Finance News 1 Aug 2016

Other income, retail loan growth boost private banks’ profit

Strong other income and robust growth in the retail (individual) book portfolio helped

private sector banksreport good earnings growth in the April-June quarter. Most banks

met Street estimates and concerns on asset quality also stabilised, as the spikes in non-

performing assets (NPAs) were along expected lines.

Submit plans for fund raising: Govt to PSU banks

Having announced capital infusion of Rs 22,915 crore in PSU banks,

the Finance Ministry has asked them to submit plans for raising resources through

markets, including public offers and sale of non-core assets.

“With the infusion, the financial strength of the banks will get a boost. This can be then

leveraged by the banks to raise funds from the markets which is looking up,” sources

said.

Exim Bank raises $1 billion from overseas bonds

Export-Import Bank of India (Exim Bank) on Sunday announced raising of $1 billion

(about Rs 6,700 crore) by selling bonds to overseas investors.

Initially announced for $500 million, the issue was upsized to $1 billion based on strong

demand from the investors, Exim Bank said in a statement.

Settling death claims to become faster

Insurers are trying to settle death claims in less than half the stipulated time. They are

also doing away with the need for documents, including death certificates,so as not to

inconvenience claimants.

A life insurance company is required, to settle a death claim without investigation within

30 days. Those requiring investigation will have to be settled within six months.

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