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FS Daily Bytes: 29th June


  1. IOB MD claimed that the bank is on the path of recovery as its net loss in 2nd half of FY17 was just half of 1st half. Click here
  2. Govt plans to strengthen the NCLT for speedy resolution of stressed assets by allowing more recruitment and setting up for more benches in coming months
  3. BBB has started its work to identify the next SBI chief with the 4 current MDs also being in contention
  4. ICAI sought to dispel rumors on price rise post GST and claims that 70% of commodities should see price drop if the chain in GST is not broken
  5. A news report in Business Standard points to rise of bank as biggest distributor of Mutual fund. Considering that most banks have their own MF, they generally have their own MF as biggest contributor. Banks are also playing a significant role as Banca channel for Insurance
  6. RBI notified that the aggregate foreign investment in AU Small Finance bank has gone below the threshold caution limit and hence is no longer in violation of FEMA 200. Hence restriction of share purchase is lifted
  7. RBI by its latest notification has allowed Payment banks can facilitate withdrawals/ transfer by the customer from his account with full service banks/ small finance banks where the PB is acting as the Business Correspondent & has sweep in/out facilities. The sweep facility ensures that PB does not breach the 1 lakh limit
  8. Premji Invest has agreed to buy 2.2% stake in Aditya Birla Capital (earlier Aditya Birla Financial Services)
  9. Axis bank has exposure to 8 of the 12 accounts mentioned by RBI for moving to NCLT and has already adequately provisioned for the same as per the bank
  10. Svatantra Microfinance is planning to expand across the country to build up a 500 cr+ book by another 2 years. It is led by Ananya Birla (daughter of Birla honcho KMB)
  11. ICICI bank led consortium resolved the long standing debt of Jaypee group after sales process of Jaypee cement to Ultratech was completed
  12. RRB (Regional Rural banks) are going to observe a 1 day strike on Friday (30th June) demanding parity in pay & pension with staff of nationalized banks
  13. Aegon Life has now committed to 100% growth in policies sold & premium income through digital channel



  1. Capital One Financial was the big looser in the recent stress test by Fed. It has been given conditional approval provided it address its shortcomings. For more refer to following article.
  2. McKinsey published its Economic Snapshot, June 2017, Survey. Key results indicate that respondents (India, Europe) remain more positive than negative in their home economies. Read more at McKinsey Economic Snapshot.

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