Volume XXX Number 31 May 4, 2015

Weeklies

BI – Business India

BusW – Business World

BusT – Business Today

CMar – Capital Market

EPW – Economic and Political Weekly

SE – Southern Economist

Eco – Economist

For(Asia) – Fortune AsiaCI – Corporate India

Newspapers

BS – Business Standard

ET – Economic Times

FE – Financial Express

FT – Financial Times

H – Hindu

HBL – Hindu Business Line

HT – Hindustan Times

IE – Indian Express

TI – Times of India

Mint – Mint

Classifications

Economy Banking Agriculture & Rural Development Industry Small Scale Industry

International Economics Labour & Personnel Management Management Miscellaneous Books

CONTENTS

A. ECONOMY 1

B. BANKING 2

C. AGRICULTURE & RURAL DEVELOPMENT 14

D. INDUSTRY 16

E. SMALL SCALE INDUSTRY 17

F. INTERNATIONAL ECONOMICS 17

G. LABOUR & PERSONNEL MANAGEMENT 17

H. MANAGEMENT 17

I. MISCELLANEOUS 18

– 1 –

BANKERS' BRIEF Vol. XXX No. 31May 4, 2015

ECONOMY"D&B Pegs India's GDP Growth at 8.4% in FY16" – India is expected to clock a GDP growth of 8.4% in

the current financial year, spurred by policy reforms, fall in food inflation and lower fuel prices, says a Dun &Bradstreet report. – (ET Apr 30, 2015 p 15)

"Lower monsoon forecast will not impact rating, says Moody's: resolve tax issues, remove regulatoryhurdles" – India's below normal monsoon is unlikely to impact credit rating, Moody's said while assertingthat government policy action and reforms going forward will be key to an upgrade. A report. – (HBL Apr24, 2015 p 4)

"Macroeconomic snapshot" – A graphical report. – (Mint Apr 27, 2015 p 10)

"Rating upgrade for India after macros improve: Moody's" – Pitching for ease of doing business and astable tax regime to attract investment to India, rating agency Moody's said any upgrade for the country willdepend on consistent improvement in inflation, fiscal deficit and other economic parameters. – (FE Apr 27,2015 p 2)

"World Bank pegs India's growth at 7.5% in 2015-16: India development update calls for more fiscalreforms" – The World Bank projects India's GDP growth rate expanding to 7.5 per cent in the current fiscalon account of increased economic activity and greater stability. India's economic growth is expected to riseto 7.5 per cent in 2015-16, followed by further acceleration to 7.9 per cent in 2016-17 and 8 per cent in 2017-18, it said in its India Development Update. A report. – (HBL Apr 29, 2015 p 4)

Virmani, Arvind – "Tracking two growth stories" – For India, achieving a sustained growth of 8 to 8.5 percent over the next few decades requires pushing the reform agenda. If done, it can expect to grow fasterthan China and close the gap that has opened between the per capita GDP of the two countries. Those of uswho were willing to take a reputational risk have been proved right, as China economy slowed below eightper cent in 2012 and is now predicted to slow below seven per cent by the multilateral institutions. An article.– (H Apr 29, 2015 p 8)

CAPITAL ACCOUNT CONVERTIBILITYNarasimhan, C R L – "Is time ripe for the plunge?" – It goes without saying that stronger banks in India

are more important than being able to issue a cheque in a foreign country. An article. – (H Apr 27, 2015 p 15)

Sabnavis, Madan – "Full convertibility still some distance away: Our stance on market mechanismsremains ambivalent while our external account situation is far from certain" – An article. – (FE Apr25, 2015 p 6)

FISCAL POLICYChinoy, Sajjid Z and Jain, Toshi – "Making sense of FY16 fiscal policy" – Despite higher transfers from

Centre, state budgets reveal neither much fiscal consolidation nor a greater capex thrust. An article. – (FEApr 24, 2015 p 8)

FOREIGN ECONOMIC RELATIONS

– JAPAN

"India-Japan: new initiatives" – A report. – (ET Apr 30, 2015 p 19)

FOREIGN EXCHANGE RATEBarua, Abheek – "Raghuram Rajan's arithmetic" – What does the Reserve Bank of India governor really

think is the 'right' value of the rupee? An article. – (BS Apr 25, 2015 p 9)

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FOREIGN EXCHANGE RESERVES"Forex Reserves Rise to $343 b" – After falling last week, India's foreign exchange reserves rose by $2.8

billion in the week to April 17 to $343.2 billion, creating a new record. In the week under review, foreigncurrency assets rose $2.7 billion to $318.860 billion. – (ET Apr 25, 2015 p 6)

FOREIGN TRADEPalit, Amitendu – "India's foreign trade policy: Overlooking downsides: Indian exports would have

to expand beyond their skins to achieve the growth rate the policy expects them to" – India is nota global producer of necessities. Nor does it have as broad a manufacturing base producing as cheap andvaried items as China. Its exports can crack the world market only if they are efficient. An article. – (FE Apr29, 2015 p 8)

GST"10 things to watch out for in GST Bill" – The Constitution does not provide for a parallel levy of indirect

taxes by the Centre and states, a pre-requisite for the roll-out of goods and services tax (GST) in the country.The government introduced in Parliament last week the 122nd Constitution amendment Bill to address this.Some key highlights of the Bill. – (BS Apr 27, 2015 p 12)

Bhattacharya, A K – "Towards an Indian GST regime" – An article. – (BS Apr 29, 2015 p 9)

Muralidharan, R – "Tax cafe: Making GST work" – Countries like China, Australia and the UK have GSTrates less than 20%, India too needs to have a lower rate structure. An article. – (FE Apr 24, 2015 p 9)

INFLATIONChidambaram, P – "Inflation is bad, but is deflation good?" – An article. – (FE Apr 26, 2015 p 2)

NITI AAYOG"First private sector hires? Niti Aayog taps Mohandas Pai, Sanjeev Sanyal" – In what will be the first

instance of private sector talent infusion in the NDA government, the newly set up National Institution forTransforming India (NITI) or Niti Aayog, has proposed to rope in Sanjeev Sanyal, Deutsche Bank globalstrategist based in Singapore, and T V Mohandas Pai, chairman, Manipal Global Education, and formermember of the Infosys board, as full-time members. – (IE Apr 24, 2015 p 1)

POVERTY ESTIMATIONTiwari, Santosh – "Corridors of Power: A new NITI for measuring poverty" – Estimation of poverty

based on development parameters like availability of housing, roads, power, health facilities, education andjobs will be a better model for funding schemes. An article. – (FE Apr 30, 2015 p 9)

POVERTY REDUCTIONBanik, Nilanjan – "Poverty reduction: Govt intervention yes, but target it better: Access to banking

and improvement in agricultural productivity have the largest effects in reducing poverty" –Increasing access to credit through provisioning of more bank branches by 1% can help reduce HCR (bothurban and rural) by 0.21%. An article. – (FE Apr 29, 2015 p 9)

BANKING

GENERAL"Include third gender in bank forms: RBI" – The Reserve Bank of India has directed banks to include a

'third gender' in all forms and applications. The banking regulator said that it has been brought to their noticethat transgender people face difficulties in opening accounts as there is no provision for them in the accountopening and other forms. – (BS Apr 24, 2015 p 6)

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ALLAHABAD BANK"Allahabad Bank signs MOU with LlC" – Allahabad Bank signed an MOU with Life Insurance Corporation

of India at the Bank's Head Office in Kolkata on Pradhan Mantri Jeevan Jyoti Yojana for low cost group lifeinsurance cover for the depositors of the Bank. – (ET Apr 27, 2015 p 6)

ANDHRA BANK"Andhra Bank Q4 net profit up 110% at Rs.185 cr" – Andhra Bank has reported a 110.3 per cent jump in

net profit at Rs.185.24 crore for the quarter ended March 31 on the back of higher net interest margin (NIM)and the lower provisioning, as compared to Rs.88.08 crore in the corresponding year-ago period. Totalincome grew 15.8 per cent at Rs.4,699.1 crore from Rs.4,057.8 crore in the year-ago period. The net profitwas down 8.16 per cent compared with Rs.201.71 crore in quarter ended December, 2014. – (BS Apr 28,2015 p 6)

"Andhra Bank: financial results for the quarter/year ended 31st March, 2015" – An advertisementfeature. – (Mint Apr 28, 2015 p 13)

AXIS BANK"Accretion to NPAs may remain lower in FY16" – An interview with Sanjeev K Gupta, executive director

(corporate centre) & chief financial officer, and V Srinivasan, executive director (corporate banking), AxisBank. Asset quality at Axis Bank was stable in the three months to March, although there was a slightincrease in NPAs y-o-y. Accretion to stressed assets in FY16 is likely to be lower than last year. – (FE Apr30, 2015 p 10)

"Axis Bank Q4 net profit up despite higher provisions" – Axis Bank Ltd's net profit rose 18% in thequarter ended March, riding on a rise in both interest as well as non-interest income, despite a rise in provisions.Net profit in the January-March quarter rose to Rs.2,181 crore from Rs.1,842 crore in the same period lastyear. It was higher than the Rs.2,150 crore estimated by 22 analysts polled by Bloomberg. A report. – (MintApr 30, 2015 p 8)

Krishnan, Ravi – "Axis Bank asset quality numbers remain strong" – An article. – (Mint Apr 30, 2015 p18)

BANK OF INDIA"BoI raises $750 million through offshore bonds" – Bank of India (BoI) has raised $750 million through its

offshore bond issue, which has a tenure of five years, according to a bank and two bond arrangers close tothe deal. – (FE Apr 29, 2015 p 10)

CENTRAL BANK OF INDIA"Central Bank signs MOU with LlC for insurance scheme" – Central Bank of India signed MOU with

LIC of India for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the scheme announced by theFinance Minister in Union Budget 2015-16. – (ET Apr 27, 2015 p 6)

FEDERAL BANK"Federal Bank profit crosses Rs.1,000-cr mark in FY15: 20% rise over FY14; focus on asset quality

pays off, says MD" – Federal Bank has posted its highest ever net profit, of over Rs.1,000 crore for the firsttime ever. The net profit grew 20 per cent, from Rs.838.89 crore in FY14 to Rs.1,005.75 crore in FY15. Areport. – (HBL Apr 30, 2015 p 6)

"Federal Bank: audited financial results for the quarter and year ended 31st March 2015" – Anadvertisement feature. – (HBL Apr 30, 2015 p 5)

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HDFC BANK"Algorithm to approve personal loans in HDFC Bank's retail push" – With most of this year's loan

growth expected to come from the retail segment, HDFC Bank has devised a strategy of using algorithms toapprove personal loans, completely doing away with credit officials. The bank now promises to disburseloans to its customers online, around the clock and without any paperwork. A report. – (TI Apr 29, 2015 p 17)

"Focus will be both on retail, corporate loans: Sukthankar" – An interview with Paresh Sukthankar,Deputy Managing Director, HDFC Bank. – (HBL Apr 24, 2015 p 6)

"HDFC Bank net rises 21% in Q4 on healthy loan, income growth: Net interest margin stable at4.40%; to focus on branch expansion to take on competition" – Robust loan growth and other incomepropelled HDFC Bank's net profit up 21 per cent to Rs.2,807 crore in the fourth quarter ended March 31,compared with Rs.2,327 crore in the year ago period. India's second largest private sector bank crossed themilestone of Rs.10,000 crore in net profit for the full year. A report. – (HBL Apr 24, 2015 p 6)

"HDFC Bank offers 10-sec loan nod" – Your loans will not only become cheaper, but will be disbursedfaster, within seconds. In three weeks, HDFC Bank will offer personal loans disbursed in 10 seconds throughnet banking, as it expands market share and gears up for increased competition from non-banking financecompanies (NBFCs). The offer is for existing customers of HDFC Bank, and will be available 24 hours aday. Customers will need to fill an online form and will be directed for a one-time password as additionalsecurity. This offer would be the world's fastest loan disbursal; M Bank in Poland offers disbursals in 30seconds. – (HT Apr 27, 2015 p 12)

Krishnan, Ravi – "HDFC Bank: waiting for the economic recovery" – An article. – (Mint Apr 24, 2015pp 1, 2)

Merwin, Radhika – "Outpacing the industry by a wide margin" – HDFC Bank delivered a 20.6% growthin net profit in the March quarter, ending fiscal 2014-15 with a 22% growth in earnings. This was backed bya 20.6% growth in loans. Though loan growth slowed from the previous year's 26%, the bank has stillmanaged to outpace the industry growth by a wide margin. An article. – (HBL Apr 24, 2015 p 6)

ICICI BANK"Asset quality still a drag, but other biz looks Up for ICICI" – Nearly 25% of the bank's restructured

assets slipped into NPA status this qtr. This quarter, the bank benefitted from the reduction in repo rate by thecentral bank. – (ET Apr 28, 2015 p 10)

"Expect credit to grow 18-20% in near future" – Excerpts from an interview with Chanda Kochhar,Managing director & chief executive officer, ICICI Bank. ICICI Bank reported an increase in bad loans inthe January-March quarter, largely due to restructured assets turning bad. She told reporters in a conferencecall she expects asset quality to improve from hereon. – (FE Apr 28, 2015 p 10)

"ICICI Bank's profit growth weighed down by bad loan provisioning: Turnaround of the economyhas been more volatile and gradual than expected, says MD" – Higher provisioning towards bad loansweighed on ICICI Bank's profitability in the January-March 2015 quarter. The country's largest privatesector lender posted a 10 per cent increase in standalone net profit in the reporting period at Rs.2,922 croreamid some pressure on asset quality. Rival HDFC Bank had posted a relatively healthier profit growth of 21per cent at Rs.2,807 crore for the fourth quarter. A report. – (HBL Apr 28, 2015 p 6)

"ICICI Bank: unconsolidated financial results for the three months ended March 31, 2015" – Anadvertisement feature. – (BS Apr 28, 2015 Sec. II p 12)

"ICICI taps reserves to cover old bad loans" – ICICI Bank provided for an additional Rs.929 crore againstloans restructured prior to 2008 to comply with RBI guidelines in the quarter ended March 2015. However,instead of providing that amount from its profit and loss account, the bank debited the amount from itsreserves, which prevented a hit to its profits during the quarter. This was done with the prior permission ofRBI, according to executive director N S Kannan. A report. – (Mint Apr 29, 2015 p 3)

Krishnan, Ravi – "Why ICICI Bank trades at a discount to peers" – An article. – (Mint Apr 28, 2015 p 18)

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IDBI BANK"IDBI Bank signs MoU with Bajaj Allianz" – IDBI Bank and Bajaj Allianz General Insurance have entered

into a memorandum of understanding to implement the Pradhan Mantri Suraksha Bima Yojana for savingsbank account holders of the bank. – (BS Apr 24, 2015 p 6)

KOTAK MAHINDRA BANK"Expectations were for a rocket, now there's tempering" – Excerpts from an interview with Uday Kotak,

Executive CMD, Kotak Mahindra Bank. – (IE Apr 28, 2015 p 13)

– ING VYSYA

"For Kotak, ING Vysya merger is like joint family moment : Says Integration Likely To Be CompletedBy End Of FY16" – Uday Kotak's success in managing his financial conglomerate - Kotak Mahindra Bankand its nine group companies - stems from practical lessons in his early life. I grew up in a joint family of 60people with one kitchen. So I am a firm believer in the family concept. It is this learning that gives himconfidence of completing the integration of ING Vysya Bank - Kotak's latest acquisition - with the group'sflagship by March 2016. If you are being fair, reasonable and not playing games, the joint family works. Areport. – (TI Apr 27, 2015 p 11)

LAKSHMI VILAS BANK"Lakshmi Vilas Bank: audited financial results for the year ended 31st March, 2015" – An advertisement

feature. – (HBL Apr 30, 2015 p 13)

"LVB net up 91% on higher income" – Lakshmi Vilas Bank (LVB) reported a 90.54% jump in net profit toRs.40.07 crore for the fourth quarter against Rs.21.03 crore in the corresponding quarter last fiscal. Totalincome grew to Rs.663.97 crore from Rs.571.43 crore, a growth of 16%, said a statement from the bank.– (FE Apr 30, 2015 p 10)

RESERVE BANK OF INDIA"Green drive: RBI to soon issue 'tree certificates': The central bank sets tree-planting targets for

its offices across the country" – The planting of trees not only creates low-skill jobs, it also has a directimpact on carbon reduction, restores forests, upgrades water catchments areas...In short, each tree plantedby us would be beneficial to the present and future generations, according to the RBI circular. – (HBL Apr28, 2015 p 6)

STATE BANK OF INDIA"SBI planning to raise Rs.15,000 cr via share sale by June?" – The country's largest lender SBI may hit

the market by June with plans to raise Rs.15,000 crore through sale of shares. While SBI is yet to formallydecide on the timing of the share sale plan, the biggest ever by the state-run bank, merchant banking sourcessaid that it might take place by June as the conditions are not seen to be very conducive at the moment. Areport. – (FE Apr 25, 2015 p 8)

"State Bank of India: credit growth to accelerate in FY 2016" – Captains Speak: Arundhati Bhattacharya,Chairman of State Bank of India. – (CI 8(3) Apr 1, 2015 p 12)

"Wins top honors at IAA Leadership Awards 2015" – Smt. Arundhati Bhattacharya, Chairman, SBI wasawarded the CEO of the year award at the IAA Leadership Awards 2015. – (FE Apr 24, 2015 p 19)

– RECOVERY OF LOANS

"Never say never: SBI cheers recovery of 30-year-old NPA" – At State Bank of India's (SBI) headquartersin Mumbai, the recovery department was in a celebratory mood last month. As the news of recovering froman account after an almost 30-year-long legal battle came in, a small party was organised to felicitate thecase officer who oversaw the recovery. The bank recently recovered Rs.21 crore from a private limitedcompany, which had taken loans in 1981. The account then turned into a non-performing asset (NPA) inMarch 1983. – (FE Apr 30, 2015 p 10)

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STATE BANK OF MYSORE"State Bank of Mysore Q4 profit up 27%" – State Bank of Mysore (SBM) reported a 27 per cent rise in

March quarter profit at Rs.136 crore on higher income. The bank had posted Rs.106.81-crore profit incorresponding quarter last fiscal. For the financial year ended March 2015, SBM reported net profit ofRs.409 crore, a growth of 49 per cent over previous financial year's Rs.274.25 crore. A report. – (HBL Apr24, 2015 p 6)

"State Bank of Mysore: audited financial results for the year ended 31st March 2015" – Anadvertisement feature. – (HBL Apr 24, 2015 p 20)

STATE BANK OF PATIALA"State Bank of Patiala: audited financial results for the year ended 31st March 2015" – An advertisement

feature. – (FE Apr 29, 2015 p 24)

UNION BANK OF INDIA"Union Bank signs MOU with Star Union Dai-Ichi Life & New India Assurance" – Union Bank of India

signed a MoU with Star Union Dai-Ichi Life Insurance Co. Ltd. & The New India Assurance Co. Ltd. tolaunch two social security insurance schemes viz. 'Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme(PMJJBY)' & 'Pradhan Mantri Suraksha Bima Yojana (PMSBY).' – (ET Apr 27, 2015 p 6)

YES BANK"Yes Bank to raise FII, FPI limit to 74%" – Yes Bank said it has received approval from its board of

directors to hike the foreign shareholding limit up to 74 per cent, from existing 49 per cent. ... the board ofdirectors of the company has approved the proposal to seek final approval of shareholders for increase in thelimit for FII/FPI up to 74 per cent of the paid-up share capital of the bank from the existing limit of 49 per cent– (FE Apr 24, 2015 p 11)

– BANKING ABROAD

"YES Bank launches office in Abu Dhabi" – YES Bank announced its international foray by launching itsfirst International representative office in Abu Dhabi, UAE. Here, the bank will provide services for uniqueinvestment needs of the Indian diaspora in the Gulf city through their flagship Global Indian Banking program.– (BS Apr 28, 2015 p 6)

EUROPE

– DEUTSCHE BANK

Gapper, John – "Europe needs Deutsche Bank as its champion" – I am glad that Deutsche has, and thatit still wants to compete with what was once called the 'bulge bracket' - banks and brokers led by GoldmanSachs and Morgan Stanley. Europe needs at least one global investment bank champion. Without one, it is indanger of leaning too much on Wall Street to shape and run capital markets that its companies - large andsmall - require. An article. – (FT Apr 23, 2015 p 7)

USA

– FEDERAL RESERVE

"Fed prepares toolkit for higher rates" – For the Federal Reserve, deciding the date of its first interest raterise is only part of the battle. As the US central bank prepares for the first increase in nearly a decade, adebate is still under way over new levers it will use to transmit its decisions into the broad reaches of thefinancial markets. A report. – (FT Apr 24, 2015 p 22)

"Financial regulation in America: Fed up" – A former central banker turns on his own kind. An article.– (Eco 415(8935) Apr 25, 2015 p 66)

– 7 –

ANNUAL CREDIT PLAN"Annual credit plan should not be a mere ritual, banks told: 2015-16 plan for Kalaburagi district

launched" – Deputy Commissioner Vipul Bansal said that the Annual Credit Plans of banks should notbecome a mere ritual and bankers should make honest efforts to achieve financial targets and also help thefarming sector get all the benefits due to them. A report. – (H Apr 28, 2015 p 2)

BANK CAPITAL

– PUBLIC SECTOR BANKS

"Centre had decided to infuse Rs.6,990 crore in 9 PSBs out of the current year's budget: IBA preparesrecap road map, govt set for infusion" – The government is set to go for the second round of capitalinfusion into public sector banks in May with the Indian Banks Association (IBA) getting ready with the newrecapitalisation road map as required by the finance ministry. The government had decided to infuse Rs 6,990crore in nine PSBs out of the current year's budget to strengthen their capital base in February, 2015. As thecapital infusion was done on the basis of their efficiency in performance, the remaining banks were in aquandary. In the next round, these banks are likely to get the capital. A report. – (IE Apr 26, 2015 p 17)

"For proposed share sales: Finmin asks PSBs to explore ways to attract investors: SBI and othersare looking to raise money through public offers, including qualified institutional placements" –The finance ministry has asked public sector banks to explore innovative strategies to attract investors intheir proposed share sales and has sought individual presentations from each bank after its annual results,piling pressure on them to show improved performance. A report. – (ET Apr 28, 2015 p 11)

BANK CONSOLIDATION"Mix, but also match" – Yes, we need fewer and larger banks, but they must merge for the right reasons. An

editorial. – (HBL Apr 25, 2015 p 6)

BANK FRAUDS"Fraud in Indian banks has increased: deloitte survey" – Incidents related to fraud are increasing in

Indian banks, a survey has found. Audit and consultancy company Deloitte Touche Tohmatsu Ltd surveyed44 banks in the second edition of its India Banking Fraud Survey, in which more than 50% of the respondentssaid fraud-related incidents increased at least 10% in the last two years. Most of the incidents were linked toretail banking, including frauds linked to Internet banking, automated teller machines (ATMs) and debit andcredit cards, apart from identity frauds. The banks surveyed pointed to an average loss of Rs.10 lakh perfraud in retail banking, while a similar incidence in the corporate banking side led to a loss of Rs.2 crore. Areport. – (Mint Apr 24, 2015 p 3)

"Rajan writes to PMO, wants action in the 10 biggest bank frauds" – RBI chief Raghuram Rajan haswritten to the prime minister's office seeking 'concerted' action in the country's 10 biggest bank fraudsallegedly involving prominent real estate, media and diamond firms that are being probed by the CBI. Rajanlisted the scams pegged at about Rs.17,500 crore and outlined their dates, the reasons cited by banks fordelays in their investigation and the status of the cases obtained from the CBI. A report. – (HT Apr 24, 2015pp 1, 7)

BANK LENDINGBandyopadhyay, Tamal – "When will banks lend again?" – An article. – (Mint Apr 27, 2015 p 13)

– INFRASTRUCTURE FINANCE

Rajaraman, Venkataraman – "Need to protect lender interests: banks should rework loan deals andreinforce their rights" – An article. – (FE Apr 29, 2015 p 13)

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BANKING REGULATOR"Finance Bill set to limit RBI's role: central bank can only regulate rates for money, commercial

papers and corporate bonds" – Following changes in the Reserve Bank of India (RBI) Act, to come intoeffect once the Finance Bill is passed, the central bank will only be left with powers to regulate repurchaseand reverse repurchase rates for money, commercial papers, and corporate bonds and debentures held bybanks and other financial institutions. It is likely to lose all powers over central and state government securities,including regulating repo and reverse repo rates of these securities held by banks and financial institutions. Asreported in Business Standard earlier, it will also lose the power to issue and regulate government securities.A report. – (BS Apr 24, 2015 pp 1, 5)

– BOND MARKET

"RBI to retain powers to regulate government bonds: Jayant Sinha" – The government will not takeaway the Reserve Bank of India's (RBI) power to regulate trade in government bonds even as it prepares toremove the central bank's responsibility for managing public debt, according to minister of state for financeJayant Sinha. A report. – (Mint Apr 29, 2015 p 9)

BOUNCED CHEQUESBhan, Indu – "Placing the burden of bounced cheques: As per the proposed changes, a cheque

bounce case will be tried only by a court in whose jurisdiction the payee's bank lies" – Experts havewelcomed the move as it removes the ambiguities on the jurisdictional issue that has plagued cheque bouncecases following a SC ruling. An article. – (FE Apr 30, 2015 p 9)

COOPERATIVE BANKING

– SHAMRAO VITHAL CO-OPERATIVE BANK

"Shrinivas Joshi, MD, SVC Bank wins Best MD Award" – Shamrao Vithal Co-op (SVC) Bank Ltd hasreceived further recognition from industry stalwarts. Shrinivas Joshi, MD of SVC bank was conferred withthe Best Managing Director award by The Maharashtra State Cooperative Banks' Association. – (ET Apr27, 2015 p 6)

– TJSB BANK

"TJSB books highest profit in Urban Cooperative Banks" – The bank registered a net profit Rs.101 crsand total business Rs.11,600 crs last year. He also mentioned that 125 Branches will be in place by 2016.– (ET Apr 27, 2015 p 6)

CUSTOMER SERVICEMerwin, Radhika – "Which bank do they trust?" – Do you like banking with a public sector bank or a new-

gen private one? Author sounds out a cross-section of people. – (HBL Apr 27, 2015 p 6)

DEPOSITS"Why 'non-callable deposits' could prove to be a non-starter: They may not come cheap, and bulk

depositors could lose out on interest arbitrage opportunities" – Banks may face a tough call when itcomes to launching deposits 'without premature withdrawal' facility as costs may outweigh benefits. Thereare three possible reasons why the so-called 'non-callable deposits' (deposits which cannot be redeemed bydepositors before the maturity date) facility could prove a non-starter. A report. – (HBL Apr 30, 2015 p 12)

DIGITAL CURRENCYGupta, Sandeep – "It's growing, Bitcoin by Bitcoin" – Even if many of India's misgivings are understandable,

it should adapt to Bitcoin as an inevitability. An article. – (HBL Apr 24, 2015 p 8)

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EDUCATION LOANS"Govt will set up fund to guarantee student loans: Fund to have corpus of Rs.3,500 crore, starting

with Rs.500 crore this fiscal, and guarantee up to 75% of education loan amount" – The governmentwill soon set up a fund that will provide surety to banks against loans given to students for higher education.Called the higher education credit guarantee fund, it is likely to improve the credit flow to needy and meritoriousstudents. The fund will provide guarantees to unsecured education loans of up to Rs.7,50,000. Banks willdeposit 1% of every student loan amount in this fund. A report. – (Mint Apr 24, 2015 p 9)

EXECUTIVE APPOINTMENTS"Govt relaxes eligibility norms for PSB chiefs" – As it continues its search for chiefs at five public sector

banks, the government has relaxed eligibility criteria with regard to age and experience. While the age limithas been increased to 57 years, from 55 years earlier, the mandatory board-level experience for the applicantshas been reduced to one year, from three. Applications have been has invited till May 5 for the post of MD-cum-CEO at Bank of Baroda, Bank of India, Canara Bank, IDBI Bank and Punjab National Bank.– (FE Apr 27, 2015 p 2)

– PUBLIC SECTOR BANKS

"Search on for PSB chiefs, 5 CEO & MDs appointed so far" – The government is in the process of findingnon-executive chairmen for public sector banks and it has already appointed managing directors and chiefexecutive officers in five public sector banks. A report. – (FE Apr 25, 2015 p 8)

FINANCIAL INCLUSION"Financial inclusion: TRAI chief sees a role for telcos in cash transaction business: Merely opening

accounts will not get the job done, Khullar tells banks" – TRAI chief Rahul Khullar made a case forcommercial banks to cede control of at least a small segment of the cash transaction business to telecomcompanies. He said this should be done in the larger interest of achieving true financial inclusion. A report.– (HBL Apr 30, 2015 p 12)

Divvaakar, S V – "Pay for financial inclusion" – While the Pradhan Mantri Jan Dhan Yojana (PMJDY) haschalked up significant achievements in opening bank accounts, the focus moves now to transactions andaccount activity. The main revenue for retail payments currently lies in commissions on DBT payments,which have been mired in confusion and unpredictability. An article. – (BS Apr 30, 2015 p 9)

– BANKING TECHNOLOGY

Ruhl, Onno and Grandolini, Gloria – "Towards a bank account for all" – There is significant potential tofurther leverage technology to boost financial inclusion in India. An article. – (Mint Apr 28, 2015 p 31)

– PMJDY

"PSBs to hardsell Jan Dhan overdraft benefit" – The government has asked public sector banks to proactivelyinform account holders under the PM's Jan Dhan Yojana about their eligibility to take an overdraft. Accountholders become eligible for a Rs 5,000-overdraft after six months of opening the account, if its operation hasbeen 'satisfactory' - that is, there is circulation of money. – (HT Apr 27, 2015 p 13)

Ravi, Shamika – "The inclusion project" – Jan Dhan Yojana is a remarkable achievement. But financialinclusion must be more ambitious and look beyond bank accounts. An article. – (IE Apr 28, 2015 p 9)

FINANCIAL SERVICES SECTOR BOARD BUREAU"Bank Board Bureau's ambit to widen to financial sector PSUs" – The proposed Bank Board Bureau

(BBB) - with a mandate to select public sector bank (PSB) chiefs, revamp PSB boards and devise consolidationstrategies - would have a larger scope than envisaged and will now be Financial Services Sector BoardBureau (FSSBB). The proposed body's work would start with the insurance sector and then extend to publicsector financial institutions (FI) and, later, to the pension sector. A report. – (FE Apr 27, 2015 p 2)

– 10 –

FOREIGN BANKING

– DEUTSCHE BANK

"Deutsche Bank hit with record $2.5 bn fine over Libor rigging" – Deutsche Bank has paid a record$2.5bn to authorities in the US and UK to settle allegations that it manipulated the Libor benchmark rate, akey interbank borrowing rate that underpins as much as $350tn of debt worldwide, from student loans tocomplex financial instruments. A report. – (FT Apr 24, 2015 p 1)

– HSBC

"HSBC considers moving global headquarters out of UK: Chairman cites changing regulatorylandscape, uncertainty over UK membership of EU" – HSBC is reviewing whether to move its globalheadquarters from the UK for the second time since it moved back to the country in 1993. A report. – (HBLApr 25, 2015 p 5)

– STANDARD CHARTERED

"Standard Chartered misses estimates in Sands's last results" – Standard Chartered Plc reported first-quarter profit that missed analysts' estimates, with all but one division reporting lower earnings in PeterSands's final results as chief executive officer. Pretax profit fell 22 percent to $1.5 billion from the year-earlier period. A report. – (Mint Apr 29, 2015 p 27)

INTEREST RATES

– BANK OF BARODA

"BoB lowers deposit rates" – Bank of Baroda said it had slashed deposit rates in the range of 0.15-0.40 percent for various maturities in several brackets. The bank has decided to revise the rates of interest payableon term deposits, applicable to the renewal of existing and fresh deposits, with effect from April 27, 2015.– (H Apr 25, 2015 p 15)

– BANK OF INDIA

"Bank of India to cut lending rate by 10-25 bps: Credit pick up to happen in next 6 months: CMD"– Bank of India will cut its base rate or the minimum lending rate by 10-25 basis points soon, according toChairperson & Managing Director Vijayalakshmi R Iyer. Currently, the public sector bank's base rate is at10.20 per cent. A report. – (HBL Apr 25, 2015 p 12)

– STATE BANK OF MYSORE

"State Bank of Mysore cuts lending rate by 0.25%" – State Bank of Mysore (SBM) cut the base rate ofminimum lending rate by 0.25 per cent to 10 per cent, a move that would lower the EMIs for its customers.New rate will be effective from May 1. – (FE Apr 29, 2015 p 10)

KYC NORMS

– MONEY LAUNDERING

"RBI fines three PSU banks for violating norms" – The Reserve Bank of India (RBI) has fined three stateowned banks for violation of know your customer (KYC) and anti-money laundering (AML) norms. Eightsothers have been cautioned and asked to put appropriate measures in place to ensure compliance with KYCregulations. A report. – (Mint Apr 30, 2015 p 7)

– 11 –

LOAN RESTRUCTURING

-CONSORTIUM LENDING

"Gitanjali gets fresh Rs.4,300-cr recast" – Working capital loans of Rs.4,300 crore given to Gitanjali Gemshave been restructured under the joint lenders' forum (JLF) mechanism, as per documents examined by FEand bankers privy to the discussions. Credit to the branded jewellery maker has also been enhanced byRs.1,000 crore. A report. – (FE Apr 30, 2015 pp 1, 2)

MICROFINANCE"Microfinance doesn't exactly help cut poverty" – Flagging interesting research: Where Credit is Due: J-

PAL and IPA Policy Bulletin, 2015: Lead Author: Justin Loiseau. Microcredit - small loans for underservedentrepreneurs - began in Bangladesh in the 70s, expanded rapidly in the 90s and 2000s, and now serves over200 million clients worldwide. It was initially celebrated as a poverty-busting innovation - till, about a decadeago, randomised evaluations began to add rigorous evidence to the assessment - and began taking some ofthe gloss off. A paper clip. – (IE Apr 27, 2015 p 7)

MONETARY POLICY"Monetary policy: Fed, other central banks to meet this week" – Most central banks have been easing

policy since the start of the year and are set to do more, but it still isn't clear whether that new activism, whichhas pushed stock markets to record highs, will help the global economy much. – (Mint Apr 27, 2015 p 5)

"Rajan overruled advisory panel on rate cut" – Four out of the seven external members of the centralbank's technical advisory committee (TAC) on monetary policy suggested that the Reserve Bank of India(RBI) cut its key rate at the last policy meeting on 7 April, but the suggestion was vetoed by governorRaghuram Rajan, according to edited minutes of the meeting released on April 29. A report. – (Mint Apr 30,2015 pp 1, 32)

Subramanian, K – "Monetary policy, before and after crisis" – Conduct of Monetary Policy in India byAmaresh Samantaraya. A book review. – (H Apr 26, 2015 p 11)

– MONETARY TRANSMISSION

"RBI has cut rates twice, but 70 banks yet to oblige: Sinha: 21 lenders have lowered their baserates" – As many as 70 banks, including 23 public sector lenders, have not passed on the benefits fromRBI's two rate cuts so far in 2015 to their consumers. A report. – (HBL Apr 29, 2015 p 6)

"RBI should look into interest rates" – Maintaining that higher borrowings by individuals will lead topurchase-led growth. Union minister of state for finance Jayant Sinha said interest rates should fall andhopefully, the RBI will look into that. – (FE Apr 26, 2015 p 3)

Ghosh, Soumya Kanti – "Monetary policy transmission and banking regulations: Global growth ismore a function of domestic economic policies rather than international coordination of nationalefforts" – Asymmetric policy responses across developed economies have now become more fashionableand shows that every country may have to adopt differentiated macro policies to suit its own interest ratherthan go for a blanket uniformity in policies. An article. – (FE Apr 27, 2015 p 7)

Rao, V L – "No more surprises from RBI: Transmission of policy rates to lending rates needs to bethoroughly discussed on an ongoing basis" – An article. – (FE Apr 29, 2015 p 9)

Vasudevan, A – "Theoretical lattice of monetary policy" – By nudging banks to reduce rates, RBI goesagainst its advocacy of autonomy and independence of bank boards. An article. – (Mint Apr 24, 2015 p 31)

– 12 –

NEGOTIABLE INSTRUMENTS ACT

– HOLIDAYS

"Holidays declared by States are excessive: Indian Banks' Association: May ask Centre to rationaliseholidays under the Negotiable Instruments Act" – Indian Banks' Association (IBA) feels that bankholidays declared under the Negotiable Instruments Act, 1881, by various States are 'excessive' and need tobe rationalised. A report. – (HBL Apr 29, 2015 p 6)

NON-PERFORMING ASSETS

– INFRASTRUCTURE FINANCE

"Bad loans hit banks as infra projects falter" – Bad loans are piling up in Indian banks, mainly driven byloans taken by infrastructure and mining sector companies whose projects are stalled or faltering, accordingto a new report released today by the Rights and Resources Initiative (RRI). By December 2014, total badloans, called non-performing assets, of listed banks had reached a staggering Rs.4.85 lakh cr.This is nearly14% of total loans given by all banks and equals the total net worth of the sector. A report. – (TI Apr 27, 2015p 6)

– METAL SECTOR

"Banks need to steel themselves for more pain" – The high exposure of Indian lenders to commoditiesand, particularly the metal sector, is likely to add to their asset quality woes, Credit Suisse said in a report,adding that bank loans to the steel sector have grown at 21% CAGR over the past five years and nowaccount for 4-9% of their loan books. A report. – (FE Apr 24, 2015 p 10)

PAYMENT SYSTEMS"Parliament passes payments and settlement bill" – Parliament passed a bill that seeks to address the

problem of insolvency in the payment and settlement system by increasing transparency and stability andbring India's banking payment system in sync with international practices. – (FE Apr 28, 2015 p 3)

– DIGITAL PAYMENT

Shivapriya N – "Payments: the next big wave" – With heavy venture capital interest and billion-dollarvaluations, the digital payment business is set to boom. The segment is expected to touch Rs.1,20,000 crorein 2014, growing at 40% a year on rising transactions in e-commerce, utility bill payments and more. The nextwave for this market is payment on delivery through the mobile and building a consumer facing story. Anarticle. – (ET Apr 25, 2015 p 10)

– MOBILE PAYMENTS / MOBILE WALLETS

"FinMin to encourage mobile payments to curb cash use" – Mobile payments and wallets could get a bigboost as part of the government's plan to discourage cash transactions by people. This is one of the optionsbeing considered as the technology is readily available and it is also a safe and cheap means of transactions,according to an official familiar with the development. The finance ministry is also understood to be workingon other measures to encourage electronic transactions or through debit and credit cards. A report. – (IE Apr29, 2015 p 13)

PRIORITY SECTOR LENDING"RBI overhauls priority sector lending targets" – RBI broadbases priority sector, adds medium enterprises,

social infrastructure and renewable energy. Micro enterprises and small and marginal farmers will have to begiven at least 8% of the loans extended by banks, the Reserve Bank of India directed while recasting its rulesfor priority sector lending. A report. – (Mint Apr 24, 2015 p 3)

– 13 –

"RBI's new lending norms a boon for banks" – The Reserve Bank of India's (RBI) new priority sectorlending (PSL) norms has received a thumbs-up from both bankers as well as analysts as it opens new lendingopportunities and increases possibilities of lending to this sector in a profitable way. A report. – (Mint Apr 25,2015 p 10)

Krishnan, Ravi – "Why RBI had to protect small farmers" – In the overhaul of priority sector lendingrules,, the central bank has stipulated that lenders should funnel at least 8% of their credit to small andmarginal farmers. While the overall agriculture loan growth has galloped over the past decade, the chartshows why the RBI has taken this step. An article. – (Mint Apr 27, 2015 p 22)

PROVISIONING"Banks set for cost increases on new provisioning rules" – Banks could see their lending-related costs

rise by up to a fifth as a recent rule change means they must make bigger provisions for restructured debt,crimping their profits at a time when consumers and firms are starting to borrow more. This could makebanks cautious about lending, hurting an economy that is emerging from its weakest growth since the 1980s.The stricter provisioning norms may also affect the recovery chances of troubled borrowers as more loansare classified as bad instead of attempts to restructure them. A report. – (FE Apr 25, 2015 p 9)

– RESTRUCTURED LOANS

"Top bankers seek forbearance extension by a year, RBI reluctant" – The Reserve Bank of India (RBI)has rejected a proposal by bankers to extend the date of forbearance for provisions on restructured loans byanother year, according to two bankers privy to the discussions held on April 27, 2015. The withdrawal of theregulatory forbearance on restructured advances could lead to a sharp increase in banks' gross NPAs to5.7% by March 2016 from 4.5% as of December 2014, domestic rating agency Icra had said in a report inFebruary. IBA officials reportedly said the bankers' views on restructured account provisioning will be sentseparately to RBI. However, RBI officials during the meeting 'informally conveyed' to the bankers theregulator will not consider an extension. A report. – (FE Apr 28, 2015 p 10)

SMALL FINANCE BANKS"RBI panel seeks details on small bank aspirants funding source: is said to be specifically cautious

about funding source of firms in eastern and northern regions" – The expert group mandated toshortlist candidates for issuing small finance bank licences is giving top priority to their 'source of funds' giventhat many applications have come from individuals and entities with little standing in the national financialcircuit. The advisory committee, formed by the RBI and headed by former RBI deputy governor UshaThorat, has sought details of equity structure from the aspirant bankers, two persons familiar with thedevelopment said. Also they said it has already completed at least two rounds of scrutiny. A report. – (ET Apr24, 2015 p 12)

Ray, Atmadip and Sinha, Shilpy – "Small banks and ... the big line-up" – If there's one event the financialcommunity is keenly awaiting this year, it's the granting of small finance bank licences. There are 72 applicantsin the fray, but who will be the lucky ones? An article. – (ET Apr 29, 2015 p 14)

TALENT MANAGEMENT"Talent in short supply, banks have a rethink on pregnancy tests" – The move comes amid efforts by

many entities to recruit and retain women employees. Facing a talent shortage, some banks have startedgiving up one of the worst gender discrimination practices they have followed for years - pregnancy tests formarried women before they sign their appointment letters. Axis Bank recently scrapped the test, while rivalprivate banks and some state-run banks continue with the practice in an era where the Rajya Sabha passeda Bill for equal rights to transgender people. – (ET Apr 27, 2015 p 10)

WILFUL DEFAULTERS"Wilful default: RBI tightens noose on promoters" – Tightening norms for identifying wilful defaulters, the

Reserve Bank of India (RBI) has allowed banks to consider a promoter of a company as a wilful defaultereven if the said person is not a whole-time director of the firm. – (FE Apr 24, 2015 p 10)

– 14 –

RBI CIRCULARS"Acquisition of Accommodation on Lease/Rental basis by Commercial Banks for their use (i.e. for

Office and Residence of Staff) - Liberalization of guidelines" – (RBI Circular RBI/2014-2015/582DBR.No.BAPD.BC.92/22.01.003/2014-15 dated 30.04.2015)

"Auction of Government of India Dated Securities" – (RBI Circular RBI/2014-2015/574 Ref.No.IDMD/2238/08.02.032/2014-15 dated 27.04.2015)

"Auction of Government of India Dated Securities" – (RBI Circular RBI/2014-2015/584 Ref. No. IDMD/2281/08.02.032/2014-15 dated 30.04.2015)

"Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government ofIndia and erstwhile USSR" – (RBI Circular RBI/2014-2015/579 A.P. (DIR Series) Circular No. 96 dated30.04.2015)

"Distribution of Mutual Fund products by NBFCs" – (RBI Circular RBI/2014-2015/578 DNBR.(PD).CC.No. 033 /03.10.001/2014-15 dated 30.04.2015)

"First Bi-monthly Monetary Policy Statement 2015-16 - Issue of Credit Cards by Scheduled UrbanCooperative Banks" – (RBI Circular RBI/2014-2015/577 DCBR.CO.BPD.(SCB).No.1/13.05.000/2014-15 dated 30.04.2015)

"Implementation of Section 51-A of UAPA, 1967 - 12th Update Now Available" – (RBI Circular RBI/2014-2015/575 DCBR.BPD (PCB/RCB) Cir.No.31/14.01.062/2014-15 dated 30.04.2015)

"Implementation of Section 51-A of UAPA, 1967 - 6th Update of Al Qaida Sanctions List" – (RBICircular RBI/2014-2015/576 DCBR.BPD (PCB/RCB) Cir. No.32 /14.01.062/2014-15 dated 30.04.2015)

"Know Your Customer (KYC) guidelines - accounts of proprietary concerns" – (RBI Circular RBI/2014-2015/581 DNBR(PD).CC.No.034/03.10.42/2014-15 dated 30.04.2015)

"Merchanting Trade to Nepal and Bhutan" – (RBI Circular RBI/2014-2015/580 A.P. (DIR Series) CircularNo. 97 dated 30.04.2015)

"Rights of Transgender Persons - Changes in Bank Forms / Applications etc" – (RBI Circular RBI/2014-2015/583 DCBR.BPD (PCB/RCB) Cir. No.33/12.05.001/2014-15 dated 30.04.2015)

AGRICULTURE & RURAL DEVELOPMENT

AGRICULTURAL FINANCE

– FINANCIAL LITERACY / CREDIT COUNSELLING

"Banks urge farmers to sow less water-dependent crops" – Public sector banks have directed theirfinancial literacy and credit counselling centres (FLCCs) in rural areas to reach out to farmers, and providethem all kinds of support including training and counseling. Besides, all banks have been instructed to providethem credit according to their requirements. Banks, meanwhile, have asked these centres to guide and urgefarmers to sow crops, that require less care and irrigation, to control damages in case of a deficient monsoon.– (HT Apr 24, 2015 p 13)

– NON-PERFORMING ASSETS

"Bankers worried about rise in farm NPAs: apprehend pressure will build to waive off loans later" –Sceptical about any benefits from the decision to differ loan recovery by one year for farmers, bankers areafraid of the temporary reprieve turning into a clamour for wavier later. It will increase non-performing loansas such waivers will ruin payment behaviour, they feel. Public sector bank (PSB) officials said till now, nocommunication has come from the government asking to stop recoveries for one year. But if true, it wouldadversely impact the asset quality, already under intense pressure due to the economic slowdown. A report.– (BS Apr 29, 2015 p 6)

– 15 –

"Untimely rains could add to banking sector woes" – Even as the expected below-normal monsoon couldimpact hopes of an economic revival this fiscal, the asset quality of farm credit could be significantly hit bycrop damage by unseasonal rains and hall in March, says a report by India Ratings. A report. – (IE Apr 25,2015 p 11)

CROP INSURANCE"Crop insurance is the key: at some point, the government needs to fix this" – An editorial. – (FE Apr

24, 2015 p 8)

Kumar, K P Narayana – "The quick and the dead" – Crop insurance in India is a contrasting tale of fraudin regions where penetration is high, and of default where awareness and coverage are low. An article. – (ETApr 26, 2015 pp 4-5)

DEBT WAIVER SCHEMES

– AGRICULTURAL FINANCE

"Loan waiver of 2009 impeded flow of finances: RBI Governor" – RBI Governor Raghuram Rajan saidthe loan waiver given to farmers in some states in 2009 impeded the flow of finances by breaking the creditcycle. Referring to the loan waiver in 2009, he said, 'Loan waivers do no good to anybody. Those actuallydisrupt the credit cycle. The financiers' cycle breaks and it causes problems for the future'. A report. – (IEApr 25, 2015 p 12)

FARM DISTRESS"The extent of rural distress in India" – Edited excerpts from a panel discussion Ashok, Gulati, Agriculture

Economist; Vijay Mahajan, founder of Microlender Basix; and Sajjid Chinoy, Chief Economist, JP MorganIndia, participated in the discussion. – (Mint Apr 27, 2015 p 29)

– CROP INSURANCE

Gulati, Ashok – "A wake-up call from the farms: the current agrarian crisis needs to be convertedinto an opportunity for change, and to benefit our farmers" – In 2014, P K Mishra committee submittedan excellent report to the government on reforming the crop insurance sector. Had it been adopted, we wouldnot be as panicky today. An article. – (FE Apr 27, 2015 p 6)

RURAL EMPLOYMENT

– MGNREGS

"It's not only rural India; job scheme in distress too: Even as country stares at a possible drought,the Mahatma Gandhi National Rural Employment Guarantee Scheme is at its lowest" – At a timewhen rural India is in distress, the Mahatma Gandhi National Rural Employment Guarantee Scheme(MGNREGS), which could have provided some relief, is itself facing its worst period ever. The number ofpeople working under the scheme and the amount of work provided is dwindling, and the trend looks set toworsen. A report. – (BS Apr 28, 2015 pp 1, 5)

"World Bank favours cash transfer over MGNREGS" – The rural jobs scheme will be cost-effective onlyif assets created are of sufficient value to the poor, says bank. A report. – (Mint Apr 29, 2015 p 32)

RURAL LENDING"Will deficient monsoon hit rural lending?: A clear picture is likely to emerge only towards the end of

June" – According to public sector bank executives, the assessment for borrowers due to excess rains isunderway and planning for this financial year will factor in the effects of rainfall shortage. Banks can take aclear call on the impact of monsoon towards the end of June, when the spread of rains across country isvisible. A report. – (BS Apr 30, 2015 Sec.II p 3)

– 16 –

INDUSTRY

CAPITAL MARKET

– START-UPS

"Listing regulations for start-ups by June: SEBI chief" – Start-ups can expect final listing regulations byJune, according to U K Sinha, Chairman of capital market regulator SEBI. Referring to a discussion paper onan alternative capital raising platform for start-ups, Sinha said SEBI is considering doing away with thecapital lock-in requirement for promoters of start-ups and liberalising their disclosure norms. A report.– (HBL Apr 29, 2015 p 13)

DIGITAL COMMERCE

– PAYTM

Agarwal, Surabhi – "Can Paytm become the TaoBao of India?" – Despite the many similarities betweenthe Chinese and Indian digital commerce industry, Paytm may want to chart its own path. An article. – (BSApr 30, 2015 p 11)

HDFC"HDFC loans up, interest margin static: Growth in lending to non-individuals picks up, says Keki

Mistry" – Mortgage lender HDFC posted an 8 per cent rise in net profit for the fourth quarter ended March2015 at Rs.1,862 crore against Rs.1,723 crore in the year-ago quarter. Profit including deferred tax liability onspecial reserve grew 15 per cent at Rs.1,982 crore. A report. – (HBL Apr 30, 2015 p 6)

INFRASTRUCTURE FINANCE"Centre to get 85 stalled infra projects moving: Rs.3.51-lakh cr of bank, institutional funding locked

in these projects, says Hasmukh Adhia" – Top public sector bankers, industrialists, and mandarins of theFinance Ministry and Reserve Bank of India met in a bid to remove hurdles in implementing 85 big infrastructureprojects in the power, port/shipyard, roads and steel sectors. Some of the reasons for the projects makingslow progress or getting stalled altogether include unfavourable market conditions, poor promoter interest,lack of statutory clearances, including environmental; land acquisition problems, and lack of funds. As atDecember-end 2014, the value of stalled projects stood at Rs.8.8-lakh crore or 7 per cent of GDP. A report.– (HBL Apr 29, 2015 p 6)

INSURANCE"Business Standard insurance round table: The industry will continue to struggle for some time, too

many things need clarity" – Leading representatives of the Indian insurance sector, who came togetherfor the first time after the passage of the insurance Bill by Parliament at the Business Standard InsuranceRound Table in March, said the real impact of the legislation would be felt only when the Insurance Regulatoryand Development Authority of India brought in enabling regulations that would provide more clarity. Thehigh-powered panel comprised Amitabh Chaudhry, MD& CEO, HDFC Life; G Srinivasan, CMD, New IndiaAssurance; Tapan Singhel, MD & CEO, Bajaj Allianze; Antony Jacob, CEO, Apollo Munich Health Insurance;PH Kutumbe, Executive Director (Investment), LIC; Sanjay Kedia, CEO, Marsh India and Arijit Basu, MD& CEO, SBl life. A report. – (BS Apr 29, 2015 p 13)

Saraswathy, M – "Waiting for better days" – Only better incentives for need - based selling - which maytransform insurance into a 'pull' product - can dramatically improve the fortunes of the Indian insuranceindustry. .An article. – (BS Apr 29, 2015 p 12)

– 17 –

MUTUAL FUNDS"Mutual fund assets: smaller cities' share on rise: Equity accounts for higher proportion of assets

than in bigger ones, shows Amfi data" – The mutual fund (MF) sector is seeing rising activity beyond thetop 15 cities (B-15, in the parlance; the top 15 are termed T-15), and equity is playing a bigger role in suchplaces than in the metropolitan areas. A report. – (BS Apr 27, 2015 p 6)

SMALL SCALE INDUSTRY

SMEsChaudhary, Abhinav – "Should SMEs bother about net neutrality?" – Internet has been a level-playing

field. Soon it could be the biggies' fief. An article. – (FE Apr 24, 2015 p 13)

INTERNATIONAL ECONOMICS

ASIAN INFRASTRUCTURE INVESTMENT BANKSheng, Andrew and Geng, Xiao – "AIIB and global governance" – The new bank is a critical element of

China's 'one belt, one road' strategy, made up of the Silk Road Economic Belt connecting it to Europe and theMaritime Silk Road in the Indian Ocean. An article. – (BS Apr 29, 2015 p 9)

FUND MANAGEMENT"Global fund management" – A weekly report. – (FT Apr 27, 2015 Supl. pp 1-24)

WORLD BANKSirohi, Seema – "Dissonance in World Bank?" – The World Bank is too busy hounding a whistleblower

instead of worrying about a Chinese rival. An article. – (ET Apr 29, 2015 p 13)

LABOUR & PERSONNEL MANAGEMENT

PROVIDENT FUND

– STOCK MARKET

"EPFO allowed to invest 5% of corpus in stock market: Initially, investments can only be in ETFs:Labour Secretary" – The Government has allowed retirement fund body EPFO to invest 5 per cent of itscorpus in exchange traded funds which will result into an inflow of around Rs.5,000 crore into the stockmarkets during this fiscal. A report. – (HBL Apr 25, 2015 p 1)

RECRUITMENTMutalik, Milind – "The referral conundrum" – Employee referrals contribute to a chunk of hires. Recruitment

through employee referrals is acknowledged as cost-efficient. An article. – (HBL Apr 29, 2015 p 2)

Nair-Ghaswalla, Amrita – "When HR meets social media: brave new world of recruitments: Hiringheads use advanced metrics to alert them of upcoming recruiting avenues" – An article. – (HBLApr 25, 2015 p 16)

MANAGEMENT

CORPORATE SOCIAL RESPONSIBILITYSingh, Ramendra – "The lifetime value of your CSR" – For many organisations corporate social responsibility

is the new marketing strategy. Here are five reasons how you could benefit from it. An article. – (HBL Apr24, 2015 Supl. p 1)

– 18 –

LEADERSHIP"Leadership is about progressing as a team" – Excerpts from an interview with Kenny Ye, MD UCWeb

India. A popular quote by Eleanor Roosevelt goes like this: 'To handle yourself, use your head; to handleothers, use your heart.' I follow the same principle in life. – (HT Apr 30, 2015 p 16)

MARKETINGMehra, Chetna – "Why marketers need that tech edge" – Integration of technology and marketing changes

the role of marketers. An article. – (HBL Apr 29, 2015 p 2)

MISCELLANEOUS"India is not a very happy country" – India is one of the unhappiest countries in the world, ranking 117 out of

158 surveyed for the World Happiness Report 2015. To put it in perspective, Switzerland is the happiestcountry in the world with a score of 7587 out of 10; India sore is 4565, below that of even neighbouringPakistan, which ranked 81 India fares better than neighbours Nepal |(121), Myanmar (129), Sri Lanka (132),and Afghanistan (153), according to the report published by the Sustainable Development Solutions Network.A report. – (Mint Apr 25, 2015 p 1)

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