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FS Daily Bytes: 17th Aug

India

1.       Itz cash is expected to takeover Wall street finance ltd. Itz cash is in digital payment segment and is one of the largest player in domestic remittance market. Acquisition of Itz cash will help in expanding to international remittance. Itz is valued currently at 1000 Cr while Wall street finance at nearly 40 cr

2.       Nationwide bank strike by PSB on 22nd Aug to protest privatization of banks

3.       Srei Equipment Finance (SEF), wholly-owned subsidiary of Srei Infrastructure Finance, plans an initial public offer (IPO) of equity, to result in dilution of up to 25 per cent of the post-issue paid-up equity capital share. The company expects to raise Rs 1,800-2,200 crore through the IPO

4.       Veteran banker Naina Lal Kidwai believes that RBI has more room for rate cuts in current fiscal

5.       While a Nomura report states that economic growth and inflation are expected to trend higher in next 6-12 months and hence there will be a prolonged pause in RBI policy rate

6.       Govt has reiterated its policy of not entertaining any further lobbying for appointments of key top positions of public sector banks and even having opened the same for private sector bank. Banks Board Bureau is also on the same line

7.       Now HDFC reduces savings account rates to 3.5% from earlier 4%

International

1.       Investigations into alleged irregularities by Deutsche Borse’s chief have now widened to look at the ‘reliability’ of all its top management. It is Europe’s biggest stock exchange and any prolonged investigation can dent into the growth plan and expansion of the bourse, including its share value

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