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Thursday, September 13, 2018

Exports up 19.21% in August; trade deficit at $17.4 bn
India's exports grew by 19.21 per cent to USD 27.84 billion in August on account of healthy performance by sectors such as petroleum. "Export trade during August 2018 recorded at USD 27.84 billion, a positive growth of 19.21 per cent. Exports excluding Petroleum also reported a positive growth of 17.43 per cent," Commerce and Industry Minister Suresh Prabhu said in a tweet. Merchandise imports too rose by 25.41 per cent in August to USD 45.24 billion due to the rising crude oil prices, leaving a trade deficit of USD 17.4 billion. In July, trade deficit soared to a near five-year high of USD 18.02 billion. During April-August this fiscal, the exports recorded a growth of 16.13 per cent, while the imports during the first five months of this fiscal grew by 17.34 per cent.

'Banks need to take 40-60% haircut to get RP4 rating'
With bad loans worth over Rs 50,000 crore under RBI's independent credit evaluation (ICE) framework, a report said Wednesday that banks need to take a haircut of 40-60 per cent to have a rating of RP4 for implementation of any resolution plan. According to the Reserve Bank of India's February 12 circular, all resolution plans with an opinion or rating of RP4 are considered to have moderate degree of safety regarding timely servicing of financial obligations. RBI in its revised framework had said all resolution plans involving restructuring or change in ownership for large accounts where the aggregate exposure of lenders is Rs 100 crore and above would require ICE of the residual debt by credit rating agencies (CRAs).

Bank credit rose by 13.49%; deposits by 8.9%
Bank credit grew by 13.49 per cent to Rs 87,89,259 crore in the fortnight ended August 31, according to recent RBI data. In the year-ago fortnight, bank advances was at Rs 77,44,237 crore. In the reporting period, the growth in advances was higher than the previous fortnight ended August 17, 2018, when it had grown at 12.94 per cent to Rs 86,75,129 crore. In the fortnight ended August 31, 2018, deposits grew by 8.88 per cent to Rs 116,45,870 crore from Rs 106,96,099 crore in the fortnight ended September 1, 2017, the RBI data showed. Deposits grew at 8.31 per cent to Rs 106,28,428 crore in the fortnight ended August 18, 2017.

Saraswat Bank centenary celebrations
Saraswat Bank, the country’s largest Urban Co-operative Bank founded in 1918, will be completing 100 years of banking on 14th September, 2018. Saraswat Bank was initially established as a credit society. By 1933, the credit society grew substantially and was converted into a full-fledged ‘Co-operative Bank’. Over a period of time, the Bank transformed into the country’s largest Co-operative Bank. The Centenary celebrations will be held on September 15, 2018 in Mumbai. Pranab Mukherjee – Former President of India, Sharad Pawar – President, Nationalist Congress Party and Uddhav Thackeray – Party President, Shiv Sena have consented to grace the occasion. The Bank, spread over 281 branches in Maharashtra, Goa, Karnataka, Gujarat, Madhya Pradesh and Delhi reported a Total Business of Rs.58,526 crore with Deposits of Rs.35,057 crore and Advances of Rs.23,469 crore as on 31st March, 2018.

Over 100 brokerage firms under Sebi scanner in NSEL case
More than 100 brokerage firms, including several big names, have come under capital market regulator Sebi's scanner for allegedly defrauding investors of over Rs 4,000 crore in the high-profile NSEL case, officials said Wednesday. While proceedings are already underway against five brokers (Anand Rathi Commodities, Geofin Comtrade, Motilal Oswal Commodities Broker, Phillip Commodities India Pvt Ltd and India Infoline Commodities), Sebi has identified 111 other brokerage firms under its jurisdiction for further possible action for allegedly defaulting on payments on the erstwhile National Spot Exchange Ltd (NSEL) platform.

NCLT, Ahmedabad approves merger of NMCE with ICEX
On August 27, 2018 the NCLT, Ahmedabad approves merger of NMCE with ICEX effective from 7th September, 2018. The merged entity will retain the name of ICEX. New board is to be re-constituted soon. MD & CEO of ICEX, Sanjit Prasad said “Merger shall result into synergy with increase in overall depth of product offerings, addition of members & their clients and the well diversified experience manpower. We thank respective boards and shareholders for making this merger through.” The merger creates India’s third largest commodity derivatives exchange offering a wide range of commodity contracts. The merged entity draws on support from its prominent shareholders such as MMTC, Indian Potash, Krishak Bharti Cooperative (KRIBHCO), IDFC Bank, Indiabulls Housing Finance, Reliance Exchangenext, Bajaj Holdings, Central Warehousing Corporation, Punjab National Bank and Gujarat Agro Industries.

Govt raises ethanol price for blending in petrol by 25%
The government on Wednesday approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol in a bid to cut surplus sugar production and reduce oil imports. The Cabinet Committee on Economic Affairs raised the procurement price of ethanol derived from 100 per cent sugarcane juice to Rs 59.13 per litre from the current rate of Rs 47.13, Oil Minister Dharmendra Pradhan told a news conference. The price for ethanol produced from B-heavy molasses was hiked to Rs 52.43 a litre from the current Rs 47.13 but that for ethanol produced from C-heavy molasses was reduced marginally to Rs 43.46 from Rs 43.70.

AIOCD bandh against E-Pharmacies: J S Shinde
All India Organisation of Chemists & Druggist (AIOCD) country’s largest Organisation of Chemists & Distributors has made its stand clear that Organisation oppose “Online Sale of Medicine”.  All India Chemists One Day Bandh has been declared on September 28, 2018 to protest against any move by Central Govt. allowing Sale of Medicines through internet or allowing E-pharmacies to operate in India in any form. J. S. Shinde, President, All India Organisation of Chemists & Druggist (AIOCD) said, “AIOCD made repeated appeals by memorandums to Central Govt., Concern Ministers, and Departments, State Food & Drug Administration citing numerous cases of illegal Online Sale of Medicines by so called e-pharmacies, portals or internets and observed two times One Day All India Chemists Bandh and 8 hours work to rule, to sensitize the seriousness of this issue.”

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