9th July (3rd July – 9th July Coverage)
- SBI launched a digital village in Nepal, in a remote village but not far away from Kathmandu. The village will note dote a cash recycling machine and debit cards were also distributed to village folks. SBI is celebrating 25 years of presence in Nepal
- Prodding from Gujarat HC, saw RBI issuing a corrigendum stating deletion of ‘Such cases will be accorded priority by the National Company Law Tribunal (NCLT)” from its earlier circular on 12 large defaulters being referred to NCLT
- Shriram Group Chairman, Ajay Piramal, announced the initiation of formal talks between IDFC & his group for a formal merger. Next 90 days will be exclusive talks to explore the same. For more, read here..
- Axis banks has emerged as the front runner for Freecharge, the digital payment platform of Snapdeal
- 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
- 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.
- 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…
- 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…
- 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.
- HDFC has confirmed that it has exposure of Rs 909 cr one of the 12 accounts referred by RBI to insolvency board.
- ICICI Prudential has expressed interest to take over Sahara Life policyholders liabilities. Sahara Life was earlier restricted by IRDAI to stop issuing new policies
- A joint study by PwC- Assocham has warned of increase in cyber-attacks on financial services institution with rise in digital economy. The study highlighted that India registered 350% rise in cybercrime in 3 years
- Supreme Court was not enthused by the Gov argument on the demonetization currency deposit timelines and have asked RBI & Gov to devise a plan for those who were not able to do it as per earlier deadline of Dec-31st, 2016
- Lending platform, BillionLoans, has closed a seed funding of 7 Cr INR from Reliance Corporate Advisory Services. They provide a platform connecting borrower & lender by using technology & data bases alternative credit analysis
- 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…
- Wall street is excited about ‘global synchronous recovery’ as it expects healthy EPS growth across major markets. For more
- 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…
- Payment processing firm Worldpay saw its stock jump by nearly 25% after it confirmed takeover approaches by JP Morgan Chase bank and the payment processing giant Vantiv
- Bank of England (BOE) has given deadline to lenders to prove that they are adequately protected against credit risks
- ANZ has offloaded its retail & wealth business in multiple Asia geographies to DBS group & seems to consolidate and invest in its institutional segment. Read more.