20th August (17th to 20th Aug Coverage)
- A new data released by Finance Ministry reveals that 27% of all total amount owed to PSB by willful defaulters, is sitting with SBI (25104 cr). PNB is 2nd with nearly more than 12000 cr.
- Sebi will deliberate with its board members next month on putting in place a long term cyber security framework for markets amid concerns over malicious software script targeting systems and possible data breaches
- RRB (Regional Rural Banks) will no longer require CCI (Competition Commission of India) approval for mergers, ordered by Govt. Corporate Affairs Ministry has recently released a notification in the same regard
- A note by Ministry of Electronics & IT has now extended cashback scheme for merchants on BHIM application to March 2018 (Up to 1000 Rs).
- 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
- Govt has raised the allowances for child care for its differently abled female employees. From earlier 1500, it will be now 3000 per month and payable till the child reaches age 2
- In the insolvency summit held by CII, FM Mr. Arun Jaitely reiterated the fact that the new insolvency rule is not to force stressed firms to bankruptcy but to save them. At the same time, debtors have to service the loans for survival
- HK & Macau business of MassMutual, one of the oldest life insurers in the US, is up for grabs. Jack Ma founded Yunfeng Financial Group is bidding among others
- FT in its column reported that freebies & rewards of credit card holders may be under pressure as ROA of credit cards has dwindled from almost 5% to 3.5% but still the profitability is higher within the retail banking industry (refer FT)
- UK big banks e.g. HSBC, Barclays, Llyods are in process of creating ring fenced legal entities for their normal/ retail banking business as required by BOE deadline of 2019. This is primarily to safeguard normal banking from investment banking and prevent waste of tax payer money for saving banks in distress