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FS Daily Bytes: 17th June

India

  1. RBI puts Bank of Maharashtra under PCA. FY17 saw its breaching Level 2
  2. Insurance information bureau plans central database for insurance agents. This would help insurance companies to have a quick background check before hiring. This is akin to the CIBIL for retail consumers!
  3. Equitas is feeling the heat of the challenges in microfinance business. With demonetization hitting bad on collections and various factors contributing to higher delinquency of loans in first four months, Equitas is looking to diversify its product portfolio to de-risk the model. Equitas had earlier launched its small finance bank
  4. RBI directs IDBI to start insolvency procedure for Lanco Infra. As per Lanco Infratech reporting to SEBI, it has 8146 crore fund based outstanding and 3221 crores non-fund based outstanding
  5. A new report based on data from BCSBI (Banking Codes & Standards Board of India) suggests that PSU banks are lagging private banks in customer service. Except IDBI, there is no representation of PSU in top 10 in any of the 5 customer service parameters

International:

  1. Bitcoin jumps more than 20% from June low. It peaked earlier before it had started receding
  2. A panel of experts at an event at the ongoing AIIB meet (Asian Infrastructure Investment Bank) opined that sovereign/ government must take the lead & drive the infrastructure development and multilateral development institution (e.g. AIIB, World Bank) can only aid

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