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Banking wrap: FM meets PMC Bank customers; RBI board discusses regulatory framework of co-operative


Date: 14-10-2019
Subject: Banking wrap: FM meets PMC Bank customers; RBI board discusses regulatory framework of co-operative
Finance Minister Nirmala Sitharaman met depositors of Punjab and Maharashtra Co-operative Bank during her visit to the Bharatiya Janata Party (BJP) office in Mumbai last week. Sitharaman said that the issue will be taken on top priority.

The central bank board that met in Chandigarh, also discussed the existing regulatory framework of co-operative banks, among other issues.

Spoken to RBI guv, concerns of PMC bank's customers will be addressed: FM

Assuring account holders of troubled PMC Bank of support, Sitharaman on October 12 said that she has spoken to the Reserve Bank of India (RBI) Governor, who assured that customers' concerns will be taken on top priority.

RBI Central Board discusses regulatory framework of co-op banks amid PMC Bank scam

The Reserve Bank's central board on October 11 discussed in detail the regulatory and supervisory architecture of commercial and cooperative banks against the backdrop of Rs 4,500 crore scam at the PMC Bank.

The meeting of the central board, held in Chandigarh, came a day after the finance minister announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks.

Depositors switch to long term maturities in hunt for higher rates

Public Sector Banks (PSBs) may see a portion of their deposit base shift to longer maturities as customers chase higher returns in the falling interest rate scenario.

This may weigh on the banks' margins for a few quarters at least. Data released by RBI showed that the weighted average domestic term deposit rate (WADTDR) for PSBs has increased to 6.79 percent in August, which is higher by 5 basis points from the previous month. PSBs account for 70 percent of all deposits in the Indian banking system.

Board to finalise successor in next meeting: Romesh Sobti, IndusInd Bank

IndusInd Bank will finalise the name of the new Managing Director and Chief Executive Officer in the next board meet, its current head Romesh Sobti said on October 10.

Sobti, who turns 70 next year, said that the decision will be made "well in time" as the succession planning has been going on since the past few years. He did not divulge any details about the shortlisted candidates.

Commercial paper issuances slump on stricter SEBI norms

The recent overhaul in investment norms for debt mutual funds has led to a significant drop in commercial paper (CP) issuances that more than halved in September.

In September, CP issuances dropped to Rs 54,535 crore, from Rs 1.23 lakh crore in August and Rs 1.3 lakh crore in July.

The cumulative issuances for the first half of the current financial year stood at Rs 6.7 lakh crore, 12.4 percent lower than the corresponding period year ago.

Source: moneycontrol.com

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