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FS Daily Bytes: 12th July

India

  1. Noted industrialist and founder of GCF (Global Citizen Forum), B.K Modi, noted that while the Indian digitization program has been going strong, but the country has a long way to go before all citizens are fully connected to banks
  2. RBI to release INR 2000 crore worth currency to banks in Telangana to tide over currency crunch
  3. PSB lagging their private counterparts in fees earned from MF sales. While SBI & other key PSB earned a total of Rs 223 cr in FY17, HDFC, ICICI, Axis & KMB earned 1125 cr. Very surprising as the PSB has much bigger branch strength
  4. Hinduja Leyland finance plans to raise INR 200 cr from existing shareholders. As of March-2017, it had 14,000 cr INR loan assets
  5. Andhra Bank plans 1000 Cr INR QIP to raise capital in next 5 months
  6. IDBI annual report showed it had a divergence of 6816 cr in GNPA from the RBI assessed data. Similarly, NNPA was underreported by 4755.6 cr. The divergence is between what IDBI had reported vs. what RBI could assess from the banks books
  7. Kolkata based Magma Fincorp is seeing improvement in NPA level. For details click here
  8. SBI waives charge on IMPS fund transfer of up to Rs. 1,000

 

International

  1. RBS has entered into a 4.2 pound BN settlement deal with US regulator (Federal Housing Finance Agency) over misseling of toxic mortgage backed securities (MBS). Click here for more…
  2. Wells Fargo has significantly reducing its auto loan business, in line with some of the other US banks and the stress in the auto loan sector
  3. BCG released new perspective in Insurance, publishing an interview with Inga Beale, CEO of Llyods’ of London. Read the same here

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