RBI revises investment, trading rules for banks
The Reserve Bank of India (RBI) on Monday barred banks from investing in category III alternative investment funds (AIFs), specified norms for their participation in commodity derivatives clearing, and tweaked rules on investing in financial services firms. Banks may invest as much as 10% in the paid-up capital/unit capital in category I and II funds, but cannot invest in category III funds. So far, there was no specific rule on investing in AIFs.
Govt estimates 2.8% dip in kharif crop output in 2017-18
Production of kharif crops this year is likely to be lower than last year, the agriculture ministry said in its first advance estimates, with the only exception being sugarcane. Production of foodgrains such as rice, pulses and coarse cereals is likely at 134.7 million tonnes in 2017-18, about 2.8% below last year’s record crop of 138.5 million tonnes, ministry estimates showed.
SBI lowers minimum balance requirement to Rs3,000, cuts penalties
The country’s largest lender State Bank of India on Monday lowered the minimum average monthly balance (MAB) requirement in a savings account to Rs 3,000 from Rs 5,000 and also revised downwards penalties for not maintaining such a balance. The revised MAB requirement and charges will become applicable from October, the bank said in a statement. The public sector lender also decided to exempt pensioners, beneficiaries of social benefits from government and minors from the requirement of minimum balance in savings account.
Army orders surface to air missile, making it the first tri-service weapon
A year ago, the army was planning “surgical strikes” across the India-Pakistan Line of Control (LoC) to avenge the killing of 19 Indian soldiers near Uri, on September 18. But Pakistani retaliation was anticipated and a key Indian Air Force (IAF) base, protected only by aging Soviet-era
Rupee weakens to 6-month low of 65.10 on heavy dollar buying
The rupee on Monday suffered a yet another blow to plunge by a whopping 31 paise at a fresh six-month low of 65.10 a dollar after heavy buying of the US currency and concerns on the macroeconomic front. This was the weakest closing for the home currency since March 24, when it had ended at 65.41 against the greenback.
NCLT starts insolvency proceedings against Amrapali Infrastructure
The principal bench of the National Company Law Tribunal (NCLT) on Monday admitted an insolvency petition against Amrapali Infrastructure, filed by Bank of Baroda. The lender approached the tribunal after the Amrapali group company defaulted on a loan of Rs 97.30 crore. NCLT will now appoint an insolvency resolution professional (IRP) to manage the company. The IRP gets 270 days to turn around the company, failing which its assets will be liquidated and the proceeds will go towards repaying the loan.
SBI lowers minimum balance to Rs 3,000; exempts pensioners, minors
Country’s largest lender State Bank of India today lowered the minimum average monthly balance (MAB) requirement in a savings account to Rs 3,000 from Rs 5,000 and also revised downwards penalties for non-adherence. The revised MAB requirement and charges will become applicable from October, the bank said in a statement.
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