Volume XXXII Number 27

April 3, 2017
 Classifications
Economy International Economics
Banking Labour & Personnel Management
Agriculture & Rural Development Management
Industry Miscellaneous
Small Scale Industry Books

Newspapers Weeklies

BS Business Standard BI Business India

ET Economic Times BusW Business World
FE Financial Express BusT Business Today
FT Financial Times CMar Capital Market
H Hindu EPW Economic and Political Weekly
HBL Hindu Business Line SE Southern Economist
HT Hindustan Times Eco Economist
IE Indian Express For(Asia) Fortune Asia
TI Times of India CI Corporate India
Mint Mint
 CONTENTS

A. ECONOMY 1

B. BANKING 2

C. AGRICULTURE & RURAL DEVELOPMENT 13

D. SMALL SCALE INDUSTRY 14

E. INTERNATIONAL ECONOMICS 14

F. MANAGEMENT 15
BANKERS' BRIEF Vol. XXXII No. 27
April 3, 2017

ECONOMY
"Don't forecast future, make it happen: Kapoor: India poised for an entrepreneurial leap, says YES
Bank chief executive" The country is at the tipping point of disruption, which needs to be explained to
Indians as being a positive force. The three Ds of disruption -demographics, deregulation and digitisation -are
perfectly aligned in India, which is thereby poised for an entrepreneurial leap, YES Bank chief executive
officer Rana Kapoor declared at the Global Business Summit. (ET Mar 29, 2017 p 1)
"The economy is back on the rails" Edited excerpts from an interview with Shaktikanta Das, Economic
Affairs Secretary. (BS Mar 28, 2017 p 4)
"Fed hikes wouldn't be highly disruptive to capital flows" Edited excerpts from an interview with Barry
Eichengreen, Professor of Economics and Political Science, University of California Berkeley. India had a
fascinating experiment with demonetisation. It was an attempt to bring the dark money to the surface and
allow the authorities to increase tax compliance and encourage electronic settlements in ways that they can
be tracked more easily. (ET Mar 29, 2017 p 11)
Alagh, Yoginder K "Remembering Sukhamoy Chakravarty" He is one of the greatest economists
India has produced and was noted for his work at the Planning Commission. An article. (FE Mar 28, 2017
p 9)
Barua, Abheek "Before a toast and tea" India appears to be in a sweet spot as far as its financial
markets go but the risks of currency overvaluation and inflation pressure also exist. An article. (BS Mar 24,
2017 p 11)
Ninan, T N "Economy at the cusp" An editorial. (BS Mar 25, 2017 p 9)
Sabnavis, Madan "Looking back in anger or satisfaction?" The economy will be entering a new phase
in FY18 where it appears all the major pieces on the 'real economy' side have to be rethreaded. An article.
(FE Mar 30, 2017 p 9)

CAD
"CAD widens qoq to 1.4% of GDP in Q3" India's current account deficit (CAD) widened sharply in the
third quarter of the current fiscal on a sequential basis - to $ 7.9 billion, or 1.4% of the Group domestic
product (GDP) from $3.4 billion or 0.6% of the GDP in the second quarter - as gold imports and oil price
spike enlarged the merchandise trade deficit by a steep $7.6 billion quarter-on-quarter. A report. (FE Mar
24, 2017 p 4)

CURRENCY MARKET
"The Indian rupee: Flirting with overvaluation" Many of the current problems stem from the effects of
the banknote ban, especially the excess liquidity that it has created. An article. (Mint Mar 30, 2017 p 14)
Rajwade, A V "Rupee: Then and now" The root cause of sharp changes in the rupee value has been the
same - portfolio capital flows ostensibly triggered by changes in US monetary policy. An article. (BS Mar
30, 2017 p 8)

ECONOMIC REFORMS
Das, Kaushik "Economic reforms: Wish upon a rising STAR" An article. (ET Mar 25, 2017 p 8)

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EMPLOYMENT
"Job growth in key sectors fell sharply in Dec quarter: Period sees addition of 32K workers against
77K in Jul-Sept" The rate of increase in employment in eight key sectors declined sharply in October-
December 2016, with addition of only 32,000 workers as against an addition of 77,000 workers in July-
September, the third round of revamped Quarterly Employment Survey (QES) released by Labour Bureau
showed. Sluggish growth: Construction, trade, accommodation & restaurant and education sectors recorded
a fall in employment of 18,000 workers during October-December 2016 over the previous quarter. A report.
(IE Mar 24, 2017 p 13)

FOREIGN EXCHANGE RESERVES

"Forex reserves up $2.67 bn to $366.78 bn" India's foreign exchange reserves surged by whopping
$2.671 billion to $366.781 billion for the week ended March 17 on account of increase in foreign currency
assets, according to the Reserve Bank of India. Gold reserves remained unchanged at $19.914 billion. The
special drawing rights with the International Monetary Fund was up by $10 million to $1.444 billion; India's
reserve position with the Fund, too, increased by $15.9 million to $2.320 billion. (FE Mar 25, 2017 p 10)

GST
"With LS Assent, GST on course to keep its July 1 rollout date: Finance Minister, Arun Jaitley
assures House that GST rates will not have inflationary impact" The Lok Sabha cleared four
landmark Bills to usher in the goods and services tax (GST), the biggest taxation reform since Independence.
The new tax regime, which the government hopes to implement from July 1, will subsume various indirect
levies of the Centre and States, and create an input tax credit chain for refunds while also making way for an
anti-profiteering authority. (ET Mar 30, 2017 p 1)

BANKING
GENERAL
"Banks: A bleaker FY17" If fiscal 2015-16 was annus horribilis for Indian banks, the year to March seems
to be no different. A report. (Mint Mar 24, 2017 p 9)
"GST Bills likely to be introduced in Parliament next week: Jaitley" Edited excerpts from an interview
with Arun Jaitley, Finance Minister. (Mint Mar 24, 2017 p 16)

AXIS BANK
"By end of next 4 quarters, there may be no NPA watch-list: Axis Bank CFO: Stress from outside
this set is mostly from accounts originated prior to FY11,says Jairam Sridharan" Excerpts from an
interview with Jairam Sridharan, Group Executive & Chief Financial Officer, Axis Bank. (HBL Mar 29,
2017 p 6)

BANK OF INDIA
UNION BANK OF INDIA
"BoI, UBI sell TransUnion CIBIL stake" Union Bank of India (UBI) and Bank of India (BoI) said that
they have sold their entire stakes in TransUnion CIBIL to TransUnion International Inc. for Rs.381.24 crore.
The banks each held a 5% stake. (Mint Mar 24, 2017 p 3)

CANARA BANK
"Canara Bank" Canara Bank has won maximum number of awards in Collateral Awards Category during
11th Global Communication Conclave held at Bangalore on 04.03.2017 in glittering function by Public Relations
Council of India (PRCI), Bangalore. The details of the awards are as follows: (1) Gold: * Radio Jingle; (2)
Silver: * Corporate Film; * Brochure (CSR); (3) Bronze: * In house magazine (Regional Language); *
Corporate Advertisement- Print; * Table Calendar- 2017; * Big Diary 2017. (HBL Mar 24, 2017 p 4)

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CATHOLIC SYRIAN BANK
"CSB's new part-time chairman" The Reserve Bank of India has accorded its approval for the appointment
of T S Anantharaman as part-time chairman of Catholic Syrian Bank. (HBL Mar 24, 2017 p 6)

HDFC BANK
"Aditya Puri on Barron's list of world's 30 best CEOs" HDFC Bank managing director Aditya Puri's
name has featured in the list of world 30 best CEOs, published by American financial magazine Barron's.
(FE Mar 27, 2017 p 5)
"Banker of the year: Aditya Puri, MD, HDFC Bank" Business Standard annual awards for 2016. A
report. (BS Mar 27, 2017 p 1)
"Demonetisation is behind us, it now business as usual, says HDFC Bank ED" Excerpts from an
interview with Kaizad M Bharucha, Executive Director, HDFC Bank. He said the emerging corporate loans
portfolio of India's second-largest private sector bank has doubled to Rs.60,000 crore in the last three years.
The jump in this portfolio, which comprises companies with a turnover starting from Rs.200-300 crore and
going up to Rs.700-800 crore, has come on the back of providing end-to-end banking solutions. With large
corporates tapping the bond market in a big way in the last couple of years for their funding requirements,
HDFC Bank has zeroed in on emerging corporates (or mid-corporates) as a significant area of opportunity
for growing its loan portfolio. (HBL Mar 24, 2017 p 6)
"HDFC Bank's profitability remains strong" Aditya Puri, MD & CEO, HDFC Bank highlighted that
market share gains are set to accelerate as a large part of system continues to be under stress and on
benefits of rising digitisation. This will help the bank maintain its 20% growth trajectory. Top-line growth has
already started to accelerate post the demonetisation led slowdown in Q3 with pick-up in both NII & fees.
(FE Mar 30, 2017 p 11)

ICICI BANK
"ICICI Bank, Truecaller tie up for UPI payments" Hoping to reach out to a larger set of consumers
making digital transactions, ICICI Bank has teamed up with Truecaller, the caller-identification app, which
has a user base of 150 million. (FE Mar 29, 2017 p 10)
"Pockets app reaffirms the value of innovation" Excerpts from an interview with Abonty Banerjee,
Head-Digital Channels, ICICI Bank. (FE Mar 28, 2017 p 11)

IDFC BANK
SALE OF NPAs
"IDFC Bank sells Rs.5,000 cr of bad loans to Edelweiss ARC" Portfolios includes stressed loans given
to Ruchi Soya, Essar's Hazira port and Lanco. The bank had approached other asset reconstruction companies
earlier but price remained a challenge with rising demand for cash. A report. (ET Mar 28, 2017 p 6)

KARNATAKABANK
"Karnataka Bank installs 10,000 PoS terminals 3 years ahead of schedule: Aided by demonetisation
and migration towards digital channels, says MD" The demonetisation of specified bank notes in
November and the thrust on migration to digital channels for transactions seem to have helped Karnataka
Bank reach its target for installing point-of-sale (PoS) terminals three years in advance. The 'KBL Vision
2020' document had set a target of installing 10,000 PoS terminals by 2020. (HBL Mar 28, 2017 p 5)
"Karnataka Bank's platinum card" Karnataka Bank has launched the 'MoneyPlant RuPay International
Platinum Debit Card' to provide more privileges to its premium and HNI (high net worth individual) customers.
The card can be used for domestic and international cash withdrawals and purchases. (HBL Mar 25, 2017
p 6)

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KARUR VYSYA BANK
"KVB bags 'best small bank' award" Karur Vysya Bank has been adjudged the Small Bank for 2016
(balance sheet size of less than Rs.1-lakh crore). (HBL Mar 28, 2017 p 5)

KOTAK MAHINDRA BANK

"6% interest rate is a pull, but we do offer a lot more" Excerpts from an interview with Virat Diwanji,
EVP and head of branch banking, Kotak Mahindra Bank. (FE Mar 28, 2017 p 10)
"Kotak Bank hopes to double customer base in 18 months: Launches '811'mobile app withover 100
features" Kotak Mahindra Bank expects to double its customer base to 16 million within the next 18
months on the back of its newly-launched '811' digital banking ecosystem. A report. (HBL Mar 30, 2017 p 6)
"Kotak Mahindra Bank to focus on building stressed asset business" Kotak Mahindra Bank Ltd will
focus on building its stressed asset resolution and turnaround business in the coming years, according to Uday
Kotak, vice chairman and managing director of the bank. Kotak said that the large opportunity in the stressed
asset space in Indian banking would prove to be a good business opportunity for his group, but he did not
divulge any details about a structure that the group may choose. A report. (Mint Mar 30, 2017 p 8)
"Kotak to consider raising funds via multiple routes" Kotak Mahindra Bank said it will consider raising
equity capital through qualified institutional placement (QIP) of shares, rights issue or private placement at a
board meeting. (FE Mar 28, 2017 p 10)
"Now 2nd biggest among private banks: Kotak surges ahead of ICICI Bank on market-cap chart"
Kotak Mahindra Bank surged past country's largest private sector lender ICICI Bank in market value,
supported by strong fundamentals and deep market penetration that experts say make it best suited after
HDFC Bank to capture growth coming from retail, capital markets and the corporate sector. A report.
(ET Mar 24, 2017 p 11)
"Total stress in Indian banking is Rs.14 lakh cr" An interview with Uday Kotak, Executive Vice-
Chairman and MD, Kotak Mahindra Bank. (FE Mar 30, 2017 p 10)

PUNJAB NATIONAL BANK

"PNB plans to hire consultant for profit maximisation" Punjab National Bank (PNB) has come out with
a request for proposal to engage a consultant to help it formulate strategy to maximise profit by cutting
unnecessary expenses and increasing revenue. (FE Mar 28, 2017 p 10)

SOUTH INDIAN BANK

"South Indian Bank rolls out mobile app linked to Aadhaar" To promote cashless digital transactions,
South Indian Bank has introduced Aadhaar-based payment in its UPI mobile application - SIB M-Pay.
(HBL Mar 25, 2017 p 6)

STATE BANK OF INDIA

"Our UPI success rates, if not best, must be second best in industry" Edited excerpts from an
interview with Manju Agarwal, Deputy Managing Director (Corporate Strategy and New Business), SBI.
(FE Mar 24, 2017 p 12)
"Will complete stake hike in SBI Card to 74% by June-end: Arundhati Bhattacharya" Rolls out new
credit card 'SBI Unnati' that targets Jan Dhan account-holders as well. Tailored for new users of credit
cards, 'Unnati' would have no annual fees for the initial four years and will be offered through the 20,000-plus
SBI branches. A report. (HBL Mar 29, 2017 p 6)

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 MANPOWER
"SBI workforce likely to shrink by 10% over two years" State Bank of India (SBI) will see a reduction
in its workforce after six entities are merged with it, owing to attrition, reduced hiring and digitisation. Manpower
will go down over a period of time. Around 10 per cent reduction in two years may be a possibility, according
to Rajnish Kumar, Managing Director, SBI. The public sector lender currently has around 2,07,000 people in
its workforce and the merger of six entities from April 1 will add around 70,000 employees. Post merger we
will be at 2,77,000 people in SBI. This may come down to 2,60,000 by March 2019. A report. (HBL Mar 27,
2017 pp 1, 16)

ODISHA
"SBI to give banking services through SHGs: Odisha becomes first to adopt model" The Odisha
government signed an agreement with the State Bank of India group to extend banking services in the
unbanked areas through Self Help Groups - the first State in the country to adopt this financial exclusion
model. A report. (H Mar 28, 2017 p 3)

PMJDY
"SBI spent Rs.775 crore in maintaining Jan Dhan accounts: Govt" The total cost of operation of Jan
Dhan accounts by State Bank of India is Rs.774.86 crore, Parliament was informed. The number of zero
balance Jan Dhan accounts was 5.93 crore as on November 9, 2016, and 6.32 crore as on December 28,
2016. (HBL Mar 29, 2017 p 6)

SYNDICATE BANK
"Syndicate Bank opens 40 'Ananya' branches" Syndicate Bank digitally inaugurated 40 'Ananya'
transformed branches. 'Project Ananya is a two-year large-scale transformation project undertaken by the
bank to provide customers with 'best in class' services while improving and modernising the whole bank,'
according to Arun Shrivastava, Managing Director and CEO, Syndicate Bank. (HBL Mar 28, 2017 p 5)

UCO BANK
"UCO Bank may raise Rs.1,000 crore from LIC via bonds" UCO Bank said it is considering a proposal
to raise Rs.1,000 crore from LIC via issuance of bonds. Board of our Bank is considering a proposal for issue
of tier II bonds for inclusion in Tier II Capital of face value of Rs.10 lakhs each aggregating to Rs.1,000 crore
to LIC of India. (FE Mar 30, 2017 p 10)

UNITED BANK OF INDIA

"UBI will emerge as most vibrant bank in years to come" Edited excerpts from an interview with
Pawan Kumar Bajaj, MD & CEO, United Bank of India. (BS Mar 28, 2017 Supl. p 3)
"United Bank of India: The bank that begins with U" A report. (BS Mar 28, 2017 Supl. p 4)
"United Bank raises Rs.127 crore through QIP issue" United Bank of India has raised Rs.127.49 crore
through sale of shares to qualified institutional investors. (FE Mar 28, 2017 p 10)

VIJAYA BANK
"Vijaya Bank, Piaggio Vehicles tie up" Vijaya Bank has entered into an MoU with Piaggio Vehicles for
providing financial support for the purchase of vehicles under Small Road Transport Operators (SRTO)
scheme in Bengaluru. (HBL Mar 28, 2017 p 5)

YES BANK
"Building a better tomorrow for all" An interview with Rana Kapoor (Founder & CEO, YES Bank;
Chairman, YES Global Institute). He talks of the many ways in which we can pursue a path of sustainable,
inclusive economic development. (ET Mar 27, 2017 p 9)
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"Floor price set at Rs.1,498.95: YES Bank launches a $650-m QIP" Bank can retain up to $100 m
more; proceeds to be used to meet capital requirements and support growth and expansion. Advances grew
39% year-on-year in the December quarter, compared with less than 5% growth for the banking industry. A
report. (ET Mar 24, 2017 p 11)
"YES Bank revives QIP to raise up to $750 million" YES Bank Ltd revived its qualified institutional
placement (QIP) issue with a reduced size of $750 million after its attempt to raise $1 billion in September
flopped. A report. (Mint Mar 24, 2017 pp 1, 7)
"YES Bank scholarships for 30" As many as 30 students from India's top B-schools have been awarded
scholarships worth Rs.2 lakh each under a YES Bank programme. The selected scholars will also receive
year-long mentorship from YES BANK leaders. (FE Mar 28, 2017 p 7)

EUROPE
EUROPEAN CENTRAL BANK
"Watchdog accuses ECB of political activity in eurozone crisis" The European Central Bank improperly
veered into political activity during the eurozone crisis and should withdraw from the 'troika' of international
bailout monitors, according to anti-corruption watchdog Transparency International. In a review of the central
bank's actions, carried out in co-operation with ECB officials, the report called on the ECB to be placed
under greater scrutiny by EU institutions, saying its mandate to ensure price stability in the Eurozone had
been pushed to 'breaking point' in tackling the crisis. A report. (FT Mar 29, 2017 p 3)

PAKISTAN
WOMAN EXECUTIVE
"Sima Kamil becomes first woman to head a major bank in Pakistan" The first woman to head a major
commercial bank in Pakistan was named, a landmark move in a country where the economy is growing but
the glass ceiling holds firm. Sima Kamil, currently a deputy CEO at the country's third-largest lender United
Bank Limited (UBL), will take charge on 1 June, its directors said in a statement. (HBL Mar 28, 2017 p 5)

UK
"BoE set to raise the bar on resilience" The UK's largest banks face their toughest ever test of resilience
after the central bank unveiled an extra assessment of their business models and separately launched a
review into lenders' consumer credit standards. The Bank of England will put the seven largest lenders -
including Lloyds Banking Group, HSBC, Barclays and Royal Bank of Scotland - under further examination
alongside its annual stress test, which measures how banks would fare in certain conditions, at the end of this
year. A report. (FT Mar 28, 2017 p 12)

BANK CAPITAL
"Bank unions express reservations on some of the conditions set for capital infusion" Bank unions
are not agreeable to some of the conditions the government has set for infusing capital aggregating to Rs.8,586
crore in 10 public sector banks. The conditions include foregoing some of the rights and benefits arising from
the industry-wide bipartite wage settlement and tapping the capital market to raise resources. A report.
(HBL Mar 25, 2017 p 6)

PUBLIC SECTOR BANKS

"Band-aid solution: Avoid linking bank employee benefits to recapitalisation" On paper, the finance
ministry's letter to 10 weak state-run banks linking recapitalisation to a cut in staff increments and benefits
appears logical. The big questions, as always, hinge on the willingness of the powerful bank unions to acquiesce
to such cutbacks and, if they do, whether such measures will make a material difference to the efficiency of
banks. These banks, which have collectively requested a capital infusion of Rs.8,586 crore, tend to be among
the most overstaffed as well as the least efficient. In the financial year 2015-16 and the first nine months of

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 2016-17, seven of these banks reported losses. The loans, when compounded by the cost-to-income ratio for
all state-owned banks hitting a decade-high in 2015-16, make the government demand unexceptionable. The
proposal calls for an agreement among managements, employees and unions for a moratorium on standard
industry pay increases, leave travel concessions and other perks, and linking capital allocation to quarterly
milestones. An editorial. (BS Mar 27, 2017 p 9)

BANK CONSOLIDATION
PUBLIC SECTOR BANKS
"Vinod Rai: Centre to use regional model to consolidate bloated PSBs" The Centre plans to adopt a
regional based model for consolidating its bloated public sector banks, according to Vinod Rai, Chairman,
Banks Board Bureau. We have to plan a model for consolidation which will be region-based so that we have
a few strong banks in the west, north, south and east. That will also avoid branch-based redundancies. A
report. (FE Mar 29, 2017 p 10)

SBI / ASSOCIATES
"After merger, SBI eyes full integration in six weeks" The SBI's merger of associate banks with itself
will be the largest consolidation exercise in the country adding 6,200 branches to SBI's network of 17,000.
Despite the scale, SBI says it will be one of the fastest transitions, and expect full data integration within six
weeks. (TI Mar 27, 2017 p 17)
"Merger of associate banks with SBI may not be seamless for customers: Online portals of associates
and products offered by them will not be available from April 1" If you are a customer of any one of
the five associate banks of State Bank of India (SBI), brace up for merger impact from April 1. The impact,
though not expected to cause any major disruption of banking services, will not be entirely seamless. A
report. (HBL Mar 29, 2017 p 6)

BANK FRAUDS
SYNDICATE BANK
"4 bank ex-officials among 10 booked by CBI for fraud: Former Syndicate Bank staffers aused
Rs.209-cr loss" The CBI lodged a case against two former AGMs, two ex-chief managers of Syndicate
Bank Jaipur and Udaipur branch, and six others for allegedly causing loss of nearly Rs.209 crore to the bank.
(FE Mar 26, 2017 p 3)

BANK LENDING
Iyer, Aparna "The decline and fall of bank credit" An article. (Mint Mar 24, 2017 p 4)
Kohli, Renu "Flatering bank credit: How worried should we be?" Early signs of default in corporate
bonds should be a warning bell. An article. (FE Mar 29, 2017 p 8)

BANK STOCKS
"Bank stocks jump on NPA resolution hopes" Shares of state-owned banks jumped after finance minister
Arun Jaitley said the government was working on a radical proposal to resolve the bad loans crisis in Indian
banking. The Nifty PSU Bank index, a gauge of public sector bank shares, gained 3.31% compared with a
0.24% rise in the benchmark 50-stock Nifty. Mid-tier public sector lenders, which have borne the brunt of
asset quality problems, gained the most. Oriental Bank of Commerce surged 6.6% while Bank of India rose
5.2%. The announcement also boosted private bank Stocks, with ICICI Bank ltd gaining 2.9%. A graphical
report. (Mint Mar 25, 2017 p 24)

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BANKING REFORMS
"Y V Reddy on PSB NPAs: Reforms need to go much beyond recapitalisation: It's important to
subject govt to market discipline: Reddy" Former Reserve Bank of India (RBI) Governor Y V Reddy
said the most important task ahead for the government is to achieve fiscal consolidation to create enough
room for conducting counter cyclical fiscal policy. He also said that the overwhelming proportion of non-
performing assets with the PSU banks show that the reforms need to go much beyond than simply recapitalising
banks. (IE Mar 25, 2017 p 12)

BANKING TECHNOLOGY
Mahapatra, Mrutyunjay "Are machines replacing bankers?" In the 1990s, ATMs followed by self-
service kiosks replaced thousands of tellers and cashiers. Today, bot-led machine deployment in banks is
gathering pace. Bankers engaged in repetitive and back-office jobs shall be replaced by machines faster than
expected. However, inconsistency of outcomes, lack of ecosystem and readiness of consumers shall delay
large-scale replacement in the front office. An article. (FE Mar 24, 2017 p 11)

BANKS BOARD BUREAU

"If there are more oversight panels, bad loans will see quicker resolution" Edited excerpts from an
interview with Vinod Rai, Chairman, Banks Board Bureau. (Mint Mar 29, 2017 p 12)

CURRENCY NOTES
DEMONETISATION
"Parliamentary panel to summon Urjit Patel again" A Parliamentary panel has decided to summon
Reserve Bank Governor Urjit Patel again to explain how much of the junked currency has been deposited in
banks after note ban and the progress made in remonetisation. A report. (FE Mar 24, 2017 p 4)
Bhagwati, Jagdish and Dehejia, Vivek and Others "Looking back at demonetisation: The concerns
of its legion of critics have all been proven plain wrong" RBI succeeded in remonetising the entire
system in less than a couple of months, for which Governor Urjit Patel and his team deserve enormous credit.
An article. (TI Mar 30, 2017 p 12)
D'Souza, Errol "Confiscation of cash by the state" The government and RBI have to announce to the
public how they will manage a post-demonetisation world. An article. (Mint Mar 27, 2017 p 15)
Jayakumar, Tulsi "Demonetisation is dead. Long live demonetisation" The govt and RBI have to
come out with hard statistics to explain the effect of demonetisation on corruption. Else, the message will be
lost. Even if one were to assume that all macroeconomic indicators have been restored, was this really the
objective of demonetisation? Also, where is the evidence of the position with regard to the war on black
money? An article. (FE Mar 24, 2017 p 11)

CYBER SECURITY
Mahapatra, Mrutyunjay "Better cyber security reporting" To begin with, an understanding of the
types of cyber incidents is necessary. An article. (BS Mar 28, 2017 p 8)

DIGITAL PAYMENTS
Vishwanathan, Vivina "Cost of digital payment products" An article. (Mint Mar 27, 2017 p 12)

FINTECH START-UPS
Singh, Rajiv "Compound interest: How collaboration, not rivalry, is shaping the relationship between
banks and fintech startups" What banks bring to the table...: * Regulatory licence; * Understanding of
technology and business risks; * Reach and scale as they have access to a huge consumer base. ... and what

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 startups have to offer: *Nimbleness and technical proficiency; * Capable of running several controlled
experiments; * Typically focused on building the best solution for one narrow problem. An article. (ET Mar
26, 2017 pp 6-8)

FOREIGN BANKS IN INDIA

BARCLAYS
"Deep customer relationships, global connectivity give us an edge" Excerpts from an interview with
Jaideep Khanna, Co-head, Asia Pacific and CEO, India, Barclays. (FE Mar 25, 2017 p 10)

GLOBAL BANKS
COMPLIANCE STAFF
"Banks trimming compliance staff as $321 billion in fines abate" Global banks are paring back staff
tasked with detecting wrongdoing for the first time since the financial crisis, ending a hiring boom that
accompanied $321 billion in fines, as technology replaces employees and penalties wane. A report.
(BS Mar 24, 2017 p 6)

INDUSTRIAL RELATIONS
"Unions willing to sign banks' turnaround pact, with riders" Bank unions agreed to sign a turnaround
pact in Kolkata, provided the lenders discussed the blueprint with them. In a big relief to banks, the unions of
10 banks are also expected to agree on curtailment of perks, subject to conditions. A report. (BS Mar 25,
201 p 3)

RECAPITALIZATION
"Unions agree to govt's financial goals to recapitalize weak banks" State-owned bank employee
unions have signed a memorandum of understanding (MoU) with managements, agreeing to stringent financial
targets that the government has set for recapitalizing 10 weak lenders. They did manage to extract a promise
that employee benefits will not be cut. A report. (Mint Mar 30, 2017 p 8)

INTEREST RATES
DEPOSITS
Bhoi, Barendra Kumar "Time to revisit deposit rates" Interest rates on deposits should be market-
based and linked to inflation; minimum balance should fetch FD rates. An article. (HBL Mar 24, 2017 p 8)

MICROFINANCE
"MFI group to refuse loans to defaulters of any member firm" A lobby group of microlenders decided
to disallow loans for new applicants who have previously defaulted on repaying any other lender. The
Microfinance Institutions Network (MFIN) made the decision at a closed-door meeting held in Mumbai. A
report. (Mint Mar 29, 2017 p 6)

MONETARY POLICY
Desai, Meghnad "The future of monetary policy" Fiscal policy needs a new boost. We also need new
thinking about monetary policy. An article. (FE Mar 27, 2017 p 6)
Rajadhyaksha, Niranjan "How the MPC has been thinking" An article. (Mint Mar 29, 2017 p 16)

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 INFLATION TARGETING
Joshi, Dharmakirti and Deshpande, Dipti "The coming inflation trade-off" A tight monetary policy
may not bring down the sticky part of core inflation, and may end up reducing demand. Is a tighter monetary
policy on the cards? Here's the reason for that question: For the Consumer Price Index (CPI)-based inflation
to decline to the Reserve Bank of India's (RBI's) medium-term target of 4%, non-food, non-fuel - or core -
inflation must slide to 3.8% from around 5% now. And that's assuming food and fuel inflation stays at around
4.4% and 3%, respectively, which is the average so far in fiscal 2017. An article. (Mint Mar 24, 2017 p 14)

NON-PERFORMING ASSETS
"2016-17 in review: Asset quality worsens at banks" Indian banking started this fiscal year in a crisis
caused by a pile-up of bad loans. It is closing the year in the same way. Asset quality has worsened, and there
is no resolution to stressed assets despite tweaks by the Reserve Bank of India to its debt restructuring
schemes. State-owned banks are the worst hit, with losses piling up and a lack of capital. Credit growth has
slowed to a trickle and bonds have been the largest incremental source of funding for corporate entities for
the second straight year. The silver lining: finance minister Arun Jaitley has held out an assurance that the
government is working on a radical proposal to solve the asset quality crisis. A new policy is expected to be
announced at the end of this fiscal year or early next year. A graphical report. (Mint Mar 29, 2017 p 1)
"Arvind Subramanian: Bad loans probably India's No.1 macroeconomic challenge" Edited excerpts
from an interview with Arvind Subramanian, Chief Economic Adviser. (Mint Mar 30, 2017 p 16)
"Banking sector needs Rs.4 lakh crore towards loan-loss provisioning: Uday Kotak" Two or three
large, well-capitalised 'bad banks' can help resolve the stressed assets problem, according to Uday Kotak,
Executive Vice-Chairman and MD, Kotak Mahindra Bank. The Indian banking system will have to endure
further pain of loan-loss provisions aggregating about Rs.4 lakh crore, according to Kotak Mahindra Bank's
internal research. A report. (HBL Mar 30, 2017 p 6)
"Non-performing assets: What's next?" Edited excerpts from an interview with P K Gupta, Managing
Director, State Bank of India said it was important to look at the resolution of some of the large accounts that
are facing stress. He said it did not matter whether the resolution came via the mechanism of a bad bank or
any other. Vinod Kathuria, Executive Director, Union Bank of India, said more oversight panels were likely
to oversee one time settlement (OTS) proposals of auctioning of assets by banks. The role of RBI is likely to
be of a facilitator. (Mint Mar 28, 2017 p 16)
"NPA resolution mechanisms need more teeth: S S Mundra: Banks on course to tiding over the bad
loan problem, says RBI Deputy Governor" RBI Deputy Governor S S Mundra said there is a need to
further strengthen existing stressed asset resolution mechanisms, such as oversight committees and joint
lenders forums (JLF). I think we need to provide more strength to the processes, and that is where there are
discussions going on (like) whether the institution of oversight committee can be further enlarged or
strengthened. Similarly, the whole working of the JLF mechanism. A report. (HBL Mar 24, 2017 p 6)
"NPA resolution policy gathers pace: Govt likely to announce a set of measures within a fortnight"
To deal with mounting bad loans afflicting banks, the government is likely to come out with a set of measures
for faster resolution of non-performing assets (NPAs). A report. (FE Mar 27, 2017 p 2)
"Resolution of NPAs set for radical overhaul: Jaitley: Separately, RBI signals that it may introduce
third-party assessments of bad loans" The Union government, in tandem with the Reserve Bank of
India (RBI), is working on a radical proposal to resolve the issue of bad debts in the Indian banking system,
according to the finance minister Arun Jaitley. The problem of big NPAs (non-performing assets) is confined
to at best 50 companies and therefore those 40-50 accounts need to be resolved. Now, in way of that
resolution, several issues come up: You have to find a buyer, strategic partner to find a solution. And if people
are slow at doing so, thinking that the system is somewhat hopeless, the system will have to bring in some
other instruments. A report. (Mint Mar 24, 2017 p 1)
Bandyopadhyay, Tamal "Bad debt resolution: It's now or never" An article. (Mint Mar 27, 2017 p 6)

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Bhattacharya, A K "The politics of tackling NPAs" It is commonly acknowledged that India's financial
sector mess has given rise to two specific but inter-related challenges. There is the challenge arising out of
the poor health of banks because of the huge burden of their non-performing assets (NPAs) or sticky loans.
And then, there is an equally formidable challenge of tackling the growing indebtedness of a large number of
companies, particularly in the infrastructure sector, that undermines their ability to repay their loans. An
article. (BS Mar 29, 2017 p 11)
Chatterjee, Vinayak "Good banks and a bad bank" The infrastructure sector continues to reel under the
'twin balance sheet' issue. Speedy resolution requires political will and govt involvement. In the ultimate
analysis, India bad loan problem is not a purely financial one. It is a national economic problem and one that
requires a political solution hand in hand with a clear government commitment to stand being core national
assets. An article. (BS Mar 27, 2017 p 8)

AUCTIONING
"Dud plan for dud loans: Auctioning stressed assets works in only simple cases" An editorial.
(FE Mar 27, 2017 p 6)

NPCI
"Government wants all public-sector banks to be Aadhaar Pay-ready by April" Edited excerpts from
an interview with A P Hota, Managing Director and Chief Executive Officer, National Payments Corporation
of India. (Mint Mar 27, 2017 p 13)

PMJDY
"Brisk withdrawals in Jan Dhan deposits" Jan Dhan deposits, whose spike after demonetisation to more
than Rs.74,000 crore at the end of November last year had created surprise, are shrinking. In about three-
and-a-half months between November 30, 2016, and March 15, 2017, close to Rs.10,500 crore was withdrawn
from Jan Dhan accounts. A report. (BS Mar 29, 2017 pp 1, 16)

PUBLIC SECTOR BANKS

"Close loss-making branches: Centre asks 10 PSU banks to also pare stakes in JVs, units" The
Centre has asked 10 public sector banks to consider selling stakes in joint ventures and subsidiaries and also
to close down loss-making domestic and international branches to improve their financial health. A report.
(H Mar 30, 2017 p 13)
"A timely step: State-owned banks, told to submit turnaround plans, should strive to address their
NPAs" An editorial. (H Mar 27, 2017 p 8)

NON-PERFORMING ASSETS
"RBI puts four state-run banks under watch over NPA issues" The Reserve Bank of India has put four
public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay
off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list,
the name of the fourth lender could not be immediately ascertained. A report. (Mint Mar 24, 2017 p 7)

RECRUITMENT
"Four PSBs detect 315 cases of fake certificates for appointment" Four public sector banks (PSBs),
including IOB and BoB, have detected 315 cases wherein candidates submitted fake certificate at the time
of appointment. PSBs have managerial autonomy in recruitment of officers, clerical and sub-staff. Four
PSBs have reported cases of fake certificates being submitted at the time of appointment, according to the
Finance Minister Arun Jaitley. (HBL Mar 25, 2017 p 6)

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RECOVERY OF LOANS, NPAs
PUBLIC SECTOR BANKS
"Property seizures: PNB leads the pack, followed by SBI, Corp Bank" Taking the lead among 27
public sector banks in their action against non-performing assets (NPAs) of more than Rs.10 crore, Punjab
National Bank has seized 39 properties involving Rs.9,325.83 crore till December 2016. The seizures of
properties by PNB are nearly three times higher than seizures by State Bank of India, which took 266
properties involving Rs.3,183.70 crore into possession during the same period, according to the finance minister
Arun Jaitley. (IE Mar 25, 2017 p 11)

SCHEME FOR SUSTAINABLE STRUCTURING STRESSED ASSETS

"Lenders seek Soma loan recast via S4A" A proposal to recast Rs.3,890 crore of loans to Soma Enterprise
via the scheme for sustainable structuring of stressed assets (S4A) has been sent to the oversight committee
(OC), two bankers familiar with the development told FE. If approved by the by Reserve Bank of India
(RBI)-mandated committee, it would be the fourth recast to be taken up via the S4A route after HCC, GKC
Projects and GVR Infra. A report. (FE Mar 28, 2017 p 1)

SMALL FINANCE BANKS

"As a small finance bank, Disha to offer gold, MSME loans to rural borrowers: Looking to open 30-
40 branches in the first quarter of launch" Micro-finance platform Disha plans the formal launch of its
small finance bank (SFB) in the next quarter, followed by 30-40 branches in the next three months.
(HBL Mar 25, 2017 p 6)

ESAF SMALL FINANCE BANK

"Targeting corporates, HNIs & NRIs for liabilities" Edited excerpts from an interview with K Paul
Thomas, Managing Director & CEO, ESAF Small Finance Bank. (FE Mar 29, 2017 p 11)

UJJIVAN SMALL FINANCE BANK

"Serving the weaker sections is viable too" Excerpts from an interview with Samit Ghosh, Founder and
Managing Director, Ujjivan Small Finance Bank. (FE Mar 29, 2017 p 10)

STRATEGIC DEBT RESTRUCTURING

"Banks bat for relaxed norms on stressed asset resolution: Lenders pushing RBI to allow them to
change rates, tenure under schemes such as SDR, S4A" Bankers are pushing the Reserve Bank of
India (RBI) to allow them to change interest rates and repayment periods in bad loan resolution schemes
including strategic debt restructuring (SDR) to implement them more effectively. A report. (Mint Mar 27,
2017 p 1)

SURPLUS LIQUIDITY
"DeMo effect: Govt plans to drain extra cash with banks: New arrangement will reward banks parking
funds with RBI" Interesting move: * Policymakers are now working towards a new instrument that may
be a variant to the cash reserve ratio; * Over the last two months, cash deposits in the banking system have
surged to Rs.4 lakh crore; * The Centre along with the RBI may bring modifications to its existing NPA
resolution schemes. A report. (HBL Mar 25, 2017 p 1)
"Finmin calls banks to discuss new facility to drain cash" The finance ministry has called bankers into a
meeting to discuss setting up a new facility to absorb surplus cash in the banking system, according to a letter
sent to all heads of lenders seen by Reuters. The finance ministry wants to discuss implementing a new
framework called a 'standing deposit facility' that would drain the surplus cash at a rate lower than the repo
rate without the need for any collateral. A report. (FE Mar 24, 2017 p 4)

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WILFUL DEFAULTERS
"Amount involved: Rs.7,673 cr: Banks yet to file cases against 1,080 wilful defaulters: RBI had
instructed lenders to launch legal proceedings including criminal action" Banks are yet to file
criminal cases against borrowers and promoters in 1,080 cases of wilful default accounts involving an amount
of Rs.7,673 crore as of September 2016 despite the Reserve Bank instruction to them to launch legal proceedings
including criminal action against wilful defaulters. Suits against 7,873 accounts: According to Cibil (formerly
Credit Information Bureau (India) Ltd), banks and FIs have filed suits against 7,873 wilful default accounts
involving an amount of Rs.85,161 crore as of September 2016 as against 6,638 accounts involving Rs.63,837
crore in September 2015. State Bank of India has topped the list with 1,007 suits to recover Rs.13,761 crore.
It was followed by Punjab National Bank with suits against 802 borrowers for recovery of Rs.10,082 crore
and Central Bank of India 654 accounts for Rs.3,975 crore debt. A report. (IE Mar 27, 2017 p 13)

RBI CIRCULARS
"All Agency Banks to remain open for public on all days from March 25, 2017 to April 1, 2017"
(RBI Circular RBI/2016-2017/256 DBR.No.Leg.BC.55/09.07.005/2016-17 dated 24.03.2017)
"All payment systems to remain closed on April 1, 2017" (RBI Circular RBI/2016-2017/260
DPSS.CO.CHD.No./2720/03.01.03/2016-17 dated 29.03.2017)
"Assignment of Lead Bank Responsibility" (RBI Circular RBI/2016-2017/262 FIDD.CO.LBS.BC.No.26/
02.01.001/2016-17 dated 30.03.2017)
"Assignment of SLBC Convenorship - Telangana" (RBI Circular RBI/2016-2017/261
FIDD.CO.LBS.BC.No.25/02.01.001/2016-17 dated 30.03.2017)
"Formation of seven new districts in the State of Manipur - Assignment of Lead Bank Responsibility"
(RBI Circular RBI/2016-2017/258 FIDD.CO.LBS.BC.No.24/02.08.001/2016-17 dated 27.03.2017)
"Opening of all Agency Banks for government business on April 1, 2017 - Revised instructions"
(RBI Circular RBI/2016-2017/259 DBR.No.Leg.BC.56/09.07.005/2016-17 dated 29.03.2017)
"Payment systems to remain open on all days from March 25, 2017 to April 1, 2017" (RBI Circular
RBI/2016-2017/257 DPSS.CO.CHD.No./2695/03.01.03/2016-17 dated 25.03.2017)
"Purchase of foreign exchange from foreign citizens and others" (RBI Circular RBI/2016-2017/263
A.P. (DIR Series) Circular No. 42 dated 30.03.2017)
"Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions - Continuance of
Special Measures" (RBI Circular RBI/2016-2017/264 DPSS.CO.PD No.2737/02.14.003/2016-17 dated
30.03.2017)

AGRICULTURE & RURAL DEVELOPMENT

AGRICULTURAL FINANCE
"Farm loans: Rs.8 lakh crore disbursed till December" Agriculture credit to the tune of Rs.8,08,318
crore has been disbursed in the current fiscal till December 2016, Lok Sabha was informed. Banks have
consistently surpassed the agriculture credit disbursement targets set by the government, according to the
Minister of State for Finance Santosh Gangwar. A report. (HBL Mar 25, 2017 p 6)
Dadhich, C L "Time to push credit for smart farming" Some reoriented practices will increase yields
through enhanced productivity, improved resilience and reduced side effects. An article. (HBL Mar 25,
2017 p 8)

FARM LOAN WAIVER SCHEME

"Loan waiver is no solution for Indian agriculture" In the case of repeated waivers, it makes sense for
borrowers to default strategically. A report. (Mint Mar 28, 2017 p 14)

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"Return of farm populism: Loan waivers are not the answer to the numerous issues plaguing
agriculture" Reserve Bank of India Deputy Governor S S Mundra and State Bank of India Chairman
Arundhati Bhattacharya are justified in expressing their reservations over waiving crop loans due from small
and marginal farmers in Uttar Pradesh. If the newly elected UP government is serious about implementing its
poll promise, it would, according to an SBI assessment, lead to writing off over Rs.27,400 crore, or a third of
the outstanding credit to agriculture in the State of over Rs.86,000 crore. What is worse is that the BJP
government in Maharashtra is under pressure to do the same. An editorial. (HBL Mar 28, 2017 p 8)

SMALL SCALE INDUSTRY

MUDRAYOJANA
"Mudra impetus pushes banks to support entrepreneurship" Banks have been lending to micro, small
and medium enterprises, under the Mudra scheme, it seems to have gained some momentum. Data showed
that PSBs had lent Rs.33,000 crore to these sectors in FY16 and rose 70% in FY16 to Rs.58,000 crore.
These kind of lendings have been taking place but is being done in a more focused manner, according to Jiji
Mammen, CEO, Mudra. A report. (FE Mar 25, 2017 p 10)
Iyer, Aparna "Has Mudra scheme been successful?" The government's micro loan scheme, going by
the moniker Pradhan Mantri Mudra Yojana, has disbursed Rs.1.53 trillion worth of loans so far in 2016-17,
which represents a 15.04% growth from the previous fiscal year. Recall that in fiscal year 2016 (FY16),
when the scheme was first implemented, disbursements had exceeded the target specified by that year's
budget. An article. (Mint Mar 28, 2017 p 4)

SMEs
Srivastava, Ajay "Creating globally competitive SMEs" India can take a leaf out of the German
Mittelstand model to help innovation-driven small firms. An article. (HBL Mar 30, 2017 p 8)

INTERNATIONAL ECONOMICS
ASIA
INFRASTRUCTURE INVESETMENTS
"In Asia's infrastructure race, Vietnam is among the leaders" It may be one of the smallest economies
in Asia, but Vietnam is spending billions to attract foreign investors. Vietnam's public and private sector
infrastructure investment averaged 5.7 per cent of gross domestic product in recent years, the highest in
Southeast Asia and compares with 6.8 per cent in China, according to the Asian Development Bank (ADB).
Indonesia and the Philippines spend less than 3 per cent, while Malaysia and Thailand spend even less at
under 2 per cent. The ADB estimates that emerging economies in the region will need to invest as much as
$26 trillion through 2030 to build transport networks, boost power supply and upgrade water and sanitation
facilities. Vietnam, among the fastest-growing nations in the world, is boosting infrastructure to lure more
foreign investors as it positions itself as Asia next Tiger Economy. Foreign direct investment surged to a
record $15.8 billion in 2016, and the economy is forecast by the World Bank to expand more than 6 per cent
until 2019, among the top performers this decade. A graphical report. (BS Mar 24, 2017 p 6)

ASIAN INFRASTRUCTURE INVESTMENT BANK

"AIIB approves 13 new members" The China-backed Asian Infrastructure Investment Bank (AIIB) said
it has approved 13 new prospective members including Canada, in a coup for Beijing after Washington failed
to dissuade US allies from signing up. The $100-b multilateral lender now has 70 members. (HBL Mar 24,
2017 p 6)

FUND MANAGEMENT
"Global fund management" A weekly report. (FT Mar 27, 2017 Supl. pp 1-16)

14 Contents
 MANAGEMENT
CORPORATE SOCIAL RESPONSIBILITY
"The changing attitudes towards corporate social responsibility" A new generation of Indian business
leaders is busy changing the perception that business is antithetical to societal needs. Just how deep is the
transformation? For an answer, Mint partnered with Oslo-based consulting firm Xynteo, whose path-breaking
study 'Leading Out' gives empirical evidence of this new agenda especially among future enterprise leaders
of India's top companies. Beyond the numbers what it tells us is that the passivity of corporate social responsibility
(CSR), with its ring of self-righteousness, is giving way to the more positive intent captured by the phrase
corporate social opportunity. Significantly, as Xynteo's research shows, for those companies which have
integrated these sustainability goals with the core of their businesses, the commercial returns have been well
worth the efforts. That's the real marker for our future because regardless of which end of the pyramid we
are in, there are some needs that are universal. (Mint Mar 29, 2017 p 8)

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