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FS Daily Bytes: 24th Aug

India

  1. Nachiket Mor, reappointed as member of Eastern local board of RBI and hence automatically part of RBI central board of directors
  2. Niti Aayog released the 3-year action plan. In the same event, FM highlighted that unemployment which is in range of 5-8% is not the biggest challenge but underemployment (low productivity, low wage) is a much larger problem that needs to be addressed
  3. Right to privacy rule from SC will now bring more focus on Aadhar related data security etc and applicability for financial services transaction
  4. RBI released the Household finance committee report. Click here for the report
  5. Steel industry remains largest contributor to banking NPA. Companies like Essar steel, Monnet Ispat are a few contributing to it
  6. Dhanlaxmi bank & DHFL Pramerica ties up for Bancassurance
  7. RBI released new Re 200 note
  8. Bandhan bank starts its process for IPO. It is in process of identifying investment bank. As per regulation they have to get listed by Aug next year (3 year from start of operation)
  9. AIBOC (PSU bank union) has opposed the government alternate mechanism for PSU bank merger as they claim it will pose serious challenges from process, technology, cultural gaps etc

International

  1. None major to highlight

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