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FS Daily Bytes: 14th Sep

India

1.       A SBI research report is of the opinion that GDP growth will remain muted to sub 6% on account of low agri & mining growth

2.       Crisil ratings believes that peak of banking NPA may have been seen and overall there may not be any significant increase. Overall it expects it to rise by 1% to 10.5% by March 2018

3.       HSBC banks tied up with Sa-Dhan, which is a MFI association, to promote digital banking in rural areas. HSBC will primarily be providing technology to train & educate MFI. Digital hubs with POS machines & internet connectivity will be used for pilots across 4 states

4.       With merger with HDFC life hitting a dead end, Max Life is scouting for business opportunities with banks which are into life insurance business

5.       Morgan Stanley believes that RBI will hold the key rates in the next monetary policy review due to rise in inflation

6.       Google planning to launch Tez, a digital payment service, in India. It is expected to support UPI and other commonly used payment platforms

Rest of World

1.       Bitcoin prices continue to go down with BTC China, the cryptocurrency exchange plan to shut down after Chinese government crackdown on bitcoins

2.       Vikram Pandit, ex Citibanker, believes that automation will make nearly 30% of banking jobs redundant in next 5 years

3.       Big banks are laggards in technology around cost optimization, automation as per a report by Autonomous.

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