Current affairs for bank

 Good Morning Sir.

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​Economic Times:

1) Borrowing Rates for Govt, Cos to Decline.WITHDRAWAL OF ₹2,000 NOTES: ₹50KCR TO ₹1 L CR MAY ENTER BANKS.Higher liquidity in banking system to bring down yields on T-bills, CDs, short-term G-secs.

2) JSW Steel, which recently announced a fresh plan for raising ₹18,000 crore, will use the entire proceeds to refinance its upcoming debt maturities of around ₹14,000 crore in FY24.To mop up funds via dollar bonds, nonconvertible debentures, convertible instruments.

3) Bankers are anxious about the operational challenges of exchanging the ₹2,000 currency notes and are keen not to repeat the mistakes of the first few days of demonetisation in 2016.

4) R-Power Proposes Settlement of ₹1.2kcr to Vidarbha Inds Lenders.PROPOSAL likely backed by Varde Partners; joint lenders’ forum to evaluate this and two other bids by CFM ARC and NARCL next week.

Financial Express:

1) L&T Finance is planning to expand its SME finance business to over 50 cities in the June quarter.The SME finance business, which was launched as a pilot in Mumbai and Pune during 2021-22, has risen steadily in 2022-23.

2) Kotak Bank to grow affordable housing portfolio.As on March 31, unsecured retail advances stood at 10% of overall advances. The bank intends to take the unsecured retail loan mix to 15% of overall advances.

3) Federal Bank Ltd plans to raise as much as 40 billion rupees ($486 million) in the next few months to support its expansion.The fundraising could be via debt or equity.

4) SEBI proposes measures to boost liquidity in corporate bond market.Sebi has sought comments on the proposals till May 29.

Business Line:

1) ₹2,000 withdrawal: Banks to step up vigil on Jan Dhan Yojana accounts.This is to prevent fraudulent funds from being deposited or transferred through these accounts.

2) SBI slow in procurement from GeM portal; lags behind smaller counterparts in 2022-23.Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of ₹592.82 crore from the portal.

3) Stellar show. 12 PSBs cross ₹1 lakh crore profit mark in 2022-23 aided by lower credit cost, strong recoveries,effective cost management, and staff productivity have contributed to increased profitability.

4) RBI quizzes banks on business models .The regulator is keen to know how banks are managing loan growth despite hike in interest rate.

Business Standard:

1) NCLAT to pass crucial orders in Go First insolvency case on Monday.The Appellate Tribunal's orders would decide if lessors are allowed to take possession of the aircraft or if the planes remain under the airline's control.

2) Share of Rs 500 note touched 70% post-demonetisation, shows RBI data.Rs 2,000 bank notes seeing the sharpest fall to 13.8 per cent by the end of FY22 and to 10.8 per cent by March 2023.

3) The Supreme Court report and a revival in Adani group shares since February-end will help the group raise ₹ 21,000 crore through the sale of shares in Adani Enterprises and Adani Transmission.AEL said it would use the proceeds to repay or pre-pay debt and/or fund its growth plans.

4) State Bank of India has informed all its branches that no form or identity proof would be needed to exchange ₹ 2,000 currency notes, even as it reiterated the one-time limit of ₹ 20,000 for depositing or exchanging the banknote.Banks ask ATM operators to withdraw such notes from cash-dispensing machines.

live Mint:

1) India’s steel consumption is bucking the global trend and is estimated to grow 7-8% on rising government spending and signs of a resurgence in private sector investments.

2) Reserve Bank Governor is scheduled to meet the board of directors of all public sector banks today to discuss issues related to governance.

3) With the number of fractional ownership platforms and their assets under management growing, the Sebi has come out with a consultation paper that is a precursor to regulating them under the MSM (micro, small, medium) REIT framework.

4) Buoyant on a rebounding economy, rising demand growth and helped by various government initiatives, India Inc is loosening its purse strings with a 14% increase in capex plans for FY24.

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Regards