Volume XXXIII Number 47 August 20, 2018

Weeklies

BI – Business India

BusW – Business World

BusT – Business Today

CMar – Capital Market

EPW – Economic and Political Weekly

SE – Southern Economist

Eco – Economist

For(Asia) – Fortune AsiaCI – Corporate India

Newspapers

BS – Business Standard

ET – Economic Times

FE – Financial Express

FT – Financial Times

H – Hindu

HBL – Hindu Business Line

HT – Hindustan Times

IE – Indian Express

TI – Times of India

Mint – Mint

Classifications

Economy Banking Agriculture & Rural Development Industry Small Scale Industry

International Economics Labour & Personnel Management Management Miscellaneous Books

CONTENTS

A. ECONOMY 1

B. BANKING 2

C. AGRICULTURE & RURAL DEVELOPMENT 15

D. INDUSTRY 15

E. SMALL SCALE INDUSTRY 16

F. INTERNATIONAL ECONOMICS 16

G. MANAGEMENT 17

– 1 –

BANKERS' BRIEF Vol. XXXIII No. 47August 20, 2018

ECONOMY"IMF's prophecy" – For India to be the growth engine of the world economy, investment needs to pick up. An

editorial. – (HBL Aug 13, 2018 p 14)

"India growth outlook: Does IMF's optimism hold?" – External risk might get milder, but domestic risks,like populist spending by govt bedore the 2019 polls, remain. A report. – (FE Aug 10, 2018 p 9)

"India must put special premium on good policy, says IMF's Bauer" – Edited excerpts from an interviewwith Andreas Bauer, Senior Resident Representative for India, Nepal, and Bhutan, International MonetaryFund. In the face of rising external risks, the Indian government should remain prepared to take promptaction to meet emerging challenges. – (Mint Aug 10, 2018 p 16)

"No evidence to suggest jobless growth" – Edited excerpts from an interview with Sanjeev Sanyal, PrincipalEconomic Advisor, International Monetary Fund. He said India's policymakers are not planning to go down toa two-rate GST as suggested. He also said that the critics of the government on employment had the sameincomplete data set to go by as the Centre, and that the role of private sector in banking needs to increase. –(BS Aug 15, 2018 p 6)

"Once rupee stabilizes, India will start looking a lot better than other EMs, says Pronab Sen" –Edited excerpts from a discussion with Pronab Sen, former principal adviser, erstwhile Planning Commission,Sajjid Chinoy, chief India economist, J.P. Morgan, R. Gopalan, former secretary, Department of EconomicAffairs; and Ananth Narayan, professor, SPJIMR. The rupee breached the 70 mark against the US dollar forthe first time ever on concerns over Turkey's economic woes. Think of a depreciating rupee and how itwould impact the Indian economy. – (Mint Aug 15, 2018 p 18)

"Overall savings rate dips to 30% in FY17 on decline in household sector: India Ratings: Can affectinvestments, posing challenge to GDP growth and macroeconomic stability" – Savings rate declinedto 30 per cent at the end of March 2017, a study by India Ratings released on Monday said. It was 34.6 percent on March 31, 2012. Saving is key to investment. It has three sources: the household, private corporationsand public sector. According to India Ratings, during 2011-12 to 2016-17 (FY12-FY17) the share of thehousehold sector in total saving was 60.93 per cent, while private corporations accounted for 35 per cent andremaining 4.07 per cent was from public sector. Household savings intermediated by banks and other non-banking financial entities are a major source of investment funding for the economy.– (HBL Aug 14, 2018 p 4)

Maria, Arun – "High growth alone is not the answer" – India needs to come to terms with political, socialand economic tendencies that promote alienation, rather than inclusion. There are great expectations aboutthe growth in the size of the Indian economy: that it has already exceeded the size of France's economy, andthat very soon it will exceed the size of the economy of the UK. An article. – (HBL Aug 13, 2018 p 14)

Rangarajan, C – "Growth may pick up, but concerns remain" – India may well clock the highest growthrate globally, but more is needed to create jobs and reduce poverty. An article. – (H Aug 14, 2018 p 8)

FOREIGN EXCHANGE RESERVES"India's forex reserves fall to over 7-month low at $402.7 billion" – India's foreign exchange reserves

fell to over 7-month low of $402.7 billion in the week ended August 3. Total forex reserves dipped $1.49billion from $404.19 billion in the week ended July 27, 2018, Reserve Bank of India (RBI) data showed.– (IE Aug 11, 2018 p 13)

– 2 –

FOREIGN TRADE"Exports up 14.32%, imports record faster rise of 28.8%: Trade deficit in July hits over 5-year high

of $18.02 billion" – Exports grew at a robust rate in July, benefiting from a broad-based recovery in sectorsled by petroleum, but imports rose at even faster rate because of costlier crude, driving trade deficit to overfive-year high. Exports were up robust 14.32% in July to $25.77 billion while imports clocked $43.79 billion,an increase of 28.8%, leaving a trade deficit of $18.02 billion, according to the data released by the commercedepartment. – (ET Aug 15, 2018 p 11)

GST"No petroleum in GST, as of now" – Excerpts from a conversation with Hasmukh Adhia, Union Finance

Secretary. It has been a year since the GST was rolled out. He says the for-reaching reforms in indirecttaxation actually trundled in without the anticipated side-effects, like an initial drop in revenue or an uptick ininflation. Fuels, though, he admits, are likely to stay out of the ambit of the GST for a while.– (BusW 37(21) Jun 23-July 7, 2018 pp 74-76)

Chandrasekhar, Rajeev – "One year on, GST is succeeding and growing" – As with any structuralreform, GST too is evolving and will eventually accommodate excluded items. An article.– (HBL Aug 13, 2018 p 14)

INFLATION"Retail inflation at 9-month low; rate hike seems unlikely" – The rate of retail inflation, better known as

Consumer Price Index (CPI), has come down to 4.17 per cent in July, marking a nine-month low. With thisdecline, and a higher industrial production growth rate in June, the chance of another policy rate hike inOctober has faded. Government data released revealed that the rates of inflation for vegetables were negative(-2.19 per cent) along with pulses (-8.91 per cent) and sugar and confectionery (-5.81 per cent). Thoughfruits had a positive rate of inflation (6.98 per cent), it was below expectation. – (HBL Aug 14, 2018 p 1)

"Wholesale inflation cools in July on lower food prices: WPI eases to 5.09% from 4-1/2-year high of5.77% in June; inflation in food articles falls to -2.16%" – India's wholesale inflation eased in Julyfollowing a steep decline in food inflation, in line with the trend seen in retail inflation. Inflation based onwholesale price index (WPI) moderated to 5.09% from a four-and-a-half-year high of 5.77% in June, accordingto data released by the commerce and industry ministry. – (ET Aug 15, 2018 p 11)

NITI AAYOG"Mobility is the new disruptor, and EVs are the future" – Excerpts from a conversation with Rajiv Kumar,

Vice Chairman, Niti Aayog. In the run-up to FAME II, he asserts that the industry and the government shouldwork together to make it happen. – (BusW 37(21) Jun 23-Jul 7, 2018 pp 56-58)

BANKING"Banks' outlook negative till capital position improves: Fitch: CARE Ratings says it is unclear if all

legacy problems in" – The outlook on Indian banks will stay negative due to weak core capitalisation,expectation of elevated credit costs, and poor earnings, according to Fitch Ratings. This poses (a) downsiderisk for banks' standalone credit profiles unless capital is replenished - be it through the State, capital markets,or asset sales. While the viability ratings of public sector banks (PSBs) are at greater risk, some privatesector banks have also witnessed pressure due to significant deterioration in the last 12-18 months, accordingto the Fitch report. – (HBL Aug 14, 2018 p 6)

Adhikari, Anand – "The HUB banking: Counting their losses" – An article.– (BusT 27(13) Jun 18 to Jul 1, 2018 pp 40-46)

Das, Satyajit – "Banks aren't as safe as they think they are" – Measures taken to prevent anotherfinancial crisis may just be adding new risks that will become clear in a real downturn. In a financial crisis, ahost of factors will affect whether collateral will work as intended. An article. – (Mint Aug 13, 2018 p 15)

– 3 –

ALLAHABAD BANK"Allahabad Bank posts Rs.1,944-cr Q1 net loss on higher provisions" – State-run Allahabad Bank

reported a net loss of Rs.1,944.37 crore for the first quarter ended June against a net profit of Rs.28.84 crorein the corresponding quarter a year ago as the lender saw 29% fall in operating profit and 53.6% rise inprovisions to cover sticky loans. The Kolkata-head quartered bank, however, has pruned the losses substantiallyon a quarter-on-quarter basis. Its net loss for the fourth quarter last fiscal had stood at Rs.3,509.63 crore.– (FE Aug 15, 2018 p 10)

"Allahabad Bank: Reviewed financial results for the quarter ended 30th June, 2018" – An advertisementfeature. – (FE Aug 15, 2018 p 3)

ANDHRA BANK"Andhra Bank: Unaudited (Reviewed) financial results for the quarter ended 30th June, 2018" – An

advertisement feature. – (HBL Aug 11, 2018 p 14)

AXIS BANK"Axis Bank green bond gets GB1 rating from Moody's" – Moody's Investors Service (Moody's) has

assigned Green Bond Assessment of GB1 (Excellent) to Axis Bank Ltd's debut $500-million green bondissued in June 2016. The senior, unsecured bond was priced at a coupon of 2.875 per cent and maturity offive years. Notably, the transaction was the first green bond issued by an Indian entity to receive ClimateBonds Initiative certification, and the first US dollar bond priced by an Asian bank certified by Climate BondsInitiative. – (FE Aug 14, 2018 p 10)

CENTRAL BANK OF INDIA"Central Bank to buy back tier-II bonds, perpetual debt worth Rs.3,024 crore" – Central Bank of India

has decided to carry out a premature buyback of its upper tier-II bonds and innovative perpetual debt instruments(IPDIs) worth Rs.3,024 crore and sought bids from merchant bankers for conducting the process.– (FE Aug 14, 2018 p 10)

CORPORATION BANK"Corporation Bank net up 42%" – Corporation Bank has reported a net profit of Rs.85 crore for the quarter

ended June 30,2018. This represents a 41.66 per cent increase over the net profit of Rs.60 crore recorded inthe same quarter in the previous year. – (HBL Aug 15, 2018 p 10)

"Corporation Bank: Reviewed financial results for the quarter ended 30th June, 2018" – Anadvertisement feature. – (BS Aug 13, 2018 p 20)

"How Corporation Bank's 'halla bol' on NPAs began yielding results: Bank resorts to a 'peaceful'way to recover bad loans" – The Hindi phrase 'halla bol ' is usually associated with aggression. However,Mangaluru-based Corporation Bank is using it in a peaceful way to raise its voice against non-performingassets (NPAs) in the bank. In fact, the bank's 'halla bol' recovery campaign has started giving results, withthe lender making good recoveries in NPAs, including from written-off accounts, during the first quarter of2018-19. The bank made a recovery of more than Rs.1,709 crore during Q1 of 2018-19 against Rs.813 crorein the first quarter of 2017-18. – (HBL Aug 15, 2018 p 10)

HDFC BANK"HDFC Bank Dy MD Paresh Sukthankar resigns" – Private sector HDFC Bank's second-in-command,

Deputy Managing Director Paresh Sukthankar, has put in his papers amid speculation that he may be joiningas the chief of another lender. Paresh Sukthankar has tendered his resignation as Deputy Managing Directorof the bank, to be effective 90 days from the close of business hours of today. – (HBL Aug 11, 2018 p 6)

– 4 –

"HDFC Bank seeks clarification on exclusive security, yet to sign ICA: Asks IBA for solution in theevent of lenders deciding to liquidate all securities" – HDFC Bank, a leading private sector lender inthe country, is yet to sign the Inter-Creditor Agreement (ICA) - an understanding among lenders to resolvestressed assets quickly. As many as 29 lenders have signed the ICA, which was framed under the aegis ofthe Indian Banks' Association last month, following the Sunil Mehta Committee's recommendation.– (H Aug 10, 2018 p 13)

"PayPal, HDFC Bank in tie-up: Partnership will boost digitalspend in India" – Global technology platformand digital payments leader PayPal, and HDFC Bank, the largest credit card issuer in India, have entered intoa partnership, with the aim to offer a safer, faster and more convenient payment experience for HDFC cardholders. – (HBL Aug 11, 2018 p 6)

"Sukthankar's exit likely to hasten CEO hunt at HDFC Bank" – Paresh Sukthankar's shock exit fromHDFC Bank is likely to nudge the lender's board into hastening the hunt for managing director Aditya Puri'ssuccessor, as it prepares for a generational shift in operational leadership after almost a quarter of a century.Puri, MD of the bank since its 1994 inception, turns 70 in October 2020 and has to retire at that age,according to RBI norms. Until Friday, Sukthankar (55) as deputy managing director was considered a naturalsuccessor to Puri. But that has now changed. – (ET Aug 13, 2018 p 7)

"Sukthankar's decision to quit had nothing to do with succession plan" – HDFC Bank Managing Directorand CEO Aditya Puri said Deputy MD Paresh Sukthankar's decision to quit was on personal grounds and notlinked to the bank's succession plan. Paresh was a contender (for the post of MD and CEO). Unfortunately,he resigned. But there would also be a search as part of the selection process. This has got nothing to do withwho would be the successor. These are his personal reasons, he requested he be allowed to leave.– (HBL Aug 14, 2018 p 6)

ICICI BANK"ICICI Bank explores consent option: Bank chairman meets SEBI chief on Videocon loan issue" –

ICICI Bank has intensified efforts to settle the alleged conflict of interest issue involving Managing Directorand Chief Executive Officer Chanda Kochhar with the Securities and Exchange Board of India (SEBI). Thebank's newly-appointed chairman, Girish Chandra Chaturvedi, met SEBI chief Ajay Tyagi and discussedhow the matter could be resolved, according to people with direct knowledge of the development.– (BS Aug 15, 2018 pp 1, 6)

"ICICI Bank issues over one million FASTags" – Private sector lender ICICI Bank said it has issued overone million FASTags, making it the first bank in the country to do so. FASTag is the brand name given to theRadio Frequency Identification Device (RFID) tag, which enables automatic deduction of toll charges, withoutstopping at toll plazas for cash transactions. – (HBL Aug 10, 2018 p 6)

"ICICI Bank raises its deposit rates by up to 25 basis points" – Private lender ICICI Bank raised itsdeposit rates by up to 25 basis points effective from August 14. It became the latest bank to raise depositrates following the repo rate hike earlier this month. – (BS Aug 15, 2018 p 4)

IDBI BANK"IDBI Bank June qtr loss widens to Rs.2,410 crore" – IDBI Bank reported a net loss of Rs.2,410 crore

for the June 2018 quarter, wider than the Rs.853-crore loss reported in the same period last year, owing to a157% year-on-year (y-o-y) jump in provisions. The bank also reported its highest ever gross non-performingasset (NPA) ratio at 30.78%, up 283 basis points (bps) sequentially. Provisions stood at Rs.5,236 crore in theJune quarter, 157% higher than what it had reported in Q1FY18. – (FE Aug 15, 2018 p 10)

"IDBI Bank raises MCLR by 5-10 bps" – IDBI Bank has increased the marginal cost of funds basedlending rate by up to 0.10% for various tenures. The new lending rates took effect from August 12.– (FE Aug 15, 2018 p 10)

"IDBI Bank will find recovery tough" – The bank reports Rs.24-bn loss, NPAs increased to 31% in Junequarter. A report. – (BS Aug 15, 2018 Pt. II p 1)

– 5 –

"IDBI Bank's June quarter results show how expensive it is for LIC" – Quarterly loss? Check. Worstbad loan ratio? Check. Shrinking loan book? Check. IDBI Bank Ltd has all the ingredients to be the weakestlender in the banking system and its Q1 results reinforced this fact. The public sector lender did not makeenough money through its banking operations to cover the rate at which it was losing money to toxic borrowers.IDBI Bank reported a net loss of Rs.2,410 crore, its seventh consecutive quarterly loss. Its gross bad loanratio worsened to 30% and even as it kept aside every rupee it made for provisioning, the coverage ratio is64.45%. Its Tier-1 capital eroded despite a massive infusion from the government last year because the bankneeded more to make provisions. – (Mint Aug 15, 2018 p 4)

"IDBI Bank: Charting a new course" – Statement by Shri B Sriram, MD & CEO and Chairman of the 14thAnnual General Meeting of Shareholders of IDBI Bank Ltd. – (BS Aug 14, 2018 p 14)

– DENA BANK

"IDBI, Dena Bank may scale down NSDL stake sale plan: IDBI to sell 3.9%, Dena Bank 1% afterSebi asks banks to restrict stake sale to under 5%" – State-owned IDBI Bank Ltd and Dena Bankhave decided to sell less stake in National Securities Depository Ltd (NSDL) to IIFL Wealth and IndiaAlternatives Private Equity Fund than they initially planned following an intervention by the market regulator,according to two bankers aware of the matter. – (Mint Aug 13, 2018 p 5)

KOTAK MAHINDRA BANK"RBI rejects Kotak Mahindra Bank proposal to dilute promoter stake: Kotak may consider other

ways to dilute promoter holding" – The Reserve Bank of India has rejected Kotak Mahindra Bank'smove to dilute promoter shareholding by allotting preferential shares. "The RBI communicated to us todaythat our perpetual non-cumulative preference shares issuance does not meet their promoter holding dilutionrequirement," according to Kotak Mahindra Bank. – (HBL Aug 15, 2018 p 10)

ORIENTAL BANK OF COMMERCE"Launch of Oriental Bank Rewardz program" – Oriental Bank of Commerce launched Oriental Bank

Rewardz program on 4th August 2018 as an initiative to promote usage of digital channels. MD & CEO ofthe bank, Mukesh Kumar Jain at the launch event at Corporate Office Gurgaon. All transactions performedthrough Internet Banking, Mobile Banking, UPI and Debit Card would be rewarded with OBC points. Thesepoints will further allow customers to shop from a wide-ranging catalogue of merchandise, online air ticket,hotel bookings, recharges etc. All transactions performed w.e.f. 1st April 2018 has been rewarded with OBCPoints. – (BS Aug 14, 2018 Pt. II p 6)

PUNJAB NATIONAL BANK

– BANK FRAUDS

"PNB fraud fallout: Former MD dismissed on the day she was to retire: Fate of two PNB executivedirectors, already divested of power, hangs in balance" – On the day she was to retire, UshaAnanthasubramanian, former chief executive and managing director (MD)of Punjab National Bank (PNB),was dismissed from service in connection with the $2.2-billion fraud at the state-run lender. Ananthasubramanian,who was shifted to Allahabad Bank as its MD last year, was at the helm of affairs at PNB for about 21months through May 2017. She had also served as the executive director (ED) of the second-largest public-sector lender from July 2011 to November 2013. A report. – (FE Aug 14, 2018 pp 1, 2)

STATE BANK OF INDIA"Rising additions to bad loans and large watch-list spell trouble for SBI" – Gross addition of Rs.14,300

cr to its outstanding bad loan book of over Rs.2-lakh cr is worrisome. A report. – (HBL Aug 11, 2018 p 6)

"SBI India's most patriotic brand: YouGov" – State Bank of India (SBI) is considered to be the mostpatriotic brand, according to a survey, followed by Tata Motors, Patanjali, Reliance Jio and BSNL.– (FE Aug 14, 2018 p 10)

– 6 –

"SBI launches MOPAD: A Unified Payment Acceptance Solution" – State Bank of India launched thelatest customer friendly digital initiative of the Bank-the MOPAD (Multi Option Payment Acceptance Device).– (HBL Aug 10, 2018 p 4)

"SBI posts Rs.4,876-cr net loss in June quarter: Hit by jump in provisions and staff expenses;expects turnaround from Dec quarter" – State Bank of India reported a net loss of Rs.4,876 crore in thefirst quarter ended June 30, 2018, as provisions, including towards investment depreciation and staff expenses,soared. The bank had posted a net profit of Rs.2,006 crore in the year-ago period. The net loss was, however,lower than the Rs.7,718-crore loss in the preceding quarter thanks to a Rs.2,379-crore write-back in income-tax. – (HBL Aug 11, 2018 p 1)

"SBI: One-time provision hit disappoints investors" – Net interest income up 24% in Q1 but twofold risein provisioning led to net loss of Rs.49 billion. A report. – (BS Aug 11/12, 2018 p 6)

"State Bank of India: Unaudited financial results for the quarter ended June 30, 2018" – Anadvertisement feature. – (BS Aug 11/12, 2018 p 3)

"To recover Rs.2,490-cr NPAs, SBI to sell Bombay Rayon, Shivam Dhatu" – SBI will sell two non-performing assets worth Rs.2,490 crore and has invited bids for them. In terms of the bank's revised policyon sale of financial assets in line with the regulatory guidelines, "we place these accounts for sale to ARCs/banks/ NBFCs/FIs", SBI said in the bid documents. – (HBL Aug 13, 2018 p 1)

"We hope to recover 30-35% from RBI's 2nd list, says SBI chairman" – Edited excerpts from aninterview with Rajnish Kumar, Chairman, State Bank of India. He expects to make 30-35% recovery fromcases referred to the National Company Law Tribunal's (NCLT) second list. – (Mint Aug 14, 2018 p 11)

– SBI ASSOCIATES

"No retrenchment after merger of associate banks with SBI: Govt" – Finance Minister Piyush Goyalsaid there was no retrenchment of employees after the merger of five associate banks and the BhartiyaMahila Bank with the State Bank of India. SBI had a total of 1,56,964 employees as on March 31 this year.– (FE Aug 11, 2018 p 10)

UCO BANK"Uco Bank narrows Q1 net loss to Rs.634 crore" – Public sector lender Uco Bank said it has narrowed its

net loss to Rs.633.88 crore for the first quarter ended June 30 against a net loss of Rs.663.02 crore for thesame period a year ago, buoyed by a healthy growth in operating profit. The city-based bank, which is underthe prompt corrective action (PCA) of the Reserve Bank of India, has also pruned the losses substantially ona quarter-on-quarter basis. Its net loss for the fourth quarter last fiscal had stood at Rs.2,134.36 crore.– (FE Aug 11, 2018 p 10)

"UCO Bank: Reviewed financial results for the quarter ended 30th June, 2018" – An advertisementfeature. – (FE Aug 11, 2018 p 3)

UNION BANK OF INDIA"Union Bank of India back in black after 3 quarters of loss" – Union Bank of India on Friday reported a

net profit of Rs.130 crore for the June quarter of FY19, after three quarters of continuous losses. The netinterest income (NII) grew 17.07% on a year-on-year (y-o-y) basis to Rs.2,626 crore. NII is the differencebetween interest earned and interest expended by a bank. Net interest margin (NIM) - a key indicator of abank's profitability - increased by 35 basis points (bps) quarter-on-quarter (q-o-q) to 2.34%. Provisions at thebank rose 30.8% to Rs.2.22 lakh crore on a y-o-y basis, owing to mark-to-market (MTM) losses on investments.– (FE Aug 11, 2018 p 10)

"Union Bank of India: Reviewed financial results for the quarter ended 30th June, 2018" – Anadvertisement feature. – (BS Aug 11/12, 2018 p 3)

– 7 –

UNITED BANK OF INDIA"United Bank net loss widens to Rs.389 cr in Q1" – Higher provisioning has dragged down the profitability

of United Bank of India. The Kolkata-based bank saw its net loss widening to Rs.389 crore for the quarterended June 30, 2018, compared to a net loss of Rs.211 crore in the same period last year.– (HBL Aug 11, 2018 p 6)

"United Bank of India's net loss widens to Rs.389 cr in Q1" – United Bank of India said its net losswidened to Rs.388.68 crore for the first quarter ended June 30 against a net loss of Rs/211 crore a year agowith the lender's operating profit falling over 33 per cent year-on-year. – (FE Aug 10, 2018 p 10)

"United Bank of India: Reviewed financial results for the quarter ended 30th June, 2018" – Anadvertisement feature. – (FE Aug 10, 2018 p 24)

YES BANK"Yes Bank bags global award" – Yes Bank, India's fourth-largest private sector bank, was adjudged the

global winner in payments at the 'Technology Project Awards-2018', an award recognising innovation infinancial technology instituted by The Banker, a London-based global financial publication promoted by theFinancial Times. – (FE Aug 10, 2018 p 10)

JAPAN"Banking in Japan: Fistfuls of dollars" – Japanese banks' foreign exposure may threaten financial stability

elsewhere. An article. – (Eco 428(9102) Jul 28-Aug 3, 2018 p 53)

ASSET RECONSTRUCTION COMPANY

– POWER SECTOR

"RBI backs REC move to form ARC to tackle stressed assets" – The Reserve Bank has backed theidea of state-owned Rural Electrification Corporation's proposal to form an asset reconstruction company(ARC) dedicated to take over stressed assets in the power sector. Sources said the RBI in its representationsto a panel headed by Financial Services Secretary Rajiv Kumar had said that it is open to proposal of RECsetting up an ARC. – (BS Aug 14, 2018 p 4)

BANK CAPITAL"Next round of bank recap likely in Q4: Quantum linked to BCG report card on execution of reforms"

– The final round of recapitalisation of public sector banks (PSBs) under the National Democratic Alliancegovernment's tenure may happen during the fourth quarter of this financial year (2018-19). In a first, therecapitalisation exercise will be linked to the performance of 21 PSBs in executing the 30-point reformsagenda chalked out by the Centre. The Indian Banks' Association (IBA) has roped in Boston ConsultingGroup (BCG) to bring out a report card on the compliance of the reforms agenda, known as EASE - EnhancedAccess and Service Excellence. – (BS Aug 13, 2018 p 1)

BANK FRAUDS"Debt resolution: About 12 firms facing fraud test: Discrepancies noted with a steel maker and a

realty firm, says govt official" – About a dozen companies undergoing bankruptcy resolution are beingreviewed by banks and investigating agencies for fraudulent activities including diversion of funds. A seniorgovernment official confirmed the development and said that some discrepancies have been pointed out inthe case of a steel maker and a real estate firm among 10-12 companies. There were some inputs andlenders have been asked to provide transaction details of last five years. If required, banks will also undertakeforensic audit. – (ET Aug 11, 2018 p 4)

– 8 –

BANK LENDING

– RECOVERY OF LOANS, NPAs

"More banks report tightening of credit standards, shows survey: Insolvency and Bankruptcy Codehas placed recovery process on fast track" – A survey conducted by FICCI and Indian Banks' Association(IBA) showed more respondents claiming they had tightened credit standards during January-June 2018, theperiod in which survey was conducted. 67% respondents among participating banks have reported tighteningof standards, steeply increasing from 28% in the last round of the survey. – (H Aug 13, 2018 p 13)

BANK RECAPITALISATIONSharma, Prasar – "Recapitalisation through the IDBI deal lens" – The IDBI deal may serve as a

template for recapitalisation of not just struggling banks but also other core sector companies. An article.– (BusW 37(22) Jul 21-Aug 3, 2018 p 96)

BANKERS' INVESTIGATIONS"CBI, RBI to initiate criminal charges against former top brass at PNB" – The central government gave

the Central Bureau of Investigation (CBI) and the Reserve Bank of India (RBI) the go ahead to prosecuteand initiate criminal charges against former Punjab National Bank (PNB) managing director and chief executiveofficer (CEO) Usha Ananthasubramanian and former PNB executive directors (ED) Sanjiv Sharan in theRs.14,356 crore scam, in a move that spells mounting trouble for the former top brass of the bank. RBI hasalso been given the go ahead to initiate criminal charges against Ram Sangapure - another executive directorof PNB. – (Mint Aug 14, 2018 p 5)

BANKING REGULATOR-RBI"FinMin unlikely to heed RBI's demand for greater power over state-run banks" – The finance

ministry may not accede to the Reserve Bank of India's demand for greater regulatory and supervisorypowers over state-run banks. After the government criticised the central bank for its failure to detect themassive Rs.14,356 crore fraud at the Punjab National Bank (PNB), RBI had requested the government tostop issuing regulatory instructions applicable only to public sector banks, given that "dual regulation" isdiscriminatory. In response to queries in the Parliament, the government also stood its ground saying that RBIhad wide-ranging powers to regulate and supervise public sector banks. – (Mint Aug 13, 2018 p 7)

– BOARD OF DIRECTORS

"Activist's role at Reserve Bank of India raises hackles: Gurumuthy made his name advocatinghostility to foreign capital" – A report. – (FT Aug 10, 2018 p 3)

BANKS BOARD BUREAURao, K Srinivasa – "Stiffer challenges await the new banks board bureau" – Though it will benefit from

the preparatory work done by its predecessor, the new Banks Board Bureau has a tough task ahead of it.The operational state of public sector banks has deteriorated, asset quality woes have increased, and employeemorale is sagging. While many of these issues are beyond its mandate, it may need to account for andaddress them in order to meet its core objective of fixing the governance of public sector banks.– (EPW 53(33) Aug 18, 2018 pp 14-16)

CAPITAL ADEQUACY"Don't ignore risks: Diluting capital adequacy norms in banks imprudent" – An editorial.

– (BS Aug 10, 2018 p 9)

– 9 –

COOPERATIVE BANKS

– COSMOS COOPERATIVE BANK - CYBER ATTACK

"Cosmos Co-op Bank loses Rs.94 crore to cyber attacks" – Pune-based Cosmos Cooperative Bank hasreported fraudulent withdrawals amounting to a whopping Rs.94 crore due to cyber attacks, including malwareattacks, on its debit card payment system and SWIFT transactions. The 112-year-old bank said that aboutRs.78 crore was withdrawn through ATMs located across 28 countries. This includes 12,000 Visa cardtransactions. In the same way, about Rs.2.5 crore was withdrawn via 2,800 debit card transactions in India.– (HBL Aug 15, 2018 p 1)

– SVC BANK

"SVC in pact with DHFL Pramerica Life, Aditya Birla Health" – Insurers DHFL Pramerica Life Insuranceand Aditya Birla Health Insurance announced their partnership with old generation urban co-operative lenderSVC Bank to sell their policies through the bank. – (FE Aug 11, 2018 p 10)

CREDIT SUPPLY CHAINMukherjee, Deep Narayan – "Who will dominate the credit supply chain: Banks or fintechs?" –

Technology tends to remove intermediaries from supply chain and thus increase efficiency. Bill Gates in 1994commented that banking is necessary, banks are not. Since then, technology has helped banks to innovateand grow. However, with the advent of fintechs globally, Gates' comment gained relevance. An article.– (ET Aug 15, 2018 p 14)

FINANCIAL TECHNOLOGY"Fintech: From mobile wallet to digital lender" – In their next phase of growth, mobile payment players

are diversifying to provide short term credit to boost revenues. A report. – (FE Aug 13, 2018 p 10)

FINANCIAL TECHNOLOGY FIRMSGupta, Kanishka – "Rise of the robo-banker" – How financial technology companies are transforming the

banking sector. An article. – (BusT 27(14) Jul 2-15, 2018 pp 105-107)

FOREIGN BANKS IN INDIA

– ABU DHABI COMMERCIAL BANK PJSC

"Abu Dhabi Commercial Bank PJSC (India Branches): Balance Sheet as on March 31, 2018 andProfit & Loss Account for the year ended March 31, 2018" – An advertisement feature.– (EPW 53(26&27) Supplement Jun 30-Jul 7, 2018 pp 80-117)

– AMERICAN EXPRESS BANKING CORP.

"American Express Banking Corp. (India Branch): Balance Sheet as at 31st March 2018 and Profit& Loss Account for the year ended 31st March 2018" – An advertisement feature. – (EPW 53(26&27)Supplement Jun 30-Jul 7, 2018 pp 118-161)

– BANK OF AMERICA N A

"Bank of America, N.A. (India Branch): Balance Sheet as at 31st March 2018 and Profit & LossAccount for the year ended 31st March 2018" – An advertisement feature. – (EPW 53(26&27)Supplement Jun 30-Jul 7, 2018 pp 186-235)

– BANK OF CEYLON

"Bank of Ceylon (Chennai Branch): Balance Sheet as at 31st March 2018 and Profit & Loss Accountfor the year ended 31st March 2018" – An advertisement feature.– (EPW 53(26&27) Suppl. Jun 30-Jul 7, 2018 pp 48-78)

– 10 –

– BARCLAYS BANK

"Barclays Bank plc (Indian Branches): Balance Sheet as at 31 March, 2018 and Profit & Loss Accountfor the year ended 31 March, 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 140-197)

– COOPERATIEVE RABOBANK U A

"Cooperatieve Rabobank U.A. (India Operations): Balance Sheet as at 31st March 2018 and Profit& Loss Account for the year ended 31st March 2018" – An advertisement feature. – (EPW 53(26&27)Supplement Jun 30-Jul 7, 2018 pp 272-313)

– CREDIT SUISSE

"Credit Suisse AG (Mumbai Branch): Balance Sheet as on 31 March 2018 and Profit & Loss Accountfor the year ended 31 March 2018" – An advertisement feature.– (EPW 53(26&27) Supplement Jun 30-Jul 7, 2018 pp 368-412)

– DEUTSCHE BANK

"Deutsche Bank AG (India Branches): Balance Sheet as on 31 March 2018 and Profit & Loss Accountfor the year ended 31 March 2018" – An advertisement feature.– (EPW 53(26&27) Supplement Jun 30-Jul 7, 2018 pp 314-366)

– DOHA BANK QSC

"Doha Bank QSC Balance Sheet as at 31st March 2018 and Profit & Loss Account for the yearended 31st March 2018" – An advertisement feature. – (EPW 53(26&27) Jun 30, 2018 pp 478-513)

– FIRST ABU DHABI BANK PJSC

"First Abu Dhabi Bank PJSC (India Branch): Balance Sheet as at 31st March 2018 and Profit & LossAccount for the year ended 31st March 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 450-476)

– FIRSTRAND BANK

"Firstrand Bank Limited (India Branch): Balance Sheet as on 31st March 2018 and Profit & LossAccount for the year ended 31st March 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 362-408)

– HSBC

"The Hongkong and Shanghai Banking Corporation Ltd (HSBC) (India Branches): Balance Sheet asat 31 March 2018 and Profit & Loss Account for the year ended 31 March 2018" – An advertisementfeature. – (EPW 53(26&27) Jun 30, 2018 pp 86-139)

– INDUSTRIAL BANK OF KOREA

"Industrial Bank of Korea (New Delhi Branch): Balance Sheet as at 31st March 2018 and Profit &Loss Account for the year ended 31st March 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 198-218)

– JPMORGAN CHASE BANK

"JPMorgan Chase Bank, N.A., India: Balance Sheet as at March 31, 2018 and Profit & Loss Accountfor the year ended March 31, 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 272-320)

– 11 –

– JSC VTB BANK

"JSC VTB Bank: Balance Sheet as at 31st March 2018 and Profit & Loss Account for the year ended31st March 2018" – An advertisement feature.– (EPW 53(26&27) Supplement Jun 30-Jul 7, 2018 pp 162-185)

– MIZUHO BANK

"Mizuho Bank Ltd. (Indian Branches): Balance Sheet as at 31st March 2018 and Profit & LossAccount for the year ended 31st March 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 322-361)

– SBERBANK

"SBERBANK (Branch in India): Balance Sheet as at 31st March 2018 and Profit & Loss Account forthe year ended 31st March 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 244-270)

– SHINHAN BANK

"Shinhan Bank (Indian Operations): Balance Sheet as at 31st March 2018 and Profit & Loss Accountfor the year ended 31st March 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 410-448)

– SOCIETE GENERALE

"Societe Generale (Indian Branches): Balance Sheet as on March 31, 2018 and Profit & Loss Accountfor the year ended March 31, 2018" – An advertisement feature. – (EPW 53(25) Jun 23, 2018 pp 54-93)

– STANDARD CHARTERED BANK

"Standard Chartered Bank (India Branches): Balance Sheet as at 31 March 2018 and Profit & LossAccount for the year ended 31 March 2018" – An advertisement feature.– (EPW 53(25) Jun 23, 2018 pp 94-156)

– SUMITOMO MITSUI BANKING CORP.

"Sumitomo Mitsui Banking Corporation (India Branches): Balance Sheet as at 31st March 2018 andProfit & Loss Account for the year ended 31st March 2018" – An advertisement feature.– (EPW 53(26&27) Supplement Jun 30-Jul 7, 2018 pp 236-271)

INSOLVENCY AND BANKRUPTCY CODE"Don't dilute Insolvency and Bankruptcy Code" – Any attempt to bypass Insolvency and Bankruptcy

Code (IBC) will open the floodgates for special interest lobbying. An article. – (Mint Aug 13, 2018 p 14)

"Lenders can sell assets of personal guarantors under IBC: Apex court" – The Supreme Court ruledthat banks can sell off assets of personal guarantors even when corporate resolution proceedings are onagainst the corporate debtor under the Insolvency and Bankruptcy Code. – (FE Aug 15, 2018 p 3)

"Strengthening the IBC: SC decision to send Jaypee matter back to NCLT is welcome" – An editorial.– (BS Aug 13, 2018 p 9)

Alvares, Clifford – "A power packed punch" – Move over, Avengers. India's very own superhero is here.With the new and powerful IBC, bankers and lenders are beginning to show a new-found belief in thebankruptcy norms. An article. – (BusW 37(22) Jul 21-Aug 3, 2018 pp 70-77)

– 12 –

INTER-CREDITOR AGREEMENT"Banks outside consortium but with charge on assets of stressed firms may scuttle ICA" – Banks that

stay outside a lenders' consortium, but having a 'charge' on the assets of a troubled company, could scuttle theinter-creditor agreement (ICA) designed to quicken the bankruptcy resolution process, according to multiplepeople familiar with the matter. A charge is a right on the assets of the company, a sort of collateral againstwhich a loan is given. It is part of the loan agreement, and is registered with the Registrar of Companies(RoC). The inter-creditor agreement needs 66% of all lenders to approve a resolution plan. However, bankswho have lent directly to the company, and stayed outside the consortium, could decline to release theircharge, holding up the process. While the inter-creditor agreement lists 85 lenders who could eventually signit, just more than two dozen have signed it so far. – (Mint Aug 10, 2018 p 7)

– SALE OF NPAs

"Since signing of ICA: PSBs put NPAs worth Rs.8,706 cr up for sale" – Public-sector banks (PSBs)have put on sale non-performing assets (NPAs) worth Rs.8,706 crore since the signing of the inter-creditoragreement (ICA) on July 23, implying that they will continue to look for other ways to palm off exposures tobad loans unilaterally and make quick cash recoveries. All PSBs have signed the ICA.– (FE Aug 14, 2018 p 10)

INTEREST RATE RISKAcharya, Viral V – "Understanding and managing interest rate risk at banks" – Excerpts of the speech

delivered by Sri Viral V Acharya, Deputy Governor, RBI at the FIMMDA Annual Dinner, 2018.– (SE 57(7) Aug 1, 2018 pp 40-48)

INTEREST RATES

– SAVINGS DEPOSITS

"Why banks have not hiked savings deposit rates, yet" – Given the sizeable deposit base, even a 50-bpsincrease can shave off 15-20 bps from banks' margins. – (HBL Aug 11, 2018 p 6)

NON-PERFORMING ASSETS"NPA additions to slow down after Sept 2019" – The overall stress in commercial lending has not been

increasing and the NPA addition to the banking system is expected to slow down after September 2019, saysa study by credit information company TransUnion CIBIL. Post September 2019, overall non-performingasset (NPA) levels are expected to remain stable with a possible downward bias if there is strong recoveryfrom identified NPAs, according to the study. The study also reveals that the stock of high-risk debt fell fortwo quarters in a row. – (HBL Aug 14, 2018 p 6)

– EDUCATIONAL LOANS

"Bad loans in education sector on the rise" – Bad loans in the education sector have shown a rising trendin the past three financial years with NPAs nearing 9% of the outstanding by March 2018, according toofficial data. – (FE Aug 13, 2018 p 3)

– INSPECTION

"RBI lens on 200 bad-loan accounts: Move to prevent nasty surprises in bankruptcy court orsubsequent to debt resolution" – The Reserve Bank of India (RBI) has been examining about 200 bad-loan accounts going as far back as 2011 as part of its annual inspection of bank books to preempt any nastysurprises in bankruptcy court or subsequent to debt resolution, said several people with knowledge of thematter. These include the accounts of Videocon, Essar Steel, ABG Shipyard, Bhushan Steel and MonnetIspat. The central bank is looking at repayment history, classifications, provisions and debt restructuringamong other things to ensure that all procedures were correctly followed, according to the people. A report.– (ET Aug 14, 2018 p 1)

– 13 –

– NEW NORMS

"Definition change: Repayment overdue may hit Rs.6.6 lakh cr, says Cibil study: Irregular borrowerspresent a higher risk of turning into NPAs" – The change in the definition of a default of a loan - whichis a delay in payment even by a day - could leave Indian banks with another mountain to climb as manyborrowers had at least one repayment "overdue" in the last six months worth Rs.6,60,000 crore, according toa study by TransUnion Cibil, a leading credit information company. The accounts of these borrowers couldpotentially be classified as a default or as a bad loan. – (IE Aug 15, 2018 p 11)

– POWER SECTOR

"Power sector NPAs: Govt, RBI: Wires crossed" – Their different stand in Allahabad High Court couldcreate confusion for industry. A report. – (BS Aug 13, 2018 p 12)

"Preference for state utilities led to power sector stress: RBI" – Issue of extending RBI deadline:Developers pin hopes on HC hearing on Tuesday. A report. – (ET Aug 13, 2018 p 1)

"Stressed power projects: RBI blames government for crisis" – Not our circular, govt policies favouringPSUs to blame for power sector crisis, the central bank said; Allahabad HC ruling likely today. Even as aparliamentary panel, and to some extent, the finance ministry have pressured the Reserve Bank of India(RBI) to relax its February 12 circular mandating one-day default trigger for resolution of stressed assetsexclusively for power projects, the central bank has shot back and virtually blamed the government for thecurrent crisis in the sector. In a letter to the power ministry last week - the Allahabad High Court is scheduledto hear the matter on Tuesday - the RBI cited preferential treatment to state-owned power utilities likeNTPC as one of the reasons behind the stress in the power sector. – (FE Aug 14, 2018 p 2)

NPAs RESOLUTION"RBI maintains its stand on resolution of stressed assets" – The Reserve Bank of India maintained its

stand on the revised norms for stressed assets and stuck to Aug 27 deadline for completing resolutionproceedings. The court had on Aug 2 sought RBI's reply on the government's recommendation to extenddeadline for completing resolution proceedings by 180 days. The deadline as per RBI circular expires on Aug27. RBI presented its case on Thursday and declined sector specific relaxations. – (ET Aug 10, 2018 p 1)

PAYMENTS BANKS"Interoperability pits payment banks against mobile wallets: Payment banks have opposed the RBI

move arguing that it will hurt their business models" – An undeclared war appears to have broken outin India's digital payment space between mobile wallet companies and some payment banks. Bone of contention:(1) Offcer: RBI to open up interoperability for mobile wallet companies; (2) Benefited cos: Mobile walletssuch as MobiKwik, Oxigen, FreeCharge; (3) Affected cos: Payment banks such as Airtel Payments Bank,Idea Payments Bank, Jio Payments Bank; (4) What it means: Consumers can transact between wallets, likebank a/cs. What's the problem: Payment banks claim this will cause wallets to get almost similar features likethem without regulatory control. – (ET Aug 13, 2018 p 1)

PMJDY"Jan Dhan a/cs: Panel pitches for changes in overdraft facility to raise utilisation" – Concerned over

low utilisation of overdraft (OD) linked to the Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, theSteering Committee of the National Financial Inclusion Mission is seeking to modify the OD facility so thatmore people avail themselves of it and the per head OD amount goes up substantially. As per the PMJDYscheme, an OD of up to Rs.5,000 is available to one account holder (preferably the woman) per householdafter six months of satisfactory conduct of the PMJDY account. – (HBL Aug 13, 2018 p 16)

"With Rs.80,675 crore in its account, Govt plans to launch Jan Dhan 2.0" – But bankers say more needsto be done to widen the scheme's reach and impact. A report. – (HBL Aug 11, 2018 p 6)

– 14 –

PRIVATE SECTOR BANKS"For private bank promoters eyeing to shed stake, Kotak's PNCPS route may be the way out" –

Promoters of private sector banks such as Bandhan Bank may take a leaf out of Kotak Mahindra Bank'snovel way of paring promoter stake to meet regulatory norms. – (HBL Aug 10, 2018 p 6)

– FINANCIAL RESULTS

"Q1FY19 review: Private banks see drop in aggregate profits" – The combined profits of 18 privatesector banks fell by about 15% year-on-year to Rs.9,967.08 crore in the three months to June from Rs.11,771.67crore in Q1FY18. – (FE Aug 10, 2018 p 10)

PUBLIC SECTOR BANKS"PSB privatisation will take care of governance issues: IMF report" – More aggressive disinvestment

and privatisation of public sector banks (PSBs) would address some of the structural issues in governance,such as incentives and efficiency of these banks, according to the International Monetary Fund.– (HBL Aug 10, 2018 p 6)

– EXECUTIVE APPOINTMENTS

"Canara Bank, BoI non-exec chairmen get extension" – The Centre today extended the terms of non-executive chairmen of Canara Bank and Bank of India for two years, according to an official order. TheAppointments Committee of the Cabinet (ACC) has approved renomination of Thothala NarayanasamyManoharan as part-time non-official director on the board of Canara Bank for two years with effect fromAugust 14, according to the order issued by the Personnel Ministry. The ACC has also extended his term asthe non-executive chairman of the bank's board for the same period. Similarly, Gopalaraman Padmanabhanhas been renominated as part-time non-official director on the board of Bank of India for two years witheffect from August 14. – (FE Aug 14, 2018 p 10)

– LEADERSHIP

"Egon to help BBB in PSB leadership programmes" – The Indian Banks' Association has appointed EgonZehnder International as a 'Knowledge Partner' to the Banks Board Bureau to design, implement andinstitutionalise a flagship leadership development strategy for public sector banks in India. In addition, HayConsultants Private Limited (part of the Korn Ferry Group) will assist the bureau in assessing leadershipcompetencies and potential capabilities of candidates appearing in the process for appointment as whole-timedirectors of public sector banks. A report. – (H Aug 14, 2018 p 13)

RECOVERY OF NPAs"Tribunal order to bolster bank recovery efforts" – Banks expect that their loan recovery efforts will be

bolstered by a recent order of the Appellate Tribunal on matters related to the Prevention of Money LaunderingAct, which said that the Enforcement Directorate cannot claim rights over mortgaged assets of peoplesuspected of criminal activity if such mortgages were created by banks prior to suspected fund diversion ormoney laundering by the defaulter entity. In an August 2 order, the Tribunal ruled in favour of StandardChartered Bank in a dispute with the Enforcement Directorate in the Winsome Diamonds & Jewellery caseover attachment of assets mortgaged with the banks. – (IE Aug 10, 2018 p 13)

SMALL FINANCE BANKS

– ESAF SMALL FINANCE BANK

"ESAF Small Finance Bank Limited: Balance Sheet as at March 31, 2018 and Profit & Loss Accountfor the year ended 31 March 2018" – An advertisement feature.– (EPW 53(26&27) Jun 30, 2018 pp 220-242)

– 15 –

STRESS MANAGEMENT

– WOMEN EMPLOYEES

Cherian, Dennis – "Stress management of women employees in banking sector: A case of Kerala" –Stress management is tool, procedure and one of methods that allow us to take control of problems and makesure that they don't affect the daily routine. It includes Problems that leads to stress that are specific in naturehave different stress management techniques that can be applied to keep in balance and harmony. Beyond acertain point, stress stops being helpful and starts causing major damage to health, mood, productivity,relationships, and quality of life. An article. – (SE 57(7) Aug 1, 2018 pp 21-24)

RBI CIRCULARS"Auction of Government of India Dated Securities." – An article. – (RBI Circular RBI/2018-2019/36

Ref.No.IDMD/359/08.02.032/2018-19 dated 10.08.2018)

"Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) forScheduled Co-operative Banks"– (RBI Circular RBI/2018-2019/38 DCBR.BPD.(PCB/RCB).Cir.No.3/16.27.000/2018-19 dated 16.08.2018)

"Investments in Non-SLR Securities by Primary (Urban) Co-operative Banks - Approvedcounterparties for secondary market transactions"– (RBI Circular RBI/2018-2019/37DCBR.BPD.(PCB).Cir.No.02/16.20.000/2018-19 dated 16.08.2018)

AGRICULTURE & RURAL DEVELOPMENTJodhka, Surinder S – "Rural change in times of 'Distress'" – An article.

– (EPW 53(26&27) Supplement Jun 30-Jul 7, 2018 pp 5-7)

NABARDAnandaraman, R – "Micro finance and rural development through NABARD" – Micro finance is

formal financial services of rural development promote self-help group women change social welfare activitiesof working capital. Micro finance contributes financial and non-financial services of below poverty womenare gain number of benefit are utilized for inclusive growth in weaker section of the people. NABARD ispreliminary organization that process rural development assessing the weakness weak and strengths ofwomen groups and proving supportive grant assistance of revolving fund. NGO is group formation of initialstage and financial intermediaries of panchayat level federation are getting bulk money from micro financeinstitutions. NABARD is fundamental in promoting the grant assistance selected MFls supply of credit,savings, thrift and insurance services. An article. – (SE 57(7) Aug 1, 2018 pp 9-13)

INDUSTRY"Factories grow at fastest pace in 5 months on lower base" – India's factory output grew at its fastest

pace in five months at 7% in June on the back of a lower base last year due to destocking by businessesahead of introduction of the Goods and Services Tax (GST). Consumer non-durables continued their dismalperformance, growing at 0.5% in June. – (Mint Aug 11, 2018 p 23)

LIC

– IDBI BANK

Bandyopadhyay, Tamal – "What will LIC do with IDBI Bank?" – Instead of taxpayers' money, policyholders'money will be used to keep the bank alive. An article. – (Mint Aug 13, 2018 p 7)

Roy, Prabal Basu – "The new LIC policy for IDBI: Insuring corporate mortality" – An article.– (BusW 37(21) Jun 23-Jul 7, 2018 pp 32-33)

– 16 –

MANUFACTURING SECTOR"Manufacturing sectors with high production growth rose in Q1: CII" – Production growth across

majority of manufacturing sectors has jumped in the first quarter of the current financial year with moresectors witnessing higher growth, a survey by the Confederation of Indian Industry (CII) has shown. Areport. – (BS Aug 13, 2018 p 6)

SMALL SCALE INDUSTRY

MSMEs"MSEs see business prospects over 'positive momentum': CriSidEx index" – Micro and small enterprises

are getting more and more optimistic about their business prospects. The CriSidEx index, which measuressentiment among micro and small enterprises (MSEs) rose to a three-quarter high of 127 in the first quarterof the current financial year, up from 121 in the fourth quarter of the previous financial year. Within themanufacturing sector, most segments brimmed with optimism. "MSEs in metals & mining, chemicals,pharmaceuticals, and gems & jewellery were strongly positive. Leather & leather goods sector was largelypositive barring a few respondents who reported a subdued outing," notes the report titled 'Sanguinity sustains'.A report. – (BS Aug 14, 2018 p 4)

INTERNATIONAL ECONOMICS"The world economy: Don't crash it" – A trade war is the worst of many threats to global growth.

– (Eco 427(9097) Jun 23-29, 2018 pp 10, 12)

FINANCIAL MARKETSÖncü, T Sabri – "Did this straw break the finance sector's back?" – The world's financial markets are

hurtling towards a new phase of crises ranging from currency, to balance of payments, to sovereign debt, tobanking crises. The monetary tightening policies of the United States Federal Reserve and the EuropeanCentral Bank will only precipitate crises in emerging markets as well as peripheral eurozone economies,which will have global repercussions. An article. – (EPW 53(25) Jun 23, 2018 pp 10-11)

FUND MANAGEMENT"Global fund management" – A weekly report. – (FT Aug 13, 2018 Supl. pp 1-16)

INTERNATIONAL TRADE"A trade war will be a burden for economic growth, employment creation: Bill Gates" – Edited excerpts

from an interview with Bill Gates, Co-founder, Microsoft Corp. and Co-chair, Bill and Melinda GatesFoundation. On why innovation is key to global development and why society should expect the super successfulto engage in giving back in some way. – (Mint Aug 13, 2018 p 11)

"Trade war (1): Is China losing it?" – Weak Chinese markets give America the edge, at least in confidence.An article. – (Eco 428(9104) Aug 11-17, 2018 pp 58-59)

"Trade war (2): Metal clashing" – Tariffs are not quite the success the American president thinks. An article.– (Eco 428(9104) Aug 11-17, 2018 p 59)

Vijayalakshmi V – "Trade war and India" – An article. – (SE 57(7) Aug 1, 2018 pp 5-6)

– 17 –

MANAGEMENT"Managers can't be great coaches all by themselves: The best ones are connectors" – An article.

– (BusT 27(13) Jun 18 to Jul 1, 2018 pp 77-81)

"How board members can oversee cyber security" – In the digital age, cyber threats are not a technologyissue but a business risk and steps need to be taken to ensure the safety of digital assets. A report.– (Mint Aug 10, 2018 p 7)

CORPORATE GOVERNANCESinha, Shilpy – "Corporate governance: Proxy advisors: Boon or bane" – These firms evolved as

guideposts for institutional investors and a tool to keep management in check. But they have become toopowerful and their analyses may be at odds with other shareholders. Concentration of power may also needto be checked. An article. – (ET Apr 15, 2018 p 14)

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