WEEKLY FINANCIAL SNIPPETS-11/08/2018

  1. SBI POSTS Rs. 4,876 CRORE LOSS IN THE FIRST QUARTER OF FY’18-19: State Bank of India has reported net loss of Rs. 4,876 crore for the quarter ended June 2018. This is due to fresh slippage of Rs. 26,249 crore in the Non-Performing Asset (NPA) category for which the bank had to keep provisions. The profits were also hit by large depreciation in the value of its bond portfolio following an increase in interest rates.

 

  1. BANKS COLLECTED Rs. 5,000 CRORE FROM CUSTOMERS FOR NOT MAINTAINING MINIMUM BALANCE IN FY’ 17-18: As many as 21 Public Sector Banks and 3 private banks collected around Rs. 5,000 crore as penalties from customers’ for not maintain minimum balance in their accounts in 2017-18. State Bank of India, who suffered a staggering net loss in this period, was the highest grosser in penalising its customers.

 

  1. OVER 2,00,000 “NON-FILERS” FILED ITR IN FY’18 : As many as 2,00,000 “non-filers” have filed their Income Tax Returns in last fiscal. I-T department had issued notices to 3,04.000 individuals who had deposited cash of more than Rs 1 million in their respective accounts post demonetization but had not filed returns before the due date. As a result returns were filed by 2,09,000 persons and have paid self-assessment tax of Rs 64.16 billion. This was told by Minister of State for Finance Mr. Shiv Pratap Shukla in Rajya Sabha.

 

  1. RBI CANCELS LICENCES OF 368 NBFCs IN 2018: The Reserve Bank of India has cancelled licences of 368 Non-Banking Financial Companies (NBFCs) in six months ended June 20018 for failing to meet regulatory norms. The move is being seen as an attempt to clean up the sector, which has more than 11,402 NBFCs of which 222 are non-deposit taking NBFCs. Industry experts say that majority of the licences thus cancelled belong to NBFCs which had failed to meet RBI’s requirement of net owned fund of Rs. 2 crore.

 

  1. PNB IN TALKS WITH GOVERNMENT DEPARTMENTS TO SELL ITS HQ: Punjab National Bank (PNB) is in negotiation with a few of government departments, including Income tax and central excise, to sell its headquarters situated  at Bhikaji  Cama Place in New Delhi. The bank is going for second round of valuation of the property due to high demand. The bank expects to raise nearly Rs. 700-800 crore from the sale of its earlier head office in New Delhi. The bank has set a target of Rs.8,600 crore from sale of its non-core assets in FY 18-19.

 

  1. SBI LAUNCHES “MOPAD”: State Bank of India has launched a payments machine called “MOPAD” (Multi Option Payment Acceptance Device) that would help merchants eliminate the multiple choices that they keep to facilitate transactions from cards to QR code based payments. MOPAD is a Point Of Sale (POS) terminal that would accept payments from cards, UPI, Bharat QR, and SBI Buddy wallet which till now required different modes of tools to receive payments.

 

  1. RBI DECLARES Rs. 50,000 CRORE DEVIDEND FOR 2017-18: The Reserve Bank of India (RBI) has announced the transfer of Rs. 50,000 crore to the centre from its 2017-18 surplus. The amount included Rs. 10,000 crore transferred as an interim dividend to aid the Centre’s efforts to control the FY18 fiscal deficit.

 

 

  1. 10 PSU BANKS WILL BE HEADLESS BY THIS MONTH END: Seven Public Sector banks are already functioning without their Chiefs and the term of three more bank CEOs will end this month end, making it 10 banks without CEOs. This has created a huge void in state-run banks, that too at this time when most of the banks are grappling with bad loans and are in a bad shape.
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