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FS Daily Bytes: 23rd Aug

India

  1. RBI DG, NS Vishwanathan, admitted that there is a scope for harmonizing the regulations covering NBFCs. He also expressed need to create new types of NBFCs to cover activities that are not getting covered under the existing umbrella. P2P lending is a case in point.
  2. Raghuram Rajan, ex RBI Governor, is now releasing a book titled ‘I do What I do’ to share his experience of his RBI governor days
  3. FM Arun Jaitely clarified that government is not considering banning 2000 Re notes
  4. The cabinet has okayed the constitution of the mechanism/ ministerial panel which will supervise merger proposals from PSU bank boards and give in-principle approvals. Primary objective will be to create stronger banks. Post in-principle approvals, banks will need to follow established rules/ law.
  5. SBI Chief, Arundhati Bhattacharya, stressed on 3 purpose of PSU bank mergers: efficiency, market power and better accounting ratios and also cautioned on going for the size as size may not guarantee survival. She also cautioned against going only by the needs to meet capital adequacy ratio.

International

  1. Wells Fargo CEO, forewarned the employees on possible new headlines hitting the news in a few weeks when the bank will be announcing the completion of an expanded 3rd party review of its consumer sales scandal. He reiterated the need for the bank’s employees to stay focused.

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