RBI penalizes HDFC Bank for violating KYC norms
The Reserve Bank of India (RBI) has fined HDFC Bank Rs1cr for violation of "know your customer (KYC)/anti-money laundering (AML)" and "reporting of frauds" norms.
The RBI said in a statement, This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Examination in this regard revealed violations of RBI directions on KYC/AML norms and on reporting of frauds based on which a notice was issued to the bank advising it to show cause as to why monetary penalty should not be imposed for non-compliance with the aforesaid directions.
Canara Bank revives plan to sell stake in Can Fin Homes
Canara Bank on Tuesday said that its board has approved the plan to sell part or full stake in housing finance subsidiary Can Fin Homes Ltd (CFHL).
Last year, the state-owned bank had cancelled plans to divest its entire shareholding in the housing finance subsidiary after receiving a lower-than-expected price quotation.
Can Fin Homes has a pan India network of 132 branches, 20 Affordable Housing Loan Centres (AHLCs), and 20 satellite offices with customer base of over 1.2 lakh.
India Ratings cut Long Term Issuer Rating on Jain Irrigation
Jain Irrigation will remain in focus on Wednesday as an Economic Times report stated that India Ratings and Research downgraded the company long-term issuer rating to IND BBB from IND A- while placing it on Rating Watch Negative (RWN).
As per media reports, the company in the last week clarified that it has not defaulted on any of its debt obligations and stated it was confident of executing its plan to bring down its debt by Rs2,000cr. Jain Irrigation is planning to sell its pipes or food business to reduce the debt. Its overall debt is about Rs4,900cr of which Rs1,400cr is in the form of long term bonds due in February 2022. A significant portion of the debt is working capital in nature.
Fitch cuts India growth forecast to 6.6% for 2019-20 fiscal
Fitch Ratings has slashed India's gross domestic product (GDP) growth forecast to 6.6% for the current fiscal, from 6.8% projected earlier. In the last fiscal, the Indian economy grew at a 5-year low pace of 6.8%.
Fitch said in its latest global economic outlook, we see growth for FY19-20 printing at 6.6%, before stepping up to 7.1% in FY20-21 and 7% in FY21-22.
"This is the lowest growth outturn in five years. The slowdown over the past year has been driven by steadily cooling activity in the manufacturing sector and, to a lesser extent, agriculture. Weaker momentum has been mainly domestically driven, though export growth has also faltered more recently," Fitch said in the press note.
Jet Airways independent directors Ashok Chawla, Sharad Kumar resigns
Ashok Chawla and Sharad Sharma have resigned as Independent Directors of the company with effect from June 17, 2019 in view of the board continuing to be in non-compliance with the provisions of the Companies Act, no additional directors being appointed and the process of bank-led resolution plan not moving forward.
Jet Airways (India) Ltd is currently trading at Rs38.85 down by Rs29.45 or 43.12% from its previous closing of Rs68.30 on the BSE.
Meanwhile, the stock extended losses for the ninth consecutive session and fell 45% on the BSE in the afternoon session. The stock has erased Mcap (market cap) of Rs2, 800 cr in six months. Also, the stock lost 73% of its value in the last seven days.
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