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India to restructure 300B rupees of loans; China to swap bad debt for equity

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India to restructure 300B rupees of loans; China to swap bad debt for equity

* TheReserve Bank of India approved a proposal to restructure around 300 billion Indianrupees of loans granted to state agencies in Punjab for buying and storing foodgrains, Mint reported, citing "two bankers with direct knowledgeof the development."

* China'sState Council unveiled a plan to allow companies give their lenders equity stakesin return for debt forgiveness, Shanghai SecuritiesNews reported.Banks are required to transfer debts to institutions, which in turn exchange companies'debts for their equities in a market-oriented approach. According to the guidelines,only companies with good prospects running into temporary problems will qualify.

* entered intoan agreement with Citigroup Inc.to facilitate up to US$100 million of local currency loans to microfinance institutionsin developing countries in Asia, finews.asia reported.

* has hired Ravi Raju,Deutsche Bank AG's Asia-Pacifichead of wealth management, finews.asia reported,citing an unnamed source.

* Singaporeauthorities filed chargesagainst two former BSI Singapore bankers in relation to ongoing money-launderinginvestigations into the scandal-hit 1Malaysia Development Bhd.

* Uberand Standard Chartered Bankhave collaborated to enable the bank's credit cardholders in India, Vietnam, Singapore,Malaysia, Indonesia and the United Arab Emirates to get up to 25% cashback on Uberrides, International Business Times reported,citing the London-based bank.

GREATER CHINA

* WangZhaoxing, a vice chairman at the China Banking Regulatory Commission, said China'soverall banking sector is "healthy" and banks do not need to swap loansfor equity to lower their nonperforming loan ratios, the China Securities Journal reported.Wang noted that the government's loan-for-equities swap program is aimed at cuttingenterprises' debt levels and leverage ratios, and the loans include both normalloans and nonperforming loans.

* ShenMinggao, board chairman of CEBM Group Ltd., said that it is hard for China to achievea GDP growth target of 6.5% in the five years, but the target range between 4% and5.5% is acceptable, Caixin reported. Shen notedthat the rise of China's property prices was mainly due to government's effortsto maintain the country's growth rate at a certain level.

* MengJianmin, vice chairman of China's state-owned Assets Supervision and Administration,said that the loan-for-equities program would help state-owned enterprises engagein reforms and raise productivity, the ChinaSecurities Journal reported.

* DaiBohua, assistant minister at China's Ministry of Finance, said the government willprevent a shift of risks to banks from nonfinancial firms under the debt-for-equityswap program, china.com.cn reported.Dai also noted that the government would introduce comprehensive tax preferentialpolicies to support the program.

* TheChina Insurance Regulatory Commission and Portugal's Insurance and Pension FundsSupervisory Authority signed an agreement on cooperation and technical assistancein the insurance industry, the SecuritiesTimes reported.

* ManyTaiwanese major life insurers cut their insurance policies' interest rates in September,while also cutting agents' commission rates, which is expected to lower the premiumincome of Taiwan's life insurance sector by nearly 25% to NT$91 billion in September,Taiwan's Commercial Times reported.

JAPAN AND KOREA

* has attracted¥50 billion to its new energy infrastructure fund from regional banks and pensionfunds seeking higher returns, Tokyo's TheNikkei reported.The fund targets a total investment of ¥200 billion, which could make it the country'sbiggest infrastructure fund.

* JapaneseFinance Minister Taro Aso said the government is committed to pass pending legislationrelated to the Trans-Pacific Partnership agreement through the current parliamentarysession, The Sankei Shimbun reported.

* SouthKorean banks, savings banks and moneylenders selling accounts receivable to debtcollection agencies will face punishment if their debt collectors break relatedlaws under the Financial Services Commission's revised guidelines, The ChosunIlbo reported.

* SouthKorea's Financial Supervisory Service will increase its scrutiny over banks' effortsto rein in the growth of household debt, TheChosun Ilbo reported.

* has put 79nonfinancial units up for auction Oct. 10, Yonhap News Agency reported.The bank has so far sold off 11 nonfinancial units with 132 remaining in its portfolio.

* Theboard of Mirae Asset Daewoo Co. Ltd.will appoint three co-CEOs to lead South Korea's biggest securities company, makingits official debut at the end of 2016, Yonhap News Agency reported.

ASEAN

* TheFederation of Thai Capital Market Organizations' Investors Confidence Index forOctober went down by 26.19% to 103.84 points, Thailand's Krungthep Turakij reported. Positive factorsinclude fund flow while negative factors include the U.S. Federal Reserve Bank'spolicies.

* is offeringspecial loans to people affected by recent floods in parts of Thailand, Krungthep Turakij reported. Each householdmay borrow up to 50,000 baht and the loan must be paid within five years. The interestrate for the first year is 0%.

* Thailand-basedDhipaya Insurance PCLexpects to start doing business in Cambodia in 2017, subject to obtaining a license,The Nation reported.

* PeainkraiAsawapoka, founder of Wealth Creation International and a founding committee memberof FinTech Club Thailand, said his purchase of shares in Phoenix Insurance Thailandas an individual is unrelated to his company's business, Thailand's Post Today reported.

* IndonesiaLife Insurance Association Chairman Hendrisman Rahim said that the life insuranceindustry's income in the first half increased 42.8% to 99.88 trillion rupiah from69.97 trillion rupiah in the prior-year period, The Jakarta Post reported.

* TheIndonesian Life Insurance Association said that the number of insured citizens inthe country was 56.95 million at the end of the second quarter, lower than the 57.02million people insured in the second quarter of 2015, Kompas reported.

* FitchRatings said that the outlooks on the banking sectors in Malaysia, Indonesia andThailand are negative due to high risks and challenging operating environments acrossthe ASEAN region, Malaysia's New Straits Timesreported.

* Accordingto the State Bank of Vietnam, the country's credit institutions' credit growth willlikely increase to 21.82% from 17.26% in the previous year, Viet Nam News reported.

SOUTH ASIA

* India'sfinance ministry will seek Cabinet approval for the listing of state-owned generalinsurers after finalizing details in the next two months, Mint reported,citing "people familiar with the matter." The ministry is working to finalizedetails, including the amount of stake that will be diluted in the proposed IPOs,the people said.

* appointed Rajiv Kumar as managing director and CEO, The Hindu Business Line reported.Kumar was head of corporate planning, customer service, product development andoperations for the company.

* Moody'smaintained its stableoutlook on Pakistan's banking system to reflect the stable deposit base and highliquidity buffers at the banks.

AUSTRALIA AND NEW ZEALAND

* TheAustralian Securities and Investments Commission said clients can possibly be misledby nonbanks' marketing of mortgage offset products not covered by the government'sguarantee scheme, The Australian reported.

* experienceda system outage Oct. 10, with customers unable to use their bank cards at ATMs orconduct electronic fund transfers at POS terminals. A number of the lender's serviceshave resumed operations, the bank saidthe same day.

IN OTHER PARTS OF THE WORLD

MiddleEast & Africa: Barclays Kenyaunit's stock market debut; new board for Angola's BPC

Europe:UK drops Lloyds retail sale; Deutschestill in US talks; ABN AMRO Asia sale

LatinAmerica: Citi names buyers for Brazil,Argentina ops; Caixa looks to transfer state loan guarantees

NorthAmerica: Wells gets another letterfrom senators; community bank attempts takeover in Illinois

NorthAmerica Insurance: Fears ease overMatthew-related loss estimates; MetLife to remain in top 10 global ranking aftersplit

Sally Wang, Jonathan Cheah, JaekwonLim and Santibhap Ussavasodhi contributed to this report.

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