- TCS IS THE FIRST INDIAN IT COMPANY TO TOUCH 100 BILLION DOLLAR MARKET VALUE: Tata Consultancy Service (TCS) is the first Indian IT Company to touch 100 billion dollar (Rs 6.49 lakh crores) in market capitalization. Reliance Industries (Energy-Telecom) is the only other Indian Company to reach $100 billion mark in the year 2007. It is also heartening to note that TCS gave its employees 120% payout of target variable pay (bonus).
- GROWTH IN BANK DEPOSITS FALLS TO FIVE DECADE LOW: Bank Deposit growth fell to a five decade low in fiscal year ended March 2018. Data from RBI website shows aggregate deposits in the banking system grew a mere 6.7% in 2017-18, the lowest since fiscal year 1963. There was huge influx of bank deposits during demonetization but now due to low interest rates, people have started saving in mutual funds and insurance which has eroded banking competitiveness.
- NPAs HIT MONETARY POLICY TRANSMISSION IN INDIA: Bad loans have impaired Monetary Policy transmission in India as Banks were unable to increase their lending rates and protect Net Interest Margin (NIM—means the difference between the yield the bank earns on loans and that it pays on deposits). This is as per a research report by RBI. The report says that as gross NPAs of banks rose, they were unable to increase interest rates due to competitive pressures. Gross NPAs in banks rose from 3.4% in 2013 to 9.9% in 2017.
- PNB TIGHTENS OFF-SITE CREDIT MONITORING RULES TO AVOID FURTHER FRAUDS: Punjab National Bank has tightened bank’s credit underwriting norms and has put in place an off-site monitoring to identify risks. The process has been divided into four components with different employees focussed on sourcing, appraisal, processing, documentation, disbursal and recovery. Internal Audit process has been strengthened to give higher weightage to off-site credit monitoring mechanism.
- REGIONAL RURAL BANK EMPLOYEES TO GET PENSION AT PAR WITH NATIONALISED BANKS: A Supreme Court verdict has paved way for Regional Rural Bank (RRB) employees to draw pension at par with nationalised banks. About 27,000 RRB employees are set to gain from this verdict. Currently there are 56 RRBs spread across the country with a work force of 95,000.
- GST MONTHLY REVENUE TOUCHES Rs. 1 LAKH CRORE: The GST revenue for the month of April 2018 has crossed Rs. 1 lakh crore. This is for the first time that GST collections are crossing the Rs. 1 lakh crore mark since GST was rolled out. The Finance Ministry has announced that the total Gross GST revenue collected in April 2018 is Rs. 1,03,458 Crore.
- NBFCs TOOK 40% OF ALL NEW CORPORATE LOANS BY BANKS: Loans to Non-Banking Financial Companies (NBFCs) accounted for nearly 40% of the total new corporate loans disbursed by banks in financial year 2018. The quantum of increase of loans to corporate sector was Rs. 2.68 Lakh Crore of which Rs. 1.05 lakh Crore (around 39.3%) was availed by NBFCs.
- GST COUNCIL MAY SOON ANNOUNCE CASH BACKS TO BUSINESSES FOR DIGITAL TRANSACTIONS: The GST council may soon announce cash backs to businesses and price benefits to consumers who are paying through digital mode. Consumers paying through digital mode would be offered a discount over maximum retail price. Businesses will get cash back based on the quantum of turnover through digital mode.
This post first appeared on IMPACT OF DEMONITIZATION OF CURRENCY IN INDIA IN 2016, please read the originial post: here
