- SBI released its FY1718 annual report. The report suggests a challenging FY18 and states the need for a 2nd wave of economic reform. “Low inflation, good agriculture growth and declining power shortages are indications towards a bright future…The first generation of reforms has completed 25 years and the law of diminishing returns has now set in preventing a full-scale revival”
- Expect RBI to release its bi-monthly policy review outcome tomorrow, Wednesday
- Axis Bank launched ‘bio-degradable’ plastic cards which can be used as a gift and will be acceptable at retail, both brick & mortar and online portals
- Aadhar Housing Finance is expected to complete its merged with DHFL Vysya by August-17. Both are into housing finance industry and expects synergy benefit from merger. Their loan book currently is around 5100 Cr INR. The merged entity can raise deposit as well as DHFL Vysya has necessary approvals for the same
- Indian Overseas Bank (IOB) which has been struggling badly with NPA, claims to have finalized a turnaround strategy. The bank outlined its intent to invest in digital transformation, workflow automation etc and as well closer follow up on stressed accounts
- Life Insurance industry saw nearly 18% growth in AUM in FY1617 reaching to INR 29.8 Cr. For more details, await our FY1617 Life Insurance business analysis report which is coming out in next few days
- With NPA conditions plateauing out for major PSBs, there are increasing noises on potential merger in this space
- Fitch reported that it does not find the telecom industry exposure of the banks not large enough to be of systemic risk
- The fight for data seems to be getting uglier. Recently the Chinese e-commerce giant Alibaba had a spat with a big delivery company, S.F. express. Prima facie it seems to be around the e-commerce player insatiable need of customer information
- Atom Bank, an UK Digital lender, postponed its proposed launch of current account in midst of deeper worry on forthcoming regulation. While UK’s FCA (Financial Conduct Authority) is conducting a review of current accounts, there is another initiative by UK’s CMA (Competition & Market Authority) to implement a digital standard to make it easier for customer to switch current accounts.
- RBS (Royal Bank of Scotland) has reached an out-of-court settlement on a lawsuit which alleged it misled investors during a 12-billion-pound cash call launched just before its near collapse in 2008.
- Elsewhere, bitcoin surged 8% to record near $3000
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