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FS Daily Bytes: 6th Sep

India

  1. Saraswat Bank, India’s largest urban cooperative bank, gave 15% extra dividend as they are celebrating centenary year.
  2. Exide Life has tied up with PMC bank on bancassurance
  3. Fino Payments Bank MD & CEO Rishi Gupta expressed happiness on the group performance till now. They already have 50 lakh transacting customers which they plan to expand to 5 crore in 5 years. He is also positive of the increase in banking population in rural and spread of digital
  4. The Board of Directors of United Bank of India has approved Rs. 1,800 crore worth capital raising through Tier II and additional Tier I bonds.
  5. The White Label ATM industry which has not picked up much because of number of issues may see some better days ahead with RBI deciding to review the WLA guidelines. The challenges are plenty including lowering of interchange rates from 18 to 15, lack of cash that is available to these entities, rise in digital & so on
  6. Former RBI Guv, Raghuram Rajan, is not much in favor of merger of PSU banks especially when there are existing health issues. Moreover, he has reservations on Gov calling merger shots and not the bank boards.
  7. Visa, a global leader in payments technology and BillDesk, the country’s largest payments solution platform, have announced the enablement of 50 large service providers for Bharat QR payments acceptance, thus extending the digital payment facility to potentially over 300 million consumers
  8. K Balasubramanian, head of corporate banking at HDFC BankBSE 0.19 % has quit the Mumbai-based lender to head back to Citibank

Rest of the World

  1. Stanley Fisher, Vice Chairman of Fed, resigned today. He was due to retire on June 2018.

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