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FS Daily Bytes: 26th June

 India

  1.  One silver lining to the NPA issue moving to NCLT, is rising number of CA, bankers applying for qualifying in the insolvency exams as many of them will be required as cases piles up
  2. A report by SBI chief economic advisor has highlighted the record low bank credit growth in FY17 (5.1%), led by nearly a INR trillion drop in the net loan outstanding of 1000 listed corporates
  3. The after-shocks of NPA is still being felt. Finance Ministry now wants Basel III deadline to be revisited in view of the higher capital required
  4. As per Crisil, banks may need to take a 60% haircut on the 12 largest bad loans that have been referred to NCLT
  5. CVC can now probe corruption at private sector banks, as RBI has approved the proposal on the same
  6. NBFC Sundaram Finance’s subsidiaries, Asset management & General Insurance and housing finance unit (with BNP Paribas) has done well. More details….
  7. HDFC Securities MD & CEO, Dhiraj Relli, has batted for consolidation in the banking sector and believes that it will make the banks healthier but cautions against just merging weak banks with larger one and adversely impacting the merged entity. Rather close the weak banks…

 

International

  1. The rescue of the 2 beleaguered Italian banks has raised both positive & negative vibes. While it is appreciated that the bail out will help restore some confidence in the economy, at the same time the usage of state help to be taken by Intesa Sanpaolo have been criticized by detractors as it means usage of tax payer money for bail out. Italy paying 5.2 Bn euros to keep those 2 banks floating
  2. Ethereum plunges more than 10% as the confidence on bitcoins is under stress
  3. Co-operative bank, owned by Cooperative group, has scrapped dropped plans for sale and is looking to raise fund from existing investors. The bank is currently loss making and has challenges on its pension fund liabilities

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