VIVA “The Pinnacle” Economy RBI wants government to consider outsiders as PSU bank heads •The Reserve Bank of India (RBI) has recommended that the government dissociate itself from the selection process involved in picking the heads of state-run banks. The central bank has also suggested that top executives of public sector banks (PSBs) be selected from a wider pool that includes private sector candidates, rather than be confined to those from the state-run lenders. Indias domestic demand may witness a recovery: HSBC •The countrys domestic demand is likely to recover from the sharp slowdown it experienced over the course of 2013, largely driven by the growing population and nascent middle-class, an HSBC report says. According to global financial services major, despite its recent slowdown, Indias economic promise remains substantial, with the growing population and nascent domestic middle class generating a growing market for consumption goods. Deposits continue to outpace credit growth; up 15.55 per cent: RBI •Bank deposits continued to outpace credit growth, clipping at 15.55 per cent year-on-year to Rs 7,692,309 crore as on March 7, according to RBI. Deposits of commercial banks stood at Rs 6,657,109 crore during the same period last year, according to RBI fortnightly data released today. Capital Market Govt asks NTPC for Rs 233cr bank guarantee after mine delay •The decision was taken based on the recommendations of an Inter Ministerial Group (IMG) that reviewed the progress made on coal blocks allotted to private and public sector companies for their own use. The government has ordered power major NTPC to furnish a Rs 233 crore bank guarantee to expedite development of a coal block in Chhattisgarh and said failure to submit the surety may result in cancellation of the mine. Financial Tech not fit and proper to run bourses: Sebi •The Securities and Exchange Board of India today passed an order on Financial Technologies India Limited , deeming the company not ‘fit and proper’ to hold any stake in bourses. The regulator also ordered for the divestment of stake held by the company in exchanges like the MCX-SX and MCX- SX CCL in 90 days. International Asia Stocks Drop as Dollar Rises on Fed; Copper Retreats •Asian stocks fell, with a regional benchmark gauge heading for a six-week low, U.S. index futures retreated and the dollar extended its advance after the Federal Reserve signaled a faster timetable for raising rates. China Stocks Rise to Two-Week High on Growth Measures, Property •The Shanghai Composite (SHCOMP) Index rose to a two-week high after China said it will accelerate measures to stabilize growth and allow property companies to raise money through share sales for the first time since 2010. China to Accelerate Measures to Stabilize Growth •China will speed up construction projects and other measures to support economic growth after a slowdown in industrial output and investment boosted risks of missing a 7.5 percent expansion target for the year. Currency Yuan falls to one-year lows after PBOC guidance •Yuan plunged to a one-year low against the dollar early on Thursday after the central bank set a lower guidance for the currency and as the US dollar rose strongly on views that US interest rates may rise quicker than expected. Commodity Gold declines to 1-week low as Fed seen cutting more stimulus •Gold today fell to a one-week low on speculation the US Federal Reserve will continue cutting stimulus as the economy strengthens, curbing demand for the precious metal as a safe-haven. Gold fell by 0.7 per cent to $1,346.19 and silver by 0.5 per cent to $20.72 an ounce.
Posted on: Thu, 20 Mar 2014 05:02:42 +0000
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