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FS Daily Bytes; 2nd June

India:

  1. RBI Governor, Urjit Patel, calls on FM, Arun Jaitley, before monetary policy review. The review is expected around 5th/ 6th June
  2. I Tax authorities warns against cash dealings of INR > 2 lakh
  3. RBI initiates PCA (prompt corrective action) against Dena bank. To understand more on PCA & Dena bank status, click here (Dena bank NNPA worsens to 10.66% and so is ROA. FY17 ROA at -0.67 is not healthy)
  4. Chinese daily highlighted ‘demonetization’ as a self-goal by GOI in context of slower than expected GDP growth
  5. A few banks, Karnataka & Indian banks, reduces rates further on loans
  6. Niti Aayog confirmed that it has initiated an annual household survey for urban & rural areas to get a better understanding of employment situation. This will be then updated on quarterly basis
  7. Former statistician, Pronab Sen’ believes that the current impact of note ban on GDP discounts the impact on informal sector/ un-organized sector
  8. Good monsoon may augur well for the economy and GDP as well. As of now, Met predicts a good monsoon this year. Good monsoon can be the unlikely savior/ messiah for Indian’s public sector banks reeling under ‘bad loan’s

 On the international, a few key highlights:

  1. The precarious position of distressed Spanish bank ‘Banco Popular’ has caught PIMCO (one of world largest asset manager) on wrong foot due to plunging price of the banks’ riskiest bond
  2. Elsewhere, the climate change and the Paris accord are in vogue courtesy the recent statements by American President

Source:

News feed under ‘Top News’ in Randomwalks.in

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