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FS Daily Bytes: 3rd June

India:

  1. GST council cleared the pending rules for the rollout of GST from July 1 in India. For details, category wise taxation, one may refer to http://www.business-standard.com/article/economy-policy/gst-rate-fixed-gold-to-be-taxed-at-3-biscuits-18-garments-12-117060300501_1.html
  2. Axis bank claims to have 70% transactions digital compared to only 12% from physical branches and is betting big on Aadhar enabled payments and mobile based app banking. This makes sense for Axis bank as it is a leading player in payment ecosystem including quasi physical channel as POS at retail outlets
  3. SBI plans to do a share sale by year end by most probably to qualified investors (QIP) as per SBI Chairman
  4. To add to the woes of beleaguered PSB IDBI, its contract staff has called for a strike on 16th June to protest the banks retrenchment of outsource staff in various offices & branches
  5. IDBI also plans to sell INR 5000 cr of non-core assets
  6. Uday Kotak to head the new SEBI corporate Governance panel
  7. Bank of Baroda (BOB) signs MOU with Small Farmers Agribusiness Consortium (SFAC), an autonomous body promoted by Ministry of Agriculture. The bank aims to play an active role in providing collateral free loans to Farmers producer companies (FPC) for which credit guarantee cover up to 85% of the loan amount (max 1 crore)

Nothing much on global front to really write about as everything else is clouded by the climate fiasco:)

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