Volume XXXI Number 19 February 8, 2016

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 15

D. INDUSTRY 15

E. SMALL SCALE INDUSTRY 16

F. INTERNATIONAL ECONOMICS 16

G. LABOUR & PERSONNEL MANAGEMENT 17

H. MANAGEMENT 17

– 1 –

BANKERS' BRIEF Vol. XXXI No. 19February 8, 2016

ECONOMY"Agri must be equally strong: The Finance Minister speaks about policy, taxation, the upcoming

budget, legislations and how he hopes to get the crucial GST Bill passed this session" – Editedexcerpts from an interview with Arun Jaitley, Finance Minister. – (ET Feb 1, 2016 p 13)

"India has potential to grow faster at 8-9 per cent, says Arun Jaitley: The target will not be verydifficult or impossible for India to achieve" – Finance Minister Arun Jaitley has stressed that structuralreforms addressing infrastructure, irrigation, farm productivity and manufacturing can help boost growth byabout 1-1.5 percentage points. India has the potential to grow at between eight and nine per cent. A highereconomic growth can end poverty and with the benefit of the slump in global oil and commodity prices andgood monsoons, which hopefully are better than the last two years, the target will not be very difficult orimpossible for India to achieve. India is one of the few economies in the world that survived crises in 2001,2008 and 2015. A report. – (H Jan 31, 2016 p 15)

"Interest rates not holding back economy: Rajan" – A day after leaving interest rates unchanged for thesecond time in as many months, RBI Governor Raghuram Rajan said interest rates are not holding back theeconomy. He also maintained that RBI's move to clean up balance sheets of banks is not aimed at reducingthe risk-taking appetite of company owners. A report. – (FE Feb 4, 2016 p 10)

"Rajan sounds cautious note on growth" – RBI governor cautions government against growing the economytoo fast using fiscal stimulus measures. Reserve Bank of India (RBI) governor Raghuram Rajan urged thegovernment to stay on the path of fiscal consolidation and stressed the need for macroeconomic stability tosupport growth. A report. – (Mint Jan 30, 2016 pp 1, 2)

BUDGET 2016-17Maira, Arun – "Hold fiscal reins or loosen?" – Should the Finance Minister keep the reins tight and not

stray any further from the time-bound path of deficit reduction? Or should he give a boost to the economy byloosening the reins? An article. – (H Feb 1, 2016 p 15)

Malik, Rajeev – "Fiscal adventure, monetary dilemma" – The government is missing the game plan thatcan facilitate sustained and aggressive monetary easing. An article. – (Mint Feb 4, 2016 p 31)

– PUBLIC SECTOR BANKS

Kapoor, Rana – "Fashioning a banking turn: The Union budget needs to incentivise savings to rescuepublic sector banks" – An article. – (IE Jan 29, 2016 p 10)

EXCHANGE RATE POLICYPatnaik, Ila – "Let the rupee slide: The economy is best served by lowering interest rates and

blocking protectionism" – The policy of keeping the rupee strong and combining it with protectionist trademeasures is unsustainable. Exchange rate policy and strategy for 2016 cannot be the same as it was beforethe Chinese story started unfolding. The RBI and the commerce ministry need to be on the same page. Thegovernment must take a holistic view of the policy strategy on protectionism, the exchange rate and interestrates. The Indian economy would be better served by lower interest rates, blocking protectionism and lettingthe market determine the price of the rupee. An article. – (IE Feb 3, 2016 p 10)

GDP"Rajan seeks better GDP counting plan" – Reserve Bank of India governor Raghuram Rajan has advised

caution while reading the GDP numbers, referring to issues with the way numbers are computed. There areall sorts of problems with the way we count GDP which is why we need to be careful. We have to be littlecareful about how we count GDP because sometimes we get growth because of people moving into differentareas. A report. – (ET Jan 29, 2016 p 13)

– 2 –

GSTRao, R Kavita – "New assumptions, new estimates: Scrutinising a new report on revenue neutral

rate" – The report of the Ministry of Finance Committee, headed by the chief economic adviser, on revenueneutral rates for the goods and services tax provides a new set of estimates. Based on a different set ofassumptions, the report suggests that moderate rates of tax are feasible. While this is an attractive conclusion,it is important to scrutinise the assumptions it rests on. An article. – (EPW 51(4) Jan 23, 2016 pp 63-66)

SERVICES SECTOR"PMI: Services growth at 19-month high in Jan" – India's services sector activity touched a 19-month high

in January driven by strengthening underlying demand and improved weather conditions, according to amonthly survey. The Nikkei Business Activity index climbed to a 19-month high of 54.3 last month from 53.6in December, pointing to a marked expansion of activity across the sector. A report. – (FE Feb 4, 2016 p 2)

TAX ADMINISTRATION REFORM"Govt forms unit for tax administration reform" – Unit will take a holistic view of direct, indirect tax

policies; determine negative side-effects of tax decisions. A report. – (Mint Feb 3, 2016 p 3)

BANKING

GENERAL"How we did it: Methodology" – India's best banks survey by Business Today and KPMG-partners since

1997. An article. – (BusT 25(3) Feb 14, 2016 pp 92-95)

"Lenders' non-food credit grows 11.61%" – Non-food credit of banks grew 11.61% year-on-year for thefortnight ended January 22, according to RBI data. Outstanding non-food credit in the banking system stoodat Rs.69.88 lakh crore as on January 22 compared to Rs 69.80 lakh crore in the previous fortnight - a rise ofRs.8,000. The rise in non-food credit growth is in line with bankers expectations of a pick up in credit offtakein the second half of FY16. Growth in deposits was also higher compared to the previous fortnight, at 11.43%y-o-y as against a rise of 10.94% y-o-y in January 8 fortnight. A report. – (FE Feb 4, 2016 p 10)

Adhikari, Anand – "A BT-KPMG study: India's best banks" – Disruption, competition, end to lazy banking,financial inclusion and a slowing economy sum up the bankers' dilemma. The BT-KPMG study identifiesthose who, in spite of the odds, are well grounded and ready to take wings at an opportune moment. Anarticle. – (BusT 25(3) Feb 1, 2016 pp 34-36)

BANDHAN BANK"Bandhan mops up Rs.7K cr in deposits in six months" – Bandhan Bank has garnered close to Rs.7,000

crore as deposits in under six months. According to C S Ghosh, chairman and managing director, BandhanBank, the majority of the deposits are by non-microfinance borrowers. Bandhan's deposit growth has beenconsistent at 25-30 per cent since its inception in August 2015 because of the higher interest rates it offers.The bank has a credit base of close to Rs.12,500 crore, of which the share of retail loans is nearly Rs.100crore. The rest of the loans belong to the microcredit portfolio. A report. – (BS Feb 3, 2016 Pt. II p 3)

CITY UNION BANK"City Union Bank: Productivity & efficiency winner/Small banks" – A report. – (BusT 25(3) Feb 14,

2016 p 78)

CORPORATION BANK"J K Garg is new MD of Corp Bank" – Jai Kumar Garg assumed charge as managing director and chief

executive officer of Corporation Bank on February 1, 2016. – (HBL Feb 2, 2016 p 10)

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FEDERAL BANK"Federal Bank on digitisation drive: Net banking transactions surged 50% last year, says official" –

Encouraging customer response for its digital banking initiatives has prompted Federal Bank to go aggressivein this segment. Last year, the bank recorded 72 million transactions on alternative channels and it aims tocross 100 million with the addition of more digital channels and payment options, according to K A Babu,Head of Digital Banking at Federal Bank. A report. – (HBL Jan 30, 2016 p 10)

HDFC BANK"HDFC Bank to make its ATMs mini-branches: Cash dispensers to also give loans and approve

credit card applications" – HDFC Bank automated teller machines (ATMs) might soon give customersinstant personal credit, top-up loans and approve credit card applications. The move to make ATMs morethan just a cash dispensing tool would help the lender A report.. – (BS Feb 1, 2016 p 7)

Adhikari, Anand – "Bank of the year/HDFC Bank: Best in class" – Technology and a cautious approachare helping India's second-largest private sector bank brave the economic headwinds. An article. – (BusT25(3) Feb 1, 2016 pp 58-62)

– DIGITAL BANKING

Das, Goutam – "Best digital banking initiative" – An article. – (BusT 25(3) Feb 14, 2016 pp 60-61)

ICICI BANK"ICICI Bank Q3 profit growth slows to 4% as bad loan provisioning jumps: Continuing weakness in

global steel cycle also hurting bottomline: Chanda Kochhar" – Huge provisioning towards bad loansproved to be a drag on ICICI Bank's standalone profit in the third quarter ended December 31, 2015. Netprofit of India's largest private sector bank nudged up a marginal 4 per cent to Rs.3,018 crore in the reportingquarter, against Rs.2,889 crore in the year-ago period. A report. – (HBL Jan 29, 2016 p 14)

"ICICI Bank: Productivity & efficiency winner/Large banks" – A report. – (BusT 25(3) Feb 14, 2016 p 85)

"We expect similar NPA provisions in Q4" – Excerpts from an interview with Chanda Kochhar, Managingdirector and CEO, ICICI Bank. ICICI Bank reported a 33% sequential rise in bad loans in the third quarterand provisions of Rs.2,844 crore. She warned that the bad loan pressure will continue in the March quarteras well. – (FE Jan 29, 2016 p 10)

Agarwal, Sheetal – "ICICI Bank: Asset pressures intensify" – The firm is witnessing increased stress inits steel and power sector loans portfolio. An article. – (BS Jan 29, 2016 Pt.II p 1)

Das, Goutam – "Most innovative/ICICI Bank: Innovation-Led" – ICICI Bank is undoubtedly way aheadof the pack in pushing innovation in banking. An article. – (BusT 25(3) Feb 14, 2016 pp 84-85)

Merchant, Krishna – "ICICI Bank: Bad loans spiral in Dec quarter" – An article. – (Mint Jan 29, 2016 p 18)

Merwin, Radhika – "No let-up in asset quality pressure: More than 60% of the addition to bad loanson account of adhering to RBI's recent directive" – An article. – (HBL Jan 29, 2016 p 14)

IDBI BANK"Govt open for talks on IDBI Bank: Sinha" – The government is open to talks with strategic investors for

giving IDBI Bank a private bank character, the first step towards which is the qualified institutional placement(QIP) of the lender's shares, according to the minister of state for finance Jayant Sinha. Let us see how theQIP book-building process unfolds and as part of that we will be happy to discuss with potential strategicinvestors how the transformation of IDBI Bank can take place. A report. – (Mint Jan 30, 2016 p 8)

IDFC BANK"Q1: Cleaner but weaker" – While IDFC Bank has begun with a clean balance sheet, the core ROAs are

below street expectations. A report. – (FE Feb 1, 2016 p 11)

– 4 –

INDIAN BANK

– INTEREST RATES

"Indian Bank revises interest rates" – Indian Bank has revised its foreign currency non-resident bankingterm deposit interest rates. For FCNR(B) deposits, rates have been fixed at 1.70 per cent for deposits of oneyear and above but less than two years. – (IE Feb 2, 2016 p 13)

KARNATAKA BANK"Karnataka Bank to increase service outlets" – The vision document of Karnataka Bank for 2020 aims to

make it big and strong, according to Mahabaleshwara M S, Chief General Manager of the bank. He said thatthe 'KBL Vision 2020' aims to make the bank 'big' in terms of service outlets and customer base; 'strong' interms of asset quality and sound financials; and 'great' in terms of customer experience and stakeholders'rewards. A report. – (HBL Jan 30, 2016 p 10)

KOTAK MAHINDRA BANK"At Rs.1.22 lakh crore, Kotak Bank Tops ICICI Bank in Mcap" – Kotak Mahindra Bank has overtaken

ICICI Bank, the country's largest private lender by assets, as the second most valuable private lender inmarket value. The market capitalisation of Kotak Bank, India's fourth-largest bank by assets, raced to Rs.1.22lakh crore, surpassing ICICI Bank's Rs.1.19 lakh crore. The market capitalisation of the biggest privatelender, HDFC Bank was Rs.2.64 lakh. In 2015, ICICI Bank's market capitalisation was more than doubleKotak's. A report. – (ET Feb 4, 2016 p 11)

"Even 7% growth is very good in today's world" – Edited excerpts from an interview with Uday Kotak,Vice-Chairman and Managing Director, Kotak Mahindra Bank. – (Mint Feb 3, 2016 p 28)

Adhikari, Anand – "Most future-ready/Kotak Mahindra Bank: Kotak's big leap" – The bank hasaggressively scaled up its footprint with the acquisition of ING Vysya Bank. An article. – (BusT 25(3) Feb 1,2016 pp 70-72)

LAKSHMI VILAS BANK"Lakshmi Vilas Bank rolls out mobile app, value-added services" – Lakshmi Vilas Bank (LVB) plans to

expand its digital banking services to reach out to young customers. At the launch of the bank's mobilebanking app, which will enable customers to use their smartphones for a range of transactions, P Mukherjee,Managing Director and CEO, LVB, said the facility will provide banking 'at your fingertips' and bring downthe need for customers to actually visit the bank's branches. A report. – (HBL Jan 29, 2016 p 14)

PUNJAB & SIND BANK"Punjab & Sind Bank receives prestigious award" – Punjab & Sind Bank has been awarded a trophy

recently as Joint Runners Up in Small Banks Category for NFS Products at National Payments ExcellenceAwards 2015. – (ET Feb 1, 2016 p 4)

RBL BANK (RATNAKAR BANK)John, Nevin – "Best small bank/RBL Bank: Small is beautiful" – RBL Bank, with global bankers at the

helm, has broken quite a few records over the past five years. An article. – (BusT 25(3) Feb 1, 2016 pp 76-78)

STATE BANK OF HYDERABAD"SBH Q3 net down 45%" – State Bank of Hyderabad (SBH) has posted 44.6 per cent dip in the net profit at

Rs.185 crore compared to Rs.334 crore in the corresponding quarter of previous year. The net profit hascome down on account of higher provisions made as part of implementation of Early Recognition of Non-Performing Assets as suggested by the RBI. – (HBL Feb 1, 2016 p 19)

– 5 –

"State Bank of Hyderabad: Reviewed financial results for the quarter and nine months period ended31st December 2015" – An advertisement feature. – (FE Jan 31, 2016 p 3)

STATE BANK OF INDIA"SBI clarifies: E-voting needs change in law" – The State Bank of India (SBI) has clarified it is unable to

provide e-voting for shareholders due to the legal position and not because of its unwillingness to utilise suchmodern tools. – (BS Jan 29, 2016 p 4)

Nayak, Mahesh – "Best in financial inclusion initiative/State Bank of India: Beyond opening accounts"– SBI has helped lakhs of people in rural India earn a living. Plus, it is using technology and bankingcorrespondents in a big way to take financial services to remote areas. An article. – (BusT 25(3) Feb 1, 2016pp 80-83)

– HOUSING FINANCE

"SBI rolls out 'FlexiPay' home loan scheme: Targeted at young working professionals" – State Bankof India introduced a new home loan scheme 'SBI FlexiPay Home Loan' for young working professionals/executives. Under the scheme, borrowers will get higher loan amount compared to their loan eligibility undernormal home loan schemes and they will also have the option of step-up monthly repayments. A report.– (HBL Feb 2, 2016 p 10)

STATE BANK OF PATIALA"State Bank of Patiala: Reviewed financial results for the quarter and nine months period ended 31st

December 2015" – An advertisement feature. – (FE Jan 31, 2016 p 1)

STATE BANK OF TRAVANCORE"SBT profit rises 23% in third quarter" – Despite higher provisioning towards bad loans, State Bank of

Travancore (SBT) reported a 23 per cent increase in net profit at Rs.91 crore in the third quarter endedDecember 31, 2015, against Rs.74 crore in the year-ago period. Lower employee costs and tax expensehelped support SBT profit growth. A report. – (HBL Feb 2, 2016 p 10)

"State Bank of Travancore: Unaudited (reviewed) financial results for the quarter/nine months ended31st December 2015" – An advertisement feature. – (HBL Feb 3, 2016 p 22)

SYNDICATE BANK"Syndicate Bank reports net loss of Rs.120 crore" – Syndicate Bank reported a net loss of Rs.120 crore

during the third quarter ended December 2015. During the same quarter last year, the Bank had reported anet profit of Rs.305 crore. The total income was up 4.5% to Rs.6,188 crore during the December quarter asagainst Rs.5,922 crore during the same quarter a year ago. The loss during the quarter was mainly due to awhopping 202% rise in provisions, which stood at Rs.875 crore as against Rs.290 crore in the year agoquarter. The Bank net interest income declined 12.8% to Rs.1,322 crore from Rs.1,516 crore in December2014. A report. – (FE Jan 29, 2016 p 10)

"Syndicate Bank: Unaudited (reviewed) financial results for the quarter and nine months ended 31stDecember, 2015" – An advertisement feature. – (FE Jan 29, 2016 p 3)

TAMILNAD MERCANTILE BANK"Nadar shareholders oppose TMB IPO proposal: Say ready to buy back stake from FIs" – A majority

of the shareholders present at the Tamilnad Mercantile Bank's annual general meeting here came downheavily on a proposed Initial Public Offering (IPO), stating that they are ready to fund the bank's capitalrequirements as also buy back the shares held by financial institutions (FIs). They estimate the cost of FIs'holding at over Rs.600 crore. A report. – (HBL Jan 30, 2016 p 1)

– 6 –

"TMB bags Assocham award" – Tamilnad Mercantile Bank has bagged Assocham's Social Banking Excellenceaward under the small banks category. – (HBL Feb 2, 2016 p 10)

UCO BANK"Banks need more capital infusion: The sector is waiting for economy to pick up, says UCO Bank

CMD R K Takkar" – An interview with R K Takkar, CMD, UCO Bank. RBI Governor Raghuram Rajanhas paused on interest rates but delved deep into the problems of the economy and the banking sector inparticular at the monetary policy review. He said the RBI will be waiting till the Budget to take a call in thenext review. Banks will require massive capital infusion and the Budget should offer some tax relief toAdditional Tier-I bonds. The (RBI) Governor has rightly pointed to the 7th Pay Commission, which I thinkmay help demand to pick up, especially in real estate. – (HBL Feb 3, 2016 p 6)

"UCO Bank bags 3 awards" – UCO Bank was conferred with 3 Awards in a row under Mid-Sized Category- Best Bank for Pradhan Mantri Jan Dhan Yojna, Best Bank for Financial Inclusion and Best Bank forPromotional Schemes. – (ET Feb 1, 2016 p 4)

UNION BANK OF INDIA"Budget may offer sops to Tier-I bonds: RBI likely to come up with new norms on capital reserves,

says Union Bank CMD" – An interview with Arun Tiwari, CMD, Union Bank of India. The RBI has leftkey rates unchanged but hinted at some new rule to help the banking sector tide over the NPA crisis. He saidbanks are now rebalancing their balance sheets. He said these are the times when we should be looking atconserving the capital and controlling our risk-weighted assets. I can vouch for Union Bank of India numbers.– (HBL Feb 3, 2016 p 6)

UNITED BANK OF INDIA"United Bank of India: Productivity & efficiency winner/Mid-sized banks" – A report. – (BusT 25(3)

Feb 14, 2016 p 68)

VIJAYA BANK

– BANKING TECHNOLOGY

"Using technology for better services" – Vijaya bank has embarked on a unique strategy to enrich customerexperience by leveraging technology. A report. – (FE Jan 29, 2016 p 24)

YES BANK"Interest income lifts YES Bank Q3 net 25%: Non-interest income too rises steeply" – YES Bank

reported a 25 per cent increase in net profit in the third quarter ended December 31, 2015 on the back ofhealthy growth in net interest income and non-interest income. The private sector bank recorded a net profitof Rs.676 crore in the reporting quarter (Q3 FY16) against Rs.540 crore in the year-ago period (Q3 FY15).A report. – (HBL Jan 30, 2016 p 10)

"Proactively de-risking the bank" – Excerpts from an interview with Rana Kapoor, Managing Director andChief Executive Officer, Yes Bank. – (FE Jan 30, 2016 p 10)

"YES Bank: Unaudited financial results for the quarter and nine months ended December 31, 2015"– An advertisement feature. – (HBL Feb 1, 2016 p 5)

Alvares, Clifford – "Most improved Bank/Yes Bank: Steady ascent" – Its corporate banking businesshas been successful. Yes Bank is now turning its attention to retail. An article. – (BusT 25(3) Feb 1, 2016 pp64-68)

Merchant, Krishna – "Investors upbeat on Yes Bank earnings" – Yes Bank said there were no slippages,or fresh loans turning bad, from its restructured book. An article. – (Mint Feb 1, 2016 p 22)

– 7 –

Merwin, Radhika – "Steady run continues on stable asset quality: No slippages even in restructuredassets" – An article. – (HBL Jan 30, 2016 p 10)

– CORPORATE SOCIAL RESPONSIBILITY

"YES Bank to set up community water purification systems at railway stations: CSR initiative willfocus on railway stations that see lower footfalls, lesser earnings" – YES Bank has joined hands withthe Railways and committed to set up community water purification systems at 1,000 railway stations acrossIndia over the next three years. – (HBL Feb 3, 2016 p 11)

JAPAN

– BANK OF JAPAN

"Bank of Japan stuns markets with negative rates: Move effectively charges banks for parkingexcess deposits with BoJ" – Japan's central bank shocked markets with plans to effectively chargelenders to park their cash with it, ramping up a long-running battle to kickstart the world's No.3 economy. Areport. – (HBL Jan 30, 2016 p 1)

USA"Fed to stress-test 33 banks on weathering global recession: Worst scenario includes US

unemployment rising to 10%" – The Federal Reserve said it will analyze in its annual stress tests how 33large banks, including Bank of America Corp. and JPMorgan Chase & Co., would withstand a severe globalrecession, a doubling of the U.S. unemployment rate to 10 percent and moderate deflation. The exams, usinghypothetical scenarios, are a centerpiece of U.S. regulators' efforts to prevent a repeat of the 2008 financialcrisis. A report. – (FE Jan 30, 2016 p 20)

– FEDERAL RESERVE

"Fed to keep close eye on global market turmoil as it leaves rates unchanged" – The Federal Reserveis monitoring volatility in financial markets and developments in overseas economies as it left interest ratesunchanged at 0.25-0.5 per cent following weeks of turmoil in equities and plunging commodity prices. Areport. – (FT Jan 28, 2016 p 1)

ASSET RECONSTRUCTION COMPANIES"RBI offers licences to 2 more ARCs" – The Reserve Bank of India has given licences to two more asset

reconstruction companies - Omkara ARC and Meliora ARC - in order to have more buyers for bad loans thatare gnawing away at the profits of commercial banks. With these licences, there are 16 ARCs that are nowapproved by the central bank to buy bad loans from banks. A report. – (ET Jan 29, 2016 p 6)

BANK BALANCE SHEETS

– NON-PERFORMING ASSETS

"No plan to extend deadline for banks to clean up balance sheets: S S Mundra: Corporate sectorleverage is source of big concern, says RBI Deputy Governor" – The RBI is not contemplating anyextension of the March 2017 deadline for banks to reduce their non-performing assets (NPAs) and clean uptheir balance sheets, according to S S Mundra, Deputy Governor, RBI. Also he added banks have alreadystarted the process in the quarter ended December 2015. It will be painful in the short term but will benefitthem in the long run. A report. – (HBL Jan 30, 2016 p 10)

Dugal, Ira – "Time to rip off the Band-Aid from bank balance sheets" – An article. – (Mint Jan 29, 2016 p 21)

– 8 –

BANK CAPITAL"Rajan bats for banks on capitalisation: But raps them for not accepting stressed loan reality" – The

Reserve Bank of India (RBI) is trying to identify non-recognisable capital, such as undervalued assets,already on bank balance sheets and could allow some of these to count as capital under Basel norms,provided a bank meets minimum common equity standards, according to the Raghuram Rajan, governor,RBI. Our estimate is that the support that has been indicated will suffice, especially when coupled with othercapital sources that are usually available to banks. A report. – (FE Jan 30, 2016 pp 1, 2)

– PUBLIC SECTOR BANKS

"Centre set to infuse Rs.25K cr in PSU banks this quarter" – Out of the planned capital infusion ofRs.25,000 crore in the public sector banks in 2015-16, the government will provide the remaining Rs.5,000crore by March to strengthen banks balance sheets and enable them to increase lending. – (IE Feb 4, 2016p 14)

"Will ensure public sector banks have adequate capital: Sinha: Says Centre has already chalked outplan of action under Indradhanush scheme to revitalise banks" – As part of Indradhanush, we haveexactly laid out how capital will flow to banks - Rs.25,000 crore this fiscal and Rs.25,000 crore in the nextfiscal. We are working with the banks to ensure adequate capital. A report. – (HBL Jan 30, 2016 p 10)

BANKING ABROAD"PSBs plan tough norms for foreign units" – In what appears to be a reaction to stricter norms by banking

regulators across the world, India's public sector banks, including State Bank of India and Bank of Baroda,are creating a separate and stronger anti-money laundering (AML) framework for their branches outsideIndia. A report. – (ET Feb 2, 2016 p 9)

BANKING REFORMSNarayan, Ananth – "More bang for our banks" – An article. – (ET Jan 30, 2016 p 8)

BANKING REGULATOR"Positives are balanced by negatives" – Excerpts from an interview with Raghuram Rajan, Governor,

Reserve Bank of India. – (FE Feb 3, 2016 p 10)

CENTRAL BANKER"Fiery proponent of central bank autonomy, S S Tarapore, dies at 80" – A report. – (IE Feb 3, 2016 p 13)

Thorat, Usha – "A great central banker and a gentleman: S S Tarapore was a visionary whose foresightand empathy made him a unique economist" – An article. – (HBL Feb 4, 2016 p 8)

Vageesh, N S – "Doughty defender of the Old Lady of Mint Street" – S S Tarapore's credentials as a'monetarist' and a 'hawk' ensured that all RBI Governors sought his advice across the years. An article.– (HBL Feb 3, 2016 p 11)

CENTRAL BANKS"Central banks struggle to make things clear: Monetary policy is being hampered by poor

communication" – The image of central banks as omnipotent guardians of the global order wisely guidingtheir economies to steady growth and stable inflation has come in for a battering in the past few years. Inparticular, their communication with the outside world has often sown confusion rather than clarity. Aneditorial. – (FT Jan 30, 2016 p 6)

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COOPERATIVE BANKING

– RUPEE COOPERATIVE BANK

"Loan cases: 70 Rupee Co-op Bank employees to cough up Rs.1,490 cr" – Around 70 employees of thebeleaguered Pune-based Rupee Co-operative Bank, including some former directors, have been found guiltyof resorting to improper lending practices over the years. The authorised officer tasked to unearth theimpropriety in loan cases by the bank has ordered that a cumulative amount of Rs.1,490.61 crore be recoveredfrom these employees. A report. – (TI Feb 3, 2016 p 19)

DIGITAL BANKING"Digital banking" – A paradigm shift in the making:, banks must respond to the challenge of digitisation if they

don't want to be left behind in the race. A report. – (FE Jan 29, 2016 p 24)

"The digital face of banking" – A report. – (BusT 25(3) Feb 14, 2016 p 56)

EXECUTIVE APPOINTMENTS

– PUBLIC SECTOR BANKS

"Ten non-official directors appointed in banks" – Ten part-time non-official directors (NODs) have beenappointed by the government on the boards of various public sector banks. A report. – (FE Jan 30, 2016 p 10)

EXECUTIVES COMPENSATION

– PUBLIC SECTOR BANKS

"Need to pay market compensation to PSB board members" – Public sector banks' (PSB) board membersneed to be paid market compensation if decent talent is to be attracted, according to Reserve Bank of IndiaGovernor Raghuram Rajan. Otherwise, we risk attracting an unwieldy mix of the truly patriotic and the trulyunscrupulous, with the latter intending to profit by their board position. A report. – (HBL Feb 1, 2016 p 13)

FINANCIAL INCLUSIONGulati, Ashok and Terway, Prerna – "From Plate to Plough: Bolstering financial inclusion" – Scrap the

interest subvention scheme for the farm sector - lest it explodes as a scam - and adopt crop insurance.Month-wise disbursement of agricultural credit - this spiked to 62% of annual disbursement in the last quarterof FY14, with no corresponding spike in agri-production activities at that time. An article. – (FE Feb 1, 2016 p 6)

FINANCIAL TECHNOLOGY

– PAYMENTS BANKS

Das, Goutam and Adhikari, Anand – "New turf war" – Payments banks have thrown their hats in the ringto take on an established banking industry on the back of innovations and first-mover advantage. Will thebanks be able to counter with equal zeal? An article. – (BusT 25(3) Feb 1, 2016 pp 42-52)

FOREIGN BANKING

– CREDIT AGRICOLE

"Credit Agricole: Quality of assets/Mid-sized foreign bank" – A report. – (BusT 25(3) Feb 14, 2016 p 90)

– CREDIT SUISSE AG

Alvares, Clifford – "Best mid-sized foreign bank/Credit Suisse AG: One-branch show" – In the middleof a global restructuring exercise, Credit Suisse AG, India, is carving out a unique way to map its growth path.An article. – (BusT 25(3) Feb 14, 2016 pp 90-91)

– 10 –

– DEUTSCHE BANK

John, Nevin – "Best foreign bank-Large/Deutsche Bank: India shining" – Deutsche Bank is facingheadwinds in other parts of the globe, but has hit pay dirt in India. An article. – (BusT 25(3) Feb 14, 2016 pp86-89)

– HSBC

"HSBC to freeze hiring, salaries to reduce costs" – HSBC is imposing a hiring and pay freeze across thebank globally in 2016, according to two people familiar with the matter. An email was sent to staff detailingthe latest cost-saving measures, according to the people who spoke on condition of anonymity. HSBC is inthe midst of a cost-cutting drive to boost profitability and returns to shareholders, and is pushing through withplans for annual cost savings of up to $5 billion by 2017. A report. – (Mint Feb 1, 2016 p 4)

– JP MORGAN

"JP Morgan India: Quality of assets, and Productivity & efficiency winner/Foreign banks" – A report.– (BusT 25(3) Feb 14, 2016 p 89)

– ROYAL BANK OF SCOTLAND

"RBS scraps $2.8 bn Indian banking biz sale process" – Royal Bank of Scotland Group has scrapped asale process for its onshore Indian banking operations. The Edinburgh-based lender 'concluded that it is notfeasible to sell the business in its entirety'. – (FE Feb 4, 2016 p 10)

GLOBAL BANKS"Big banks: Chop chop" – Why haven't banking giants got a lot smaller? An article. – (Eco 418(8974) Jan 30,

2016 pp 61-62)

HOUSING FINANCE"Mortgages offer silver lining for India's banks as corporate loans languish" – Metros and leading

cities account for about 70 per cent of Indian banks' home loan demand. A report. – (H Jan 29, 2016 p 16)

INTEREST RATESGopalan, Radhakrishnan – "Who benefits when the RBI cuts rates?" – Banks are quick to decrease

deposit rates in the face of rate cuts, but not too eager to reduce lending rates. The opposite is true in the caseof rate increases. An article. – (H Jan 29, 2016 p 11)

– DEPOSITS

"Banks likely to offer floating rate deposits" – With the adoption of the new lending rate norms, banks mayoffer floating rate deposits. So next time, interest rates start to creep up, your deposits can earn you higherinterest. A report. – (HBL Feb 3, 2016 p 11)

INTERNAL AUDIT"RBI tells banks to conduct internal audit" – All public sector and private banks have been asked by the

Reserve Bank of India to conduct a 'thorough internal audit' and put the report before their respective auditcommittees, as part of the central bank's efforts to check fraudulent foreign exchange transactions. A report.– (BS Feb 1, 2016 p 7)

MOBILE PAYMENTS APP

– CHILLR

"Take a selfie, open a bank account" – In a few weeks, you can probably create a bank account with a selfie. Allyou'd have to do is upload a selfie, a photo of your PAN card taken with your mobile phone, and a scan of the

– 11 –

QR code of your Aadhaar card using an app. They'll serve as Know Your Customer (KYC) credentials, andyou can open a bank account and conduct transactions up to Rs.10,000 a month. The app that will make thispossible is Chillr, a mobile payments app that links one's phone number to the bank account and makes moneytransfer as seamless as WhatsApp chats. The company, started in April 2015, sees Rs.75 crore in monthlytransactions, with more than four lakh consumers using the app. Unlike mobile wallets, Chillr is a tool to makemobile banking seamless. About half the transactions on the platform are person-to-person money transfers.A report. – (TI Jan 31, 2016 p 18)

MONETARY POLICY"After you: Governor Raghuram Rajan does well to clarify that rate cuts will come if government first

brings structural reform" – An editorial. – (IE Feb 4, 2016 p 10)

"Economists, bankers expect Reserve Bank to maintain status quo" – Bankers and economists expectthe Reserve Bank of India (RBI) to maintain status quo in its sixth monetary policy even as room for morerate cuts could open once the Union Budget is through on February 29. In a pre-policy poll done by BusinessStandard of 10 institutions, all but one expect RBI to keep its policy repo rate unchanged at 6.75 per cent.Bank of America-Merrill Lynch economist Indranil Sen Gupta, though, expected there were compellingreasons for the central bank to execute a 25 basis point (bps) cut on February 2 and pause thereafter. Areport. – (BS Jan 30, 2016 pp 1, 3)

"Limited scope" – Even as governor, Raghuram Rajan reiterated that the RBI remains accommodative, thescope for further easing will be limited and will depend on a number of factors. Quick edit. – (Mint Feb 3,2016 p 1)

"Policy was on expected lines, say bankers" – Banking sector honchos are unanimous in their view thatstatus quo on the policy repo rate was on expected lines. Reactions from leading bankers': ArundhatiBhattacharya, Chairman, State Bank of India; Shanti Ekambaram, President - Consumer Banking, KotakMahindra Bank; Rana Kapoor, MD & CEO, YES Bank; Ashwani Kumar, Chairman, Indian Banks'Association; HS Upendra Kamath, CEO, Tamilnad Mercantile Bank; K Venkataraman, MD, Karur VysyaBank; N Kamakodi, CEO, City Union Bank; P Jayarama Bhat, MD, Karnataka Bank; George AlexanderMuthoot, MD, Muthoot Finance. – (HBL Feb 3, 2016 p 10)

"Rajan holds rate for now, throws ball in govt's court: RBI chief to wait for Budget cues on Centre'sfidelity to fiscal prudence, inflation path" – The Reserve Bank chose to maintain status quo on the reporate in its sixth bi-monthly monetary policy review. RBI Governor Raghuram Rajan preferred to wait forcues on the fiscal deficit in the upcoming Budget and the evolving inflation trajectory, before further looseningthe monetary policy. Wait-and-watch policy: RBI's bi-monthly monetary policy review (Highlights): * Reporate unchanged at 6.75%; * Cash Reserve Ratio (CRR) unchanged at 4%; * Marginal Standing Facility andBank rate at 7.75%; * Policy to remain accommodative if fiscal side helps; * Reforms in Budget to createspace for rate cut; * Expects FY17 inflation at around 5%; * Indian economy is being viewed as a beacon ofstability; * Pegs FY16 growth at 7.4%, FY17's at 7.6%; * RBI to create a special ecosystem for start-upfunding; * Prospects for the rabbi harvest are improving slowly. A report. – (HBL Feb 3, 2016 p 1)

"RBI may offer respite for banks with low capital: Will allow some of the undervalued assets to becounted as capital" – Weak credit growth and increasing bad loans have weighed on banks' earnings. TheRBI's recent assessment of the stressed accounts in the system, which led to banks recognising certainaccounts as NPAs, has only added to banks' woes. But the RBI may soon offer some respite to banksrunning thin on their capital. In its policy review the RBI indicated that it is working on identifying currentlynon-recognizable capital that is already on the bank balance-sheets, such as undervalued assets. The RBIcould allow some of these to be counted as capital according to Basel norms. A report. – (HBL Feb 3, 2016 p 11)

"RBI must infuse liquidity via OMO: That is more critical than rate cuts: Jayesh Mehta of Bank ofAmerica" – An interview with Jayesh Mehta, Managing Director and Country Treasurer for India, Bank ofAmerica. He said maybe the rupee can go to Rs.68 to a dollar. But does it go to Rs.69 to a dollar? Chancesare not that great at his juncture. – (HBL Jan 29, 2016 p 6)

"Scope for a rate cut: Inflation will fall further and global deflation will help" – An editorial. – (FE Feb 2,2016 p 8)

– 12 –

Bandyopadhyay, Tamal – "Budget can create space for next cut" – An article. – (Mint Feb 3, 2016 p 8)

Bandyopadhyay, Tamal – "Rate cut can wait, liquidity is a bigger issue" – An article. – (Mint Feb 1, 2016p 26)

Bhattacharya, Arundhati – "Monetary policy in wait-and-watch mode: With an enhanced LCR andlagging deposit growth, RBI has to proactively manage the liquidity deficit in the system" – Onecause of liquidity tightness is the sudden jump in currency demand by the public. In the current fiscal, currencywith the public has increased by a sharp 27%. An article. – (FE Feb 3, 2016 p 8)

Bhattacharya, Saugata – "Despite a hawkish swing, there is still room for more cuts" – An article.– (ET Feb 3, 2016 p 18)

Chakraborty, Samiran – "Setting up for fiscal monetary coordination" – An article. – (Mint Feb 3, 2016 p 8)

Das, Kaushik – "Deeper rate cuts may be needed, but will RBI deliver?" – An article. – (Mint Jan 29,2016 p 14)

Datta, Devangshu – "What will RBI do?" – A surprise rate cut will bring positive sentiment around theBudget. A rate hike will be a shocker. An article. – (BS Feb 1, 2016 Pt. II p 1)

Ghosh, Soumya Kanti – "RBI decision on rates on expected lines" – An article. – (Mint Feb 3, 2016 p 8)

Kant, Krishna – "Will RBI's rate-cut pause get longer?" – The policy flags off the inflationary impact ofa likely fiscal expansion. An article. – (BS Feb 3, 2016 Pt. II p 1)

Kapoor, Rana – "Ball is back in govt's court: Expect 75 bps cut in rates post Budget" – An article.– (H Feb 3, 2016 p 7)

Lokeshwarri, S K – "Why inflation is on RBI's radar" – An article. – (HBL Feb 3, 2016 p 10)

Rajwade, A V – "The problem with inflation targeting" – Once a quantitative target is set, it will bepolitically impossible to increase it, should this become necessary, given the political sensitivity of the inflationissue. An article. – (BS Feb 4, 2016 p 8)

Rao, Radhika – "Aggressive rate cuts not likely in FY17" – An article. – (Mint Feb 3, 2016 p 8)

Rao, Subhada – "Monetary policy: A matter of perspectives" – An article. – (FE Feb 3, 2016 p 10)

Sen Gupta, Indranil – "RBI's open market ops key to recovery" – An article. – (ET Feb 3, 2016 p 18)

Seshan, A – "The ball is in other people's courts!" – Preserving the status quo is the best thing the RBIcould have done in times of financial uncertainty. An article. – (HBL Feb 3, 2016 p 8)

Sheth, Atsi – "Stronger balance sheets would support transmission and recovery" – The economy isunlikely to sustain its cyclical upturn while the banking system is under stress. An article. – (BS Feb 3, 2016 p 4)

Takkar, Naresh – "Further monetary easing may be limited to 25bps in 2016" – Although CPI inflationfirmed up to 5.6% in December 2015, it is likely to cool in January 2016 with the decline in retail prices ofvarious food items, petrol and diesel. An article. – (FE Feb 3, 2016 p 9)

Venkatesh, Latha – "The message of moderate growth" – An article. – (Mint Feb 3, 2016 p 28)

NON-PERFORMING ASSETS"Tackling the NPA menace: Rajan hints at significant loan write-offs by banks: Some banks will have

to merge to optimise their use of resources: RBI governor" – Reserve Bank Governor RaghuramRajan has indicated that 'existing loans will have to be written down significantly' by banks in order to tacklethe rising menace of non-performing assets. Rajan, who made some plain speaking about the banking sector,also said 'some banks will have to merge to optimise their use of resources' and advised the government toallow the boards more freedom to differentiate their (public sector) banks and offer more compensation forbank directors. A report. – (IE Jan 30, 2016 p 13)

– 13 –

Adhikari, Anand – "A long road ahead" – The RBI and the government are working towards cleaning upbanks' books. But no near-term solution is in sight. An article. – (BusT 25(3) Feb 1, 2016 pp 38-40)

Dean, James W – "Dealing with bad debt" – A clear and simple bankruptcy code is overdue in India. Parallelto this is a dire need for broad and deep domestic debt markets as a source of business borrowing beyondbanks. Three paradoxes hold the key to setting up such markets. An article. – (BS Feb 1, 2016 p 8)

– ASSET RECONSTRUCTION COMPANY

"Bad loans: What the doctor ordered for an RBI-funded asset reconstruction firm" – An editorial.– (ET Feb 2, 2016 p 16)

– PUBLIC SECTOR BANKS

"Only half of stress recognised: Banks face Rs.1 lakh cr haircut to revive stressed assets: One-thirdof corporates account for 21% of credit reeling under stress, says report" – With as much as one-third of the corporates forming 21 per cent of total bank credit reeling under stress, the potential haircut torevive stressed assets could be as high as Rs.1,00,000 crore with public sector banks facing a haircut ofRs.93,000 crore, according to an India Rating report. While banks have recognised half of the stress, thebalance may either be restructured under the 5:25 scheme or strategic debt restructuring (SDR) or slip intonon-performing assets. The additional fiscal burden to capitalise public sector banks could be 35-40 bps ofnominal GDP annually from FY16 to FY19. A report. – (IE Feb 2, 2016 p 14)

PAYMENTS BANKSMakhijani, Naresh – "Payments banks: Enter the challengers" – The banking industry is on the cusp of

an overhaul with the arrival of payments banks. An article. – (BusT 25(3) Feb 1, 2016 pp 54-56)

PRIORITY SECTOR LENDING

– HIGHWAY PROJECTS

Jha, Somesh – "Government may ask central bank to consider roads as a priority sector: To reviewNPA norms to turnaround chronically-stuck highway projects worth Rs.40,000 crore" – Thegovernment will soon approach the Reserve Bank of India (RBI) Governor Raghuram Rajan with a proposalto include road projects under the priority sector list for lending purposes and review the non-performingassets norms to revive Rs.40,000-crore worth of highway projects that have not taken off due to bureaucraticdelays and cost overruns. A report. – (H Feb 1, 2016 p 15)

PRIVATE SECTOR BANKS

– FOREIGN DIRECT INVESTMENT

"New banks may get 74% FDI from start: BANKING ON NEW RULES On-tap application windowmay open for a month in July with an empowered panel screening applications" – Those applying toset up private banks may be allowed to have overseas investment to the tune of 74% right at the beginningrather than five years later, a move that will help aspirants meet stringent capital norms. The 'on-tap' applicationwindow is likely to open for a period of one month in July with an empowered committee screening applications,according to a senior official who didn't want to be named. A report. – (ET Feb 2, 2016 p 1)

PUBLIC SECTOR BANKS"PSBs must look at bringing in financial firms as strategic investors: Rajan: Worth studying China's

experience on this front, says RBI Governor" – India needs to examine the feasibility of inducting'skilled financial firms' as strategic investors with, say, 10 or 15 per cent stake in public sector banks (PSBs),RBI Governor Raghuram Rajan said, adding that this could help drive governance and help the banks dealwith their current problems. A report. – (HBL Feb 1, 2016 p 13)

– 14 –

– BANK CAPITAL

"High capital needs may hit PSBs' growth, profitability in FY17" – Most public sector banks are likely toface pressure in terms of growth and profitability during FY17 owing to their high capital requirements, bothfrom the government and the capital market, according to India Ratings report. Large public sector banks,however, are expected to fare better due to their higher internal accruals, strong capitalisation and betteraccess to capital markets. A report. – (FE Feb 2, 2016 p 10)

RECRUITMENT"Banks step up hiring in small towns" – Banks eager to grab a big slice of the `Bharat Banking' pie have

ramped up hiring in smaller towns and villages, with appointments from such areas now accounting for 50-80% of some of the lenders' total hiring. A report. – (ET Jan 29, 2016 p 6)

STRATEGIC DEBT RESTRUCTURING"Electrosteel Steels: A test case of RBI's debt rejig scheme" – The Strategic Debt Restructuring scheme

introduced by the Reserve Bank of India is set to change the managements of the companies which havefailed to repay bank loans despite repeated extensions. In a 10-part series, we find out what ails thesecompanies and why. A report. – (BS Feb 2, 2016 p 4)

"Lenders mull strategic debt restructuring of Tilaknagar: Move expected to help the liquor majorpare debt of close to Rs.800 crore" – A consortium of lenders led by Bank of India and State Bank ofIndia (SBI) is considering strategic debt restructuring (SDR) of liquor major Tilaknagar Industries. Accordingto sources, the decision was taken at a high-level meeting of lenders in the city last week. Besides Bank ofIndia and SBI, Punjab National Bank, IDBI and Axis Bank have exposure to Tilaknagar, whose debt is closeto Rs.800 crore. Bank of India alone is estimated to have an exposure of Rs.200 crore in Tilaknagar, thehighest among lenders. A report. – (BS Feb 1, 2016 p 2)

RBI CIRCULARS"Auction of Government of India Dated Securities" – (RBI Circular RBI/2015-2016/304 Ref. No. IDMD/

1707 /08.02.032/2015-16 dated 01.02.2016)

"Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government ofIndia and erstwhile USSR" – (RBI Circular RBI/2015-2016/305 A.P. (DIR Series) Circular No. 41 dated04.02.2016)

"Definition of 'Currency', 2015" – (RBI Circular RBI/2015-2016/313 A.P. (DIR Series) Circular No.48dated 04.02.2016)

"Foreign Direct Investment - Reporting under FDI Scheme, Mandatory filing of form ARF, FCGPRand FCTRS on e-Biz platform and discontinuation of physical filing from February 8, 2016" – (RBICircular RBI/2015-2016/303 A.P. (DIR Series) Circular No. 40 dated 01.02.2016)

"Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India)Regulations, 2015" – (RBI Circular RBI/2015-2016/308 A.P. (DIR Series) Circular No. 43 dated 04.02.2016)

"Foreign Exchange Management (Export and Import of Currency) Regulations, 2015" – (RBI CircularRBI/2015-2016/310 A.P.(DIR Series) Circular No. 45 dated 04.02.2016)

"Foreign Exchange Management (Foreign currency accounts by a person resident in India)Regulations, 2015" – (RBI Circular RBI/2015-2016/309 A.P. (DIR Series) Circular No.44 dated 04.02.2016)

"Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015"– (RBI Circular RBI/2015-2016/312 A.P. (DIR Series) Circular No.47 dated 04.02.2016)

"Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange)Regulations, 2015" – (RBI Circular RBI/2015-2016/311 A.P. (DIR Series) Circular No.46 dated 04.02.2016)

– 15 –

"Post Office (Postal Orders/Money Orders), 2015" – (RBI Circular RBI/2015-2016/314 A.P.(DIR Series)Circular No. 49 dated 04.02.2016)

"RTGS service charges for members and customers - Rationalisation" – (RBI Circular RBI/2015-2016/306 DPSS (CO) RTGS No.1926 /04.04.002/2015-16 dated 04.02.2016)

"Settlement of Export/ Import transactions in currencies not having a direct exchange rate" – (RBICircular RBI/2015-2016/307 A.P. (DIR Series) Circular No. 42 dated 04.02.2016)

AGRICULTURE & RURAL DEVELOPMENT

NABARD

– AGRICULTURAL FINANCE

Deshpande, Alok – "Nabard thinks city needs 50% of agri loans: The fact that a megapolis, and notthe drought-affected areas of Maharashtra, is the biggest beneficiary, has angered many" – Anarticle. – (H Feb 1, 2016 p 2)

RURAL EMPLOYMENT

– MGNREGA

"Govt praises MGNREGA as scheme completes 10 yrs" – As MGNREGA completes ten years tomorrow,Narendra Modi government, which earlier appeared critical of the UPA's flagship rural job scheme, hailedthe measure saying the achievements of a decade are a cause of 'national pride and celebration'. In astatement, the government also claimed that the last financial year saw a 'revival' of the programme andannounced that the focus in upcoming years will be towards simplifying and strengthening the procedures ofthe scheme and towards building sustainable assets to benefit the poor. A report. – (BS Feb 2, 2016 p 4)

"Rural jobs scheme an economic engine: Jaitley" – Investing in social sector programmes such as therural job guarantee scheme will benefit the hinterland, which is another 'engine' that will pull the Indianeconomy towards higher growth, according to the finance minister Arun Jaitley. Jaitley also allays fears thatresources allocated for development programmes like the rural jobs scheme would be cut. A report. – (MintFeb 3, 2016 p 6)

Himanshu – "A decade of MGNREGA" – An article. – (Mint Feb 3, 2016 p 6)

INDUSTRY"Core sector growth slows to 0.9% in December: But improves over November 2015 on good

showing by coal, electricity, fertiliser sectors" – The output of the eight core industries grew 0.9 percent in December 2015 on the back of a strong showing by the coal, power and fertiliser sectors. Thisperformance was much better than in November 2015, when the cumulative output contracted by 1.3 percent. However, the growth in December 2015 was lower than the 3.2 per cent growth posted in December2014. A report. – (HBL Feb 2, 2016 p 4)

HOUSING FINANCE"New lenders to bring better home loan deals for buyers: Competition Expected To Drive Churn Via

Refinance Route" – There is good news for potential home buyers. New schemes and better deals forcustomers are set to roll out as a host of fresh entrants intensify competition in the segment. Fullerton IndiaHousing Finance, part of Singapore's Temasek Group, is the latest to join the market dominated by the likesof HDFC, State Bank of India and ICICI Bank. A report. – (TI Feb 4, 2016 p 17)

IDFC"We are not averse to asset buyouts: IDFC: MD & CEO Vikram Limaye on growth plans, Q3 numbers

and demerger of IDFC Bank" – An interview with Vikram Limaye, MD & CEO, IDFC Ltd. – (HBL Feb2, 2016 p 6)

– 16 –

MANUFACTURING"Manufacturing PMI rebounds to 4-month high: Returns to growth at the start of 2016, led by consumer

goods sector" – The manufacturing sector is back into expansion mode in January on the back of neworders from domestic and overseas clients, according to a private business survey. The Nikkei IndiaManufacturing PMI - a composite monthly indicator of manufacturing performance - posted a reading of51.1 in January, up from 49.1 in December, a month that saw a contraction due to flooding in Tamil Nadu. Areport. – (HBL Feb 2, 2016 p 1)

MANUFACTURING SECTOR

– EMPLOYMENT

Bakshi, Ishan – "The manufacturing conundrum" – Manufacturing has been a big source of jobs in Asia.But recent trends in India suggest the relationship between manufacturing and job creation may have weakenedconsiderably. An article. – (BS Feb 4, 2016 p 8)

SMALL SCALE INDUSTRY

ENTREPRENEURSHIP"Beyond boundaries" – With Indian start-ups having global aspirations, the time has come for them to find

global footprints. A report. – (ET Feb 3, 2016 p 9)

"Fostering entrepreneurship" – A report. – (ET Feb 3, 2016 p 9)

– VENTURE CAPITAL

"RBI eases rules on stake sales in start-ups" – Overseas investors can now sell their stakes in Indianstart-ups to local companies; start-ups also allowed to file reports over the Internet. The Reserve Bank ofIndia (RBI) allowed overseas investors to sell their stakes in Indian start-ups to local companies, potentiallygiving foreign venture capital (VC) funds an easier exit route. The regulator also allowed start-ups to filereports over the Internet, and eased rules governing share transfer transactions, according to a statementposted on RBI website. A report. – (Mint Feb 3, 2016 pp 1, 2)

INTERNATIONAL ECONOMICS"The nature of growth has to change: Paternalism is inescapable. It is best to confront it and do it as

morally correctly as possible" – An interview with Kaushik Basu, chief economist and senior vice president,World Bank, and former chief economic adviser to the government of India. – (Mint Feb 3, 2016 p 31)

FINANCIAL CRISISRitholtz, Barry – "Confusion about the financial crisis won't die" – As long as pundits persist in explaining

the financial crisis through the lens of ideology, the harder it will be to implement the measures needed toprevent the next one. The Fed - among many other players in this sordid affair - bears some responsibility forthe crisis. But its biggest error, aside from refusing to rein in reckless mortgage lenders, was somethingdifferent than what Beckworth and Ponnuru describe. Its error was taking rates too low and leaving themthere for too long in the early and mid-2000s. An article. – (FE Jan 30, 2016 p 9)

FUND MANAGEMENT"Global fund management" – A weekly report. – (FT Feb 1, 2016 Supl. pp 1-20)

INTERNATIONAL MONETARY FUND"Extra influence: India gets more voting rights as IMF implements quota reforms" – India's share has

now increased to 2.75% from 2.44%, making it the eighth-largest shareholder in the Fund. A report. – (MintJan 29, 2016 p 7)

– 17 –

LABOUR & PERSONNEL MANAGEMENT

LABOUR REFORMSSingh, S P and Giri, Amit K – "Misguided emphasis on labour reforms: Going by the experience

worldwide, it is unlikely to generate jobs in the formal sector" – An article. – (HBL Feb 2, 2016 p 8)

MANAGEMENT

CUSTOMER RELATIONSHIP MANAGEMEMTDakwale, Sanjay – "There ae 3Ps in CRM" – And they work towards an effective mix of employee

engagement and technology. An article. – (HBL Jan 29, 2016 Supl. p 4)

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