Arun Jaitely to inaugurate 5th National Community Radio Sammelan

The Sammelan will bring together Community Radio Operators, policy makers, Ministries/Departments, the UN and other International bodies like UNICEF and UNESCO and other stakeholders for exchange of ideas and cross learning.

Minister for Finance, Corporate Affairs and Information and Broadcasting, Shri Arun Jaitely, will inaugurate the 5th National Sammelan for Community Radio Stations on the 16th March, 2015 at Vigyan Bhavan, New Delhi. Minister of State for Information and Broadcasting, Col Rajyavardhan Rathore, will also be present on the occasion.

The Sammelan will bring together Community Radio Operators, policy makers, Ministries/Departments, the UN and other International bodies like UNICEF and UNESCO and other stakeholders for exchange of ideas and cross learning. The session will highlight the vision of the Community Radio movement in India and its role in setting the agenda on the development discourse at the local level. 

The three day workshop will discuss several important issues such as the role of community radios in good governance, sustainability, content sharing and programming for development. Session will delve into the role that Community Radio can play in community learning, promoting livelihoods and agriculture, promoting water conservation and sanitation, strengthening Panchayati Raj Institutions, financial inclusion, legal literacy and facilitating access to justice for marginalized communities. A compendium containing inspiring stories of community radios from all over the country will be released. 

The National Community Radio Awards would also be presented to promote better programming on CR stations and motivate CR operators to achieve goals of community empowerment. 

The I&B Ministry has been organizing the National Community Radio Sammelan every year since 2011. Four National Community Radio Sammelans of CR operators have also been organized so far. The Ministry has also been organizing intensive Awareness Workshops in various parts of the country to increase awareness about Community Radio. Sixty three Workshops have been organized so far. These Workshops have proved to be useful not only to operate Community Radio Stations in an effective way. 

The community radio sector has witnessed a remarkable growth in the past few years due to several initiatives taken by the Ministry of Information and Broadcasting. The Ministry has so far issued 409 permissions to set up community radio stations in the country. Out of this, 179 stations have become operational while others are in the pipeline. The Ministry has also streamlined the approval process for setting up of Community Radio Stations. The applicants can now apply online and track the status of their pending application through a Comprehensive Community Radio Management Information System. A Facilitation Centre has also been set up, with a Toll Free number (1800-11-6346) for providing information. Efforts have also been taken by the Ministry to enable Community Radio Stations to sustain themselves. The Ministry has also introduced a Plan Scheme to provide financial assistance to existing and new community radio stations for infrastructure/equipment/training/capacity building etc. 

The Ministry has also been advocating with various stakeholder Ministries like Health, Rural Development, Panchayati Raj, Science and Technology and Tribal Affairs to use the medium of CR to reach out to the masses.

Mutual Funds Newsletter - March 09 to 13, 2015

The Indian mutual fund industry’s assets under management (AUM) rose 1.76% or by Rs 208.40 bn to Rs 12.02 trillion in February 2015, according to the monthly numbers released by the Association of Mutual Funds in India (AMFI).

News this week
 
MF assets cross the Rs 12 trillion mark
The Indian mutual fund industry’s assets under management (AUM) rose 1.76% or by Rs 208.40 bn to Rs 12.02 trillion in February 2015, according to the monthly numbers released by the Association of Mutual Funds in India (AMFI). This is the first time the industry’s assets have crossed the Rs 12 trillion mark. Gains were led by inflows into equity, balanced, gilt and liquid funds.
 
Positive sentiment for the underlying asset class helped equity funds attract net inflows (Rs 58.40 bn) for the tenth consecutive month in February. The category’s assets rose 1.41% to close at a record high of Rs 3.46 trillion. The underlying asset class, represented by the benchmark CNX Nifty Index, gained 1.06% in the month on positive cues from announcements in the Union Budget 2015-16, upbeat domestic GDP growth estimate and encouraging international developments..
 
Equity MFs report net inflow of about Rs 61,000 crore 
Mutual fund's equity assets rose from Rs. 1.57 trillion in February 2014 to Rs 3.07 trillion in February 2015, according to AMFI. Mutual funds invested Rs 5,200 crore in equity schemes in February, taking the total inflow to over Rs 61,000 crore in the first 11 months of the current financial year. AMFI said that equity funds saw net inflow of Rs. 5,217 crore in February as compared to Rs. 5,850 crore witnessed in the preceding month. Since April 1, 2014, equity schemes have registered net inflow of about Rs 61,000 crore. The latest inflow takes the total fund infusion in equity MF schemes to Rs. 61,089 crore at the end of February.
 
MFs buy equities worth Rs. 880 cr in Jan: SEBI
Mutual Funds made net investment of Rs. 34,004 crore in the secondary market in January 2015 compared to net investment of Rs. 60,969 crore in December 2014, according to SEBI Bulletin for the month of February 2015. Mutual funds invested Rs. 880 crore in equity in January 2015 compared to Rs. 7,037 crore in December 2014. Further, mutual funds invested Rs. 33,124 crore in debt market in January 2015 as against of Rs. 53,932 crore invested in December 2014, the SEBI added..
 
Investors' demat accounts rise marginally in Jan
The total number of investor accounts was 137 lakh at NSDL and 94.3 lakh at CDSL at the end of January 2015. In January 2015, the number of investor accounts at NSDL and CDSL increased by 0.5 percent and 0.4 percent, respectively, over the previous month. A comparison with January 2014 showed there was an increase in the number of investor accounts to the extent of 4.5 percent at NSDL and 7.9 percent at CDSL. S&P BSE Sensex closed at 29,183 on January 30, 2015, as against 27,499.4 on December 31, 2014, registering an increase of 1,683.5 points (6.1%).
 
Foreign investors buy shares worth Rs. 33,688 cr in Jan 
With the commencement of FPI Regime from June 1, 2014, the erstwhile FIIs, sub accounts and QFIs are merged into a new investor class termed as “Foreign Portfolio Investors (FPIs)”. There was a net inflow of Rs. 33,688 crore in January 2015 by FPIs compared to net inflow of Rs. 12,225 crore in December 2014. FPIs invested Rs. 12,919 crore in equity in January 2015 as compared to inflow of Rs. 1,036 crore in equity in December 2014. Further they invested Rs. 20,769 crore in debt market in January 2015 as compared to Rs. 11,188 crore invested in December 2014.
 
Much needs to be done to finalise REIT tax structures: CBRE
According to property consultant CBRE study, tax structures for the real estate investment trusts (REITs) need to be further rationalised to make it more attractive to investors, particularly foreign. "Despite the greater clarity provided by the Budget announcement, much still needs to be done to finalise REIT tax structures and make them attractive to investors, particularly foreign groups," CBRE Research said. REITs is typically a closed-end investment fund that trades on an exchange and uses the pooled capital of many investors to purchase and manage income properties.
 
MFs rush to launch 23 new schemes
Over 23 new fund offers (NFOs) will be launched later this month as fund houses rush to raise maximum money by paying high commissions to distributors to sell their products, says a media report. In order to curb mis-selling, the Association of Mutual Funds in India (AMFI) has urged funds to limit upfront commission to 1% starting April 1, the report added. At present, there is no limit on upfront commission and fund houses often pay upfront commissions of upto 8% to their distributors for selling a MF scheme, the report further said. 
 
Pvt mutual funds report net inflow of Rs. 91,162 cr in Jan: SEBI 
Mutual funds saw net inflow of Rs. 1.06 trillion in January 2015 as compared to a net outflow of Rs. 41,388 crore in December 2014, according to SEBI Bulletin for the month of February 2015. The private sector mutual funds reported inflows of Rs. 91,162 crore in January 2015, while public sector mutual funds saw inflow of Rs. 15,716 crore. Private sector mutual funds witnessed outflow of Rs. 38,936 crore, whereas public sector mutual funds saw outflow of Rs. 2,452 crore in January 2015.

Equity market garners funds worth Rs. 4,308 cr in Jan: SEBI
There were 26 preferential allotments worth Rs. 2,538 crore listed on BSE and NSE in January 2015 as compared to 21 preferential allotments worth Rs. 606 crore in December 2014, according to SEBI bulletin for the month of February 2015. The cumulative amount mobilised through preferential allotments route during 2014-15, as on January 30, 2015, stood at Rs. 25,679 crore through 374 issues, SEBI said. In the corporate debt market, Rs. 46,187 crore were raised through 188 issues by way of private placement listed at BSE and NSE during January 2015 compared to Rs. 47,898 crore raised through 296 issues in December 2014..
 
SBI MF launches Dynamic Asset Allocation Fund
SBI Mutual Fund announced the launch of SBI Dynamic Asset Allocation Fund (SDAAF), an open-ended dynamic asset allocation fund, which uses a model-driven asset allocation process to dynamically allocate between equity, debt and cash based on market and economic conditions so as to provide investors with long term capital appreciation.
SDAAF would have the flexibility to remain invested, up to 100 per cent in either debt or equity or a mix of the two as per the asset allocation model.

LIC Nomura MF launches Banking & Financial Services Fund 
LIC Nomura Mutual Fund, on Monday has launched LIC Nomura MF Banking & Financial Services Fund. It is an open ended Banking & Financial services sector scheme and the New Fund Offer (NFO) will open today, March 09, 2015 for subscription and will close on Monday, March 23, 2015.
 
Primary market mobilise funds worth Rs. 2,288 cr in Jan: SEBI 
During January 2015, Rs. 2,288 crore were mobilised in the primary market (equity and debt issues) by way of four issues as compared to Rs. 761 crore mobilised through four issues in December 2014, showing an increase of 200.4 percent from the previous month. In January 2015, Rs. 1,545 crore were mobilised through three equity issues as compared to Rs. 361 crore mobilised by the way of three equity issues in December 2014, according to SEBI bulletin for February 2015.
 
ICI reports estimated US long-term mutual fund flows for latest week 
Total estimated inflows to long-term mutual funds in US were $6.51 billion for the week ended Wednesday, March 4, the Investment Company Institute reported. Equity funds had estimated inflows of $977 million for the week, compared to estimated inflows of $2.43 billion in the previous week. Domestic equity funds had estimated outflows of $1.93 billion, and estimated inflows to world equity funds were $2.91 billion. Hybrid funds, which can invest in stocks and fixed-income securities, had estimated inflows of $528 million for the week, compared to estimated inflows of $1.05 billion in the previous week.
 
ICICI Pru MF launches India Recovery Fund - Series 1
ICICI Prudential Mutual Fund has announced the launch of ICICI Prudential India Recovery Fund– Series 1, a 3.5 year close ended equity fund that aims to provide long-term capital appreciation by taking exposure in stocks/sectors that are more levered to the economy and are likely to grow at a fast pace. The fund would be managed by Mr. Mrinal Singh and Mr. Rajat Chandak. Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company Ltd. said, “India is positioned towards the recovery trajectory with improvement in macro-economic indicators, uptick in business sentiment, government’s focus on new & existing projects and thrust on reforms. We believe the economy has reached the inflection point and is expected to move into a high growth phase over the next 3 to 5 years.”.
 
Baroda Pioneer AMC launches Hybrid Fund–Series I
Baroda Pioneer Mutual Fund on Monday announced the launch of Baroda Pioneer Hybrid Fund-Series I, a close ended hybrid scheme. This product is suitable for investors who are seeking to generate income and capital appreciation over the short term to medium term. The New Fund Offer (NFO) is open for subscription from 2nd March 2015 and closes on 17th March 2015. The units will be available at par - Rs.10/- The primary objective of the Scheme is to generate income by investing in fixed income securities maturing on or before the date of the maturity of the Scheme and to generate capital appreciation by investing in equity and equity related instruments.
 
Deutsche Asset Management launches Large Cap Fund-Series 1 
Deutsche Asset Management India announced the launch of DWS Large Cap Fund – Series 1, a 1281 days close ended equity fund. The New Fund Offer period is from March 4 to March 18, 2015. The objective of the scheme is to generate capital appreciation from a diversified portfolio of equity and equity related securities of large cap companies in India. CNX Nifty Index is the benchmark index.

Banking Newsletter - March 09 to 13, 2015

Union Finance Minister Arun Jaitley asked the Chief Executive Officers (CEOs) of the Public Sector Banks (PSBs) and Financial Institutions (FIs) to take commercial decisions without fear or favour as the Government is committed to provide them financial autonomy both in letter and spirit. 

Top Stories

Without fear or favour, banks can take commercial decisions: FM 
Union Finance Minister Arun Jaitley asked the Chief Executive Officers (CEOs) of the Public Sector Banks (PSBs) and Financial Institutions (FIs) to take commercial decisions without fear or favour as the Government is committed to provide them financial autonomy both in letter and spirit. At the same time, the Finance Minister insisted that the banks should have strong public grievances redressal mechanism in place, so that their clients do not have to approach the Government to redress their grievances.

NPA sales: RBI issues new norms
The Reserve Bank of India, on Wednesday, has allowed banks to reverse the excess provision on sale of bad loans to their profit and loss account, provided the transaction took place before February 26, 2014. “Banks can reverse excess provision arising out of sale of NPAs only when the cash received by way of initial consideration and/or redemption of security receipts/pass through certificates is higher than the NBV of the NPAs sold to a securitisation company or an asset reconstruction company (RRC),” the RBI said in a notification.

Domestic News

Insurance Bill passage could bring inflow of Rs. 20,000 crore: Arundhati Bhattacharya 
Arundhati Bhattacharya, Chairman, SBI, said, “With financial inclusion proceedings in full force, the timing of increase in limit for FDI in insurance sector is a blessing in disguise. In our estimate, the FDI limit hike in insurance could result in immediate inflow of around Rs. 20,000 crore. Furthermore, FDI hike in insurance is de jure increase in FDI limits for pension sector also.”

Stake sale! Reliance Capital receives Rs. 371 cr from Sumitomo Mitsui Trust Bank 
Sumitomo Mitsui Trust Bank, Limited of Japan has completed acquisition of 2.77 per cent strategic stake in Reliance Capital, a part of Anil Ambani led Reliance Group. The entire proceeds of Rs 371 crore (US$ 58.4 million) for the 2.77 per cent stake has been duly received from Sumitomo Mitsui Trust Bank, Limited. Sumitomo Mitsui Trust Bank, Limited had agreed to acquire strategic stake in Reliance Capital, subject to regulatory and shareholders approvals, which have since been received.

Personal loans! SBI sweetens offers for existing home-loan customers 
State Bank of India said that it is offering an attractive interest rate scheme to its existing home-loan customers, according to a media report. SBI said that its existing customers can take personal, or top-up, loans at the same rate that they are paying on home loans under a limited-period offer, the report added. In effect, an existing borrower can take a personal loan at 10.15%, provided he had been paying his homeloan EMIs regularly, the report further said.

Power shift! Govt to bring market regulatory powers under SEBI purview
Justice BN Srikrishna, Chairman, Financial Sector Legislative Reforms Commission (FSLRC) said that the Finance Bill recommendation, which gives money market control to Securities and Exchange Board of India, has come as a surprise. The government has recently proposed to amend the Reserve Bank of India (RBI) Act to take away money market regulatory powers from RBI and bring it under the purview of SEBI, Justice BN Srikrishna said in an interview to a news channel. The Finance Bill seeks amends in Sections 45U and 45W of the RBI Act to enable the shift of powers from RBI to SEBI..

Banks to ensure high standard in outsourced services: RBI 
The RBI has directed asked banks to ensure high standard of care while outsourcing financial services and directed them to put in place a robust system of internal audit of all such activities. "Banks have been advised to take steps to ensure that the service provider employs the same high standard of care in performing the services as would be employed by the banks, if the activities were conducted within the banks and not outsourced," the RBI said in a notification on Wednesday. "Banks should not engage in outsourcing that would result in their internal control, business conduct or reputation being compromised or weakened," the RBI further said.

Invoice to Payment! Axis Bank partners with MasterCard & Vayana Network 
Axis Bank announced their partnership with MasterCard  & Vayana Network and launched ‘Invoice to Payment’- an end-to-end digital invoicing and payment solution. This solution aims to simplify B2B payments in India, estimated at over USD 95 Bn annually. Processing of these payments is physical, involves a number of manual steps and corporates spend a lot of time and resources to reconcile invoices and their payments. Invoice to pay is designed to simplify, digitize and automate the entire process – from invoice presentment to final payment.

IDBI Bank to sell stake in NSE in next fiscal
IDBI Bank plans to sell its entire 5 per cent stake in NSE in the next fiscal, according to a media report. In a public notice earlier, IDBI Capital had announced, "Invitation for Expression of Interest (EoI) for sale of equity shares upto 5% of the paid-up equity share capital of the NSE." The notice further said, "IDBI Bank, a client, of IDBI Capital Market Services intends to sell the shares held in NSE." Interested parties were required to submit the EoI by January 20.

Engage more private banks in agency biz of Central & State Govts: Assocham says 
ASSOCHAM has suggested the Union Government to engage private sector banks in the agency business of Central and State Governments to enable faster implementation of subsidy schemes of the Government thereby complimenting the Prime Minister’s hugely successful Jhan Dhan Yojana. In a note submitted to the Union Finance Minister, Arun Jaitley, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has stated that ‘induction of additional private sector banks will widen reach of Indian private sector banks to provide financial services at lower cost together with greater convenience to all end consumers.. 
14th Fin Com stresses on greater Center-State coordination 
The states should get a meatier share in the divisible tax pool which will etch out a fresh period for the Centre-state fiscal relations and provide greater flexibility to states, proposed the 14th Financial Commission, as per reports. The Commission constitutes of certain elements of change and consistency as compared to earlier commissions and has a philosophical approach. It has complete faith in the government and is in sync with the new realities of economic management, says the Chairman YV Reddy in an interview to ET..

FPIs buy net shares worth Rs. 31,250 crore till Mar 5 
The net foreign fund inflows into Indian capital markets stood at $11.08 billion (over Rs. 68,552 crore) till March 5 this year, according to the data compiled by the Central Depository Services Ltd (CDSL). The Foreign portfolio investors (FPIs) bought shares worth a net amount of Rs. 31,256 crore till March 5 this year, while in the debt segment, their net inflows stand at Rs. 37,296 crore, taking the total to Rs. 68,552 crore, the data indicated. Overseas investors reported a net inflow of Rs. 24,563 crore February, while the same stood at Rs. 33,688 crore in the month of January.

Expansion of SARFAESI Act credit positive for lenders of LAPs, says Moodys
On 28 February, India’s Finance Minister Arun Jaitley, as part of India’s union budget for the fiscal year ended 31 March 2016, proposed designating non-banking finance companies (NBFCs) with assets of more than Rs5 bn as “financial institutions” under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act). Such designations would be credit positive for lenders of loans against property (LAPs), which is a loan made against residential or commercial property already owned by the borrower. Residential mortgage-backed securities (RMBS) backed by LAPs originated by these NBFCs would also benefit from speedier loan recovery.

Overseeing lenders! New PSU bank board to be set up in few months 
The proposed public sector bank board, which would be independent in nature, is likely to oversee the functioning of lenders, according to a media report. The board, which is expected to be set up in the next few months, would closely work with boards of various state owned banks, the report added. Finance minister Arun Jaitley had announced the setting up of the board in his budget speech. 

Pakistan, Macau, Hong Kong citizens can't buy property in India: RBI 
The Reserve Bank of India (RBI) on Wednesday said the citizens from Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan shall not acquire or transfer immovable property in India, other than lease without its prior permission, not exceeding five years. “….in terms of which no person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years,” the RBI said in a notification.

RBI buys forex worth $12.14bn in Jan
The Reserve Bank of India bought a net $12.14 billion in spot foreign exchange markets in January, compared with $6.74 billion in December, according to RBI's monthly bulletin published on Tuesday. The total net forward position stood at $5.58 billion at the end of January compared with $6.85 billion in December, the data showed.

Households are the largest contributor in total deposits in 2014: RBI 
Growth in total deposits with Scheduled Commercial Banks accelerated to 13.8 per cent in March 2014 from 11.5 per cent in March 2013, according to RBI's monthly bulletin published on Tuesday. All types of deposits were seen to accelerate in March 2014. However, the growth in current deposits was lower than that of interest bearing deposits (i.e., savings and term), the RBI data added. The term deposits at 64.9 per cent remained the major constituent of total deposits, followed by savings deposits at 26.2 per cent..

India's export of software at $71.4bn in 2013-14
India’s export of software services during 2013-14 stood at Rs. 4,322.8 billion ($71.4 billion), of which computer services exports accounted for 73.6 per cent, according to RBI's monthly bulletin published on Tuesday. The global software export of India including the services rendered by foreign affiliates established abroad was estimated at Rs. 5,011.8 billion (US$ 82.8 billion).

Banks to observe norms of Sukanya Samriddhi Account Scheme: RBI 

The RBI has directed banks to observe the rules and regulations of the Sukanya Samriddhi Account Scheme. The Government of India, vide this Notification, has notified the Sukanya Samriddhi Account Rules, 2014, which came into force with effect from December 02, 2014.
Reporting of the Sukanya Samriddhi Account transactions i.e. receipt, payment, penalty, etc. may be directly done through the Government Account at Central Account Section, Reserve Bank of India, Nagpur on daily basis like the transactions of PPF, 1968, in order to have uniformity in reporting, reconciliation and accounting, the RBI said in a notification on Wednesday... Read more 

Govt contemplating measures to push stalled projects: Jayant Sinha 
Minister of State for Finance Jayant Sinha reportedly said that the government is contemplating a host of measures to push stalled projects and deal with the problem of rising non-performing assets (NPAs) of banking sector. "We discussed the NPA issue (and) the situation in stalled projects," says Sinha. "And also we are thinking about the ways in which resolution of the NPA situation can be done more speedily," Sinha reported. A report said that the NPAs of public sector banks rose sharply to 5.33 per cent of total advances in September 2014 from 4.72 per cent in March 2014.

IRDAI considers options for multiple insurer tie-ups for banks 
The Insurance Regulatory and Development Authority of India (IRDAI) is considering new options to introduce open architecture of bancassurance, according to a media report. Bancassurance refers to selling of insurance products through banks. The bank sells the products of the insurers to its own customers. Among the new options include tying up with more than one insurer in the life, non-life and standalone health insurance segments. The objective is to allow banks to open their branch network to other insurers, the report added...Read more 

India's CAD narrows to $8.2bn in Q3 FY15: RBI
The RBI released the preliminary data about the country’s balance of payments (BoP) for the third quarter i.e., October-December of financial year 2014-15. On a quarter-over-quarter (q-o-q) basis, India’s current account deficit (CAD) narrowed to US$ 8.2 billion (1.6 per cent of GDP) in Q3 of 2014-15 from US$ 10.1 billion (2.0 per cent of GDP) in Q2; on a year-on-year (y-o-y) basis, however, the CAD doubled (from US$ 4.2 billion or 0.9 per cent of GDP in Q3 of 2013-14).

India’s trade deficit at $112.5bn in Q3 FY15: RBI
The RBI released the preliminary data about the country’s balance of payments (BoP) for the third quarter i.e., October-December of financial year 2014-15.
On a cumulative basis, the overall BoP shows considerable improvement on a y-o-y basis on the back of a higher growth in merchandise exports and a marginal rise in merchandise imports, with a sizable increase in net financial flows financing the CAD and enabling a large build-up of reserves..

Shriram Automall ties up with Gramin Bank of Aryavart 
Shriram Automall India Limited (SAMIL), an ISO certified Company with AA rating from CRISIL, has entered in a strategic alliance with the Gramin Bank of Aryavart (GBA). As per the agreement, SAMIL will cater to the pre-owned vehicle inventory of the bank and facilitate their hassle-free disposal through its physical and online bidding platforms. Commenting on the tie-up, Sameer Malhotra (CEO of SAMIL) stated “We have signed an agreement with Gramin Bank of Aryavart to provide them holistic solutions in the disposal of their pre-owned commercial vehicles, construction equipment, tractors, cars & SUVs, three wheelers and two wheelers. Regular physical and online bidding events will be conducted with an aim to fetch maximum customer base for quick and value-for-money transactions”..

ICICI Bank launches ‘Touch n Remit’ facility for NRIs in Bahrain 
ICICI Bank has tied up with SADAD Electronic Payments WLL to offer remittance service for NRIs based in Bahrain, enabling them to transfer monies instantly to India from the latter’s kiosks spread across the Kingdom of Bahrain. Christened ‘Touch n Remit’, this 24X7 remittance service is a first-of-its kind in Bahrain and is available to all NRIs, even if they don’t have an account with ICICI Bank. To avail this service, the remitters have to carry out a simple, one-time registration for themselves and beneficiary by visiting the ICICI Bank Bahrain branch. Subsequent to the registration, they can visit designated SADAD kiosks with cash and initiate money transfer to over 100 banks in India including ICICI Bank..

News Appointments

Govt appoints RP Marathe as Bank of India ED
Bank of India said that the Government of India, Ministry of Finance has appointed RP Marathe, General Manager, Bank of Saroda as Executive Director of the Bank. He has taken over the charge on March 10, 2015.

Govt appoints executive director for Canara Bank
Canara Bank said that the central government has appointed Harideesh Kumar B, presently General Manager, Vijaya Bank as Executive Director of Canara Bank, with effect from the date of his assumption of charge of the post and upto May 31, 2017 i.e., the date of his attaining the age of superannuation or until further orders, whichever is earlier, vide notification dated March 10, 2015. He has taken charge as Executive Director of the Bank w.e.f. March 11, 2015.

Govt appoints Ravi Shankar Pandey as Syndicate Bank ED 
Syndicate Bank has informed BSE that the Central Government vide its notification dated March 10, 2015 has appointed Ravi Shanker Pandey, General Manager, Union Bank of India as Executive Director of the Bank from the date of his assumption of charge of the post and upto October 31, 2017 i.e. the date of his attaining the age of superannuation or until further orders, whichever is earlier.

Govt appoints RC Lodha as ED of Central Bank of India
Central Bank of India has informed BSE that in terms of Government of India, Ministry of Finance, Department of Financial Services, Notification dated March 10, 2015, R. C. Lodha, General Manager of Union Bank of India has joined the Bank as Executive Director w.e.f. March 11, 2015.

Dr. Kshatrapati Shivaji appointed as CMD, SIDBI
Dr Kshatrapati Shivaji, IAS, has taken over as Chairman & Managing Director of Small Industries Development Bank of India from March 02, 2015, in terms of the Government of India notification dated February 27, 2015.

International News

IMF Managing Director Christine Lagarde to visit India and China
Christine Lagarde, Managing Director of the International Monetary Fund (IMF), will visit India on March 16-17 and China on March 19-23, to meet with policymakers and senior officials, as well as with representatives of other sectors of society including business, women leaders, academics and students.

Lagarde will start her trip by visiting India, where she will meet with Prime Minister Narendra Modi and senior officials including Finance Minister Arun Jaitley, and Reserve Bank of India (RBI) Governor Raghuram Rajan. In addition, she will give a speech at Lady Sri Ram College in Delhi, and participate in a public event hosted by RBI in Mumbai.  The visit presents an opportunity to exchange views on recent economic developments, India’s prospects and its role in the global economy.

South Korea cuts interest rate by 25bps to 1.75%
South Korea's central bank lowered its key policy rate on Thursday to a record low of 1.75 percent from 2 percent. The Monetary Policy Committee of the Bank of Korea decided to lower the Base Rate by 25 basis points from 2.00% to 1.75%, the central bank said in a statement. The central bank lowered the benchmark interest rate two times last year. In January, the central bank revised its 2015 growth outlook to 3.4 percent from 3.9 percent and downgraded its inflation projection to 1.9 percent from 2.4 percent.

Southeast Asian Banks are well positioned to withstand headwinds in 2015
Banks in most Southeast Asian countries are well positioned to face the tougher operating environment in 2015 stemming from tighter credit conditions, said Standard & Poor's Ratings Services. The days of easy credit, with low interest rates and ready availability of funding, appear to be coming to an end for banks in Southeast Asia. "High levels of household indebtedness in Singapore, Thailand, and Malaysia might leave these banking systems vulnerable to rising interest rates and asset quality pressure," said Standard & Poor's credit analyst Ivan Tan. "However, we believe banks have sufficient financial buffers to withstand these challenges.".

Sensex tanks over 400pts

The CNX Smallcap and the CNX Midcap indices have slipped nearly a per cent each at 5,741 and 13,212, respectively. 

The market has extended losses and now trading at the lowest point of the day on the back of aggressive selling across all the sectors.

The BSE Sensex has slumped 692 points from the day's high to register a fresh intra-day low at 28,492. Similarly, the NSE Nifty has dropped over 200 points to a low of 8,640.

At 2:32 PM, the Sensex is down 416 points at 28,514. The Nifty is down 124 points at 8,652.

The CNX Smallcap and the CNX Midcap indices have slipped nearly a per cent each at 5,741 and  13,212, respectively.

Barring the CNX Realty index, all the Sectoral indices are trading in red zone.

The CNX FMCG index has cracked 2 per cent. The Bank Nifty has tumbled 1.8 per cent.

The CNX Energy and the CNX Pharma indices have dropped 1.3 per cent each.

DLF is the top Nifty gainer - up 7.7 per cent at Rs. 161 after the Securities Appellate Tribunal (SAT) quashed a three-year ban imposed by the Securities and Exchange Board of India on the company and six of its top executives.

Whereas, Jindal Steel is the top Nifty loser - down 3.3 per cent at Rs. 188.

BHEL, Cairn India and HCL Technologies have tumbled 3 per cent each at Rs. 256, Rs. 227, Rs. 1,994, respectively. 

Camson Bio Tech approaches HC to finalize demerger of Seed Business

The final approval from High Court will see the formal launch of a separate business entity.

Camson Bio Technologies Ltd. (CBTL) has filed the application for Scheme of Arrangement (Demerger) of seeds business to Camson Seeds Limited with the High Court of Karnataka.

 The company has already received the observation letterfrom SEBI and BSE in this regard. 

The final approval from High Court will see the formal launch of a separate business entity.

The promising agri biotech business has grown at a robust pace over the past few years and has now assumed sufficient size and scale. An improved focus will help it grow further and scale new boundaries. This will help to reach out to every farmer across the globe and share Camson’s message of Zero Residue Agriculture.

Also, fundamentally most dynamics like risk, capital requirements & return ratios of both businesses have begun to differ. This necessitated the need for the demerger

SAT savior! DLF heaves a sigh of relief

DLF had filed a plea to SAT against a Sebi ruling that barred it and its six top executives, including chairman K P Singh, from accessing the capital markets for three years.

DLF can heave a sigh of relief. The Securities Appellate Tribunal (SAT) on Friday quashed the restraint order by the Securities and Exchange Board of India (Sebi) against the realty giant.

DLF had filed a plea to SAT against a Sebi ruling that barred it and its six top executives, including chairman K P Singh, from accessing the capital markets for three years.

SAT today reduced the DLF's three-year ban from capital market to six months.

The SEBI order was quashed by SAT via 2:1 majority. SAT said that no shortcoming was found in DLF's IPO prospectus.

The Appellate body further said that adequate disclosures were made by DLF in 2007 IPO.  SAT said that SEBI should not be influenced by whistleblowers.

Ratan Tata to invest in Paytm

This is not the first investment by Ratan Tata in the digital world. Previously, he invested in Snapdeal, Urban Ladder, Bluestone and Car Dekho.

Ratan Tata has put his weight behind mobile payments and commerce venture Paytm, and is picking up stake in One97 Communications, which owns and operates Paytm. He will also take up role as an adviser in the Delhi-based firm, according to media reports.

This is not the first investment by Ratan Tata in the digital world. Previously, he invested in Snapdeal, Urban Ladder, Bluestone and Car Dekho.

Regarding the investment, an official statement from Paytm's chief said, "I am very happy that Mr Tata has put faith and trust in our values and mission. There is no better advisor for Paytm on building India's most trusted mobile payment and commerce platform."

Paytm also received funding of $200 million from Ant Financial, Alibaba's payments firm, which was used to better its mobile platform. The company already has 25 million active wallets and has ambition to build 100 million wallets by this year end. They are now doing close to $1billion gross merchandise value from their mobile app. This year, they have set an ambitious target of $4billion GMV. 

Reliance Capital to begin talks with foreign players for insurance biz

Reliance Capital's unit Reliance Life Insurance already has Japan's Nippon Life as a foreign partner with 26 per cent stake.

Following passage of Insurance Bill in the Parliament, Reliance Capital today said it would soon begin talks with foreign partners for its insurance ventures, according to a media report.

Reliance Capital's unit Reliance Life Insurance already has Japan's Nippon Life as a foreign partner with 26 per cent stake.

The Rajya Sabha on Thursday passed the Insurance Laws (Amendment) Bill, 2015. Earlier on Wednesday March 4, the Lok Sabha had passed the Insurance Bill to increase foreign investment limit in local insurers to 49 percent from 26 percent.

Reliance Capital also expects to close deals for bringing in new partners for its general and health insurance businesses soon, the report further said.

The company said that the Insurance Bill, which was passed yesterday in the Parliament, will help the cash-strap industry attract more investment and expand the insurance penetration across the country

Sensex, Nifty slip into red

The BSE Mid-cap Index is trading up 0.19% at 10,966, whereas BSE Small-cap Index is trading up 0.42% at 11,433. 

The market has wiped out all the early gains and slipped into the negative zone, on the back of poor key macro-economic data.

Industrial growth slowed to 2.6 per cent in January, against 3.2 per cent in December 2014.

The combined consumer price index (CPI) data for rural & urban for February increased to 5.4 per cent in February from revised 5.2 per cent in January. Food items were major contributors to the CPI inflation increase in February 2015.


At 10:35 AM, the S&P BSE Sensex is trading at 28,795 down 136 points, while NSE Nifty is trading at 8,733 down 39 points.

The broader market, however, is trading in green, the BSE Mid-cap and Small-cap indices are up 0.2-0.3 per cent each at 10,967 and 11,421, respectively.

In sectors, the BSE IT and FMCG indices have declined 0.5 per cent each at 11,680 and 8,222, respectively. The Auto, Metal, Consumer Durables, Bankex and Oil & Gas indices are the other notable losers.

On the other hand, the Power and Capital Goods indices are the only gainer, up 0.2 per cent each at 2,261 and 17,866, respectively.

The breadth is positive in morning deals - out of 2,129 stocks so far traded on the BSE 1,046 stocks are advancing, while 985 stocks are declining.

Among IT shares - MindTree and HCL Technologies have slipped 1.5 per cent each at Rs. 1,390 and Rs. 2,023, respectively.

Tech Mahindra has shed almost a per cent at Rs. 2,831. Wipro has declined around a per cent at Rs. 650.

Infosys, Oracle Financial CMC and TCS have also declined 0.4-0.6 per cent each.

On the other hand, MphasiS is the only gainer, up 0.5 per cent at Rs. 394. 

Cairn India receives order from I-T Department

This was in respect of the transaction of CUHL transferring the shares of Cairn India Holdings Limited (CIHL) to Cairn India Limited as part of internal group reorganisation in 2006-07 to facilitate the IPO of Cairn India Limited.

Cairn India Ltd submitted further clarification stating "We would like to inform you that Cairn India Limited has received an order from the Income Tax Department today for an alleged failure to deduct withholding tax on alleged capital gains arising during 2006-07 in the hands of Cairn UK Holdings Limited (CUHL), our erstwhile parent company, a subsidiary of Cairn Energy Plc. 

This was in respect of the transaction of CUHL transferring the shares of Cairn India Holdings Limited (CIHL) to Cairn India Limited as part of internal group reorganisation in 2006-07 to facilitate the IPO of Cairn India Limited. 

A demand of approx. Rs 20,495 Crore (comprising tax of approx. Rs 10,248 Crore and interest of approx. Rs 10,247 Crore) is alleged to be payable. Cairn India Limited does not agree with this alleged demand and will pursue all possible options to protect its interest.

Cairn India has always been fully compliant with all Indian Income tax laws. Income tax assessments including transfer pricing assessment were duly completed for FY 2006-07, earlier.

As was communicated yesterday, from the media reports we understand that tax demand has also been made by the Income Tax Department on CUHL on this matter."

Reliance Infra plans to sell part of cement biz: Reports

Reliance Infrastructure is planning to monetise its cement business to fund the acquisition of Pipavav Defence and Offshore Engineering.

Reliance Infrastructure is planning to monetise its cement business to fund the acquisition of Pipavav Defence and Offshore Engineering, according to reports.

A report said that the company is in talks with Heidelberg and Italcementi, and has offered a 50% stake in the company.

The valuation of the deal is not known. 

Reliance Infrastructure is planning to focus on defence, rather than cement, says report

Selling Tyre business! Kesoram says entirely speculative

Earlier the news item regarding "Kesoram Ind In Final Stage To Sell Its Tyre Business. Tyre Biz Deal Size Valued At Around Rs. 3,500 Cr. Tyre Biz Deal Expected To Be Announced Within A Week." 

With reference to the news item regarding "Kesoram Ind In Final Stage To Sell Its Tyre Business. Tyre Biz Deal Size Valued At Around Rs. 3,500 Cr. Tyre Biz Deal Expected To Be Announced Within A Week." - CNBC TV 18, Kesoram Industries Ltd has Clarified

"We note that CNBC-TV-18 has released what it calls a News Flash to the effect that we were supposedly "in the final stages of selling" our "Tyre Business". The "deal size" was apparently "around Rs.3500 Crores" and "was expected to be announced in a week".

We are unable to respond to wild media reports grounded entirely on speculation, conjectures and market rumours. 

Against the above background, we can categorically state that no negotiations of the nature referred to in your letter under reference has taken place or is taking place.

We are also unable to comment on any trading that happens on the Exchange based entirely upon market rumours, speculation and conjectures.

Nifty above 8,800 levels

The BSE Mid-cap Index is trading up 0.54% at 11,004, whereas BSE Small-cap Index is trading up 0.62% at 11,456.

The recent fears of Fed speeding up its rate hike have taken a back seat following retail sales disappointment in the US. Investors will rest comfortable that the hike, as and when they come will be a while away.

A lot is happening in Parliament these days and the Insurance Bill getting cleared in Parliament is being cheered by the industry. It also shows that parties can get together when the need arises and push reforms. The positive sentiment from global markets and such developments should keep the market in good cheer at start.

At 9:29 AM, the S&P BSE Sensex is trading at 29,061 up 131 points, while NSE Nifty is trading at 8,814 up 38 points.

The BSE Mid-cap Index is trading up 0.54% at 11,004, whereas BSE Small-cap Index is trading up 0.62% at 11,456.

Some buying activity is seen in bankex, capital goods,metal, oil and gas and consumer durable sectors, while fmcg sector is showing weakness on BSE.

ICICI Bank, Infosys, HDFC, Coal India, Wipro and L&T are among the gainers, whereas Godrej Consumer products, HCL Tech, Unitech, Gail, HUL, Tata Motors, are losing sheen on BSE.

CBI searches in Delhi and Mumbai over government document leaks has resulted in revelations that eight companies were recipients of stolen documents. These firms include DLF, HDFC Bank, Glenmark Pharmaceuticals, IndusInd Bank, Novalead Pharmaceuticals, Kakardi British Realty, Modril India and Prime Living.

The government is reportedly planning to establish a separate Ministry for the pharmaceuticals sector.The Minister added that the separate Ministry should work as both facilitator as well as regulator for the sector.

The government pitched for a credit rating upgrade with Fitch, says report. Finance Ministry reportedly said that India's macroeconomic indicators warrant an upgrade in a meeting with  Fitch Officials, "There is no reason why India should not be upgraded," Chief Economic Advisor  Subramanian said.

The Insurance Regulatory Development Authority (IRDA) will get more teeth once the insurance reforms begin to attract more foreign funds in the sector. The regulator, for instance, will have more powers to levy higher penalty, impose a ceiling on expense management, and fix remuneration for agents, says a report.

Among sectors, the CNX Finance index has spurted a per cent at 7,964. The Bank Nifty, Metal, PSU Bank, Realty and Infra indices are the other notable gainers.

In Nifty-50 stocks - HDFC and ICICI Bank have surged almost 2 per cent each at Rs. 1,358 and Rs. 344, respectively.

IDFC, Cairn India, ONGC and Ambuja Cement are the other prominent gainers.

On the other hand, Jindal Steel is the top loser, down over a per cent at Rs. 192.