KNOWLEDGE BANK

Saturday, 8 February 2014

One billion plastic currency notes of Rs 10 denomination

One billion plastic notes of Rs 10 denomination will be introduced on a field trail in a five cities in the second half of 2014.
The cities are Kochi, Mysore, Jaipur, Shimla, Bhubaneswar.
Plastic currency notes are very difficult to imitate and it have an average life span of five years. Moreover plastic currency notes are cleaner than the paper notes.
Plastic currency notes were first introduced in Australia to safeguard against counterfeiting of currency.

Monday, 3 February 2014

According to RBI release, India’s Forex reserves increased $ 0.16 billion to $292.24 billion from $292.08 billion as of January 24, 2014.
Foreign exchange reserves include the country's Reserve Tranche position in the International Monetary Fund (IMF).

Union Bank of India's net profit for the third quarter went up by 16 per cent because of higher income from treasury and its retail loan portfolio.
The net profit stood at Rs. 349 crore for the third quarter of FY'2014 where the net profit was Rs. 302 crore, for the same quarter last year.
Total deposits: Rs. 2,85,125 crore (19 percent growth).
Total advances: Rs. 2,27,745 crore (20 per cent growth).
Total income: Rs. 8,230 crore (18 per cent growth).
The gross non-performing assets (NPA) increased to Rs. 8,776 crore and its an increase of 0.49 percent and stood at 3.85 percent.
Arun Tiwari is the Chairman and Managing Director of this bank.

Sunday, 2 February 2014

Reserve Bank of India (RBI) in its third quarter review of the monetary policy increased repo rate by 25 basis points from 7.75 percent to 8 percent per annum.
Also the reverse repo rate was adjusted to 7 percent from 6.75 percent.
It also hiked the marginal standing facility rate by 0.25 per cent to 9 per cent.
Cash reserve ratio (CRR) remains the same at 4 percent.

Canara Bank’s profit for the third quarter down 42.38 per cent due to higher provisioning for NPA's and depreciation on investments .

Bank's deposits were Rs.4,08,924 crore (Rs.3,23,963 crore last year) at the end of the third quarter with 26.2 per cent year-on-year growth.
Advances were at Rs. 2,87,700 crore (Rs.2,18,242 crore last year)with 31.8 per cent growth.
Capital Adequacy Ratio was at 9.83 per cent and tier-I ratio was 7.48 per cent, as of December 2013.
Total income increased 16.45 per cent to Rs.10,935.29 crore from Rs. 9,390.29 crore last year.
Operating profit was Rs. 1,591 crore which is 5 percent increase.
The profit was Rs. 409.35 crore in Q3 of FY2014 when compared to Rs. 710.51 crore in the same quarter of FY2013.
Net Interest Income(NII): Rs. 2,227 crore which is 12 percent increase.
NIM was at 2.21 percent.
Gross non-performing assets (NPA) stood at Rs. 8,073.92 crore and its ratio was 2.79 percent (2.77 % last year).
Net NPAs stood at Rs. 6,869.87 crore and its ratio stood at 2.39 percent (2.35% last year).
Planning to raise Rs. 1,000 crore subordinate unsecured debt by March 2014.