Volume XXXI Number 6 November 9, 2015

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 14

D. INDUSTRY 14

E. SMALL SCALE INDUSTRY 14

F. INTERNATIONAL ECONOMICS 15

G. LABOUR & PERSONNEL MANAGEMENT 15

H. MANAGEMENT 16

I. MISCELLANEOUS 16

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BANKERS' BRIEF Vol. XXXI No. 6November 9, 2015

ECONOMY"Fiscal deficit at 68.1% during April-Sept" – Helped by higher dividends and tax receipts, the Centre fiscal

deficit was contained at Rs.3.78 lakh crore or 68.1% of the FY16 budget estimates in the first six months ofthe fiscal even after giving a good-enough booster dose to Plan Expenditure. In the first half of last fiscal, thefiscal deficit stood at 82.6% of the corresponding target. A report. - (FE Oct 31, 2015 p 2)

"GDP growth will cross 8% mark: Panagariya" – Expecting an upward revision in the first-quarter GDPnumber, NITI Aayog Vice-Chairman Arvind Panagariya said the economy will surpass 8 per cent growthrate in the current fiscal. Things are moving. The 7 per cent economic growth in first quarter will be revisedupwards. I still stand by my statement that we will cross 8 per cent economic growth this fiscal. A report. -(Mint Oct 31, 2015 p 13)

"India expected to grow 7.5% in FY16, higher next year: Moody's" – Projecting stable growth rate forIndia, Moody Investors Service said the economy would grow at 7.5 per cent in the current financial year andimprove marginally in the following year. We expect that India's real GDP will grow at 7.5 per cent in thefinancial year ending March 31, 2016 (FY16) and 7.6 per cent in FY17. These rates would be slightly fasterthan the 7.4 per cent recorded in FY15 and substantially better than FY12-14, it said in a report, adding'India's economic growth will remain stable'. The report also notes that India has weathered the recentvolatility in emerging markets much better than peers. A report. - (BS Nov 3, 2015 p 4)

"India on right track, but still has a long way to go: Nomura" – India's improvement in the ease of doingbusiness ranking is a reflection of the series of small steps announced by the government but there is still along way to go, according to a Nomura report. According to the Japanese brokerage firm, India is on the righttrack, but has a long road ahead. A report. - (HBL Oct 31, 2015 p 4)

"World Bank maintains 7.5% GDP growth forecast for India in FY16: Says acceleration will dependon public investments, exports picking up" – The World Bank has maintained its growth forecast forIndia at 7.5 per cent for 2015-16, but marginally lowered the projections for 2016-17 and 2017-18 to 7.8 percent and 7.9 per cent, respectively. The projection is, however, more optimistic than by other agencies suchas the International Monetary Fund, which has pegged India's GDP (gross domestic product) growth at 7.3per cent this fiscal. A report. - (HBL Oct 30, 2015 p 1)

"World Bank's ease of doing business ranking: India can be a Top 100 country in a year: KaushikBasu" – An interview with Kaushik Basu, Chief Economist, World Bank. He said the investors would belooking at eight or nine countries and trying to decide where they should go, their eyes quickly go to theranking and where the country stands. - (H Oct 29, 2015 p 15)

Bhattacharya, A K - "Fiscal gains no reason to celebrate yet: The challenge of achieving fiscal deficittargets for the next two years seems daunting" - An article. - (BS Nov 2, 2015 p 8)

Gokarn, Subir - "A fiscal framework for missions: Three components of a budgetary approach toincrease the prospects of missions succeeding" - An article. - (BS Nov 2, 2015 p 9)

ECONOMIC REFORMS"Jaitley signals slew of reforms in store: Measures to revive ailing power sector, changes in corporate

tax rates on the anvil, hints finance minister" – Signalling a spate of reforms in the coming days, financeminister Arun Jaitley said the government will announce measures to de-stress the ailing power sector andalso make public a list of exemptions to be removed before it lowers corporate tax rates in the next budget.A report. - (Mint Nov 5, 2015 Supl. p 1)

Rangarajan, C - "Reforms need to reach the needy" – Though reforms are aimed at increasing theefficiency through enhanced competition, they do not automatically result in growth. Neither does economicgrowth by itself translate into better social sector outcomes. A definite policy paradigm that prioritises social

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welfare is needed. Liberalisation is premised on the need to create competitive markets and should beextended to all sectors. Much remains to be done in regulating the pricing of natural resources and improvingthe agricultural productivity. An article. - (H Oct 29, 2015 p 10)

Sharda, Shailesh - "The path to sustainable, long-term growth" – An article. - (Mint Nov 5, 2015 Supl. p6)

EMPLOYMENTMaira, Arun - "Emerging challenges in job creation" – Old-fashioned policy solutions to create jobs and

generate skills will not work any longer. An article. - (Mint Nov 2, 2015 p 23)

FOREIGN TRADENarasimhan, C R L - "Tough challenges on the trade front" – In days to come, Indian policy makers have

to take cognisance of new trade blocs and alignments taking place. An article. - (H Nov 2, 2015 p 16)

SERVICES SECTOR"Services sector PMI at eight-month high in Oct: Surge in new business boosts numbers; will provide

some comfort to policymakers: survey" – India's services sector expanded at its fastest pace in eightmonths in October, largely aided by a surge in new business, which hit its highest since February, a privatesurvey showed. The Nikkei Services Purchasing Managers Index (PMI) rose to 53.2 in October from 51.3per cent in September. A report. - (HBL Nov 5, 2015 p 4)

BANKING

GENERAL"Moody's revises banking sector outlook from negative to stable" – International ratings agency Moody's

Investor Services revised its outlook on the Indian banking system to stable from negative, suggesting that theoperating environment for local banks is improving. The rating agency had maintained a negative outlook onIndian banks since November 2011. The stable outlook on India's banking system over the next 12-18 monthsreflects our expectation that the banks' gradually improving operating environment will result in a slowerpace of additions to problem loans, leading to more stable impaired loan ratios, according to Srikanth Vadlamani,Moody's vice-president and senior credit officer. A report. - (Mint Nov 3, 2015 p 10)

"Why Moody's is cautiously upbeat about the banking sector: The NPA situation is looking better,and policy is helping, says Srikanth Vadlamani" – An interview with Srikanth Vadlamani, Vice-Presidentand Senior Credit Officer for financial institutions at Moody's. There are two sectors where we still thinkthere is more pain to come from an under-recognition perspective - these are iron and steel, and power. -(HBL Nov 3, 2015 p 6)

Merchant, Krishna - "Too early to cheer Moody's bank upgrade" – An article. - (Mint Nov 3, 2015 p 18)

SOUTH INDIA"Banking on the south" - An advertorial and promotional feature. - (ET Oct 30, 2015 p 11)

- DIGITAL BANKING

"Southern winds of technology" – Digital Banking seems to be the biggest driver among the 'smart' Gen withbanking transactions quicker at the fingertips. - (ET Oct 30, 2015 p 11)

TAMIL NADU"A safe bet" – Service oriented mentality and focus on customer specific products has helped banks in Tamil

Nadu gain an edge. - (ET Oct 30, 2015 p 11)

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AXIS BANK"Axis Bank raises Rs.3,000 cr via bonds" – Axis Bank said it has raised Rs.3,000 crore by allotting non-

convertible debentures on private placement basis. The debentures will be listed on the Wholesale DebtMarket segment of both the BSE and the NSE, according to the bank. The debentures are rated 'AAA' byCrisil, CARE and ICRA. - (HBL Oct 31, 2015 p 10)

BANK OF BARODA

- FOREX SCAM

"After nine banks, seven more likely to come under ED lens: Modules run by seven hawala dealershave been using banking channels" – At least seven more banks may soon come under the EnforcementDirectorate (ED) scanner in connection with its investigation in the alleged Rs.6,100 crore Bank of Barodaillegal foreign exchange transfer case. A report. - (IE Nov 4, 2015 p 14)

- INTEREST RATES

"Bank of Baroda cuts bulk deposit rates by up to 60 bps" – Bank of Baroda has trimmed interest ratespayable on bulk deposits of Rs.1 crore and above across maturities, by 25 to 60 basis points. - (HBL Nov 5,2015 p 19)

BANK OF INDIA"Bank of India bags the Best Bank Award under the category 'use of technology for financial inclusion"

– Reserve Bank of India Governor Dr Raghuram Rajan handed over the Best Bank Award to the state-owned Bank of India under the category 'use of technology for financial inclusion' for the year 2014-15 in theeleventh edition of the Institute for Development and Research in Banking Technology (IDRBT) BankingTechnology Excellence Awards ceremony held recently at Hyderabad. - (ET Nov 2, 2015 p 6)

BANK OF MAHARASHTRA"Bank of Maharashtra bags two awards from IDRBT" – Bank of Maharashtra has bagged two prestigious

awards in the 11th Banking Technology Excellence Awards 2014-15 organised by IDRBT. The bank hasbeen awarded as the 'Best Bank among Mid-sized Banks'. - (ET Nov 2, 2015 p 6)

"Bank of Maharashtra: Un-audited (reviewed) financial results for the quarter/half year ended 30thSeptember, 2015" – An advertisement feature. - (HBL Nov 5, 2015 p 24)

CANARA BANK"Canara Bank profit down 16% on higher provisions" – Canara Bank reported a 16% decline in net profit

to Rs.529 crore for the quarter ended September 2015, against Rs.627 crore in the year-ago period. Higherprovisioning towards NPAs and interest rate fluctuations impacted the profitability. A report. - (FE Nov 5,2015 p 10)

"Canara Bank: Reviewed financial results for the second quarter and half year ended 30th September2015" – An advertisement feature. - (HBL Nov 5, 2015 p 3)

CITY UNION BANK"City Union Bank Ltd.: Unaudited financial results for the period ended 30th September, 2015" – An

advertisement feature. - (HBL Oct 30, 2015 p 3)

"City Union Bank profit increases 15%" – City Union Bank reported a 15-per cent jump in net profit in thesecond quarter of the current year over the previous comparable quarter. The bank reported a net profit ofRs.107.85 crore (Rs.93.75 crore) on a net interest income of Rs.240 crore (Rs.206.22 crore) for the quarter.Other income was Rs.94.52 crore (Rs.90.15 crore). Deposits grew 10 per cent to Rs.25,616 crore (Rs.23,152crore) and advances were up 12 per cent to Rs.18,935 crore (Rs.16,908 crore). A report. - (HBL Oct 30,2015 p 10)

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CORPORATION BANK"Corporation Bank to write off Rs.532-cr loan to REI Agro" – Corporation Bank said it will technically

write-off a Rs.532-crore loan given to REI Agro, which is under the CBI scanner for alleged loan fraud, inthe December quarter after making full provisions. A report. - (FE Nov 4, 2015 p 12)

FEDERAL BANK"Shalini Warrier is Federal Bank COO" – Federal Bank said that it has appointed Shalini Warrier as the

chief operating officer. Warrier, a Chartered Accountant, had a 25-year stint with the Standard CharteredBank, and last served as the chief executive and head of consumer banking for the British lender's operationsin Brunei. - (HBL Nov 3, 2015 p 10)

HDFC BANK"Customer is your wife and she changes every day" – Edited excerpts from an interview with Aditya Puri,

MD & CEO, HDFC Bank. For Puri, change is constant. The founding CEO of HDFC Bank doesn'tunderestimate competition - whether it is from another bank or, say, PayPal. In the last six months, there hasbeen blood on the floor: Puri has brought in dramatic changes that he believes would keep his bank head andshoulders above others in the years to come. - (ET Nov 4, 2015 p 18)

ICICI BANK"Expect corporate credit growth in double digits by end of year" – An interview with Chanda Kochhar,

Managing Director & CEO, ICICI Bank. She said we have always said we would grow higher than themarket in the areas that we choose to grow and this (retail loans) is one of those markets. - (FE Oct 31, 2015p 10)

"ICICI Bank Q2 profit rises 12% to Rs.3,030 cr: Strong growth in retail credit cushions againstweak corporate credit demand; asset quality remained steady" – For the September quarter, net profitat ICICI Bank rose 11.85% Rs.3,030.11 crore, compared with Rs.2,709 crore a year ago. A Bloomberg pollof 29 analysts had forecast a net profit of Rs.2,998.6 crore for the quarter. Net interest income (NII), or thecore income a bank earns by giving loans, increased 12.77% to Rs.5,251.48 crore from Rs.4,656.6 crore lastyear. Net interest margin (NIM) improved to 3.52% in the September quarter compared with 3.42% in thesame quarter last year. A report. - (Mint Oct 31, 2015 p 3)

"ICICI Bank to sell 9% more in general insurance arm for Rs.1,500 crore: Fairfax's stake will riseto 35%; Kochhar rules out IPO" – The Prem Watsa-founded Fairfax Financial Holdings will increase itsstake in ICICI Lombard General Insurance by nine per cent for Rs.1,550 crore. The deal, expected to beclosed by March, will take Fairfax's stake in the company to 35 per cent, while the remaining stake will beheld by promoter ICICI Bank. The deal values the general insurance company at Rs.17,225 crore. A report.- (BS Oct 31, 2015 pp 1, 3)

"ICICI Bank: Unconsolidated financial results" – An advertisement feature. - (BS Oct 31, 2015 Supl. p 1)

Merwin, Radhika - "Asset quality overhang a worry" – An article. - (HBL Oct 31, 2015 p 10)

IDBI BANK"IDBI Bank Limited: Unaudited financial results for the quarter/half year ended September 30,

2015" – An advertisement feature. - (HBL Nov 5, 2015 p 19)

"IDBI Bank Q2 net flat as bad loans rise: Incremental slippages have been coming down over thelast three quarters, says MD" – IDBI Bank's net profit growth was almost flat in the July-Septemberquarter at Rs.119.50 crore against Rs.118.50 crore in the same period last year. Profitability was weigheddown by a rise in bad loans and provisions towards the same. Sequentially, profit declined 12 per cent fromRs.135 crore. A report. - (HBL Nov 5, 2015 p 19)

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"New bank may lap up opportunity: IDBI Bank may be merged with private lender: SBI Caps askedto look at valuation and explore options for sale of govt stake" – The government has hired SBICapital Markets to draw up plans for the sale of a strategic stake in IDBI Bank and is open to a range ofoptions including merger with a non-state lender and preferential allotments to institutions of sound financialstanding. A report. - (ET Nov 5, 2015 p 1)

"We have increased focus on retail business" – An interview with Kishor Kharat, MD & CEO, IDBIBank. - (FE Nov 5, 2015 p 10)

- GOVERNMENT STAKE

"Govt looks at 3 options to reduce stake in IDBI Bank: Auction To Institutions, Sale In Stock MktsBeing Explored" – The government is looking at three options to shed its stake in IDBI Bank and lower itto 49% in the first such exercise in the public sector banking space. While no decision has been taken, theeasiest way to deal with the reduction in stake is to sell shares in small lots to the public through the stockexchange route but the mode is seen to be time consuming and may not realise the best value for thegovernment as the market would be able to beat the stocks. A report. - (TI Nov 4, 2015 p 21)

"No communication from govt on stake dilution" – Amidst reports that the government may divest a partof its stake in IDBI Bank to various State-owned entities, including Life Insurance Corporation of India andretail investors, the bank's chief said that no communication has been received from the Centre in this regard.- (HBL Nov 5, 2015 p 19)

IDFC BANK"IDFC Bank listing likely on 6 Nov" – IDFC Ltd said that shares of its newly launched IDFC Bank are

expected to list and trade on 6 November. Shareholders will have to wait for IDFC Bank shares to list andtrade to evaluate the value of their combined IDFC and IDFC Bank shareholding. - (Mint Oct 30, 2015 p 8)

INDIAN BANK"Indian Bank posts 17.5% increase in Q2 profit to Rs.369.31 crore" – Indian Bank reported a 17.5%

growth in net profit for the quarter ended September 30, 2015, to Rs.369.31 crore compared to Rs.314.33crore in the same quarter last fiscal. Total income during the quarter under review increased 5.5% to Rs.4,578.65crore against Rs.4,340.32 crore in the corresponding quarter of previous year. A report. - (FE Nov 3, 2015 p10)

"Indian Bank: Reviewed financial results for the quarter/half-year ended 30th September 2015" –An advertisement feature. - (HBL Nov 4, 2015 p 3)

INDIAN OVERSEAS BANK"Bank reform" – A quick edit. - (Mint Nov 2, 2015 p 1)

"Indian Overseas Bank's net loss for Q2 widens to Rs.550.83 crore" – Further weakening its financialhealth, Indian Overseas Bank (IOB) has posted a net loss of Rs.551 crore for the quarter ended September30, 2015, as compared to the net loss of Rs.245 crore in the corresponding quarter last fiscal. Total incomehas increased to Rs.6,770 crore from Rs.6,441 crore. The bank in a release said increased provisions fordomestic and overseas advances resulted in net loss of Rs.551 crore. A report. - (FE Nov 1, 2015 p 11)

"Indian Overseas Bank: Unaudited (reviewed) financial results for the quarter and half year ended30th September 2015" – An advertisement feature. - (FE Nov 2, 2015 p 16)

KARNATAKA BANK"Karnataka Bank net up 15.59% at Rs.102 crore in Q2" – Karnataka Bank reported a 15.59 per cent rise

in net profit at Rs.102.25 crore for the quarter ended September 2015. In the same quarter last year, the bankhad registered a profit of Rs.88.46 crore. The total income for the quarter increased 7.1 per cent to Rs.1,369

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crore from Rs.1,278 crore in the same quarter last year. The operating profit went up 3.6% to Rs.169 croreagainst Rs.163 crore a year ago. A report. - (FE Oct 31, 2015 p 10)

"Karnataka Bank: Reviewed financial results for the quarter and half year ended September 30,2015" – An advertisement feature. - (HBL Oct 31, 2015 p 9)

KOTAK MAHINDRA BANK"Kotak Mahindra Bank Limited: Unaudited consolidated financial results for the quarter and half-

year ended 30th September, 2015" – An advertisement feature. - (BS Oct 31, 2015 Supl. p 13)

"Kotak Mahindra Bank profit rises 31%" – Kotak Mahindra Bank Ltd said its net profit for the Septemberquarter rose 31.2% from a year ago due to higher net interest income (NII) and other income. The earnings,however, are not strictly comparable to last year's as the acquisition of ING Vysya Bank Ltd was effectiveas on 1 April 2015. Net profit for the quarter was at Rs.941.89 crore compared with Rs.718 crore a year ago.NII, or the core income a bank earns by giving loans, increased 43.85% to Rs.2,278.25 crore from Rs.1,583.8crore last year. A report. - (Mint Oct 31, 2015 p 6)

Merwin, Radhika - "Kotak: healthy earnings, stable loan book" – An article. - (HBL Oct 31, 2015 p 10)

LAKSHMI VILAS BANK"Lakshmi Vilas Bank rolls out co-branded credit card, health insurance products: Teams up with SBI

Card and Cigna TTK Health Insurance" – Lakshmi Vilas Bank has launched a co-branded credit cardin partnership with SBI Card, and health insurance products along with Cigna TTK Health Insurance. -(HBL Nov 4, 2015 p 12)

- BASE RATE

"LVB cuts base rate to 10.70%" – Lakshmi Vilas Bank lowered its base rate, or minimum lending rate, by0.25 percentage points to 10.70 per cent. A majority of the lenders have cut their offerings aggressively in anenvironment where credit growth is in the single digits and at multi-year lows. - (HBL Nov 3, 2015 p 10)

ORIENTAL BANK OF COMMERCE"OBC Q2 net up 3.4%" – Oriental Bank of Commerce (OBC) reported a marginal increase in net profit at

3.4% to Rs.301 crore for the quarter ended September 30, helped by stronger credit demand and easierdeposit costs. Gross non-performing assets (NPAs) rose to 5.7% in September from 4.74% a year ago andnet NPA ratio increased to 3.55% from 3.29%. A report. - (FE Nov 3, 2015 p 10)

"Oriental Bank of Commerce: Reviewed financial results for the quarter/half year ended September30th, 2015" – An advertisement feature. - (FE Nov 3, 2015 p 24)

PUNJAB NATIONAL BANK"PNB wants to sell its bad loans" – With a burgeoning of non-performing assets (NPAs), Punjab National

Bank wishes to sell as much as possible to asset reconstruction companies (ARCs). Gauri Shankar, executivedirector said the aim was to sell NPAs worth Rs.1,000-1,500 crore in the third and fourth quarters (October-April) of the financial year. A report. - (BS Nov 5, 2015 Pt.II p 2)

RBL BANK (RATNAKAR BANK)

- DIGITAL PAYMENTS

"Digital payment firm Oxigen partners RBL Bank for wallet mapping" – Digital payments companyOxigen Services (India) has partnered with RBL Bank to map its wallet, a move that will allow its two lakhretail points to act as RBL's banking correspondents (BCs) over the next two years, according to a topcompany executive. - (HBL Nov 2, 2015 p 14)

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RESERVE BANK OF INDIA"Deepak Singhal takes over as ED at RBI" – Deepak Singhal, who was earlier the regional director in-

charge of the RBI in New Delhi, took over as the new executive director at the RBI. - (FE Nov 3, 2015 p 11)

"Shaktikanta Das on RBI Central Board" – Economic Affairs Secretary Shaktikanta Das has been nominatedto the Central Board of Directors of the Reserve Bank of India. The nomination of Das is effective fromOctober 30, 2015. Das is a 1980 batch IAS officer of Tamil Nadu cadre. The Reserve Bank's affairs aregoverned by the Central Board of Directors. - (HBL Oct 31, 2015 p 1)

Bandyopadhyay, Tamal - "A near empty RBI board stares at govt" – An article. - (Mint Nov 2, 2015 pp1, 2)

STATE BANK OF INDIA"P K Gupta appointed managing director at SBI" – P K Gupta has taken charge as managing director of

State Bank of India. He will handle the portfolio of compliance and risk. He has been associated with SBI formore than three decades, having joined in 1982. - (FE Nov 5, 2015 p 11)

"SC to hear SBI plea for implementation of money recovery laws in J&K" – The Supreme Courtdecided to hear the State Bank of India's appeal seeking implementation of laws related to recovery ofmoney from loan defaulters in Jammu and Kashmir. A report. - (FE Nov 3, 2015 p 2)

STATE BANK OF PATIALA"State Bank of Patiala: Reviewed financial results for the half year ended 30th September 2015" – An

advertisement feature. - (FE Oct 30, 2015 p 23)

STATE BANK OF TRAVANCORE"SBT net profit zooms 436%" – State Bank of Travancore (SBT) logged a 436% increase in net profit to

Rs.102.8 crore during the second quarter of FY16, compared to the year-ago period. This surge has comethrough the contribution of non-banking income, including recoveries in written-off accounts and spurts in feeincome and trimming of interest costs. A report. - (FE Nov 3, 2015 p 10)

"State Bank of Travancore: Unaudited (reviewed) financial results for the half year ended 30.09.2015"– An advertisement feature. - (HBL Oct 31, 2015 p 22)

SYNDICATE BANK"Margins will come down because of reduction in the base rate" – Edited excerpts from an interview

with Arun Shrivastava, Managing Director and Chief Executive Officer, Syndicate Bank. - (Mint Oct 30,2015 p 27)

UCO BANK

- STRATEGIC DEBT RESTRUCTURING

"UCO Bank to propose debt rejig for REI Agro" – UCO Bank, the lead banker to REI Agro, is planningto propose a strategic debt restructuring (SDR) of the company to its lenders. The Kolkata-based Basmatirice export firm is alleged to have defrauded a consortium of 20 banks of Rs.3,814 crore, a matter which isbeing investigated by the Central Bureau of Investigation. If the SDR proposal is ratified, REI Agro would bethe third Kolkata-based company after Electrosteel Steels, in which the SDR route would be invoked toinstitute lenders control over the defaulting company. A report. - (BS Nov 4, 2015 p 4)

VIJAYA BANK"Best Bank Award for cyber security risk management (RBI)" - Dr Raghuram G Rajan, Governor,

Reserve Bank of India, handed over the Best Bank Award for Cyber Security Risk Management among

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Mid-size Banks to Vijaya Bank MD and CEO Mr Kishore Sansi at IDRBT Banking Technology ExcellenceAwards 2014-15. - (ET Nov 2, 2015 p 6)

YES BANK"Expect to contain credit cost in range of 50-70 bps" – Excerpts from an interview with Rana Kapoor,

Managing Director and Chief Executive Officer, YES Bank. - (FE Oct 30, 2015 p 10)

"Not looking at an equity tie-up with a payments bank" – YES Bank has said that instead of tying up withone payments banks player, they will look at multiple partners and so are not looking at an equity investment.We believe that multiple alliances are better than a restrictive single partnership. - (BS Oct 30, 2015 p 4)

"YES Bank net profit up 26.5%, asset quality worsens" – YES Bank reported a 26.5 per cent increase innet profit in the July-September quarter to Rs.610 crore from Rs.483 crore in the corresponding quarter ayear-ago. The profits rose on the back of robust growth in advances and higher other income, led by treasurygains. A report. - (BS Oct 30, 2015 p 4)

"YES Bank: Unaudited financial results for the quarter and half year ended September 30, 2015" –An advertisement feature. - (BS Oct 30, 2015 p 7)

Krishnan, Ravi - "YES Bank: Asset quality drops, guidance intact" – An article. - (Mint Oct 30, 2015 p18)

EUROPE

- EUROPEAN CENTRAL BANK

"ECB to focus on bank biz models" – Europe's banks operate in a challenging climate and regulators willfocus next year on ensuring they have viable business models and manage their non-performing loans, accordingto Daniele Nouy, Europe's top banking supervisor. A report. - (HBL Nov 5, 2015 p 19)

GREECE"Greek banks need $15.8 billion to get back on track" – The European Central Bank says Greece's

battered banks need Euro 14.4 billion ($15.8 billion) in fresh money to get back on their feet and resumenormal business. The figure announced is the result of an ECB review of Greece's four main banks followingan agreement on the troubled country's third bailout: Euro 86 billion ($94.6 billion) from other euro zonegovernments in August. The review is an important step toward ending limits on bank customer withdrawalsand transfers that continue to hamper businesses as the Greek economy struggles to recover. A report. - (IENov 1, 2015 p 16)

JAPAN

- BANK OF JAPAN

Harding, Robin - "Credibility on the line" – The Bank of Japan's monetary easing provided the fuel forAbenomics. But as the economy stalls it governor must decide whether to expand the plan or accept it is notworking. An article. - (FT Oct 29, 2015 p 7)

USA

- BANK CAPITAL

"Banks face capital call for commodity disaster costs" – US banks that handle physical commodities willbe forced to hold large capital cushions under Federal Reserve plans to hedge against costly disasters such astanker spills or gas pipeline explosions. The Fed wants to use capital charges to discourage banks from riskyactivities involving hazardous materials that could threaten their survival in the event of a catastrophe, accordingto people briefed on the matter. A report. - (FT Nov 4, 2015 p 1)

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- FEDERAL RESERVE

"Door open for December rate rise as Fed wrongfoots investors" – The Federal Reserve droppedprevious warnings about the global financial and economic risks posed to the US economy as it signalled thatan increase in short-term rates may be on the table at its December meeting. A report. - (FT Oct 29, 2015 p1)

"Fed's rate hike signal" – A quick edit. - (Mint Oct 30, 2015 p 1)

"Fed's updated model of economy suggests it's time to raise rates" – The Federal Reserve Boardreleased an updated version of its large-scale model on the US economy that may hold clues into why policymakers pivoted at their meeting earlier this week toward a December interest-rate increase. A report. - (BSNov 2, 2015 p 6)

Dugal, Ira - "US Fed's view on global economy smacks of short-termism" – An article. - (Mint Oct 30,2015 p 21)

Rogoff, Kenneth - "Fed's communication breakdown: US Federal Reserve must clean up itscommunication strategy before exiting near-zero interest rates" – An article. - (BS Nov 4, 2015 p 11)

BANK CAPITAL

- PUBLIC SECTOR BANKS

"Finmin to resolve RBI-Irda tiff over T-1 capital bonds: RBI says move may be an important sourcefor raising the Basel-III compliant tier-1 capital" – The finance ministry has stepped in to resolvedifferences between the banking and insurance regulators over whether insurance companies should providecapital to state-run banks. The Insurance Regulatory and Development Authority of India (Irda) has stronglyopposed a proposal backed by the banking regulator, Reserve Bank of India, to allow insurers to invest in theadditional tier-1 (AT-1) capital instruments issued by banks. A report. - (ET Nov 4, 2015 p 15)

BANK FRAUDS"Loan fraud: RBI questions banks for lending Rs.5,253 cr" – Four days after the CBI registered cases

against a Kolkata- based company, it has emerged the RBI redflagged loans given to the firm seven monthsago, virtually indicting banks for not acting in one of India's largest banking frauds. In a confidential letter tothe department of financial services (DFS), the Reserve Bank of India raised uncomfortable questions aboutthe role of banks that had lent a colossal Rs.5,253 crore to REI Agro Limited case. The Basmati rice tradingfirm availed the credit from a consortium of 21 banks. A report. - (HT Oct 30, 2015 p 13)

BANKRUPTCY CODE"Going for broke: Lenders to get greater say on assets" – Setting the stage for the long-delayed insolvency

reform that would help faster unlocking of distressed corporate assets and boost creditors' ability to recoverdebts before they are truly sunk, a committee appointed by the NDA government proposed a comprehensive,modern bankruptcy code with attendant institution-building and creation of the requisite pool of professionals.Banks, which have been grappling with stressed assets, particularly in sectors such as real estate andinfrastructure, are set to get a freer hand in recovering their dues before the value of their investmentsdeteriorates too much. The Bankruptcy Law Reforms Commission led by former law secretary T KViswanathan has proposed ways to check the delaying tactics of corporate borrowers and help lenders totake management decisions in defaulting companies to trigger business recovery and in cases where it is notpossible, for liquidation. A report. - (FE Nov 5, 2015 pp 1, 2)

CENTRAL BANKINGRoach, Stephen S - "The wrong war for central banking: Inflation-targeting was once essential to limit

runaway price growth. Today, it is counterproductive" - Central bankers are aiming their weapons inthe wrong direction. It is time for them to turn their policy arsenal toward today enemy: financial instability.An article. - (FE Nov 2, 2015 p 6)

– 10 –

COOPERATIVE BANKING

- ABHYUDAYA CO-OP. BANK

"Abhyudaya Bank bags IDRBT Best Bank Award" – Abhyudaya Co-op Bank Ltd has won prestigiousIDRBT Banking Technology excellence Award for the year 2014-15 for being the 'Best IT enabled Co-operative Bank'. - (ET Nov 2, 2015 p 6)

- GREATER BOMBAY COOPERATIVE BANK

"The Greater Bombay Co-operative Bank Limited (Scheduled Bank)" – Greater Professional Scheme(GPS) - Greater Bank's loan for professionals - a flexible product, designed to meet the credit requirementsof different professionals, according to Mr Narendrakumar A Baldota, Chairman of the bank. A report. - (BSOct 30, 2015 Supl. p 6)

DIGITAL PAYMENTS"Cashless economy" – A report. - (Mint Oct 30, 2015 pp 28-29)

"Payments made easy with digital wallet" – The market for mobile enabled payments in India has grownmore than 15 times to reach its current size of $1.4 billion from $90 million at the end of FY'12. A report. -(Mint Oct 30, 2015 p 28)

DIGITAL TECHNOLOGYGanesh, Uma - "The bonanza for banks from Digital Bharat" – The expansion of the network of banks

and other financial institutions to reach the segments hitherto not serviced, the licenses issued to new institutionsfor servicing these markets and innovative offerings being designed to cater to new markets as well asexisting markets are healthy signs of the country in the throes of new economic opportunities. An article. -(FE Nov 2, 2015 p 9)

EXECUTIVE APPOINTMENTS

- PUBLIC SECTOR BANKS

"Four public sector banks get CEOs: FinMin selects appointees from within PSB fold" – The FinanceMinistry has appointed chief executives in four public sector banks (PSBs) - Andhra Bank, Indian Bank,Corporation Bank, and UCO Bank. In the latest round, Mahesh Kumar Jain has been elevated from the postof Executive Director to MD & CEO of Indian Bank for a period of three years. The Finance Ministry hasalso appointed Suresh N Patel as MD & CEO of Andhra Bank. Ravi Krishan Takkar, who was ED at DenaBank, has now been appointed MD & CEO of UCO Bank for a period of three years. The Finance Ministryhas also appointed Jai Kumar Garg, ED at UCO Bank, as MD & CEO of Corporation Bank. A report. -(HBL Nov 4, 2015 p 12)

FINANCIAL CODE

- FSLRC

Srinivasa-Raghavan, T C A - "FSLRC's assault on the RBI" - Unified Financial Code: Is India Ready? ByS S Tarapore. A book review. - (BS Nov 3, 2015 p 9)

FOREIGN BANKING"Rajan prods foreign banks to set up local subsidiaries: Big foreign banks have been reluctant to do

so because of the extra capital needed and high compliance costs" – India will 'gently increase' thepressure on foreign banks to set up local subsidiaries, as it seeks to improve its regulatory oversight of theiroperations, according to Raghuram Rajan, Governor, Reserve Bank of India. Going forward, the pressurewill gently increase on them, certainly the large ones, to move to subsidiary. A report. - (Mint Nov 5, 2015 p8)

– 11 –

- DBS BANK

"Retail banking space will continue to provide opportunities for prudent growth" – An interview withRahul Johri, Managing Director and Head of Consumer Banking Group, DBS India. He said the banks thatwill grow will be the ones who have a complementing strategy on digital and traditional banking. - (H Nov 2,2015 p 16)

- DEUTSCHE BANK

"Deutsche Bank raises the white flag on global reach" – EU policymakers should reflect on the constraintsthey have imposed. An editorial. - (FT Oct 30, 2015 p 8)

"Deutsche Bank shake-up to cut 9,000 staff and quit 10 countries" – Deutsche Bank is to withdrawfrom 10 countries and cut 9,000 jobs as part of a sweeping strategic overhaul designed to help restore theGerman lender's flagging fortunes. The bank declined to say which parts of its business would be mostaffected by the cuts - which amount to a 9 per cent reduction in Deutsche's staff - but said that 4,000 of thejob losses would be in Germany. A report. - (FT Oct 30, 2015 p 1)

- STANDARD CHARTERED BANK

"StanChart to axe 15,000 jobs after Q3 loss: CEO Bill Winters plans to raise $5.1 bn by selling newshares as well as restructure or exit $100 billion of assets" – Standard Chartered plans to axe 15,000jobs and raise $5.1 billion by selling new shares as its new chief executive set out a plan to restore profitabilityafter three years of falling profits and strategic mistakes. The bank, regarded as one of the world's 30 mostimportant, will cut 17% of its workforce to help save $2.9 billion by 2018, and self or restructure $100 billionof loans, a third of its total. A report. - (Mint Nov 4, 2015 p 10)

"Standard Chartered looks to sell Essar Global loans" – Standard Chartered Plc and other creditors toIndia's billionaire Ruia brothers are seeking to sell off some of the about $3.5 billion in loans extended to theEssar Group conglomerate's owners, according to the people with knowledge of the matter. Standard Chartered,ICICI Bank Ltd. and Axis Bank Ltd. approached Russia's VTB Group to gauge its interest in buying aportion of their loans to the Ruia brothers' holding company Essar Global. A report. - (Mint Nov 5, 2015 p 5)

HOUSING FINANCE

- INTEREST RATES

"Regulatory arbitrage not good for level playing field" – Arundhati Bhattacharya, chairman of the StateBank of India said there is some amount of regulatory arbitrage when it comes to the lending rates of banksand housing finance companies (HFCs) and this is not good for a level playing field. There is some amount ofregulatory arbitrage. But then the regulator says they (HFCs) also have to get their resources at higher coststhan the banks. There are pros and cons for both of them. How to exactly equate it out so that everybody ison a level-playing field is difficult to sort of opine. A report. - (FE Nov 1, 2015 p 3)

MICROFINANCE INSTITUTIONS"ADB to fund microfinance institutions" – Asian Development Bank (ADB), IndusInd Bank and IFMR

Capital have signed a partial guarantee programme to provide local currency financing to microfinanceinstitutions (MFIs) in India. A report. - (BS Oct 31, 2015 p 3)

- DIGITAL TECHNOLOGY

Satish, P - "Digital highways for MFIs: MFIs are benefiting from increased and better use ofsophisticated data management tools" – MFIs can drill down to the PIN codes of borrowers to track thecredit history and link it seamlessly with credit bureaus' own databases. An article. - (FE Nov 2, 2015 p 7)

- SKS MICROFINANCE

"We are going to do more of what we are doing right now: SKS Micro chief: Dilli Raj holds forth on measures to

– 12 –

grow business and tackle competition from small finance banks" - Edited excerpts from an interview with SDilli Raj, President, SKS Microfinance. He said we'll expand our portfolio, strengthen our market share in therural markets, reduce our cost of borrowings and reduce the operating costs. - (HBL Oct 31, 2015 p 10)

MOBILE APP

- CHILLR

Pahwa, Patanjali - "Chillr seeks to replace cash & cards: The mobile app allows instant transfer ofmoney to anyone on the contact list" - An article. - (BS Nov 2, 2015 p 2)

MONETARY POLICY"5-member panel proposed for deciding on monetary policy" – After four months of debate and discussion,

the Reserve Bank of India and the Finance Ministry have overcome the stalemate over the most significantreform in the central bank 80-year history. Both sides have abandoned their original position on the proposedamendments to the Reserve Bank of India Act to reset the responsibility of deciding India's monetary policy,including the decision on interest rates, and have arrived at a mid-way position. The government will nominatetwo members and the RBI one expert, besides two of its officials: the Deputy Governor and the executivedirector dealing with monetary policy. Each of the five members would have one vote and the RBI Governor,chair of the committee, will have a casting vote in the event of a tie in situations such as the absence of amember, according to a top official of the Finance Ministry. A report. - (H Nov 2, 2015 pp 1, 12)

- INFLATION TARGETING

Jain, Ritesh - "Is RBI ignoring household inflation expectations?" – An article. - (Mint Oct 30, 2015 p20)

NATIONAL PAYMENTS CORPORATION OF INDIA"NPCI to get funds from Pvt, Foreign Banks" – National Payments Corporation of India (NPCI), an

umbrella institution for retail payments, is set to receive funding from a host of foreign and private banks afterit started the process of increasing its paid-up capital by broad-basing its stake holder base of 10 banks. - (ETNov 2, 2015 p 10)

NON-PERFORMING ASSETS"Bank's overall stressed assets ratio to narrow slightly" – Edited excerpts from an interview with Saswata

Guha, Director and Team Head, Financial Institutions, India at Fitch Ratings. - (Mint Nov 4, 2015 p 29)

"Banks' stressed assets likely to improve only marginally: Fitch: Rating agency says banks increasinglyresorting to write-offs of non-performing loans" – Indian banks' stressed assets are likely to havepeaked this fiscal year, but the process of recovery is likely to be slow, according to Fitch Ratings. Fitchexpects Indian banks' stressed assets ratio to improve, after reaching a high of 11.1 per cent in FY15, but onlymarginally to around 10.9 per cent in FY16. A report. - (HBL Nov 4, 2015 p 12)

PAYMENTS SYSTEMSNinan, Oommen A - "E-transactions: One big leap for the industry will be the incentivisation of Card/

Electronic payments: Payment industry to witness multifold growth" – The payments landscape inIndia is at a point of inflexion, with consumer behaviour, government/regulatory initiatives and investor appetiteall being in sync, according to T R Ramachandran, Group Country Manager, India and South Asia, Visa. Anarticle. - (H Oct 29, 2015 p 16)

PMJDY"Jan Dhan A/Cs gain currency with 20 lakh daily transactions: Average operation size Rs.2,000; no

backlog of RuPay cards to be issued, says NPCI chief" – Most banks have for long viewed accounts

– 13 –

for the poor as a liability. But no longer, if the transactions in the basic bank accounts opened under the PrimeMinister's Jan Dhan Yojana (PMDJY) are any indication. The transaction volumes have been significant, asindicated by the RuPay debit cards linked to the accounts. The daily transactions have crossed 20 lakh asindicated by the card usage with the average transaction size being Rs.2,000, according to A P Hota, ManagingDirector and Chief Executive Officer of National Payments Corporation of India Ltd . Government datashow that the total number of accounts opened under PMDJY stood at 18.96 crore as on October 21, with atotal balance of Rs.25,899 crore. A report. - (HBL Oct 30, 2015 p 1)

STRATEGIC DEBT RESTRUCTURING"Banks get Rs.2,500-cr share in Electrosteel: To swap debt for equity at face value of Rs.10" –

Lenders to the loss-making, Kolkata-based Electrosteel Steels have decided to convert Rs.2,507.57 crore ofloans into shares at a value of Rs.10 apiece. The move is part of a strategic debt restructuring (SDR), ascheme outlined by the Reserve Bank of India (RBI) earlier this month. A report. - (FE Nov 4, 2015 pp 3, 4)

TEASER LOANSundaresan, B - "Boosting spends by luring borrowers" – HT explains the controversial product and why

India's biggest lender SBI wants it back on the menu. An article. - (HT Nov 4, 2015 p 14)

RBI CIRCULARS"Alteration in the name of 'Antwerp Diamond Bank N.V.' to 'KBC Bank N.V.' in the Second Schedule

to the RBI Act, 1934" – (RBI Circular RBI/2015-2016/225 DBR.No.Ret.BC. 49/12.06.118A/2015-16dated 05.11.2015)

"Auction of Government of India Dated Securities" – (RBI Circular RBI/2015-2016/219 Ref. No. IDMD/949/08.02.032/2015-16 dated 02.11.2015)

"Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government ofIndia and erstwhile USSR" – (RBI Circular RBI/2015-2016/228 A. P. (DIR Series) Circular No. 25 dated05.11.2015)

"Exclusion of the name of 'HSBC Bank Oman S.A.O.G.' from the Second Schedule to the ReserveBank of India Act, 1934" – (RBI Circular RBI/2015-2016/226 DBR.No.Ret.BC. 50/12.07.071A/2015-16dated 05.11.2015)

"Gold Monetisation Scheme, 2015 - Amendment" – (RBI Circular RBI/2015-2016/221 DBR.IBD.BC.52/23.67.003/2015-16 dated 03.11.2015)

"Gold Monetisation Scheme, 2015 - Interest Rate" – (RBI Circular RBI/2015-2016/220 DBR.IBD.BC.53/23.67.003/2015-16 dated 03.11.2015)

"Inclusion of the name of 'Bandhan Bank Limited' in the Second Schedule to the Reserve Bank ofIndia Act, 1934" – (RBI Circular RBI/2015-2016/224 DBR.No.Ret.BC. 48/12.07.135A/2015-16 dated05.11.2015)

"Inclusion of the name of 'Industrial Bank of Korea' in the Second Schedule to the Reserve Bank ofIndia Act, 1934" – (RBI Circular RBI/2015-2016/223 DBR.No.Ret.BC. 47/12.07.134A/2015-16 dated05.11.2015)

"Inclusion of the name of 'Korea Exchange Bank Co., Ltd.' in the Second Schedule to the ReserveBank of India Act, 1934" – (RBI Circular RBI/2015-2016/227 DBR.No.Ret.BC. 51/12.07.135A/2015-16dated 05.11.2015)

"Internet Banking Facility for Customers of Cooperative Banks" – (RBI Circular RBI/2015-2016/229DCBR.BPD.(PCB/RCB) Cir.No. 6/19.51.026/2015-16 dated 05.11.2015)

"Risk Management & Inter-Bank Dealings: Relaxation of facilities for residents for hedging of foreigncurrency borrowings" – (RBI Circular RBI/2015-2016/232 A.P. (DIR Series) Circular No. 28 dated05.11.2015)

– 14 –

"Software Export - Filing of bulk SOFTEX-further liberalisation" – (RBI Circular RBI/2015-2016/231A.P. (DIR Series) Circular No.27 dated 05.11.2015)

"Sovereign Gold Bonds, 2015-16 - Operational Guidelines" – (RBI Circular RBI/2015-2016/222IDMD.CDD.No.968/14.04.050/2015-16 dated 04.11.2015)

"Switching from Barter Trade to Normal Trade at the Indo-Myanmar Border" – (RBI Circular RBI/2015-2016/230 A. P. (DIR Series) Circular No. 26 dated 05.11.2015)

AGRICULTURE & RURAL DEVELOPMENT

AGRICULTURE REFORMS"NITI panel proposes agri reforms to curb price rise: Setting the rules recommendations include

guaranteed prices for at least half the key crops, setting up of a unified national agriculture market& changing land lease laws" - NITI Aayog's task force on agriculture has recommended big bang reformsto address the politically sensitive issue of frequent spurt in crop prices. These include guaranteed prices forat least half the key crops, setting up of a unified national agriculture market, changing land lease laws andcreating a mechanism to facilitate easy exit for farmers who want to move out of agriculture. A report. - (ETNov 5, 2015 p 17)

NABARD"National Bank for Agriculture and Rural Development (NABARD): Unaudited financial results for

half year ended September 30, 2015" – An advertisement feature. - (FE Oct 30, 2015 p 25)

RURAL PRIORITY LENDINGLahiri, Amartya and Mookherjee, Dilip - "Incentivize banks, ease rate ceiling to boost farm credit:

Rural priority lending policies: Intent versus reality" – An article. - (TI Nov 5, 2015 p 18)

INDUSTRY"Core industries grow 3.2% in September: Fertiliser, electricity output boosts numbers" – The index

of the output of eight core sectors grew 3.2 per cent in September against the same month last year. Thegrowth was primarily due to an increase in fertilizer production, electricity generation and coal production,according to the Ministry of Commerce and Industry. A report. - (HBL Nov 3, 2015 p 4)

MANUFACTURING"Manufacturing PMI at 22-month low in Oct: Third straight fall sparks hopes of further reforms" – A

slower rise in new business inflows resulted in weaker expansion of manufacturing output, which came in ata 22-month low in October, according to a private survey. The Nikkei India Manufacturing PurchasingManagers Index (PMI) - a composite single-figure indicator of manufacturing performance - fell to 50.7 inOctober from 51.2 in September. The 50 mark divides expansion (above 50) from contraction. A report. -(HBL Nov 3, 2015 p 1)

SMALL SCALE INDUSTRY

MSMEs"Banks emerge as reliable growth partners for MSMEs" – With the government putting the development

of the MSME sector as top priority through implementation of various schemes, the future for MSMEs islooking up. In line with the GoI & RBI policy, banks have made loan disbursement to the MSME sector easyin several ways. A report. - (BS Oct 30, 2015 Supl. p 7)

– 15 –

"SIDBI providing much-needed assistance to India's MSMEs" – SIDBI offers direct credit to MSMEs,mainly to supplement and complement the efforts of banks and FIs in providing credit to the sector. SIDBIhas developed a website www.smallb.in, which is a virtual mentor and handholding forum for potential/budding as well as existing entrepreneur looking to set up new units or grow the existing ones. A report. - (BSOct 30, 2015 Supl. pp 4, 5)

Mazumdar, Rahul - "Opportunity for MSMEs to participate in global value chain" – Exim Bank, incollaboration with international and specialized domestic agencies, has been conducting capacity buildingexercises for small entrepreneurs in India. MSMEs may also like to draw inspiration from the success of theauto component industry in India which has evolved as a quality supplier globally. An article. - (BS Oct 30,2015 Supl. p 2)

MUDRA BANKBasu, Debashis - "Mudra Bank: politics over economics?" – An article. - (BS Nov 2, 2015 p 9)

SMEs"Role of SMEs key to the Indian economy" – The critical role of SMEs in shaping the Indian economy and

industry has assumed importance as we head towards realising the 'Make in India's vision. A report. - (BSOct 30, 2015 Supl. pp 1, 7)

"SMEs ready to surmount big challenges" – The Indian MSME sector has demonstrated trueentrepreneurship and some of the biggest names in India Inc have their roots in this sector. MSMEs areembracing technology and this is what will boost the share of the sector in the nation's economy. A report. -(BS Oct 30, 2015 Supl. pp 5, 6)

INTERNATIONAL ECONOMICS

CHINA"China's economy wobbly despite stimulus: Surveys: October data from country's factory and services

sectors indicate economy losing momentum in the fourth quarter" – Activity in China's manufacturingsector unexpectedly contracted in October for a third straight month, an official survey showed, fuelling fearsthe economy may still be losing momentum in the fourth quarter despite a raft of stimulus measures. Addingto those concerns, China's services sector, which has been one of the few bright spots in the economy, alsoshowed signs of cooling last month, expanding at its slowest pace in nearly seven years. A report. - (FE Nov2, 2015 p 4)

Sheng, Andrew and Geng, Xiao - "China's economy at the fifth plenum" – An article. - (BS Oct 30, 2015p 13)

FUND MANAGEMENT"Global fund management" – A weekly report. - (FT Nov 2, 2015 Supl. pp 1-28)

LABOUR & PERSONNEL MANAGEMENT

GENDER BALANCE

- WOMEN

"Women could boost GDP by $700 bn: report: Women in India represent only 24% of the paid labourforce, as against a global average of 40%" – If 68 million more women are added to the non-farm labourforce over the next decade, India's gross domestic product (GDP) could be boosted by $700 billion in 2025,according to a new country-specific study by the McKinsey Global Institute (MGI). The report takes forwardan earlier MGI report on the impact on global GDP if women were to participate on par with men in the paidworkforce. A report. - (Mint Nov 2, 2015 p 11)

– 16 –

HUMAN RESOURCE MANAGEMENTWon, Moon - "Mission HR modernisation!: Some innovative ways to move towards modern HR" –

An article. - (ET Nov 3, 2015 p 6)

LABOUR REFORMSRaju, B Yerram - "A consensual approach to labour reform" - Creating an ambience where both workers

and managements understand their rights and duties is no tall order. An article. - (HBL Oct 31, 2015 p 8)

MANAGEMENT

MARKETINGChallapalli, Sravanthi - "The ABCs of marketing: Why tried and tested lasts the test of time" - An

article. - (HBL Oct 30, 2015 Supl. p 1)

MISCELLANEOUS"Raghuram Rajan repeats: We need to resist bid to close our society" – Days after he called for

'tolerance and mutual respect', Reserve Bank of India Governor Raghuram Rajan reiterated that India wouldbe 'crazy to lose' its biggest advantage and emphasised the 'need to keep an open society' and 'resist allattempts at closing it down'. A report. - (IE Nov 5, 2015 p 1)

"RBI governor speaks out against bans, for tolerance" – India's tradition of debate and an open spirit ofenquiry is critical for economic progress, Reserve Bank of India governor Raghuram Rajan said while callingfor fostering 'competition in the market place of ideas'. Rajan called for tolerance, mutual respect and protectionof the right to question and challenge, as well as the right to behave differently so long as it does not hurtothers seriously. A report. - (TI Nov 1, 2015 p 1)

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