Page 699 - Finance News
10-yr bond yield drops as RBI mulls injecting more cash into economy
RBI plans to conduct more open market operations of up to Rs 500 billion over the next two months
 "10-yr bond yield drops as RBI mulls injecting more cash into economy")
HDFC Bank board plans to consider stock split on May 22; shares fall 1.7%
Stock split is a tool used by corporates to boost liquidity of their shares
 "HDFC Bank board plans to consider stock split on May 22; shares fall 1.7%")
ICICI Bank Q4 profit at Rs 969 crore, falls 5% on higher expenses
The lender's net profit was Rs 969 crore for the March quarter against Rs 1,020 crore in the year-ago quarter
 "ICICI Bank Q4 profit at Rs 969 crore, falls 5% on higher expenses")
YES Bank slips to 10th position in league table for most-valued banks
At the start of the year, YES Bank was ranked 7th
 "YES Bank slips to 10th position in league table for most-valued banks")
ITRs fell in 2018-19 due to inclusion of past AY's return filings: I-T dept
While the I-T dept's e-filing website showed returns filed in 2018-19 fell to 6.68 cr from 6.74 cr in the previous fiscal, the CBDT clarified that returns filed included those of previous AYs
 "ITRs fell in 2018-19 due to inclusion of past AY's return filings: I-T dept")
IOB to raise Rs 850 cr selling non-core assets and investments this fiscal
The Bank is currently exploring stake sales in joint venture and other entities to help it raise over Rs 445 crore
 "IOB to raise Rs 850 cr selling non-core assets and investments this fiscal")
Forgers are forcing $9-trillion global trade financing into digital age
As much as 80 per cent of global flows of merchandise -- worth about $9 trillion -- is financed by some form of credit, guarantee or insurance, according to a global survey
 "Forgers are forcing $9-trillion global trade financing into digital age")
RBI, banks begin holding company model talks; norms to be finalised by Sept
The HoldCo model will lead to cleaner equity holding structures within banking conglomerates
 "RBI, banks begin holding company model talks; norms to be finalised by Sept")
The RTI Act: RBI may need to rework communications strategy after SC order
RTI experts are elated with the apex court's latest order that emphasised on the RBI's statutory duty to uphold the interests of the public-at-large and the depositors
Icra downgrades YES Bank's bonds as quality of large borrowers dwindles
Rating action also factors in further weakening in core equity capital cushions due to voluntary provisions and consequent losses in Q4FY19
Dangerous to let viable cos shut down, IBC gives another chance: IBBI chief
M S Sahoo also noted that CoCs must provide all relevant information to resolution applicants so that they find interest in the companies
 "Dangerous to let viable cos shut down, IBC gives another chance: IBBI chief")
Icra downgrades some debt instruments of Canara Bank over earnings profile
Canara Bank said ratings on its additional Tier-I bonds worth Rs 1,500 crore has been downgraded to 'AA-', with a stable outlook, from 'AA' with negative outlook
 "Icra downgrades some debt instruments of Canara Bank over earnings profile")
Federal Bank Q4 net jumps two-fold to Rs 381 cr on higher interest income
Provisioning for bad loans during the quarter more than halved to Rs 177.76 crore, as against Rs 371.53 crore in the corresponding period of 2017-18
 "Federal Bank Q4 net jumps two-fold to Rs 381 cr on higher interest income")
Asian Development Bank must expand private sector ops: Subhash Chandra Garg
Economic Affairs Secretary Subhash Chandra Garg said there is a rising need for the agency to focus on strengthening human capital and develop social safety nets
 "Asian Development Bank must expand private sector ops: Subhash Chandra Garg")
Bank of Baroda hikes MCLR by 0.05%, overnight money to attract 8.3%
Similarly, for one-month and three-month tenors the interest rates have been increased to 8.30% and 8.45%, respectively
 "Bank of Baroda hikes MCLR by 0.05%, overnight money to attract 8.3%")
NBFC crisis averted, but some troubles persist: HDFC Bank MD Aditya Puri
Last year's defaults by IL&FS exposed fault lines among India's shadow lenders, which had grown rapidly to account for a third of all new loans over the previous three years
 "NBFC crisis averted, but some troubles persist: HDFC Bank MD Aditya Puri")
Insurance companies have to make provisions for IL&FS defaults: Regulator
Reserve Bank of India asked last week banks to do about their IL&FS exposure.
 "Insurance companies have to make provisions for IL&FS defaults: Regulator")
Banks take 57% haircut in 94 cases worth Rs 1.75 trillion resolved in FY19
As of March, there were 1,143 cases pending at various bankruptcy tribunals, and 32 percent of them are pending for over 270 days
 "Banks take 57% haircut in 94 cases worth Rs 1.75 trillion resolved in FY19")
Rs 7 trillion of corporate papers downgraded since start of IL&FS fiasco
The IL&FS crisis in September led to panic in markets with liquidity quickly drying up for borrowers, whose business models relied heavily upon debt markets
 "Rs 7 trillion of corporate papers downgraded since start of IL&FS fiasco")
NBFC crisis may push up borrowing costs for real estate developers
Along with housing finance companies, NBFCs account for about 60% of property developers' loans
 "NBFC crisis may push up borrowing costs for real estate developers")