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FS Daily Bytes: 11th July

India

  1. IT minister Mr. Ravishankar Prasad confirmed today that out of 110 crore bank accounts, 67 crore accounts have been seeded with Aadhar. This will have catalyst impact on Direct Benefit transfer & will minimize leakage in subsidy administration
  2. Former RBI Governor C Rangarajan commented that the initiative for merger in banking should come from within the banks themselves and must be need driven. He is also of the opinion that the NPA may linger for one more year
  3. Pvt sector lender IndusInd bank ended Q1 with 26.5% rise in net profit (836.55 Cr), though GNPA rose from 0.91% to 1.09%
  4. In the monsoon season of parliament, the Gov is expected to press for the pass of the Banking Regulation Act to replace the earlier NPA/ insolvency ordinance with Act
  5. At an event at NABARD, the FM exhorted the banks/ NABARD to focus on the unfunded sector to provide a boost to employment

 

International

  1. In a boost to leveraging blockchain for banking, BoE (Bank of England) successfully tested the concept of a central bank to central bank (2 countries) cross border RTGS payment through Ripple interledger cloud computing platform. For more read Bank of England successfully tests new payment method

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