Volume XXXII Number 12 December 19, 2016

Weeklies

BI – Business India

BusW – Business World

BusT – Business Today

CMar – Capital Market

EPW – Economic and Political Weekly

SE – Southern Economist

Eco – Economist

For(Asia) – Fortune AsiaCI – Corporate India

Newspapers

BS – Business Standard

ET – Economic Times

FE – Financial Express

FT – Financial Times

H – Hindu

HBL – Hindu Business Line

HT – Hindustan Times

IE – Indian Express

TI – Times of India

Mint – Mint

Classifications

Economy Banking Agriculture & Rural Development Industry Small Scale Industry

International Economics Labour & Personnel Management Management Miscellaneous Books

CONTENTS

A. ECONOMY 1

B. BANKING 3

C. AGRICULTURE & RURAL DEVELOPMENT 18

D. INDUSTRY 19

E. SMALL SCALE INDUSTRY 22

F. INTERNATIONAL ECONOMICS 22

G. LABOUR & PERSONNEL MANAGEMENT 22

H. MANAGEMENT 23

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BANKERS' BRIEF Vol. XXXII No. 12 December 19, 2016

ECONOMY"ADB cuts India FY17 growth estimate to 7%" – The Asian Development Bank became the first multilateral

agency to reduce India's growth forecast for the current fiscal year to 7% from 7.4% it earlier estimatedfollowing the government's demonetisation initiative. A report. – (Mint Dec 14, 2016 pp 1, 8)

"Cash crunch: Slowdown, more pain ahead, warns Kaushik Basu" – India's former Chief EconomicAdvisor and former chief economist of the World Bank, Kaushik Basu has warned the government that theeconomy would take a turn for the worse next year besides greater suffering for people in the days aheadand of a new form of corruption building up in the wake of the withdrawal of Rs.500 and Rs.1,000 notes. Areport. – (IE Dec 10, 2016 p 13)

"Consumption shrinks big time on liquidity squeeze" – Sales of FMCG and consumer durables dropsharply in Nov: Chrome Data Analytics. A report. – (ET Dec 9, 2016 p 5)

"Demonetisation impact: Dec quarter growth may slip to 5.5-6%, says BofA-ML: Says the effect ofhit in discretionary spending" – India's economic growth may slip to 5.5-6 per cent in the current quarteras demonetisation is expected to hurt production during November-December, according to a Bank of AmericaMerrill Lynch report. RBI is expected to adopt an accommodative policy stance largely owing to weak IIPdata, demonetisation and its impact on growth, and moderating inflation. A report. – (HBL Dec 14, 2016 p 4)

"India still looks among the strongest in the economies that Nomura tracks" – Edited excerpts from apanel discussion with Prabhat Awasthi, head of equities, Sonal Varma, chief India economist and NeerajGambhir, head of fixed income, India. We are looking at average GDP growth of around 6.8% in FY17 and7.3% in FY18, says Sonal Varma. While rupee will be on a depreciating bias, analysts at Nomura FinancialAdvisory believe the currency rupee will actually outperform some of its Asian peers. In its regional strategy,India is still the preferred market within Asia, and still looks 'amongst the strongest in the economies' it tracks.– (Mint Dec 15, 2016 p 18)

"Selling short India's economic growth?" – As most analysts expect note ban to sharply hit GVA growth inthe 3rd and 4th quarters, RBI's optimism is being called into question. A report. – (BS Dec 9, 2016 p 4)

"Syndicate busted for exchanging scrapped currency" – The Income Tax (IT) department stumbled upona syndicate operating in the city that was converting banned currency into legal tenders for a commission.Income tax investigations in Mumbai unearthed a syndicate of ground level operators that was convertingbanned notes into legal tenders. As part of the operation to nab the culprits, the IT investigation directoratesent out some decoys as customers, seeking to exchange the banned notes. – (HT Dec 9, 2016 p 2)

Gopalan, R and Singhi, M C – "Demonetization and its impact on GDP growth" – The dent in GDPgrowth may be larger than anticipated and recovery may take three-four quarters. An article. – (Mint Dec14, 2016 p 17)

CAD"Current account deficit at 0.6% of GDP" – India posted a current account deficit (CAD) of $3.4 billion, or

0.6% of gross domestic product (GDP), in the July-September quarter, data released by the Reserve Bank ofIndia (RBI) showed. The CAD in the second quarter was higher than the first quarter (April-June) CAD of0.1% of GDP but lower than the same quarter (July-September) a year ago at 1.7% of GDP. The contractionon a year-on-year (y-o-y) basis was primarily on account of a lower trade deficit ($25.6 billion) brought aboutby a larger decline in merchandise imports relative to exports. A graphical report. – (Mint Dec 14, 2016 p 1)

CAPITAL OUTFLOWS"Deutsche Bank sees more outflows in December" – If one thinks November was ugly, he should be

prepared for even more outflows from Indian assets in December, according to Deutsche Bank AG. InNovember, foreign funds pulled money from Indian stocks at the fastest pace since 2008 as Donald Trump's

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surprise election win spurred expectations for more rapid interest rate increases in the US and Prime MinisterNarendra Modi's demonetisation of high-denomination bank notes hurt cash-based business activity. Thebond market wasn't spared, as it witnessed the biggest monthly exodus since the taper tantrum in 2013.– (FE Dec 9, 2016 p 12)

CASHLESS ECONOMY"FM offers sops to boost cashless economy: Buying petrol, insurance online to be cheaper" – The

promote a less-cash economy, the government announced discounts on an array of services from buyingpetrol to insurance and railway tickets through the digital mode and waived service tax on card transactionsof up to Rs.2,000. A discount of 0.75 per cent will be offered on purchase of petrol and diesel through eithercredit/debit cards, e-wallets, and mobile wallets. Similarly, 10 per cent and 8 per cent discount will be offeredin case of general and life insurance for buying new policy or paying premium online via PSUs websites.– (BS Dec 9, 2016 p 1)

"Going cashless: Govt has taken the right steps, but many hurdles still left" – An editorial. – (BS Dec9, 2016 p 11)

Patnaik, Ila – "Crossing the chasm: In government's push for a cashless economy, policy and regulationmust focus on competition, innovation" – When you wish to influence the behaviour of millions ofpeople, consumers, businesses there has to be a change in the policy framework from targets to one thatworks through incentives. In this case it has to be about incentives of banks, of payment service providers, ofthe payments regulator etc. Pushing the economy into cashlessness cannot be forced by putting Rs.2,000notes in the hands of the public so that people use electronic payments from lack of choice, where cardcompanies provide the service at a loss and where some wallets could emerge as monopolies, from sheerneglect or not putting a competitive policy framework in place. An article. – (IE Dec 9, 2016 p 12)

CONSUMER ECONOMYBhattacharya, Pramit – "How many Indians travel?: The average spending of the richest top 1% on

travel is nearly 10 times that of the bottom quintile" – This is the seventh part of a 16-part datajournalism series on how India lives, thinks, earns and spends, based on the latest results from the ICE 360°survey (www.ice360.in) conducted by the People Research on India's Consumer Economy (PRICE) in2016. – (Mint Dec 9, 2016 p 8)

DIGITAL INDIARajan, Nandagopal – "Are we ready for this digital push?" – If we have to go digital, then we have to go

digital safely, not swiftly. An article. – (FE Dec 13, 2016 p 9)

EMPLOYMENTKhosla, Varuni and Dasgupta, Brinda – "Where the jobs will be..." – The job story for the first half of

2017 is a mixed bag. The pharmaceutical sector will hire in big numbers while telecom and BFSI are likely tohave pockets of robust hiring. The pace of hiring for FMCG and automobiles may slow down, but IT servicescould see a marginal increase. Ecommerce, which is maturing as an industry, is likely to grow in the longterm. Experts see mid-size and small players in ecommerce having better growth and hiring plans comparedwith the bigger players. A report. – (ET Dec 13, 2016 p 8)

FOREIGN PORTFOLIO INVESTORS"FPIs sell $6.2-billion debt so far in December quarter" – Foreign portfolio investors net sold Indian paper

worth $305.1 million, taking their net sell-off for the quarter to $6.2 billion, according to data published byNational Securities Depository. – (FE Dec 9, 2016 p 12)

"FPIs welcome RBI's move to hold rates" – There is one bunch of investors who may be happy that theReserve Bank of India (RBI) did not reduce interest rates: the foreign portfolio investors (FPIs) in fixedincome securities. Overseas investors look at the RBI's policy decision positively as they continue to earn a

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good mark-up over returns in their home markets for funds. With reversing Indian bond yields, the spreadbetween the domestic and the US rates has expanded instead of contracting, a move seen as a key to retainoverseas investments ahead of the US Federal Reserve meet next week. – (ET Dec 10, 2016 p 6)

GST"Demonetisation lessons for GST: Plunging into the GST without adequate technological preparedness

might be counterproductive" – There is no harm in a few months' delay for launching the GST if thetechnological preparedness across the country is not up to the mark. An article. – (FE Dec 9, 2016 p 10)

INFLATION"Retail inflation at 2-year low" – Retail inflation, measured by consumer price index (CPI), fell to a two-year

low in November 2016 at 3.63 per cent, as depressed consumer demand following demonetisation disrupteddaily life. The latest CPI print - well below the RBI five per cent inflation target for March 2017 - has raisedhopes of central bank going in for a repo rate cut at its next monetary policy review meeting. A report.– (HBL Dec 14, 2016 pp 1, 4)

BANKING

GENERAL"NPAs' resolution is a multi-year process, not a multi-quarter one" – Edited excerpts from an interview

with Gunit Chadha, former Chief Executive (Asia Pacific) and member of the global group executive committeeof Deutsche Bank AG. – (Mint Dec 13, 2016 p 3)

Balakrishnan, Ajit – "Understanding the anti-cash chorus" – The real reason why Indians don't deposittheir money in banks may be because the banking system lives in a make - believe world. An article. – (BSDec 13, 2016 p 9)

Venkatesh, Latha – "Banks: fall season" – An article. – (Mint Dec 13, 2016 p 18)

ANDHRA BANK"Andhra Bank celebrated 94th Foundation Day in Gujarat Zone" – Andhra Bank has celebrated 94th

Foundation Day on 28.11.2016 at Zonal Office Paldi, Ahmedabad. On this occasion all the staff of Gujarathas remembered the contribution in freedom struggle and establishment of Andhra Bank by Dr BhogarajuPattabhi Sitaramayya. – (HBL Dec 9, 2016 p 2)

AXIS BANK"Axis Bank suspends accounts of some bullion dealers, jewellers" – Axis Bank Ltd. India's top importer

of gold, has suspended the bank accounts of some bullion dealers and jewellers after two of its executives ata branch were arrested over alleged money laundering. A report. – (HT Dec 13, 2016 p 13)

"Axis Bank to raise Rs.3,500 crore through bonds" – Axis Bank said it has proposed to raise Rs 3,500crore by issuing bonds to fund business growth. The bank proposes to raise funds by issuing unsecuredsubordinated, perpetual, additional Tier I, Basel III compliant Non-Convertible Debentures of the face valueof Rs 10 lakh each aggregating to Rs.3,500 crore, Axis Bank said in a regulatory filing. – (FE Dec 13, 2016 p 10)

"Axis Bank's woes mount" – As if the distress caused by the note ban wasn't enough, somebody started arumour that Axis Bank Ltd, the country third largest private sector lender by assets, would have its licencerevoked. Axis had to issue a statement to quell the speculation. But while this may have been a brief panic,the message to investors and analysts is clear: Operational and reputational risk for India's banking systemhas surged uncontrollably since the 8 November move to outlaw 86% of the country's cash. A graphicalreport. – (Mint Dec 14, 2016 p 1)

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"Corrupt practices by staff were isolated incidents" – Edited excerpts from an interview with ShikhaSharma, MD & CEO, Axis Bank. – (ET Dec 13, 2016 p 9)

"I-T Dept surveys Axis Bank branch over illegal deposit of demonetised notes: Around Rs.100 crallegedly deposited in fake accounts" – The Income Tax Department conducted a survey at an AxisBank branch here in connection with its probe into possible tax evasion by way of illegal exchange ofdemonetised currency notes. A report. – (HBL Dec 10, 2016 p 5)

"I-T unearths 44 fake a/cs from Axis Branch in Delhi" – Income tax officials have found 44 fake accountswith Rs.100 crore deposited through old notes in Axis Bank Chandni Chowk branch. This comes days afterEnforcement Directorate seized 3 kg of gold bars from the same bank branch in Delhi, unearthing a racketfor converting old currency in connivance with bank officials. The accounts were opened using forgeddocuments, officials were quoted as saying. – (ET Dec 10, 2016 p 6)

"Large sums in old notes deposited: Now, Axis Bank suspends bullion dealers' accounts" – AxisBank, stung by accusations that its employees have been involved in laundering black money, has temporarilysuspended the accounts of some bullion dealers as part of 'enhanced due diligence' to stamp out any attempt tolegalise unaccounted wealth following the demonetisation announced on November 8. – (ET Dec 12, 2016 p 8)

"No move to cancel Axis Bank licence over alleged irregularities in currency swap: RBI" – TheReserve Bank of India clarified that it has not initiated any action to cancel the banking licence of Axis Bankin the wake of certain allegations about some serious irregularities in transactions relating to deposit/exchangeof old Rs.500 and Rs.1,000 notes in a few branches of the bank. We have strong systems and controls as perthe norms prescribed by the RBI: Axis Bank. – (HBL Dec 13, 2016 p 7)

BANK OF BARODA"Bank of Baroda appoints Mr Manoj Piplani as MD & CEO of Bobcards Ltd." – Bank of Baroda is

pleased to announce the appointment of Mr Manoj Piplani as the new Managing Director and CEO ofBobcards Limited, a wholly owned subsidiary of Bank of Baroda for the cards and payments business.– (HBL Dec 9, 2016 p 2)

"BoB eyes majority stake in Central Bank unit" – Looking to strengthen its position in the home loansegment, Bank of Baroda is in talks to buy a majority stake in Cent Bank Home Finance (CBHFL), thehousing finance subsidiary of Central Bank of India, according to a person familiar with the matter.– (Mint Dec 12, 2016 p 3)

CANARA BANK"Canara Bank sees huge surge in e-transactions" – Canara Bank has seen huge surge in e-transactions

via various digital channels. 'Ever since we took proactive measures to give major thrust for cashless transactionswe are witnessing huge e-transactions via mobile banking, Mwallet, Empower (UPI ), Debit/Credit Cards,Point of Sale (POS), and USSD/AEPE enabled transactions,' according to Rakesh Sharma, MD & CEO ofCanara Bank. – (HBL Dec 12, 2016 p 14)

FEDERAL BANK"Digital transaction volumes have increased, says Federal Bank chief" – Excerpts from an interview

with Shyam Srinivasan, Managing Director & CEO, Federal Bank. He said Federal Bank has seen strongdeposit growth and e-transactions post-demonetisation. How demonetisation is shaping out for the bank andstrategies adopted by it to counter the after-effects. Ever since demonetisation, for the bank, per tickettransaction costs have come down, which was the main aim for going digital. – (HBL Dec 13, 2016 p 7)

IDFC BANK"IDFC Bank appoints Mankar as non-exec chairperson" – IDFC Bank elevated it independent director

Veena Mankar as its Non-Executive Chairperson, effective from December 9, 2016 and up to July 26, 2018.The appointment follows resignation of Anil Baijal from the board following completion of his RBI approvedtenure. Mankar has been an independent director since July 27, 2015. – (FE Dec 9, 2016 p 12)

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INDIAN BANK

– INTEREST RATES

"Indian Bank revises interest rates on FCNR(B) deposits" – Indian Bank has revised its interest ratesfor foreign currency non-resident banking deposits with immediate effect. For FCNR(B) deposits, in dollar,the revised interest rates are fixed at 2.11 per cent for deposits of one year and above but less than two yearsfrom the current 2.02 per cent. – (FE Dec 9, 2016 p 12)

JAMMU & KASHMIR BANK"Rs.13.38 lakh looted from J&K Bank" – Unidentified gunmen looted Rs.13.38 lakh from Jammu and

Kashmir Bank branch at Arihal in Pulwama in South Kashmir. Around Rs.11.15 lakh in new notes werestolen while Rs.2.23 lakh were the old notes. – (HT Dec 9, 2016 p 11)

"Unrest in Valley set to drag J&K Bank's Q2 profit down" – Jammu & Kashmir (J&K) Bank is seenreporting a decline in profit for the quarter ended September, chiefly due to increased slippages arising frommonths of political unrest in its key area of operations. A report. – (FE Dec 14, 2016 p 10)

ORIENTAL BANK OF COMMERCE"CSR: Oriental Bank of Commerce" – Oriental Bank of Commerce in coordination with World Hope

Foundation has undertaken a CSR initiative for distribution of blankets and food items to underprivilegedwomen & children in New Delhi. – (HBL Dec 9, 2016 p 2)

STATE BANK OF INDIA"SBI sells 4% in life for Rs.1,794 crore: KKR, Temasek buy values arm at Rs.46,000 cr" – State

Bank of India (SBI) said it will divest 3.9% of its stake in its subsidiary firm SBI Life Insurance for Rs.1,794crore to KKR and Temasek. The proposed transaction, which was announced after the approval of thebank's executive committee, values SBI Life at Rs.46,000 crore. SBI Life has a 5.61% market share in thelife insurance industry. – (FE Dec 10, 2016 pp 1, 2)

– CORE BANKING SOFTWARE

"SBI boosts capacity of its digital backbone" – State Bank of India has scaled up the capability of its corebanking software as it prepares the ground for account-to-account transfers to replace cash payments. It hasalso created a 'middleware' - software that functions between the core banking solution and various bankingapplications - that will take the load off the central software. A report. – (TI Dec 12, 2016 p 13)

– CREDIT CARDS

"SBI to launch credit cards with limit of Rs.25,000 soon" – To tap opportunities arising out of limited cashsupply, SBI Cards will soon launch a credit card with a cap of Rs 25,000 for those at the lower strata of thesociety, who have the capacity to pay but don't have cards, according to a top company official. – (FE Dec12, 2016 p 5)

– VRS

"Ahead of merger, State Bank clears VRS for staff of associate banks: The offer will be applicable to55,000 officers and clerks in associate banks" – The retirement option will be offered to those whohave completed 20 years of service or have attained 55 years of age. They will be paid salary for theremaining service with a cap of 30 months. A report. – (HBL Dec 13, 2016 p 7)

"SBI prepares to offer staff voluntary retirement" – State Bank of India (SBI) associate banks havestarted preparations to unveil voluntary retirement schemes (VRS) for their employees before the proposedmerger with the parent bank. State Bank of Hyderabad (SBH) board has approved the VRS while otherassociate banks will place the scheme before their boards in the next few days, according to two senior SBIgroup officials. – (ET Dec 9, 2016 p 17)

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VIJAYA BANK"Vijaya Bank bags Assocham award" – Vijaya Bank has bagged the 'Best Bank for SME lending' award

instituted by the Associated Chambers of Commerce and Industry (Assocham). The award was received byKishore Sansi, MD and CEO, Vijaya Bank. The bank was adjudged winner under 'Best SME lending'category for PSU banks. – (HBL Dec 10, 2016 p 5)

YES BANK"YES Bank, Grofers tie up to deliver cash at doorstep" – Extending facility to deliver cash at doorstep,

Yes Bank has now tied-up with e-grocer Grofers allowing customers to get cash of up to Rs.2,000 when theyorder grocery online. – (FE Dec 14, 2016 p 10)

ASIA-PACIFIC REGION"Bad loans will weigh on Indian, Chinese banks in 2017, warns Fitch: Says outlook on over three-

quarters of banks in Asia-Pacific region negative" – Banks in China and India will continue to remainunder pressure next year due to mounting bad loans, even though earnings and capital buffers are strongenough to withstand any serious threat, Fitch warned. 'Our 2017 outlook on more than three-quarters of thebanks in the region is negative. Though earnings and capital buffers are generally strong enough to withstandthese trends, we expect viability ratings to remain under pressure in China and India,' Fitch said in a report.– (HBL Dec 9, 2016 p 10)

EUROPE

– EUROPEAN CENTRAL BANK

"ECB can do more as stimulus reaches $2.4 trn, says Draghi" – Mario Draghi warned that the EuropeanCentral Bank's newest stimulus push might not be the last as it strives to reach its inflation goal. If 'the outlookbecomes less favourable or financial conditions become inconsistent with further inflation progress, theGoverning Council intends to increase the program in size or duration,' the ECB president told reporters inFrankfurt after the Governing Council agreed to add 540 billion euros ($576 billion) to its bond-buying programand extend it until the end of next year. – (FE Dec 9, 2016 p 18)

USA

– FEDERAL RESERVE

"Fed back in focus as Trump's elevation nears" – Investors are tuned into the president-elect but will listenclosely to Janet Yellen today. A report. – (FT Dec 14, 2016 p 24)

"Fed faces dilemma over how high rates should go" – After eight years in which interest rates in richcountries have kept close to all-time lows, a change of weather is in the air. Donald Trump's election as USpresident and widespread expectations that the Federal Reserve will nudge rates higher this week havemade their mark on the markets. A report. – (FT Dec 14, 2016 p 4)

"Fed raises rates and points to faster pace of 2017 increases" – Only second upwards move in decade.Growth spurs quarter-point hike. A report. – (FT Dec 15, 2016 p 1)

Magnus, George – "New regime's growth pledge poses challenge for the US central bank"– An article. – (FT Dec 14, 2016 p 24)

ACCOUNTING STANDARDSBannerjee, Rajosik – "Ind-as heralds change for banks" – The new standards could significantly change

the financial position of companies the banks have lent to. An article. – (FE Dec 10, 2016 p 8)

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ATMs

– DEMONETISATION

"Non-performing ATMs raise frustration levels" – Queues outside ATM machines are gradually beingreplaced with queues outside banks to withdraw cash either using withdrawal slips or cheques. Meeting day-to-day expenses is proving to be a luxury for many due to the prevailing cash crunch. – (TI Dec 9, 2016 p 4)

BANK ACCOUNT PORTABILITY"Bank account portability can be built on Aadhaar" – After mobile portability, it's time for bank account

portability where customers can switch banks without having to worry about losing direct credits or missingout on payments being made against standing instructions. The RBI has said that linking bank accounts toAadhaar will facilitate account portability. The move to have portability is seen as a medium-term objectiveby the central bank which should take a few years. – (TI Dec 9, 2016 p 19)

BANK CAPITAL

– PUBLIC SECTOR BANKS

"Banks will need Rs.1.2-lakh crore capital over next 3 years: report" – Public sector banks have lostsignificant market share in recent years, says consulting firm Oliver Wyman. Fintech players are rapidlyencroaching into spaces previously owned by banks at a time when banks are 'bogged down' by capitalconstraints and other challenges: Oliver Wyman report. – (HBL Dec 15, 2016 p 5)

BANK CHARGES

– DEBIT CARD TRANSACTIONS

"Bumps on road to digital India: RBI against big cut in debit card charges: Banking regulator feelsthe Centre's move may hit banks' business" – The Reserve Bank of India (RBI) has questioned agovernment proposal to dramatically lower charges on debit card transactions for pushing the Digital Indiastory in the aftermath of demonetisation. A report. – (ET Dec 12, 2016 p 1)

BANK FRAUDS

– CREDIT CARDS

"Trio dupe bank of Rs.52 lakh, booked: Counterfeit Credit Cards of genuine customers used tosiphon off money" – The Shivajinagar, Pune police booked three men and their accomplices for duping anationalised bank of Rs.52.63 lakh in the last three years. They allegedly prepared fake credit cards of thebank using information of genuine bank customers and cheated the bank between 2013 and December 2016.Interestingly, the three suspects are employees of a private company that supplies credit card to the largestpublic sector bank and the nationalised bank in question. – (TI Dec 9, 2016 p 5)

BANK LENDING"Bank loans shrink 0.8% in 15 days to November 25" – Showing effect of demonetisation, bank credit in

India shrunk by Rs.61, 000 crore (0.8% in fifteen days ended November 25, 2016) on the demand destruction.In contrast, banks are trying to cope with the huge inflow of money as people deposited Rs.4,03,000 croreduring the same period. A report. – (BS Dec 10, 2016 p 3)

BANKING OMBUDSMAN

– CUSTOMER SERVICE

"Banking-related complaints up 21% in FY16: RBI" – The Reserve Bank of India (RBI) said it receiveda total of 102,894 complaints at 15 of its banking ombudsman offices during the year ended 31 March. The

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central bank said complaints to its banking ombudsman offices rose by about 21% from a year earlier,according to the annual report on the Banking Ombudsman Scheme for 2015-16. The ombudsman officeshad a disposal rate of about 95%, which remained stable as compared with a year earlier. A report.– (Mint Dec 10, 2016 p 18)

"Complaints rise the most against pvt banks" – The office of the banking ombudsman received 1.02 lakhconsumer complaints in FY16, up 21% during the year. The Banking Ombudsman Scheme aims to provide aquick and cost-free resolution mechanism for complaints relating to deficiency of banking services of commonbank customers who otherwise find it difficult or cost-prohibitive to approach any other forum such as courts.The maximum rise in complaints were against private sector banks, which rose 36.5%. Northern centres-Chandigarh and Delhi witnessed sharpest rise in complaints. About a third, or 33.9%, of the complaints werefor failure to meet fair practices codes by banks. Such complaints have been rising at a rapid pace over thepast few years. Contrary to popular perception, credit cards and ATM related complaints have declined. Thecost of handling complaints have reduced over the years from Rs.4,824 per complaint in FY14 to Rs.4,396 inFY16. A graphical report. – (ET Dec 14, 2016 p 18)

BANKING REGULATOR

– RESERVE BANK OF INDIA

"Note ban has hit RBI's reputation, says S&P" – Demonetisation has undermined the Reserve Bank ofIndia's reputation for competence and independence, even as it remains a credible institution, according toStandard & Poor's Director Kyran Curry. Demonetisation has cast a shadow over the RBI's competenceand independence...We still think this institution is a very credible one, and in terms of the conduct of monetarypolicy, it's a very mature institution. A report. – (HBL Dec 15, 2016 p 1)

CREDIT DEPOSIT RATIO"Banks' CD ratio drops to 69.3%, lowest in 7 years" – With the growth in non-food credit hitting about

four-year low of 6.99% on a year-on-year basis, the credit-deposit (CD) ratio of the banking system, or theproportion of deposits deployed as loans, dropped to 69.3%, during the fortnight ended November 25, thelowest in seven years, data released by the Reserve Bank of India showed. The last time the CD ratio hadfallen lower was in the fortnight ended November 27, 2009, when it had stood at 69.25%. – (FE Dec 9, 2016 p 12)

CURRENCY NOTES

– DEMONETISATION

"Banks must ensure minimum payment: SC: Govt told to reply by Wednesday; A-G says notes worthRs.13 L cr to return to system" – The Supreme Court asked the government to see if there was someway of ensuring that people got a minimum amount of cash as the scrapping of Rs.500 and Rs.1,000 noteshad led to currency running out at banks and automated teller machines, leaving customers with emptypurses. Attorney-General Mukul Rohatgi said the government estimated Rs.13 lakh crore would come backinto the system out of the Rs.15 lakh crore that was invalidated. About Rs.4 lakh crore of new currency hasbeen pumped into circulation, he said. 'The whole thing need not be replaced with the shift to digital,' he said.Chief Justice T S Thakur insisted that banks must 'keep their promise to pay... They must ensure a minimumamount.' – (ET Dec 10, 2016 p 3)

"Erratic supply forces many to return to banks" – Bankers attribute the long, unending queues outsidebranches to people being forced to return repeatedly. Around 40% people return the same week as the banksare unable to give them their weekly quota of money in one go. Most people are being provided with less than45% of what they seek at most banks. Most of the time, people are given only Rs.2,000 or Rs.4,000 asofficials 'request' customers to take less so that others can also be served. – (TI Dec 9, 2016 p 4)

"Good message black money won't be tolerated. But why now, without notice" – Excerpts from aninterview with Dr Bimal Jalan, former Governor, Reserve Bank of India. – (IE Dec 14, 2016 p 13)

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"Life in a cashless world" – More than a month after demonetisation, many people across the country are stillcoping with a shortage of new currency notes, Here's a look at how tea and paan shop owners, key makers,newspaper vendors, masseuses, autorickshaw drivers, florists and even temples are going digital. A report.– (ET Dec 10, 2016 p 10)

"MEA: Banks told to allow diplomats to withdraw cash on priority basis" – Under pressure fromdiplomatic missions facing a cash crunch due to demonetisation, foreign secretary S Jaishankar met the Deanof Diplomatic Corp and informed him that banks are being instructed to allow diplomats to withdraw moneyon priority. – (FE Dec 9, 2016 p 4)

"A month into demonetisation, hope gives way to despair: Shadow of pain inflicted by disorganisedimplementation hangs over radical move" – A month after Prime Minister Narendra Modi announcedthe demonetisation of high-value currency notes, the hope on the streets that the move would prove to be a'surgical strike' against black money is giving way to despair. A creeping realisation that the 'shock to thesystem' will dramatically slow down the economy in the short term has also dampened popular sentiment.The effects of the slowdown are already being felt in the real estate, agriculture, jewellery, automobiles andconsumer durables sectors. A report. – (HBL Dec 9, 2016 p 1)

"Note ban likely to fetch govt Rs.2.5 L cr: Kamath: Brics bank chief hails measure; sees lower rateregime, better tax compliance and recapitalisation of PSBs among move's benefits" – A possibleRs.2.5 lakh crore windfall for the government, a lower interest rate regime for a prolonged period, better taxcompliance, and recapitalisation of battered state-run banks are among the benefits that Prime MinisterNarendra Modi demonetisation move will deliver, according to K V Kamath, former chairman, ICICI Bank.A report. – (ET Dec 13, 2016 p 1)

"Off bankers with fingers in the till" – Demonetisation has seen skeletons come tumbling out of the bankingcloset. From bankers pilfering money from currency chests to diverting money meant for ATMs or using shellcompanies to convert cash to gold, cash hoarders are using banking channels in numerous devious ways. Thescrutiny of banks and officers was apparent when the Enforcement Directorate (ED) searched 50 banks toverify high-value transactions. – (H Dec 9, 2016 p 13)

"Reconstructing Modi's strike against black money" – Revenue secretary Hasmukh Adhia and fiveothers privy to the plan were sworn to utmost secrecy. They were supported by a young team of researchers.A report. – (FE Dec 10, 2016 p 15)

"Rs.12.4-lakh crore of old notes deposited in banks till Dec 10" – Reserve Bank of India (RBI) DeputyGovernor R Gandhi said Rs.12.4 lakh crore of old notes scrapped have been deposited in banks till December10. A report. – (BS Dec 14, 2016 pp 1, 16)

"We want to abolish all taxes" – Excerpts from an interview with Anil S Bokil, an engineer-turned-economicthinker, the chief architect of Arthakranti Proposal. – (BusT 25(25) Dec 5, 2016 pp 66-68)

"Who knew? Modi's demonetisation move, a closely guarded secret" – Prime Minister Narendra Modihandpicked a trusted bureaucrat, little known outside India's financial circles, to spearhead a radical move toabolish 86 percent of the country's cash overnight and take aim at the huge shadow economy. A report.– (HBL Dec 10, 2016 p 1)

"Why now ... how did secrecy help: Bimal Jalan, RBI Gov during NDA-1" – Bimal Jalan, whose tenureas Reserve Bank of India Governor (1997-2003) almost coincided with that of the first NDA government ofAtal Bihari Vajpayee, questioned the timing of the government's demonetisation decision and said there mustbe a very good reason, war or security threat, to demonetise a legal tender. A report. – (IE Dec 14, 2016 pp 1, 2)

Adhikari, Anand – "Banking: Balancing it right" – It will be some time before the benefits of demonetisationto the banking industry actually show up. An article. – (BusT 25(25) Dec 5, 2016 pp 70-71)

Jain, Shalini – "Demonetisation: Rules for NRIs and expats" – An article. – (FE Dec 9, 2016 p 17)

Kazmin, Amy – "Modi's revolutionary fervour unlikely to wean Indians off cash" – An article.– (FT Dec 5, 2016 p 2)

– 10 –

Malhotra, Sarika and Das, Goutam – "Demonetisation: Graveyard shift" – A series of curbs on blackmoney has had tax dodgers fearing the worst. An article. – (BusT 25(25) Dec 5, 2016 pp 52-56)

Mathew, Joe C and Mondal, Dipak – "Demonetisation: Turbulence!" – The Centre's move to demonetisehigh-denomination currency has shaken up the economy. An article. – (BusT 25(25) Dec 5, 2016 pp 44-51)

Mehta, Nalin – "The stink from the banks: Cleaning up rot in banking system is Modi government'sbiggest challenge on demonetisation" – With demonetisation, many of the old networks of patronageand cosy collusion have been reactivated this time for a special commission. An article. – (TI Dec 15, 2016 p 12)

Moily, M Veerappa – "Disastrous demonetisation" – This may be a political move! The government intendsto squeeze farmers in Uttar Pradesh, Punjab, Maharashtra and Kerala, among others. Modi seems to haveunleashed a class war, putting systems against the poor and the lower-middle class. An article.– (BusT 25(25) Dec 5, 2016 pp 58, 60)

Nag, Ashok K – "Lost due to demonetisation" – Sudden demonetisation of Rs.500 and Rs.1,000 notes, anelimination of existing money stock that enables economic transactions, is bound to have an economic impact,apart from penalising those who hold this money as store of their tax-evaded illegal wealth. Consideringvarious possible scenarios, a loss of gross domestic product will be inevitable. An article. – (EPW 51(48) Nov26, 2016 pp 18-21)

Narayan, Dinesh – "In cash we trust: Demonetisation has created unforeseen worries at thegrassroots" – An article. – (ET Dec 11, 2016 pp 8-9)

Nayyar, Deepak – "Demonetisation: Politics trumps economics" – The possible macroeconomicconsequences of demonetisation are cause for concern as cash is the lifeblood of the economy. Thegovernment, exactly halfway through its term, concerned about perceptions that little had changed, wanted todo something bold. An article. – (Mint Dec 9, 2016 p 17)

Rajakumar, J Dennis and Shetty, S L – "Demonetisation: 1978, the present and the aftermath" – In thecontext of the demonetisation of Rs.500 and Rs.1,000 notes, the issuance of currency and its differentdenominations are traced over time, while also tracking key macroeconomic features of India's changingeconomy over the decades. Further, the possible immediate and longer term economic effects of demonetisationare discussed. An article. – (EPW 51(48) Nov 26, 2016 pp 13-17)

Ranjani, K S – "Demonetisation: Will it revolutionise economy?" – An article. – (CI 9(19) Dec 15, 2016pp 14-16)

Rogoff, Kenneth – "India's cash bonfire is too much, too soon" – The design and execution of thedenomination programme has been deeply flawed. An article. – (FT Dec 10, 2016 p 11)

Sastry, V V L – "Demonetisation: Starts showing economic-sense" – An article. – (CI 9(19) Dec 15, 2016pp 6, 16)

Singhal, Rajrishi – "Unintended consequences of demonetization" – An article. – (Mint Dec 14, 2016 p 17)

CURRENCY PRESS

– DEMONETISATION

"Printing currency is like ' national service' for the staff now" – In the third of a four-part series, BusinessStandard travels to Nashik to assess how the currency press here is responding to note ban. A report.– (BS Dec 9, 2016 p 4)

CUSTOMERS' RIGHTS"Know your rights as a bank customer" – Don't do banking transactions without being fully aware of the

fine print. A report. – (BS Dec 15, 2016 Pt. II p 8)

– 11 –

DIGITAL BANKING"Digi-banking: Despite incentives, regulatory gaps may hold up digital payments" – Move towards

rationalising MDR and aligning its estimation on the done principle could be in the offing. One of the underlyingcharges, the merchant discount rate, is decided by the banks themselves. While there is a cap prescribed bythe Reserve Bank of India on the MDR applicable on debit cards, there is no limit on that for credit cards. Areport. – (IE Dec 10, 2016 p 13)

DIGITAL PAYMENTS"Digital payments soar by up to 300% after demonetisation: E-wallets, RuPay Cards record surge in

transactions" – The government's demonetisation move, and the subsequent cash crunch, has led to asurge in digital payments. A report. – (TI Dec 10, 2016 p 15)

"A happy new year for bank queues? Definitely maybe" – Modest relaxation on withdrawal limits postDec 30 on cards, but relief depends on how much more currency is pumped into the system; meanwhile, govtannounces 11 incentives to push shift from cash to digital transactions. A report. – (ET Dec 9, 2016 p 1)

"Interim report on digital payment in 2-3 days: Naidu" – The chief ministers' committee on digital paymentwill submit its interim report to the Centre within two-three days. The committee is exploring the possibility ofthe use of technology to simplify digital payment procedures, said Andhra Pradesh chief minister ChandrababuNaidu, the convener of the panel. He said the best practices followed across the world would be incorporatedin the report. Bank chiefs and members of the chief ministers' committee on digital payment systems metRBI governor Urjit Patel and deputy governors to discuss the strategy to push digital banking. – (FE Dec 9,2016 p 12)

"Panel moots independent payments regulator: Open up payment systems like RTGS to non-bankpayment service providers: panel" – A government panel on digital payments has recommended anindependent payments regulator within the framework of the Reserve Bank of India (RBI) and similartreatment for banks and non-banking entities in the payments space. It has also suggested strengtheningexisting laws to protect consumers and their privacy. A report. – (Mint Dec 14, 2016 p 1)

"Pushing digital money" – The move to incentivise cashless transactions should have preceded demonetisation.An editorial. – (HBL Dec 10, 2016 p 8)

"RBI not ready to let go of payment norms" – The acceptance of the final report of a government committeeon electronic payments, headed by former Finance Secretary Ratan Watal, has run into difficulties with theReserve Bank of India unwilling to cede its control over payment settlements to an independent regulator - asthe committee has recommended. H R Khan, former Deputy Governor of the central bank, has made hisdissent clear in a note as a member of the committee. The differences mean it will be difficult for the financeministry to push for the more significant changes in the payment systems to make digital cash more accessiblefor Indians. A report. – (BS Dec 15, 2016 p 1, Pt.II p 3)

Jacob, Rahul – "A high price to shift to e-transactions" – Even as paper currency is 'demonised' and muchof rural India lacks reliable connectivity, the echo chamber of the new economy believes the country merelyneeds energetic leadership to realise its preordained future of digital payments. An article. – (BS Dec 9, 2016p 10)

– DEMONETISATION

"Demonetisation a digital detergent: Sitharaman" – Union Minister for Commerce and Industry, NirmalaSitharaman said it was the government's intention to unearth black money and at the same time to familiarisepeople with smartphones and encourage them to make digital payments. 'India's digital prowess will strengthenthe economy. India cannot become a superpower with 50 per cent of the economy running on cash. Thislarge, bold and historic initiative was taken by the prime minister keeping in mind the long-term economicfuture of India, and the soft power that it can create,' Sitharaman observed while delivering the keynoteaddress. – (FE Dec 10, 2016 pp 1, 2)

– 12 –

– PAYTM

"Paytm founder raises Rs.325 cr by selling 1% stake" – Digital payments and commerce platform Paytm'sfounder and CEO Vijay Shekhar Sharma has sold 1% of his holding in One97 Communications to raise aboutRs.325 crore. This money will be pumped into the group's proposed payments bank. Sharma has sold thestake to one of the shareholders of One97 Communications, the company that runs Paytm. The shareholder'sname was not disclosed. – (TI Dec 9, 2016 p 19)

"Paytm to merge services with IndiaStack" – Paytm will integrate its digital payments services withIndiaStack, an open-stack platform that offers technology infrastructure for the unified payment interface(UPI), electronic-sign, digital lockers and electronic customer verification. The Paytm app added a newsecurity layer that it said would protect the customer's money if he loses the phone. – (ET Dec 9, 2016 p 1)

DIGITAL TRANSACTIONS

– SERVICE TAX

"No service tax on credit, debit card transactions up to Rs.2,000" – In a bid to promote digital transactions,the Modi government has waived service tax on debit and credit card payments of up to Rs.2,000 in a singletransaction. This dispensation will also be available for charge card or any other payment card, according toan official release. – (HBL Dec 9, 2016 p 1)

DIGITAL WALLETS

– CYBER SECURITY

"Digital wallets enhance security features" – Electronic wallets have started offering more features toensure safety of customers' money and sensitive information. A report. – (BS Dec 15, 2016 p 3)

DISCIPLINARY ACTION

– MALPRACTICES

"Take strict action against staff in case of malpractice: FinMin to banks" – The finance ministry haswritten to the chiefs of all public sector banks, asking them to take strict action against any official found tobe indulging in malpractices. Warning against firm action in case of deviation, the ministry has asked lendersto ensure that each bank employee follows the guidelines scrupulously. The ministry has also written to theIndian Banks' Association (IBA) on the issue. A report. – (HT Dec 12, 2016 p 11)

EDUCATION LOANS

– REPAYMENT

Mohandas A – "Assessment of repayment of education loans" – The higher education facilities in Indiahave been increasing noticeably. The number of institutions and courses have increased considerably. Butstill access and equity is a problem. Cost of higher education has increased to a level which cannot be met bymiddle class. Authorities introduced education loan scheme as a panacea to this crisis. Even if education loanwas a resort to a large number of students, now, due to the shrinkage of job market worldwide, students failto find better jobs after completion of their study. It affects the repayment of their loans. An article.– (SE 55(15) Dec 1, 2016 pp 22-26)

EUROPEAN BANKING REGULATIONS

– US REGULATIONS

"US banks face clash with EU over plan for holding groups" – American banks are warning they will beunable to comply with the EU's plan to force them to set up European holding companies because theproposals are at odds with existing US regulations. A report. – (FT Dec 5, 2016 p 17)

– 13 –

FINANCIAL INCLUSIONMukhopadhyay, Jyoti Prasad – "Financial inclusion in India: A demand-side approach" – Existing

literature on financial inclusion works with indices that use supply-side information on financial services andfail to capture demand-side information. These indices thus have a serious limitation: they might overestimatethe extent of financial inclusion due to multiple bank accounts held by the same individual. Using micro-leveldata available from a pan-India survey, we compute a financial inclusion index for 22 states based on demand-side information. We find evidence of disagreement between the ranking of the states done on the basis of asupply-side information-based index and our demand-side information-based index. Also, exploiting themicrostructure of the data, we attempt to identify some determinants of borrowing from formal sources. Wefind that being male, having a bank account and higher educational qualification are positively correlated withthe likelihood of formal borrowing. An article. – (EPW 51(49) Dec 3, 2016 pp 46-54)

FINANCIAL REGULATION

– BANK CAPITAL

"Financial regulation (2): Basel bust-up" – A slowdown looms over revisions to global bank-capital rules.An article. – (Eco 421(9017) Nov 26, 2016 p 63)

– USA

"Financial regulation (1): On fire" – After the election, bankers look forward to dancing around a bonfire ofrule books. An article. – (Eco 421(9017) Nov 26, 2016 pp 61-62)

FINANCIAL TECHNOLOGYSivakumar K B – "Banking will stay, but what about banks?" – Fintech is already changing practices and

processes in the banking sector. It is the harbinger of new-age banking. An article. – (HBL Dec 9, 2016 p 8)

FINTECH START-UPS"It may be curtains for your local bank branch: The rise of fintech start-ups could spell doom for

banking as we know it" – It may not be long before bank branches join video-rental stores and recordshops as relics of a bygone era. Silicon Valley is pressuring banks to change their ways or risk becoming thelatest industry overtaken by technology. Hundreds of start-ups are offering easier and cheaper ways to save,borrow, spend and invest. They are doing it by shifting the battleground to smartphone apps and websites,which function as digital offices that are accessible around the clock, with minimal staffing and lower fees. Areport. – (HBL Dec 13, 2016 p 2)

FOREIGN BANKS

– HSBC

"HSBC shutting 4 bank branches a week: UK banks closed 1,000 branches in past two years asonline banking grew, says consumer body Which?" – HSBC has revealed that it is shutting more thanfour branches a week and that at least 57 more will be axed in the first few weeks of 2017. High-street bankshave closed more than 1,000 branches in the UK during the past two years, according to consumer bodyWhich?. A report. – (HBL Dec 15, 2016 p 5)

IBA"V G Kannan appointed CEO of Indian Banks' Association: A former MD of SBI, he succeeds M V

Tanksale who demitted office in August" – V G Kannan took over as Chief Executive of the IndianBanks' Association (IBA). He succeeds M V Tanksale who demitted office as Chief Executive on August 9,2016, after being at the helm for three years. – (HBL Dec 15, 2016 p 5)

– 14 –

INSOLVENCY AND BANKRUPTCY CODEGhosal, Sayan – "Insolvency and bankruptcy code 2016: Debt recovery is off to a slow start" – An

article. – (BS Dec 12, 2016 p 14)

Roy, Richa – "A level playing field for debtors and creditors" – The Insolvency and Bankruptcy Code,2016 can make credit cheaper, its sources wider and engender corporate accountability. An article.– (Mint Dec 14, 2016 p 16)

INTERNATIONAL BANKS

– BREXIT

"Brexit: Banks in UK mull Paris move" – International banks have enquired about switching operationsfrom London to Paris following Britain vote in favour of exiting the European Union, according to a seniorofficial at France's markets regulator. 'Large international banks... have already undertaken real due diligencesand we have received a lot of practical questions regarding the way they are going to be managed from ourperspective, with their relationship with the French regulators,' according to Benoit de Juvigny, SecretaryGeneral at the AMF. – (HBL Dec 9, 2016 p 10)

ISLAMIC BANKING"Fin inclusion steps make Islamic banking irrelevant, says govt" – Virtually ruling out introduction of

Islamic banking, the Finance Ministry said it has 'no relevance' as the government has already introduced ahost of financial inclusion schemes like Jan Dhan. The objectives of the financial inclusion for which Islamicbanking was explored by RBI has no relevance, as government has already introduced other means offinancial inclusion like Jan Dhan Yojana and Suraksha Bima Yojna for all citizens, Minister of State forFinance Santosh Kumar Gangwar said in a written reply to the Lok Sabha. – (FE Dec 10, 2016 p 10)

"Govt hints at shelving plans to introduce Islamic banking" – Says other means of financial inclusionhave been rolled out for citizens. A report. – (HBL Dec 10, 2016 p 5)

MERCHANT DISCOUNT RATE"Banks may lose Rs.1k-cr if govt waives MDR beyond Dec 31: Lenders feel govt may compensate

them for revenue loss from a tech fund" – Bankers are fearful of incurring extra losses if the governmentpushes them to extend the waiver of merchant discount rate on card transactions beyond December 31.Senior bankers that ET spoke with said that such a move would increase their losses. They estimate a loss ofRs.1,000 crore for banks due to the waiver of MDR on debit card transactions till December 31. MerchantDiscount Rate or MDR that is the cost paid by the merchants to banks for card transactions. As of nowmajor banks and payment companies have waived MDR till December 30 which is also the last day foraccepting old Rs.500 and Rs.1,000 denomination notes at bank branches. – (ET Dec 9, 2016 p 7)

– DEBIT CARD TRANSACTIONS

"Banks' hit on MDR waiver only Rs.50 crore a month" – Banks stand to lose just about Rs.50 crore amonth, or Rs.600 crore a year, if the government was to waive the merchant discount rate (MDR) on debitcard transactions executed through point-of-sale (PoS) machines. This is assuming the government does notmake good the losses incurred by the banking system. The MDR is the charge a merchant pays to a bank forusing card transaction services. – (FE Dec 15, 2016 p 3)

MICROFINANCE"Microfinance industry witnessed 84% growth in GLP in Q2: MFIN" – Microfinance industry witnessed

84 per cent year-on-year growth in aggregate gross loan portfolio (GLP) of microfinance institutions insecond quarter of the financial year 2016-2017, according to a report. – (FE Dec 13, 2016 p 11)

– 15 –

MICROFINANCE INSTITUTIONS

– DIGITAL SERVICES

Ohri, Chandni and Kapoor, Raunak – "Demonetisation: Getting MFIs digitally ready" – While fewMFIs have integrated digital financial services, majority continue to deal in cash. There is a need for MFIs togo digital in their routine operations. The DFS landscape in India has rapidly evolved in the last few years.MFIs need to re-think about the inhibitions that had earlier restricted them to adopt digital channels. Anarticle. – (FE Dec 15, 2016 p 11)

MOBILE BANKING"Mobile banking usage already well over last FY mark: RBI: UPI beneficial for customers as well as

merchants: R Gandhi" – Mobile banking transactions have grown in leaps and bounds in the first eightmonths of the current financial year. Transactions in the reporting period up to November are already 1.36times that reported in the full of last financial year. As per Reserve Bank of India data, the volume of mobilebanking transactions from April-November soared to 53.086 crore as against 38.949 crore in the entireprevious financial year. A report. – (HBL Dec 12, 2016 p 14)

MONETARY POLICY"Surprise, surprise: RBI wrong-foots investors again" – When it comes to interest rate decisions under

Reserve Bank of India's new governor, Urjit Patel, the only certainty seems to be that nothing is certain. Bothof Patel's policy reviews so far have wrong-footed investors, raising frustration that they are unable to get ahandle on where monetary policy is headed in Asia's third-largest economy. A report. – (FE Dec 10, 2016 p 11)

Roy, Rathin – "RBI as uncertain as the rest of us" – The monetary policy committee of the Reserve Bankof India has left the repo rate unchanged at 6.25%. An article. – (BS Dec 9, 2016 p 11)

Sur, Kuntal – "RBI takes a pragmatic stance" – It has done well to take a view which is contrary to marketexpectations. If we look at the market, the rate transmission already has started with lowering of yields.Further, the CRR withdrawal from December 10 may force banks to pass on some benefits in the form ofrate cuts to consumer lending and mortgage loans. An article. – (FE Dec 9, 2016 p 11)

Vishwanathan, Vivina and Barbora, Lisa Pallavi – "Repo rate stable, but loan rates may fall" – TheReserve Bank has left the repo rate unchanged in its latest monetary policy. But interest rates on your fixeddeposits and loans may still come down. An article. – (Mint Dec 9, 2016 p 14)

MONEY LAUNDERING"I-T Dept unearths several cases of money laundering across the country" – An Income Tax Department

investigation into cash deposits in a bank account in Nagpur revealed that a family had seven accounts in thenames of different members opened and operated by unknown persons to launder cash worth Rs.4.25 crore.– (HBL Dec 9, 2016 p 6)

NPCI"NPCI to start 'lucky draw' scheme for cashless transactions" – To promote cashless transactions, Niti

Aayog suggested the National Payment Corporation of India (NPCI) to conceptualise a new scheme toreward winners of digital payments based on weekly and quarterly lucky draw of e-transaction numbers. Areport. – (FE Dec 11, 2016 p 3)

– DIGITAL BANKING

"Feature phones to get own mobile banking platform" – The National Payments Corp of India (NPCI),the umbrella organisation for all retail payments systems in the country, plans to upgrade USSD, its digitalbanking service for feature phones, to enable low-end phone users do mobile banking. Unstructuredsupplementary service data or USSD-based mobile banking is a messaging platform, which allows you tosend money, check account balance, get mini statement and transfer funds up to Rs.5,000, without Internetconnectivity. – (HT Dec 9, 2016 p 15)

– 16 –

OPENING BANK ACCOUNTS"Remove all hurdles to opening new accounts" – An editorial. – (ET Dec 9, 2016 p 14)

"Textile clusters get govt help in opening bank a/cs for workers: Officials sent to various textile andgarment hubs across the country" – Amid complaints that many workers are deprived of wages followingdemonetisation announced a month ago, the government has sent officials to various textile and garmentclusters across the country to facilitate the opening of bank accounts for workers, including the casual ones,and help them adopt digital transactions. The officials are expected to soon submit inputs from the ground onhow the cash crunch has impacted people in general and the textile and garment sector labourers in particular.– (FE Dec 9, 2016 p 4)

PAYMENTS BANKSKhatri, Yogita – "The new way of banking: Although they can't lend, payments banks are boosting

financial inclusion by reaching out to customers with other services" – Payments Bank is the newbuzzword in the banking industry. Since they serve as a convenient alternative in the wake of demonetisation,here are the ins and outs of how they work, and how you can make the most of the services they offer. Anarticle. – (ET Wealth Dec 5, 2016 p 12)

– AIRTEL

"0.65% fee in Airtel Payments Bank" – Airtel Payments Bank will charge 0.65 per cent fee on cashwithdrawals but will not levy any processing charge on digital transactions from January 2017 to encouragecashless payments. – (IE Dec 14, 2016 p 13)

– DIGITAL TECHNOLOGY

Pandit, Virendra – "Soon, a payments bank will speak your language too" – Bengaluru-based firm offersplatform that helps banks, e-wallets go multilingual. An article. – (HBL Dec 9, 2016 p 5)

– INDIA POST

Bandyopadhyay, Tamal – "Can only love for our postman ensure success for India post paymentsbank?" – An article. – (Mint Dec 12, 2016 p 6)

– VODAFONE

"Vodafone payments bank by March" – Telecom major Vodafone, with in-principle approval from the ReserveBank of India for a payments bank, has said it will launch the latter entity within three months. – (BS Dec 14,2016 p 2)

PAYMENTS REGULATOR"Independent payments regulator gets RBI backing: RBI proposes constituting a payments regulatory

board along the lines of the MPC" – The Reserve Bank of India (RBI), like the government panel ondigital payments, favours setting up of an independent payments regulator. It has proposed constituting apayments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein thepolicies and regulations are taken independent of the central bank but the regulation and supervision remainswith RBI. A report. – (Mint Dec 15, 2016 p 8)

PLASTIC CURRENCY NOTES"Coming soon: Plastic currency notes" – Government informed Parliament that a decision has been taken

to print plastic currency notes and procurement of material has started. A report. – (HT Dec 10, 2016 p 15)

– 17 –

PMJDY"23% of Jan Dhan accounts are still showing zero balance" – Despite a huge surge in total deposits in Jan

Dhan accounts following demonetisation, about one-fifth of these accounts still have no balance. The netaddition in the 25.8 crore Jan Dhan accounts was just Rs.288 crore during the week ended December 7,taking total deposits to about Rs.74,610 crore. A report. – (HBL Dec 12, 2016 p 1)

"Balances in Jan Dhan a/cs rose a mere 2% during Nov 24-30: Southern States saw a decline indeposits in the third week of demonetisation" – The balance amounts in Pradhan Mantri Jan DhanYojna (PMJDY) accounts, which witnessed a growth of around 60 per cent in 14 days after November 9,registered only 2.04 per cent growth after November 23. The balance in PMJDY accounts, which was atRs.7,2834.72 crore as on November 23, increased to Rs.7,4321.55 crore as on November 30. The balance inthese accounts increased by Rs.1,486.83 crore during November 24-30. – (HBL Dec 9, 2016 p 10)

PRIVATE SECTOR BANKS

– CASH ALLOCATION

"AIBEA flags skewed cash allocation to private banks: In TN, private banks got about 8 times moreper branch than PSUs" – A few private sector banks appear to be getting a disproportionate share of thenew bank notes being released by the central bank since the demonetisation of high-value currency onNovember 8, according to the All India Bank Employees Association (AIBEA), citing the example of TamilNadu. A report. – (H Dec 13, 2016 p 13)

RBI ACT"Govt to amend RBI Act to annual old Rs.500/1,000 notes" – The government is likely to amend the

Reserve Bank of India (RBI) Act to extinguish the validity of Rs.500 and Rs.1,000 printed before November9 and a reference to this effect would be made in the Budget. – (FE Dec 12, 2016 p 2)

SHG-BANK LINKAGE PROGRAMMEJency, S – "Performance of bank linkage programme of SHGs in India" – Banks have leveraged (SHGs)

channel also to provide direct credit to group borrowers. Villagers are faced with problems related to povertyilliteracy, lack of skills health care etc. These are problems that cannot be tackled individually but can bebetter solved through group efforts. Today these groups known as self-help groups (SHGs) have become thevehicle of change for the poor and marginalized. SHGs are novel and innovative organizational setup in Indiafor the women upliftment and welfare. All women in India are given chance to join anyone of SHGs fortraining and development, so as to be prospective entrepreneur and skilled worker. The SHGs are promotedby the Government as if women in India may not be resourceful enough to be entrepreneurs. When theSHGs arrange training facilities to carry out certain kind of work which are suitable for women in India. Anarticle. – (SE 55(15) Dec 1, 2016 pp 30-34)

SMALL FINANCE BANKS"Small finance banks may need sops to scale up: Ind-Ra" – Nod to raise long-term bonds, certificate of

deposits should help, says rating agency. A report. – (HBL Dec 15, 2016 p 5)

UNIFIED PAYMENTS INTERFACE"Cash scramble bolsters sluggish UPI" – The chaos caused by the government decision to ban on high-

denomination rupee notes has provided a boost to the national cashless payment platform, Unified PaymentsInterface (UPI) that has struggled to gain traction. Reserve Bank data show that the UPI logged 358,000transactions in the first nine days of December, shooting past November's total of 287,000, as more peoplesought to circumvent the cash shortage that followed the government's surprise graft-busting move onNovember 8. – (FE Dec 13, 2016 p 10)

– 18 –

WORK-LIFE BALANCE"Post demonetisation, bank employees and tax officers seek work-life balance: Two associations

representing these officers have sought more manpower and better pay" – Overburdened by asteady flow of work in the past one month after the demonetisation of high value currency notes, bankemployees and income tax officers are now seeking some work-life balance. A report. – (HBL Dec 10, 2016 p 4)

RBI CIRCULARS"Compliance to provisions of Master Direction on Know Your Customer (KYC)" – (RBI Circular RBI/

2016-2017/183 DBR.AML.BC.48/14.01.01/2016-17 dated 15.12.2016)

"Detection of counterfeit notes in Specified Bank Notes (SBNs) - Reporting" – (RBI Circular RBI/2016-2017/179 DCM (Plg) No. 1679/10.27.00/2016-17 dated 12.12.2016)

"Distribution of Mahatma Gandhi (New) Series Banknotes - Records" – (RBI Circular RBI/2016-2017/180 DCM (Plg) No. 1683/10.27.00/2016-17 dated 12.12.2016)

"Distribution of Relief/Savings Bonds" – (RBI Circular RBI/2016-2017/182 IDMD.PDRD.No.08/03.64.00/2016-17 dated 13.12.2016)

"Preservation of CCTV recordings" – (RBI Circular RBI/2016-2017/181 DCM (Plg) No. 1712/10.27.00/2016-17 dated 13.12.2016)

"Security and Risk Mitigation measure - Technical Audit of Prepaid Payment Instrument issuers"– (RBI Circular RBI/2016-2017/178 DPSS.CO.OSD.No.1485/06.08.005/2016-17 dated 09.12.2016)

AGRICULTURE & RURAL DEVELOPMENT

AGRICULTURE SECTOR

– DEMONETISATION

"A bitter harvest for farm sector: Cash shortage with traders has affected payments to farmers" – Forthe cash-dependent Indian farm sector that was hoping for a recovery on near normal monsoon this yearafter two consecutive droughts, the demonetisation and a resultant currency crunch, which coincided withthe kharif harvest season, has dealt a major blow, aggravating the hardships of not only farmers, but also ofthe labourers dependent on the sector for their livelihoods. Farmers who grow perishables, mainly vegetables,were the worst affected by the cash crunch compared with their counterparts who produced foodgrains,cereals and cash crops such as cotton and sugarcane. – (HBL Dec 9, 2016 p 5)

"Demonetisation will benefit farmers in the long run" – An interview with U S Awasthi, Managing Director,The Indian Farmers Fertiliser Cooperative Ltd (Iffco). He said we have started requesting farmers to worktowards a cashless payment system by advising them to participate in the training programmes organised byIffco on Rupay cards, mobile banking and other cashless payment modes. – (HBL Dec 9, 2016 p 16)

NABARD"Nabard to grant Rs.228 cr for cashless payment systems" – Nabard announced that it will extend

support to banks for deployment of two PoS devices per village in one lakh villages of Tier 5 and 6 areashaving a population of up to 10,000. The estimated support will be around Rs.120 crore. According to seniorofficials of the bank, the objective is to encourage cashless transactions in remote areas and reach out of tonew places that have been out of the ambit of such transactions. Nabard will provide support to banks toacquire some 2 lakh PoS devices which are expected to cover some 1 lakh villages. If this initiative succeeds,there should be no problem in extending the programme further, according to Subrata Gupta, CGM, departmentof financial inclusion and banking technology, Nabard. – (FE Dec 9, 2016 p 4)

– 19 –

RURAL DEVELOPMENT"Rural allocation set to rise 23% in Budget: FY18 Budget focus on rural development could lessen

the pains of note ban" – The Union Budget is expected to increase allocation to the ministry of ruraldevelopment by over 23 per cent to Rs.1.06 lakh crore. The allocation in the Budget estimates of 2016-17was a little over Rs.86,000 crore. The Budget, likely to be tabled in the first week of February, may alsointroduce a new scheme to pull the poor in the rural areas out of poverty. The Budget focus on rural developmentcould lessen the pains of demonetisation in villages. – (BS Dec 12, 2016 pp 1, 4)

– INFORMATION AND COMMUNICATION TECHNOLOGY

Suman, Pratima and Priya, Sweta – "Information and communication technology on rural developmentof India" – Development of information and communication technologies, during the last quarter of the 20thcentury, has great potential to develop developing countries like India economically, socially and educationally.India trained hardware and software technologies dominate the Silicon Valley and elsewhere in the US. It isalso possible for India to armor these skills to earn foreign revenues, inspire domestic growth and ensuresubstantial welfare gains. India has ability to exploit these potential and possibilities of overcoming anyconstraints to the realization of the potential. There is a growing recognition of the newer and wider possibilitiesthat technology presents before the society in the modern times. It together with communication technologieshas brought about unprecedented changes in the way a person communicates, conduct business pleasure andsocial interaction. ICT can help to improve communication, agriculture infrastructure increase participationand disseminate information and share knowledge and skills. But the sad part is that the rural population stilllags behind in accessing crucial information for taking timely decision. Information divide is widening. Thechallenge before technologist is not only to bridge the gap but also to rove access to information so that thesocio-economic state of the rural poor is improved and also world help in local development. ICT should helpin providing right information at right time. An article. – (SE 55(15) Dec 1, 2016 pp 40-44)

RURAL ECONOMY

– DEMONETISATION

Fernandes, Vivian – "Chlorophile: Cashless rural economy? Not just yet" – Instead of vilifying cash, thegovt must replenish supply so that agricultural growth can pick up. One of the unintended consequences ofthe demonetisation of high-value currency notes is the fall in prices of agricultural produce. The disruption inlogistics caused by cash scarcity has depressed prices. An article. – (FE Dec 10, 2016 p 8)

INDUSTRY"Industrial output in negative zone, contracts 1.9% in October" – Industrial output slipped into the

negative territory again with a contraction of 1.9 per cent in October, mainly due to a sharp decline inproduction of capital goods and poor performance of the manufacturing sector. After showing a decline fortwo consecutive months of July (-2.5 per cent) and August (-0.7 per cent), industrial output, measured interms of the Index of Industrial Production (IIP), had grown at 0.7 per cent in September. A report.– (BS Dec 10, 2016 pp 1, 4)

AUTOMOBILE INDUSTRY

– DEMONETISATION

"Cash crunch puts brakes on auto sector growth: Sector posts 5 per cent decline in sales in November,steepest in 44 months" – Hit by the demonetisation hurdle, the fast-growing automobile sector in thecountry has posted a decline - the first this year - of about 5% in November. Commercial vehicles, two- andthree-wheelers all posted a decline. This was the steepest in the past 44 months. The sector had declined7.75 per cent in March 2013. The last time the sector posted a decline was December 2015, when volumesfell by only 0.17 per cent. – (BS Dec 9, 2016 pp 1, 16)

– 20 –

DIAMOND INDUSTRY

– DEMONETISATION

"The glitter goes missing from the diamond industry: Most of the cutting and polishing units in Surat havesuspended operations" – A month later, the diamond industry continues to be one of the worst collateraldamages of the demonetisation announcement by the Prime Minister on November 8. The industry worthRs.90,000-odd crore and employing close to a million people directly and indirectly, suddenly slipped into ashadow of darkness with muted businesses and silent diamond factories. The cash crunch took the sheen offthis glittering diamond sector. – (HBL Dec 9, 2016 p 4)

GARMENT INDUSTRY

– DEMONETISATION

"Minimal effect on garment sector" – Post-demonetisation, apparel and garment manufacturers have begunto open bank accounts in large scale. Companies big, medium and small have begun to negotiate with banksto facilitate account opening. Demonetisation has had minimal effect on exporters. For apparel manufacturershave been shielded from the sudden downturn owing to demonetisation as their business is primarily fuelledby dollars and Euros and not the now-scrapped Rs.500 and Rs.1,000 notes. – (HBL Dec 9, 2016 p 4)

HDFC"Reduction in rates unlikely till note ban impact stays" – Edited excerpts from an interview with Deepak

Parekh, chairman, HDFC. Demonetization and the debut of goods and services tax (GST) will causeconsiderable disruption and he expects the government to offer some sops for the industry in the upcomingbudget. Also he says demonetization has derailed the economy and things will get back to normal in a quarteror so. Confidence will come when factories are buzzing with 100% capacity, and it will come sometime nextyear. – (Mint Dec 9, 2016 p 18)

INDUSTRIAL POLICY

– NORTH-EAST / HIMALYAN STATES

"Committee set up to suggest industrial policy road map" – The government constituted a committee toexamine and suggest a road map for a new industrial policy for north eastern and Himalayan states. Thepanel will be chaired by NITI Aayog CEO Amitabh Kant, and will have secretaries from various ministrieslike MSME, ministry of north eastern region, textiles, power, commerce, expenditure, tourism, department ofindustrial policy and promotion (DIPP) as members, among others. DIPP shall function as the Secretariat forthe committee. – (FE Dec 9, 2016 p 4)

INFRASTRUCTURE"Building sustainable infrastructure" – Creating infrastructure that is sustainable and sensible should always

be the aim. A report. – (ET Dec 13, 2016 Supl. p 3)

"The need for inclusive infrastructure" – Inclusive infrastructure can play a key role in eradicating the gapbetween the haves and the have-not's in the Indian context. A report. – (ET Dec 13, 2016 Supl. p 2)

INFRASTRUCTURE SECTOR"Infrastructure sector: The growth engine of economy" – With an allocation Rs.2,21,246 crore for several

infrastructure projects in the Union budget 2016-17, India aims to move in the fast lane for growth initiatives.A report. – (ET Dec 13, 2016 Supl. p 4)

"The key challenges ahead for the infrastructure sector" – Much potential lies in store for the infrastructuresector, but there are hurdles yet to be overcome in pursuit of greatness. A report. – (ET Dec 13, 2016 Supl. p 4)

– 21 –

INSURANCE – LIFE

– INTEREST RATES

"Falling interest rates could have an impact on insurance premiums and bonuses" – With the overalltrajectory of interest rates in India moving downward, the life insurance industry in India could witness a re-pricing of existing products and could also lower the bonuses on traditional insurance plans, according toresearch by Milliman, an actuarial services company. A report. – (Mint Dec 9, 2016 p 14)

LIC"LIC appoints V K Sharma as Chairman for five years" – Government appointed V K Sharma as the

chairman of state-owned behemoth Life Insurance Corp. of India (LIC) for five years. – (HBL Dec 15, 2016 p 5)

MANUFACTURING SECTOR"Cost of funds must come down to drive competitiveness in manufacturing" – Demonetisation will help

the country achieve higher economic growth in the long run, says Renault India's Sawhney. – (HBL Dec 9,2016 p 6)

MUTUAL FUNDS"MFs see Rs.36,000-crore inflow in Nov; Rs.3 lakh crore in April-November" – Investors pumped in

over Rs.36,000 crore into various mutual fund schemes in November, with equity and debt schemes corneringthe maximum inflow. With this, total net inflow in mutual fund (MF) schemes reached Rs.3.03 lakh crore inApril-November of current fiscal. MFs had witnessed an inflow of Rs.1.84 crore in same period last year. Areport. – (FE Dec 13, 2016 p 11)

REAL ESTATE REGULATOR

– MAHARASHTRA

"State govt cuts penalties in new draft rules for housing regulator: Fines for builders reduced from10% of project cost to as little as 2% of it; regulatory body will fix penalty" – After a long delay, theMaharashtra government on Thursday published draft rules to set up a real-estate regulator in the state. Thenew draft rules increase the number of mandatory disclosures for builders but reduce penalties for builders,allottees and real estate agents. The state government will accept suggestions and objections to the draftrules - based on the Union government model rules under the Real Estate (Regulation and Development)Act, 2016 - until December 23. – (HT Dec 9, 2016 p 3)

REALTY SECTOR"Cash crunch forces relators, PEs to renegotiate deal terms" – Real estate developers, who had promised

anywhere around 25% to 30% returns on investments to PE investors, are now demanding renegotiation ofsuch contracts due to the Modi government's demonetisation drive. 'Real estate developers are claiming thatif the contracts (with PE investors) are not renegotiated, they (developers) may not be able to complete theprojects,' said a tax consultant who is advising the UK PE firm on two such investments. Industry trackerssaid that going ahead many PE firms may just give in as there is a downward pressure on real estatedevelopers. In many cases, experts said, even lenders including NBFCs have been approached for renegotiatingthe lending rates. – (ET Dec 10, 2016 p 4)

"Cash woes worsen real estate industry plight: Up to 40% drop in new property registrations seen"– As per available data, the new property registration is witnessing a 35-40 per cent drop in key markets suchas Mumbai, Delhi NCR, Hyderabad and even Kerala. Secondary sales have been badly hit as a large chunkof such transactions are concluded through both cheque and cash. A report. – (HBL Dec 9, 2016 p 4)

– 22 –

SMALL SCALE INDUSTRY

MSMEs

– DEMONETISATION

"Demonetisation: MSMEs want their own income disclosure scheme" – Cash-starved micro small andmedium enterprises (MSMEs) have sought a one- time 'disclosure' scheme, which will allow them to declaretheir actual annual turnovers, with the promise that they will not be harassed for audit records of previousyears. A report. – (HT Dec 15, 2016 p 13)

INTERNATIONAL ECONOMICS"The churn in economic policy thinking" – The several flaws of the Bretton Woods system of international

cooperation exposed after 2008 need to be addressed. An article. – (Mint Dec 12, 2016 p 16)

CHINASaran, Shyam – "Yuan depreciation and China's reforms" – If the currency continues to slip against the

US dollar, it might lead the Chinese govt to reintroduce very strict controls on cross-border transactions. Anarticle. – (BS Dec 9, 2016 p 11)

JAPAN"Japan Q3 growth rate cut sharply to 1.3%" – Japan's economy grew much slower than initially estimated

in the third quarter, revised data showed, as capital expenditure dried up and companies ran down inventories- renewing concerns about Japan's growth prospects. The Cabinet Office said the economy grew at a 1.3%annualised rate in July-September, a severe revision from the 2.2% annualised growth first estimated andbarely over half the median estimate for a 2.4% annualised expansion. – (FE Dec 9, 2016 p 18)

FUND MANAGEMENT"Global fund management" – A weekly report. – (FT Dec 5, 2016 Supl. pp 1-16)

"Global fund management" – A weekly report. – (FT Dec 12, 2016 Supl. pp 1-16)

IMF"IMF chief lagarde on trial in France over $425-m payout case" – International Monetary Fund Chief

Christine Lagarde went on trial in a Paris court, accused of negligence for allowing a $425-million handout toa well-connected businessman when she was in the French government. A report. – (HT Dec 13, 2016 p 13)

INTERNATIONAL RESERVE CURRENCY

– RENMINBI

Wildau, Gabriel and Mitchell, Tom – "Renminbi reaches its high water mark" – Fresh capital controlshave cast doubt over the push to increase the global use of its currency. But what does that mean for Chinesepolicymakers who saw it as a 'Trojan horse' to force through economic reform? An article. – (FT Dec 12,2016 p 10)

LABOUR & PERSONNEL MANAGEMENT

MOTIVATION

Subramanya, M J – "Organisational drivers of employer motivation: A study" – Motivation is examinedhere from two angles, 1) Inter-Personal Drivers and 2) Organisational Drivers. The ability to motivate anemployee by an employer is influenced by inter-personal relations as well as by organisational efforts. The

– 23 –

organisational efforts are shaped by vision, mission, goals and objectives. The most influencing factor isleadership which makes the difference in making employees perform better. Interestingly, in the IndianBanking System, a Branch Manager (BM) is an employer as well as an employee in the Bank; thus heperforms the dual role of an employer and an employee. The capability of a BM, is dependent on severalfactors which are included in the organisational drivers of motivation. An article. – (SE 55(15) Dec 1, 2016 pp45-52)

MANAGEMENT

BUSINESS MANAGEMENTHattangadi, Vidya – "A decision-making tool: Six thinking hats" – Six thinking hats has a 360-degree

approach which motivates a person to think outside his/her repetitive thinking style. An article. – (CI 9(19)Dec 15, 2016 pp 44-45)

CORPORATE SOCIAL RESPONSIBILITYKarnani, Aneel – "Why the CSR law is not a success" – Without a coercive enforcement mechanism, it is

unlikely that the law will yield effective results. India is the first country to require companies to expendresources on CSR. An article. – (Mint Dec 13, 2016 p 16)

DESIGN THINKING

– CUSTOMER SERVICE

Natarajan, Shanmugh – "The drive towards 'design thinking'" – Give the customer what he wants. Thatis design thinking, as exemplified by services like Uber. An article. – (HBL Dec 9, 2016 Supl. p 2)

INDEPENDENT DIRECTORSBhattacharyya, Asish K – "Independent directors: An inherently weak institution" – An article.

– (BS Dec 12, 2016 p 14)

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