Banking Awareness - Recent News

Published for http://www.jobentra.blogspot.com

1.    Inflation low to 6.62 percent in January 2013

i. The inflation rate of India dropped down to the three year low in the chart to 6.62 percent in January 2013 from the 7.18 percent, measured in December 2012. 

ii. The inflation was measured based upon monthly Wholesale Price Index. 

iii. The official Wholesale Price Index for All Commodities (Base: 2004-05 = 100) in January, 2013 rose by 0.4 percent to 169.2 (Provisional) from 168.6 (Provisional) for the previous month.

2.    NTPL signs 1,000 MW project with banks:

i. A groups of banks which includes Bank of India, Indian Bank and Central Bank of India has agreed to lend Rs 937 crore for the 1,000 –MW NTPL power project, a joint venture of the Neyveli Lignite Corporation and the Tamil Nadu Power Generation and Distribution Corporration.

ii. The project is being set up at Tuticorin in Tamil Nadu. The Project would be taken up at an estimated cost of Rs. 4,909.54 crore.

iii. The power generated from the project would be distributed among Tamil Nadu, Kerala, Karnataka and Puducherry.

3.    SBI launched “Tatkal Scheme”...

i. Recently “Tatkal” scheme is launched by SBI (State Bank of India) that enables the people to transfer money to their families in their native towns and villages without actually opening an account.

4.    Saxo Bank enters Indian market:

i. Saxo Banks has announced its entry into the Indian market to provide trading platform for foreign equities.

About Saxo Bank:

i. An online Danish investment Bank:

Headquater: Copenhagen, Denmark

Chairman: Kurt K. Larsen

Service offered:

i. Trading via an online platform Saxo Trader in Forex, stocks, futures, funds and Bonds

ii. Private wealth management services.

iii. The bank provides online trading and investment across global financial markets.

iv. Saxo Bank is well known internationally for its success in Internet brokerage and it has bagged numbers of awards for the same.

5.    50% increases in Bad loans of listed banks:

i. The bad loans or Non Performing Assets of listed banks swelled by 50% at Rs 30,840 crore in the first nine months of the current financial year ended December 31,2012.

ii. The net Non-Performing Assets (NPAs) of 40 listed banks surged to Rs 92,398 crore as on December 31, 2012, from Rs 61,558 crore as on March 31, 2012.

iii. The net NPAs in State Bank of India, Punjab National Bank and Bank of Baroda rose by 60%, 70% and 118% respectively.

6.    Govt. increase NABARD capital base to Rs 20,000 crore

i. The Govt. has increased the capital base of India’s apex development bank NABARD to Rs 20,000 crore from existing Rs 5000 crore.

ii. The increase will augment the operations and broaden the activities of NABARD. Following these changes NABARD would be able to undertake short term lending operations and introduce new credit products.

7.    Financial institutions Syndicated deal Award goes to Yes Bank:

i. YES Bank has been awarded the Financial Institutions Syndicated Deal of the Year 2012 in its Asia Pacific Region.

ii. The award was given for $155 million loan syndicated by YES bank which was distributed across 9 different countries from 14 banks.

iii. The award was given away by Asia Pacific Loan Market Association (APLMA), which is a leading trade association for syndicated loan market in this region.

8.    Exports of India Increased By 0.8 Per Cent in January 2013

i. The exports of India increased by 0.8 percent in the month of January 2013 to 25.58 billion US dollars.

ii. Comparatively, exports in January 2012 were 25.37 billion US dollars. 

iii. Imports on the other hand, increased by 6.12 percent to 45.5 billion

iv. Oil imports in January 2013 increased by 6.91 percent to 15.89 billion US dollars in comparison to 14.87 billion US dollars in January 2012.

9.    Net Direct Tax Collection Grew 12 Percent in April-January in FY 2012-2013

i. Net Direct Tax collections registered a growth of 12.49 percent, i.e., 390310 crore Rupees in 2012-2013 fiscal year against 346959 crore Rupees in 2011-2012 fiscal year. 

ii. Gross Direct Tax collection from the period of April to January in fiscal year 2012-2013 increased by 7.02 percent at 455125 crore Rupees against 425274 crore Rupees in same period in 2011-2012 fiscal year. 

iii. 2.85 percent growth was recorded in wealth tax. It increased to 685 crore Rupees in 2012-2013 financial year in comparison to 666 crore Rupees in 2011-2012 financial year.

iv. Gross collection of the corporate taxes increased 3.71 percent, i.e., 296451 crore Rupees in 2012-2013 fiscal year against 285837 crore Rupees in 2011-2012.

v. Gross collection of personal income tax increased by 13.81 percent, i.e., 157913 crore Rupees in 2012-2013 fiscal year against 138746 crore in 2011-2012 fiscal year. 

10.  Dell ready to become private in $24 billion deal

i. PC manufacturer Dell is ready to go private in a $24 billion buyout.

ii. The  company which is facing slump will pay its stockholders $13.65 share to leave the company on its own.

iii. The company will be sold to a group of investors that includes investment firm Silver Lake.

iv. Once this is done, Dell will stop trading on the NASDAQ

v. Dell’s sale is the highest –priced leveraged buyout of a technology company.

NOTE: i. Dell did rapid growth through the 1990s which brought its founder Michael Dell into one of the world’s richest people.

ii. Michael Dell, who owns nearly 16% stake in the company will remain the CEO after the sale closes.