TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : -The week ending 2nd Dec saw Nifty Open at 8088 and continue its buying
momentum from the previous week. Nifty 50 made new highs for consecutively four days from
Monday through Thursday. Indian benchmark Index Nifty opened gap down at 8165 on Friday. It
made a high of 8190 and saw a sharp selloff of 95 points to make a low of 8095 in the last hour of
Friday trading Session. The Nifty opened gap Up at 8088 on Monday. It made a high of 8141 and saw
a sharp selloff of 85 points to make a low of 8056 in the last hour of trading Session. Domestic capital
markets are under pressure in near term out of ongoing cash crunch. FIIs have been relentless sellers
in the Indian Equity markets with a total selling worth Rs. 20574 Crore since Nov 1st, the largest
selling spree for the year. Near term risks from cash crunch may tinker domestic demands well for
running and next quarter as already start reflecting through several macro or micro factors. The rally
may be primarily fuelled by short covering after gap up opening today following Positive Global cues
and hopes of extension of ECB stimulus beyond March17 till March18 without any tapering.
Reserve Bank of India stance of holding rate may have helped the domestic market quite significantly
today. Indian market was expecting at least 0.25% rate cut by RBI. Technically Nifty sustaining
below 8220-8155 zone, Nifty may further fall towards 8090-8040 & 7980-7900 area in the near term
and up side The Nifty has to sustain over 8285-8335 area for further rally towards 8385-8425 &
8485-8545 Zone. The Significance levels for Nifty is 8155-8090 is down side and 8285-8340 is Up
side.
BANK NIFTY : - The Bank Nifty opened in a flat note on Monday trading Session down by 2 points
at 18245. The decision of the RBI governor, Urjit Patel and Monetary Policy Committee not to
change the repo rate is welcomed, under the present circumstances when banks are flushed with
gigantic amount of deposits to the extent of 11.40 lakh crore. Reducing repo rate now were have been
counter- productive. The Reserve Bank of India to withdraw its guidelines with respect to maintaining
100% CRR on new deposits after demonetisation. The banks will have now access to these funds
without maintaining CRR of 100%. Bank Nifty has to sustain over 18700-18775 area for further rally
towards 18900-19050 & 19100-19300 zone. On the down side, Sustaining below 18600-18550 area,
Bank Nifty may further fall towards 18400-18350 & 18200-18100 zone for the day.

Monday, 12 December 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY
DAILY

R2

R1

PP

S1

8291

8259

8227

R1

PP

S1

S2

8414

8197

7980

7546

R2

R1

PP

S1

S2

8848

8414

8197

7980

7546

R2

R1

PP

S1

S2

19418

18876

18605

18334

R2

R1

PP

S1

S2

20661

19187

17713

16239

R2

R1

S1

S2

17717

16235

100 DAYS

200 DAYS

8355
WEEKLY

R2
8848

MONTHLY

S2
8163

BANK NIFTY
DAILY

WEEKLY

MONTHLY

20681

18450
PP

19199

18458

17792

MOVING AVERAGE

21 DAYS

50 DAYS

NIFTY

8199

8349

8390

8290

BANK NIFTY

18661

18962

18850

18326

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

8311

8512

7826

BANK NIFTY

18939

20183

16124

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the above given daily Chart of Nifty has Applied Bollinger Band along
with Parabolic SAR both the indicators are Leading Indicators, and gives signal of Buying or
Selling. Although the Uses of Bollinger Band differ from traders to traders Some buy when it
break the Lower Band from below side and some buy when it break Upper Band. We assume
that the Breaking the Middle Band Usually a down side is bear Signal as we can see on the
above given chart it is Trading Above its crucial Psychological Level it is around 8260. if it is
Sustaining 8240-8250 Level could lead the Nifty further Up side. Significance Support level of
8220-8180 And Significance Resistance for Nifty is 8290-8350.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On

the Above given daily Chart of Bank Nifty has Applied the Bollinger Band

along with Parabolic SAR. Both are the leading Indicators and give Signal on Breakout of Upper
or Lower Band. On the Above given chart of Bank Nifty it is trading around Middle Band if it is
not able Sustain the Support level of 18680. From this level we are Expecting the If the Bank
Nifty is able to Sustain the Level of 18700 may go Further Up side to the level of 18950-19180
Level for Next week. The Significance levels for Bank Nifty is 18840-19400 Up side and 1838018050 is Down Side.

NSE EQUITY DAILY LEVELS

COMPANY NAME

R2

R1

PP

S1

S2

ACC
ADANI PORTS

EQ
EQ

1391
293

1384
289

1369
286

1362
282

1347
279

AMBUJACEM
ASIAN PAINT
AXISBANK
BAJAJ-AUTO
BANKBARODA
BPCL
BHEL
BHARTIARTL
BOSCH LTD
BHARTI INFRATEL
CIPLA
COALINDIA
CAIRN INDIA LTD
DRREDDY
GAIL
GRASIM
HCLTECH
HDFC
HDFCBANK
HEROMOTOCO
HINDALCO
HINDUNILVR
ICICIBANK
ITC
INDUSIND BANK
INFY
IDEA CELLULAR
KOTAKBANK
LT
M&M
MRF
MARUTI SUZUKI
ONGC
NTPC
RCOM
RELCAPITAL
RELIANCE
RELINFRA
RPOWER
SBIN
SSLT( VEDL)
SUNPHARMA
TATA MOTORSDVR
TCS
TATAMOTORS
TATAPOWER
TATASTEEL
UNIONBANK
YES BANK LIMITED
ZEEL

EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ

217
961
466
2811
165
645
131
341
21169
378
591
316
269
3242
437
906
819
1300
1210
3357
185
854
273
242
1131
1019
78
756
1380
1233
54840
5360
309
166
38
451
1037
505
44
273
249
686
312
2241
472
78
438
147
1238
469

216
950
461
2766
164
640
130
336
20953
368
585
311
266
3215
433
891
810
1283
1203
3316
184
850
271
239
1121
1002
78
749
1372
1211
54070
5297
308
165
37
446
1033
499
44
269
247
679
308
2217
468
78
434
146
1228
464

214
943
453
2741
160
632
129
333
20727
361
581
308
264
3190
430
884
797
1271
1196
3292
181
843
266
235
1107
992
76
746
1364
1197
52678
5249
306
163
37

213
932
448
2696
159
627
128
328
20511
351
575
303
261
3163
426
869
788
1254
1189
3251
180
839
264
232
1097
975
76
739
1356
1175
51908
5186
305
162
36
435
1022
485
42
260
242
668
301
2171
460
76
427
142
1206
455

211
925
440
2671
155
619
127
325
20285
344
571
300
259
3138
423
862
775
1242
1182
3227
177
832
259
228
1083
965
74
736
1348
1161
50516
5138
303
160
35
429
1015
477
42
255
239
664
298
2149
456
74
424
139
1194
451

440
1026
491
43
264
244
675
305
2195
464
76
431
143
1216
460

TOP 15 ACHIEVERS
SR.NO

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

//

PREV
CLOSE

SCRIPT NAME

CMP

HINDALCO

168

182

ADANI PORTS

265

285

TATA MOTORS

432

464

YES BANK LTD.

1150

1219

TATA STEEL LTD.

406

430

AMBUJA CEMENT

205

216

ONGC

291

306

INDUSIND BANK

1056

1112

SBIN

254

266

TATA POWER CO.

73

77

IDEA CELLULAR

73

76

BHARTI AIRTEL

318

332

ASIAN PAINTS

904

941

ACC

1325

1379

ZEEL

443

460

% CHANGE

+7.91 %
+7.43 %
+7.21 %
+6.05 %
+5.94 %
+5.36 %
+5.34 %
+5.33 %
+4.94 %
+4.90 %
+4.56 %
+4.21 %
+4.08 %
+4.03 %
+3.83 %

TOP 15 LOOSERS
SR.NO

SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

GLOBAL OFFSHO 115

94

-18.02 %

CROMPTON GREA76

63

-17.30 %

BHARTI INFR

385

358

-7.23 %

SUN PHARMA

720

673

-6.57 %

B F UTILITIES

427

406

-4.91 %

REPCO HOME FIN 589

561

-4.85 %

INDIABULLS HSG 736

702

-4.69 %

RELIGARE ENT

268

255

-4.62 %

P C JEWELLER

369

354

-4..15 %

10

IPCA LAB

565

544

-3.68 %

11

SHEMAROO ENT 398

384

-3.54 %

12

PNB HOUSING FIN 906

875

-3.39 %

13

FINOLEX INDUS

428

418

-2.39 %

14

JET AIRWAYS

377

369

-2.13 %

15

DCB BANK

109

107

-1.92 %

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE FUTURE
NSE FUTURE :BUY MRF FUTURE ABOVE 52000 TGT 53000.
NSE FUTURE :BUY RELIANCE FUTURE ABOVE 1035 TGT 1075 SL 1015.
NSE FUTURE :SELL LUPIN FUTURE BELOW 1490 TGT 1430 SL 1520.
NSE CASH
NSE CASH : BUY JUSTDIAL NSE CASH ABOVE 386 TGT 411 SL 376.
NSE CASH : BUY TATAMTRDVR NSE CASH ABOVE 310 TGT 335 SL 302.
NSE CASH : BUY INDIACEM NSE CASH ABOVE 118 TGT 127 SL 114.

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK
Income Disclosure Scheme bags Rs 67,382 crore unaccounted money - The government on
Sunday revised upwards the amount of black money disclosed under Income Declaration Scheme to
Rs. 67,382 crore, even as it did not take into account two high-value disclosures. "After final
reconciliation, the revised figure of actual declarations received and taken on record was Rs. 67,382
crore which had been made by 71,726 declarants," the Finance Ministry said in a statement here on
IDS 2016. "On Oct 1, 2016, it was announced that declarations totalling Rs. 65,250 crore were
received from 64,275 declarants, subject to reconciliation," it said. The Income Tax Department did
not take into consideration the Rs. 13,860 crore declaration made by Ahemdabad-based Maheshkumar
Champaklal Shah, which was reported prominently, as well as another made from Mumbai. "Among
the declarations received, there were two sets of declarations of high value which were not taken on
record in the above figure because they were found to be suspicious in nature being filed by persons
of small means," the statement said.

India takes pride of place, crosses $ 300 billion FDI milestone - India crossed the $300 billion
foreign direct investment milestone between April 2000 and September 2016, firmly establishing its
credentials as a safe investment destination in the world. Thirty three per cent of the FDI came
through the Mauritius route, apparently because the investors wanted to take advantage of India's
double taxation avoidance treaty with the island nation. India received $ 101.76 billion from
Mauritius between April 2000 and September 2016. The cumulative FDI inflows during the period
amounted to $ 310.26 billion. The inflows in the first half of the current financial year was $ 21.62
billion, according to data compiled by the Department of Industrial Policy and Promotion. The other
big investors have been from Singapore, the US, UK and the Netherlands. Commenting on the $ 300
billion mark, industry bodies Ficci and CII have said that India is perceived as a safe and dynamic
destination by global investors. Ficci said that the liberalisation of the FDI policy framework, major
national development programmes such as Make in India, Digital India and Skill India, besides
increasing competitiveness, have made India the preferred choice for investors globally.
Gold imports to dictate size of current account deficit in H2 of FY2017: ICRA - ICRABSE 2.41
% expects India's current account deficit to be curtailed under US$20 billion in FY2017, lower than
the US$ 22 billion in FY2016. With the gold import bill in October-November 2016 estimated to be
nearly as high as the previous six months, the current account deficit in H2 FY2017 would
significantly exceed the level for H1 FY2017. Moreover, the demand for gold in the remainder of this

year would influence the size of the deficit in H2 FY2017. Principal Economist, ICRA Limited, said:
"If the recent amendments to the Income Tax Act dispel demand for holding of gold as well as
jewellery, the gold import volumes may decline significantly in the coming months. Assuming that the
volume of gold imports during December 2016-March 2017 reverts to the average of around 45
tonnes per month seen in April-November 2016, Indias current account deficit would be curtailed at
around US$ 15 billion in FY2017." However, if the volume of gold imports in the last four months of
FY2017 is elevated at an average of 70 tonnes per month, driven by continued wedding demand,
India's current account deficit could be as high as nearly US$ 20 billion in FY2017," she added.
Nikkei services index slumps to 46.7; biggest monthly fall since November 2008 - Indias services
sector contracted sharply in November as lack of cash following the shock demonetisation of Rs 500
and Rs. 1,000 notes disrupted demand, ending 16 months of expansion. The Nikkei India Services
Business Activity Index slumped to 46.7 in November from 54.5 in October, falling below the crucial
50 mark that separates expansion from contraction, providing the first evidence of economic
dislocation due to the currency switch. Its the first time since June 2015 that the index has gone
below 50. But sentiment is buoyant business confidence is at a three-month high with the
surveys respondents expecting a rebound once cash supplies stabilise and the government achieves
its aim of tackling black money. The latest set of gloomy PMI figures for the Indian service sector
shows that companies were heavily impacted by Rs. 500 and Rs. 1,000 notes ban, said Pollyanna De
Lima, economist at Markit and author of the report.
RBI lowers growth forecast to 7.1% - The Reserve Bank today cut the economy's expansion
forecast for current fiscal to 7.1 per cent, from 7.6 per cent earlier, saying that short-term disruption in
economic activity and demand compression arising out of demonetisation have led to downside risks
to growth. It said that in the near term the risks could travel through "short-run disruptions in
economic activity" in cash- intensive sectors such as retail trade, hotels and restaurants and
transportation, and in the unorganised sector and aggregate demand compression associated with
adverse wealth effects. Incorporating the expected loss of growth momentum in Q3 and waning
effects in Q4 alongside the boost to consumption demand from higher agricultural output and the
implementation of the 7th CPC award, GVA growth for 2016-17 is revised down from 7.6 per cent to
7.1 per cent, with evenly balanced risks," the RBI said in the fifth bi-monthly Monetary Policy
Statement for the current fiscal.

TOP ECONOMY NEWS

The Government has, on the recommendation of the Reserve Bank of India, decided to sharply up the
ceiling for issue of securities under the Market Stabilisation Scheme to Rs. 6 trillion from Rs. 300

billion.

The Central Electricity Regulatory Commission has proposed a hike in transmission charges by 1.35
times, which could hurt the growing market for spot or short-term transaction of power.

Net withdrawal by FPIs from equities stood at Rs. 182.44 billion last month while the same from the
debt market was Rs. 211.52 billion during the period under review, translating into the total outflow of
Rs. 393.96 billion or USD 5.78 billion.

The Nikkei/ Markit Manufacturing Purchase Managers Index fell to 52.3 in November from 54.4 in
October.

Aviation

turbine fuel prices were cut by 3.7%, while subsidised LPG rate was hiked by Rs

2.07/cylinder, the seventh increase in cooking gas price in six months.

India Inc's borrowings from overseas markets fell by 30.3% from a year ago to USD 1.47 billion in
October 2016.

The Reserve Bank of India will cap banks' exposure to a single entity to 20% of a lender's capital
base and to 25% limit to a group of connected entities.

The drugs technical advisory board recently recommended one-time licensing for manufacture and
sales of drugs, with a rider that there be at least one annual inspection and in cases where risk is high,
more.

India Inc raised a whopping Rs. 486.95 billion in November through private placement of corporate
debt bonds, almost double from the year-ago period, for business expansion and propping up working
capital requirements.

The Reserve Bank of India cut the economy's expansion forecast for the current financial year to
7.1%, from 7.6% earlier, saying that short-term disruption in economic activity and demand
compression arising out of demonetisation have led to downside risks to growth.

The

six-member monetary policy committee, headed by the Reserve Bank of India governor,

unanimously decided to keep the policy rate unchanged at 6.25%.

Government sought the approval of the Lok Sabha for gross additional expenditure of Rs599.78bn as
part of the second batch of supplementary demands for grants for the current financial year.
Almost 12 trillion demonetised Rs. 500 and Rs. 1000 notes have been deposited by the public since
the November 8 announcement.

The Government has scrapped the 10% import duty on wheat with immediate effect on the face of an
imminent shortage of the cereal this year.

Industry

body Society of Indian Automobile Manufacturers said OEMs with production facilities

across India would cut down production cycles to manage inventories in wake of poor sales postdemonetisation.

TOP CORPORATE NEWS Dr. Reddys Laboratories Limited has launched Nystatin and Triamcinolone Acetonide Cream in
the United States market.
Alembic Pharmaceuticals Limited has received approval from the US health regulator for
Zolmitriptan orally disintegrating tablets, used for the treatment of migraine, in the American market.
State Bank of India said its saving accounts have swelled up by Rs1trn after demonetisation.
Cairn India Limited will invest Rs. 300 billion in the next three years to produce an additional
0.1mn barrels per day of oil and oil equivalent gas, primarily from its prolific Rajasthan fields.
Strides Shasun Limited has received Establishment Inspection Report from the US health regulator
on closure of inspection of its R&D centre in Chennai.
Adani Enterprises Limited reached a milestone in its bid to build a controversial USD16bn coal
project in northern Australia, winning approval for part of a rail link to service the planned mine.
ISS has asked minority shareholders to vote against Cyrus Mistrys removal as director of Tata
Consultancy Services, saying that neither the company nor its majority owner Tata Sons had
provided compelling reasons for his removal.
Mangalore Refinery and Petrochemicals Limited is readying plans to invest Rs110bn to raise

refining capacity to 25 mt instead of the previously planned 21mt.

State Bank of India is believed to be in the final stages of divesting part of its stake in its life
insurance subsidiary.
Bharat Forge Limited has completed the acquisition of US-based Walker Forge Tennessee LLC and
PMT Holdings Inc, USA for USD 14 million around Rs. 950 million.
Prajay Engineers Syndicate Limited announced its plans to develop 15,000 affordable homes by the
year 2019 in Hyderabad and its surrounding locations where the company has developed a land bank.
Zydus Cadila said the patent Litigation relating to Allergan's Delzicol, used to treat ulcerative colitis,
has been settled.
GHCL Limited, one of the major suppliers of caustic soda and soda ash, wants to now be known as a
consumer products company too.
IL&FS Engineering and Construction Company Limited Services emerged as the lowest bidder
for rural electrification and integrated power development works worth Rs. 6.78 billion in West
Bengal.
Info Edge India Limited, has invested an additional Rs10mn in VCare Technologies, taking its total
stake in the company to 14.77%.
Mahindra & Mahindra Limited said its board has approved the demerger of Mahindra Two
Wheelers Ltds two-wheeler undertaking, which manufactures and sells two wheelers.
JM Financial Limited subsidiary has completed acquisition of 24.5% stake in India Home Loan on a
preferential allotment basis.
Sudan is holding up extension to Oil & Natural Gas Corporation Limited Videsh's licence over an
oil field as the government seeks higher royalties, tax and profit petroleum even as it delays paying
nearly USD 300 million in oil dues.
Advent International and KKR & Co have made offers to buy the industrial valves unit of Larsen
and Toubro Limited in a deal estimated at between USD 400 million and USD 500 million roughly
around Rs. 30 billion.

Cipla Limited plan of developing a pump-delivered inhalable form of insulin has suffered a setback
with an expert committee denying it permission to conduct trials on Indian patients. The panel has
said the companys preliminary data on safety and efficacy of the trial drug is insufficient.
Petronet LNG Limited is set to foray into retail sales of liquefied natural gas through fuel outlets
across the country.
Lupin Limited has received tentative approval for its generic version of Diclofenac capsules, used in
pain management of osteoarthritis, from US health regulator USFDA.
Inox Wind Limited has bagged 50 MW wind power project order from SJVN Ltd in Gujarat.
Future Consumer Limited has entered into a pact with LT Foods Limited and Genoa Rice Mills
Private Ltd for sourcing, marketing and distribution of rice.
Suven Life Sciences Limited has been granted a patent in India for a drug used for the treatment of
neuro-degenerative diseases.
PVR Limited has partnered with South Koreas CJ 4DPLEX to add another 10 4DX screens to its
network in major cities like Bengaluru and Mumbai.
Wonderla Holidays Limited has introduced two new high-thrill rides. The new rides Equinox 360
& Flash Tower will further boost Wonderla Kochis popularity, which has attracted more than 15
million visitor since inception.
The capacity of Coromandel International Limited fertiliser unit is being expanded from 700tpd to
a 1,000 tpd and the public hearing for the purpose is being held on the factory premises at
Sriharipuram.
A unit of Oil and Natural Gas Corp Limited is in early talks with Gazprom for supply of natural gas
through a complex swap involving Russia, China and Myanmar.
State Bank of Travancore said it will raise up to Rs6bn through issuance of Basel-III-compliant
additional tier-I bonds on private placement basis.
Sun Pharmaceuticals Industries Limited said the US health regulator has informed the company of
more concerns found at its Halol manufacturing plant after a recent inspection.

Ashoka Buildcon Limited, through its power division, has won rural electrification projects worth
Rs9.50bn in Bihar.
NTPC Limited has struck coal at its first coal mine.
Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corp
signed a pact to build India's biggest oil refinery at a cost of USD 30 billion on the west coast.
The government has initiated a probe into Reliance Industries Limited and Oil and Natural Gas
Corporation having knowledge as early as in 2003 of state-owned firm's natural gas flowing into
adjoining fields of RIL in KG Basin.
Hindustan Zinc Limited said it is foraying into solar energy business and will set up 115MW of
solar energy projects with an investment of Rs. 6.30 billion.
CERC has passed an order and granted relief measures to Tata Power in compensatory tariff case for
force majeure event.
Adani Transmission Limited executed the share purchase agreement with Reliance Infrastructure
Limited for 100% acquisition of the latter's Western Region System Strengthening Scheme's
transmission assets.
The US Food and Drug Administration has issued form 483 with five observations against Divi's
Laboratories' unit at Chippada Village in Visakhapatnam of Andhra Pradesh following an inspection,
which concluded on December 6.
Tata Steel Limited made a 10-year commitment to a GBP1bn investment plan as part of its crucial
talks with steelworkers unions to save thousands of jobs in the UK.
KKR and pension giant Canada Pension Plan Investment Board have emerged as the strongest
contender to take over Bharti Infratel Limited, after the two week long deadline for exclusive talks
with another Canadian financial powerhouse Brookfield Asset Management Inc. ended inconclusively
last Friday.
Oil and Natural Gas Corporation is seeking a 15-year extension of its licence to operate an oil
block in Sudan after the initial contract expired last month.
Cipla Limited has received final approval from the American health regulator to market Entecavir

tablets used for treatment of Hepatitis B infection.

Bharti Airtel Limited unveiled unlimited voice calls and more 4G data under a new plan, to take on
rival Reliance Jio that recently extended its free services.
Praj Industries Limited has signed agreements with Indian Oil Corporation and Bharat Petroleum
Corporation Ltd to set up three bio- ethanol plants in Gujarat, Haryana and Odisha.
Larsen & Toubro Limited continues with its annual hiring programme despite undertaking the
biggest corporate layoff recently.
Aimed at matching Rel Jio tariff rates, Idea Cellular Limited announced two schemes to provide free
calls to its pre-paid customer bundles with limited mobile internet service.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Banks are so busy trying to cope with the cash crunch caused by demonetisation that the critical task
of going after bad loans is falling by the wayside. Not only that, lenders are worried that the
concomitant slump in asset values means that collateral is depreciating, making things worse.
Earnings in December quarter could therefore look even worse than theyve been in the past few
quarters, not due to a rise in defaults but because decisions are pending on debt restructuring and the
conversion of loans into equity. Balance sheets have suffered ever since the Reserve Bank of India last
year started pushing banks to recognise bad loans, provision for them and set their house in order.
Lenders have to decide on debt recasts to the tune of more than Rs. 1 lakh crore, including those of
Essar Steel, Bhushan Steel, ABG Shipyard and scores of others as officials struggle to meet
customers need for cash, said three people with knowledge of the matter.

The RBI today told the Delhi High Court that the cap on free-of-charge withdrawals from ATMs by
banking customers was a "policy decision" and the court should not interfere in it. The Reserve Bank
of India counsel also raised the issue of "maintainability" of the petition which has sought directions
to allow banking customers to make unlimited number of transactions free of any charges on their
own bank ATMs. "It is a policy decision. Why should the court interfere in it? They are challenging
the circular of the RBI. I am challenging the maintainability of this plea," the RBI counsel told a
bench of Chief Justice G Rohini and Justice Sangita Dhingra Sehgal.
Yes Bank Limited has partnered cab aggregator Ola to set up mobile ATMs across 30 locations in the

country that will allow people to withdraw up to Rs 2,000 per card. The Point of Sale enabled ATMs
will be stationed in Ola cabs from where customers of any bank can withdraw the amount, Yes Bank
said. The service will be available in over 30 locations across 10 cities including Mumbai, Delhi,
Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad and Jaipur. "This
partnership is being done with an aim to ease the process of cash withdrawals for citizens across the
country and provide seamless service to the customers with additional mobile infrastructure powered
by Ola", said the bank in a release.

For the first time, the income-tax department will use big data analytical tools to go through personal
bank deposits to segregate black money holders from genuine tax-payers, two people in the know
have said. While the government has used big data analytical tools for corporate tax reporting in some
cases in the past, this is the first time that it will use analytics on such a large scale to sieve through
personal taxes. Its practically impossible for tax officials to go through all the data obtained from
banks and compare it with other tax-related data. Analytics is being used to look at discrepancies. This
would then be scrutinised by experienced tax officials, a person close to the development said.

In a bid to speed up small value online transactions, the RBI today relaxed norms for additional factor
of authentication for payments up to Rs 2,000. Relaxing the norms for AFA requirement for
transactions up to Rs 2,000 for online card not present transactions, the RBI said only authorised card
networks will provide such payment authentication solutions with participation of card issuing and
acquiring banks. "The relaxation for AFA under such solutions shall be applicable for card not present
transactions for a maximum value of Rs. 2,000 per transaction across all merchant categories. Banks
and card networks are free to facilitate their customers to set lower per transaction limits," RBI said.
Two large commercial banks, Bank of India and Bank of Baroda have lowered lending rates by 5 to
20 basis points while countrys largest bank, State Bank of India has said that the bank will pass the
benefit of lower rates if RBI removes incremental cash reserve ratio- slice of deposits that banks that
does not earn any interest and is parked with RBI-imposed on banks.

While appreciating the Reserve Bank's move to withdraw the incremental 100 per cent cash reserve
ratio from the weekend, bankers were today disappointed by the decision to keep the key rates
unchanged. With enough liquidity in the system, lending and deposit rates are likely to fall further. In
the fifth bi-monthly monetary policy today, the RBI and the MPC unanimously left the repo rate
unchanged at 6.25 per cent, contrary to expectation of at least 25 bps reduction.

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