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FS Daily Bytes: 19th Sep

India

  1. With lower GDP growth in last quarter indicating slowing down of the economy, the Finance Minister held a closed-door meeting with commerce, rail, finance ministers & high officials including NITI Aayog Vice Chairman to find out ways to boost growth. More such meetings are in the offing’s
  2. In a meeting with GST committee led by Revenue Secretary Hasmukh Adhi, the Industry body expressed concern that severe slowdown in foreign orders, combined with liquidity crisis may lead to nearly 65000 crores of export being stuck by year end. For more click here.
  3. Indian microfinance organizations have agreed to abide by mutually laid down code of conduct (MACC) and will not lend to a client who already had current loans from three micro credit lenders. “According to MACC, which was released on Tuesday by Microfinance Institutions Network (MFIN), microfinance providers have to validate total indebtedness of a client from a credit bureau. Further, they have to ensure that a loan given under the Joint Liability Group (JLG) model is restricted to ₹60,000 per customer” Click for more.

Rest of World

  1. The Chinese banks/ Gov crackdown on bitcoin (banning token sales, local exchanges etc) is likely to be part of a longer strategy to de-risk financial system & control bitcoin. The potential of blockchain though continues to be appreciated.
  2. Wells Fargo Asset Management CEO, Kristi Mitchem, feels that millennials are less confident of the markets and nearly 20% of them indicating that they will never invested in markets

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