A Monthly Newsletter of Indian Institute of Banking & Finance

Transcription

1 A Monly Newsletter of Iian Institute of Banking & Finance (ISO 9001 : 2008 CERTIFIED) (Rs. 40/- per annum) Committed to professional excellence Volume No. : 7 Issue No. : 11 No. of Pages - 8 Banks enroll 63 million people uer Jan Suraksha Banks have enrolled 63.3 million people uer e ree Jan Suraksha schemes - Atal Pension Yojana (APY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) a Pradhan Mantri Suraksha Bima Yojana (PMSBY). The schemes were launched on 9 May 2015 by Shri Narera Modi, Honorable Prime Minister of Iia. PMJJBY is a term life insurance scheme, renewable from year to year, offering life insurance cover for dea due to any reason. All savings bank account holders in e age groups can join is scheme at a payable premium of `330 a year. PMSBY is an accident insurance scheme of `2 lakh sum assured wi premium of `12 a year. The accident cover of e member will terminate on attaining e age of 70 or due to closure of account wi bank or insufficiency of balance to keep insurance in force. APY is available to unorganized sector workers. Uer e APY, guaranteed minimum pension of `1,000, `2,000, `3,000, `4,000 a `5,000 a mon will be given at e age of 60 years, depeing on e contributions by e subscribers. Investment by overseas Iians made easier The Union Cabinet decided to relax Foreign Direct Investment (FDI) norms for NRIs, treating nonrepatriable investments made by em on par wi domestic fuing. A decision in is regard was taken by e Union Cabinet. The meeting also decided to broaden e definition of NRIs to include Overseas Citizens of Iia (OCIs) cardholders a Persons of Iian Origin (POIs) cardholders. The decision at NRI includes OCI cardholders as well as POI cardholders is meant to align e FDI policy of e government to provide POIs a OCIs parity wi NRIs in respect of economic, financial a educational fields. The measure is expected to result in increased investments across sectors a greater inflow of foreign exchange remittance leading to economic grow of e country. The mission of e Institute is "to develop professionally qualified a competent bankers a finance professionals primarily rough a process of education, training, examination, consultancy / counselling a continuing professional development programs." Top Stories...1 Banking Policies...2 Banking Developments...3 Regulator's Speak...4 Insurance...5 New Appointment / Forex...6 Products & Alliances...6 Financial Basics...6 Glossary...7 Institute's Training Activities...7 News from e Institute...7 Market Rouup...8 "The information / news items contained in is publication have appeared in various external sources / media for public use or consumption a are now meant only for members a subscribers. The views expressed a / or events narrated / stated in e said information / news items are as perceived by e respective sources. IIBF neier holds nor assumes any responsibility for e correctness or adequacy or oerwise of e news items / events or any information whatsoever."

2 Banking Policies Banking Policies RBI directive on card issuance RBI has advised banks at wi effect from September 1, 2015, all new cards - debit a credit, domestic a international - issued by em should be EMV (Europay, MasterCard, a Visa) chip a pin-based cards. While some banks have already moved to EMV chip a pin cards issuance, a large number of banks continue to issue magnetic stripe cards. The acceptance infrastructure is getting geared up to accept EMV chip a pin cards. Thus, given e level of readiness of e card acceptance infrastructure at point of sale a also e implementation of PIN@POS for debit cards, e time is appropriate to move furer along e pa to migrate away from magnetic stripe only cards to chip a pin cards. RBI released framework for dealing wi loan frauds RBI has released framework for dealing wi loan frauds for issues relating to prevention, early detection a reporting of frauds. The guidelines will come into force wi immediate effect. The most effective way of preventing frauds in loan accounts is for banks to have a robust appraisal a an effective credit monitoring mechanism during e entire life-cycle of e loan account. In case of accounts classified as 'fraud', banks are required to make provisions to e full extent immediately, irrespective of e value of security. However, in case a bank is unable to make e entire provision in one go, it may now do so over four quarters provided ere is no delay in reporting. Banks are required to lodge e complaint wi e law enforcement agencies immediately on detection of fraud. The concept of a Red-Flagged Account (RFA) is being introduced in e current framework as an important step in fraud risk control. An RFA is one where a suspicion of fraudulent activity is rown up by e presence of one or more Early Warning Signals (EWS). RBI has provided an illustrative list of some EWS for e guidance of banks. Borrowers who have defaulted a have also committed a fraud in e account would be debarred from availing bank finance from Scheduled Commercial Banks, Development Financial Institutions, Government owned NBFCs, Investment Institutions, etc., for a period of five years from e date of full payment of e defrauded amount. RBI allows ARCs resolution period beyo 8 years RBI has given Asset Reconstruction Companies (ARCs) long resolution period to ensure smoo working of restructuring package for stressed accounts. The time for redeeming Security Receipts (SRs) held against assets might be exteed in congruence wi e resolution period approved by Board for Iustrial & Financial Reconstruction / Corporate Debt Restructuring / Joint Leers Forum, on a case to case basis wi e prior approval of RBI, subject to e Iepeent Credit Rating Agencies continuing to rate ese SRs. At present, e maximum resolution period permitted to SCs / RCs for realisation of stressed assets acquired by em is 8 years. However, in most cases, e repayment period goes beyo eight years. In such cases, ARCs holding part of stressed assets, had expressed eir inability to go along wi oer leers beyo eight years due to regulatory constraints. They would exit at e e of five or eight years, jeopardizing e restructuring efforts of a majority of leers. RBI has kept in mi ese constraints while modifying e directions. Now, wi e amements, ARCs can play an effective role in resolution of stressed cases. RBI removes curbs on NBFCs for sale of MFs RBI has lifted all restrictions on Non-Bank Finance Companies (NBFCs) to sell Mutual Fus (MFs). Since e distribution of Mutual Fu products by e NBFCs is on non-risk sharing basis a purely as a customer service, RBI has now decided to dispense wi e requirement of prior approval from e Reserve Bank for NBFCs to distribute Mutual Fu products. It has also been decided to dispense wi e minimum eligibility criteria. The guidelines on distribution of MF products by NBFCs have been suitably modified. According to e new guidelines, e NBFC should only act as an agent of its customer, forwarding eir applications for purchase or sale of MF units togeer wi e payment instruments to e MF, e registrars or e transfer agents. The purchase of units should be at e customers risk a wiout e NBFC guaranteeing any assured return. NBFCs can't acquire units of MFs from e secoary market for sale to eir customers or buy-back from eir customers. In case e NBFC is holding custody of MF units on behalf of its customers, it should ensure at its own investments a e investments belonging to its customers are kept distinct from each oer. The NBFC should not adopt any restrictive practice of forcing its customers to go in for a particular MF product sponsored by it. The customers should be allowed to exercise eir own choice. NBFCs Can Cut Forward Deals in Corp Bos RBI has permitted NBFCs registered wi RBI including Government companies as defined in sub-section (45) of section 2 of e Companies Act, 2013 which adhere IIBF VISION 2

3 Banking Policies - Banking Developments to e prudential norms prescribed for NBFCs by e Department of Non-Banking Regulation, Reserve Bank of Iia, to uertake ready forward contracts in corporate debt securities. Oer institutions, which are already allowed to enter forward contract deals include commercial banks, primary dealers, Exim Bank, National Housing Bank, National Bank for Agriculture a Rural Development, Small Iustries Development Bank of Iia, Housing Finance Companies a Mutual Fus. RBI eases remittance, ECB norms On a review of e permitted transactions uer e Rupee Drawing Arrangements (RDAs), RBI has decided to increase e limit of trade transactions from e existing `5,00,000/- (Rupees Five Lakh only) per transaction to `15,00,000/- (Rupees Fifteen Lakh only) per transaction. It has also been decided to permit Auorised Dealer banks to regularise payments exceeding e prescribed limit uer RDA provided at ey are satisfied wi e bonafide of e transaction. Wi a view to providing greater flexibility for structuring of ECB arrangements, it has been decided at recognised non-resident ECB leers may exte loans in Iian Rupees provided at e leer should mobilise Iian Rupees rough swaps uertaken wi an Auorised Dealer Category-I bank in Iia also e ECB contract should comply wi all oer coitions applicable to e automatic a approval routes as e case may be as well as e all-in-cost of such ECBs should be commensurate wi prevailing market coitions. For e purpose of executing swaps for ECBs denominated in Iian Rupees, e recognised ECB leer, if it desires, may set up a representative office in Iia following e prescribed laid down process. Norms on NPA sale to ARC eased Reserve Bank of Iia exteed by a year e benefit which allowed banks to spread over two years e loss incurred rough sale of bad loans to asset reconstruction companies. RBI said at is dispensation would be available till March As per an earlier circular, e forbearance had eed on March 31, In order to incentivise banks at recognised NPAs a sold em early RBI had allowed rough such sale over two years. Banking Developments Central Government to print 15 crore `1 notes every year After a gap of 20 years, e `1 note is set to make a comeback. The Central Government has decided to print 15 crore `1 notes every year. Incidentally, it is only `1 notes at are issued by e Government of Iia; all oer currency denominations are issued by RBI. RBI advises Banks to appoint Internal Ombudsman Reserve Bank of Iia has advised all public sector banks a some private sector a foreign banks to appoint an internal ombudsman. The internal ombudsman would be designated Chief Customer Service Officer (CCSO). He/she should not have worked in e bank in which he/she is appointed as CCSO. RBI has taken is initiative to boost e quality of customer service a to ensure at ere is uivided attention to resolution of customer complaints in banks. Reserve Bank of Iia will shortly issue detailed operational guidelines to e banks. SEBI notifies debt conversion norm for banks in distressed companies Securities a Exchange Board of Iia (SEBI) has notified new norms for banks to convert eir debt into equity to help leers deal wi defaulting borrowers. The conversion price shall be determined in accordance wi e guidelines specified by Reserve Bank of Iia for strategic debt restructuring scheme, which shall not be less an e face value of e equity shares. Equity shares so allotted shall be locked-in for a period of one year from e date of trading approval provided at for e purpose of transferring e control, e consortium of banks a financial institutions may transfer eir shareholding to an entity before completion of e lock-in period subject to continuation of e lock-in on such shares for e remaining period wi e transferee. Bill to check piling up of cheque-bounce cases Mr. Arun Jaitley, Finance Minister introduced e Negotiable Instruments (Amement) Bill 2015, which would help in ensuring a fair trial of cases uer Section 138 at deals wi cheques being not honoured. This was done to prevent piling up of cheque-bounce cases in various courts. The main amement included in is is e stipulation at e offence of rejection / return of cheque u/s 138 of NI Act will be enquired into a tried only by a Court wiin whose local jurisdiction e bank branch of e payee, where e payee presents e cheque for payment is situated. Relaxation in requirement of Additional Factor of Auentication for small value card present transactions The payment can be made up to `2,000 using NFC (Near Field Communication) enabled credit a debit cards wiout punching e password at any retail outlet or while shopping online. This is possible because Reserve Bank of Iia has waived e seco or e Additional Factor of Auentication (AFA) for small value transactions. NFC-technology allows users to IIBF VISION 3

4 Banking Developments - Regulator's Speak... simply tap eir cards onto a point-of-sales equipment to make payments. Unlike existing credit cards ere is no need for swiping. This will make life easier for consumers shopping online by enabling em to skip e process of typing an additional password. Government to expedite action on single Demat account & uniform KYC Shri Arun Jaitley, Union Finance Minister said at action on Single Demat account a Uniform KYC norms to be expedited a suitable regulation framework in is regard be put in place. He said at e common account aggregation facility is envisaged to allow people to get details of eir financial assets such as bank accounts, stocks, insurance policies, mutual fus a oer financial instruments at one place. The Financial Stability a Development Council (FSDC) took stock of e state of macro-economy a challenges / issues including external sector vulnerabilities while observing at macroeconomic vulnerabilities have been reduced significantly in e recent mons on e back of various policy initiatives taken by e Government, improvement in grow outlook, fall in inflation, recovery in e external sector a political stability. The Council also discussed e progress made regarding implementation of its decision taken on development of Corporate Bo Market a discussed e way forward for developing a vibrant, deep & liquid bo market. Norms for IDF-NBFCs relaxed Reserve Bank of Iia has widened e scope of financing of infrastructure debt fus by permitting em to invest in Public Private Partnership (PPP) a infrastructure projects which have completed at least one year of satisfactory commercial operation a are a party to a Tripartite Agreement wi e Concessionaire a e Project Auority for ensuring a compulsory buyout wi termination payment. It has also been decided to allow IDF-NBFCs to uertake investments in non-ppp projects a PPP projects wiout a Project Auority, in sectors where ere is no Project Auority, provided ese are post Commercial Operations Date (COD) infrastructure projects which have completed at least one year of satisfactory commercial operation. The maximum exposure at an IDF-NBFC can take on iividual projects will be at 50% of its total Capital Fus. An additional exposure up to 10% could be taken at e discretion of e Board of e IDF-NBFC. RBI may, upon receipt of an application from an IDF- NBFC a on being satisfied at e financial position of e IDF-NBFC is satisfactory, permit additional exposure up to 15% (over 60%) subject to such coitions as it may deem fit to impose regarding additional prudential safeguards. RBI Eases Norms for Remitting FCNR Fus RBI has clarified at A2 form is to be filed at e time of purchase of foreign exchange using rupee fus a hence is not applicable while remitting FCNR (B) fus. Completion of e declaration cum application form was earlier maatory for seing money abroad. RBI has also advised banks to devise better meods of checking wheer deals are bona fide, raer an insisting on e physical presence of e account holder, in order to ensure hassle free remittance of fus to e account holder. Calear of reviews to be replaced by seven emes of Nayak Committee RBI has prescribed comprehensive 'Calear of Reviews' to be deliberated by e Boards of banks a has made significant additions to e same over e years. It has been observed at Calear of Reviews uses considerable Board time a as a result e Board may not be in a position to give focused attention to matters of strategic a financial importance. In is connection, e Committee to Review Governance of Boards of Banks in Iia (Chairman - Dr. P. J. Nayak) had recommeed at discussions in e Boards of banks need to be upgraded a greater focus should be on strategic issues. In e first bi-monly monetary policy statement , it was proposed to do away wi e Calear of Reviews a instead, replace it wi e seven critical emes prescribed by e Nayak Committee namely, business strategy, financial reports a eir integrity, risk, compliance, customer protection, financial inclusion a human resources a leave it to e banks' Boards to determine oer list of items to be deliberated a periodicity ereof. Regulator's Speak... Raising capital has become difficult for banks According to Mr. S. S. Mura, Deputy Governor, RBI conservation of capital a its efficient utilization is a priority for all banks; especially in wake of e concerns about e ability of banks to raise additional capital to support eir business. These concerns are not entirely misplaced, especially for Public Sector Banks (PSBs). The poor valuations of bank stocks are not helping matters, as raising equity has become difficult. There is a constraint on e Government wi regards to meeting e capital needs of PSBs. Hence, certain banks are faced wi e challenge of looking at newer ways of meeting eir capital needs. IIBF VISION 4

5 Regulator's Speak... - Insurance RBI open to increase capital a/c transaction to $250,000 per year Mr. G. Padmanabhan, Executive Director, said at RBI has progressively increased e limit for capital account transactions for Iividuals on a per annum basis a are in consultation wi e Government to increase it to USD 250,000 per year per iividual. The experience so far has been at most of is is used for permissible current account transactions, presumably because of e ease. While ere are risks associated wi full capital account convertibility, resisting liberalisation over an exteed period may prove futile a counterproductive. As e economy gets more globalised, it will become harder to maintain closed capital accounts. So, Iia needs to continue moving towards full capital account convertibility. Reducing vulnerabilities crucial for emerging economies Dr. Raghuram Rajan, Governor, Reserve Bank of Iia, in his speech to e Economic Club of New York said at emerging economies have to work to reduce vulnerabilities in eir economies, to get to e point where, like Australia or Canada, ey can allow exchange rate flexibility to do much of e adjustment for em to capital inflows. But e needed institutions take time to develop. In e meantime, e difficulty for emerging markets in absorbing large amounts of capital quickly a in a stable way should be seen as a constraint, much like e zero lower bou, raer an someing at can be altered quickly. Even while resisting e temptation of absorbing flows, emerging markets will look to safety nets. Insurance Shareholding change in insurers The Insurance Regulatory a Development Auority of Iia (IRDAI) said at no registration of transfer of shares or issue of equity capital of an insurance company which would result in a shareholding change can be made where : After e transfer, if e paid-up holding of e transferee in e shares of e insurance company is likely to exceed 5% of its paid-up capital, it will not be approved. The nominal value of e shares inteed to be transferred by any iividual, firm, group, constituents of a group, or body corporate uer e same management, jointly or severally exceeds 1% of e paid up equity capital of e insurance company, unless e previous approval of e Auority had been obtained for e said transfer. IRDAI proposes to tighten registration norms IRDAI has proposed to tighten e norms for registration of insurance companies. In its draft regulations, IRDAI has sought e details of promoters' voting rights, e products to be sold, financial performance projections a e areas e insurers would operate in. New companies being registered will need to comply wi e provision of Iian owned a controlled. Existing companies will have to comply wi is wiin a year of e norms coming into force. The application for registration will be considered after taking into account factors such as capital structure, extent of obligation to provide insurance to e rural sector, unorganized workers, a backward classes of society. It will also look into e business plan for e succeeding five years, especially e plans to set up presence in rural areas. The minimum paid-up equity share capital required for all categories including life, general, heal a re-insurance is `200 crore. Iian investors cannot hold over 10% paid-up equity shares in insurance firms No Iian investor will be allowed to hold shares exceeding 10% of e paid-up equity shares in an insurance company, according to Insurance Regulatory a Development Auority of Iia (IRDAI). According to IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015 all investors (where ere are one or more investors in an insurance company) jointly should not hold more an 25% of e paid-up equity share capital of e insurance company. Furer, wi reference to e proposals pertaining to e transfer of shares in insurance companies, e auority said it might ask Iian promoters as well as foreign investors to have a minimum lock-in period for infusion of additional capital as a pre-coition for approval. Expert panel on heal insurance says pilot products for 5-year tenure needed An expert committee constituted to examine e heal insurance framework has said ere should be experimental products, wi a five-year period. In its report, given to Insurance Regulatory a Development Auority of Iia (IRDAI), it recommeed insurers have a category of closed-e products (termed pilot products) for is much time. These would cover risks at are oerwise generally declined or excluded, where ey have e option to renew or not after five years. This is to encourage new IIBF VISION 5

6 Insurance - New Appointments - Forex - Products & Alliance - Financial Basics a innovative products. After five years, e companies have to confirm a pilot product as a regular one, subject to e various provisions of renewability. Name Mr. Arun Shrivastava Mr. Rajnish Kumar New Appointments Designation / Organisation Managing Director & Chief Executive Officer, Syicate Bank Managing Director, State Bank of Iia Ms. Varsha Puraare Deputy Managing Director & Chief Credit & Risk Officer, State Bank of Iia Mr. Mrutyunjay Mahapatra Mr. R. A. Sankara Narayanan Source : Deputy Managing Director & Chief Information Officer, State Bank of Iia Executive Director, Bank of Iia Forex Benchmark Rates for FCNR (B) Deposits applicable for e mon of LIBOR / SWAP for FCNR (B) Deposits LIBOR SWAPS Currency 1 year 2 years 3 years 4 years 5 years USD GBP EUR JPY CAD AUD CHF DKK NZD SEK SGD HKD MYR Foreign Exchange Reserves Item As on 22 May 2015 `Bn. US $ Mn. 1 2 Total Reserves 22, ,556.9 (a) Foreign Currency Assets 20, ,839.3 (b) Gold 1, ,335.7 (c) SDRs ,064.5 (d) Reserve Position in e IMF ,317.4 Source : Reserve Bank of Iia (RBI) Products & Alliances Organisation Organisation Purpose tied up wi Bank of UAE Exchange For real time instant credit Baroda of INR remittance facility to customers. Axis Bank Ping Pay-multi- To enable customers wi social payment solution via-npci s Immediate Payment Service (IMPS) smart phones to transfer fus, person to person, including non-axis Bank account-holders Canara Bank M/s. Volvo-Eicher For financing vocational Commercial Vehicles Ltd., education loans to students HDFC Bank Apollo Hospitals For easy disbursal of medical allowance to e employees of a company Bank of Iia Master Card To enhance e payment Snapdeal experience for customers To finance manufactures a sellers from e small a medium enterprises State Bank PayPal To enable SBI debit card of Iia Amazon holders to use PayPal for buying products from overseas web site a allow MSMEs to access PayPal s secure payment solution To build a digital Iia which meets e aspirations of e next generation of customers a small businesses. Financial Basics Hybrid Debt Capital Instruments In is category falls a number of capital instruments, which combine certain characteristics of equity a certain characteristics of debt. Each has a particular IIBF VISION 6

7 Financial Basics - Glossary - Institute's Training - News from e Institute feature, which can be considered to affect its quality as capital. Where ese instruments have close similarities to equity, in particular when ey are able to support losses on an ongoing basis wiout triggering liquidation, ey may be included in Tier II capital. Institute's Training Activities Training Programme Schedule for e mon of June a July 2015 No. Name of e programme Date Location st rd 1. Recovery Management in 1 to 3 Chennai Banks 8 to 10 Kolkata 2. Customized training programme on Credit Appraisal for Officers of Abhyudaya Co-operative Bank st st rd 1 batch 1 to 3 Mumbai 2 batch 4 to 6 Mumbai rd 3 batch 8 to 10 Mumbai 3. Leadership Development 7 to 13 Mumbai a Credit Management for Branch Managers of Bharatiya Mahila Bank 4. Marketing / Branch 15 to 20 Mumbai Operations a Customer care / Interpersonal Skills - Bharatiya Mahila Bank 5. Two iuction programme 22 to 30 Thane for TJSB for trainee officers 6. Iuction programme for 15 to 26 Belapur newly recruited Officers of Bharatiya Mahila Bank 7. Post examination training 13 to 17 July 2015 NIBM, for Certified Bank Trainer programme Glossary Rupee Drawing Arrangement Uer e Rupee Drawing Arrangements (RDAs), cross-border inward remittances are received in Iia rough Exchange Houses situated in Gulf countries, Hong Kong a Singapore. Prior approval of e Reserve Bank is required for opening a maintaining Rupee vostro accounts of ese non-resident Exchange Houses in Iia. Pune News From e Institute R. K. Talwar Memorial Lecture The 6 R. K. Talwar Memorial Lecture will be delivered by Shri. Arvi Panagaria, Vice-Chairman, NITI Aayog, Government of Iia on 17 July 2015 at SBI Auditorium, Mumbai. (For details visit ). Certificate examination for BCs / BFs (PMJDY) The Institute has recently launched a Certificate examination for BCs / BFs uer e Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme. The Institute has also published a book titled Inclusive Banking ro' Business Correspoent - A tool for PMJDY. This book has been translated into Hii a Marai also. The first online examination for BCs was held in May 2015 which was taken by 2,574 caidates. The next exam is scheduled on 2 July 2015 (For details visit Call for APABI Conference Papers The Institute would be organizing e APABI International Banking Conference 2015 on e eme New Paradigms in Banking. Papers on any topic related to e eme of e conference are invited. For details visit Cut-off Date of Guidelines / Important Developments for Examinations In respect of e exams to be coucted by e Institute during May / June of a calear year, instructions / guidelines issued by e regulator(s) a important st developments in banking a finance up to 31 December of e previous year will only be considered for e purpose of inclusion in e question papers. In respect of e exams to be coucted by e Institute during November / December of a calear year, instructions / guidelines issued by e regulator(s) a important developments in banking a finance up to 30 June of at year will only be considered for e purpose of inclusion in e question papers. Additional Reading Material for Institute's examination The Institute has put on its web site additional reading material, for various examinations, culled out from e Master Circulars of RBI a oer sources. These are important from examination view point. For details visit Green Initiative Members are requested to update eir address wi e Institute a se eir consent to receive e Annual Report via in future. IIBF VISION 7

8 News from e Institute - Market Rouup Registered wi Registrar of Newspapers uer RNI No. : / 1998 Postal Registration No. : MH / MR / Nor East / 295 / Published on 25 of every mon. Posting Date : 25 to 30 of every mon. Posted at Mumbai Patrika Channel Sorting Office, Mumbai - 1 WPP Licence No. : MR / Tech / WPP - 62 / N E / Licence to post wiout prepayment. Seing of hard copies of IIBF Vision document The Institute is forwarding e monly IIBF Vision by s to all e members who had registered eir ids wi e Institute. Members who have not registered eir ids are requested to register e same wi e Institute on or before 30 September, The Institute is going to discontinue seing e hard copies of e IIBF vision wi effect from October-2015 to all members. The members are requested to note at only e soft copies of IIBF Vision will be sent by in e future. Market Rouup % p.a. Weighted Average Call Rates /05/15 07/05/15 09/05/15 11/05/15 14/05/15 Source : CCIL Newsletter, May /05/15 19/05/15 20/05/15 22/05/15 23/05/15 27/05/ USD 06/05/15 07/05/15 EURO RBI Reference Rates 09/05/15 15/05/15 Source : Reserve Bank of Iia (RBI) 21/05/ Jap Yen % p.a. BSE Sensex /05/15 07/05/15 13/05/15 18/05/15 Source : Bombay Stock Exchange (BSE) 20/05/15 24/05/15 27/05/15 29/05/15 30/05/15 POUND STERLING 22/05/15 25/05/15 29/05/15 Printed by Dr. J. N. Misra, published by Dr. J. N. Misra on behalf of Iian Institute of Banking & Finance, a printed at Quality Printers (I), rd 6-B, Mohatta Bhavan, 3 Floor, Dr. E. Moses Road, Worli, Mumbai a published from Iian Institute of Banking & Finance, Kohinoor City, Commercial-II, Tower-I, 2 Floor, Kirol Road, Kurla (W), Mumbai Editor : Dr. J. N. Misra. INDIAN INSTITUTE OF BANKING & FINANCE Kohinoor City, Commercial-II, Tower-I, 2 Floor, Kirol Road, Kurla (W), Mumbai Tel. : / 9746 / 9907 Fax : Telegram : INSTIEXAM iibgen@iibf.org.in Website : IIBF VISION 8