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FS Daily Bytes: 20th Sep

India

1.       Banks are banking on cost optimization by leveraging employee rationalization with Yes Bank following in footsteps of HDFC bank and showed the doors to nearly 2500 employees (~10% of its workforce)

2.       SBI plans to rope in investment banker to help them divest stakes in non-core assets. This includes its investments in IL&FS, NSE, BSE, Central Depository Services Ltd, UTI, Clearing Corporation of India, SIDBI, Central Warehousing Corporation, National Securities Depository Ltd, Asset Reconstruction Company (India) Ltd, and National Payments Corporation of India.

3.       On MFI institutions, RBI DG NS Viswanathan stressed the need of companies to grow on their strength and look at their own practices to identify what & where things have gone wrong.  Key is responsible financing…

4.       RBI has notified P2P lending platforms to be treated at par with NBFC. The final set of guidelines are also expected to be released soon by RBI. The P2P industry is also expected to gain as regulation provides credibility.

5.       HDFC Bank seems to have tasted success with OnChat, a FB messenger chatbot. It has seen increase of 160% in month-on-month transaction growth with 25% being non HDFC bank customers, adding fillip to their customer acquisition.

6.       Fino Payments Bank has launched its mobile banking app called BPay.

7.       All India Bank officer’s confederation has urged RBI to take urgent steps to stop the menace of cross selling of 3rd party products by bankers. Primary objective is to stop miss selling and also let bank focus on core job

Rest of World

1.       According to Taurus Wealth Advisor ED, CEO’s of US banks are likely to be ‘very afraid’ of bitcoins, primarily because of volatility and weak store value

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