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FS Daily Bytes: 8th Sep

India

  1. Former RBI Guv, Raghuram Rajan, reiterated that w/o GDP clocking a >8% growth for next 10 years or having a really competitive GDP (wrt China which is 5X India GDP), India cannot be paired with China
  2. Raghuram Rajan also believes that banks recapitalization is necessary (PSU banks) and that can come through stake sale. He is of the opinion to make banks cleaner & stronger before going for any merger
  3. A RBI report has shared that even opening a basic bank account costs almost INR 139 if one converts processing, waiting, travelling time for the customers. This is alarming in the context of financial inclusion
  4. Home finance companies are getting edgy on insolvency proceedings. Their fear arises from the fact that they are not considered under ‘secured lenders which means that they have no right over the flat/ asset. If home loan customers also stop paying EMI for such stalled projects, the recourse will be little for financiers who have these flats as security
  5. SBI is planning to go bid on home loans with project financing slowing down

Rest of World

  1. In another security breach, Equifax hackers accessed details of 143m US consumers

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