- 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
- 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
- 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.
- 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.
- 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.
- 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.
- 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
- 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
- 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.
- 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