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Tuesday, November 14, 2017

IT spend by banks, security firms to cross $9 bn: Gartner
IT spending in Indian banking and securities firms is expected to grow by 11.7% to reach USD 9.1 billion this year, driven by investments in digital payments infrastructure, Gartner said yesterday. The transition of the Indian banking sector to a cashless society is creating many opportunities of technology investments into digital payments infrastructure, the research firm said in a report. "Indian banks are getting back on track after slower IT spending in the last two quarters, which was prompted by demonetisation," Gartner Principal Research Analyst Moutusi Sau said.

Bank of India Q2 profit rises 41% at 179 cr
State-owned Bank of India (BoI) has reported a 41.1% increase in net profit at Rs 179.07 crore for the quarter ending September following decline in bad loans. The bank had a net profit of Rs 126.84 crore in July- September, 2016-17. Total income rose to Rs 11,600.47 crore in the July- September quarter of 2017-18 whereas the figure was Rs 11,469.11 crore for the same quarter of previous fiscal, BoI said in a regulatory filing to stock exchanges. Asset quality improved for the bank as gross non- performing assets (NPAs) declined marginally to 12.62% of gross advances at the end of September 2017, from 13.45% a year earlier. Net NPAs also improved to 6.47% of net advances for the period under review, down from 7.56% a year ago.

Vijaya Bank Mumbai Region celebrates 87th Foundation Day
Vijaya Bank, Mumbai region celebrated Bank’s 87th Foundation Day on 3rd November,2017 at Vile Parle East in Mumbai. M V Nair, Former CMD, Union Bank of India & Dena Bank was the Chief Guest. Nair stressed the importance of Public Sector Banks in the today’s scenario and called upon the employees to provide improved customer service and contribute to the growth of the country. In connection with the Foundation Day celebrations various CSR activities were also organized. Ramesh Miglani, General Manager, RO, Mumbai welcomed the gathering & Girish Dalakoti, DGM, RO, Mumbai proposed vote of thanks.

HRAWI welcome govt's move on reducing GST to 5%
The Hotel and Restaurant Association of Western India (HRAWI) yesterday welcomed the government decision to reduce GST levied on food bills at restaurants to five% from the earlier 18%. This has made the GST rate uniform for all eateries across the country, HRAWI said in a release. However, restaurants in hotels with room tariffs of Rs 7,500 or above which will continue to levy GST rate of 18% and will continue to receive Input Tax Credit (ITC). "Reduction of GST rate to five% for all restaurants has come as a pleasant surprise. This is a big boost for the industry, which has been reeling under a slowdown for quite some time. This will definitely encourage the consumer to eat out again," HRAWI President Dilip Datwani said.

Axis Bank Wins Dale Carnegie Global Leadership Award 2017
Dale Carnegie Training India has announced Axis Bank as the winner of the prestigious Dale Carnegie Global Leadership Award 2017. Commenting on the awards, Pallavi Jha, Chairperson & Managing Director, Dale Carnegie Training India said, “Axis Bank, the winner of 2017 has set the bar high with their advanced people practices in the L&D space. The Global Leadership Award is a testament to each organization’s investment in their employees. I am glad to see how organizations today are prioritizing employee engagement, growth and satisfaction through innovations in learning & development.”

ATC to buy tower businesses of Voda, Idea for Rs 7,850 cr
Vodafone India and Idea Cellular -- which are slated to merge soon -- have decided to sell their respective tower businesses in India to ATC Telecom Infrastructure for Rs 7,850 crore. In a joint statement, the two companies said Idea will sell its entire holding in Idea Cellular Infrastructure Services Ltd (ICISL) while Vodafone will divest its business undertaking to ATC Infra. "In the event that the completion of the sale of the standalone tower businesses precedes the completion of the proposed merger of Vodafone India and Idea, Vodafone India will receive Rs 3,850 crore (USD 592 million) and Idea will receive Rs 4,000 crore (USD 615 million)," the statement added.

Idea shares down nearly 4% on disappointing Q2 show
Shares of Idea Cellular yesterday fell nearly 4% after the company posted a loss of Rs 1,106.80 crore for the second quarter this fiscal. The scrip ended at Rs 93.55, down 3.61% on BSE. During the day, it tanked 5.92% to Rs 91.30. At NSE, the stock closed 3.76% lower at Rs 93.35. Idea Cellular yesterday posted a loss of Rs 1,106.80 crore for the second quarter of the current fiscal, saying that the business was hit by pricing pressure and GST introduction in a "challenging" operating environment.

The National Co-Operative Bank inaugurates new branch at Ghodbunder
The National Co-Operative Bank Ltd. new state of the art branch at Ghodbunder. The branch was inaugurated on 15th October 2017 by Dr. Mahendra Kalyankar (IAS), Collector Of Thane in presence of Arun R Patil, Chairman and Prakash V Page Vice-Chairman and Madhav J. Prabhune CEO and Sanjay Benke Manager, The National Co-operative Bank Ltd.

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