Why The Nirav Modis Are So Common In PSB Banks?    Budget 2018: Why structural reforms may again be given a miss?    Capital First & IDFC Bank to Merge: Deja Vu for Mr. Vaidyanthan

FS Daily Bytes: 23rd June

India

  1. The Union cabinet cleared the financial resolution & deposit Insurance bill 2017
  2. CBI registers 16 cases in its ongoing probe against fraud at Corporation bank (145 Cr)
  3. HDFC Chairman Deepak Parekh criticized the practice of allowing customers to switch their housing loans and have also pitched for allowing banks & HFCs to fund land purchase by developers
  4. PNB gets green signal to move against Bhushan Power
  5. Canara bank set to take over Vijaya Bank & Dena bank as per inputs from some senior government official. Others being nudged are IOB, Indian Bank, & Syndicate
  6. RBI amends the Ombudsman scheme to include complaints related to misseling, mobile & electronic banking as well.
  7. IOB has rolled out 55 ‘retail mart’ branches which will be completely focused in retail loans, starting from mobilization to disbursement
  8. IRDAI directs Sahara Life Insurance to stop underwriting new business. This is after it had already appointed an administrator for the insurer. The genesis was in the irregularities in the financial statements of the insurer
  9. A bankers JLF has decided to consider restructuring of the loans of Bajaj Hindusthan Sugar. The later owes nearly 7000 crore to banks

International

  1. Italy’s financial system is also facing the challenges of huge non-performing assets. In a recent development 2 Italian banks, Veneto Banca and Banca Popolare di Vincenza (mid-size lenders) are set to be wound down after ECB reported that they are ‘likely to fail/ will fail’ considering that their capital position is not expected to improve
  2. Bitcoin prices keep surging though concerns remain on the concentration of bitcoin to a small set of people
  3. Fed’s Loretta Mester opined that Fed must keep raising interest rates to avoid employment or inflation getting out of hand & causing recession

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