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FS Daily Bytes: 6th July

India

  1. RBI DG Viral Acharya spoke of the need for a PCR (Public Credit Registry) which will act as a large database of credit information which should facilitate banks to have much larger view of the corporates (Across banks etc) and would also help highlight the good against the bad. While CIBIL serves the purpose for retail, for corporates there is no single database currently which can serve the purpose
  2. IDFC group, including IDFC bank, is in talks with Shriram group for a merger of the financial arms. Ajay Piramal who has 10% stake in Shriram Capital would then also get entry into banking. Combined market cap can be around INR 62,000 Cr based on latest stock prices (6th July EOD). For details on the proposed talks, click here…
  3. RBI released its final direction on liability of stakeholders in a bank fraud. The new rule absolves customers from any liability if the fraud is reported within 3 days and entire amount refunded. For delay between 4-7 days, customer will face 25,000 liability. This would not hold true where customer compromised on his credentials (sharing password etc) until he has reported of the unauthorized transaction to the bank (post which bank must bear the same). Read the original note here
  4. Bajaj Alliance General Insurance launched blockchain enabled new process to hasten claim settlement process. The technology will help BAGIC to integrate with different travel providers & allow initiation of claim process & settlement instantly for overseas travel insurance. ‘Travel Ezee’ and ‘On The Spot’ are the 2 initiatives launched. Read more at…
  5. Ajay Piramal led Piramal group  is scouting for an NBFC as it wants a strong foray into financial services
  6. Dilip Pendse, former MD of Tata Finance, took his life. He was embroiled in number of fraud cases that saw his dramatic decline from the enviable position he held during his hey days at Tata Finance
  7. RBI has now allowed ‘point of presence’ (PoP) service, under PFRDA for NPA after registration with PFRDA, for NBFC with asset size of 500 Cr or more (complying with CRAR & net profit criterion). For details…. With this NBFC can now sell & market NPS scheme
  8. Canara HSBC OBC Life ties up with Dhanlaxmi bank for marketing Bancaussuance
  9. RBI released a new compendium for Small Finance Banks. Enclosed…

 

International

  1. Senior Fed official (part of board of governors), Jay Powell, has warned of danger in US home finance ecosystem unless the government makes reform happen. This primarily revolves around Fanny Mae and Freddie Mac which holds nearly 80% of the purchase mortgage market but they are in a limbo state. Federal government rescued them during the last crisis but post that the necessary restructuring/ reform has not happened. Read more…

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