1. BANK UNIONS URGE THE GOVDERNMENT AND RBI TO REVEAL NAMES OF TOP CORPORATE WILFUL DEFAULTERS: All major Bank Unions have urged RBI and the government to reveal the names of top corporates who are “wilful-defaulters”. According to the Union,the position of non-performing assets ( NPAs) of public sector banks will worsen if names of top corporate wilful defaulters is not revealed. It said that the RBI and government should act fast in this aspect and along with naming them, they should be treated as criminal offenders. The large corporate NPAs account for more than 60% of public sector banks’ NPAs.

2. MINISTRY OF FINANCE SHOULD BE ABLE TO INFUSE $27 BILLION INTO PUBLIC SECTOR BANNKS BY 2019: As per a report by Bank of America Merril Lynch ( BOfMAL), a global financial services, the Ministry of Finance should be able to infuse $27 billion of capital into PSU banksby 2019. According to the report the PSU banks capital risks are  overdone and the government is ready to address their asset quality to support recovery.

3. RBI GETS GOVERNMENT’S NOD TO PROCEED AHEAD ON INDIA’S BIGGEST BANKING CLEAN-UP: The Reserve Bank of India will begin the course of action on its biggest banking clean-up exercise as President ShriPranab Mukherjee promulgated an ordinance, authorising RBI to issue directions to banks to initiate insolvency resolution processin the cases of loan defaults.This will help the banks in a big way to tackle toxic loans.

4. NEW FACILITY LAUNCHED TO LINK AADHAAR WITH PAN : The Income Tax Departmenthas launched a new e-facility to link a person’s Aadhaar with PAN. This is a mandatory procedure for filing income tax returns. For this the department’s e-filing website ( incometaxindiaefiling.gov.in) has created a new link on its home page making it easy to link the two unique identities of individuals. The link requires  a person to punch in his/her PAN no , Aadhaar No and the exact name as given in the Aadhaar card. After verification from UIDAI, the linking will be done and if here is any mismatch then Aadhaar OTP will be required.

5. RBI DECLINES TO PROVIDE DETAILS OF NOTE BAN PROCESS: Six months after the demonetization, the Reserve Bank of India has declined to share details of the note ban process, saying it would be detrimental to the country’s economic interest. The Central Bank said that disclosing such details may impede future economic or fiscal policiesof Government of India.

6. IDBI BANK PUT UNDER WATCH BY RESERVE BANK: Reserve Bank of India has initiated “prompt Corrective action” (PCA) on state owned IDBI Bank in view of its high non-performing assets (NPA) and negative return on assets. According to IDBI Bank officials this will not have any material impact on the performance of the bank and will contribute to improving internal controls of the bank and improvement in its activity.