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Sudha Balakrishnan Appointed As First Ever CFO of RBI et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 28, 2018 1:12 PM 2 min read
Editorial

End of Day Wrap-up (Monday / May 28, 2018) #SudhaBalakrishnan #CFO #RBI #crudeoil #Sensex #China #IT #Acko #Amazon #FPI #Transfin

Editor's comment: NSDL executive Sudha Balakrishnan appointed as first ever CFO of RBI with a three-year term. CFO to be in charge of corporate strategy functions such as setting the provident fund rate for RBI employees, overseeing the government and bank account department along with RBI's overseas investments.

 

Steep decrease in crude oil prices and resulting recovery in Indian Rupee boosts equities with Sensex up 0.69% at close of business. Oil prices slide on Saudi Arabia and Russia's Friday announcement discussing an increase in production by 1m bpd. 

 

State-owned lender Bank of India reports a net loss of INR3,969.27 crore for the March quarter, as asset quality worsened and provisions increased.

 

India launches 2nd IT corridor in China to provide market access for Indian IT firms to the Chinese market. Agreements worth $6m signed between Indian service providers and Chinese customers at launch of the corridor by China's Guiyang Municipal government and Nasscom.  

 

Online insurance startup Acko raises $12m in fresh round led by Amazon India. New investor Ashish Dhawan and existing investor Catamaran Ventures also participate in round taking total equity funding to $42m. Company offers general insurance products such as auto and smartphone insurance on its online platform.  

 

Foreign Portfolio Investors sell domestic bonds and equities to the tune of $7bn since April, driven by capital flows to US Treasuries and rising concerns around Indian macros.