Volume XXXIV Number 20 February 11, 2019

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 3

C. AGRICULTURE & RURAL DEVELOPMENT 13

D. INDUSTRY 14

E. INTERNATIONAL ECONOMICS 14

F. MANAGEMENT 14

– 1 –

BANKERS' BRIEF Vol. XXXIV No. 20February 11, 2019

ECONOMY"Cash transfer to farmers, middle-class tax relief will boost growth, but fiscal slippage is 'credit

negative': Moody's" – The direct cash transfer programme for farmers and tax relief steps for the middle-class will give a fiscal stimulus of about 0.45 per cent of GDP, and support growth through increasedconsumption, though at a fiscal cost, according to Moody's Investors Service. – (HBL Feb 6, 2019 p 4)

"Farmer income support is not a subsidy: Goyal: Loan waivers help the bigger farmer, we are helpingthe smaller ryots: Finance Minister" – Excerpts from an interview with Piyush Goyal, Finance Minister.– (HBL Feb 7, 2019 p 4)

"India's rating to be evaluated after post-poll budget: Fitch" – Pre-election spending has led to fiscalslippage by a modest margin, but the sovereign rating profile of India would be evaluated based on themedium term outlook in the post-election Budget, according to Fitch Ratings. – (FE Feb 3, 2019 p 3)

"Keeping fisc at 3.4% in FY20 will be hard: Moody's" – The government will find it difficult to meet thefiscal deficit target of 3.4 per cent in 2019-20 on account on higher spending and low revenue growth,according to Moody's Investors Service. We think the government will continue to face challenges in meetingits fiscal targets, primarily due to structural increases in spending and difficulties in raising revenue further.– (HBL Feb 4, 2019 p 1)

"Key aspect of job data is quality of employment" – Edited excerpts from an interview with KrishnamurthySubramanian, New Chief Economic Advisor. He believes that more than unemployment, it is the quality ofemployment which needs to be focused on. He said that controlling inflation was the Modi government'sbiggest achievement. – (BS Feb 5, 2019 p 4)

"Landless farm labour not included in income transfer scheme due to lack of database" – Editedexcerpts from an interview with Piyush Goyal, Interim Finance Minister. The 3% fiscal deficit target is verymuch feasible because we are growing at a speed never seen before... This is the fastest growth India hasseen since 1991 for five years average. – (ET Feb 7, 2019 p 11)

"Most PSUs under-leveraged, have huge capacity to borrow" – Edited excerpts from an interview withSubhash Chandra Garg, Economic Affairs Secretary. – (FE Feb 3, 2019 pp 1, 11)

"We've done better than the original fiscal road map" – Edited excerpts from an interview with PiyushGoyal, Finance Minister. He said post-Budget press conference that the revised gross domestic productnumber, which have not been taken into account in the interim Budget, would help the government meet thefiscal consolidation path. – (BS Feb 2, 2019 pp 1, 7)

Mohan, T T Ram – "Economy caught in a 3.5%/7.5% trap?" – The notion of the fiscal deficit fallingsteadily and making way for a rise in private investment and faster growth is beginning to look doubtful. Anarticle. – (BS Feb 2, 2019 p 12)

Shah, Ajay – "Concerns for fiscal policy" – Proper institutional apparatus can bring rationality in our budgetaryprocess. An article. – (BS Feb 2, 2019 p 13)

Wolf, Martin – "India will rise, regardless of its politics" – There is cause for modest optimism about theprospects of the world's fastest-growing large economy. An article. – (FT Feb 6, 2019 p 9)

BUDGET 2019-20"2 minute interim budget '19-20" – Around 3 crore middle-class voters get to cheer, though 12 crore

farmers may find Rs.6000 p.a. too little. – (FE Feb 2, 2019 p 1)

"Interim budget not inflationary: Garg" – Edited excerpts from an interview with Subhash Chandra Garg,Economic Affairs Secretary. – (ET Feb 4, 2019 p 11)

– 2 –

"We will not leave behind Rs.1.6 tn of unpaid bills like we inherited from Congress: Piyush Goyal" –After presenting the interim budget he told that over the next 10 years Rs.7.5 trillion will be given to farmers.He also said that the present dispensation is not leaving behind unpaid bills for the next government.– (Mint Feb 4, 2019 p 14)

Chaturvedi, Sachin – "Balancing short-term needs & long-term vision" – The interim budget is amasterful effort to connect India's long-term socio-economic vision what the world wants to achieve by2030. An article. – (ET Feb 3, 2019 p 4)

Chinoy, Sajid Z – "A pragmatic balancing act" – Budget does no harm. But fiscal limits must be confrontedand bold choices made. Can cash transfers be financed by rationalising other welfare programmes? Andshouldn't we desperately jumpstart strategic disinvestment? An article. – (TI Feb 2, 2019 p 14)

Goyal, Ashima – "Distributing the rewards of reform" – The expansive Budget reflects the fruits of fiscalconsolidation, tax reform and streamlined delivery of subsidies. An article. – (H Feb 2, 2019 p 8)

Kant, Amitabh – "Budget makes us believe India can become a $10-trillion economy" – An article.– (ET Feb 2, 2019 p 8)

Kotak, Uday – "Capturing the pulse of the nation with sense and sensibility" – While the FM has takencare of the farmers, he has also left the lower middle class delighted. An article. – (ET Feb 2, 2019 p 5)

Krishnan, Aarati – "Four policy signals from the Budget" – Real estate gets a fillip; taxpayers' proceduralglitches have been eased; assured pensions are back; and tax net is here to stay. An article.– (HBL Feb 2, 2019 p 8)

Rangarajan, C – "A kisan-tell show: Much more on consumption than on investment" – Largeexpenditure plans must be fitted into a fiscally prudent Budget. An article. – (ET Feb 2, 2019 p 14)

– AGRICULTURE

Gulati, Ashok – "No budget for farmers" – Direct income support for farmers is too late, too little. Anarticle. – (IE Feb 2, 2019 p 13)

EMPLOYMENT/UNEMPLOYMENTDesai, Meghnad – "Chaos on the jobs front" – If the economy has been growing at 7% on average for five

years, a 10% drop in employment would imply a 17% rise in labour productivity which would be the highestever in the world. A lot of debate about job creation is about formal sector jobs and it is not clear whetherflexible definitions of jobs are used in recent calculations or whether the formal sector definition of jobsdominates. An article. – (FE Feb 4, 2019 p 6)

Kant, Amitabh – "India's employment: The challenges" – In the concluding part of the series, the authorsays India's next challenge is to meet the aspirations of people who are employed but want higher incomes.An article. – (BS Feb 7, 2019 p 8)

Kant, Amitabh – "India's employment: The true picture" – Results from the Periodic Labour ForceSurvey are not comparable with the previous Employment-Unemployment Surveys. An article.– (BS Feb 6, 2019 p 9)

INFLATIONChinoy, Sajjid Z – "CPI will start rising to around 5% in a year" – As the output gap closes, wages will

start rising in rural areas as well. This will put pressure on food inflation from both the demand and supplyside. An article. – (FE Feb 7, 2019 p 8)

– 3 –

SERVICES SECTOR"Services sector activity slips for 2nd month in Jan" – The country's services sector activity fell for the

second straight month in January, as new orders rose at the slowest rate in four months; despite whichcompanies continued to hire staff, according to a monthly survey. The seasonally adjusted Nikkei IndiaServices Business Activity Index fell from 53.2 in December to 52.2 in January, indicating a softer expansionin output. – (FE Feb 6, 2019 p 1)

UNIVERSAL BASIC INCOME SCHEMEGhatwai, Milind – "We thought this project would last forever" – In 2011, nine villages in Madhya

Pradesh were made part of a pilot study, where villagers were given a basic, assured sum for close to 18months. While some say it changed their lives forever, others say they worried a little less over basic needs,even if briefly. An article. – (IE Feb 3, 2019 p 11)

Johri, Ankita Dwivedi – "Why everybody loves UBI" – The Budget has promised an assured income tofarmers, Rahul Gandhi a minimum income guarantee, and Sikkim a universal basic income by 2022. Back in2016-2017, the Economic Survey said UBI was an idea whose time was ripe for discussion. As that talkpicks up in the run-up to the Lok Sabha elections, The Indian Express parses the debate, starting from India'sonly two pilot projects. An article. – (IE Feb 3, 2019 p 11)

BANKING"Banking sector likely to face challenges in deposit, credit growth: Kotak Bank Jt MD" – India's

banking sector will face challenges in growth of deposits, as a large chunk of money that came into thesystem following demonetisation shifted to mutual funds, which saw faster growth in the past 18-24 months,according to Dipak Gupta, Joint Managing Director, Kotak Mahiindra Bank. Dipak Gupta says money thatcame into system post note ban has moved to MFs. – (ET Feb 6, 2019 p 14)

"Banks liable for unauthorised withdrawals from customer accounts: Kerala High Court" – The KeralaHigh Court has held that banks cannot be exonerated from liability for loss caused to a customer on accountof unauthorised withdrawals made from his/her account, merely on the ground that the customer did notrespond promptly to the SMS alert given by the bank. – (HBL Feb 6, 2019 p 8)

"Banks to also reap the benefits" – The government would give each of India's 120 million small andmarginal farmers Rs.6,000 as assured income support, with the transfer of funds directly into their Jan Dhanaccounts promising a sustained flow of deposits into the formal banking system. – (ET Feb 2, 2019 p 5)

"Interim budget 2019-2020: Banking and finance: Back from the brink" – Banking sector reformssignal that after addressing the bad-loan problem, the government wants to make the industry much moreefficient and profitable, while improving recoveries. A report. – (ET Feb 2, 2019 p 5)

Merwin, Radhika – "A rocky ride for banks over the past five years" – Deteriorating bank balance-sheets, steep rise in bad loans and no meaningful recovery in capex have left the sector reeling. An article.– (HBL Feb 2, 2019 p 14)

ALLAHABAD BANK"Allahabad Bank loss narrows to Rs.733 cr: Lender hopes to come out of PCA framework by June"

– Kolkata-based Allahabad Bank saw its losses narrowing to Rs.733 crore for the quarter ended December31, 2018, compared to a net loss of Rs.1,264 crore in the same period last year. Net interest income was upnearly 4 per cent to Rs.1,399 crore during the quarter under review, compared to Rs.1,347 crore during theyear-ago period. Total income was almost flat at Rs.4,757 crore (Rs.4,755 crore). – (HBL Feb 7, 2019 p 5)

"Allahabad Bank: Unaudited financial results (standalone) for the quarter and nine months ended31st December, 2018" – An advertisement feature. – (HBL Feb 7, 2019 p 16)

– 4 –

AXIS BANK"Markets reward boring, consistent performers" – Excerpts from an interview with Amitabh Chaudhry,

the new CEO of Axis Bank. He has impressed markets with his strategy to stress on conservatism, profitabilityand sustainability even while pursuing growth. The bank, which has posted a turnaround in its third quarterresults, has gained Rs.17,000 crore in market cap in a month. Chaudhry speaks of how his stints in Infosysand HDFC have taught him the importance of strengthening the brand. – (TI Feb 2, 2019 p 18)

BANK OF BARODA"Bank of Baroda raises MCLR by 20 bps" – Bank of Baroda has decided to up its marginal cost of funds-

based lending rates by up to 20 basis points with effect from February 7. All rupee loans sanctioned, andcredit limits renewed with effect from April 1, 2016, are priced with reference to the MCLR, which is theinternal benchmark for such purposes. – (HBL Feb 6, 2019 p 8)

CENTRAL BANK OF INDIA"Central Bank of India: Reviewed financial results for the quarter and nine months ended December

31, 2018" – An advertisement feature. – (BS Feb 4, 2019 p 11)

CORPORATION BANK"New CEO of Corporation Bank" – P V Bharathi, executive director of Canara Bank, has assumed charge

as managing director and Chief Executive Officer (CEO) of the city-based Corporation Bank. She is the firstwoman to serve the bank in this capacity. Bharathi has been executive director of Canara Bank sinceSeptember 15, 2016 and served as the firm's general manager in the risk management wing. She has morethan 37 years of experience in the banking industry. – (FE Feb 4, 2019 p 2)

DCB BANK– MOBILE WALLET/APP

"Banks power cashless campuses" – For class attendance to samosas at the canteen, banks have tied upwith educational institutions for debit-cum-NFC cards that function as a regular debit card and can be usedfor micro-payments. The cards can serve as identity card (with the student's name, photograph, roll number)or a prepaid/debit card or library membership card (tracking readership, books borrowed) or attendance card(access to gym, classes, labs) or billing card (usage of college facilities such as canteen, bus, shuttle). DCBBank, Visa and money management app Slonkit together have issued a multipurpose card as a prepaid cardlinked to a mobile wallet, which also lets students check their balance, and budget their monthly expenses.The mobile wallet/app also helps educational institutions to send push notifications to students regardingexam dates, fees, etc. A report. – (TI Feb 4, 2019 p 17)

DHANLAXMI BANK"Dhanlaxmi Bank set to focus on NPA reduction, says CEO" – Excerpts from an interview with T Latha,

MD and CEO, Dhanlaxmi Bank. When she took over the reins of the crisis-ridden bank in July 2018, she hadsome definite plans to turn around the 90-year-old institution. – (HBL Feb 6, 2019 p 8)

FEDERAL BANK"Federal Bank launches open banking platform" – Federal Bank has launched an open banking platform

which enables start-ups and fintech companies to consume the Bank's APIs and innovate new products andintegrate various banking services. This platform will help corporates, fintechs, and start-ups create value byway of smart integrations. – (FE Feb 6, 2019 p 10)

– 5 –

HDFC BANK"NTPC inks Rs.2,500-cr loan pact with HDFC Bank" – State-run power giant NTPC said it has signed an

agreement with HDFC Bank for a Rs.2,500 crore loan to part finance capital expenditure. The loan isextended at an interest rate linked to three-month MCLR of the bank. – (FE Feb 6, 2019 p 10)

ICICI BANK"How ICICI clawback can be a game-changer in India's financial sector" – A report.

– (IE Feb 4, 2019 p 6)

"Not kosher: The Chanda Kochhar case raises issues of corporate governance that go well beyondher" – An editorial. – (H Feb 1, 2019 p 8)

"YNOS Vendure's customer solution for ICICI Bank" – YNOS Venture Engine, incubated by the IndianInstitute of Technology Madras (IIT-M), announced that it had partnered with ICICI Bank to offer uniquesolutions to the bank's current account holders. – (HBL Feb 5, 2019 p 15)

Roy, Prabal Basu – "Why Chanda Kochhar's indictment is not enough" – The role of the ICICI Board,which can't feign ignorance on the operating details, must also be critically reviewed. The ICICI board hadan excellent opportunity to set things right and it is disappointing to see its intent in not pursuing the matter anyfurther. An article. – (HT Feb 1, 2019 p 10)

– RECOVERY OF LOANS, NPAs

"Madras HC allows ICICI Bank to recover Rs.222-cr dues from Subhiksha promoter" – In a reprieveto ICICI Bank, the Madras high court ruled that it finds no ground to interfere in the order of Chennai DebtsRecovery Appellate Tribunal that allowed the recovery of Rs.222-crore debt from erstwhile retail chainSubhiksha Trading Services and its guarantors including the promoter, R Subramanian. A report.– (FE Feb 7, 2019 p 6)

IDBI BANK"IDBI Bank loss widens to Rs.4,185 cr: Provision towards bad loans impacts Q3 numbers" – IDBI

Bank's net loss widened to Rs.4,185 crore in the third quarter ended December 31, 2018, against Rs.1,524crore in the year-ago period, due to a jump in provisions towards bad loans. Provisions towards bad loansjumped 40 per cent y-o-y to Rs.5,075 crore against Rs.3,637 crore in the year-ago quarter. MD & CEORakesh Sharma expressed confidence that his bank will come out of the RBI's Prompt Corrective Action(PCA) by September-end. – (HBL Feb 5, 2019 p 5)

"IDBI Bank Ltd.: Unaudited financial results for the quarter and nine months ended December 31,2018" – An advertisement feature. – (FE Feb 5, 2019 p 19)

"May change name to LIC Bank or LIC IDBI Bank" – The board of IDBI Bank proposed a change in thename of the lender to either LIC IDBI Bank or LIC Bank following its takeover by Life Insurance Corporation.The name change is subject to the RBI's approval, name availability or reservation by the Ministry of CorporateAffairs, shareholders' approval, etc. – (HBL Feb 5, 2019 p 5)

IDFC FIRST BANK"IDFC First Bank posts loss of Rs.1,538 cr in Q3" – The newly-merged entity, IDFC First Bank, has

reported a net loss of Rs.1,538 crore for the third quarter of the fiscal due to exceptional acceleratedamortisation charges. Its net profit for the third quarter last fiscal was Rs.146.11 crore.– (HBL Feb 6, 2019 p 8)

INDUSIND BANK"IndusInd Bank plans MF, insurance, broking foray" – The bank has partnered with Tata AIA for life

insurance, Cholamandalam MS for general insurance. IndusInd Bank plans to enter para-banking segmentssuch as insurance, asset management and stockbroking. – (BS Feb 4, 2019 p 3)

– 6 –

KOTAK MAHINDRA BANK"Time for private capital to give an investment boost: Kotak Bank JMD: Private sector urged to

match govt spend on infra" – Articulating a case for fresh investments to boost the economic growth,Dipak Gupta, Joint Managing Director of Kotak Mahindra Bank, has said that it was the turn of privatecapital to play a role by shoring up investment and infusing fresh capital. – (HBL Feb 5, 2019 p 15)

LAKSHMI VILAS BANK"Lakshmi Vilas Bank: Unaudited financial results for the quarter/nine months ended 31st December,

2018" – An advertisement feature. – (BS Feb 5, 2019 p 7)

"LVB's net loss zooms to Rs.373 cr amid provisioning pressure" – Private sector lender Lakshmi VilasBank (LVB) reported a net loss of Rs.373.49 crore for the third quarter of the current fiscal, compared witha net loss of Rs.39.23 crore in the corresponding quarter last fiscal. The bank attributed widening of the netloss to higher provisioning due to increased NPAs, coupled with delay in getting the much-needed capitalinfusion. The bank had registered a net loss of Rs.132.31 crore in the second quarter of the current fiscal.Total income fell 6.7 percent to Rs.762.47 crore, against Rs.817.51 crore. – (FE Feb 5, 2019 p 10)

ORIENTAL BANK OF COMMERCE"Oriental Bank sees higher credit growth next fiscal: To exercise caution while extending loans,

says MD" – With the Reserve Bank of India (RBI) deciding to lift restrictions under the prompt correctiveaction (PCA) on Oriental Bank of Commerce (OBC), the lender now sees higher credit growth in the nextfinancial year while being cautious in extending loans. "We have identified our bank as a national bank forretail and MSMEs. So, our credit growth was 27% for retail advances. We are going to follow that strategyonly. During the current year, our credit is expected to grow around 8-10%. Next year, we are likely to growby 12-14%," according to M K Jain, MD and CEO, of OBC. – (H Feb 1, 2019 p 13)

PUNJAB NATIONAL BANK"For PNB, life after fraud is still tough" – What does an unexpected event like a fraud do to a financial

entity? Punjab National Bank (PNB) is a fitting case on how an Indian lender can limp back to normalcy, withample help from regulations, in the aftermath of a debilitating fraud. In February last year, PNB unearthed a$2 billion fraud committed by jewellers in collusion with some employees. A report. – (Mint Feb 6, 2019 p 4)

"No plans for distress-sale of assets as PNB turns the corner, says CEO: Sets a recovery target ofRs.10,000 crore in the current quarter" – Punjab National Bank (PNB) will not go in for distress-sale ofassets as it has turned the corner, according to Sunil Mehta, MD and CEO. – (HBL Feb 7, 2019 p 5)

"PNB back in black, posts Rs.247-crore profit in Q3: Aggressive recoveries, NPA reduction driveunexpected rebound" – Bouncing back into the black, Punjab National Bank (PNB) reported a net profitof Rs.247 crore for the third quarter ended December 31, 2018. The bank had reported a net loss of Rs.4,532crore in the second quarter and a net loss of Rs.940 crore in the first quarter of this fiscal year. Once pushedto the wall, we have now bounced back. The one-off incident (fraud perpetrated at its Brady House branchin Mumbai), which was the most turbulent period for the bank in its history, has been fully absorbed. We havenow made 100 per cent provision for this incident, according to Sunil Mehta, Managing Director and CEO,Punjab National Bank.. – (HBL Feb 6, 2019 p 1)

"Punjab National Bank: Reviewed financial results for the quarter ended 31st December 2018(Standalone)" – An advertisement feature. – (FE Feb 6, 2019 p 3)

Merwin, Radhika – "Bad loans moderate at PNB, but profitability weak: A notable decline in risk-weighted assets, and the Government's capital infusion, have helped shore up capital ratios" – Atfirst glance, Punjab National Bank's lower slippages, fall in provisioning, and improvement in capital adequacyratio in the latest December quarter lend comfort, particularly after the tumultuous performance in the Septemberquarter. An article. – (HBL Feb 6, 2019 p 8)

– 7 –

STATE BANK OF INDIA"From April, SBI will extend digital platform YONO to businessmen, NRI's and farmers" – Having

drawn youngsters (aged 20-30) with its integrated digital platform YONO, State Bank of India (SBI) is nowgearing up to expand its reach. YONO, which stands for 'You Only Need One', is a comprehensive platformthat offers lifestyle and banking services. It is experiencing around three lakh daily logins.– (HBL Feb 5, 2019 p 5)

"Revival is near, but toxicity worries SBI" – Is the Indian economy finally free of the toxicity that infectedbalance sheets of companies? Will it now be free to quicken its pace of growth? The 3Q performance ofState Bank of India shows that banks are clearing their decks to fund the economy's growth. But the diseaseof overleverage is not fully cured. SBI reported an impressive 16% growth in domestic loan offtake, whichwas surprisingly led by growth in its corporate book. This is a departure from the retail-led loan expansionseen in the past two years. SBI gave 20% more loans to companies than it did a year ago and a lot of it isindeed working capital. In other words, firms that have pared their debt burden over time are back to borrowing.A report. – (Mint Feb 4, 2019 p 1)

"SBI Chairman sees all-round improvement in Q3: NPAs drop by Rs.18,100 crore" – State Bank ofIndia Chairman Rajnish Kumar said that the third quarter performance "shows excellent improvement underall parameters, whether it is profit, whether it is business growth, whether it is the asset quality. The slippagesare under control...There is always a major concern around non-performing assets (NPAs) and that is wherethere is a remarkable improvement in the performance of the bank." A report. – (HBL Feb 2, 2019 p 19)

"SBI risks customer info, holds text msgs in unsecured server" – State Bank of India (SBI) exposedtext messages sent to millions of its customers by storing the data in an unsecured server. The infirmity in thebank's systems was exposed by US-based TechCrunch, which publishes technology news. A report.– (TI Feb 1, 2019 pp 1, 16)

"State Bank of India Q3 net profit at Rs.3,954 cr: Control on slippages and lower overhead expensesboosted bottom line" – State Bank of India, the country's largest lender, posted a net profit of Rs.3,954crore for the third quarter ended December 31, 2018, (Q3FY19) on substantial improvement in interestmargins and control over slippages. It had posted a net loss of Rs.2,416 crore in the third quarter of December2017 (Q3FY18). Net profit in the second quarter of the current financial year was Rs.944 crore. SBI boughtretail assets worth Rs.11,112 crore, mostly priority sector loans, from non-banking financial (NBFCs) andhousing finance companies (HFCs) in the third quarter. A report. – (BS Feb 2, 2019 Pt.II p 2)

– RECOVERY OF LOANS, NPAs, DEFAULTERS

"Madam, don't send us to court, firms tell SBI" – India's largest lender is finding fear can be a potentweapon in recovering loans. With 1.8 trillion rupees ($25 billion) in bad corporate debt to clean up, State Bankof India is having an easier time negotiating with founders keen to avoid the nation's two-year-old bankruptcylaw, according to Anshula Kant, a managing director overseeing stressed assets at the lender. That's becausea crackdown by policy makers has convinced business owners that they risk losing their companies once thecourts become involved. A report. – (HT Feb 1, 2019 p 13)

SYNDICATE BANK"Syndicate Bank posts Q3 profit of Rs.108 crore" – Syndicate Bank has posted a net profit of Rs.107.99

crore for the third quarter of financial year 2018-19, against a loss of Rs.869.77 crore in the same period lastyear. The bank's total income was higher by 2.22 per cent at Rs.6,077.62 crore, against Rs.5,945.15 crorerecorded last year. EPS for the quarter stood at Rs.0.75, against Rs.9.97 posted last year.– (HBL Feb 6, 2019 p 8)

"Syndicate Bank: Unaudited (reviewed) financial results for the quarter/nine months ended 31stDecember, 2018" – An advertisement feature. – (FE Feb 3, 2019 p 3)

– 8 –

UNITED BANK OF INDIA"United Bank of India: Reviewed financial results for the quarter and nine months ended 31st

December 2018" – An advertisement feature. – (FE Feb 6, 2019 p 28)

"United Bank's net loss widens to Rs.1,139 crore" – Public sector lender United Bank of India reporteda net loss of Rs.1,139.25 crore for the quarter ended December 31, 2018 against a net loss of Rs.637.53crore for the same period a year ago with provisions to cover bad loans soaring nearly two-fold.– (FE Feb 6, 2019 p 10)

YES BANK"Ajai Kumar is interim CEO of Yes Bank" – Ajai Kumar, a board member of Yes Bank, will hold the charge

of managing director and chief executive officer till the new CEO Ravneet Gill joins the lender.– (H Feb 1, 2019 p 13)

ATMs– CASH TRANSPORTATION

"Safe transportation of cash to ATMs: Banks may miss Home Ministry's deadline" – With just a day togo, banks are likely to miss the deadline to implement the Home Ministry's rules on safe transportation ofcash to automated teller machines (ATMs). There seems to be no clarity among the stakeholders as to whowill bear the additional cost burden of compliance, which is estimated to run in excess of Rs.5,000 crore.– (HBL Feb 7, 2019 p 5)

BANK CONSOLIDATION– PNB/OBC/P&SB

"Govt mulls merger of PNB, OBC and P&SB" – The government is weighing the possibility of the nextphase of consolidation in the public sector banking space by amalgamating three lenders -Punjab NationalBank (PNB), Oriental Bank of Commerce (OBC) and Punjab & Sind Bank (P&SB), sources told FE. Aninter-ministerial group (called Alternative Mechanism) under Union minister Arun Jaitley will take a final callon this plan. The (merger) option is on the table but whether the government is going to bite the bullet aheadof polls and announce amalgamation or choose to wait is yet to be seen. A report. – (FE Feb 7, 2019 pp 1, 2)

BANKING REGULATOR - RBI"RBI to conduct first half-yearly audit: Board meeting on February 18 to approve interim dividend"

– The Reserve Bank of India (RBI) is getting its half-yearly balance sheet audited to determine the amountof interim dividend it can give the central government. Though a concurrent audit of its accounts is done ona quarterly basis, this is the first time a board-level statutory audit of the RBI is being conducted. The audit ofthe central bank's accounts for the period July-December 2018 is underway and the audit committee of itsboard of directors will meet shortly to approve it. – (BS Feb 6, 2019 pp 1, 13)

"RBI unlikely to transfer contingency fund to govt.: Centre has sought Rs.27,330 crore" – TheReserve Bank of India (RBI) is unlikely to give in to the government's demand of transferring funds that wasset aside for contingency reserves in 2016-17 and 2017-18. A total of Rs.27,330 crore - Rs.13,140 crore inFY17 and Rs.14,190 crore in FY18 - was set aside by the RBI for the contingency fund. A report.– (H Feb 7, 2019 p 13)

Bhusnurmath, Mythili – "RBI & budget 2019: So, will he be Shakti or Das?" – An article.– (ET Feb 4, 2019 p 14)

– 9 –

– BOARD MEMBERS

"Members' fiduciary responsibility with RBI: Governor Shaktikanta Das' comments came at hispredecessor's farewell" – The fiduciary responsibility of the RBI's board members lies with the centralbank, according to its Governor Shaktikanta Das is learnt to have said.. Mr Das, who took charge in December,had made the remark while interacting with other board members during the farewell of his predecessor UrjitPatel. A report. – (H Feb 7, 2019 p 13)

– DIVIDEND

"Govt expects Rs.28k-cr interim dividend from RBI: DEA secy" – The government expects Rs.28,000crore interim dividend from the Reserve Bank of India in the current fiscal, according to Economic AffairsSecretary Subhash Chandra Garg. – (FE Feb 2, 2019 p 23)

"RBI panel clears Rs.28k cr interim dividend" – The audit committee of the RBI has cleared the paymentof interim dividend of Rs.28,000 crore to the government, while sticking to the laid down accounting principles.Sources told that the decision was taken around 10 days ago and the proposal will now need to be cleared bythe RBI's central board. – (TI Feb 5, 2019 p 15)

BANKING TECHNOLOGY– CUSTOMER SERVICE

"Lenders bank on bots to revamp customer service: Bankers say they're on the cusp of automatedfuture with advancements in AI" – Banks are finding ways of harnessing technology to transform customerservice by automating customer queries, minimising human intervention and extending services to accomplishfinancial tasks over chat or voice conversation. Prominent lenders like HDFC Bank, IndusInd Bank, KotakMahindra Bank and Yes Bank are adopting chat bots and voice bots for customer care. The shift started overthe last 12 to 15 months, but with improvements in natural language processing and advancements in artificialintelligence, bankers say they are on the cusp of an automated future. – (ET Feb 6, 2019 p 6)

CENTRAL BANKS– GOLD RESERVES

"Central banks on gold-buying spree in 2018: At 651.5 tonnes, this was the highest since 1971,second-highest annual purchase ever recorded: WGC" – High and volatile domestic prices of gold ledto a marginal dip in the demand for the precious metal in India in 2018, even as central banks across the globeupped their buying to end the year at the highest level since 1971 and also the second-highest annual purchaseever recorded. A report. – (H Feb 1, 2019 p 14)

DEPOSITS"Banks need Rs.20 lakh-crore deposits for credit growth" – The jump in credit growth will require banks

to raise over Rs.20 lakh crore in deposits by March 2020 and may also push interest rates up. The healthierprivate sector lenders will account for up to 60% of the incremental deposit mobilisation, domestic ratingsagency Crisil. – (FE Feb 7, 2019 p 11)

GOLD MONETISATION SCHEMEBhayani, Rajesh – "GMS 2.0: Banks' participation key to success" – The scheme's inability to convince

big players like temples has to be sorted on a war footing. An article. – (BS Feb 7, 2019 p 8)

HOLDING COMPANY– BANKS' SUBSIDIARIES

"HoldCo model for banks on the cards: RBI's new norms may lead to consolidation across financialsector" – The Reserve Bank of India (RBI) is set to overhaul the equity holding structures in financialconglomerates and take the first formal steps towards the holding company (HoldCo) model when it comes

– 10 –

out with guidelines on banks' subsidiaries. The norms, expected to be announced soon, will bring to fruitiona glide path that has engaged the regulatory authorities since 2007. The new guidelines from Mint Road willentail a thorough review and recast by banks of their current exposure to subsidiaries, which straddle businessesranging from investment banking and mutual funds to insurance and broking. In some cases, they havededicated arms for credit cards and various backend services. A report. – (BS Feb 7, 2019 pp 1, 13)

INSOLVENCY AND BANKRUPTCY CODE– NCLT

"Bankruptcy code: SC: NCLT can't evaluate CoC decision on resolution plan" – The Supreme Courthas ruled that the National Company Law Tribunal (NCLT) has no authority to evaluate the commercialdecision of the committee of creditors (CoC) to approve or reject a proposed resolution plan as there iscomplete autonomy regarding the commercial decision or wisdom of the financial creditors. A report.– (FE Feb 7, 2019 p 2)

– NPA RESOLUTION

Pattanayak, Banikinkar – "Insolvency and bankruptcy code: Government's best bet against the badloan mess" – Over half of cases settled via liquidation, lenders' haircuts huge in many cases, but IBC hasstill been far superior to the earlier regimes. The increasing application of the IBC marks a clear shift in thebalance of power in favour of creditors, instead of defaulters. An article. – (FE Feb 2, 2019 p 15)

INTEREST RATESSahni, Nipun – "It is time to revisit the interest rates paradigm" – The entire economy might be paying

higher cost of capital due to outdated weightage assignments. An article. – (Mint Feb 7, 2019 p 15)

LOAN PRICING"Delay ushering in new floating rate lending regime: Banks to RBI" – Banks have requested the Reserve

Bank of India to delay ushering in the new floating rate lending regime, which is linked to one of the four RBI-prescribed external benchmarks, and expected to come into effect from April 1, 2019. This is possibly due tofear of an adverse impact on their net interest margins at a time when they are grappling with bad loans andattendant provisions. – (HBL Feb 6, 2019 p 8)

MONETARY POLICY"Despite consumption push, RBI not to worry about inflation for now: Central bank may not raise

rates in February 7 monetary policy review: analysts" – A host of measures to increase disposableincome and consumption demand have been announced in the Interim Budget, but inflationary worries arestill low. According to analysts, the Reserve Bank of India is unlikely to increase rates immediately. A report.– (HBL Feb 2, 2019 p 14)

"First step needs to be a change in stance to neutral, and then, as case may be, a rate cut" – TheReserve Bank of India's monetary policy committee (MPC) is set to meet on 7 February, the first meetingafter the interim budget. The last inflation reading was a benign 2.19%. But the budget has fiscal stimuluswritten all over it. So what should RBI's MPC do? Does it have space for a cut? The Citizens' MonetaryPolicy Committee of Pronab Sen, former principal adviser, erstwhile Planning Commission: Sajjid Chinoy,chief India economist. JP Morgan; Samiran Chakraborty, chief economist. Citi Group; Sonal Varma, managingdirector and chief India economist, Nomura and Soumya Kanti Ghosh, group chief economic adviser, StateBank of India discuss the upcoming MPC meeting. Edited excerpts – (Mint Feb 6, 2019 p 10)

"MPC meet: RBI likely to keep policy rates steady" – Notwithstanding the thaw in retail inflation, theReserve Bank of India (RBI) is likely to keep the policy repo rate unchanged due to concerns on fiscalslippage emerging in FY20, in the wake of expenditure proposals outlined in the interim Budget. However,the Central bank may change its monetary policy stance from 'calibrated tightening' to 'neutral'.– (HBL Feb 4, 2019 p 16)

– 11 –

"What to expect from RBI's credit policy meeting" – The Reserve Bank of India's Monetary PolicyCommittee under new Governor Shaktikanta Das will announce its policy decision. Markets will keep awatch on his statement to see if he is a hawk or a dove. Mint takes a look at five things that could be onMPC's radar. – (Mint Feb 7, 2019 p 1)

Bandyopadhyay, Tamal – "RBI may change stance; rate cut unlikely" – If data supports, we could seea rate cut next financial year but that may not signal the beginning of a new cycle. An article.– (BS Feb 4, 2019 p 8)

Bhattacharya, Saugata – "RBI may hold rate on ambiguous growth, moderate inflation" – An article.– (BS Feb 6, 2019 p 4)

Chakraborty, Samiran – "Amid conflicting signals, RBI may decide to defer rate cut" – Mixed growthsignals, both domestic and global, could be a challenge before the MPC. An article. – (Mint Feb 7, 2019 p 8)

Nayak, Gayatri – "Monetary policy: Will he or won't he?" – The interim budget promises to drive growthwith measures to boost consumption, but Street mavens believe stimulus leaves little scope for easing. Thenew RBI Guv has his work cut out. Will he be a hawk or above? We will know tomorrow. An article.– (ET Feb 6, 2019 p 14)

Rege Nitsure, Rupa – "Central bank's MPC must weigh risks of financial instability" – The ongoingtrends in CPI have opened up space for a rate cut of 25 basis points. An article. – (Mint Feb 5, 2019 p 7)

MSME FINANCENair, Tara – "Financing the Micro and Small Enterprises in India: Antecedents and emerging

challenges" – A close look at the data on flow of bank credit to the micro and small enterprise sector inIndia since the 1970s reveals that the strategic intent of reorienting the industrial policy in the mid-2000s bycarving out a new category called the micro, small and medium enterprises has not served any useful purposein terms of making institutional credit available to the MSEs. It is also observed that the pro-market financialinclusion rhetoric of the second half of the current decade has not helped the MSMEs, especially thoseengaged in manufacturing activities, to enhance access to bank credit. The much-publicised Micro UnitsDevelopment and Refinance Agency scheme, at the same time, appears as a mere window dressing as it hasnot infused any new funds into the system. An article. – (EPW 54(3) Jan 19, 2019 pp 37-43)

NATIONAL PAYMENTS CORPORATION OF INDIA (NPCI)"RBI should drive the initiative to set up new NPCI: Former MD Hota" – Edited excerpts from an

interview with A P Hota, former MD and CEO, National Payments Corp of India. Days after the ReserveBank of India (RBI) released its concept paper on the new retail payment system. He said that the centralbank should drive the initiative to set up a new NPCI instead of leaving it to the market.– (Mint Feb 4, 2019 p 8)

NON-PERFORMING ASSETS"Banks may see fresh NPAs of up to Rs.2 trillion over next one year" – Banks could see an addition of

fresh bad loans worth Rs.1.5-2 trillion over the next one year, according to credit rating agency India Ratings.While the stress in the corporate loan book has peaked, there is a stock of Rs.3.5 trillion of bad loans whichis not recognized and remains standard on the books of banks, according to India Ratings' banking sectoroutlook report. – (Mint Feb 6, 2019 p 5)

Sen, Pronab – "Attempt to fix NPA in one shot a serious blunder" – The fault lies mainly with RBIbecause it should have gauged the enormity of the crisis early. An article. – (FE Feb 2, 2019 p 18)

– CORPORATE LOANS

"Banks yet to tag Rs.3.5 lakh crore stressed corp loans as NPAs" – Around Rs.3.5 lakh crore or 3.9percent of the stressed corporate loans continue to remain unrecognised on the books of banks and nearly 40percent of them may become dud assets by September 2020, warns a report by India Ratings. A report.– (IE Feb 7, 2019 p 19)

– 12 –

PAYMENTS BANKS– FINO PAYMENTS BANK / SURYODAY SMALL FINANCE BANK

"Fino launches sweep account facility with Suryoday SFB" – Fino Payments Bank (FPB) has announcedthe launch of a sweep account facility in association with Suryoday Small Finance Bank (SSFB). As per theReserve Bank of India (RBI), payment banks can only take deposits upto Rs.1 lakh per account. A report.– (HBL Feb 5, 2019 p 15)

PENALTY"RBI slaps Rs.2-cr fine on Axis Bank and UCO Bank; Rs.1 cr on Syndicate Bank" – The RBI has

imposed a monetary penalty of Rs.2 crore each on UCO Bank and Axis Bank, and Rs.1 crore on SyndicateBank. In the case of UCO and Axis Bank, the penalty has been imposed for non-compliance with theCircular on 'Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account',and Master Directions on 'Frauds - Classification and Reporting by Commercial Banks and select FIs',according to the central bank statement. In the case of Syndicate Bank, the penalty has been imposed fornon-compliance with the directions contained in Master Circular on Frauds - Classification and Reportingand Circular on Risk Management Systems in Banks. – (HBL Feb 6, 2019 p 8)

PRE-PACKAGED INSOLVENCY"Govt explores pre-packaged bankruptcy plan: Proposal aims to cut cost and time of resolution

process" – The feasibility of implementing a 'pre-packaged' bankruptcy scheme, prevalent in the US, isunder consideration, it is learnt. The move is meant to strengthen the insolvency framework, while cutting thecost and time of the resolution process, according to officials in the Ministry of Corporate Affairs. A report.– (BS Feb 7, 2019 pp 1, 13)

PUBLIC SECTOR BANKSPattanayak, Banikinkar – "Not just recap, PSBs must change hands" – Despite infusion, PSB share in

bank M-Cap fell from 66% at start of UPA-1 to just 26% now. An article. – (FE Feb 2, 2019 p 15)

– GOVERNMENT STAKE

"Better performing PSBs too may see stake sales: SBI, Central Bank of India, Corp Bank andAllahabad Bank may be on radar" – The government plans to sell stakes in better-performing state runbanks, including the State Bank of India, as part of its Rs.90,000 crore disinvestment programme for FY20.The disinvestment announced in the interim budget will include share sales in the better-performing banks,where the government's stake has risen in recent years, said a finance ministry official, adding that SBI, thecountry's largest lender, is one of those on the radar. – (ET Feb 5, 2019 p 11)

SMALL FINANCE BANKS– JANA SMALL FINANCE BANK

"Ranjan Pai, Centrum bet on Jana Small Finance Bank" – Manipal Education and Medical Group chairmanRanjan Pai and Centrum Group have invested around Rs.300 crore in Jana Small Finance Bank, giving theBengaluru-headquartered firm further ammunition to fight out rivals and scale up its business.– (TI Feb 6, 2019 p 20)

– UTKARSH SMALL FINANCE BANK

"Utkarsh SFB may shore up equity for expansion" – Utkarsh Small Finance Bank (USFB) plans to raiseRs.200 crore in a pre-initial public (IPO) placement in the next few months as it braces for a Rs.1,000 croreequity infusion in two years time to comply with a Reserve Bank of India (RBI) mandated deadline. CEOGovind Singh said the Varanasi-based lender will require around Rs.2,000 crore of capital in the next threeyears as its steps up lending, opens new branches and hires more people in states where it does not yet havea presence. A report. – (ET Feb 7, 2019 p 15)

– 13 –

WILFUL DEFAULTER– RECOVERY OF NPAs, DEFAULTERS

"Banks can sell Mallya assets: ED to court: Agency asks special court to seek guarantee that lenderswill return money if accused win" – The Enforcement Directorate (ED) told a special court in Mumbaithat it had no objection to liquidation of Vijay Mallya's confiscated assets by a consortium of banks led byState Bank of India which is seeking to recover more than Rs.9,000 crore from the fugitive businessman.While leaving the decision of restoration and sale of the assets to the discretion of the court, the central anti-money laundering agency, which had attached Mallya's assets, asked the court to seek a guarantee from thelenders that they would return the money to the court or the ED "in the unlikely event" of the accused winningthe criminal trial. – (ET Feb 6, 2019 p 1)

RBI CIRCULAR"Auction of Government of India Dated Securities" – (RBI Circulars RBI/2018-2019/113 Ref. No.IDMD/

2112/08.02.032/2018-19 dated 04.02.2019)

"Change in Bank Rate" – (RBI Circulars RBI/2018-2019/117 DBR.No.Ret.BC.23/12.01.001/2018-19 dated07.02.2019)

"Credit Flow to Agriculture- Collateral free agricultural loans" – (RBI Circulars RBI/2018-2019/118FIDD.CO.FSD.BC.No.13/05.05.010/2018-19 dated 07.02.2019)

"External Commercial Borrowings (ECB) Policy - ECB facility for Resolution Applicants underCorporate Insolvency Resolution Process" – (RBI Circulars RBI/2018-2019/121 A.P. (DIR Series)Circular No. 18 dated 07.02.2019)

"Grant of 'Certificate of Registration' - For carrying on the business of credit information - CRIFHigh Mark Credit Information Services Private Limited" – (RBI Circulars RBI/2018-2019/120DBR.CID.BC.24/20.16.042/2018-19 dated 07.02.2019)

"Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 - Tripura State Co-operativeBank Ltd., Tripura" – (RBI Circulars RBI/2018-2019/116 DCBR.RCB.BC.No. 07/19.51.025/2018-19dated 07.02.2019)

"Kisan Credit Card (KCC) Scheme: Working Capital for Animal Husbandry and Fisheries" – (RBICirculars RBI/2018-2019/112 FIDD.CO.FSD.BC.12/05.05.010/2018-19 dated 04.02.2019)

"Liquidity Adjustment Facility - Repo and Reverse Repo Rates" – (RBI Circulars RBI/2018-2019/114FMOD.MAOG.No.128/01.01.001/2018-19 dated 07.02.2019)

"Marginal Standing Facility" – (RBI Circulars RBI/2018-2019/115 FMOD.MAOG. No.129 /01.18.001/2018-19 dated 07.02.2019)

"Standing Liquidity Facility for Primary Dealers" – (RBI Circulars RBI/2018-2019/119 REF. No.MPD.BC.385/07.01.279/2018-19 dated 07.02.2019)

AGRICULTURE & RURAL DEVELOPMENT

AGRICULTURAL GROWTHKumar, M Dinesh – "What drives annual agricultural growth rates in India?" – In India, the agricultural

growth rate is linked to rainfall, and medium-term growth to technology adoption, policy frameworks, andinstitutional interventions. But, growth in a year may be poor as much due to the good monsoon or abnormallywet conditions in the previous year as the poor monsoon during that year, or it may be high due as much to thepoor monsoon in the previous year as to a good monsoon of the year or to policy reforms. As the rainfallfluctuates annually, medium-term growth rates should be assessed; the annual rainfall in the base year shouldbe close to normal. An article. – (EPW 54(1) Jan 5, 2019 pp 33-36)

– 14 –

REGIONAL RURAL BANKS– TAMIL NADU

"Regional rural banks of Indian Bank, IOB merge to form Tamil Nadu Grama Bank" – As part ofconsolidation in the public sector lenders' rural banking operations in Tamil Nadu, the Union finance ministryhas decided to amalgamate the Pallavan Grama Bank, sponsored by Indian Bank and Pandyan Grama Bank,sponsored by Indian Overseas Bank (IOB) in to a single regional rural bank in the state.– (FE Feb 3, 2019 p 3)

RURAL EMPLOYMENT– MGNREGA

Jebaraj, Priscilla – "The lowdown on MGNREGA funds" – An article. – (H Feb 3, 2019 p 12)

INDUSTRY

MANUFACTURING"Making manufacturing lucrative" – Following industry best practices and caring for the employees goes a

long way in making manufacturing companies exemplary employers. A report. – (ET Feb 1, 2019 p 9)

"Manufacturing PMI rises to 53.9 in January: Factory orders rise fastest since Dec. 2017" – The country'smanufacturing sector activity edged higher in January as companies continued to scale up production andemployment, driven by the fastest rise in factory orders since December 2017, according to a monthlysurvey. – (H Feb 2, 2019 p 16)

NON-BANKING FINANCE COMPANIESRamachandran, Narayan – "The case for a unified supervision regime for NBFCs" – The IL&FS

crisis and Cobrapost episode are warning signs to get our act together on systemic risk. An article.– (Mint Feb 4, 2019 p 19)

INTERNATIONAL ECONOMICS

UNIVERSAL BASIC INCOME SCHEMEFarooquee, Neyaz – "Is UBI a solution to the unemployment crisis?" – By 2030, 800 million could lose

their jobs across the world. Universal Basic Income can help keep them afloat. An article.– (HT Feb 5, 2019 p 10)

MANAGEMENTLEADERSHIP

"Take risks, be patient, learn from failure" – Edited excerpts from the discussion with six of India's topCEOs had a freewheeling discussion with ET Young Leaders on the theme 'How companies and youngleaders need to prepare for the next 10 years'. Their advice to the candidates chosen for the sixth edition ofthe programme was to be inclusive and entrepreneurial, open to risk taking and resilient in the face of failure,and to feel the pulse of millennial employees and consumers. – (ET Feb 1, 2019 p 15)

– EMPLOYEE ENGAGEMENT

Bowen, Raj – "Leaders must engage with teams to boost productivity" – An article.– (TI Feb 6, 2019 p 11)

BANKERS' BRIEFAn Online Weekly News and Views Digest

Subscription / Renewal Form

Annual Subscription Rates

Individual : Rs. 375.00 Institutional Rs : 500.00

I wish to subscribe/renew for Bankers' Brief (An Online Service) as per your terms andconditions for the following period: to

My Mailing Address:

Name :

Address :

City : State : Pin:

Mobile : Email :

Kindly remit/send subscription amount by ECS/Demand Draft/at par cheque. Pleasefind enclosed/remitted DD/at par Cheque/UTR No.dated drawn onin favour of "National Institute of Bank Management", and payable at Pune.

Mode of Subscribing/Renewing

The subscription amount may preferably be transferred by RTGS/NEFT/ECS to ourCurrent A/c No.20002400021 with Bank of Maharashtra, NIBM Branch, Pune(IFSC Code MAHB0001124)

For all electronic remittances, kindly send a confirmatory e-mail at: naaz@nibmindia.org giving transaction UTR No. and other details of the payments.

In case the amount is remitted by Demand Draft or at par cheque, it should be drawnin favour of "National Institute of Bank Management", and payable at Pune.

Please remember to mention your old subscription number for renewal.

Address all your Subscription related communication to:

Incharge Publications National Institute of Bank Management

NIBM PO, Kondhwe Khurd, Pune 411 048 (India)Telephone: 0091-20-26716000 (EPABX) Direct: 26716410

Fax: 0091-20-26834478 Website: www.nibmindia.org

NIBM Journals and Publications

PrajnanJournal of Social and Management Sciences

Annual Subscription Rate : One year Rs.300.00 Two years Rs. 550.00 Three years Rs. 825.00

VinimayaPresents Conceptual and Practical Viewpoints of both

Bankers and Management Educationist

Annual Subscription Rate : One year Rs.225.00 Two years Rs.375.00 Three years Rs. 550.00

Areas of Publications Agricultural & Rural Development International Finance

Banking Management, Planning and Control

Computer & Systems Monetary Economics

Foreign Trade Operational Banking

Human Resource Management/HRD

(For details visit NIBM Website : http://www.nibmindia.org)

Enquiries may be mailed to :Incharge Publications

National Institute of Bank ManagementNIBM Post Office, Kondhwe Khurd, Pune 411 048

Telephone : 0091-20-26716000 (EPABX) Direct: 26716410 Fax : 0091-20-26834478Website : http://www.nibmindia.org

Edited by Library Team and Published Online by National Institute of Bank Management, NIBM Post Office, Kondhwe Khurd, Pune 411 048 INDIA

(Registered with the Registrar of Newspaper for India under Registration No. G 165.238/1984 of 20-6-84)