Volume XXXIII Number 13 December 25, 2017

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 13

D. INDUSTRY 13

E. INTERNATIONAL ECONOMICS 14

F. LABOUR & PERSONNEL MANAGEMENT 14

G MANAGEMENT 14

H. MISCELLANEOUS 14

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BANKERS' BRIEF Vol. XXXIII No. 13December 25, 2017

ECONOMY"India can grow at 8% for next 20 years: UN expert" – India can achieve an 8 per cent growth rate for the

next two decades if it unleashes the next set of reforms that could help it in realising its full potential,according to a senior UN official. The UN, in its latest report, projected India's growth rate to be 7.2 per centin 2018 and 7.4 per cent in 2019. It needs to think as to how to maintain and consolidate its growth for a verylong period of time. India in our assessment has the potential to grow at eight per cent, not for a few years,but 20 years. A report. – (FE Dec 19, 2017 p 3)

"Recovery in capex cycle very unlikely this fiscal" – Edited excerpts from an interview with MaheshVyas, managing director and chief executive officer of Centre for Monitoring Indian Economy Pvt. Ltd.(CMIE). Vyas said latest reports indicate that the order inflow trend for capital goods and infrastructurecompanies has shown significant improvement and order value has more than doubled year-on-year. Hewent on to say that the infrastructure sector is returning to normalcy post temporary blips. However, he saidthe capex database did not show a pick-up in new investments and that he saw practical problems withregard to the National Highways Authority of India (NHAI) ordering. He further said there was a pickup inroad execution but not as fast as is needed. – (Mint Dec 15, 2017 p 13)

Alagh, Yoginder – "Growth turnaround story is unconvincing" – The optimism of government economistsis belied by IIP-CSO data anomalies and consistently falling investment rates. An article.– (HBL Dec 15, 2017 p 8)

Dasgupta, Dipankar – "India's growth rate wounded or battling on?" – The discussions surrounding theIndian economy's performance during the past three-and-a-half year rule of the National Democratic Alliancegovernment have been entirely concerned with the ups and downs of particular year-on-year quarterlygrowth rates alone, and this amounts to missing the wood for the trees. This article attempts to contrast thenotion of a growth rate that is normally employed in the growth theory with y-o-y quarterly rates for theIndian economy. It argues, in particular, that the policy failure (if any) associated with demonetisation cannotbe judged with reference to growth rates. An article.. – (EPW 52(49) Dec 9, 2017 pp 43-47)

Mundle, Sudipto – "The economic outlook in a period of political uncertainty" – Despite the prevailingpolitical uncertainties, growth has been reviving both at the global level and within India. An article.– (Mint Dec 15, 2017 p 17)

Singh, Charan – "How to revitalise Indian economy: Need to focus on rural economy and tourism" –An article. – (FE Dec 21, 2017 p 9)

EMPLOYMENTDesai, Nitin – "Growth for job creation: India can meet its job-creation challenge by modernising and

galvanising the large hidden potential of the unorganised sector" – An article.– (BS Dec 15, 2017 p 11)

Gopalan, R and Singhi, M C – "India's jobless growth is a myth" – Between 2009-10 and 2015-16,incremental jobs created exceeded the number of persons who entered the labour force by a wide margin.An article. – (Mint Dec 19, 2017 p 13)

FOREIGN TRADE"Exports jump 30%, trade deficit high at $13.8 bn: Non-oil, non-gold imports up 23%, showing

industrial recovery" – The GST Council's efforts to resolve exporters' woes on refunds seem to havestarted yielding results. Exports grew 30.55 per cent in November, a month after it contracted 1.1 per cent,also due to the low base effect and rising petroleum prices. In fact, petroleum products, along with engineeringgoods, gems and jewelery, and chemicals, drove nearly 80 per cent of the rise in merchandise exports. The

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outbound shipment stood at $26.19 billion in November against $20.06 billion a year ago. To put things incontext, exports had declined by 24.43 per cent in November 2016, the steepest that year. In November,imports were also up by a three-month high of 19.6 per cent to touch $40.02 billion. This was attributedmostly to around 40 per cent surge in oil imports. A report. – (BS Dec 16, 2017 pp 1, 6)

INFLATION"Inflation hits 8-month high: Sharp rise in onion prices and costlier seasonal vegetables push inflation

to 3.93%" – Inflation based on wholesale prices accelerated to an 8-month high of 3.93% in November dueto a sharp rise in onion prices and costlier seasonal vegetables, according to government data. Calculated onthe Wholesale Price Index (WPI), the inflation was 3.59% in October this year, and 1.82% in November lastyear. The November figure is the highest so far this fiscal and the previous high was when the WPI touched3.85% in April. – (FE Dec 15, 2017 p 2)

NITI AAYOG"Bringing revenue deficit to zero far more important than fiscal deficit" – Edited excerpts from an

interview with Rajiv Kumar, Vice Chairman, NITI Aayog. The govt. including the RBI, must assure ourbusinesses that the rupee will not be appreciated for the next 5 years to improve export orientation of oureconomy. – (ET Dec 20, 2017 p 11)

"NITI Aayog proposes scheme to save jobs from automation" – Federal think tank NITI Aayog hasproposed the creation of a so-called Labour Utilisation Fund that can be used to increase the skill-level of thecountry's workforce, and paying some of their social security cost, both of which will encouraging businessesto hire more. – (HT Dec 20, 2017 p 13)

BANKING

GENERAL"Credit growth may hit double digits by Q1 FY19: Credit Suisse" – Edited excerpts from an interview

with Ashish Gupta, managing director (Investment Banking-India), Credit Suisse and head of equity researchat Credit Suisse India. India's banking system has been grappling with a bad debt problem for years now. Butthe recent steps taken to address the issue and reform the sector have also brought with them uncertaintyconsidering several banks may have to take significant haircuts. Credit Suisse is positive that a rebound incredit growth is around the corner. He said it should not be difficult to see double-digit growth in the firstquarter of FY19 on back of nominal GDP growth in double-digits. Credit Suisse is betting on non-bankingfinancial companies (NBFCS) with strong asset franchise that can sustain high growth rates.– (Mint Dec 15, 2017 p 13)

AXIS BANK"Axis Bank completes Rs.11,626-cr fund-raising" – Private sector lender Axis Bank completed Rs.11,626

crore fund infusion through the private equity route, of which private equity major Bain Capital and a clutchof affiliated entities pumped in a whopping Rs.6,854 crore. On November 10, the board of the bank hadapproved the single largest private equity investment in the domestic banking space.– (FE Dec 19, 2017 p 11)

BANK OF INDIA"BoI brass connects with customers & employees" – Listed public-sector Bank of India has started

'project connect', an initiate to connect with its customers as well as employees to protect its turf from theaggressive campaigns by private banks. We have reformed the structure. Some private banks are poachingour customers. So, for the first time for any PSB, we have launched initiatives to get more branches toparticipate in the bank's strategic initiatives, according to Dinabandhu Mohapatra, managing director & chiefexecutive officer, Bank of India. Private sector banks have managed their NPA situation much better withaverage gross NPAs still in single digits. – (TI Dec 19, 2017 p 18)

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"BoI to seek new bids for STCI Fin stake" – Government-owned Bank of India (BoI) is seeking new bidsfor selling its stake in STCI Finance, as bids in the previous round were below its expectation. The Mumbai-based lender is selling strategic investments to strengthen its capital adequacy. In August, it began a processto raise up to Rs.626 crore through sale of its stake, fully or partly, in the non-banking finance company. BoIholds 11.38 million shares in STCI, representing 29.96 per cent stake. – (BS Dec 18, 2017 p 8)

– PROMPT CORRECTIVE ACTION

"Bank of India on Prompt Corrective Action watch: Move prompted by high NPAs, insufficient capital,negative RoA" – After placing a host of mid-sized public sector banks under the corrective action' (PCA)framework due to their weak balance sheets, the Reserve Bank of India now seems to have turned its gazeon large banks. The Bank of India (BoI), in a stock exchange notice, said the RBI had placed it under thePCA framework, following an on-site inspection under the Risk Based Supervision Model carried out foryear ended March 2017. This (action) is in view of high net NPA, insufficient CET1 Capital and negativeROA for two consequent years. This action will contribute to the overall improvement in risk management,asset quality, profitability, efficiency, etc of the bank. A report. – (HBL Dec 21, 2017 p 1)

"First to face PCA for breaching capital norm: RBI scrutiny appears to have thrown up deviations inasset classification and provisioning norms" – With the RBI initiating Prompt Corrective Action (PCA)against many other banks earlier this year, the action against Bank of India (BoI), which is saddled with hugebad loans and weak profitability, is not surprising. But what stands out is the RBI citing insufficient capital asone of the reasons for invoking PCA against the bank. A report. – (HBL Dec 21, 2017 p 1)

Merwin, Radhika – "What the RBI's corrective action on Bank of India means for depositors: There'sno reason for panic, the action is intended to strengthen the bank over the long run and protectdepositors' interests" – With the RBI invoking Prompt Corrective Action (PCA) on Bank of India - oneof the largest public sector banks - depositors are sure to be rattled. But if you are worried about yourdeposits being frozen or your bank going bust, rubbish such thoughts right away. The RBI's PCA involvesmonitoring certain key performance indicators of banks, and taking corrective measures, if need be, torestore their financial health. An article. – (HBL Dec 21, 2017 p 6)

CORPORATION BANK"Corporation Bank cuts overnight MCLR by 0.1%" – Public sector lender Corporation Bank said it has

reduced its marginal cost of funds based lending rate (MCLR) by 0.1 percentage point for overnight loanmaturities. The bank has cut the overnight MCLR by 0.1 per cent to 7.80 per cent. – (FE Dec 16, 2017 p 10)

HDFC BANK"HDFC Bank looks to raise Rs. 24,000 cr via share sale" – HDFC Bank Ltd is planning to raise up to

Rs.24,000 crore through a combination of preferential allotment and qualified institutional placement (QIP),the lender said in a stock exchange notification. The bank will be raising nearly a third of the amount from itsparent Housing Development and Finance Corp. Ltd (HDFC). India most valuable lender will be raising upto Rs.8,500 crore from HDFC. A report. – (Mint Dec 21, 2017 p 3)

"HDFC Bank top gainer on M-Cap charts last week" – The combined market valuation of six of the 10most alued firms surged by Rs.31,645.83 crore last week, with HDFC Bank emerging as the biggest gainer.Others on the gainers' list were ITC, Maruti Suzuki, HDFC, Infosys and ONGC. – (ET Dec 18, 2017 p 10)

ICICI BANK"ICICI Bank raises rates on deposits of Rs.100 cr or more" – ICICI Bank, the country second-largest

private lender by assets, raised interest rates on fixed deposits of more than Rs.100 crore for some maturitieson December 16. Deposits of over Rs.100 crore maturing between one year and 18 months will now earn6.75%, as against 6.5% earlier, and those maturing between 18 months and two years will yield 6.9%, ascompared to 6.5% earlier. – (FE Dec 19, 2017 p 10)

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IDBI BANK"Conciliation talks on IDBI Bank wage revision tomorrow" – Following the nationwide strike call given

by the All India Bank Employees' Association (AIBEA) and the All India Bank Officers' Association (AIBOA)on December 27 seeking wage revision in IDBI Bank, the Chief Labour Commissioner has called for aconciliation meeting with the unions on December 20. C H Venkatachalam, AIBEA General Secretary, toldthat the wage revision for employees and officers of IDBI Bank is due since the last five years. A report.– (HBL Dec 19, 2017 p 10)

INDIAN BANK"Indian Bank gets nod to mop up Rs.7,000 cr: Lender to hold EGM on January 31" – Indian Bank will

raise up to Rs.7,000 crore through various means, including a follow-on-public offer (FPO), in the currentfiscal and the following years. – (HBL Dec 20, 2017 p 13)

KARNATAKA BANK"Karnataka Bank's transformation journey will be inclusive, exciting and rewarding: The initiative is

also a step towards preparing the bank for its second century, says CEO" – Excerpts from aninterview with Mahabaleshwara MS, Managing Director and Chief Executive Officer, Karnataka Bank. Heshares his plans on the bank's transformation project - 'KBL Vikaas'. With the banking landscape witnessingchanges in recent years, 93-year-old Karnataka Bank has felt the need to reposition itself with a focus ontechnology and keeping intact its core values and identity. The bank has embarked upon a transformationproject with Boston Consulting Group (India) Pvt Ltd in this regard. Digital transformation would becomeinevitable to take banking not just to the doorsteps of clients but even to their fingertips.– (HBL Dec 16, 2017 p 6)

KARUR VYSYA BANK"Banking sector safe and sound: KVB chief: Karur Vysya Bank aims to leverage tech, provide

greater services in rural areas" – The banking sector in India is robust and it bears comparison with thebest in the world as 'we have all the safeguards and checks and balances within the system', according to PR Seshadri, the Managing Director and CEO of Karur Vysya Bank. The Bank, set up over a century ago ina small town (Karur) in Tamil Nadu, has grown into one of the finest private banks in the country, with abusiness volume of Rs.1,00,000 crores. Our bank was set up by two visionaries - M A Venkatarama Chettiarand Athi Krishna Chettiar - in 1916 with a capital of Rs.1 lakh. Their objective was to provide loans to localfarmers and traders at reasonable rates of interest and to differentiate banking from mere money-lending.– (HBL Dec 21, 2017 p 17)

KOTAK MAHINDRA BANK"Kotak: We're beginning to see early signs of growth" – Edited excerpts from an interview with Uday

Kotak, Executive Vice-Chairman and MD, Kotak Mahindra Bank. – (Mint Dec 20, 2017 p 18)

RBL BANK (RATNAKAR BANK)"RBL Bank could grow at 30-35% Annually" – Edited excerpts from an interview with Vishwavir Ahuja,

MD & CEO, RBL Bank. He expects financial inclusion business, retail lending business and digital acquisitionsto grow fastest. – (ET Dec 15, 2017 p 8)

STATE BANK OF INDIA"Farmers must get remunerative prices" – Edited excerpts from an interview with Rajnish Kumar, Chairman,

State Bank of India. – (BS Dec 20, 2017 pp 1,10)

"MSMEs will be focus area for banks, says SBI's Kumar" – Edited excerpts from an interview withRajnish Kumar, Chairman, State Bank of India. – (Mint Dec 20, 2017 p 18)

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– SALE OF NPAs

"SBI to sell Asian Colour's Rs.1,301 cr loans to ARCs" – State Bank of India (SBI) has put on sale loansof Asian Colour Coated Ispat worth Rs.1,301 crore. The bank has sought bids from asset reconstructioncompanies (ARCs) under the Swiss Challenge method on a full-cash basis, according to a sale document.Asian Colour Coated was named by Reserve Bank of India (RBI) in its second list of 28 defaulters, whichbanks should refer to the National Company Law Tribunal (NCLT) by December 31, if unresolved. A report.– (FE Dec 16, 2017 p 10)

SYNDICATE BANK"QIP: Syndicate Bank to raise Rs.1,151 cr" – Syndicate Bank will raise upto Rs.1,150.80 crore through

qualified institutional placement (QIP), and has set the issue price at Rs.84.15 per share.– (FE Dec 21, 2017 p 11)

UNITED BANK OF INDIA– PROMPT CORRECTIVE ACTION

"RBI imposes additional PCA on United Bank of India" – Reserve Bank of India has initiated additionalactions under Prompt Corrective Action framework for United Bank of India in view of high net non-performing assets, low leverage ratio and the need to raise capital. The actions are based on the assessmentof the bank position as on March 31, 2017. Prompted by high net non-performing assets, low leverage ratioand the need to raise capital. The bank had earlier breached the risk threshold under PCA measures due toa steady rise in stressed assets. A report. – (HBL Dec 21, 2017 p 6)

YES BANK"YES Bank, EIB to invest $400 m in renewable energy sector" – YES Bank and European Investment Bank

have collaborated to lending $400 million to the renewable energy sector in India, according to a joint pressrelease by both the institutions. – (HBL Dec 20, 2017 p 10)

UK– BANK OF ENGLAND

"BoE holds rates after first hike in decade" – The Bank of England kept its main interest rate unchangedat 0.50 per cent, a month after increasing borrowing costs for the first time in a decade to contain a riseinflation soked by last year's Brexit vote. – (ET Dec 15, 2017 p 7)

– EUROPEAN BANKS

"BoE to allow EU banks to operate in UK as normal after Brexit" – The Bank of England (BoE) willallow European banks to continue selling their services in the United Kingdom without having to createexpensive subsidiaries after Britain leaves the European Union, the BBC reported. The decision, if confirmed,would mean European banks offering wholesale services would not face new post-Brexit hurdles to operatingin London, which vies with New York for the title of the world's financial capital. A report.– (BS Dec 21, 2017 p 6)

USA– FEDERAL RESERVE

Stephen Gandel – "Federal Reserve's New Chairman may still have to be Yellin" – An article.– (ET Dec 15, 2017 p 7)

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AFFORDABLE HOUSING FINANCE– CREDIT LINKED SUBSIDY SCHEME

"Bankers ask finmin to up limit for CLSS benefits" – Banks have requested the finance ministry to raisethe cap on benefits available on housing loans for affordable home buyers in urban areas, so as to make theincentive more meaningful, given the high realty prices in big cities. At present, interest subsidy under thegovernment's Credit Linked Subsidy Scheme (CLSS) is restricted to an amount of up to Rs.12 lakh. TheCLSS was introduced in June 2015 by the ministry of housing and urban poverty alleviation, to enable peoplefrom the economically weaker section (EWS) and low income group (LIG) to own houses. A report.– (FE Dec 21, 2017 p 10)

ATMs"Govt against replenishing cash in ATMs after 9 pm: Also suggests that cash vans must not carry

more than Rs.5 crore per trip" – Concerned over attack on cash carrying vans, the government hasproposed that ATMs should not be replenished with cash after 9 pm in cities and private cash-transportationagencies must collect money from the banks in the first half of the day. The deadline for putting money in theATMs in rural areas would be 6 pm, and 4 pm in Naxal-affected districts. Also, specially designed cash vans,fitted with CCTVs and GPS, must not carry more than Rs. 5 crore per trip. – (HBL Dec 15, 2017 p 6)

BANK CAPITAL– PUBLIC SECTOR BANKS

"First Round Capital Infusion into PSU Banks Likely Soon: Govt may raise about Rs.70,000 cr byFeb 2018 as part of the total Rs.1.35 Cr Plan" – The first round of capital infusion for state-run banksthat was announced recently is likely to take place soon, according to a senior finance ministry official. Thegovernment is likely to raise around Rs.70,000 crore by February 2018 as part of the total Rs.1.35 lakh croreto be et through recapitalisation bonds. A demand has been raised through the second batch of supplementarydemands for grants. A report. – (ET Dec 16, 2017 p 5)

"Most PSBs didn't meet performance target to qualify for recap" – The finance ministry today said it hasnot provided the entire amount towards capital infusion in public sector banks as most of them failed to meetthe performance target. As part of Indradhanush Plan to revitalise state-owned lenders, the government hadproposed to infuse Rs.70,000 crore out of Budgetary Allocations in them. he plan envisaged Rs.25,000 croreeach in 2015-16 and 2016-17 and Rs.10,000 crore each in 2017-18 and 2018-19. So far, it has infusedRs.51,858 crore in public sector banks (PSBs). The government allocated Rs.22,915 crore in 13 PSBs during2016-17 under the first tranche of capital infusion out of which Rs.16,414 crore or 75 per cent was givenupfront. A report. – (FE Dec 21, 2017 p 3)

"PSB recapitalisation will ensure non-stop funds flow to productive sectors: Urjit Patel" – Theopportunity provided by the enactment of the Insolvency and Bankruptcy Code (IBC) must be seized bybanks to overcome the debilitating problem of corporate loan delinquency so that they get back into themainstream of financial intermediation going ahead, according to the RBI Governor Urjit Patel. A report.– (HBL Dec 18, 2017 p 17)

– PUBLIC SECTOR BANKS - GOVT. STAKE

"CII proposal seeking reduction of govt stake in PSBs to 33% irks unions: Industry bodies mustfirst compel their erring members to repay loans, says AIBEA" – All India Bank Employees Association(AIBEA) has opposed the recommendation of the Confederation of Indian Industry (CII) that the governmentreduce its stake in public sector banks (PSBs) to 33 per cent over the next two to three years.– (HBL Dec 20, 2017 p 10)

"CII urges govt to shed stake in PSU banks to 33%: Says PSU banks may look at re-issuingrecapitalisation bonds to public" – In order to achieve the objectives of recapitalising public sector banks(PSBs) and meeting financing needs of the economy, industry body CII has made a host of recommendationsincluding re-issue of recapitalisation bonds by PSBs to the general public, and government shedding stake in

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most of these banks to 33 per cent over the next 2-3 years. Over the next 2-3 years, the government shouldconsider bringing down its stake in most PSBs to 33 per cent. It could retain a larger share in the State Bankof India in order to meet priority needs. A report. – (HBL Dec 18, 2017 p 13)

– PUNJAB NATIONAL BANK / UNION BANK OF INDIA

"PNB, Union Bank raise Rs.7k cr via QIP" – Public sector lenders Punjab National Bank and Union Bankof India have cumulatively raised Rs.7,000 crore through a qualified institutional placement. The amountraised will augment the capital adequacy and help in business expansion of the banks. A report.– (TI Dec 15, 2017 p 20)

BANKING REGULATOR - RBI"Caution, vigilance is warranted on inflation front, says Urjit Patel" – India's recent success in containing

inflationary pressures needs to be viewed in the context of entrenching macroeconomic stability, in which thegovernment played a decisive role as it managed price pressures in some key food items, according to UrjitPatel, Governor, Reserve Bank of India (RBI). The new monetary policy framework has been playing animportant role in shaping inflation expectations and outcomes. A report. – (Mint Dec 16, 2017 p 20)

– EXECUTIVE APPOINTMENTS

"Government restarts hiring process of RBI deputy governor" – The government has started afresh theselection process for the appointment of Reserve Bank of India (RBI) deputy governor, a position that fellvacant after completion of three-year term of S S Mundra on 31 July. Although an interview was conductedon 29 July for finding the suitable candidate, the government decided to have the process once again, accordingto the people familiar with the matter. The Financial Sector Regulatory Appointment Search Committeeheaded by the Cabinet Secretary, had its meeting in this regard to select a suitable candidate to succeedMundra. – (Mint Dec 20, 2017 p 6)

BANKING SECTOR"Banking sector gains Sensex 'weight' from Monday: IndusInd Bank, YES Bank debut" – The weight

of India's banking sector is set to go up to historical levels in the S&P BSE Sensex when it is reconstituted.YES Bank and IndusInd Bank will replace pharma company stocks Lupin and Cipla in the Sensex as part ofthis reconstitution. With the changes in the index, the weightage of the Banking, Financial Services andInsurance (BFSI) sector in the BSE 30 will touch its all-time high level, whereas the weightage of thehealthcare sector will hit a seven-year low. IndusInd Bank and YES Bank will be included in the benchmark,with weights of 2.6 per cent and 1.7 per cent, respectively, taking private banks' weightage to 28.1 per cent.A report. – (HBL Dec 16, 2017 p 1)

CENTRAL BANKS"The challenges looming for central banks in 2018" – Monetary policy may soon become less predictable

for investors. An editorial. – (FT Dec 16&17, 2017 p 8)

COOPERATIVE BANKS– PUNJAB & MAHARASHTRA CO-OP BANK

"On the home loan turf, this UCB is taking on the biggies: Punjab and Maharashtra Co-op Bank isoffering loans at rates lower than that of its bigger rivals" – In what could be reckoned as a Davidversus Goliath fight, a Mumbai-based urban co-operative bank has thrown down the gauntlet to banking andhousing finance giants on home loans. Mumbai-headquartered Punjab and Maharashtra Co-operative (PMC)Bank is offering home loans, especially to women, cheaper than those by its much larger rivals. The 33-year-old urban co-operative bank (UCB) is offering home loans to women borrowers at rates ranging from 7.75per cent to 8 per cent. A report. – (HBL Dec 16, 2017 p 6)

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CUSTOMER SERVICE"Complaints to banking ombudsman rose 27% to touch 1.3 lakh in FY17" – Banks need to strengthen

their internal grievance redressal mechanism as the volume of complaints received in the Office of BankingOmbudsman (OBO) increased by 27 per cent in FY17, said the OBO in its annual report. Failure to meetcommitments, and non-observance of fair practices and banking codes together accounted for 34 per cent ofthe total complaints received. – (HBL Dec 20, 2017 p 10)

DIGITAL CURRENCIES"Bit by Bitcoin" – If you are being bombarded with news about bitcoin, but don't have a clue what it is, you are

not alone. The Reserve Bank of India and the Finance Ministry have warned investors against bitcoin andother cryptocurrencies, as has the Securities Exchanges Commission in the US, which has also sounded analarm on initial coin offerings (ICOs), India's Income-Tax Department is probing bitcoin exchanges to gatherinformation about their transactions and ET reported the department is in the process of determining at whatrate they should be taxed under the goods and services fax regime Bitcoin prices have risen over 1,700% or18-fold, this year, compared with an increase of 28% and 26% in the Nasdag Composite Index and the BSESensex, respectively. They are hovering around $17,700 per bitcon (BTC) in the US and Rs.11.4 lakh inIndia. ET Magazine tells you all you need to know about bitcoin, ICOs and the brouhaha over them. Agraphical report. – (ET Dec 17-23, 2017 pp 14-15)

"Will bitcoin gain universal legitimacy?" – On 11 December, the market capitalization of bitcoin was $282billion. In other words, if someone bought all units of the leading cryptocurrency, they could potentially buyVisa Inc Except, probably, they won't be able to do so with bitcoins, and have a better chance of doing it withthe dollars they traded in the first place instead. A graphical report. – (Mint Dec 18, 2017 p 1)

Sen, Conor – "Cryptocurrencies need your attention" – The current boom indicates they are no longer afringe affair and soon can move or shake real economies. An article. – (HBL Dec 20, 2017 p 8)

DIGITISATIONLakshmi P and Biju S K – "Digitalisation in banking: A twin edged weapon" – An article.

– (SE 56(15) Dec 1, 2017 pp 14-18)

EMPLOYEE STOCK OPTION PLANS– ALLAHABAD BANK / UNITED BANK OF INDIA

"Allahabad Bank, United Bank officers oppose share allotment under ESPS" – In a potential setback tothe image of two public sector lenders, majority of workers and officers of Allahabad Bank and United Bankof India are opposing the proposed allotment of shares under an employee stock purchase scheme (ESPS) ongrounds that it will lead to a dilution of the government ownership. The two banks are looking to allot up to 50million shares in each to their employees. Whereas Allahabad Bank is looking to raise Rs.300-350 crorethrough the allotment of shares, United Bank is planning to mop up around Rs.85 crore. A report.– (Mint Dec 20, 2017 p 5)

FINANCIAL RESOLUTION AND DEPOSIT INSURANCE BILL"Bank Insecurities" – Banking regulator should continue to handle bank failures instead of the Resolution

Corporation. An editorial. – (IE Dec 18, 2017 p 10)

"Can we bank on our banks?" – The Government must clear concerns around the FRDI Bill. An editorial.– (HBL Dec 20, 2017 p 8)

"FRDI bill: Depositors are not going to suffer because of the bail-in clause" – Excerpts from aninterview with K C Chakrabarty, former Deputy Governor, Reserve Bank of India. – (IE Dec 21, 2017 p 13)

Aggarwal, Smita – "FRDI bill: an ICU to take care of critically ill patients" – An article.– (Mint Dec 21, 2017 p 13)

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Ghosh, Soumya Kanti – "Do we need an FRDI Bill?" – The Bill, in its current form, is almost equivalent tothe Deposit Insurance and Credit Guarantee Corporation Act. The question we therefore need to answer ishow we clear the supposed misgivings regarding the FRDI Bill. An article. – (BS Dec 21, 2017 p 10)

Halan, Monika – "Bail in: Two options for the government" – An article. – (Mint Dec 20, 2017 p 15)

Sabnavis, Madan – "Bail-in provision could have scary outcomes" – There is a need to relook the billbecause, in its present form, it will throw up challenges for every banking segment within the banking ecosystem.If FRDI, as it has been envisioned, is put in place, it will prompt depositors to look more carefully at banksperformance. At the slightest hint of a bank performing below par, there is a chance deposits will migrate andeventually cause a bank-run. An article. – (FE Dec 19, 2017 p 8)

Shukla, Saloni and Rebello, Joel – "FRDI bill: Not a draconian move, after all" – After the 2008 financialcrisis, govts world over are forced to bring in laws to resolve failures in financial institutions and not to dependon public-funded bailouts. In India too, a new legal framework is needed to ensure failures can be contained.An article. – (ET Dec 20, 2017 p 14)

Thorat, Usha – "How to handle bank failure: It's a question of trust" – Financial Resolution and DepositInsurance Bill tries to bring global standards to resolution of financial firms. But there is a strong case forkeeping deposits out of the bill's purview. An article. – (IE Dec 21, 2017 p 11)

Venkatesh, Latha – "FRDI bill: What's the way forward for the govt?" – An article.– (Mint Dec 15, 2017 p 13)

FINANCIAL SECTOR"How financial sector landscape is changing" – Edited excerpts from a discussion with Amitabh Kant, chief

executive officer, NITI Aayog; Rajiv Lall, executive chairman, IDFC Ltd; and H R Khan, former deputygovernor of the Reserve Bank of India. Speakers in a power-packed financial panel shared their views andoutlook on changing landscape of financial sector. – (Mint Dec 18, 2017 p 10)

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA"IBBI issues guidelines for tech standards for info utilities" – The Insolvency and Bankruptcy Board of

India (IBBI) has issued guidelines for technical standards to be followed by information utilities, including forconsent framework in sharing details with third parties. Information utilities store financial information to helpestablish defaults and verify claims expeditiously in order to complete transactions under the Insolvency andBankruptcy Code (IBC) in a time-bound manner. – (FE Dec 15, 2017 p 10)

INSOLVENCY AND BANKRUPTCY CODE"IBC debate: NCLT benches differ on criteria for valid resolution: Passed by Parliament last year,

the insolvency law aims to make corporate defaulters accountable and assist banks in recoveringtheir unpaid dues" – A fresh debate may arise on the interpretation of the Insolvency and BankruptcyCode (IBC) after orders by two separate benches of the National Company Law Tribunal (NCLT) expresseddifferent views on the validity of a resolution plan not approved by at least 75% of the lenders. A report.– (FE Dec 15, 2017 p 10)

"IBC review committee starts public consultation" – A committee formed by the government in Novemberto review the functioning of the insolvency and bankruptcy code (IBC) has invited comments from stakeholdersto identify issues impeding the efficiency of the IBC resolution and liquidation framework. The governmentpanel has sought comments from stakeholders at a time of considerable unease on account of the recentamendment to the IBC which prohibits defaulting promoters and related entities from bidding for their assets.Headed by the ministry of corporate affairs secretary Injeti Srinivas, the committee held its first meeting on8 December. Comments/suggestions along with brief justification may be sent through the online facilityavailable on MCA website up to 10 January, 2018. – (Mint Dec 15, 2017 p 8)

– 10 –

"More changes to Brankruptcy Code likely in budget: Taxation of transfer of assets, definition ofrelated parties, competition law exemption may be taken up" – The government will fix a few urgentproblem areas in the insolvency ordinance when it is brought to Parliament in the ongoing session but is likelyto make substantive changes to the law in the upcoming budget after the panel looking into the Insolvencyand Bankruptcy Code (IBC) makes its recommendations. A report. – (ET Dec 21, 2017 p 1)

"Stick to not allowing promoters to bid in NCLT" – The idea of letting promoters bid if they make theirloans 'standard' is a bad one - why didn't they pay up if they could? An editorial. – (FE Dec 15, 2017 p 8)

Shyamal Majumdar – "Why insolvency Ordinance was needed" – An article. – (BS Dec 21, 2017 p 11)

– CHINA DEVELOPMENT BANK

"RCom, China bank move to 'settle' insolvency petition" – Reliance Communications (RCom) and ChinaDevelopment Bank (CDB) approached the National Company Law Tribunal (NCLT) in Mumbai for anadjournment of the latter's insolvency petition till next month, amid talks they have begun negotiations for anout-of-court settlement. CDB, which had lent $1.78 billion to RCom, had filed the petition under the Insolvencyand Bankruptcy Code (IBC) on November 27, after the company defaulted on its dues. A report.– (BS Dec 16, 2017 pp 1, 6)

– DEFAULTING PROMOTERS

Sen, Joydeep – "Bankrupt Corporations don't need protection" – An article. – (Mint Dec 18, 2017 p 13)

– INFORMATION UTILITIES

"Banks asked to share details of creditors assets under IBC" – The Reserve Bank today asked banksand other financial institutions to share information about assets of creditors with information utilities registeredunder the insolvency law. The directive from the apex bank clears the air over sharing of information aboutcreditors as required under the insolvency law as many banks reportedly had reservations in parting withsuch details. A report. – (Mint Dec 20, 2017 p 9)

"Insolvency Board proposes, Reserve Bank disposes" – Central bank says info utilities can source allinformation only from credit bureau. Even as the insolvency and Bankruptcy Board of India (IBBI) hasissued standards for public information utilities to make the bankruptcy process work smoother, the ReserveBank of India (RBI) has thrown a spannner in the works. Unless resolved soon, the dispute could prolongbankruptcy litigation and hurt the recovery of capital from companies that face sell-off or liquidation. Areport. – (BS Dec 19, 2017 pp 1, 4)

– NPA RESOLUTION

"Bankers want notional profit from debt waiver to be exempted from MAT: Say this will encouragenew promoters and investors to acquire ownership of stressed entities" – To incentivise participationof 'new promoters/investors' in the resolution of stressed companies under the Insolvency and BankruptcyCode, banks are seeking suitable amendments to the Income Tax Act, whereby, when a portion of suchcompanies' debt is waived off, the resulting notional profit arising from recognition of notional income isexempt from minimum alternate tax. Bankers' say waiver of a portion of a stressed company's loan under aresolution plan will be treated as taxable receipt by the revenue authorities and this could deter new promoters/investors from acquiring/taking over ownership of such entities. A report. – (HBL Dec 19, 2017 p 10)

"Stressed assets: Defaulters claim dues from one another: In some cases, group firms have filedclaims against the parent firm" – Even as banks try to recover tens of thousands of crores in dues fromdefaulting firms, companies - at times from the same group - claim these defaulting firms owe them money.Documents reviewed by FE show a few defaulting firms on the two lists put out by Reserve Bank of India(RBI) have claimed they are operational creditors to other firms also on the lists. A report.– (FE Dec 19, 2017 pp 1, 2)

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– STEEL SECTOR

"IBC resolution of steel firms pushed to FY19: Bids for Essar, Bhushan Power, Electrosteel, MonnetIspat postponed to next quarter" – Indian lenders are likely to wrap up the resolution process of BhushanPower & Steel (BPSL), Essar Steel, Monnet Ispat & Energy, and Electrosteel Steels only in the first quarterof the next financial year (FY19) and miss the initial deadline of December-end set under the Insolvency andBankruptcy Code (IBC). A report. – (BS Dec 20, 2017 pp 1,10)

LOANS AGAINST PROPERTY"Delinquencies in loans against property may rise in FY18, says Crisil" – Delinquencies in the loan

against property (LAP) market may rise 70 basis points (bps) to 3.3% in FY18, ratings agency Crisil said ina note. The note also flagged risks emanating from moderating growth, intensifying competition and fallingyields in the LAP market, and added that while these risks had been anticipated a year ago, the drop in assetquality ever since has been steeper than expected. A report. – (FE Dec 15, 2017 p 10)

MERCHANT DISCOUNT RATE"A tightrope walk" – The merchant discount rate needs to be carefully balanced. An editorial.

– (BS Dec 15, 2017 p 11)

– DIGITAL PAYMENTS

"Govt to return MDR to banks to boost digital: To cover transactions of up to Rs.2,000" – The Centresaid it would reimburse the merchant discount rate (MDR) applicable on digital transactions up to Rs.2,000for the next two years to give a fillip to digital payments in the country. This will be applicable on transactionsdone using debit cards, UPI BHIM application or Aadhaar. The decision, cleared by the Cabinet, was expectedto cost the exchequer more than Rs.2,500 crore. A report. – (H Dec 16, 2017 p 13)

MONETARY POLICY"MPC wary of fresh risks to inflation, minutes show: Members flag rising crude oil prices, likelihood

of a fiscal slippage and rising inflationary expectations of households as reasons to stay put oninterest rates" – Most members of the Reserve Bank of India's (RBI's) rate setting committee areincreasingly worried about fresh risks to inflation, with their hawkish tone suggesting that the rate cuttingcycle has come to an end. The monetary policy committee members flagged rising crude oil prices, thelikelihood of a fiscal slippage and rising inflationary expectations of households as reasons to stay put onrates, show the minutes of the last meeting. A report. – (Mint Dec 21, 2017 pp 1, 5)

Iyer, Aparna – "MPC is united in worry but dividend on the cure" – An article.– (Mint Dec 21, 2017 p 4)

NON-PERFORMING ASSETS"Gross NPAs of banks cross Rs.8.50 lakh cr in H1FY18" – The gross Non-performing Assets (NPAs) of

banks crossed Rs.8.50 lakh crore at the end of September 2017, Minister of State for Finance Shiv PratapShukla informed the Lok Sabha. – (BS Dec 19, 2017 p 13)

"NPA mess: Govt asks banks to reveal asset quality review impact" – The government has signalledthat it will leave no stone unturned in cleaning up the banking system. It has now asked banks to disclose thevariations between the non-performing asset levels in their balance sheet and the levels arrived at followingthe asset quality review. A report. – (HBL Dec 15, 2017 p 1)

PAYMENTS BANKS– AIRTEL PAYMENTS BANK

"UIDAI suspends eKYC licence of Airtel, Airtel Payments Bank" – In its strongest action yet, theUIDAI has temporarily barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based SIM

– 12 –

verification of mobile customers using the eKYC process, as well as e-KYC of Payments Bank clients. Theaction follows allegations of Bharti Airtel using the Aadhaar-eKYC based SIM verification process to openpayments bank accounts of its subscribers without their 'informed consent.' – (ET Dec 17-23, 2017 p 2)

PMJDY"Rural report card: Banking big on Jan Dhan" – A graphical report. – (HBL Dec 16, 2017 p 2)

PUBLIC SECTOR BANKS"Strengthening PSU banks most important agenda for next year: Lending capacity of banks will

improve as their capital adequacy improves, the finance minister said" – Finance Minister ArunJaitley said that 'fixing and strengthening' the public sector banks is the most important agenda before thegovernment to ensure that the lenders are able to support growth. The government envisages expeditiousresolution of stressed assets under the Bankruptcy Code that aims at time-bound resolution, Jaitley saidadding that the government would exceed the disinvestment target this year for the first time. A report.– (IE Dec 15, 2017 p 13)

Subramanian, R Venkat – "What's pulling investors towards PSU banks for 1st time in years?" – Anarticle. – (ET Dec 16, 2017 p 7)

RECOVERY OF NPAsSabharwal, Manish – "Reveal, recognise, resolve: Gap between global banks and Indian banks on

bad loan recovery is set to narrow" – The wilful defaulter definition needs review; it's a flawed applicationof the legal concept of mens rea (meaning intention or state-of-mind and implies differentiating betweenmurder and death by car accident) because loan taking and giving is by definition risk taking with a range ofoutcomes including default, restructuring and repayment. We need one definition of default, SEBI's smartproposal for listed company defaults must be reinstated, and IBBI's information utility activated. An article.– (IE Dec 20, 2017 p 10)

SMALL FINANCE BANKS– MICROFINANCE INSTITUTIONS

"SFBs to rely on their MFI past to boost growth, experts say: Most small finance banks also expecta sizeable portion of their non-MFI loan growth to come from upgrading existing MFI customers"– Microfinance institutions (MFIs) that became small finance banks (SFBs) in the last one year and gainedaccess to a more wealthy and diversified clientele will continue to be critically dependent on their low-valueborrowers even in their new avatar, several industry executives say. Most SFBs also expect a sizeableportion of their non-MFI loan growth to come from upgrading existing MFI customers. A report.– (Mint Dec 20, 2017 p 5)

SPECIALISED BRANCHES– MSMEs

"Finance ministry asks banks to open MSME-intensive branches" – In order to increase credit availabilityto small businesses, the finance ministry has asked public sector banks to open MSME intensive branches.Micro, Small and Medium Enterprises (MSMEs), which are a huge employment generator in the country,contribute 40 per cent of the India's manufacturing. To cater to the segment, banks have been advised toopen specialized branches with skilled manpower to handle the requirement of employment intensive MSMEsector, people in the know said. – (Mint Dec 18, 2017 p 17)

UNIFIED PAYMENTS INTERFACEBhakta, Pratik – "UPI: A numbers game" – UPI has emerged as a phenomenon about to overhaul India's

payments landscape but it may not be creating much value yet. Author takes a look at the story behind thesurge in UPI transactions and what can make it truly transformational. An article. – (ET Dec 15, 2017 p 12)

– 13 –

WOMEN MANAGERS– STRESS

Harikumar, P N and Rajitha K – "Occupational stress among the working women managers in thebanking sector" – There is no stress-free job. Every job is exposed to tension and anxiety, which leads tojob stress. The banking sector is not an exception. More than the lower level employees, the branch managersof the banks are exposed to great stress. They have to shoulder the responsibility of the activities of thewhole branch. Among bank managers, women are likely to be exposed to greater job stress. The womenmanagers are not only the heads of the branches but also the backbones of their families. They are expectedto shoulder the responsibility as a branch manager and the responsibility of a care taker of the family too. Anarticle. – (SE 56(15) Dec 1, 2017 pp 23-25)

RBI CIRCULARS"Prompt implementation of Governments instructions by agency banks" – (RBI Circular RBI/2017-

2018/111 DGBA.GBD/1616/15.02.005/2017-18 dated 21.12.2017)

"Submission of Financial Information to Information Utilities" – (RBI Circular RBI/2017-2018/110DBR.No.Leg.BC.98/09.08.019/2017-18 dated 19.12.2017)

AGRICULTURE & RURAL DEVELOPMENT

AGRICULTUREKaundinya, Ram – "Some smart solutions to farm distress" – Data, analytics and digitisation can mitigate

risks related to crop insurance, credit availability and prices. An article. – (HBL Dec 15, 2017 p 8)

INDUSTRYDobhal, Shailesh – "India Inc. in 2017: Trends that shaped industry in a year that made future Goliaths"

– An article. – (BS Dec 19, 2017 p 10)

BOND MARKETMerwin, Radhika – "What's ahead for bond markets?" – With rate cuts out of the picture, bond yields are

expected to hover in a narrow range and harden in the second half of 2018. Inflation. Fiscal policy andliquidity will set the tone. An article. – (H Dec 17, 2017 Pt.II p 8)

HDFC"HDFC to sell 5% to raise Rs.13k cr" – The board of Housing Development Finance Corporation has

approved a proposal to raise Rs.3,000 crore by selling 5 per cent equity shares to institutional investors, tomaintain its stake in HDFC Bank and to foray into health insurance, affordable housing and stressed realestate. A report. – (ET Dec 20, 2017 pp 1, 9)

HOUSING FINANCE"NBFCs catch up with banks on home loan disbursals" – Home loan portfolios of banks have been

growing at 11-13%, while at HFCs these are clocking a growth of 19-20%. At the end of June 2017, thehousing-loan portfolio of HFCs and NBFCs stood at Rs.5.55 lakh crore while that of banks was Rs.9.07 lakhcrore. – (FE Dec 19, 2017 p 10)

INFRASTRUCTURE SECTOR"Infra sector to attract $12-13 bn investment via NIIF: Garg" – The Finance Ministry said it expected

investments to the tune of $13 bn (about Rs.85,000 crore) in infrastructure through the National Investmentand Infrastructure Fund (NIIF). – (FE Dec 18, 2017 p 11)

– 14 –

MUTUAL FUNDS"2017: Record year for domestic MF industry" – Acceptance of mutual funds as investment vehicle rises

significantly. A report. – (BS Dec 19, 2017 p 13)

INTERNATIONAL ECONOMICS

FUND MANAGEMENT"Global fund management" – A weekly report. – (FT Dec 18, 2017 Supl. pp 1-16)

LABOUR & PERSONNEL MANAGEMENT

HUMAN RESOURCE MANAGEMENT– DIGITAL TOOLS

Ganesh, Uma – "HR function needs to become more agile" – Digital tools such as AI and robotic processautomation can help deliver superior employee experience. An article. – (FE Dec 18, 2017 p 8)

TALENT PLACEMENT"Placing talent at right place key to productivity: Emerging markets have most scope to improve

talent alignment: Report" – Organisations can pull off major performance and productivity improvementsby taking a more strategic approach to where they place their people, says an EY-LinkedIn report. Accordingto the report titled 'Right people, wrong place?', location of an organisation's talent footprint is now key to highproductivity and profit. A report. – (ET Dec 19, 2017 p 8)

MANAGEMENT

MANAGEMENT EDUCATION– IIMs

"IIMs ready for a degree of change: Bill gives institutes functional autonomy, including power toappoint directors" – What the bill entails: * IIMs can now grant MBA degrees, PhDs; * Autonomy withthe board to select chairperson and director; * As the executive body, Board of Governors will comprise 19members; * Greater participation of experts & alumni in the boards; * Provision for inclusion of women andmembers from SC/ST in the board; * Provision for periodic review of the institutions' performance byindependent agencies; * Results of periodic review to be placed in public domain; * Annual reports to beplaced in Parliament. – (BS Dec 21, 2017 p 20)

MANAGEMENT RESEARCHGupta, Indrajit – "Making management research useful" – An article. – (BS Dec 15, 2017 p 11)

MISCELLANEOUSDua, Aarti – "Banking on blockchain" – Why Indian companies and financial institutions are rapidly taking

to the new technology. The beauty of the technology is that you can create solutions in silos but they can allconnect very simply. Automotive, energy, agriculture, the public arena and government are areas whereblockchain can make the maximum impact. An article. – (BusT 26(26) Dec 18-31, 2017 pp 64-71)

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