Volume XXXI Number 15 January 11, 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. SMALL SCALE INDUSTRY 14

F. INTERNATIONAL ECONOMICS 15

G. LABOUR & PERSONNEL MANAGEMENT 16

H. MANAGEMENT 16

– 1 –

BANKERS' BRIEF Vol. XXXI No. 15January 11, 2016

ECONOMY"Agriculture needs to take centre stage in Budget" – An interview with Chief Economic Advisor Arvind

Subramanian, discusses the Budget, goods and services tax, Centre-state relationship and larger issuesfacing the economy. – (BS Jan 1, 2016 p 5)

"Fiscal deficit touches 87% of BE in Apr-Nov" – The fiscal deficit in the first eight months of current fiscalreached Rs.4.83 lakh crore, or 87% of the Budget Estimate for the whole 2015-16. The fiscal situation inApril-November showed improvement over the year ago period as the deficit then stood at 98.9% of theBudget Estimate of 2015-15. A report. – (FE Jan 1, 2016 p 2)

"The govt's target is to move to 8% growth first and then exceed 8%" – Edited excerpts from aninterview with Shaktikanta Das, Economic Affairs Secretary. There is no drift in the government or slackeningof reforms. Reeling out measures taken by the government, he tells that the economy is looking up and thetarget is to lift growth to 8% and higher thereafter. – (ET Jan 5, 2016 p 11)

"World Bank says India brightest spot on global map with 7.8% growth: Sees India notching near8% growth for next 3 yrs as world economy picks up pace to 2.9% growth in '16" – The World Bankexpects India's growth to pick up to 7.8% in the next financial year, projecting it to be the fastest growingeconomy in the world for the next three years by a distance, riding on stronger domestic policy reforms. Indiais expected to notch near 8% growth in the subsequent years as the world economy also picks up pace to2.9% growth in 2016 compared with a modest 2.4% in the just concluded year. A report. – (ET Jan 7, 2016 p 11)

Jaitley, Arun – "India looks out" – Our economy has stabilized: inflation has fallen, the rupee's exchange rateis steady and our commitment to fiscal discipline is solid. Economic growth, now the fastest among the majoreconomies, is poised to accelerate further. Investors, nor surprisingly, are flocking to our markets. An article.– (Mint Jan 1, 2016 p 5)

EXTERNAL DEBT"India's external debt rises 1.7% in Apr-Sep to $483.2 bn" – India's external debt edged up by 1.7%

during the first six months of the ongoing fiscal to $483.2 billion at the September end. The external debtconsists of long-term debt of $397.1 billion (up 1.9% from March) and short-term debt of $86.1 billion(increase of 0.7%) A report. – (FE Jan 1, 2016 p 2)

FOREIGN EXCHANGE RESERVES"Forex reserves rose $943.40m to $352 b as on December 25" – Forex reserves as on December 25

rose by $943.40 million from a week ago to $ 352.04 billion, according to data from the RBI. Gold reserves,however, remained stable at $17.54 billion. The country's reserve position in the IMF stood at $1.3 billion, up$5.2 million from the previous week. – (FE Jan 2, 2016 p 8)

INFLATIONAgarwal, Anuj and Priya, Prachi – "Inflation: no place for complacency" – RBI may have less room to

cut rates next fiscal. An article. – (FE Jan 5, 2016 p 7)

INVESTMENTGopinath, Gita – "India's investment anaemia" – Whatever the state of the global economy, the bottom line

is that India cannot attain its potential without a strong revival in investment. An article. – (Mint Jan 1, 2016 p 6)

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SERVICES SECTOR"Services PMI at 10-month high in December: New orders see four of the six sub-sectors record

higher output" – Led by improved demand and new business orders, the services sector appears to haverebounded in December. The Nikkei Services Business Activity Index rose to a ten-month high of 53.6 in themonth as against 50.1 in November. It was indicative of a solid expansion in output across the sector, addingthat four of the six sub-sectors also indicated a rise in output, except hotels and restaurants and transport andstorage. The best performing categories in December were 'other services' and financial intermediation. Areport. – (HBL Jan 7, 2016 p 1)

SMALL SAVINGS

– INTEREST RATES

"Budget: SBI for differential interest rates on small savings: Says rates must vary according todifferent age groups" – The State Bank of India wants the Centre to consider differential interest rates onsmall savings according to age groups, similar to what banks are offering senior citizens. Currently, banks pay25-50 basis points higher interest on senior citizens' deposits. In a note on Budget expectations, the lendersaid studies show that a person in the age group of 30-45 primarily saves for tax purposes while a personabove 45 years saves for social security. A report. – (HBL Jan 6, 2016 p 10)

TAXATION"Simplifying Indian taxes: One country, but no single market" – India's excitable politics is blocking the

best chance of promoting growth. An article. – (Eco 418(8970) Jan 2, 2016 p 20)

"We are fully ready to launch GST" – An interview with Hasmukh Adhia, Revenue Secretary. – (ET Jan 1,2016 p 11)

BANKING

GENERAL"Banking in India: 2016 and beyond" – Expert view from Shikha Sharma, MD & CEO, Axis Bank. – (Mint

Jan 4, 2016 p 9)

"New normality for banks leaves system exposed" – Lenders look safer but financial stability has yet to befully tested. An editorial. – (FT Dec 31, 2015 p 6)

"NPAs, muted RoIs likely to hit banks' Q3 numbers: Mixed trends seen in most public sectorbanks' earnings" – Banks' earnings for the October-December quarter are likely to be weak due to a lackof recovery in loan growth, hikes in base rates, muted returns on investments and higher provisions for badloans, according to the Kotak Institutional Equities report. – (FE Jan 5, 2016 p 8)

"What banking will look like in 2016" – Disruption. That the one word that describes what will happen inthe banking sector in 2016 and beyond. The sector should start to see the roll-out of differentiated bankingmodels like payments banks and small finance banks. In addition, existing banks are all trying to catch up withchanging financial technology trends to stay relevant. A report. – (Mint Jan 4, 2016 p 9)

ANDHRA BANK"Andhra Bank's remittance service" – Andhra Bank has launched Immediate Payment Service (IMPS) in

association with the National Payment Corporation of India (NPCI) to cater to the needs of instant fundremittance for its customers. The IMPS is a multi-channel and multi-dimensional platform that makes thepayments possible in a fraction of a second with all the standards and integrity maintained for security. Thefacility will be available round-the-clock unlike NEFT system, which functions only for limited hours. Themaximum cap of transaction is Rs.2 lakh with charges of Rs.5 per transaction, according to a release issued.– (HBL Jan 6, 2016 p 10)

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AXIS BANK"BS banker of the year is Shikha Sharma: Jury chose Axis Bank MD & CEO for building a strong

capital market franchise & growing commercial banking business" – Shikha Sharma, managing director(MD) and chief executive officer (CEO) of Axis Bank, is the Business Standard Banker of the Year for2014-15. She was selected by a five-member jury headed by Rakesh Mohan, former deputy governor of theRBI, and former executive director of the IMF, for building a formidable capital market business and havinga strong balance sheet. The other jury members were Edelweiss Group chairman and CEO Rashesh Shah,Ican Investment Advisors chairman Anil Singhvi, Bank of Baroda's former chairman M D Mallya, and AmbitCapital CEO (institutional equities) Saurabh Mukherjea. A report. – (BS Jan 7, 2016 p 1)

Adhikari, Anand – "Setting the agenda" – Shikha Sharma's stint at Axis Bank has yielded dramatic results.An article. – (BusT 24(26) Jan 3, 2016 pp 84-88)

BANDHAN BANK"Bandhan Bank gets Rs.5k cr in deposits in 4 months" – India's newest full service bank, Bandhan Bank,

has mobilised over Rs.5,000 crore in deposits in the first four months of its operations, according to itsmanaging director Chandrashekhar Ghosh. Currently Bandhan operates across 27 states through 600 branchesand 183 ATMs, and is served by more than 20,000 employees. A report. – (ET Jan 1, 2016 p 15)

BANK OF BARODA"BoB debuts on social media, launches twitter handle" – Bank of Baroda has entered the social media

space by launching its Facebook page and Twitter handle as part of its efforts to restore its image that hasbeen hit by the alleged Rs.6,100-crore remittance scam. – (IE Jan 3, 2016 p 17)

Mohan, Raghu – "Slow and steady: BoB sees more opportunities in retail, medium and MSME, andagriculture credit" – An article. – (BusW 35(4) Oct 19, 2016 pp 76-77)

BANK OF INDIA"BOI House Journal 'Taarangan' & 'BOI Guiding Star' get Award by PRSI" – Bank of India's in-house

journal 'Taarangan' & Corporate House Journal 'BOI Guiding Star' have been conferred with award forbrand excellence in house magazine recently by Public Relation Society of India. – (HBL Jan 2, 2016 p 4)

"BoI raises Rs.3,000 cr via Basel-III compliant bonds" – Bank of India has raised Rs.3,000 crore byissuing Basel-III complaint tier-II bonds. The coupon rate on the bonds with a tenor of 10 years is fixed at8.52%. – (FE Jan 2, 2016 p 8)

BANK OF RAJASTHAN"Bank of Rajasthan issue: impounding order passed" – SEBI has issued an impounding order for S.1.6

crore against seven entities connected with the promoter group of the erstwhile Bank of Rajasthan forallegedly making unlawful gains through insider trading. A report. – (HBL Jan 7, 2016 p 13)

CORPORATION BANK"Corporation Bank allots Rs.143 crore shares to LIC" – Corporation Bank has allotted over 2.8 crore

shares on a preferential basis to LIC to raise around Rs.143 crore. – (FE Jan 1, 2016 p 8)

"Corporation Bank to buy 4% holding from Nomura AMC" – Corporation Bank informed stock exchangesthat it is going to acquire 4% shareholding from the existing shareholder, namely Nomura Asset ManagementStrategic Investments of LIC Nomura Mutual Fund Asset Management Company, at a price of Rs.5,66,91,800as per the valuation derived. – (FE Jan 7, 2016 p 8)

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HDFC BANKAdhikari, Anand – "Been there, done that" – Aditya Puri, the longest-serving CEO of any bank in India, is

laying the foundation for transforming the 21-year-old institution into a digital bank. An article.– (BusT 24(26) Jan 3, 2016 pp 58-62)

ICICI BANK"ICICI Bank buys Rs.186-cr worth UB shares" – ICICI Bank picked up 19.58 lakh shares of United

Breweries for a little over Rs.186 crore through an open market transaction. – (HBL Jan 7, 2016 p 13)

"ICICI Bank will meet CSR-spend target this fiscal: Chanda Kochhar: To use about Rs.100 cr forskilling underprivileged people" – ICICI Bank will spend Rs.200 crore on social sector projects thisfiscal and meet the mandatory 2 per cent CSR spend norms, according to its chief Chanda Kochhar. Thisfinancial year, the bank will spend about Rs.100 crore on skill development, she told reporters on the sidelinesof a bank event. A report. – (HBL Jan 7, 2016 p 10)

Mohan, Raghu – "Banking on retail: A focus on the retail business and technology helped the banktide over a difficult year" – An article. – (BusW 35(4) Oct 19, 2016 pp 74-75)

IDBI BANK"IDBI Bank raises Rs.1,900 cr via issue of bonds" – IDBI Bank said it has raised Rs.1,900 crore through

two separate Basel-III complaint tier-II bonds on private placement basis. – (HBL Jan 5, 2016 p 10)

"Rs.3,771-crore qualified institutional placement: Credible investor to get board seat in IDBI Bankrecast: Government keen to bank transformation with a less than 50% stake for itself" – Thegovernment is ready to give a strategic role and a board seat to a credible investor in IDBI Bank under aproposed transformation programme that was kick-started last week. The government has approved thebank's proposal to raise Rs.3,771 crore through a qualified institutional placement (QIP), which at currentmarket capitalisation, translates into a more than 20% stake to new investors. A report. – (ET Jan 4, 2016 p 11)

INDIAN BANK"Indian Bank has received the prestigious NPCI awards" – Indian Bank has received the prestigious

NPCI awards for National Automated Clearing House (NACH) for APB/NREGA payments, National FinancialSwitch (NFS) and Cheque Truncation System (CTS). Also Indian Bank has been conferred with the SpecialAward for serving flood affected victims by BCs with MICRO ATMs. – (ET Jan 4, 2016 p 4)

"Indian Bank hikes NRI deposit rates" – Indian Bank has revised upwards its interest rates for foreigncurrency NRI deposits with immediate effect. – (HBL Jan 5, 2016 p 10)

INDUSIND BANK"IndusInd set to tie up with a Payments Bank" – IndusInd Bank, promoted by the Hinduja Group, is

planning to enter the low-cost housing loans segment and is in the final stages of stitching up a partnershipwith a payments bank (PB) licensee shortly. A report. – (ET Jan 4, 2016 p 8)

JAMMU AND KASHMIR BANK"J&K Bank ATM footprint tops 1,000" – The ATM network of Jammu and Kashmir Bank has crossed the

1,000 mark. It has added 676 ATMs to its network over the past five years. Over 900 ATMs are in Jammuand Kashmir alone. – (HBL Jan 2, 2016 p 5)

KARNATAKA BANK"Universal Sompo launches KBL Suraksha" – Universal Sompo General Insurance announced the launch

of a group personal accident insurance scheme for savings bank account customers of Karnataka Bank. Theproduct, KBL Suraksha has been designed specifically for the bank's customers and would provide insurancecover in case of accidental death of the insured customer. – (FE Jan 1, 2016 p 8)

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KOTAK MAHINDRA BANK"Kotak takes 10% stake in LiAS" – Kotak Mahindra Bank indicated in an exchange filing, that it has

acquired a 9.99% stake in proxy advisory firm Institutional Investor Advisory Services India. – (FE Jan 2,2016 p 1)

"Many companies in the next 5 years will have existential issues" – Edited excerpts from an interviewwith Uday Kotak Executive Vice-Chairman, Kotak Mahindra Bank. For the first time when your nominalgrowth is below real growth, you are moving to a world where grandfathers' stories come true - be efficient,frugal. – (ET Jan 4, 2016 p 8)

Gupta, Dipak – "Banking on digital platform" – An article. – (HBL Jan 4, 2016 p 2)

PUNJAB NATIONAL BANK"PNB launches digital banking solutions" – Punjab National Bank (PNB) has launched slew of digital

banking solutions aimed at improving customer experience. The digital solutions launched at the hands ofUsha Ananthasubramanian, Managing Director and CEO, PNB, include an android app enabling the customerto locate ATM with 'PNB ATM Assist'. Another android-based App, 'PNB MOBIEASE' to help understandbasic banking has also been launched. Keeping the customer transaction security on top of mind, PNB sleepeasy - a SMS-based app to block and unblock Internet banking and mobile banking was launched. On thisoccasion, green pin facility to enable customers obtain duplicate PIN for debit card instantly through SMSrequest was also launched. PNB has also now introduced Online Saving Fund account opening. – (HBL Jan4, 2016 p 14)

– CHENNAI

"PNB initiative support Chennai" – PNB has decided for providing relief loan to employees of bank affectedby torrential rain and flood in Tamil Nadu & Pondicherry. The loan amount upto Rs.1.50 lacs has beenconsidered for which bank not charge any interest. The loan shall be repayable in 48 monthly instalments orremaining period of service whichever is earlier. – (HBL Jan 2, 2016 p 4)

RESERVE BANK OF INDIA"Ex-RBI employees seek FinMin approval for pension updation" – The Forum of Retired Employees of

RBI, Chennai, has requested Finance Minister Arun Jaitley to grant final approval for implementation ofpension updation in the apex bank. A report. – (HBL Jan 6, 2016 p 10)

– EXECUTIVE APPOINTMENTS

"Patel may get extension as RBI deputy governor" – The government is set to extend the term of thecentral banker behind monetary policy changes that have helped reduce the country's chronically high inflation,signalling confidence in Governor Raghuram Rajan's team at the Reserve Bank of India (RBI). Urjit Patel -the architect of a switch to formally target inflation, among other changes - is likely to stay on as a deputygovernor when his three-year term ends next week, according to the government and policymaker sources.An announcement is expected within days. A report. – (FE Jan 7, 2016 p 8)

STATE BANK OF BIKANER AND JAIPUR"Online Education Loan - Vidya Lakshmi Portal" – State Bank of Bikaner and Jaipur has integrated its

technology platform with the Vidya Lakshmi Portal. – (HBL Jan 2, 2016 p 4)

STATE BANK OF INDIA"SBI bags Hellen Keller Awards 2015" – State Bank of India (SBI) is adjudged with the 'Hellen Keller

Award 2015' presented by National Centre for Provision of Employment of persons with disabilities [NCPEDP]and Lemon Tree Hotels for The Category Role Model Company / NGO/ Institution for its commitmenttowards promoting equal employment opportunities for people with disabilities. – (ET Jan 4, 2016 p 4)

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"SBI cannot stop lending" – Excerpts from an interview with Arundhati Bhattacharya, Chairman, StateBank of India. – (HT Jan 4, 2016 p 11)

"SBI launches 'State Bank Samadhaan'- A self service mobile app" – State Bank of India (SBI) launcheda Mobile App 'State Bank Samadhaan' on Google Play Store. This is a Self-Service App and will enable SBIcustomers to avail a range of services and obtain commonly sought information, without visiting the branch.– (Mint Jan 5, 2016 p 23)

"SBI to buy four Air India flats for Rs.90 cr" – In an all-cash deal, State Bank is all set to buy four premiumflats in Mumbai from loss-making Air India for Rs.90 crore. – (FE Jan 4, 2016 p 7)

Adhikari, Anand – "The digital CEO" – Arundhati Bhattacharya, Chairman of India's largest bank, StateBank of India, is laying the foundations to make it future-ready. An article. – (BusT 24(26) Jan 3, 2016 pp 48-54)

Agarwal, Sheetal – "SBI: Is the worst priced in?" – Concerns around asset quality, slower economicrecovery are some of the pressure points on the banking sector. An article. – (BS Jan 6, 2016 p 10)

Mohan, Raghu – "Playing it smart: SBI's initiative to use big data for better efficiencies likely to payoff in a big way" – An article. – (BusW 35(4) Oct 19, 2016 pp 72-73)

– BRANCHES

"SBI to focus on digital branches: Arundhati Bhattacharya" – SBI has decided to scale-down the pace ofopening new brick and mortar branches in the country. It will open more digital branches. In the currentfiscal, it will open only 500 branches against the original target of 1,000. In comparison, the pace of openingdigital branches will gather speed. 250 such branches have been planned till March 31. A report. – (HBL Jan2, 2016 p 5)

– ENTREPRENEURSHIP

"SBI to set up special branch for start-ups in Bengaluru: more soon in other new venture hubs"– The nascent yet burgeoning start-up ecosystem has caught the attention of SBI. The bank will soon set upa first-of-its-kind branch to cater exclusively to the growing banking needs of start-ups. A report. – (HBL Jan5, 2016 p 1)

– STATE BANK OF TRAVANCORE

"SBI, SBT sell Kohinoor CTNL infra loans to Edelweiss ARC" – Both the banks sell close to 250-crloans given to the realty slowdown-hit SPV of Kohinoor Group. A report. – (ET Jan 4, 2016 p 5)

STATE BANK OF TRAVANCORE"RBI slaps Rs.1-crore fine on State Bank of Travancore: For violation of instructions on reporting

data to CRILC" – The Reserve Bank of India has imposed a penalty of Rs.1 crore on State Bank ofTravancore (SBT) for violation of its instructions, among other things, on reporting of data to Central Repositoryof Information on Large Credits (CRILC). This is probably the first time that the central bank has slapped apenalty on a bank for such a violation. A report. – (HBL Jan 5, 2016 p 10)

VIJAYA BANK"SEBI imposes Rs.10-lakh fine on Vijaya Bank" – Equities markets regulator Sebi has imposed a fine of

Rs.10 lakh on state-run Vijaya Bank for alleged violation of norms related to debenture trustee. Vijaya Bankis registered with the Securities and Exchange Board of India (Sebi) as a debenture trustee. A report.– (HBL Jan 5, 2016 p 10)

CHINA"Foreign banks in China could face curbs if they snub gold standard" – China has warned foreign banks

it could curb their operations in the world's biggest bullion market if they refuse to participate in the plannedlaunch of a yuan-denominated benchmark price for the metal. A report. – (HBL Jan 6, 2016 p 18)

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EURO-ZONE"Low bank profits are bigger worry than capital, says ECB" – The European Central Bank identified how

banks make money and their poor earnings as 2016's main sources of risk in the sector, signalling that capitalrobustness is no longer a main concern for the Euro Zone's top banking supervisor. A report. – (HBL Jan 7,2016 p 10)

BANCASSURANCEDharmaraj, S – "Bancassurance in India - Growth of the channel and contributing factors" – Bancassurance

is a model wherein insurance products are offered through the distribution channels of banks along with acomplete range of banking and investment products and services. To put it simply, bancassurance, tries toexploit synergies between both the insurance companies and banks. Bancassurance, a flourishing distributionchannel for the insurers, will have a large impact on Indian financial services industry. For banks it is a meansof product diversification and a source of additional fee income. Insurance companies see bancassurance asa tool for increasing their market penetration and premium turnover. The customer sees bancassurance as abonanza in terms of reduced price, high quality product and delivery at doorsteps. An article. – (SE 54(16)Dec 15, 2016 pp 37-39)

BANK LENDING"Banks non-food credit slows to 8.8 per cent in November" – Non-food credit of SCBs slowed down to

8.8. per cent in November as against an increase of 10.5 per cent in the same period last year, RBI datashowed. However, the credit growth during the month was slightly higher than 8.3 per cent registered inOctober. – (IE Jan 1, 2016 p 14)

"Lending to poor is good business" – A Rs.5,000 crore loan to a large corporate has a potential of about 5%of it turning bad in the current economic situation. But the same if lent to the poor has very little chance ofturning bad. A study by agri and rural lender Nabard shows that private sector banks lent an aggregate ofabout Rs.4,000 crore directly to the bottom of the pyramid through self-help groups and indirectly throughmicro finance institutions. They lent a little over Rs.7,000 crore in FY15. But a little less than 2% of theseloans turned bad during the year, the study states. A report. – (ET Jan 6, 2016 p 16)

– OVERSEAS ARMS

"Norms tweaked for credit to overseas arms" – The RBI modified norms for banks to extend creditfacilities to overseas step-down subsidiaries of Indian corporates to finance the projects undertaken abroad.The RBI has reviewed its 2007 instructions permitting banks in India to extend funded and/or non-fundedcredit facilities to step-down subsidiaries of the overseas arms of Indian companies and come out withmodified norms. – (FE Jan 1, 2016 p 8)

BANKING AND FINANCIAL SECTORSaha, Manojit and Rukhaiyar Ashish – "Change of guard at SEBI, State Bank?" – India's banking and

financial sector may see a change of guard at key positions of important institutions with the terms of the RBIGovernor and that of the Chairman of the SEBI set to expire in 2016. An article. – (H Jan 1, 2016 p 15)

BANKING REGULATOR

– RESERVE BANK OF INDIA

"We can't be seen as a paper tiger: RBI Governor writes to employees, asks them to enforcecompliance on errant banks" – RBI Governor Raghuram Rajan has asked his colleagues to enforcecompliance with more rigour in an attempt to clean up the banking system. In a communication to the RBI's16,800-odd employees, the Governor, known for his plain-speaking, wrote, 'Are we allowing regulated entitiesto get away year after year with poor practices even through these are noted during inspections? Should webecome more intolerant of sloppy practices at regulated entities so that these do not result in massive scamsyears later? Should we haul up accountants who do not flag issues they should detect?' A report.– (HBL Jan 2, 2016 p 1)

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BANKRUPTCY CODE"New bankruptcy code can help regularize vendor payments" – The new bankruptcy code, which is

awaiting a final nod, will help regularize payments to vendors as it allows unsecured creditors to triggerinsolvency proceedings. This could mean that companies will no longer be able to delay vendor paymentbeyond a certain limit. A report. – (Mint Jan 6, 2016 p 8)

BASE RATE

– STATE BANK OF INDIA

"'Short-term money likely to become cheaper under new base rate regime'" – There is a large universeof borrowers who cannot approach the commercial paper market. So, these customers, I believe, in a fallinginterest rate scenario, are likely to benefit from MCLR-based lending. An interview with Rajnish Kumar,Managing Director, State Bank of India – (HBL Jan 2, 2016 p 5)

BASEL ACCORDSVijila V and Raju, G – "Comparative analysis of Basel I, II and III norms: A conceptual framework"

– Basel norms have ushered a new era of international banking co-operation which facilitate the developmentof international standards for risk management of Banks. The Basel Accords helped harmonizing bankingsupervision, regulation and capital adequacy standards across the eleven countries of the Basel Groups andmany other emerging market economies. These norms are properly created to ensure the elimination of theshortcomings in the previous norms. Therefore a good understanding of the rules, standards and criteria ofthese Accords are essential to assess their impact on the international financial system. An article.– (SE 54(16) Dec 15, 2016 pp 21-26)

CHEQUE BOUNCE LAW"Cheque bounce case norms notified" – The government has notified the Negotiable Instruments

(Amendment) Bill, 2015 which allows filing cheque bounce cases in a court at a place where the cheque waspresented for clearance and not the place of issue. – (Mint Jan 6, 2016 p 6)

COOPERATIVE BANKING

– MAHARASHTRA STATE COOPERATIVE BANK

"Tainted co-op bank directors in Maha can't contest polls" – The BJP-led Maharashtra government hasbarred former directors of Maharashtra State Cooperative (MSC) Bank, who were superseded by the RBIfor alleged financial irregularities, from contesting the bank elections for ten years. – (FE Jan 6, 2016 p 8)

– RUPEE COOPERATIVE BANK

"Rupee Bank board of administrators suggests drastic staff, salary cuts: Salary to be slashed by50%, workforce by 60%; bank has pending recoveries worth Rs.2,000 cr at present" – The three-member board of administrators of the troubled Rupee Cooperative Bank has decided to drastically reduceboth the numbers and benefits of its employees. Addressing the media in Pune, board member MukundAbhyankar said that the measures suggested include a salary cut of 50 per cent and reduction of workforceby 60 per cent. A report. – (IE Jan 6, 2016 Pt. II p 3)

"Withdrawal made easy for Rupee bank customers" – The Reserve Bank of India (RBI) has grantedpermission to needy depositors and depositors above 60 years of age of Rupee Cooperative Bank to withdrawlarge amounts in single transaction under the Hardship Scheme, giving them some relief, according to MukundAbhyankar, chairman of the administrative board of Rupee Bank. A report. – (FE Jan 2, 2016 p 8)

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CURRENCY NOTES"RBI tells banks to replace defective 1,000-rupee notes" – Out of 300 million defective banknotes that

were printed in one of the printing presses of government-owned Security Printing and Minting Corporationof India, about 100 million of those notes have hit the market leaving the general public in a tizzy. A report.– (H Jan 2, 2016 p 15)

EDUCATION LOAN

– STUDY ABROAD

"Let banks vet and fund your foreign edu-dream" – This will stop students from joining fake varsities &getting deported. A report. – (ET Jan 7, 2016 p 15)

FINANCIAL INCLUSION"'Agri production doesn't seem commensurate with credit flow'" – The amount of credit that goes to the

agriculture sector is huge, but not much of it reaches where it is needed the most due to leakages in thesystem. Full financial inclusion is difficult, if not impossible, but the country can include at least 90 per cent ofits population in the financial fold if some key reforms are initiated. An interview with RBI Executive DirectorDeepak Mohanty. – (BS Jan 2, 2016 p 3)

Sukanya N – "Banking innovations and financial inclusion in India: A review of the recent trends" –Banking inclusion / Financial inclusion is an essential requirement of inclusive development. Promoting inclusivebanking, essential for inclusive economic development, is the objective of banking expansion policy in India atpresent. The attainment of inclusive banking requires innovative measures in introducing banking schemes,both deposits and advances, or products, in the delivery of the products and in institutions. An article.– (SE 54(16) Dec 15, 2016 pp 12-16)

– RURAL BRANCHES

"RBI pushes for bank branch in every village with over 5,000 residents" – RBI said that every villagewith a population over 5,000 should have a bank branch by March 2017 and asked the SLBCs to identify suchvillages without a bank branch in their State. – (HBL Jan 1, 2016 p 5)

FINANCIAL LITERACY"FinMin uses ITIs, skilling centres for financial literacy courses" – 8,500 such centres have been roped

in to conduct these courses. The Finance Ministry has roped in ITIs and skilling centres to run short-termfinancial education courses to make new bank account members, borrowers and insurance policy holdersaware of the details of formal banking terminologies, procedures and products, chiefly savings instruments. Areport. – (HBL Jan 1, 2016 p 5)

FINANCIAL TECHNOLOGYAbrar, Peerzada – "Sleeping with the enemy: big banks skirt confrontation to embrace fintech startups:

Disruptions in the financial services space spur partnerships for apps and systems to detect fraud"– SBI, the nation's biggest lender, is also very keen to tap innovations developed by fintech firms. Thechallenge is fostering the development of the next generation of fintech solutions, according to FranciscoAristeguieta, Citigroup's Asia Pacific CEO. An article. – (H Jan 4, 2016 p 16)

FOREIGN BANKING

– BARCLAYS

"Bank to trim Asia investment banking jobs next week" – Barclays will announce job cuts in its investmentbanking businesses across Asia, including closing the businesses in Korea and Taiwan. – (FE Jan 6, 2016 p 8)

– 10 –

"Barclays to shut Indian equities biz to cut costs" – Barclays is to close its Indian equities business as partof efforts to cut costs and boost profit, according to two sources with direct knowledge of the plan. TheBritish bank's equities business in India, which was rolled out in 2011, includes research and broking forinstitutional investors, and employs some two dozen people. A report. – (FE Jan 6, 2016 p 8)

– SOCIETE GENERALE

"SocGen to shut India equities research desk" – Societe Generale, France's second-biggest bank bymarket value, will shut its equities research desk in India as part of the bank's internal reorganisation.– (BS Jan 2, 2016 p 3)

GOLD MONETISATION SCHEME

– GOLD BOND SCHEME

"FinMin reworking gold schemes to boost demand: Will make them more attractive for investors,banks" – The Finance Ministry has begun a review of the Gold Monetisation Scheme to make it moreattractive not only for customers but also banks that offer it. It is also re-examining the Sovereign Gold BondScheme for a bigger roll out in 2016-17. The objective is to devise a mechanism that will ensure that thescheme adds to the bottomline of banks. A report. – (HBL Jan 5, 2016 p 10)

INDUSTRIAL RELATIONS"AIBEA to go ahead with strike on Jan 8" – The All India Bank Employees Association would go ahead

with its proposed one-day strike on January 8 as conciliatory talks with bank managements and governmentofficials have failed. – (FE Jan 1, 2016 p 3)

INFRASTRUCTURE FINANCE

– INFRASTRUCTURE DEVELOPMENT

"Bankers want green nod before project bids: IBA to suggest finance ministry to revive 85 largeprojects that are stuck in sectors such as road, power and steel" – Banks will ask the finance ministryto ensure environment clearances are provided before projects are put up for bidding, considering a chunk ofbig-ticket projects are stalled for want of this vital permit. The IBA will in the next fortnight make this as wellas several other recommendations impacting six stressed sectors - road, power, steel, sugar, EPC and electricitydistribution companies - to the finance ministry to speed up infrastructure development. A report.– (BS Jan 2, 2016 p 1)

INVESTMENT BANKS"European lenders benefit from rivals' retreat" – 5SBC, BNP Paribas, UniCredit and SocGen trumpet

growth in investment banking divisions. A report. – (FT Jan 5, 2016 p 16)

MEDIUM-TERM DEBT MANAGEMENT"Maturity of debt portfolio to be elongated under MTDS'" – The RBI issued the medium-term debt

management strategy for a period of three years till 2017-18. As part of this strategy, the central bank hassaid that issuance of short-term debt has been significantly moderated keeping in view the need for anappropriate debt portfolio. A report. – (FE Jan 1, 2016 p 8)

MICROFINANCE

– BASE RATE

"RBI fixes 9.45% base rate for NBFC-MFIs from today" – In line with falling lending rates, the RBI fixedbase rate at 9.45 per cent for NBFC Micro Finance Institutions. The new base rate is effective quarterbeginning January 1. – (FE Jan 1, 2016 p 8)

– 11 –

MONETARY POLICYRangan, M C Govardhana – "Interest rate cut - bets may be off if govt dithers on deficit" – If India

escaped the emerging markets rout in 2015, it owes to the credibility it had built through containing fiscal andcurrent account deficits as well as inflation. If the country goes astray on these, as the mid-year reviewsignals, we could be squandering the gains. An article. – (ET Jan 6, 2016 p 16)

MONEY LAUNDERING"Money laundering: RBI to share banks' probe report" – Bowing down to pressure, the Reserve Bank of

India has agreed to share relevant extracts of its banks' inspection reports with a central economic intelligencewing to help it check money laundering and violations of other banking laws. RBI is expected to sign aMemorandum of Understanding with the Central Economic Intelligence Bureau (CEIB). – (FE Jan 6, 2016 p 8)

NON-PERFORMING ASSETS

– INDIAN OVERSEAS BANK

Rajwade, A V – "A tale of two banks" – The experiences of HBOS and Indian Overseas Bank show thatoften loans make money for the lender in the initial years but losses come later when they turn bad. Anarticle. – (BS Jan 7, 2016 p 8)

– PUBLIC SECTOR BANKS

"Banks enter 2016 with $60-b bad loans on their books" – As a New Year begins, it's not a clean slate forthe banks with balance sheets full of red ink due to huge bad loans worth about $60 billion and a seriousclean-up job is a must in 2016 with the RBI having set a deadline. A report. – (FE Jan 2, 2016 p 8)

PAYMENTS BANKS

– FINO PAYTECH

"Fino PayTech appoints KPMG as consultant for payments bank foray" – Fino PayTech, a paymentsbank licensee, has appointed KPMG as consultant to advice it on project execution (converting to a paymentsbank) and IFC CGAP for 'strategic inputs in niche areas', according to Rishi Gupta, Managing Director andCEO. A report. – (HBL Jan 6, 2016 p 10)

PAYMENTS SYSTEM

– NPCI

"NPCI's unified payment interface to start in April" – National Payments Corp. of India Ltd's unifiedpayments interface (UPI) project, which will allow customers to transfer money and make payments almostas easily as they send a text message, will go live in April. Twenty-nine other banks have also agreed to startUPI-based services to their customers starting the first quarter of the next financial year. A report.– (Mint Jan 7, 2016 pp 1, 2)

RECOVERY OF LOANS"Banks and Financials: Slippages: On the road to recovery" – Fiscal 2015 appears to be a landmark year

in terms of the efforts made by banks to recover loans. A report. – (FE Jan 4, 2016 p 13)

STRATEGIC DEBT RESTRUCTURING"Banks may convert part of Surana debt into equity: Conversion via SDR route, say sources" –

Lenders to Surana Industries (SIL) will meet the firm's promoters next week to finalise the conversion of aportion of the borrowings into equity using the Reserve Bank of India (RBI) strategic debt restructuring(SDR) scheme, according to bankers aware of the development. A report. – (FE Jan 5, 2016 p 8)

– 12 –

"Educomp lenders examine SDR option" – Lenders to digital education provider Educomp Solutions Ltdare mulling conversion of debt to a majority equity holding under the strategic debt restructuring (SDR)scheme, two bankers in the know confirmed. A report. – (Mint Jan 6, 2016 p 2)

"Lenders prepare Monnet Ispat for recovery" – A hostile business climate leaves debt-laden Monnet Ispat& Energy no choice but to look for a strategic buyer. Last month, lenders took control of the company anddecided to convert their loans into equity under the RBI's SDR guidelines announced in June. The lendersplan to sell their holdings to a buyer within 18 months. Till then, the existing management will continue to runMonnet Ispat. A report. – (BS Jan 1, 2016 p 11)

"SDR not to heal all banking sector woes: Religare report" – Strategic debt restructuring (SDR) will notcure all the issues plaguing the banking sector, and instead, will postpone formation of non-performing assets(NPA) worth Rs.1.50 lakh crore to later years, according to the Religare Capital Markets report. – (FE Jan5, 2016 p 8)

SYSTEMIC RISKRaghu, S A – "The RBI and systemic risk: A look at the factors that increase stress in banks" – For

about five years now, the RBI has been publishing the Financial Stability Report which studies financialsystem risks having a bearing on the economy. The December 2015 report carries forward the theme ofincreased risks from the banking system. The RBI calculates a Banking Stability Indicator and tracks bankingsector risk using its movements - higher the indicator value, lower the stability. The Indicator has been on thedecline since 2010. It combines the impact of five factors - soundness, profitability, efficiency, asset qualityand liquidity. An article. – (HBL Jan 4, 2016 p 11)

RBI CIRCULARS"Auction of Government of India Dated Securities" – (RBI Circular RBI/2015-16/280 Ref. No. IDMD/

1438/08.02.032/2015-16 dated 04.01.2016)

"Master Circular- Prudential Norms for Classification, Valuation and Operation of Investment Portfolioby FIs- Amendment" – (RBI Circular RBI/2015-2016/283 DBR.No.FID.FIC 5/01.02.00/2015-16 dated07.01.2016)

"Non-Fund Based Facility to Non-constituent Borrowers of Bank" – (RBI Circular RBI/2015-2016/281DBR.Dir.BC.No.70/13.03.00/2015-16 dated 07.01.2016)

"Setting up of IFSC Banking Units (IBUs) - Permissible activities" – (RBI Circular RBI/2015-2016/282DBR.IBD.BC. 8536/23.13.004/2015-16 dated 07.01.2016)

AGRICULTURE & RURAL DEVELOPMENT

AGRICULTURE"Farm sector agenda: The Budget could do a lot for agriculture" – An editorial. – (BS Jan 6, 2016 p 9)

"What it means to focus on agriculture: The things to fix on the farm are easy to list" – An editorial.– (ET Jan 2, 2016 p 8)

CROP INSURANCE"Field lessons: Farmers are better served by crop insurance than cheap credit" – An editorial.

– (IE Jan 2, 2016 p 6)

"Managing agricultural risk: The proposed crop insurance overhaul is a welcome step" – An editorial.– (HBL Jan 4, 2016 p 16)

– 13 –

RURAL EMPLOYMENT

– MGNREGA

"MGNREGA back on track, job numbers hit five-year-high" – The Mahatma Gandhi National RuralEmployment Guarantee Scheme, the flagship welfare programme of the previous UPA government, appearsto be staging a revival of sorts. And this turnaround is being attributed mainly to better monitoring by theCentre and timely release of funds. The July-September quarter witnessed 45.82 crore person-days ofemployment generated under MGNREGA. This was the highest for the quarter in the last five years. Areport. – (IE Jan 6, 2016 pp 1, 2)

"MGNREGA message" – Its revival signals some succour is reaching those who need it most. But Centre,states must improve grievance redressal. An editorial. – (IE Jan 7, 2016 p 10)

INDUSTRY"Core industries' output contracts 1.3% in November" – Portending a sharp dip in IIP growth, the eight

core industries' output in November contracted 1.3. per cent. The latest Core industries' print reflectingpatchy nature of economic recovery was substantially lower than the 3.2 per cent growth seen in Octoberthis year and 8.5 per cent growth recorded in November last year. A report. – (HBL Jan 1, 2016 p 4)

COMPETITION COMMISSION OF INDIA"Confusion over merger filling to be addressed soon" – Edited excerpts from an interview with Ashok

Chawla Chairman, Competition Commission of India (CCI). He promises faster clearances of merger andacquisition (M&A) deals and offers a glimpse into the pending revisions in merger control regulations.– (Mint Jan 7, 2016 p 21)

"Most regulators have very little financial autonomy" – Edited excerpts from an interview with AshokChawla Chairman, Competition Commission of India (CCI). He says the government is not interfering withthe day to day working of regulators but most regulators need financial autonomy to be truly independent. Hesays the behaviour of large corporates and trade associations has changed and 'gradually but definitely theappreciation of competition rules is coming into effect'. – (ET Jan 4, 2016 p 11)

CONFEDERATION OF INDIAN INDUSTRY"Govt. must focus on demand creation: CII" – An interview with Sumit Mazumder, President, Confederation

of Indian Industry (CII). – (H Jan 6, 2016 p 15)

E-COMMERCE"E-commerce industry to cross $38 billion this year: Assocham" – India's e-commerce market is likely

to touch $38-billion-mark in 2016, a 67 per cent jump over the $23 billion revenue it clocked last year,according to the Associated Chambers of Commerce and Industry (Assocham). 'Increasing internet andmobile penetration, growing acceptability of online payments and favourable demographics has provided thee-commerce sector in India the unique opportunity to companies connect with their customers,' according tothe Assocham's latest report. – (H Jan 3, 2016 p 15)

FICCI"Services will continue to drive India's growth" – Edited excerpts from an interview with Harshavardhan

Neotia, the newly elected president of the Federation of Indian Chambers of Commerce and Industry (Ficci).– (Mint Jan 7, 2016 p 9)

– 14 –

INFRASTRUCTURE SECTOR

– PPP MODEL

"Bridging the public-private divide" – The Kelkar panel has made vital suggestions to help the PPP modelwork better. A report. – (FE Jan 6, 2016 p 11)

Agarwal, Abhaya K – "Implementation is the key: The Kelkar Panel's report is timely and action-oriented" – Setting up 3P India will create a much-needed infra advisory body and operationalising it iscritical. It should have sufficient resources and complete autonomy. An article. – (FE Jan 6, 2016 p 11)

Bhattacharya, Jaijit – "Revitalising PPP: Proper action on the report will spur infra growth" – Giventhe enormous appetite that India has for infrastructure, it would be a challenge to meet the requirementwithout reviving PPP as a credible option. An article. – (FE Jan 6, 2016 p 11)

– RULE OF LAW

Mundkur, Ramanand – "Investing in the right infrastructure" – The inadequacies of the country's rule oflaw mechanisms have a real and extensive economic cost. An article. – (Mint Jan 7, 2016 p 23)

LIC"LIC FY15 profit jumps 10.4%, insurer pays Rs.1,804 cr to govt" – A whopping 25% rally in the equity

markets boosted the net profit, or valuation surplus in the official language, of Life Insurance Corporation by10.4% in 2014-15 at Rs.36,087 crore. A report. – (FE Jan 6, 2016 p 8)

MANUFACTURING"Manufacturing PMI slips to 28-month low in December" – India's manufacturing activity shrank for the

first time in two years in December as business conditions deteriorated on account of Chennai floods besidesthe persistently muted domestic demand, a private survey showed. A report. – (BS Jan 5, 2016 p 4)

MUTUAL FUNDS"MF industry's asset base surges 21% on robust equity inflow" – Strong participation from retail investors

and robust inflow in equity schemes helped the mutual fund industry's asset base soar by 21.1 per cent toRs.13.4 lakh crore in 2015. India's 44 fund houses together had an average assets under management(AUM) of Rs.11.06 lakh crore at the end of December 2014, compared to Rs.13.39 lakh crore registered inyear-ago, as per latest data available with Association of Mutual Funds in India (AMFI). A report. – (HT Jan4, 2016 p 11)

SMALL SCALE INDUSTRY

MSMEs

– NPAs

"Rising bad loans in MSMEs, a cause for concern: Kalraj Mishra: The sector accounts for about45% of the total NPAs in the system, says Minister" – The Micro, Small and Medium Enterprises(MSMEs) account for close to 45 per cent of the non-performing assets (NPAs) in the system. Whilemounting NPAs is a cause of concern, the Ministry is doing every bit to address this, according to KalrajMishra, Union Minister for MSMEs. A report. – (HBL Jan 4, 2016 p 13)

MUDRA BANK"Govt stands up for women entrepreneurs, boosts SMEs with Mudra-Sidbi bank" – In what could give

a leg-up to the financing of small and medium businesses and start-ups, the government vowed to giveguarantees for loans up to Rs.1 lakh crore to be availed by them under the aegis of the newly set-up Micro

– 15 –

Units Development Refinance Agency (Mudra). It also approved a new financing scheme - Stand Up India- under which an estimated 2.5 lakh SC/ST and women entrepreneurs could get bank loans of Rs.10 lakh toRs.1 crore for greenfield enterprises in the non-farm sector in three years. The Mudra credit guarantee fundwill have an initial corpus of Rs.3,000 crore. A report. – (FE Jan 7, 2016 pp 1, 2)

INTERNATIONAL ECONOMICS"World economy of so-so growth and fat-tailed risk" – Economic and political uncertainties lie in wait for

the new year. An editorial. – (FT Jan 4, 2016 p 6)

Basu, Kaushik – "World Economy's labour pains" – The ongoing economic slowdown, which began in2008 with the financial crisis in the US, could set a new endurance record. What is certain is that withgrowth stalling in Japan and slowing in China, and with Russia in deep crisis and the euro zone still barelyrecovering, the world economy is not yet out of the woods. An article. – (Mint Jan 1, 2016 p 4)

Lagarde, Christine – "The transitions of 2016" – One reason that the global economy is so sluggish is that,seven years after the collapse of Lehman Brothers, financial stability is not yet assured. Financial-sectorweaknesses linger in many countries and financial risks are growing in emerging markets. Putting all together,global growth in 2016 will be disappointing and uneven. An article. – (Mint Jan 1, 2016 p 10)

Stiglitz, Joseph – "The great malaise continues" – Optimists say 2016 will be better than 2015. That mayturn out to be true, but only imperceptibly so. Unless we address the problem of insufficient global aggregatedemand, the Great Malaise will continue. An article. – (Mint Jan 1, 2016 p 13)

Wolf, Martin – "Why economic disaster is an unlikely event" – An article. – (FT Jan 6, 2016 p 7)

CHINA"China needs reform to guarantee growth" – Beijing is not yet aware of the scale of the economic challenge

it faces. An editorial. – (FT Dec 30, 2015 p 6)

Lin, Justin Yifu – "China's grand silk road vision" – In 2015, global headlines reflected mounting concernsabout China's slowing economy and whether the country can maintain its reform momentum and complete itsshift to a new growth model based on higher domestic consumption and expanded services. Within China,however, confidence in the economy's long-term trajectory remains undiminished. An article. – (Mint Jan 1,2016 p 8)

EURO-ZONE"Euro Zone economy heading for a robust year, suggests survey: Germany, Italy, Spain and Ireland

are enjoying strong expansion: financial info firm Markit" – The 19-country Euro Zone's economy ispoised for a year of 'robust expansion' following its best quarterly performance in over four years, a closelywatched survey indicated. Over recent months, the outlook has gotten a little bit murkier, largely because ofdevelopments in China, where growth has been moderating. A report. – (HBL Jan 7, 2016 p 3)

ASIAN INFRASTRUCTURE INVESTMENT BANKLiqun, Jin – "The AIIB is ready for business" – An article. – (Mint Jan 1, 2016 p 20)

FUND MANAGEMENT"Global fund management" – A weekly report. – (FT Jan 4, 2016 Supl. pp 1-20)

INFLATION"Global inflation: Low and behold" – Another year of low prices will create strains in the world economy. An

article. – (Eco 418(8970) Jan 2, 2016 pp 9-10)

– 16 –

MONETARY POLICIESRajan, Raghuram – "The global monetary non-system" – The bottom line is that multilateral institutions

like the IMF should exercise their responsibility for maintaining the stability of the global system by analysingand passing careful judgement on unconventional monetary policies. The current non-system is pushing theworld towards competitive monetary easing, to no one's ultimate benefit. An article. – (Mint Jan 1, 2016 p 12)

LABOUR & PERSONNEL MANAGEMENT

HUMAN RESOURCE MANAGEMENTJha, Pallavi – "HR trends for 2016: HR will set up business communication standards this year:

Predictive learning systems, digital assessments, retention analytics and gamification will becomea crucial part of HR manager's arsenal" – An article. – (FE Jan 4, 2016 p 14)

MANAGEMENT

CORPORATE SOCIAL RESPONSIBILITY"Top 100 cos have a yen for CSR" – The top 100 listed companies of India spent a cumulative amount of

Rs.5,240 crore in corporate social responsibility (CSR) activities in the financial year 2014-15, up fromRs.3,000 crore in the previous financial year. An analysis by Institutional Investor Advisory Services (IIAS),a proxy advisory firm, found around 65 per cent of the aggregate FY15 CSR spend was philanthropic,including some instances of contribution to government's welfare and social schemes. A report. – (H Jan 6,2016 p 6)

Naik, Priya – "The three next steps for CSR to succeed" – It's now been over a year since Section 135of the Companies Act 2013 came into effect and it has sought to alter the way corporate social responsibility(CSR) is approached in India. Besides, mandating CSR spending by companies of a certain revenue andprofit size, the Act urges companies to leverage their business acumen and core competencies to addresssocial issues in the same manner as they would carry out other business operations. An article. – (Mint Jan5, 2016 p 24)

LEADERSHIPChandrashekhar, G R – "Trusting young leaders with decision making?: Organisations are debating

whether they can hand over leadership responsibilities to talented young managers, overlookingtheir seniors" – A huge change in leadership selection process is the need of the hour. An article. – (BS Jan4, 2016 p 13)

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