- Bank of India is mulling merger. CEO Mr. Dinabandhu Mohapatra though believes that first the bank has to make itself more attractive by strengthening processes & systems to attract another partner
- Allahabad bank is considering amalgamation of its wholly owned subsidiary, Allbank Finance (leading merchant banker). The board will meet Wednesday to mull on the draft.
- “Going forward, fresh slippages will be under control. Specifically, from September onwards, things will become better,” MD (national banking group) of SBI Rajnish Kumar said
- FM will be launching UPI based Google payment app ‘Tez’ on Monday
- In an interview, Pralay Mandal (Head of retail, Yes Bank), reiterated confidence on reasonable growth opportunity in retail. The significant stressed assets in corporate and lesser take off has now made retail credit very dear to heart for all banks
- GoI & RBI are both considering introducing its own cryptocurrency dovetailing into banks effort & investments in blockchain/ hyperledger. But this will take some time as Indian currency act may need to be amended to allow cryptocurrency to function
Rest of World
- Reiterating JP Morgan Chief Jamie Dimon’s criticism of bitcoin, its CEO Marko Kolanovic also compared bitcoin to fraudulent pyramid scheme