India
- Public sector banks operations were hit today due to the strike called by unions to oppose the privatization initiative of the Government
- NITI Aayog CEO Amitabh Kant is slated to launch ‘Mentor India’ campaign on 23rd Wed. The idea is to have labs where leaders can spend 1/ 2 hours every week to mentor/ guide students from Class VI to 12
- Public sector lender Oriental Bank of Commerce plans on Tuesday said it will raise up to Rs 1,000 crore by issuing Basel III compliant bonds on private placement basis
- A latest report from rating agency Icra, expects GVA (gross value added) for the country to slow down to 6.3% in Apri-Jun of FY17 from 7.6% during same period last year, primarily fueled by short term challenges of GST & appreciation of rupee
- Andhra Pradesh 2 state owner power companies have started to accept payment through BharatQR. AP govt has collaborated with Visa to enable this digital payment initiative
International
- China’s large state backed lenders are raising tens of billions of dollars to fund the ambitious Belt & Road investments. Earlier Chinese premier had promised $124 b funding. ICBC, BOC,CCB & ABC are raising the funds
- Brazil’s fintech startups e.g. Nubank, GuiaBoslo are being increasingly noticed as potential competitors in selective areas e.g. credit cards by the established banks.
- Banks are faced with more competitive disruption from tech behemoths than financial technology (fintech) start-ups, according to a report by the World Economic Forum (WEF). Read more here
- McKinsey new insight on dynamics of financial globalization shows a steep decline in cross-border capital flows and (by nearly 65%) but also highlights the increasing globalization of banks from China & Japan and a reversal for European banks