The document discusses recent technical trends in the Nifty 50 and Bank Nifty futures markets. It provides analysis of key index levels and technical indicators. It notes that Nifty erased early gains to end flat last week due to political turmoil in the US and Brazil. It also discusses recent FII positions and GST developments that are impacting the markets. Technical analysis suggests levels to watch for potential support and resistance in both indexes in the coming trading sessions.

2. TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - In the last two days of trading session of last week, FII’s have build short positions for
108617 contract in Options segment. In cash segment both FII’s and DII’s remain net seller for 102 crore in last
two trading sessions. Indian benchmark Index Nifty 50 erased early gains to end flat on Friday as Political
turmoil deepens in Washington and the Brazilian political crisis raises concern ahead of the weekend. The Nifty
Index traded above 9500 levels after the government finalized Goods and Services Tax rates for substantial
items, clearing a major hurdle towards July 1 rollout of the country's biggest indirect reform to create one
unified market. But the Index was not able to maintain its momentum and came down to 9400. Indian Market
opened around 9480; gap up by 53 points following mixed global cues and GST & earnings optimism.
Overnight, US market closed in positive primarily on the strength in oil & defence sectors, it made a high of
9499 and closed at 9438 after making a low of 9428. Selling pressure was witnessed after a gap up opening.
Last week Nifty showed profit booking from its all time high level of 9533 and closed at 9428 after making a
low of 9391. On Wednesday trading session the Indian market suddenly came into selling spree as soon as the
report of Pak fighter jets hovering around LOC/Siachen flashed in the media. Also there was report that PAF
has activated all its forward air force base and market swiftly fall to the day low of 9340 from around 9430 in a
90 point swing. On Friday trading session there was a 3rd anniversary (official) of Modinomics, Nifty has
already rallied quite a lot on Thursday itself on the back of better June monsoon prediction by the Skymet,
Index has to sustain over 9550 level for 9600-9680 mile stone. As per various experts, a complex GST, tepid
private investments, huge banking NPA, unemployment may be some of the question marks in this 3rd year of
anniversary despite some green shoots in the economy and stable democracy. Looking ahead, apart from
ongoing Q4 results, Indian market may also give more focus on the GST as 1st July roll out day is now a reality
as per the Government stake holders. But, the Govt should come clear as there are twin issues of IT system and
awareness/lack of preparedness among tax payers/GST stake holders with barely four weeks left for the
implementation. Time and Price action Suggest that Nifty need to Sustain over 9550 for Further Up move
toward 9600-9640, On the other side sustaining below 9550 may drag the index towards 9480-9360.
BANK NIFTY : - Bank Nifty also opened in a Positive note on Monday trading session Up by 78 points or
0.34 per cent at 22874. Bank Nifty traded weak throughout the day. The Index made a high of 22918 and
closed at 22653 after making a low 22638. As of Now Market may now focus more on the Fine prints of Non-
Performing Assets ordinance/Latest Reserve Bank of India directive and Effect of Goods and Services Tax on
the Economy. Bank Nifty traded weak for whole day on Wednesday trading session. The index made a high of
22673 and closed at 22536 after making a low 22470. Bank Nifty has closed below its 2 week low of 22578.
Distressed state-run banks are looking to sell assets, especially non-core businesses, to shore up capital. And for
many, the starting point is their holdings in various joint ventures in the insurance sector. The idea sounds
good. But it has one big problem: Very few PSU banks are as lucky for that matter, when it comes to
monetising investments in life insurance ventures, because most banks have remained marginal players in the
insurance industry with negligible market share. The Bank Nifty to trade in Positive bias in next week trading
sessions. The Crucial levels for Index is 23415-23569 is Up side and 23099-22937 is Down side.
Monday, 29 May 2017

3. TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
9872 9658 9551 9444 9230
WEEKLY R2 R1 PP S1 S2
10048 9702 9529 9356 9183
MONTHLY R2 R1 PP S1 S2
10455 9787 9453 9405 9356
BANK NIFTY
DAILY R2 R1 PP S1 S2
23774 23392 23201 23010 22628
WEEKLY R2 R1 PP S1 S2
25466 23810 22982 22154 20498
MONTHLY R2 R1 PP S1 S2
25989 23871 22812 21753 19635
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 9400 9262 8954 8718
BANK NIFTY 22711 21982 20862 19993
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 9352 9341 8732
BANK NIFTY 22507 22184 19561

4. PATTERN FORMATION ( NIFTY )
Detail of Chart - As of now the Nifty 50 is on Over bought position and we may witness some
correction from this level. On the Above daily given Chart of Nifty has Applied Bollinger Band
as Well MACD oscillator which is giving the cautious signal for time ahead. Although it has
break the Upper Band or trend is also bullish we could witness Some positive rally towards 9650-
9700-9780, the Technically Crucial levels for Nifty is 9430-9480 Is down side and 9670-9730-
9800 is Up side

5. PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -As of now the Nifty 50 is on Over bought position and we may witness some
correction from this level. On the Above daily given Chart of Bank Nifty has Applied Bollinger
Band as Well MACD oscillator which is giving the cautious signal for time ahead. Although it has
break the Upper Band or trend is also bullish we could witness Some positive rally towards 23700-
23750, the Technically Crucial levels for Bank Nifty is 23099-22938 Is down side and 23415-
23569 is Up side. .

6. NSE EQUITY DAILY LEVELS
COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1652 1636 1621 1605 1590
ADANI PORTS EQ 357 352 345 340 333
AMBUJACEM EQ 245 242 240 237 235
ASIAN PAINT EQ 1157 1141 1133 1117 1109
AXISBANK EQ 515 512 509 506 503
BAJAJ-AUTO EQ 2857 2840 2819 2802 2781
BANKBARODA EQ 183 182 179 178 175
BPCL EQ 738 732 717 711 696
BHEL EQ 164 160 156 152 148
BHARTIARTL EQ 385 378 373 366 361
BOSCH LTD EQ 24116 23777 23511 23172 22906
BHARTI INFRATEL EQ 382 376 371 365 360
CIPLA EQ 513 498 489 474 465
COALINDIA EQ 271 269 267 265 263
CAIRN INDIA LTD EQ 2565 2514 2459 2408 2353
DRREDDY EQ 404 402 400 398 396
GAIL EQ 1133 1121 1106 1094 1079
GRASIM EQ 870 864 859 853 848
HCLTECH EQ 1579 1562 1546 1529 1513
HDFC EQ 1647 1631 1616 1600 1585
HDFCBANK EQ 3684 3654 3629 3599 3574
HEROMOTOCO EQ 209 201 195 187 181
HINDALCO EQ 1054 1048 1040 1034 1026
HINDUNILVR EQ 326 323 319 316 312
ICICIBANK EQ 315 310 305 300 295
ITC EQ 1500 1484 1468 1452 1436
INDUSIND BANK EQ 1011 1001 991 981 971
INFY EQ 82 81 80 79 78
IDEA CELLULAR EQ 979 971 962 954 945
KOTAKBANK EQ 1823 1801 1777 1755 1731
LT EQ 1359 1348 1338 1327 1317
M&M EQ 66539 65622 64772 63855 63005
MRF EQ 7156 7084 7013 6941 6870
MARUTI SUZUKI EQ 178 177 175 174 172
ONGC EQ 158 157 156 155 154
NTPC EQ 27 26 26 25 25
RCOM EQ 610 597 587 574 564
RELCAPITAL EQ 1365 1343 1321 1299 1277
RELIANCE EQ 519 511 504 496 489
RELINFRA EQ 45 44 43 42 41
RPOWER EQ 293 291 288 286 283
SBIN EQ 252 244 238 230 224
SSLT( VEDL) EQ 613 595 580 562 547
SUNPHARMA EQ 295 289 285 279 275
TATA MOTORSDVR EQ 2655 2630 2600 2575 2545
TCS EQ 492 484 479 471 466
TATAMOTORS EQ 82 81 80 79 78
TATAPOWER EQ 528 513 499 484 470
TATASTEEL EQ 168 165 163 160 158
UNIONBANK EQ 1518 1499 1481 1462 1444
YES BANK LIMITED EQ 527 521 515 509 503
ZEEL EQ 357 352 345 340 433

7. TOP 15 ACHIEVERS // TOP 15 LOOSERS
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1 LUPIN LIMITED 1318 1114 - 15.48 %
2 SUN PHARMA 653 565 - 13.42 % -
1
3 CIPLA 564 490 - 13.21 %
4 AURO PHARMA 595 532 - 10.51 % -
1
5 DR.REDDY’S LAB’S 2656 2415 - 9.06 %
6 SBIN 308 288 - 6.28 % -
6
7 BAJAJAUTO LTD 2972 2819 - 5.14 %
8 BANK OF BARODA 188 179 - 4.87 % -
4
9 ULTRAT CEMENT 4360 4157 - 4.67 %
10 AMBUJ CEMENTS 251 240 - 4.14 % -
4
11 TATA POWER 84 81 - 3.74 %
12 COALIND LTD 276 268 - 2.86 % -
2
13 ACC LIMITED 1675 1629 - 2.75 %
14 BHARTI INFRATEL 378 369 - 2.44 % -
2
15 ONGC 180 175 - 2.39 %
SR.NO SCRIPT NAME PREV
CLOSE
CMP % CHANGE
1 TATA MOTORS LTD. 443 480 + 8.41 %
2 BHARAT PETRO 702 752 +7.05 %
3 INDUSIND BANK 1389 1478 + 6.39 %
4 ITC LIMITED 286 303 + 6.20 %
5 VEDANTA 230 242 + 5.30 %
6 ICICI BANK 307 322 + 5.15 %
7 TATA STEEL 489 515 + 4.53 %
8 YES BANK LIMITED 1430 1493 + 4.46 %
9 IBULHSGFIN 1040 1085 + 4.33 %
10 HDFC BANK 1561 1626 + 4.20 %
11 MARUTI SUZUKI 6790 7074 + 4.19 %
12 HINDALCO INDUS 191 198 + 4.08 %
13 INFOSYS LIMITED 957 996 + 3.98 %
14 WIPRO LIMITED 519 538 + 3.69 %
15 L&T 1724 1786 + 3.60 %

8. OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

9. NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
GST may not raise revenues 'significantly' in next few years: Fitch Ratings - The
Goods and Services Tax reform, being touted as India's biggest reform that will come into effect
from July 1, may not boost revenues "significantly" in the next few years, but can work in the
medium term, said global rating agency Fitch Ratings. We do not expect it will lead to
significantly higher government revenues in the coming few years," Thomas Rookmaaker,
Director, Sovereigns and Supranationals Group, Fitch Ratings, Said. He, however, pointed out
that it may indirectly boost revenues in the medium term through higher GDP growth and more
transparency. Acknowledging GST as "an important reform being implemented", Rookmaaker
said it will facilitate trade within India and reduce transaction costs. As per the Fitch Report.
Centre assessing capital needs of state-run banks - The government is carrying out a
detailed assessment of the capital requirements of state-run lenders, a move that comes after some
of the public sector banks reported significant losses in the last quarter of 2016-17. A senior
finance ministry official said the government is in talks with all lenders and the new “turnaround
agreement” it has signed with them is expected to significantly improve their performance. We are
holding discussions and an assessment is being done on the steps the banks can take to raise
capital, including sale of non-core assets,” said the official.
India Inc's foreign investment dips 44% to USD 3.15 billion in April - India Inc's
investment in overseas ventures fell 44 per cent year-on-year to USD 3.15 billion in the first
month of the current fiscal. In April 2016, Indian firms had invested USD 5.61 billion overseas.
However, investments on month-on-month basis in April were higher than the March's USD 2.99
billion, showed the data from Reserve Bank. Of the total outward direct investments during the
month, USD 1.43 billion was through equities. Rest USD 1.01 billion was in the form loans and
USD 709.68 million as part of issuance of guarantee.
Q4 Gross Value Added growth in India to drop to 6.6%: D&B - Weak investment
activity, as reflected in the slow output growth in capital goods and infrastructure, is likely to
depress Indian gross value added growth to around 6.6 per cent in the fourth quarter ended March,
US consultants Dun & Bradstreet said on Tuesday. "GVA in Q4 FY17 to remain subdued at 6.6
per cent year-on-year," D&B said in a report on the Indian economy. GVA, as opposed to gross
domestic product, is regarded as a better reflection of productivity, as it excludes the indirect
taxes. "Weak investment activity as reflected in the subdued capital goods and

10. infrastructure/construction sector output growth is likely to restrain growth," D&B expects the
Index of Industrial Production to remain weak and grow by only around 3-3.5 per cent during
April 2017. "The transition to GST is also likely to create some disruption and impact the short-
term sales volume across businesses," According to D&B, the excess liquidity in the banking
system post-demonetisation along with elevated global commodity prices and increase in house
rent allowance under the 7th Pay Commission would continue to provide upward pressure to
prices."The traction in the capital goods sector remains elusive and the downtrend in the
intermediate goods and consumer goods sector poses concern on the pace of revival of the IIP
during the course of the year," said D&B Lead Economist Arun Singh.
GST will help lower food inflation by 2 per cent: Radhamohan Singh - India has said
that the implementation of the Goods and Services Tax will benefit farmers and reduce food
inflation, as grain and milk would remain exempted under the new regime that would put in place
a single levy instead of multiple taxes. With the GST coming, inflation will come down by 2%,”
federal farm minister Radhamohan Singh said in New Delhi. There has been no major increase in
tax slabs for agriculture produce, and it was beneficial for both farmers and consumers, Singh
said. Currently, both the tax-payer and the consumer were paying levies to both the state and the
Centre on the sale of produce, leading to increase in the prices of commodities, Singh said.
Moody's makes Modi smile with China's first rating downgrade in 30 years - Has
ratings firm Moody's Investors Services just given Prime Minister Narendra Modi a chance to
drive the Indian economy faster? Moody's downgraded China's long-term local and foreign
currency issuer ratings today by one notch to an A1 rating from AA3, citing expectations that the
financial strength of the world's second biggest economy would erode in the coming years. "The
downgrade reflects Moody's expectation that China's financial strength will erode somewhat over
the coming years, with economy-wide debt continuing to rise as potential growth slows," Moody's
said. Rating downgrade will raise borrowing costs for China.
India retains world's highest FDI recipient crown: Report - India retained its numero uno
position as the world's top most greenfield FDI investment destination for the second consecutive
year, attracting USD 62.3 billion in 2016, says a report. India has remained ahead of China and
the US as far as FDI inflows were concerned in the last year, said the FDI Report 2017 compiled
by fDi Intelligence, a division of The Financial Times Ltd. FDI by capital investment saw an
increase of 2 per cent to USD 62.3 billion in 809 projects during 2016 in India. "India managed to
keep the crown as the world's number one location for greenfield capital investment for the
second year running - ahead of China and the US," the report said.
Growth may slowdown in Q4 of FY17; new WPI, IIP numbers may improve

11. numbers: Icra - India’s economic growth may slow down to 7.1% in terms of the GDP or gross
domestic product and 6.9% % in terms of GVA or gross value added during the fourth quarter of
FY’17 ending March’17, according to ratings firm Icra. But the numbers could improve once the
government incorporates the new WPI-wholesale price index and the IIP-Index of industrial
production while calculating the growth numbers it said. Over a period of time the economy is
also expected gain out of remonetisation. The growth will be driven by a strong growth in the
service sector which accounts for a bulk of the economic output. “Our forecast of a 6.9% GVA
expansion in Q4 FY2017 builds in a healthy 8.8% YoY growth in services, and moderate rise of
5.4% and 4.0%, respectively, in industry and agriculture, forestry and fishing,” said Aditi Nayar,
principal economist, Icra.
✍ TOP ECONOMY NEWS
The Indian Meteorological Department had earlier predicted that the monsoon will arrive on May
30, but the seasonal rainfall is likely to arrive a day earlier, reported a news agency. The
conditions look favourable for the arrival of the monsoon beforehand, said Ministry of Earth
Sciences Secretary M Rajeevan. "The date announced for the onset of the monsoon is May 30, but
there is a possibility that it may hit Kerala a day before that," Rajeevan said.
Ashok Lavasa, Finance Secretary, Government of India, interacted with renowned US-based
funds and global institutional investors with interests in the banking, financial services, and
insurance sector at the day-long India Financial Conference held recently in New York City.
The Goods and Services Tax is likely to have minimal direct impact on the consumer price index
basket, said a report by Morgan Stanley. This is because most of the tax rates for the items in the
CPI basket are likely to be taxed at a lower rate under the GST as compared to the existing levy, it
said.
Assocham, one of the apex trade associations of the country, has said that the GST roll-out from
July 1 will be a challenge for the industry. The industry body has said that the government should
act softly in terms of the penal provisions for a couple of quarters as it will help them to comply
with the new tax regime. The GST law provides for as many as 21 kinds of penalties for various
offences. Short payment will attract a penalty of 10% of the tax due subject to a minimum of Rs
10,000.
Telecom Regulatory Authority of India has stood firm on its opinion to the Department of
Telecom for imposing penalties of Rs. 3,050 crore on Bharti Airtel, Idea Cellular and Vodafone

12. India.
The TRAI while clearing its stand, stated that this was well within their powers to suggest the
penalisation as the incumbents had violated the TRAI regulations and licence norms.
The goods and services tax on the economy class air travel has been finalised at 5%, which is 100
bps lower than the existing service tax rate. However, GST on business class air travel has been
announced to be 12%, which is 3% more than the existing service tax rate.
✍ TOP CORPORATE NEWS -
Sun Pharmaceuticals Industries Limited, has announced the US FDA acceptance of the
Biologics License Application for tildrakizumab. The FDA filing acceptance follows the
acceptance of the regulatory filing of tildrakizumab by the European Medicines Agency in March
2017.
Public sector company, GAIL India Limited has come up with the investment plan of Rs. 30000
Crore for expansion, Out of Rs. 30000 Crore, Rs. 8000 Crore are likely to be used for coal
gasification, Rs. 1500 Crore in city gas and Rs. 1000 Crore in breakwater water project, according
to source.
Hindustan Construction Company Limited is trading lower by over 3% at Rs. 39.85 per share
as of 0950 hours on Wednesday. The stock touched its intraday low of Rs 39.7 per share as of
0957 hours. The fall in the share price can be attributed to the news related to the company’s arm
Lavasa Corporation Limited.
Tata Motors's Limited Q4FY17 consolidated results for the quarter came in mixed versus street
estimates. Revenue for the quarter came in 6.8 % lower than the estimated figure of Rs. 82866
crore. EBITDA for the quarter came in 69.6 % higher than the estimate d figure of Rs. 9853 crore.
And lastly, net profit for the quarter came in 25.6 % higher than the estimated figure of Rs. 3502
crore. Tata Motors consolidated revenue for the quarter came in at Rs. 77217 crore, registering
2.9% yoy decline.
NCC Limited standalone revenue for the quarter came in at Rs. 2139 crore, registering 12.8% y-
o-y decline. EBITDA for the quarter fell by 16.8% y-o-y to Rs. 174 crore with a corresponding
margin contraction of 40 bps. EBITDA margin for the quarter stood at 8.1%. The PAT for the
quarter came in at Rs. 63.7 crore, y-o-y decline of 26.1%. Looking at the full year numbers, we
see that revenue for FY17 declined 5.2% yoy to Rs. 7892 crore and EBITDA for the period

13. decreased 7.1% y-o-y to Rs. 685 crore. Company reported net profit of Rs.226 crore, down 6.1%
y-o-y.
The Suzlon Energy recently reported its Q4FY17 earnings wherein the consolidated revenue for
the quarter came in at Rs. 4992.6 crore, registering 55.1% yoy increase. This was primarily driven
by 44% yoy increase in revenues from wind turbine generator business.
Jindal Steel & Power Limited reported a consolidated net loss of Rs. 98 crores for the quarter
ended March 31, 2017, as against a consolidated net loss of Rs. 637 crores for the same quarter in
the previous year, as per exchange filling.
Sun Pharmaceuticals Industries Limited on Tuesday declined around 8% in the morning
session after its overseas arm Taro Pharmaceuticals Industries Ltd reported weak earnings in the
March quarter, reported.
Bharat Heavy Electricals Limited, has commenced its operations at its 1,980-super critical
thermal power plant in Uttar Pradesh, reported a leading business channel on Tuesday.
Suven Life Sciences Limited initiated their NCESUVN-911, a potent, selective, brain penetrant
and orally active, novel chemical entity intended for the treatment of major depressive disorder
has initiated Phase 1 development and first dosing under US IND 133850 SUVN-911 a neuronal
nicotinic alpha-4-beta-2 receptor, a unique class of protein is expressed at high level in brain. It
regulates vital biological functions that are impaired in Major Depressive Disorders.
Bayer CropScience Limited reported a net loss of Rs 36.1 crore for the quarter ended March 31,
2017, as against a net profit of Rs. 19.4 crore for the same quarter in the previous year, as per
Exchange filing.
Software services player HCL Technologies Limited has informed the bourses that the company
will buy back its shares at Rs. 1000 apiece, a 17% premium over the current market price. In a
regulatory filing, the company has informed that it proposes an offer for buyback of equity shares
of face value of Rs. 2 each for cash at a price Rs. 1000 per equity share on a proportionate basis
through tender offer. The buyback offer price is about 17% higher than the current market price of
the stock at Rs 852.35.
Dish TV India Limited consolidated revenue for the quarter came in at Rs. 709 crore, registering
11.4% y-o-y decline. This was mainly driven by 15.7% y-o-y decrease in revenue from DTH
segment. EBITDA for the quarter fell by 26.8% y-o-y to Rs. 191 crore with a corresponding

14. margin contraction of 574 bps. EBITDA margin for the quarter stood at 26.9%. This margin
contraction was supported by 20% y-o-y increase in employee benefit expenses. The net loss for
the quarter came in at Rs. 28.3 crore v/s net profit of Rs. 483 crore in the same quarter last year.
Lupin Limited consolidated revenue for the quarter came in at Rs. 4162 crore, registering 1.3%
y-o-y increase. EBITDA for the quarter fell by 43.7% y-o-y to Rs. 690 crore with a corresponding
margin contraction of 1327 bps. EBITDA margin for the quarter stood at 16.6%. This margin
contraction was driven by increase in other expenses and employee benefit expenses by 30% yoy
and 24% yoy respectively. The PAT for the quarter came in at Rs. 380 crore, yoy decline of
49.2%. Looking at the full year numbers, we see that revenue jumped by 24% to reach
Rs.17119.8 crore while EBITDA rose by 29% to 4118.6 crore. Company reported net profit of
Rs.2557.4 crore, up 13% y-o-y.
Amar Raja Batteries Limited standalone revenue for the quarter came in at Rs. 1359 crore,
registering 17.7% yoy increase. EBITDA for the quarter fell by 2% yoy to Rs. 199.3 crore with a
corresponding margin contraction of 294 bps. EBITDA margin for the quarter stood at 14.7%.The
margin contraction was driven by increase in raw material expenses by 31% yoy to Rs.934 crore
in Q4FY17. The PAT for the quarter came in at Rs. 99.1 crore, y-o-y decline of 9.6%. Looking at
the full year numbers, we see that revenue jumped by 15% to reach Rs.5366 crore while EBITDA
rose by 3% to 899.04 crore. The company reported net profit of Rs.478 crore, down 3% yoy.
Kaveri Seed Company standalone revenue for the quarter came in at Rs. 40.3 crore, registering
2% yoy decline. EBITDA loss for the quarter stood at Rs. 27.2 crore as compared to EBITDA loss
of Rs. 6.5 crore in corresponding quarter of last year. Net loss for the quarter swell to Rs. 87.2
crore as against the net loss of Rs. 10.4 crore in same quarter of last year. Looking at full year
numbers, we see that revenue for FY17 decreased 5.4% yoy to Rs. 705 crore while EBITDA for
the period declined 25.6% yoy. Company reported net profit of Rs. 77 crore, down by 53.9% yoy.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
The finance ministry has written to all banks to keep a tight watch on cash deposits as seizure of
large hauls of old and new currency notes and gold continues, suggesting connivance of banks in
money laundering. It has directed state-run banks and the Indian Bankers Association to ensure
that deposits of new and old currency notes are properly reflected in the customers’ counterfoils
and bank records. There have been concerns that deposits in new or valid currency may have be
shown as deposits in the demonetised Rs. 500 and Rs. 1000 notes and the legal currency diverted
for laundering.

15. To avoid any malpractices, the government today asked all public sector banks to strictly
maintain record of deposits made through both old Rs. 500/1,000 notes and other valid
currencies. In a letter written to chief executive officers of public sector banks, the Finance
Ministry asked that "maintenance of records regarding deposit of Specified Bank Note and Non-
SBN, as the case may be, is essential both in the bank record as well as the customers record.
With more and more instances of money laundering and fraudulent currency exchange surfacing,
RBI today warned of stern action against wrongdoers and asked banks to carry out a thorough
central data checking, while it suspended a "junior functionary" who is being investigated. "We
have issued elaborate instructions to all banks to do the central data checking and wherever they
find any inconsistency, it should be pursued further through their internal audit mechanism," said
deputy governor of RBI, S S Mundra, speaking to a select group of reporters here.
The office of the banking ombudsman received 1.02 lakh consumer complaints in FY16, up 21%
during the year. The Banking Ombudsman Scheme aims to provide a quick and cost-free
resolution mechanism for complaints relating to deficiency of banking services of common bank
customers who otherwise find it difficult or cost-prohibitive to approach any other forum such as
courts. The maximum rise in complaints were against private sector banks, which rose 36.5%.
The Supreme Court today expressed concern over lack of infrastructure, manpower and other
facilities at Debt Recovery Tribunals and their appellate bodies and said lakhs of crores of rupees
are non-performing assets as the recovery mechanism is not up to the mark. The bench headed by
Chief Justice T S Thakur also said that it may ask the National Law School and IIM at Bangalore
to jointly conduct a study as to what "ails" these quasi- judicial bodies -- DRTs and Debt
Recovery Appellate Tribunals, meant for recovering bad loans of financial institutions.
The broader banking system in India will continue to be capital constrained and it will require an
additional capital of up to Rs 1.2 lakh crore or USD 18 billion over next three years, says a
report. In order to thrive in a resource-constrained world, banks will need to have a razor-sharp
focus on managing their capital and their risk-return profiles, said the report by management
consulting firm Oliver Wyman.
Small finance banks funding mix will be different and complex after their transition from non-
banking finance companies and microfinance institutions and they are likely to need Rs. 60,000
crore of non-equity funding by the financial year 2019-2020, according to a report. The current
funding mix for MFIs includes bank debt, other borrowings and equity, with bank debt being the
largest proportion in the mix. Scheduled Commercial Banks prefer funding MFIs because these

16. advances qualify as priority sector lending for them.
The Reserve Bank of India has ordered banks to investigate instances of unusual patterns in cash
management at branches and currency chests — a move aimed to prevent unauthorised exchange
of scrapped notes for new notes. The banking regulator has asked banks to immediately bring to
their notice any such malpractice found at their bank and also track the complete trail if cash
movement is in large quantity.

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companies covered in research report nor is associated in any manner with any issuer of products/
securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance

18. with the regulatory body, we have resolved that the company and all its representatives will not make
any trades in the market.
Clients are advised to consider information provided in the report as opinion only & make investment
decision of their own. Clients are also advised to read & understand terms & conditions of services
published on website. No litigations have been filed against the company since the incorporation of
the company.
Disclosure Appendix:
The reports are prepared by analysts who are employed by High Brow Market Research Investment
Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about
the subject company or companies & their securities and no part of compensation was, is or will be
directly or indirectly related to the specific recommendations or views contained in this research
report.
Disclosure in terms of Conflict of Interest:
(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the
subject company and the nature of such financial interest;
(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial
ownership of one percent or more in the securities of the subject company,
(c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at
the time of publication of the research report or at the time of public appearance;
Disclosure in terms of Compensation:
High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals
reporting to analysts from owning securities of any company in the analyst's area of coverage.
Analyst compensation: Analysts are salary based permanent employees of High Brow Market
Research Pvt. Ltd.
Disclosure in terms of Public Appearance:
(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from
the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of
distribution of the research report.
(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or
employee of the subject company;
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the
subject company.