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FS Daily Bytes: 10th July

India

  1. NPCI has admitted that cash is back & the volume of digital payments have fallen far below the 6 billion transaction target set for June quarter. While Gov had set a target of 25 billion txn for FY1718, the average run rate is only 1 billion per month
  2. ET highlighted a few obstacles for the proposed IDFC – Shriram merger; Considerable stake of Piramal group (non-banking business) in the merged entity; IRDA approval for Shriram General & Life insurance becoming subsidiary of IDFC bank; Holding structure where non-banking business will be operating under banking group (Shriram Transport Finance). For more details, click here
  3. Crypto Currency guru Amit Bhardwaj has launched an e-book ‘Cryptocurrency for Beginners’. This is his 3rd book in his cryptocurrency series
  4. Trupay, a fintech startup, has recently launched a merchant payment kit. It is a simple plug & play solution that enables merchants to accept payment both by UPI or QR code scanning and hence no point-of-sale machines required. It has onboarded 4000 merchants & plans to reach 100,000 by fiscal end. This is cheapest option for customers and works out better for merchants as well. Read more
  5. In about 2 weeks, RBI is expected to come out on exact amount of banned currency note which never reached the central bank. This will be required to balance the central bank balance sheet as notes issues is a liability for the bank

 

International

  1. Financial services companies who primarily operated out of London, now have preference for Dublin in post Brexit era (whenever it happens) beating even Frankfurt in a study done by EY
  2. UBS CEO believes that Italian banks bail out (by state) was inevitable as ‘bail-in’ (where retail investors -creditor & depositor taking the loss on their holdings) was immensely risky and was not acceptable, in his opinion
  3. Russia’s central banks ordered temporary administration of Yigra, country’s 33rd largest lender by assets. This in probability meaning a shutdown in next 6 months. The reasons are not clear as of now though problems have been brewing for last few months. Click for more
  4. UK Information Commissioner office reported 25% increase in data thefts from monetary services corporations, which includes banks, insurers etc. Click for more..

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