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FS Daily Bytes: 2nd Aug

India

  1. RBI reduced the rates by 25 bps hoping that transmission will happen to credit interest rates as well
  2. 2 dissenters in RBI’s latest MPC meet. Prof Dholakia and Michael Patra were at opposite spectrum with Prof batting for 50 bps reduction while ED Patra wanting a status quo
  3. PNB Q1 net up 12% at Rs 343 cr; NPAs rise on farm loan waiver
  4. RBI released an amendment to Basel II framework in its notification
  5. United Bank of India CEO, Mr Pawan Bajaj, highlighted the NPA concerns with hardly any movement in the restructured accounts which would also end up in NPA bucket. Expectation is to reduce the 9.9% NPA by 10% by end of FY1718
  6. UCO Bank’s loss widened by 50 per cent to ₹663 crore in the April-June quarter of this fiscal. The net NPA, however, saw a marginal improvement of less than one per cent
  7. MasterCard India reiterated its commitment to work with Indian government to develop low cost payment solution. It had earlier worked with NPCI to develop Bharat QR.

 

International

  1. AIG new CEO needs to get growth back into its commercial insurance business unit to see the company growing. Last quarter results showed that the problem is far from over
  2. Chicago Board Options Exchange (CBOE), the largest US options exchange, is planning to launch its own bitcoin derivatives trading products by early FY18
  3. PwC was fined by UK PCAOB (Oversight board) for failing to ensure in its audit of Merrill Lynch that the later complied with a rule of Dodd-Frank regulation which required broker-dealers to protect customer assets from creditor claims

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