- RBI will transfer 30,569 cr INR of its surplus to Govt, which is less than half of last year. Probably this reflects higher cost incurred by RBI in note printing
- Union bank net profit for first quarter dipped by over 30% to 116 Cr with bad loan rising and GNPA rising to 12.63% from 11.17% at March 2017
- Net loss of Indian Overseas Bank for the quarter ended June 30, 2017, has narrowed to Rs 499.09 crore as compared to Rs 1,450.50 crore during the same quarter of last year
- The CAG audit report highlighted the worsening NPA condition of the state lenders (PFC, REC: power finance and rural electrification). NPA f stood at 21.72% while for REC & PFC combined
- The total premium of non-life insurance companies saw an increase of nine per cent at ₹ 9,791 crore in July when compared with ₹ 8,975 crore in July 2016, according to the data provided by the insurance regulator (hindubusinessline)
- BitBay, one of the top ten cryptocurrency trading platforms in the world, has launched a dedicated platform for trade and exchange of digital currencies such as bitcoin, litecoin, ether, Lisk, monero, dash and gamecredits, in India
- GIC Re plans to increase its income from health insurance, property and life insurance segments. Currently 95% premium income is from non-life segment
- BOE (Bank of England) will continue using animal products (beef) for printing polymer notes despite concerns raised by animal rights group. This is because only alternative is chemical from palm oil which has more severe environmental challenges
- China’s fintech & payment players (e.g Alipay, Tenpay) are getting increasingly noticed by big banks (JP Morgan, Goldman Sachs) for the sheer volume of mobile payments/ transactions that they are processing every day. Click here for the interesting article.
- HSBC plans to transform its $2tn world of documented trade finance, leveraging AI & blockchain. But there are apprehensions being raised as well because of lack of standardization & no ecosystem of banks, shippers, ports & customs.
- US SEC has put a spanner in the approval of acquisition deal of Chicago Stock Exchange by a Chinese company.