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FS Daily Bytes: 3rd August

India

  1. CBI arrested a superintendent of the newly constituted GST Council and an alleged middleman on the charges of corruption & graft
  2. Banking stocks took a plunge in the Sensex yesterday despite rate cuts. Primarily RBI has dashed hopes of any further cuts and this may have influenced the market
  3. The services & the manufacturing sector contracted in July with GST being held as the main culprit in the Nikkei India PMI Index. The report though is more positive on appreciation by year end because of GST impact
  4. The parliament passed the Banking ordinance, thus making it an act. This is expected to provide more empowerment to PSU banks to act against defaulters
  5. Mobikwik tied up with Bajaj consumer finance, where the later can leverage the Mobikwik app/ platform to offer its products while Mobikwik got 225 cr in investment. Mobikwik expects to breakeven by late 2018 or early 2019, postponing its earlier view of early 2018
  6. Tata Capital has now launched ‘Salaam Loans’ which plans to democratize loans by allowing auto approval if the story gets more than 1000 likes. The loan is aimed for people who can not avail loans otherwise for their disadvantaged conditions. For more read here
  7. Lendingkart Finance Ltd said on Thursday it has raised $10 million (₹67 crore) in debt from Kotak Mahindra Bank, Aditya Birla Financial Services and other financial institutions
  8. The SBI on Thursday said that though the Marginal Cost of Funds-based Lending Rate (MCLR) is expected to be in tandem with the policy rates, banks are hesitant to reduce it due to cost of credit and deposits and NPAs positioning.
  9. Banks may require an incremental provisioning of 20 per cent against cumulative debt of 50 large stressed assets worth over Rs 4.3 lakh crore,” says a joint report by Assocham and rating agency Crisil.

International

  1. Merchant services aggregator and mobile payment company, Square, showed a strong 41% increase in revenue in 2nd quarter but WSJ believes that shares are costly

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