – (HBL Oct 24, 2015 p 10)

IDBI BANK"Centre plans to privatise IDBI Bank: Jayant Sinha" – The government is planning to lower its stake in

IDBI Bank as it wants the troubled lender to transform the way Axis Bank has done, according to theMinister of State for Finance Jayant Sinha. We'll consider transforming IDBI Bank in a manner similar to theway Axis Bank was done. Speculation is rife that the centre will lower its stake in the bank to below 49%.Despite over a dozen years of existence as a commercial bank, IDBI Bank is crippled by the legacy issue ofproject financing, which has left it with a mountain of bad assets. – (FE Oct 28, 2015 p 3)

"IDBI employees to strike work on November 27" – Employees of IDBI Bank have decided to go on anationwide strike on November 27, to oppose the government's move to dilute stake in the state-run bank.The one-day strike has been called by the United Forum of IDBI Officers and Employees to protest 'thecontemplated move of the government of India to privatise IDBI Bank by diluting its shareholding to below51%'. At the end of September quarter, the government held 76.50% stake in the Mumbai-based bank.– (FE Oct 28, 2015 p 12)

INDIAN OVERSEAS BANK"IOB takes the long road to recovery" – After RBI initiated non-credit prompt corrective action against

Indian Overseas Bank, it is getting aggressive on recovery of dues from its borrowers. A report. – (BS Oct27, 2015 Pt.II p 6)

ORIENTAL BANK OF COMMERCE

– BANK CAPITAL

"Oriental Bank mops up Rs.1,000-crore capital" – Oriental Bank of Commerce (OBC) has raised capitalof Rs.1,000 crore to fund business growth, according to Animesh Chauhan, Managing Director and ChiefExecutive Officer of the bank. He said the capital mop-up has come in the form of Basel-III compliant tier-2 bonds. The bonds - which had a AA+ rating from ICRA and CARE - have been issued at a coupon rate of8.34 per cent with a tenure of 10 years, he said, adding that OBC has no plan to raise tier-2 capital in the nextsix-nine months. – (HBL Oct 29, 2015 p 18)

PAYMENTS BANKSRajesh M V – "Payments banks can accelerate financial inclusion" – India is a country with 600,000 plus

villages. Many of them are remote. Some of them are inaccessible during certain parts of the year owing toreasons like absence of motor-able roads, flooding of rivers and collapse of bridges. Items of social infrastructurelike potable water and health care and items of industrial infrastructure like power, motor-able roads arealmost absent in the remote villages and completely absent in the inaccessible villages. It is but natural thatinhabitants of such villages have no access to institutional finance and- become vulnerable to exploitation byvested interests. Additionally, it renders the task of financial inclusion difficult for the government. Thanks totechnology, government is now in a position to help the villagers join the mainstream of their financiallyincluded fellow countrymen. An article. – (SE 54(12) oct 15, 2015 pp 28-31)

RESERVE BANK OF INDIA"Centre raises Rs.1,000 cr: RBI auctions 40-year bonds for first time: Central bank also auctions

29-year bonds worth Rs.2,000 cr" – he Reserve Bank of India (RBI) auctioned 40-year governmentsecurities for the first time, raising Rs.1,000 crore for the Centre. The securities maturing on October 26,

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2055, were offered at a yield of 7.72 per cent and got fully subscribed. The bonds of long tenure of 40 yearsare launched in view of the elongation of maturity of the portfolio which is preferred to limit rollover risk andis internationally followed in the advanced economies – (IE Oct 24, 2015 p 14)

"Finmin steps up ties with RBI as bonhomie grows: Economic affairs secretary again set to representgovt on regulator board" – The finance ministry is set to nominate Economic Affairs Secretary ShaktikantaDas to the board of Reserve Bank of India, signalling an easing of what has sometimes been a tense relationship.At the height of unease between the two sides a few months ago, the finance ministry had downgraded itsrepresentation on the central bank's board to the level of additional secretary. – (ET Oct 23, 2015 p 1)

"RBI board: Munjal, Ramadorai in fray" – The finance ministry has identified around 10 chief executivesand academicians for appointment as non-official or independent directors on the Reserve Bank of Indiaboard. Sources said that at least five candidates are from India Inc, including HeroInvest Corp director SunilKant Munjal, former TCS vice-chairman S Ramadorai, TCS CFO S Mahalingam, Nassocom president RChandrasekhar and Omidyar Network India MD Roopa Kudva. The panel is currently dominated by ITindustry leaders and, at best, either Ramadorai or Mahalingam would be selected. – (TI Oct 23, 2015 p 15)

Krishnaswamy, R and Shetty, S L – "RBI annual report 2014-15: In need of close study" – An article.– (EPW 50(42) Oct 17, 2015 pp 77-79)

– INFORMATION TECHNOLOGY

"RBI setting up IT subsidiary: Rajan: More use of IT should bring down costs at banks" – TheReserve Bank of India will be setting up an information technology subsidiary to improve regulations andsupervision, according to Raghuram Rajan, Governor. Rajan, however, did not spell out any timeframe. 'It isunder way. Let's see when it comes up,' he said at the banking technology excellence awards function at theInstitute for Development and Research in Banking Technology (IDRBT), an arm of the apex bank. Sayingthat there is huge scope for technology utilisation in banking, he observed that the cost structure in banks wasstill high. With increasing use of technology, expenses in banks should come down, but it was not happening.You can see IT everywhere in banking, except in expenses numbers. My sense is that use of more and moreIT should bring down costs. – (HBL Oct 24, 2015 p 4)

STATE BANK OF BIKANER AND JAIPUR"SBBJ: FY 16 Q-2 Net Profit increases by 52.25% to Rs.180.63 crs" – Shares of State Bank of Bikaner

& Jaipur (SBBJ) reported a 52.25 per cent jump in its net profit for the second quarter ended September 30,2015. Jyoti Ghosh, MD, SBBJ said that the net profit of the bank increased to Rs.180.63 crs in the July-September quarter against Rs.118.64 crs achieved in the same period last year. Total income of the bank roseto Rs.2,620.34 crs, up 8.69 per cent from Rs.2,410.69 crs in the year-ago period. – (ET Oct 26, 2015 p 6)

STATE BANK OF HYDERABAD"State Bank of Hyderabad net up 21% in second quarter: To focus on retail lending; plans to raise

tier-II capital" – State Bank of Hyderabad (SBH) posted 21 per cent increase in net profit at Rs.375 crorein the second quarter ended September 30, 2015 compared with Rs.311 crore in the corresponding quarter ofthe previous financial year. The growth was driven by an increase in other income, cost reduction and bettermanagement of non-performing assets (NPAs), Santanu Mukherjee, Managing Director of the bank. Thehome loan segment has shown 19 per cent growth and the bank is hoping for a 25 per cent growth in thesegment in the remaining quarters. A report. – (HBL Oct 29, 2015 p 10)

"State Bank of Hyderabad: Unaudited financial results for the quarter/half year ended 30.09.2015" –An advertisement feature. – (Mint Oct 29, 2015 p 28)

STATE BANK OF MYSORE"State Bank of Mysore second quarter profit increases 29.5%" – State Bank of Mysore (SBM) registered

a 29.51 per cent growth in net profit for the September quarter on higher interest income and lower provisioning.The bank reported a net profit of Rs.131.98 crore for the quarter ended September against Rs.101.90 crore

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in the corresponding quarter last year. Net interest income, the difference between interest earned andexpended, grew 2.46 per cent to Rs.526.27 crore during the quarter against Rs.513.61 crore in the correspondingquarter last year. – (HBL Oct 27, 2015 p 10)

STATE BANK OF PATIALA"SBP inaugurates 'Money Shoppe' at New Delhi" – State Bank of Patiala (SBP) has opened its 1315th

branch, a 'Money Shoppe' at Rajiv Chowk Metro Station on 19th October, 2015. Chief GM (RB) KalyanMukherjee inaugurated the Branch and Sudhir Shyam, Director of the Bank was the Guest of Honour.Among other Dignitaries present on the occasion was GM (Network Delhi) M V Krishna. – (ET Oct 26,2015 p 6)

SYNDICATE BANK"Syndicate Bank celebrates its 90th foundation day" – Syndicate Bank celebrated its 90th Foundation Day

If on 20th October 2015 at Bengaluru. Arun Shrivastava, MD & CEO of the Bank e-inaugurated 90 branchesspread across different states of the country and launched 5 new products. – (ET Oct 26, 2015 p 6)

"Syndicate Bank Q2 profit up 5%; net NPA rises: Pressure on profitability will continue, says MD"– Syndicate Bank reported a 5.3 per cent growth in profit for the September quarter on higher interestincome and lower provisioning. The Manipal-headquartered public sector bank clocked a net profit of Rs.332.37crore for the quarter ending September 2015 as against Rs.315.60 crore in the corresponding quarter lastyear. A report. – (HBL Oct 29, 2015 p 10)

"Syndicate Bank: Unaudited (reviewed) financial results for the quarter/half year ended 30thSeptember 2015" – An advertisement feature. – (BS Oct 29, 2015 Pt.II p 1)

UNION BANK OF INDIA"Union Bank conducts CSR activity" – Union Bank of India SC- ST Employees Welfare Association,

Mumbai organised the distribution of note books and stationery items to poor students of Ramabai AmbedkarNagar, Ghatkopar on 18th October 2015. – (ET Oct 26, 2015 p 6)

YES BANK

– INTERNATIONAL FINANCIAL CENTRE

"Yes Bank starts ops in GIFT City" – Yes Bank Ltd. Has become the first entity to start operations fromGujarat International Finance Tec-City (GIFT), the country's first international financial services centre (IFSC).The private sector bank has set up an IFSC banking unit (IBU), which will help it in accessing internationalfinancial markets and provide foreign currency funding to its corporate clients. Four other banks - State Bankof India, IDBI Bank Ltd., IndusInd Bank Ltd. and Federal Bank Ltd. - have received approval from the RBIand will commence IBU operations shortly, according to GIFT Statement. – (Mint Oct 28, 2015 p 13)

CHINA

– MONETARY POLICY

"China cuts lending rate, reserve ratio" – China's central bank cut its benchmark lending rate and reserverequirements for banks, stepping up efforts to cushion a deepening economic slowdown. The one-yearlending rate is to drop to 4.35 percent from 4.6 percent, the People's Bank of China (PBOC) said on its Website, while the one-year deposit rate is to fall to 1.5 percent from 1.75 percent. Reserve requirements for allbanks were cut by 50 basis points, with an extra 50 basis-point reduction for some institutions. The PBOCalso scrapped a deposit-rate ceiling, a further step in the liberalization of interest rates. – (Mint Oct 24, 2015 p 3)

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EURO-ZONE"Rise in business loans points to slow thaw for Europe's frozen credit lines" – A closely watched

survey of the euro-zone's banks showed they are relaxing their loan standards for businesses, in a sign ofgrowing confidence about economic prospects in the European currency area. The poll shows that theEuropean Central Bank's Euro 1.1 tn quantitative easing package is helping to thaw the euro-zone's frigidcredit markets, lowering a serious barrier to Europe's recovery. A lack of lending has been one of the mostpressing problems for the euro-zone. Fresh signs that the problem is easing will buoy the region's monetarypolicymakers ahead of an important vote in Malta later this week. A report. – (FT Oct 21, 2015 p 1)

EUROPEGapper, John – "A global retreat for European banks" – An article. – (FT Oct 22, 2015 p 9)

– EUROPEAN CENTRAL BANK

"ECB keeps rates unchanged as Mario Draghi weighs risks of QE" – The European Central Bank keptinterest rates unchanged, turning the focus to President Mario Draghi assessment of the economy for anyclues on whether more stimulus is in the pipeline. The 25-member Governing Council left the main refinancingrate at a record-low 0.05 percent, as predicted by all 53 economists in a Bloomberg survey. The deposit rateand the marginal lending rate stayed at minus 0.2 percent and 0.3 percent, respectively. The ECB is grapplingwith a complex scenario of mixed domestic economic signals, an uncertain global outlook, and divergentopinions on what needed to combat feeble inflation. – (BS Oct 23, 2015 p 10)

"ECB president 'open to full menu of monetary policy'" – As Mario Draghi prepares to unleash yet moremonetary stimulus, European Central Bank watchers could be forgiven for feeling a sense of déjà vu. Hewas dropping similar hints around this time last year that the ECB would launch quantitative easing, which itthen announced in January. – (FT Oct 23, 2015 p 4)

– HSBC BANK

"HSBC board seeks detail on relocation" – HSBC's board members have asked the bank for moreinformation to help make their decision on whether to move the bank's headquarters out of the UK. Europe'sbiggest bank by assets announced plans to review whether to move out of the UK in April, a move widelyseen as putting pressure on politicians to lessen the tax and regulatory clampdown on banks two weeksbefore the general election. – (FT Oct 23, 2015 p 14)

GERMANY

– DEUTSCHE BANK

"Deutsche Bank's $6bn 'fat finger' error raises fresh questions over risk control" – Deutsche Bankpaid $6bn to a hedge fund client by mistake in a 'fat finger' trade on its foreign exchange desk this summerthat raises fresh questions about its operational controls and risk management. The $6bn trade was processedby a junior member of the bank's forex sales team in June while his boss was on holiday, said two peoplefamiliar with the matter. Instead of processing a net value, the person processed a gross figure. That meantthe trade had 'too many zeroes', according to one of the people. When dealing with hedge funds, bankstypically net off the various transactions through the course of the day to send a final payment at the close oftrading. The $6bn error raises questions about why it was not spotted under the bank's 'four eyes principle',requiring every trade to be reviewed by another person before being processed. – (FT Oct 20, 2015 p 1)

"Deutsche chief in vow to overhaul creaking IT blamed for bank's woes" – John Cryan will promise torip out and replace much of Deutsche Bank's messy and outdated technology as one of his top prioritieswhen the German bank's new boss presents his strategy to investors. As well as cutting tens of thousands ofjobs, shrinking the bonus pool and shedding billions of dollars of unwanted assets, he is determined to overhaulthe creaking computer systems that he blames for many of its problems, according to people familiar with hisplans. – (FT Oct 27, 2015 p 1)

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"US probe into Deutsche's Moscow unit examines possible sanctions breaches" – Deutsche Bank isfacing a serious escalation of a US probe into its activities in Russia, as a money laundering investigation ofits Moscow unit widens to examine possible sanctions violations, according to people familiar with the case.– (FT Oct 26, 2015 p 1)

Samuels, Simon – "Even the biggest banks cannot afford $6bn systems errors" – An article. – (FT Oct26, 2015 p 7)

UK

– BANK OF ENGLAND

"Bank of England head backs EU membership" – Mark Carney, the Bank of England governor, stronglybacked Britain's EU membership, highlighting its economic benefits while still calling for further reforms.– (FT Oct 22, 2015 p 2)

"BoE says will map out move to Libor alternative in 2016" – The Bank of England will spell out next yearhow markets can migrate to a new 'risk-free' interest rate benchmark after banks were fined billions ofdollars for trying to rig Libor, the existing benchmark, according to a senior BoE official. – (FE Oct 29, 2015p 22)

– BARCLAYS

"Barclays names ex-banker of JPMorgan Staley CEO" – Barclays named former JPMorgan Chase seniorbanker Jes Staley as chief executive officer as Britain's second largest lender seeks to boost returns batteredby rising legal costs. Staley, 58, will take over on December 1, the London-based bank said in a statement. Atthe peak of his 34-year career at the company, which included roles running JP Morgan's asset-managementand investment-bank units, he was seen as a candidate to succeed Jamie Dimon in the top job. – (FE Oct 29,2015 p 23)

USA

– FEDERAL RESERVE

"Do markets predict interest rates better than economists?" – One event that global financial marketsare keenly awaiting (or dreading) is the impending interest rate hike by the US Federal Reserve. However,nobody seems to have a clear answer as to when the Fed will raise interest rates, currently at a record low.It is obvious that predicting a central bank behaviour is a tough job and it is only natural that economists haveto constantly adjust their forecasts in the face of evolving market and economic conditions. However, economistsseem to perform worse than the markets in forecasting interest rates. – (Mint Oct 27, 2015 pp 1, 2)

"Fed expected to keep rates on hold: December meeting seen as pivotal after hiring slows andgovernors split" – The Federal Reserve is likely to leave interest rates unchanged this week while keepingits options open for its pivotal December meeting as it assesses signs of more muted growth in the USeconomy. The majority of Fed policymakers, including chair Janet Yellen, have said they expect the firstupward move in the federal funds rate to happen this year, but the picture has become clouded in recentweeks because of slower hiring and a high-level policy split among the Fed's governors. – (FT Oct 26, 2015 p 2)

"Monetary policy: Rare split at Federal Reserve ahead of policy meeting" – Federal Reserve chairJanet Yellen faces a rare open split among her team of policymakers as they head into a meeting to againweigh raising interest rates. New doubts about the US economy is likely to see the Fed put off the decisionfor its first hike. – (Mint Oct 26, 2015 p 14)

– GOLDMAN SACHS

"Goldman hunts for Silicon Valley's next winner" – Top bankers shuttle coast to coast to try to catch thenext big tech money wave. A report. – (FT Oct 28, 2015 p 14)

– 10 –

ASSET RECONSTRUCTION COMPANY"RBI's attempt to strengthen role of ARCs foundering" – Reserve Bank of India (RBI) governor Raghuram

Rajan's attempt to get asset reconstruction companies (ARCs) to play a larger role in managing stressedassets at banks seems to be foundering amid differences over pricing and perceived opacity in the process ofbad loan disposals. In the April-September period, banks sold only Rs.6,000 crore of stressed assets - justabout 10% of the total up for grabs, according to two senior officials from the asset reconstruction industrywho spoke on condition of anonymity. – (Mint Oct 24, 2015 pp 1, 2)

ATMs

– CHINA

"Small denomination notes ATM launched in China" – An Automatic Teller Machine (ATM) to providesmall denomination notes has made its debut in China, stated to be the first such facility in the world second-biggest economy. Owned by the Bank of Jiangsu in Suzhou city, the ATM allows people to withdraw five, 10,20 and 50 yuan notes. – (HBL Oct 28, 2015 p 10)

BANK AUTOMATIONSiva, Meera – "Passwords to plug security holes" – Those who access bank or other important accounts

on the go have to be aware of network risks. An article. – (HBL Oct 26, 2015 p 3)

BANK LENDING"Demand for bank loans remains muted" – Though the festival season has just picked up, demand for bank

loans continues to remain muted. Loan growth in the banking system continued to hover below the 10 percent level, year-on-year. Bank loans were up 9.4 per cent as on October 16, 2015, at Rs.69.92 lakh crorefrom Rs.62.40 lakh crore a year ago, according to Reserve Bank of India data. – (HBL Oct 29, 2015 p 10)

– CORPORATE BONDS

"RBI must tweak norms for partial credit enhancement to corporate bonds: Unless this is done, it isdifficult for this product to take off, says IIFCL chief" – The Reserve Bank of India's recent guidelinesallowing banks to offer partial credit enhancement (PCE) to corporate bonds need a relook and some tweaking,say banking and infrastructure financing experts. The main utility of a PCE is to enable corporate bonds gethigher credit ratings, which help attract investments from insurance and pension funds. India's infrastructurefinancing needs are estimated at about $1 trillion over the next five years and a vibrant and deep corporatebond market is considered crucial for meeting this requirement. It will be difficult for this product (PCE) totake off unless the RBI's recently issued guidelines are modified, according to S B Nayar, Chairman andManaging Director of India Infrastructure Finance Company (IIFCL). – (HBL Oct 29, 2015 p 10)

– REALTY SECTOR

Shetty, Adhil – "How banks evaluate property: They factor in quality of construction before giving aloan" – An article. – (HBL Oct 26, 2015 p 3)

BANKING REGULATIONRajwade, A V – "Rethinking banking regulation" – We need to look at the acceptance of deposits for

lending as a tightly regulated public utility, which is essential for the economy but has limited profitability. Anarticle. – (BS Oct 29, 2015 p 10)

BANKRUPTCY CODE"New bankruptcy regulator to empower creditors on cards: Decision on liquidating a co or otherwise

to be taken within 180 days, under the law" – The government is considering setting up a specialregulator to look into bankruptcy cases and may make it mandatory to take a call on whether to liquidate a

– 11 –

company or not within 180 days, according to a person close to the development. The government is workingon a new bankruptcy code based on recommendations given by the T K Vishwanathan committee, whichsubmitted its final report to the government about 10 days ago, that would tilt the balance in favour ofcreditors, according to the person. – (ET Oct 29, 2015 p 11)

CASH TRANSFER"The unambiguous benefits of cash transfer: Most arguments against cash transfer don't stand up to

closer scrutiny" – The last thing a government should do is to behave as a nanny to its poor citizens. Anarticle. – (Mint Oct 28, 2015 p 30)

COINS"RBI to issue coins of Rs.10 denomination" – The Reserve Bank of India will shortly put Rs.10 denomination

coins into circulation to commemorate International Yoga Day. – (H Oct 26, 2015 p 6)

DIGITAL PAYMENTS"We'll give unsecured credit on the go" – Edited excerpts from an interview with Amrish Rau, MD, Citrus

Payments Solutions Pvt. Ltd., along with its founders Jitendra Gupta and Satyen Kothari. Rau said withfinancial technology improving, new products or innovations hit the market at frequent intervals. A lot of thishas to do with the evolution of the e-commerce space, and soon you will be able to pay and buy throughWhatsApp, Instagram, Twitter and Facebook. Citrus Payment Solutions Pvt. Ltd. In the past one year, Citrushas moved from having 40 employees to 250 now. It has also made its first acquisition and plans to expand itsproduct basket. Rau spoke about the fast-evolving digital money space, acquisitions, tie-ups and what allthese mean to its customers. – (Mint Oct 26, 2015 p 18)

FINANCIAL INCLUSION"Postmen to teach policy and schemes in rural India" – The government is looking to utilise the services

of postmen to teach people in rural areas how to use banking services and access various state-sponsoredfinancial inclusion schemes. The finance ministry is working on developing a structured programme as partof a new strategy for financial inclusion under which banks will pay a fee to use the services of the postaldepartment. The idea is to turn a post office into a financial literacy hub. We will organise weekly literacycamps and selected post office employees will undergo a structured training programme developed by bankson financial literacy , according to M S Ramanujan, member (banking and HRD), Department of Posts.– (ET Oct 24, 2015 p 4)

Kidwal, Naina Lal – "Financial inclusion: Make her accountable" – An article. – (ET Oct 26, 2015 p 16)

FOREIGN BANKING

– ROYAL BANK OF SCOTLAND

"DBS, FirstRand said to be in talks to buy RBS India unit" – Singapore's biggest lender DBS GroupHoldings and South African banking group FirstRand are in separate talks to buy Royal Bank of ScotlandGroup Plc's (RBS) India unit, people with direct knowledge of the matter told Reuters. Financial details of thetransaction were not immediately clear, though one of the people said the deal could fetch about $200 million.– (Mint Oct 24, 2015 p 3)

"RBS becomes first bank to connect employees using Facebook at Work" – Bankers will soon be usingFacebook to communicate with colleagues, swap information and, even, offer their services to the public,after Royal Bank of Scotland became the world's first bank to adopt Facebook at Work. The British state-controlled bank is deploying an in-house business version of the social media site for all employees in its100,000-strong workforce - from chief executive Ross McEwan to back-office workers and branch staff.The move is aimed at connecting people across the company quickly and 3efficiently through a mobile app aswell as a desktop site to increase productivity. – (FT Oct 26, 2015 p 13)

– 12 –

FOREIGN DIRECT INVESTMENT"RBI rejects plan for 100% FDI in banks" – The Reserve Bank of India (RBI) has turned down a proposal

from the government to allow up to 100% foreign direct investment (FDI) in banks, a move that may comeas a damper for several private sector lenders such as ICICI Bank and HDFC Bank. Sources said the RBIhas not provided a clear reason to turn down the proposal from the department of industrial policy andpromotion (DIPP) that deals with FDI policy. But in the past the regulator has seen banking as a sensitivesector and opposed allowing significant shareholding by foreign institutional investors, who are seen as short-terminvestors and can enter or exit a stock for short durations, largely to book profits. – (TI Oct 26, 2015 p 19)

FOREX TRANSACTIONS"CVC tells RBI, IBA to watch out for multiple forex transactions" – The Central Vigilance Commission

(CVC) has asked RBI and Indian Banks Association (IBA) to red flag multiple transactions of smalleramounts from a single account and ensure compliance of KYC norms to check fraudulent forex transactionsin the wake alleged Rs.6,100 crore foreign remittance scam through Bank of Baroda. We have written toReserve Bank of India (RBI) to say that if smaller forex transactions of less than one lakh dollars are beingmade than it should come to your notice, according to T M Bhasin, Vigilance Commissioner. – (FE Oct 24,2015 p 2)

GOLD BOND SCHEME"RBI to notify sovereign gold bond scheme soon" – The Reserve Bank of India (RBI) will soon notify a

sovereign gold bond scheme. This follows the notification of a gold monetisation scheme last week. Thegovernment will launch three new schemes: Apart from bonds, the others pertain to gold monetisation andselling of gold coins. The launch would be on or before November 9, according to Saurabh Garg, jointsecretary in the Union finance ministry. For gold bonds with a sovereign guarantee, a government circularhad earlier said investors would have to deposit cash, to be calculated in terms of the price and the quantityof gold one wants to invest. During maturity, money would be paid keeping in mind the prevailing gold prices;interest would be paid every year. – (BS Oct 28, 2015 Pt.II p 3)

GOLD MONETISATIONNeogi, Saikat – "Interest rates key to gold schemes' lustre" – While the Yellow metal is a hedge against

inflation, sentimental attachment to it doesn't mean households will refuse to explore the potential formonetisation. An article. – (FE Oct 29, 2015 p 9)

GOLD MONETISATION SCHEME"Gold Monetisation Scheme: RBI issues directions to banks" – The Reserve Bank of India (RBI)

issued directions to all scheduled commercial banks on the implementation of the Gold Monetisation Schemewhich will replace the Gold Deposit Scheme of 1999. – (FE Oct 23, 2015 p 2)

"Hallmarking centres gear up for gold monetisation" – With the announcement of a gold monetisationscheme, collection and purity testing centres (CPTCs) are gearing up for significant activity. If one wants todeposit gold under the new gold monetisation scheme (GMS), she/he has to first visit a CPTC, traditionallycalled hallmarking centres. Success of the GMS depends on the infrastructure of these CPTCs. Whilegovernment data released earlier showed 331 such centres, latest figures by the Indian Association ofHallmarking Centers show the figure is 349. A report. – (BS Oct 27, 2015 Pt.II p 3)

"Let's convert gold from 'dead money' to 'living force': Modi: Monetisation scheme may be announcedbefore Diwali, says PM in radio broadcast" – The government may announce a gold monetisation scheme,along with other development plans, ahead of Diwali, according to the Prime Minister Narendra Modi.Nobody can diminish the love for gold in our society, but gold lying around like 'dead money doesn't bode wellin today's era... it can be a source of economic strength for the country. And every Indian should contributeto making it the country prized economic asset. – (HBL Oct 26, 2015 p 1)

– 13 –

INDIAN FINANCIAL CODEKagade, Mandar – "Indian financial code's revised draft: Critique of two proposals" – The Revised

Draft of the Indian Financial Code's proposal to establish a Monetary Policy Committee with a majority ofgovernment nominees and no veto power to the Reserve Bank of India Governor have attracted a lot ofattention. However, the code has some other critical proposals, including a Financial Stability and DevelopmentCouncil (the super-regulator for systemic risk) that will radically alter the financial regulation landscape ofIndia. This article scrutinises two important proposals-the Financial Development Council and systemic riskregulation, and the 'prompt corrective action' regime. An article. – (EPW 50(43) Oct 24, 2015 pp 17-19)

INDUSTRIAL RELATIONS"Bank staff to go on nation-wide strike on December 2: SBI associate bank employees call for strike

on Dec 1 seeking autonomy" – Bank employees will observe a country-wide strike on December 2.Separately, the State Sector Bank Employees Association (SSBEA) has called for a strike in all associatebanks of State Bank of India on December 1, in support of various demands. SBI fiat to associate banksinstructing them to implement the SBI Career Progression Policy seems to have irked the unions. – (HBLOct 27, 2015 p 10)

"Bank strike in December" – Bank employees will observe a country-wide strike on December 2, accordingto a leading union. All-India Bank Employees Association (AIBEA) general secretary C H Venkatchalamsaid the strike call was to press its demand to address issues like de-linking associate banks from the SBI andextending compassionate appointments according to government guidelines. – (H Oct 25, 2015 p 9)

MICROFINANCE"NABARD: National level Seminar on Microfinance" – The two day NABARD National level Seminar

on Microfinance seminar was inaugurated by Chaudhary Birender Singh, Hon'ble Minister of RuralDevelopment, Panchayati Raj, Drinking Water and Sanitation, Government of India at BIRD campus, Lucknowin the presence of Dr H K Bhanwala, Chairman, NABARD, S/shri R Amolpavnathan and H R Dave,Deputy Managing Director, NABARD, Sh. Atal Dullo, Joint Secretary, MoRD and CEO, NRLM and otherdistinguished guests. The Hon'ble Union Minister released the publication, Micro Finance Review, a halfyearly journal brought out by BIRD, Micro Finance year book 2015-16 and also inaugurated the E-LearningModule of BIRD, Lucknow on Microfinance. – (FE Oct 24, 2015 p 18)

– SKS MICROFINANCE

"SKS Microfinance gets Rs.100 cr refinance line from Mudra" – SKS Microfinance said it has receiveda loan of Rs.100 crore from Micro Units Development and Refinance Agency (Mudra), a governmentinitiative to help micro-entrepreneurs. The Hyderabad-based microfinance firm said that the Mudra loan,which comes at a 10% annual rate of interest, is cheaper than loans from financial institutions. This wouldhelp it bring down the cost of interest-bearing liabilities, according to the company. – (FE Oct 29, 2015 p 10)

MOBILE PAYMENTS"Mobile payment services of telcos yet to catch on: Most consumers, especially in rural areas, are

wary about transacting on a mobile" – A report. – (HBL Oct 27, 2015 p 10)

MONETARY POLICY"Government toes RBI line on MPC" – Ending the suspense over the proposed monetary policy committee

(MPC) that will set policy interest rates, the Cabinet will likely soon approve a six-member MPC with threemembers from the Reserve Bank of India including the governor, who would have a casting vote. The otherthree external members in the committee would be appointed by the government. Besides the six members,a finance ministry nominee would also take part in the deliberations of the committee to convey the government'sviews on policy, but he won have a voting right. A proposal in this regard has already been circulated for theCabinet's approval. A Bill on the MPC may be introduced in the winter session of Parliament in November-December. – (FE Oct 24, 2015 pp 1, 2)

– 14 –

"There is room for further cuts by the RBI: Adrian Mowat" – An interview with Adrian Mowat, chiefAsian and emerging market equity strategist, JP Morgan. JP Morgan equity strategist, on how India faresagainst global emerging markets. We did have an overweight in Indian IT - we have cut that to neutral. Wecontinue to like Indian financials, we like building materials, select consumer discretionary names. – (HBLOct 24, 2015 p 6)

NON-PERFORMING ASSETS"Bad loans: Rajan to brief PAC on Nov 6: MPs' committee not convinced by arguments of PSB

chiefs on NPAs" – RBI Governor Raghuram Rajan will on November 6 make a presentation on the issueof non-performing assets appear before the Parliament Public Accounts Committee. Rajan will answerqueries raised by the members. Revenue Secretary Hasmukh Adhia has also been summoned by the panel topresent his views on the issue. A source in the committee told Business Line that the panel was not convincedby the arguments presented by public sector bank chiefs on the bad loans issue. An RBI Deputy Governorhad also briefed the committee. – (HBL Oct 27, 2015 p 1)

"India's bad loans much higher than official data, report warns" – In a report released, the Swiss bank forthe first time published estimates that 17 per cent of loans held by Indian banks were stressed, compared withReserve Bank of India figures of 11 per cent. India's economy faces a severe debt crunch, with a host oflarge companies in sectors such as infrastructure and steel struggling to repay debts following delays to biginvestment projects, in turn resulting in a sharp uptick in problem loans across the banking system. – (FT Oct22, 2015 p 16)

PAYMENTS BANKS"Mobile tech to drive payments bank model: Low cost of operations, business volumes and product

innovation will also be key to success" – The ability to ride on technology, product innovation, low costof operations and generating business volumes will be key to the sustainability of the upcoming paymentsbanks, which will seek to serve the underserved in rural, semi-urban and urban areas. A report. – (HBL Oct29, 2015 p 10)

"Payments banks could transform rural banking" – India's move to set up 11 new payments banks isexpected to expand penetration of the banking sector in vast rural areas of the country, according to theWorld Bank. The decision by the Reserve Bank of India to grant 'in principle' approval for 11 entities to setup payments banks, which would be directed at small savers in underserved (largely rural) markets, couldhelp transform the rural remittances market. – (FE Oct 24, 2015 p 8)

PAYMENTS SYSTEMS"The govt has become our competitor: MasterCard: Global payments major seeks level playing

field; to focus on innovation" – In the wake of rising competition from RuPay - India home-grown e-payment facilitator - payment solutions major MasterCard has sought a 'level playing field'. RuPay, run by theNational Payments Corporation of India (NPCI), gained traction in the country with banks opening no-frillsand zero balance savings accounts under the Pradhan Mantri Jan Dhan Yojana. It has already corneredaround a third of the total market. – (HBL Oct 29, 2015 p 10)

PMJDY / FINANCIAL INCLUSIONShukla, Rajesh – "Financial inclusion only when service providers raise awareness" – Opening savings

accounts can only be the first milestone in the long journey ahead. An article. – (FE Oct 23, 2015 p 7)

Tantri, Prasanna – "Helping the poor in consumption smoothing: Based on academic research, it isreasonable to predict that Jan-Dhan Yojana is helping households smooth consumption andovercome hardships" – Most previous attempts such as loan waivers, loan melas, etc, were primarilydesigned as doles in return for political support. Such schemes have had a negative impact on the borrowingculture. Jan-Dhan Yojana, on the other hand, is nudging the households towards inculcating sound bankinghabits. An article. – (FE Oct 26, 2015 p 7)

– 15 –

– SERVICE TAX

"PMJDY: No service tax on banking facilitators" – The finance ministry has exempted the services ofbusiness facilitators to banks in opening basic savings bank accounts under the Pradhan Mantri Jan DhanYojna from the 14% service tax. The exemption is applicable to services provided by these agents in ruralareas ranging from opening of accounts, facilitating cash deposits and withdrawals, obtaining e-life certificatesand Aadhar seeding, the ministry stated. – (FE Oct 23, 2015 p 2)

PRIVATE SECTOR BANKSMerwin, Radhika – "Yet another steady performance" – The performance of leading private banks in the

recent quarters has not seen any notable deviation from their past record. This appears to be the case in theSeptember quarter too, if one were to go by the results declared by Axis Bank and HDFC Bank so far. AxisBank, much like its peer, HDFC Bank, that declared its results earlier, continued to report steady growth inearnings for the reporting quarter. An article. – (HBL Oct 28, 2015 p 10)

PUBLIC SECTOR BANKS"Foreign trip rule for MDs of PSU banks, FIs eased" – Managing Directors (MDs) and other executive

board members of state-owned banks as well as financial institutions (Fls) will not be required to take thepermission of the finance ministry for undertaking foreign tours. – (FE Oct 23, 2015 p 2)

"Sinha says no to crib sessions, wants banks to talk strategy: Jayant Sinha isn't interested in knowingthe same old story of PSBs' loan and deposit targets" – Bank chiefs were in for a shock when they metUnion Minister of State for Finance minister Jayant Sinha this week. Unlike in the past, Sinha was notinterested in the woes of state-run banks which complained about how bad loans are hobbling their revival,according to the two people familiar with the development. During the meeting Sinha said that banks shouldnot just look at the numbers game, according to a bank chief who was present at the meeting. He told us tothink of some disruptive innovations. He indicated that that payments banks will take away our low-costdeposits by offering higher rates and new banks will cherry pick bank borrowers. This is probably the firsttime that a minister is asking banks for strategies unlike in the past when the ministers were just interested inloan and deposit targets and what they are doing for priority sector lending. Past finance ministers hardlysought details of strategies of banks. It used to be just exchanging of targets. Sinha agreed that competitionis a threat for state-run lenders. – (ET Oct 24, 2015 p 6)

"State-run banks may share best compliance norms" – SBI will share details with the govt, which will alsobe circulated to other banks. – (ET Oct 26, 2015 p 15)

– BANK CAPITAL

"Govt mulls higher foreign investment cap for PSBs" – The government is considering a proposal toincrease the maximum amount that foreign investors can own in state-run banks to 49% from the current20%, according to people familiar with the matter. The finance ministry and the Department of IndustrialPolicy & Promotion are in discussions regarding the increased limit, the people said, asking not to be identifiedas a final decision hasn't been made. A higher cap would help public sector lenders in raising equity to complywith global Basel-III regulatory standards. – (FE Oct 28, 2015 p 12)

RECRUITMENT

– TECHNOLOGY

"Adding tech strength: IITs emerge as high interest area for banks: As focus on tech rises, industrylooks to hire heavily from top engg colleges" – Banks are looking to hire heavily from India's topengineering schools as the industry becomes increasingly focused on technology, competing with long-established campus recruiters and startups that are all the rage. A spurt in digital banking and rising mobiletransactions have led banks to bolster staff strength because tech is no longer a matter of keeping thebackbone up and running -it's part of core operations. Citi bank, ICICI Bank and HDFC Bank all plan to hirein unprecedented numbers at the Indian Institutes of Technology (IITs) and other schools. The numbers maygo up by as much as 50% for some banks this year. – (ET Oct 24, 2015 p 1)

– 16 –

SMALL FINANCE BANKS"Poor will get quality financial services: Small finance banks will help improve financial literacy too:

Equitas Holdings MD" – Small finance banks can offer huge value to the economically weaker sectionsof society by providing them access to quality financial services - it is not just about extending credit but alsoenabling safe savings, according to P N Vasudevan, Managing Director, Equitas Holdings. The Chennai-based microfinance institution, which has got in-principle approval from the RBI to operate a small financebank, believes this concept can help improve the financial literacy of the poor. With awareness of the benefitsof savings and insurance, their dependence on borrowings can come down. – (HBL Oct 24, 2015 p 10)

SWITCHING OF LOANS"You may have to pay a penalty for switching loans in first 2 years" – NHB nod for such a move will hit

borrowers looking to gain from falling rates. A report. – (ET Oct 26, 2015 p 14)

RBI CIRCULARS"Amendment to Prevention of Money Laundering (Maintenance of Records) Rules, 2005 - Submitting

'Officially Valid Documents' - Change in name on account of marriage or otherwise" – (RBI CircularRBI/2015-2016/213 DBR. AML.BC. No. 46/14.01.001/2015-16 dated 29.10.2015)

"Auction of Government of India Dated Securities" – (RBI Circular RBI/2015-2016/212 Ref. No. IDMD/896/08.02.032/2015-16 dated 26.10.2015)

"Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders:Framework for Revitalising Distressed Assets in the Economy - Review of the Guidelines onJoint Lenders' Forum (JLF) and Corrective Action Plan (CAP)" – (RBI Circular RBI/2015-2016/214DNBR.CC.PD.No. 070/03.10.01/2015-16 dated 29.10.2015)

"No fresh permission/ renewal of permission to LOs of foreign law firms- Supreme Court's directions"– (RBI Circular RBI/2015-2016/215 A. P. (DIR Series) Circular No. 23 dated 29.10.2015)

"Secondary Market Transactions in Government Securities - Short Selling" – (RBI Circular RBI/2015-2016/217 FMRD.DIRD.5/14.03.007/2015-16 dated 29.10.2015)

"Sovereign Gold Bonds, 2015-16" – (RBI Circular RBI/2015-2016/218 IDMD.CDD.No.939/14.04.050/2015-16 dated 30.10.2015)

"Subscription to National Pension System by Non-Resident Indians (NRIs)" – (RBI Circular RBI/2015-2016/216 A.P. (DIR Series) Circular No. 24 dated 29.10.2015)

AGRICULTURE & RURAL DEVELOPMENT

AGRICULTURAL FINANCE

– ODISHA

"Banks seek crop-loss reports to re-schedule farm loans in Odisha" – After chief minister NaveenPatnaik announced the rescheduling of loans in the wake of rising incidents of farmer suicides in the state,banks are awaiting the official crop damage assessment report to reschedule the advances. The loans can berescheduled only after getting the final report of cross loss from the revenue and disaster managementdepartment. The preparation of final crop damage report is a cumbersome process as it involves assessmentfrom the block level, according to a senior bank official. After getting the report, the Reserve Bank of India(RBI) or the state level bankers committee (SLBC) will convene a meeting with the controlling heads of thebanks before taking a call on the rescheduling of loans. – (BS Oct 29, 2015 p 16)

– 17 –

FOOD SECURITYMathew, C K – "Food Security Act in sleep mode" – The National Food Security Act, 2013, which promised

subsidised foodgrains to 75% of the rural and 50% of the urban population of our country, is not catchingattention any more as the state governments and the union government are silently postponing its implementationciting political differences. This article glances through the key elements of the act once again and takes usback to the almost forgotten debates around it. An article. – (EPW 50(43) Oct 24, 2015 pp 20-21)

INDUSTRYGovil, Rajan – "The true IIP picture: Broad-based sustainable industrial growth remains elusive in

India" – An article. – (FE Oct 23, 2015 p 6)

BOMBAY STOCK EXCHANGE"Beyond stocks: BSE will soon put out daily unemployment, consumer sentiment data: Will influence

monetary policy, investment decisions, says MD" – In a few months, Asia's oldest stock exchange willmove beyond being just a trading platform to also provide data on unemployment and consumer sentiment,which play a key role in monetary policy decisions. Consumer sentiment and the unemployment rate are twovery important numbers - they help you make investment decisions. But as of now most data come out withless frequency or with a lag, according to Ashishkumar Chauhan, BSE's MD and CEO. The BSE will soonprovide data daily and that going to be game-changing from the macroeconomic point of view. – (HBL Oct26, 2015 p 1)

BOND MARKET

– FOREIGN PORTFOLIO INVESTORS

"May review FPI investment norm in corp bonds: RBI" – Although the existing framework for investingin domestic bonds by foreign portfolio investors (FPI) is unlikely to change, the Reserve Bank of India could'take a bit of chance' and review the possibility of allowing FPIs to buy corporate bonds with less than three-year maturity, according to H R Khan, deputy governor, RBI. ...we will look at whether some of the areas wecan review because corporate debt is slightly different from G-Sec; so, we can take a little bit of chance andsee which are the areas we can do it. – (FE Oct 28, 2015 p 12)

COMPANIES ACT"Policy focus is on women: Companies now recognize the need for more women at a policy level" –

The Companies Act and business responsibility reporting (BRR) have together pushed companies to increasetheir disclosure standards when it comes to having policies for a non-discriminatory workplace. While havingmore women has resonated with companies at a policy level, hiring people from the LGBT (lesbian, gay,bisexual and transgender) community has not. A report. – (Mint Oct 26, 2015 p 13)

CREDIT MANAGEMENTDhanorkar, Sanket – "Why you should think about India Inc's credit health" – Crisil data shows credit

profile of debt-ridden companies have worsened in the first half of this fiscal. An article. – (ET Wealth Oct26, 2015 p 9)

E-COMMERCE"Fighting fair: The retail space will only benefit from the decision of brick-and-mortar players to go

online" – An editorial. – (HBL Oct 24, 2015 p 8)

"India e-commerce story strong, to hit $35 bn by 2019" – Indian ecommerce sector's growth looks strongand is expected to reach $35 billion by 2019, says a report. The growth of India ecommerce remains strong,tracking our expectations of reaching $35 billion by 2019, according to Nomura research report. The report,however, noted that the focus needs to move towards the roadmap to profitability, where 'some progress isvisible but a lot is still in the works'. – (BS Oct 27, 2015 p 2)

– 18 –

Srinivasan, Sriram – "The future is click and mortar" – As online retail threatens the very relevance of thenewer malls and supermarkets, the future is likely to favour the omni channel, serving the customer's needfor choice and touch points. India's retailers are preparing for more investment in technology and moreunderstanding of the space from the consumer's standpoint. An article. – (H Oct 25, 2015 p 10)

HOUSING FINANCE"Housing finance firms see little scope for further reduction in interest rates" – The already low

margins will limit any further reduction in interest rates on housing loans by banks and housing financecompanies (HFCs). Keki Mistry, Vice-Chairman and CEO, HDFC, said, 'In due course, as cost of fundsreduces, interest rates may come down but nothing immediately...Historically, we have operated with aspread. A spread gap is typically about 15 bps - ranging between 2.2 and 2.35. And we have managed ourspreads in that range. Whenever we see the spread going higher, we will pass on.' A spread is the differencebetween lending rates offered to borrowers and cost of funds to companies. – (HBL Oct 27, 2015 p 10)

Arya, Rubi – "A place to call home" – Affordable housing is a long-term investment opportunity but actionhas to start now. An article. – (HBL Oct 26, 2015 p 11)

– INDIABULLS HOUSING FINANCE

"We continue to focus on the Rs.25-lakh home loan segment" – An interview with Gagan Banga, Vice-Chairman and Managing Director, Indiabulls Housing Finance. While the real estate segment is in a slump,the mortgage industry appears to be booming. He reveals that hike in tax incentives coupled with RBI's ratecut was reviving demand for housing. The company recently raised Rs.4,000 crore in equity to sustain 25 percent growth in business. With a combination of both physical infrastructure as well as balance sheet strength,we are well poised to grow by 25 per cent every year. – (HBL Oct 26, 2015 p 14)

INFRASTRUCTURE DEVELOPMENT"Finance Ministry officials discuss regulatory, funding issues with infrastructure developers:

Feedback from meeting may be used in expert panel report: Shaktikanta Das" – The FinanceMinistry held consultations with infrastructure and public-private partnership (PPP) project developers todiscuss regulatory and financing issues facing the sector. The meeting will complement the efforts of theexpert panel on PPP headed by Vijay Kelkar. We have got some feedback and inputs from stakeholders thatcan be used while examining the report, according to Shaktikanta Das, Secretary, Department of EconomicAffairs, after the meeting concluded. He added that the report is likely to be submitted by the month end orthe first week of November. – (HBL Oct 27, 2015 p 4)

INFRASTRUCTURE FINANCEVikraman, Shaji – "Express economic history series: IDBI, IDFC and the story of infrastructure

funding in India" – An article. – (IE Oct 28, 2015 p 7)

INFRASTRUCTURE SECTOR"How to salvage PPP in infrastructure" – An editorial. – (ET Oct 28, 2015 p 18)

Agarwal, Manish – "How to revive the PPP model in India: It's possible, with balanced risk-sharing,robust dispute redressal mechanisms, and adequate exit norms" – An article. – (HBL Oct 24, 2015 p 8)

INVESTMENT MANAGEMENT"Among investors, emerging markets are out of fashion: Emerging-market assets may fall more

before turning chic once again" – An article. – (FE Oct 26, 2015 p 7)

Krishnan, Aarati – "Don't write off value investing: Value investing has under-performed over thelast five years. But the tide will turn" – An article. – (HBL Oct 26, 2015 p 2)

– 19 –

LIC"LIC's individual premium income drops 10% in H1: Late launch of ULIP blamed; but overall

collections rise 10% as group premiums surge" – The country's largest insurer, Life Insurance Corporation(LIC), has seen a 10 per cent decline in individual regular new business premium growth during the first sixmonths of this fiscal year, with collections dropping to Rs.8,115 crore from Rs.8,890 crore during the sameperiod last year. At the same time, the private life insurance industry saw its individual regular premiumincome grow 15 per cent to Rs.8,422 crore from Rs.7,322 crore, according to data released by the InsuranceRegulatory and Development Authority (IRDA). This is attributed mainly to a sudden surge in sales of unit-linked insurance plans (ULIPs). – (HBL Oct 24, 2015 p 1)

MANUFACTURINGNavya, G S and Ramagopal, S – "'Make in India': A major initiative of Indian government is the

timing right?" – An article. – (SE 54(12) Oct 15, 2015 pp 45-48)

MUTUAL FUNDS"Regulator to address issues surrounding corporate bonds" – Concerned over mutual fund investors'

exposure to distressed corporate bonds, UK Sinha, Chairman, SEBI, said it has launched a wider scrutiny ofthe risks posed by such investment decisions. The process of reviewing SEBI guidelines on mutual fundswith respect to concentration risk, sector risk and company risk has begun, according to U K Sinha. – (HBLOct 28, 2015 p 13)

-E-KYC

"SEBI plans to use e-KYC for mutual fund products: Sinha" – The Nandan Nilekani panel appointed bySEBI to look into the regulation of online product distribution has already met thrice and is likely to come outwith its recommendations in the next couple of months according to U K Sinha, Chairman, SEBI. Speakingat the sidelines of the capital market conference of FICCI in Mumbai, Sinha, said SEBI plans to use theelectronic-know your client (e-KYC) services offered by the Unique Identification Authority of India (UIDAI)for enabling investors to buy mutual fund products online. – (HBL Oct 28, 2015 p 13)

PFRDA"PFRDA seeks to regulate all pension products" – The Pension Fund Regulatory and Development Authority

(PFRDA) is in talks with the Union finance ministry to regulate all pension products, including those floatedby mutual fund (MF) and insurance companies. We are in discussion to regulate all pension plans, accordingto Hemant Contractor, chairman of PFRDA, at an event organised by Morning Star, an MF tracking agency.– (BS Oct 29, 2015 Pt.II p 2)

PUBLIC SECTOR ENTERPRISES"Study on cos' responsible business practices" – Public sector companies are showing 'stronger policy

alignment' with responsible business practices compared to their private sector counterparts, says a study.The findings are based on an analysis top 100 companies listed on the BSE that focused on five aspects,including non-discrimination at the workplace. As per the index released by India Responsible BusinessForum (IRBF), public sector undertakings are showing stronger policy alignment with NVGs than the privatesector companies. The index was developed by non-profit group Oxfam India along with CorporateResponsibility Watch, Praxis and Partners in Change. – (FE Oct 28, 2015 p 4)

REALTY SECTOR"Pes, NBFCs secure exits of $633 m from realty investments" – Private equity funds and non-banking

finance companies secured exits worth $633 million from their investments in the Indian real estate sector inthe first nine months of 2015, an over seven-fold jump over the $84 million worth of exits in the year-agoperiod, according to data from Venture Intelligence. This has been the best year so far since 2012 when thesector saw exits worth $1,022 million in the nine months to September. Much of the exits, however, have

– 20 –

come by way of refinancing by builders, who are keen to replace high-cost funds with relatively lower costones in a scenario where providing exits from cash flows is still not possible due to slow home sales. – (ETOct 27, 2015 p 10)

STOCK BROKER"Motilal Oswal to raise Rs.1,000 cr to fund affordable housing projects: Traditional business of retail

and institutional broking will continue to grow, says CMD" – Having made it big in the stock brokerageworld, 53-year-old Motilal Oswal is betting on new areas such as real-estate funding. Co-Founder andChairman & Managing Director of Motilal Oswal Financial Services said the company will use its newRs.1,000-crore real-estate fund to invest primarily in the affordable housing segment. – (HBL Oct 28, 2015 p 1)

SMALL SCALE INDUSTRY

MUDRA BANK"MUDRA Bill 'may not be ready' in time for winter session of Parliament" – The government's plans to

give regulatory status to the MUDRA Bank over all micro-finance institutions (MFI) is likely to get delayedas discussions with stakeholders are still continuing. Official sources said the proposed Bill may now beintroduced in Parliament in next year Budget session, not in the Winter Session scheduled for next month.– (HBL Oct 29, 2015 p 4)

SIDBI"We aren't in a commercial role: SIDBI Chief" – Edited excerpts from an interview with Kshatrapati

Shivaji, chairman and managing director, SIDBI. We see ourselves as a strong market maker for the entireMSME ecosystem and in the entire micro-entrepreneurial space. – (ET Oct 23, 2015 p 10)

INTERNATIONAL ECONOMICS"Global slowdown not as bad as economists think" – Edited excerpts from an interview with Mark Mobius,

Templeton Emerging Market Group. – (Mint Oct 29, 2015 p 26)

"In trend reversal, rich nations' corporate earnings stand out: Developed countries see double-digitgrowth, emerging ones witness contraction" – While corporate earnings and economic growth arepicking up pace in developed markets, these are slowing in emerging ones. This is a trend reversal. In thepast 12 months, such earnings have grown in double digits in Europe, the US, Japan and South Korea. On theother hand, these have shrunk in emerging markets such as India, Brazil, South Africa, Indonesia, Malaysiaand China. A report. – (BS Oct 28, 2015 Pt.II p 1)

Desai, Meghnad – "Global economy: Where has all the money gone?" – An article. – (ET Oct 24, 2015p 8)

ASIA

– INTERNATIONAL DEBT

Chandrasekhar, C P and Ghosh, Jayati – "How debt has punctured the Asian success story" – Animproved dataset from the Bank of International Settlements reveals that the post-crisis of Asia in terms ofgrowth was built on an alarming pile of debt. An article. – (HBL Oct 27, 2015 p 9)

ASIAN INFRASTRUCTURE INVESTMENT BANK"AIIB needs transparency as well as just speed" – Asia's development bank has the chance to set a new

model. An editorial. – (FT Oct 27, 2015 p 8)

"Lending will be 'clean, lean, green'- and fast" – An interview with Jin Liqun, The President-Designate of theAIIB. Asian infrastructure bank's incoming chief plays down fears of Beijing control. – (FT Oct 26, 2015 p 2)

– 21 –

FUND MANAGEMENT"Global fund management" – A weekly report. – (FT Oct 26, 2015 Supl. pp 1-24)

INTERNATIONAL RESERVE CURRENCY

– RENMINBI

"IMF to include yuan in currency basket" – International Monetary Fund staff are set to give the all-clearfor China's yuan to be included in the lender's benchmark currency basket, laying the groundwork for afavorable decision by policymakers, according to the people familiar with the discussions. The IMF's executiveboard is scheduled to decide in November on putting the yuan on a par with the dollar, yen, euro and poundsterling and a key factor will be its performance against a checklist of technical criteria, as assessed by IMFstaff. A report. – (FE Oct 27, 2015 p 14)

LABOUR & PERSONNEL MANAGEMENT

LABOUR LAWS"Duties should boost manufacturing, not imports: Realistic labour laws needed to enhance trade

competitiveness, says Onkar Kanwar" – An interview with Onkar S Kanwar, Chairman, Apollo Tyresand Chairman, BRICS Business Council (India). – (HBL Oct 27, 2015 p 6)

MANAGEMENTGhose, Joy – "How to app-up work productivity" – Applications that make work-life smoother by taking

notes, making to-do lists and keeping track of contacts and meetings. An article. – (Mint Oct 26, 2015 p 16)

BUSINESS RESPONSIBILITY REPORTING"Biz responsibility reporting to be made mandatory" – Business responsibility (BR) reporting will soon

become mandatory for India's top 500 companies, according to U K Sinha, Chairman, SEBI. Announcing thisat FICCI's capital market conference, Sinha said this decision to increase the number of companies submittingbusiness responsibility reports to 500 from 100 now would be announced soon. – (HBL Oct 28, 2015 p 13)

LEADERSHIPAnderson, Bob and Adams, Bill – "Dive into the universal model of leadership" – An article. – (Mint

Oct 28, 2015 p 14)

MIDDLE MANAGEMENTJacobs, Emma – "Identity crisis of the middle manager" – It can be portrayed as a depressing and

stagnant role, but it can also be a place to effect great organisational change. An article. – (FT Oct 23, 2015p 10)

WOMEN DIRECTORSHaldea, Pranav – "India Inc's puzzling diffidence on women directors: As many as 22 PSUs haven

complied with the Sebi guideline to have women on their boards" – With the penalty notices issued, itwould be interesting to see what the hapless PSUs do, as the appointment is not in the realm of the boards butis in the respective ministries. An article. – (FE Oct 27, 2015 p 9)

– 22 –

MISCELLANEOUS"Modi eyes poverty-stricken state in drive to unlock economic reforms" – Issues of caste and religion

cloud Bihar poll that PM needs to win for national impetus. A report. – (FT Oct 27, 2015 p 4)

Khanna, Ajay – "Women social entrepreneurs are driving transformation" – An article. – (Mint Oct 29,2015 p 14)

Yadav, Shyamlal – "10 years of right to information: 10 ways in which RTI has changed the functioningof govt, officials" – The Right to Information Act was implemented on October 12, 2005. Over the lastdecade, it has transformed the functioning of the government machinery in several ways. RTI has put peoplein public life under scrutiny, made the functioning of government from the President Secretariat downwardmore transparent. List 10 things that RTI changed in the central government. An article. – (IE Oct 28, 2015p 7)

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