- A new study jointly done by IT giant TCS and Clayton Christensen Institute for Disruptive Innovation points out to threats that retail banking faces from the disruptive forces of the fintech players. Fintech entrants are using technology and innovative business models to provide less expensive, simpler & more accessible services, the study said
- RBI Monetary Policy Committee welcomed the new data showing easing of inflation but will wait for the trend before deciding any action on the interest rates
- Axis bank sold off 8% of its stake in Mswipe technologies. The stake sale earned the bank around 81 crores INR.
- A joint report by Facebook and BCG states that despite growing digital adoption, financial institutions are yet to fully harness the opportunity. The report points out to the lowering of cost with increasing adoption of digital
- Latest data from RBI shows that bank credit grew by little over 6% in the fortnight ending 9th June
- RBI & Gov has now allowed banks, including district central cooperative banks & post offices, to deposit banned 500 & 1000 Re notes to RBI by July 20. The amount will be credited to designated account of the bank
- Mobile payment startup Ftcash plans to hire 500 tech & sales people. This is indicative of the promise it holds in this space. It primarily serves micro-merchants, MSMEs, mom-pop stores and large corporates with large merchant base. It facilitates both payments & loan and is built on an open architecture framework
- Credit Suisse is doubling down on leveraged finance business primarily coming out of the shadows of difficulties faced by investment banking business in last couple of years