- Finance Minister asks PSU banks to study possibility of taking over a few of the smaller banks. However, one must wait for Niti Aayog report which is expected to set out the tone & tenure of the roadmap for the 2nd phase of banking consolidation
- SBI GI expected to get listed in next fiscal
- The GST rate for financial transaction is fixed at 18% which is 3% more than current rate of 15% implying a higher tax that individuals must fork out for every 100 INR transaction
- IRDAI takes over management of Sahara Life Insurance Company Ltd.
- IRDAI rejection of latest HDFC Life- Max Life proposal has dampened the stocks & is expected to impact valuation of the sector
- Armed with Sec 35AA/AB (new NPA ordinance), RBI has picked up 12 defaulters for insolvency proceedings, SBI & few others are also approaching NCLT for a few other ones.
- RBI places restriction on banking activities of CBI (Central Bank of India) due to worsening of NPA
- The Union cabinet has approved introduction of a bill in parliament which when passed will pave the way for setting up of the Resolution Corporation
- As per NPCI; Rupay credit card expected to be launched in a month
- A report by India Ratings, has warned of significant impact on micro lenders & small finance banks if the impact of demonetization stretches for long.
- Aadhar made mandatory for opening bank a/cs and transactions with value > 50,000 INR
- RBI puts Bank of Maharashtra under PCA. FY17 saw its breaching Level 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!
- RBI directs IDBI to start insolvency procedure for Lanco Infra
- Germany’s top central banker, Bundesbank president, has warned of dangers from digital currencies
- 3 top bankers from US, Goldman Sachs, Citi and Barclays, are the latest to fall victim to email hoax
- The probable detainment of one of the biggest name in Chinese financial system, Wu Xiaohui (Chairman of Chinese insurance & financial giant Anbang) has created ripples in the market.
- 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.