Volume XXXI Number 32 May 9, 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 2

C. AGRICULTURE & RURAL DEVELOPMENT 12

D. INDUSTRY 13

E. INTERNATIONAL ECONOMICS 14

F. LABOUR & PERSONNEL MANAGEMENT 15

G. MANAGEMENT 15

– 1 –

BANKERS' BRIEF Vol. XXXI No. 32May 9, 2016

ECONOMY"Growth obstacle" – A new analysis of Asian economies by the International Monetary Fund once again

shows the Indian economy will expand at a much faster rate than other major regional economies. It is alsoone of the few countries that is relatively insulated from the ongoing rebalancing of the Chinese economytowards higher consumption. Quick edit. – (Mint May 4, 2016 p 1)

"India ratings sees it at 7.7%" – Many analysts are gung-ho over impact of the monsoon predictions on theoverall economy, but not India Ratings (Ind-Ra) since it feels industry would drag down economic expansion.It scaled down its projections for economic growth rate to 7.7 per cent for FY17 from earlier 7.9 per cent. Areport. – (BS Apr 29, 2016 p 4)

"India will grow at 7.6% in 2016: UN-ESCAP: Can accelerate to 7.8% in 2017" – India's economy islikely to maintain its growth at 7.6 per cent in 2016 and accelerate to 7.8 per cent in 2017 led by high urbanspending, steady employment and low inflation, according to a United Nations report on the Asia-Pacific. Areport. – (HBL Apr 29, 2016 p 5)

"Macroeconomy outlook: Is India's growth recovery becoming broad-based?" – A view of MorganStanley. – (Mint May 3, 2016 p 20)

FOREIGN EXCHANGE RESERVES"Forex reserves at record high $361.601 billion" – Continuing their rising trend, the country's foreign

exchange reserves increased by $1.350 billion to touch a record high of $361.601 billion in the week to April22, according to the Reserve Bank of India. – (FE Apr 30, 2016 p 12)

GDPBhandari, Pranjul – "India's GDP o auto-correct: As prices normalise, GDP overestimation will

narrow" – An article. – (FE May 5, 2016 p 8)

NITI AAYOG"NITI Aayog needs economists, faces 'supply constraints': Policy advocacy think-tank turns to IES

cadre of 'home-grown specialists'" – NITI Aayog's search for home-grown economists has compelled itto turn to its original cadre of officers from the Indian Economic Service (IES). 'It (NITI Aayog) is facingdifficulties in getting good professional economists, who are aware of the country's socio-economic structureand can help in grassroots issues. Getting back IES officers, who are already familiar with such developmentand planning work for the government, is being seen as a good option,' according to a source familiar with thedevelopment. A report. – (HBL May 5, 2016 p 1)

SERVICES SECTOR"Services growth falls to 4-month low in April: PMI" – Growth in services, the dominating sector of India's

economy, declined to a four-month low in April, a widely-tracked Nikkei/Markit purchasing managers' index(PMI) showed. PMI fell to 53.7 points in April from 54.3 in March as new business grew slower thanprevious months. A reading above 50 is expansion and the one below is contraction. PMI for services was ata 19-month high at 54.3 in January, which was maintained in March. A report. – (BS May 5, 2016 p 4)

– 2 –

BANKING

GENERAL"Non-food bank credit may grow 12% in FY17: Icra" – Non-food bank credit is expected to grow 11-12%

in FY17, with private sector banks recording faster growth, according to the rating agency ICRA. Bankdeposits and non-food credit rose by a modest 9.2% and 10.9%, respectively, between March 20, 2015 andMarch 18, 2016. A report. – (FE May 4, 2016 p 10)

Husain, Huzaifa – "Would you ride an elevator designed by a banker?" – An article. – (Mint May 3,2016 p 21)

JAMMU AND KASHMIR"Rajan assures stronger financing structure in J&K" – Reserve Bank of India Governor Raghuram

Rajan assured taking measurable short-term initiatives to create linkages of finance by overcoming physicalbarriers so as to put together a stronger financing structure in Jammu and Kashmir. The RBI governor at aluncheon meeting with Chief Minister Mehbooba Mufti discussed a 12-point plan aimed at putting together astronger financing structure in the state. Rajan stressed on branding of handicraft products by popularisinglogos and bringing tour operators, hoteliers and other stakeholders under one platform to aggressively promoteJammu Kashmir as a niche high-end tourist destination. A report. – (IE May 1, 2016 p 17)

AXIS BANK"FIPB clears Axis Bank Rs.12,900-crore proposal: Wockhardt, Aurobindo projects also get green

signal" – The Foreign Investment Promotion Board cleared five foreign direct investment proposals worthRs.13,030 crore, including one by Axis Bank for Rs.12,900 crore. A report. – (HBL Apr 30, 2016 p 5)

BANK OF INDIA"BoI adjudged winner of starts of the industry awards" – Bank of India has been adjudged the winner of

'Stars of the Industry Awards 2015' for Excellence in Home Loan Banking. – (ET May 3, 2016 p 6)

CANARA BANK"Canara Bank raises Rs.3,000 cr via Basel-III compliant bonds" – Canara Bank has raised Rs.3,000

crore by issuing Basel-III compliant tier-II bonds to augment capital base and fund growth. – (FE Apr 29,2016 p 10)

– LOAN PRICING

"Canara Bank revises lending rates based on MCLR" – Canara Bank said it has revised the lending ratesbased on the marginal cost of funds (MCLR) for May to 8.80-9.35 per cent. 'All rupee loans sanctioned andcredit limits renewed during the month of May, 2016 would be priced with reference to the tenor basedMCLR', Canara Bank said in a regulatory filing. – (FE May 5, 2016 p 10)

DHANLAXMI BANK"At Dhanlaxmi Bank, boardroom battle gets more intense" – K Jayakumar, the second independent

director to resign this year, feels dismissal of the union General Secretary is unfair. A report. – (HBL May 4,2016 p 10)

FEDERAL BANK"Federal Bank expects lower bad loan additions" – Unlike other large lenders that have been seeing

pressure on asset quality, private sector lender Federal Bank said it believes the additions to bad loans arelikely to come down in 2017 financial year. Consequently, the provisions are expected to remain lower. Areport. – (BS May 3, 2016 p 5)

– 3 –

"Federal Bank net plunges 96 per cent on higher provisions" – Federal Bank has posted more than 96%year-on-year fall in its net profit for the March quarter as provisions more than doubled over the year-agoperiod and total income remained largely flat. The private sector lender's total income for the quarter stood atRs.2.253.38 crore, up merely 1.8% Y-o-Y. Net interest income, the difference between interest earned andinterest expended, came in at Rs.685.95 crore, 10% higher than the same quarter last year. A report. – (FEMay 3, 2016 p 10)

"Federal Bank: Audited financial results for the quarter and year ended 31st March, 2016" – Anadvertisement feature. – (FE May 1, 2016 p 3)

"Our restructured book has come down by almost 25 per cent" – Excerpts from an interview withShyam Srinivasan, Managing Director, Federal Bank. Federal Bank reported a 96% year-on-year fall in itsnet profit for the March quarter. In a post-results interaction, he talks about why bank's provisions skyrocketed,how the quarter gone by fared and what is in store for this fiscal. – (FE May 3, 2016 p 10)

HDFC BANK"HDFC Bank seeks to raise Rs.50,000 crore" – HDFC Bank Ltd said it will be approaching its shareholders

for approval to raise up to Rs.50,000 crore through private placement of various securities over the next 12months. – (Mint Apr 30, 2016 p 8)

ICICI BANK"ICICI Bank profit falls 76% in Q4" – ICICI Bank Ltd's net profit plunged 76% in the quarter to March as

India's biggest private sector bank classified more loans as non-performing assets (NPAs) and set asidemore money to cover the risk of default. Net profit fell to Rs.701.89 crore from Rs.2,922 crore a year ago,the bank, which also made a one-time exceptional provision of Rs.3,600 crore. A report. – (Mint Apr 30, 2016pp 1, 2)

"ICICI Bank will allocate more capital for retail biz: MD: In FY17, net interest margin is expected tobe 20 bps lower than the 3.37% in Q4 FY16" – ICICI Bank, expects net interest margin for FY17 to beabout 20 basis points lower than that of the March 2016 quarter level of 3.37 per cent. With significantuncertainties around future trends it is expected that NPA additions will continue to be at elevated levels inFY17, according to N S Kannan, Executive Director of the bank. A report. – (HBL May 4, 2016 p 10)

"ICICI Bank's ED Ramkumar retires" – K Ramkumar, executive director and member of the board atICICI Bank has taken voluntary retirement from the Mumbai based lender after a 15-year stint, the bank saidin a statement. Ramkumar, the former head of human resources at the lender was currently in charge ofoperations and president of the bank's non-profit ICICI Foundation. – (ET Apr 30, 2016 p 6)

"SDR is an important tool" – Edited excerpts from an interview with Chanda Kochhar, MD and CEO, ICICIBank Ltd. – (Mint May 4, 2016 p 29)

"Will target 18% loan growth for the year" – Excerpts from an interview with Chanda Kochhar, MD &CEO, ICICI Bank. – (FE Apr 30, 2016 p 12)

Merwin, Radhika – "More pain ahead for ICICI Bank: Apart from the Rs.7,000-cr rise in bad loans,slippages in restructured assets are substantial" – Playing safe: * Remains cautious on corporatelending; * Loan growth to be driven by retail loans; * Exposures to five sectors witnessing stress. An article.– (HBL Apr 30, 2016 p 9)

– EXECUTIVE COMPENSATION

"ICICI top executives forego FY16 bonuses: Decision to impact 200 senior employees" – ICICIBank's top management will forego their bonuses for FY16 in view of a sharp drop in profits. The decisionwill impact over two hundred senior employees of the bank. Chanda Kochhar, MD & CEO of the bank said,'We have decided that the senior management would not receive performance bonus for FY2016. Performancebonus would, however, be paid to employees in the grades of deputy general manager and below'. A report.– (TI May 1, 2016 p 17)

– 4 –

– RECOVERY OF LOANS

"ICICI Bank puts Dunlop's Worli property on block to recover loans" – ICICI Bank is auctioning aprime property of tyre manufacturer Dunlop India spread over an acre on the upscale Annie Besant Road inMumbai to recover loans to Ruia Group companies. A report. – (ET May 3, 2016 p 8)

INDIAN OVERSEAS BANK– UCO BANK

"IOB, UCO Bank to be excluded from Nifty Midcap 50 index" – Indian Overseas Bank (IOB) and UCOBank will be excluded from the NSE's Nifty Midcap 50 index from May 27. – (FE Apr 29, 2016 p 10)

INDUSIND BANK"IndusInd sees 10% of its profit from rural India" – On succession plans bank chief Sobti says the board

has chalked out a plan although he is eligible for a two-year extension as per RBI's tweaked norms. Webelieve that sustainable rural growth is around the corner, and it's not just agriculture. It will be outside that.Therefore, I call it the new frontier. A report. – (ET May 5, 2016 p 10)

KOTAK MAHINDRA BANK"Kotak Bank opens IFSC unit at GIFT City: Expects the unit to generate $1 billion business in 3

years" – Private sector banking and financial major Kotak Mahindra Bank, became the fourth bank to openits IFSC Banking Unit (IBU) at India first and only International Financial Services Centre (IFSC) at theGujarat International Finance Tec-City (GIFT) City. A report. – (HBL May 4, 2016 p 10)

– MARKET VALUATION

"Kotak Mahindra surpasses ICICI Bank in market cap" – Kotak Mahindra Bank has surpassed ICICIBank to emerge as the third most valued lender in the country as its market valuation soared to over Rs.1.29lakh crore. A report. – (HBL May 4, 2016 p 15)

STATE BANK OF BIKANER AND JAIPUR"SBBJ Q4 net profit down 31% as provisioning grows" – State Bank of Bikaner & Jaipur reported a

decline of 31% in net profit at Rs.193.22 crore for March quarter on higher provisioning for bad loans.Besides, a higher outgo towards pension and wages too affected the profitability. The bank's net profit in thecorresponding January-March period of 2014-15 stood at Rs.280.25 crore. – (FE Apr 30, 2016 p 12)

"State Bank of Bikaner & Jaipur: Audited financial results for the quarter and year ended March 31,2016" – An advertisement feature. – (BS Apr 30, 2016 p 3)

STATE BANK OF INDIA"SBI introduces performance management system" – State Bank of India is introducing a performance

management system for its 1.70 lakh employees to build individual accountability. For the first time in SBI,every employee (officers and clerks) can view their monthly performance against assigned targets. Thebank is leveraging Facebook to encourage peer-to-peer interaction. A report. – (H May 4, 2016 p 6)

– LOAN PRICING

"SBI cuts home loan, auto rate by 5 bps" – State Bank of India has reduced its home loan rate by 5 bps to9.4 per cent, effective 1 May. The revision in the rate follows a reduction in the one year marginal cost offund rate, to 9.15 per cent from 9.20 per cent. – (H May 3, 2016 p 6)

– RECRUITMENT / EDUCATION LOAN DEFAULTERS

"SBI move to debar education loan defaulters flayed" – A recent notification of the State Bank of India,debarring defaulters of student education loan from writing banks' recruitment examinations, has come in forcriticism from various quarters. The All India Bank Employees Association (AIBEA) and Communist Partyof India have sought the intervention of the Finance Minister and urged the SBI management to drop thiscriterion. A report – (H May 1, 2016 p 8)

– 5 –

STATE BANK OF PATIALA"State Bank of Patiala: Audited financial results for the quarter/year ended 31st March, 2016" – An

advertisement feature. – (FE Apr 29, 2016 p 23)

YES BANK"Aiming to take retail portfolio from 35% to 45% in two years" – Edited excerpts from an interview with

Rana Kapoor, Managing Director and Chief Executive Officer, YES Bank. He said YES Bank Ltd. expectsits retail loan portfolio to increase by 10 percentage points to 45% of overall advances in two years and to50% by 2020. – (Mint Apr 29, 2016 p 28)

– LOAN PRICING

"YES Bank cuts MCLR by 10 basis points across tenures" – YES Bank has reduced its marginal cost oflending rate by 10 basis points across all tenors. It further stated that the reduction in MCLR will take effectfrom May 1. The MCLR for one year now stands at 9.5%, reduced from 9.6%. – (FE May 4, 2016 p 10)

AUSTRALIA"Australia central bank cuts rates to record low" – Australia's central bank cut its benchmark interest rate

to a record low and left the door open for further easing to counter a wave of disinflation that's swept overthe developed world. The move sent the local currency tumbling and stocks climbing. – (BS May 4, 2016 p 6)

CHINA"China cracks down on shadow banking: Lenders forced to make provision for risky loans disguised

as investment" – China's banking regulator is cracking down on financial engineering that Chinese bankshave used to disguise trillions of dollars in risky loans as investment products. A report. – (FT May 3, 2016 p 2)

"Chinese shadow lending evades regulations" – Chinese banks are using complex financial engineering todisguise risky loans as 'investments', rendering traditional risk metrics virtually useless. While profits andasset growth at China's big four state-owned commercial banks have flat lined, midsized Chinese lenderscontinue to grow aggressively through shadow banking. A report. – (FT Apr 30, 2016 p 4)

JAPAN– BANK OF JAPAN

"The Bank of Japan risks a reputation for caprice" – Rather than sit on its hands, it should press aheadwith looser policy. An editorial. – (FT Apr 29, 2016 p 8)

"The Bank of Japan: When easing gets hard" – As monetary policy hits the buffers, policymakers blamebig companies. An article. – (Eco 419(8987) Apr 30, 2016 pp 63-64)

USA– FEDERAL RESERVE

"Fed concerns ease over state of global economy" – The Federal Reserve signalled that its concernsabout global economic and financial hazards had eased since its meeting in March, leaving the door open toa second increase in interest rates later this year. The central bank held rates at 0.25 per cent to 0.5 per cent,as expected, noting a slowdown in US economic growth and more sluggish household spending. A report.– (FT Apr 28, 2016 p 1)

"The Federal Reserve: DC hold' em" – How long will the Fed keep rates steady? An article. – (Eco419(8987) Apr 30, 2016 p 65)

– 6 –

BANCASSURANCE"Insurers promoted by non-bank entities to gain from easier bancassurance tie-up norms: There will

be no conflict of interest with bank-promoted insurance ventures: experts" – Insurers, particularlythose promoted by non-banking companies, are likely to see a major boost in insurance distribution, as bankscan now start selling products of multiple insurers. A report. – (HBL May 5, 2016 p 10)

BANK CAPITAL– PUBLIC SECTOR BANKS

Sabnavis, Madan – "State-run banks' recap plan faces rough weather" – For first nine months of FY16,net profits of 21 PSBs have fallen from Rs.26,500 cr in FY15 to Rs.4,100 crore. An article. – (ET May 4,2016 p 16)

BANK CONSOLIDATION– PUBLIC SECTOR BANKS

"10-member panel on cards for PSB mergers: Proposed panel will look at creating one or two largerbanks by merging small banks" – A 10-member committee is being set up by the government to identifysuitable candidates as it seeks to push consolidation among state-run banks, which number 27 including fivesubsidiaries of State Bank of India. A report. – (ET Apr 29, 2016 p 15)

BANK FRAUDS"12,000 cases of card, Net banking fraud in April-Dec: Govt" – Close to 12,000 cases of fraud related to

credit/debit cards and net banking were reported during April- December 2015, Parliament was informed. Asper the data made available by the Reserve Bank of India, 13,083 and 11,997 cases related to ATM/credit/debit cards and Net banking frauds were reported by the banks during 2014-15 and 2015-16. A report.– (HBL Apr 30, 2016 p 9)

– E-BANKING

"RBI working on norms to curb e-transactions frauds" – The RBI is working to put in place a regulatoryframework to address customer grievance and liability issues arising out of frauds in electronic transactions,according to the Government. A report. – (FE May 4, 2016 p 10)

BANK LENDING"Bank credit grows 9.7% in Dec quarter" – Scheduled commercial banks credit grew by 9.7% in the

quarter ended December helped by higher growth in advances of private sector banks, according to theReserve Bank of India (RBI). Bank credit registered a growth of 9.7% in December 2015 as compared toDecember 2014 largely due to the higher credit growth of the private sector banks. – (FE May 5, 2016 p 10)

– ROAD SECTOR

Chandra, Raghav – "Financing complexities for highways" – Given the liquidity squeeze, there is a cryingneed for significantly better coordination between the RBI and the banks to fully support the government'shighway development programme. An article. – (BS May 3, 2016 p 10)

BANKING REGULATORSinha, Suveen – "His name is Rajan and he says what he says" – An article. – (HT Apr 29, 2016 p 19)

BANKRUPTCY CODE"Bankruptcy Code: House panel prioritises workmen protection: Also wants to arm Code to deal

with cross-border insolvency" – What the panel wants: * Reduce time for various processes under theCode; * Encourage capacity-building for insolvency professionals; * Quickly set up regulatory body forinsolvency professionals, information utilities; * Raise awareness of the law among public, businesses andprofessionals. A report. – (HBL Apr 29, 2016 p 1)

– 7 –

"New bankruptcy code may take years to clean up debt mess" – A long-awaited Indian bankruptcy codemay soon win parliamentary approval, but struggling creditors - above all state banks trying to recover $100billion in bad loans - shouldn't start celebrating just yet. The measure marks a vital step towards completingIndia's quarter-century-old transition from socialism to a market economy that has so far been unable toadequately address what to do when companies fail. A report. – (FE May 3, 2016 p 11)

BANKS BOARD BUREAU– EXECUTIVE APPOINTMENTS

"Banks Board Bureau kicks off selection process for top jobs in public sector lenders: Interviewsfor MD posts in 3 PSBs to be held on May 16" – Taking its first big step, the newly-constituted BanksBoard Bureau (BBB) will on May 16 conduct the selection process for managing directors in three publicsector banks - Indian Overseas Bank, United Bank of India and Bank of Maharashtra. The key differencethis time round is that the RBI Governor will have no role in the selection process of senior managementpersonnel in banks. A report. – (HBL May 5, 2016 p 10)

CENTRAL BANKSGarzarelli, Francesco – "Central banks have safer options than a helicopter drop" – Fiscal policies will

contribute up to 50bp to real GDP growth this year. An article. – (FT Apr 27, 2016 p 24)

COOPERATIVE BANKINGSriram, M S – "Meanwhile in the cooperative world..." – An article. – (Mint May 4, 2016 p 10)

– RUPEE COOPERATIVE BANK

"RBI ex-banker on Rupee Bank board" – Former chief general manager of Reserve Bank of India, AchyutHirve was appointed as an additional member on the Rupee Co-operative Bank board. Hirve's appointment,made by state cooperation commissioner Chandrakant Dalvi, takes the total board members in the bank tofive. A report. – (TI May 5, 2016 p 4)

CYBER SECURITY"Banks warned of attacks targeting global payments 'nervous system'" – Banks using the Swift global

financial transaction system have been ordered to install an urgent software upgrade as cyber securityexperts warned of a repeat of February's raid on the Bangladesh Central Bank, one of the biggest robberiesin history. Settlement systems and Swift are in a different league. Central banks will be very concerned. Areport. – (FT Apr 27, 2016 p 1)

DIGITAL CURRENCYPopper, Nathaniel – "How does the virtual currency work?" – Bitcoin is both a virtual currency and an

online payment system - one that some people believe will transform the global financial system. But thedetails of this technology have remained a mystery to most. An article. – (IE May 3, 2016 p 9)

DISCLOSURE NORMS– NON-PERFORMING ASSETS

Rebello, Joel and Shukla, Saloni – "Disclosure norms: Banks now go the extra mile with the clean-upact" – Public sector banks have come clean on non-performing assets after RB's nudge, but now privatepeers Axis and ICICI have raised the corporate governance bar by disclosing loans likely to turn bad. Suchtransparency will help gain investor confidence. An article. – (ET May 4, 2016 p 16)

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E-WALLETS"E-wallets face a big challenger in Unified Payments" – As UPI gears up for its launch in June, e-wallet

players are worried they won't be able to keep up with its sweeping reach and the ease of use of its technology.A report. – (BS May 5, 2016 p 9)

FOREIGN BANKING– CITIGROUP

"Citigroup to bring voice recognition to Asia amid digital push" – Citigroup said it's set to be the firstmajor bank in Asia to roll out voice recognition technology to its retail customers, part of a move to upgradeits Internet and mobile banking offering across the region. Citigroup will roll out the voice recognition technologyin Singapore first, followed by Australia, Hong Kong, India and Taiwan over the next few months. A report.– (FE May 5, 2016 p 10)

GOLD MONETISATION SCHEME"Tirupati mulls shifting 7.5 tonne gold under monetisation scheme" – The Tirumala Tirupati Devasthanam

(TTD), which manages the world's richest Hindu temple of Sri Venkateswara, may move all of its 7.5 tonneof stashed gold to the Gold Monetisation Scheme (GMS), launched last year. A report. – (ET May 1, 2016 p 2)

INDUSTRIAL RELATIONS– TRADE UNIONS

Paul G D, Bino and Gupta Mahurkar, Pooja – "Are trade unions relevant in the Indian bankingsector?" – There are multiple views on the kind of impact trade unions have on organisations and theiremployees. The existing literature, however, is not critical or well researched. This study examines the effectof trade unions on job security, training and development, discrimination as well as the long-term performanceof organisations. It uses multiple units of analysis to absorb select organisational contexts based on broadthemes and voices of employee collectives and employees. It shows how unions can play a positive role byensuring improved corporate governance and service conditions, though these organisations have a tendencytowards internal fragmentation, discrimination and a high degree of political intervention. An article. – (EPW51(16) Apr 16, 2016 pp 69-79)

INTEREST RATE OPTIONS– INTEREST RATE RISK

"Bring on interest rate options, RBI" – A Reserve Bank of India-appointed expert committee headed by Prof PG Apte has chalked out a sensible, forward-looking framework for the introduction of interest rate options inthe country. Various interest rate derivative products, such as interest rate swaps, forward rate agreementsand interest rate futures, both exchange traded and available over the counter, have indeed been permittedsince 1999, so that banks and other entities can manage interest rate risks. An editorial. – (ET May 5, 2016p 12)

LOAN PRICING"Needed, a sunset clause for loans linked to earlier lending regimes: Or, the RBI can cap the fee a

bank can charge for making a switch from base rate to MCLR" – The introduction of the marginal costof funds-based lending rate (MCLR) from April 1 is yet another attempt by the RBI to come up with a newlending regime that is optimal for India. In the past, we have had the prime lending rate (PLR), benchmarkprime lending rate (SPLR) and base rate to name a few. A report. – (HBL May 5, 2016 p 10)

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MICROFINANCE INSTITUTIONS– SKS MICROFINANCE

Nayak, Mahesh – "Costly setback?" – SKS Microfinance's failure to win a small finance bank licence, evenas its competitors got them, is likely to hit its growth prospects hard. An article. – (BusT 25(9) Apr 25, 2016pp 62-67)

MONETARY POLICY"Rajan went with technical advisory panel's view on rate cut" – Reserve Bank of India (RBI) governor

Raghuram Rajan accepted recommendations of the technical advisory committee (TAC) to cut the policyrate at its monetary policy review on 5 April, according to minutes of TAC pre-policy meeting. Rajan alsoaccepted suggestions from committee members to ease liquidity in the system. A report. – (Mint Apr 29,2016 p 15)

– FISCAL POLICY

Vallee, Shahin – "Fiscal and monetary policy can be uneasy bedfellows" – An article. – (FT May 2, 2016 p 7)

NON-PERFORMING ASSETS"India's bank NPAs worst among Asian peers" – The Regional Economic Outlook for Asia, released by the

International Monetary Fund (IMF) shows that bank non-performing loans in India are 6% of total loans -way higher than its regional peers. The IMF data, however, doesn't seem to have taken restructured loansinto account. A graphical report. – (Mint May 4, 2016 p 1)

"Now, govt to focus on small borrowers in bad-loan clampdown" – Taking its battle against non-performingassets (NPAs) - loans that do not yield returns - a step further, the government has decided to ask banks tofocus on small-loan defaults, typically in the sub-Rs.1-crore category. However, loans to farmers will be keptout the purview of this measure in its entirety. A report. – (HT May 4, 2016 p 13)

"NPA woes to linger through FY17, predicts Morgan Stanley" – Brokerage house Morgan Stanleyhas said Reserve Bank's asset quality review (AQR), which led to a higher provisioning for bad loans, is notthe 'panacea' and the system will continue reporting stress in 2016-17 as well. A report. – (HBL Apr 29, 2016p 10)

Adhikari, Anand – "No private matter" – The scale of stressed loans in private and foreign banks surprisesmany, though they have been more open and clinical in tackling the problem. An article. – (BusT 25(9) Apr25, 2016 pp 20-21)

Dugal, Ira – "Is the financial sector's asset quality getting worse or better?" – An article. – (Mint Apr29, 2016 p 21)

Puntambekar, G L and Meher, Bharatkumar – "NPA management in Indian banks with special referenceto curative management strategies" – Banking Sector plays a pivotal role in the development of acountry. It can be said that there is direct relationship between the development of banks and the developmentof economy in a country. But the present scenario of banking sector seems so absurd due to uncontrollablesituation over the rising NPAs. Even though the various causes responsible for such NPAs are discovered bythe experts, still a proper step has not yet been taken. ln the year 2005 the Gross NPAs and Net NPAs were'48,399 crores and '16,904 crores respectively which increases to '1,64,462 crores and '90,000 croresrespectively in the year 2013.Banking sector of India has decided to introduce many strategies to control andrecover these NPAs. These strategies have been classified into two categories. In the first category thestrategies which have been implemented to recover the NPAs, hence these strategies are called as curativemanagement strategies. In the other category, strategies are implemented to take prevention before the loanamount becomes NPA. An article. – (SE 54(23) Apr 1, 2016 pp 26-40)

– 10 –

– LOAN WRITE-OFFS / LOAN RESTRUCTURING

"Stressed assets on the rise" – RBI Deputy Governor S S Mundra said the stressed assets (gross NPAs,restructured standard assets and written off accounts) for the banking system, which stood at 9.8 per cent asat the end of March 2012, moved up sharply to 14.5 per cent at the end of December 2015. During the sameperiod, the stressed assets for the PSBs spiked from 11.0 per cent to 17.7 per cent. – (IE Apr 30, 2016 p 11)

– PRIVATE SECTOR BANKS

"Bad loans of private banks balloon 62.5% in Q4: RBI-mandated review reveals ICICI, Axis havemost NPAs; outlook for others better" – With the RBI tightening provisioning norms, the bad debtproblem is knocking at the doors of private sector banks too. Cumulative gross non-performing assets (NPAs)of leading private sector banks, including ICICI Bank, Axis Bank, HDFC Bank, IndusInd Bank and YESBank, have surged 62.5 per cent to Rs.38,227.14 crore in the fourth quarter of 2016 compared to Rs.23,519.89crore in same quarter last year. A report. – (HBL Apr 30, 2016 p 1)

– PUBLIC SECTOR BANKS

"Panel examines NPAs in public banks" – Worried over rising bad loans, a parliamentary panel has suomotu decided to examine the non-performing assets (NPAs) of public sector banks (PSBs) that touchedRs.3.61 trillion at the end of December 2015. We examined chairpersons of the PSBs as well as governor ofReserve Bank (Raghuram Rajan), according to K V Thomas, chairman of the public accounts committee(PAC). Also he said now we have received the reply from the governor of the RBI a few days back and thatwill be further examined. It is on the basis of our observations, government appointed a high powered committeeto study about the NPA. – (Mint Apr 30, 2016 p 8)

PAYMENTS BANKS– AIRTEL PAYMENTS BANK

"Airtel Payments Bank to launch in second quarter of fiscal 2017" – Airtel Payments Bank will startservices in the second quarter of the current fiscal year, according to parent Bharti Airtel Ltd. Bharti also re-branded Airtel M-Commerce Services as Airtel Payments Bank. Kotak Mahindra Bank holds a 19.9% stakein the payments bank. A report. – (Mint May 4, 2016 p 13)

PEER-TO-PEER LENDING"P2P channels can change lending paradigm, say experts" – Industry experts have hailed the RBI's draft

paper on peer-to-peer (P2P) lending saying adequate regulation of this nascent industry can go a long way inchanging the credit flow paradigm by facilitating sustainable fund flow to a large section of the unbankedsectors. P2P lending is at a nascent stage with a total business size estimated at around US$ 5 billion. Areport. – (H May 4, 2016 p 6)

"RBI proposes P2P lending regulations: RBI says it would be 'prudent' to regulate P2P lendingbusinesses, proposes registering platforms as NBFCs" – The Reserve Bank of India (RBI) initiatedsteps to regulate the nascent and hitherto unregulated peer-to-peer (P2P) lending business. RBI has proposedregistering P2P lending platforms as non-banking financial companies (NBFCs). The banking regulator putout a discussion paper on P2P on its website. A report. – (Mint Apr 29, 2016 pp 1, 2)

"RBI starts meeting major players in P2P lending: May come out with final guidelines for the sectorby year-end" – As per current RBI regulations, the maximum rate of interest that an NBFC MFI cancharge is the lower of 10% more than its cost of funds and 2.75 times of the base rate of the top fivecommercial banks. A report. – (FE May 5, 2016 p 10)

PMJDY– FINANCIAL INCLUSION

Kale, Sumita – "Don't undermine the strides made by Jan-Dhan" – Paucity of information regarding theprogress of financial inclusion in India has been a major challenge. The situation is now changing, with databeing made available online. An article. This is the first of two article. – (BS May 4, 2016 p 8)

– 11 –

Kale, Sumita – "Jan-Dhan not perfect, but its progress is laudable" – The government scheme has a longway to go before its ultimate goals of universal financial inclusion and financial literacy are achieved. Yet byraising awareness and providing access to the full range of financial services in rural India, it has taken bigsteps forward. An article. The series is concluded; the first part appeared on May 4, 2016. – (BS May 5,2016 p 10)

PUBLIC SECTOR BANKS"Govt hires top consultants to assess hidden value of PSBs' non-core assets" – The government has

hired leading consultants, including McKinsey, Crisil, KPMG, PwC and Ernst & Young (EY), to estimate thehidden value of state-run banks' non-core assets, according to two persons familiar with the matter. 'Thefinance ministry has asked us to evaluate the total value of non-core assets held by individual PSU banks',according to a consultant involved in the process. A report. – (ET May 5, 2016 p 7)

Prasad, Bandi Ram – "Much maligned, more misunderstood" – Despite being weighed down on manyfronts, the performance of PSBs commends itself on the world stage. An article. – (HBL Apr 29, 2016 p 8)

– STAFF WELFARE FUND

"With profits dipping, PSB staff fear cutback in allocation to welfare fund: Rather than net profit,union wants operating profit to be basis for calculating fund allocation" – Fearing that allocation tostaff welfare funds could get curtailed due to the likelihood of some public sector banks either posting a lossor a sharp decline in net profit for the second quarter on a trot, a bank employees' union has sought theintervention of the Indian Banks' Association to change the way the allocation is made. Currently, staffwelfare fund for public sector banks is pegged at 3 per cent of net profit, subject to yearly ceiling. In the caseof SBI, the maximum yearly ceiling for the fund is Rs.100 crore. A report. – (HBL May 5, 2016 p 10)

RURAL BANKINGPuri, Aditya – "Banking on Bharat" – Banks must look at rural and semi-urban markets to expand their

network. They will find a veritable treasure trove. Rural banking is not just about providing customisedinnovations. There's a large market for an entire suite of products - car loans, two-wheeler loans, tractorloans, light commercial vehicle loans, small working capital loans to traders, personal loans, gold loans,commodity finance, along with the more conventional agricultural credit. There's also a strong demand forsavings products, ranging from basic savings accounts to recurring deposits and life and general insuranceproducts. Digitisation of banking has helped access a wider range of customers in rural India. An article.– (IE May 3, 2016 p 11)

SMALL FINANCE BANKS– PRIORITY SECTOR LENDING

"Small finance banks can trade on priority sector loan certificates" – Small finance banks, the mostrecent entrants into the banking space, could play a 'significant' role in supplying priority sector loan certificatesas originators. According to India Ratings, small finance banks, along with urban co-operative banks, couldissue priority sector loan certificates of Rs.40,000-50,000 crore, roughly 15 per cent of the rating agency'sprojected priority sector loans shortfall of Rs.3.1 lakh crore in fiscal 2019-20. A report. – (HBL May 4, 2016 p 10)

STRATEGIC DEBT RESTRUCTURINGDhamija, Sanjay – "Strategic Debt Restructuring at Gammon India Limited" – An article. – (ET May

3, 2016 p 14)

WILFUL DEFAULTER– STATE BANK OF INDIA

"Want to see actual cash on table from Mallya, says SBI" – In a retort to Vijay Mallya's interview on hiswillingness to settle loan dues with banks, State Bank of India chairman Arundhati Bhattacharya has said shewants to see 'actual cash'. 'The willingness seems to be there, we will have to test that out. I want to seeactual cash... I don't want to see ifs and buts,' the SBI chief said in an interview. – (HT May 4, 2016 p 13)

– 12 –

WILFUL DEFAULTERS– NON-PERFORMING ASSETS

"Wilful defaulters owe Rs.66k cr to govt banks: Rs.1.73 lakh crore of public sector bank stuck in top100 non-performing accounts as on December 2015" – There were 7,686 wilful defaulters owingRs.66,190 crore to state-owned banks as on December 2015, Jayant Sinha, minister of state for finance, toldRajya Sabha. Sinha also said that the total outstanding amount in top 100 non-performing accounts (NPAs)with public sector banks (PSBs) was Rs.1.73 lakh crore as on December 2015. At the same time, the top 50defaulters of public sector banks had an exposure of Rs.1.21 lakh crore. A report. – (BS May 4, 2016 pp 1, 4)

WORKING CAPITAL LOANS"RBI clamps down on 'working capital' loans: Banks told not to clear long-term credit in the garb of

working capital loans of up to 10 years to stressed accounts" – By taking working capital and not aterm loan, a stressed account can escape being classified as a restructured account. A report. – (Mint May3, 2016 p 3)

RBI CIRCULARS"Auction of Government of India Dated Securities" – (RBI Circular RBI/2015-2016/389 Ref. No. IDMD/

2465/08.02.032/2015-16 dated 02.05.2016)

"Currency Distribution & Exchange Scheme (CDES) for bank branches based on performance inrendering customer service to the members of public" – (RBI Circular RBI/2015-2016/393 DCM(CC) No.G-10/3352/03.41.01/2015-16 dated 05.05.2016)

"Discontinuation of Statements on Special Agriculture Credit Plan (SACP)" – (RBI Circular RBI/2015-2016/391 FIDD. No. FSD. BC.24/05.05.014/2015-16 dated 05.05.2016)

"Foreign Exchange Management (Deposit) Regulations, 2016" – (RBI Circular RBI/2015-2016/390A.P. (DIR Series) Circular No. 67 dated 05.05.2016)

"Transactions in derivatives by regulated institutional entities on electronic platforms" – (RBI CircularRBI/2015-2016/392 FMRD.DIRD.No.9/14.03.01/2015-16 dated 05.05.2016)

AGRICULTURE & RURAL DEVELOPMENT

RURAL CREDIT– SELF-HELP GROUPS

"Via bank linkage programme: SHG rural credit raises 40% to Rs.30,000 Crore in FY16: Statesincluding Bihar, Jharkhand, Uttar Pradesh saw near doubling of credit demand" – Rural creditraised by self-help groups in India through their bank linkage programme grew more than 40% in 2015-16 toabout Rs.30,000 crore, providing a glimmer of hope for the rural economy grappling with an acute drought,poor farm output and a tough agriculture market. The self-help groups or SHGs have mobilised credit ofabout Rs.70,000 crore since they were formed in 2011 to fund creation of social capital in villages that couldlift non-farm jobs. A report. – (ET May 4, 2016 p 13)

RURAL ECONOMY"India's rural economy: Dry times" – Meagre rainfall is only part of the problem for India farmers. An

article. – (Eco 419(8987) Apr 30, 2016 pp 61-62)

– 13 –

INDUSTRY

E-COMMERCEShashidhar, Ajita – "Time to reinvent" – The recent FDI guidelines entail that Indian e-commerce companies

think beyond deep discounts to lure consumers to shop online. An article. – (BusT 25(9) Apr 25, 2016 pp 36-38)

HDFC"HDFC Q4 standalone net profit soars 40%" – Mortgage lender Housing Development Finance Corporation

(HDFC) reported a 40% year-on-year rise in its standalone net profit for the March quarter at Rs.2,607.05crore, booted by a profit of Rs.1,520 crore on sale of investments in Q4 FY16. A report. – (FE May 3, 2016p 10)

"Why HDFC hopes to sustain spreads in a falling-rate regime" – An interview with Keki Mistry, Vice-Chairman and CEO, HDFC. Historically, the lender spreads have ranged between a low of 2.02 and 2.35 percent. Obviously non-retail loans have a higher spread but the risk weight is higher and so we need to providemore capital when we provide non-individual loans. – (HBL May 4, 2016 p 6)

INFRASTRUCTURE FINANCE"Spending on infrastructure picked up steam in FY16" – Spends by the government and public sector

companies on infrastructure projects rose sharply in 2015-2016. While the value of tenders floated rose 58%to Rs.6.24 lakh crore, contracts worth Rs.3.4 lakh crore were awarded, an increase of 33%, Emkay Researchestimates. A report. – (FE May 4, 2016 pp 1, 2)

INFRASTRUCTURE SECTOR"Core sector expands 6.4% in March to 16-month high" – The combined output of eight crucial

infrastructure sectors jumped to a 16-month high of 6.4 per cent in March due to a double-digit growth inrefinery products, fertilisers, cement and electricity. Data released by the commerce ministry showed theeight core industries - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -had a cumulative growth of 2.7 per cent in the financial year 2015-16 ended March. However, this was lowerthan 4.5 per cent for the previous financial year. A report. – (BS May 3, 2016 p 4)

LIC– BANK STOCKS

"LIC itself has bad loans of well over Rs.12,000 crore" – While a lot has been said about the rising badloans of banks, India's leading life insurer, Life Insurance Corporation (LIC), has non-performing assets(NPAs) of its own to worry about. According to LIC's 2014-15 annual report, it had gross NPAs amountingto 3.3 per cent (Rs.12,230 crore) of its total 'debt' (the term it uses). This had risen to 4.23 per cent as ofDecember 2015. These figures are close to those reported by a few banks during the December quarter -SBI (5.1 per cent of loans), ICICI Bank (4.7 per cent), Syndicate Bank (4.6 per cent) and Vijaya Bank (4.32per cent). LIC's bad loans have been steadily rising over the last five years. In 2010-11, its GNPAs were atjust 0.95 per cent. LIC's total 'debt' of about Rs.3,70,625 crore as of March 2015, is actually higher thanHDFC Bank's loan book of about Rs.3,65,495 crore in the FY15 fiscal. A report. – (HBL May 3, 2016 p 1)

"Why LIC took a shine to bank stocks in FY16: Raised holding in private, public sector lenders inthe face of the sector's bad-loan problems" – The rising bad loan level in the banking system did notdeter Life Insurance Corporation of India (LIC), the country's largest life insurer, from betting big on bankstocks in 2015-16. The state-owned insurer raised its shareholding in many banks, including Allahabad Bank,Axis Bank, Bank of Baroda, Canara Bank, IDBI Bank, ICICI Bank, Indian Overseas Bank, Oriental Bankof Commerce, and Punjab National Bank during the last financial year. A report. – (HBL May 3, 2016 p 1)

– 14 –

– PUBLIC SECTOR BANKS

"LIC: Lot of bank shares, few votes: Banking law caps voting rights at 10% and insurer's holding isover this limit in 18 banks" – An Extraordinary General Meeting (EGM) of public sector lender Bank ofIndia (BoI) will consider approval of a preferential issue of shares to Life Insurance Corporation of India(LIC). LIC will get 1.6 million shares at Rs.96.63 each, a slight discount to the market price of Rs.97.95.Even so, there's a rider. The bank has mentioned in the EGM notice that: 'The voting of LIC is restricted to10 per cent of the total voting. Hence, issuance of fresh shares will not increase their voting right.' A report.– (BS Apr 29, 2016 p 12)

MANUFACTURING"Manufacturing PMI cools in April" – Manufacturing activities in the country were close to stagnation in

April against eight-month high growth in March as the new orders remained flat, according to the widely-tracked Nikkei purchasing managers index (PMI) survey. The survey showed that PMI fell to 50.5 in Aprilfrom 52.4 in March. Fifty is a point of stagnation with a reading below showing contraction and one abovedenoting expansion. A report. – (BS May 3, 2016 p 4)

INTERNATIONAL ECONOMICS"Return on investment" – The current unfavourable global economic environment can have long-term

implications for some countries in the developed world. As noted in a recent report by McKinsey GlobalInstitute, compared with the last three decades, returns to investors in Western Europe and the US will bemuch lower in the next 10-20 years. A quick edit. – (Mint May 5, 2016 p 3)

Roubini, Nouriel – "The global growth funk deepens" – Rise in income and wealth inequality exacerbatesthe global saving glut, a counterpart of the investment slump. An article. – (Mint May 5, 2016 p 23)

CHINA"The growing effects of China's failure to reform" – Beijing must ensure that future stimulus is more

profitably deployed. An editorial. – (FT Apr 28, 2016 p 8)

EURO-ZONE"Eurozone growth bounces back" – The eurozone economy grew faster than US and UK in the first quarter,

finally surpassing its pre-crisis level of output after eight painful years of crises and near stagnation. Growthof 0.6 per cent in the first quarter was helped by a surprisingly robust performance by France. The betterthan expected figures took overall gross domestic product past the peak it hit in the opening quarter of 2008.A report. – (FT Apr 30, 2016 p 1)

INDIA– CHINA

"IMF warns of increasing inequality in India, China: Fund points to problem with redistribution ofincomes as high growth rates are not reducing inequality" – The International Monetary Fund (IMF)has warned that both India and China face the social risk of growing inequality. By implication, it is suggestingthat there is a problem with the redistribution of incomes in both these economies as high economic growthrates are not reducing inequality. A report. – (Mint May 4, 2016 p 3)

USA"The curse of slow growth afflicts the US economy" – The Fed should be much more explicit about keeping

rates on hold. An editorial. – (FT Apr 30, 2016 p 8)

"Slowdown in US growth sparks doubts over economic durability" – The US economy grew at itsslowest pace in two years during the first three months of 2016, raising questions over the durability of its

– 15 –

seven-year expansion at a time of global uncertainty. Gross domestic product rose 0.5 per cent - less thanhalf the rate of the previous quarter - thanks to falling corporate investment and lower exports. The numberswere also held back by a deceleration in consumer spending growth, despite rising personal incomes .Areport. – (FT Apr 29, 2016 p 1)

"US economy grew 0.5% in first quarter" – The American economy settled into the slow lane last quarter,as consumers took their foot off the gas and businesses grew more cautious as well. The 0.5% growth ratein the first three months of 2016, which the Commerce Department reported, continued a downshift thatbegan late last year. A report; – (FE Arp 29, 2016 p 16)

CURRENCY MARKETSEl-Erian, Mohamed A – "Note the point: Why currency markets seem erratic" – An article. – (HBL

May 3, 2016 p 9)

El-Erian, Mohamed A – "Why currency markets seem erratic" – An article. – (Mint May 3, 2016 p 31)

ENVIRONMENT– CLIMATE CHANGE

Rao, V Mohan – "Global climate change" – An article. – (SE 54(23) Apr 1, 2016 pp 7-9)

FUND MANAGEMENT"Global fund management" – A weekly report. – (FT May 2, 2016 Supl. pp 1-16)

IMF"Rajan slams bureaucracy in IMF: IMF should be quick to provide liquidity in crisis" – Rajan suggested

that IMF should continue to try to persuade countries to fill gaps in global safety net. A report. – (ET Apr 29,2016 p 12)

LABOUR & PERSONNEL MANAGEMENT

HUMAN RESOURCES"HR in changing times" – HR leaders from Delhi discussed the need for newer strategies to prepare for the

future. An article. – (BusT 25(9) Apr 25, 2016 pp 104-105)

PROVIDENT FUND"Govt increases EPF interest rate to 8.8%" – In the third roll-back in two months, the government raised

interest rate on Employees' Provident Fund (EPF) contributions to 8.8 per cent for 2015-16, against 8.7 percent approved by the finance ministry last week. – (BS Apr 30, 2016 p 4)

MANAGEMENT

INDEPENDENT DIRECTORSMohanty, Pitibas and Mitra, Supriti – "Independent directors or toothless tigers?" – They do not

impact performance or protect minority shareholders. Changes in the law could help raise the bar. An article.– (HBL May 5, 2016 p 9)

LEADERSHIPMartins, Heitor and Khanna, Somesh – "What makes Silicon Valley firms successful" – For all the tech

advances in the Valley, it's the region's longstanding leadership in business model innovation that offers thedeepest insights. An article. – (Mint May 4, 2016 p 22)

– 16 –

MANAGEMENT EDUCATION"Seven IIMs hiked tuition fees in past two years: IIM Lucknow topped with an increase of 29.6%,

while IIM Ahmedabad saw the smallest change at 5%" – Seven Indian Institutes of Management(IIMs) hiked course fees by 5% to 30% in the past two academic years, the human resource developmentministry. IIM Lucknow topped with a hike of 29.6%, while IIM Ahmedabad saw the smallest change at 5%,the same as IIM Shillong. IIM fees have been in the range of Rs.10 lakh to Rs.19.5 lakh for the flagshippostgraduate programme in management. A report. – (Mint May 3, 2016 p 7)

"To prep students for new economy, B-schools revamp their curricula" – Entrepreneurship workshops,global exposure are all part of the course now. From compulsory courses on entrepreneurship to commerceand design thinking, the digital revolution and the rise of the e-commerce sector has forced most leadingbusiness schools to evolve their MBA curricula. What are the institutions up to?: * SPJIMR has launched acourse in digital marketing in collaboration with industry representatives; * IIM-Bangalore has an entrepreneurialdevelopment centre to nurture student-run ventures; IIM-Indore offers workshops on entrepreneurialorientation; * digital marketing, e-commerce are part of core courses; * IIM-Kozhikode offers electivecourses on entrepreneurship and new ventures. A report. – (HBL May 5, 2016 p 6)

WOMEN DIRECTORS"India's most wanted women directors" – They are professionals in their own right, they have done as well

as their male counterparts (and even better!), and they have risen from the ranks. They count among leadingcorporate executives, bankers, lawyers and academicians. And, now they are among the most sought-afterin the boardrooms of leading listed companies. More so, after the Companies Act 2013 and SEBI guidelinesthat followed made it mandatory for all listed companies to have at least one woman on their boards - eitheras an executive or a non-executive director - before April 1, 2014. A report. – (HBL May 3, 2016 p 1)

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