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FS Daily Bytes: 7th July


  1. HUDCO plans to revive its retail finance arm HUDCO Niwas which is its housing finance entity
  2. SC yesterday cautioned banks from taking coercive policy for loan recovery from farmers. It also enquired the Gov on steps taken to create more awareness on the MSP for the 26 products, asked for a more prevention based approach rather than compensatory while dealing with crop failure/ farmer NPA related issues
  3. Axis banks has emerged as the front runner for Freecharge, the digital payment platform of Snapdeal
  4. Guj HC staying the insolvency proceedings against Essar steel has not deterred the Finance Ministry which wants banks to pursue the remaining 11 cases vigorously at courts
  5. RBI may issue a corrigendum on its earlier order of directing banks to initiate proceedings at NCLT against 12 NPA accounts. Essar had earlier claimed that it is under restructuring discussions with the bank consortium and hence regulation do not allow insolvency proceedings to be initiated by banks. In a separate case, StanC has also moved Guj HC bench against a judgement which stalled insolvency proceedings as it claims that it is not part of/ not invited to any of the restructuring discussions and hence it has right to move it to NCLT
  6. SEBI has asked stock exchanges to collate information on the share price movement and trading patterns of IDFC & Shriram group companies in the light of the sharp price escalation they saw post news leakage of their impending merger
  7. Rating agency CRISIL expects revenue of listed companies to grow by 7% led by consumption sector but GST may be a spoil sport as well. Read more.
  8. Companies, reeling under multiple ransomware & other cyber security scare, are validating with their insurance partner on the scope of their existing cyber security coverage
  9. Tokio Marine, has increased its stake to 49% in its Indian JV with IFFCO (GI)
  10. UCO bank officers plan strike on Jul 15 to protest the unrest prevailing in the bank
  11. SIDBI net profit dropped by 5% due to rising pressure of operating expense & interest expenses. They primarily provide finances to MSME enterprises. Its FY17profit stood at 1120 Cr INR
  12. Exim banks saw its net profit plunge to INR 41 cr from 316 Cr last year.



  1. Many of the risks US banks face are beyond their control and pertains to other partners in the overall ecosystem stated a new release by the US Comptroller of Currency. These other partners include the competition from nonfinancial lenders, cyber frauds, money laundering etc and heavy reliance of 3rd party vendors. Read more…

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