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FS Daily Bytes: 31st Aug

India

  1. India’s GDP growth slowed down to 5.7% for Apr-Jun quarter in FY1718, against 7.9% in same quarter FY1617. Demonetization, GST and RERA may be the 3 greatest factors pulling down the GDP. Experts believe that performance will be better in next quarter as the effects of these 3 policies will get rationalized
  2. Paytm Payments banks CEO has confirmed talks with full service banks to offer loans, FDs etc which it is not allowed under regulation to provide directly
  3. Itzcash has partnered with HDFC Ergo General Insurance where Itz retail shops will offer the latter’s GI products
  4. Govt extends PAN-Adhaar link deadline to 31st Dec 2017
  5. Icra in its latest report has outlined FY18 as a challenging year for Indian banks with NPA expected to rise further & economic stress to continue
  6. Govt rules out new window to accept scrapped 500/ 1000 notes
  7. FM Arun Jaitely has warned corporate defaulters to pay up their dues or give up control of business to others

International

  1. Wells Fargo has now come with a shocker. The fake account scandal seems to have been underreported earlier and current estimate of the banks puts the figure at 3.5 million, up by 70%
  2. Spain’s BBVA confirmed on Thursday that it is negotiating with Canada’s Bank of Nova Scotia to sell its Chile unit.
  3. 6 of world largest banks (Barclays, Credit Suisse, Canadian Imperial Bank of commerce, HSBC, MUFG and State Street) have joined together to work on ‘utility settlement coin’ for clearing & settling financial transactions over blockchain. The objective is to bring in more efficiency.

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