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FS Daily Bytes: 9th August

India

  1. Slow tax collection from corporate entities (7.2% growth in April-July 2017) compared to same quarter last year (11.7%) is being attributed to discounts/ inventory clearance before GST went live
  2. Demonetization is being touted as the reason for higher direct tax collection (19% growth compared to 14.5% during last year). Tax payers have also increased from 2.27 to 2.83 Cr
  3. The finance ministry is expected to initiate the process of consolidation of public sector banks (PSBs) once the first quarter results of the current fiscal have been announced, a senior official has said.
  4. Vijaya Bank has disbursed loan sanction letters to beneficiaries who were trained at the Vijaya Bank Self Employment Training Institute (VIBSETI) in Bhenslay Village, Indore, Madhya Pradesh.
  5. Bank of India (BoI) swung into the black by registering a standalone net profit of Rs. 87.71 crore for the first quarter ended June as bad loans were brought down year-on-year.
  6. The survey, ‘Customer Experience in Banking’, by global tech company Avaya have concluded that more Indians are using mobile & online rather than taking to banking advisor to address complex issues.
  7. Private sector lender IDFC Bank has partnered with digital payments company Zeta, to launch ‘IDFC Bank Benefits’ – a payment solution for corporates that digitises employee spends and claims, making the process simple, real-time and paperless
  8. The country’s largest private sector lender, ICICI BankBSE -1.36 %, launched instant credit cards enabling its savings account customers to get a credit card instantly, in a completely digital and paperless manner

International

  1. Chinese leadership is not comfortable with the M&A spree of its private companies e.g HNA group, Dalian Wanda group etc. The concern rises from flight of capital & consequent drop in China’s forex reserves (by a trillion $ in 18 months) to make these acquisitions happen.
  2. In a new method of addressing fraudulent callers, a phone-printing software from ‘Pindrop’ developed by the startup, is being used to identify & personalize repeated callers (most likely fraudsters). This can be used by call centers of banks, especially

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