- Home Ministry gave security clearance to GSTN (Goods & Services Tax Network), the IT backbone of the GST regime
- IMF in its ‘Surveillance Note’ submitted to G-20 countries has expressed improving growth outlook for India as it sees demonetization impact fading & reforms picking up though it sees concern in corporate debt & banking system.
- FT in its column ‘India moves to unblock sluggish bankruptcy process’ expressed both optimism & cautiousness on the insolvency process being initiated by the banks against the 12 large defaulters. Will the new process work? Is the main question
- The Nikkei India Services PMI Business Activity Index rose to an eight-month high of 53.1 in June. It stood at 52.2 in May. This may impact the GDP positively despite the slowdown in manufacturing sector
- CBDT has clarified that every loan repayment (NBFC & HFCs) will be considered as a single transaction for determining the applicability of 2 lac INR cash transaction limit that IT had mandated a few months back. The repayments will not be aggregated.
- Kolkata headquartered, National Insurance, plans to list by end of this fiscal year and currently working on to build up its solvency margin and reduce exposure to loss making health insurance
- GST will make premium payment for insurances pinch you more with tax rising from 15% to 18%
- Axis bank is now offering loans for super bikes which should make buying Harley Davidson easier!
- M&M Financial services to raise Rs 2000 cr by NCD
- Banks Board Bureau recommends 15 names as EDs for PSB. Govt has to finally ratify the same
- HDFC has confirmed that it has exposure of Rs 909 cr one of the 12 accounts referred by RBI to insolvency board.
- BCG released its new perspective ‘How Banks Can Close the Back Door on Attrition’ highlighting 10-15% revenue loss due to customer attrition & how banks can address the same. For more Click here…
- Six of the 8 largest banks of USA submitted their living wills to Fed, the public portion of the same has been posted by the regulator for public opinions. AIG & Prudential Finance have been given an extra year to submit the same. The wills illustrate on how they can be dissolved in a crisis. For more click here…
- Wall street is excited about ‘global synchronous recovery’ as it expects healthy EPS growth across major markets. For more…
- Mark Zuckerberg bats for universal basic income explaining how it works in Alaska
- Singapore banking regulator (MAS) is the latest one, after similar steps taken by HK & Australia, to postpone the implementation of FRTB (fundamental review of trading book) by a year. FRTB rules that banks should hold more capital against their trading books and was promulgated by BASEL Banking Supervision Committee & was supposed to go live by Jan-19. Click here for more…