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FS Daily Bytes: 22nd Aug

India

  1. Public sector banks operations were hit today due to the strike called by unions to oppose the privatization initiative of the Government
  2. 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
  3. 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
  4. 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
  5. 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

  1. 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
  2. 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.
  3. 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
  4. 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

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