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FS Daily Bytes: 23rd Sep

India

  1. SBI Chief has reiterated the stress in telecom sector by commenting “The telecom sector is undergoing a lot of stress and the bank is extra provisioning due to this.”
  2. Indian Post Payment bank, the payment banking arm of good old Indian Post, is set to transform the payments ecosystem in a ground-up shake up. They are going to equip nearly 1.5 lakh postmen with a digital equipment which can be used for making various types of payments, including utility bills, leveraging biometric authentication and will also have a small printer & card reader to facilitate the transactions
  3. Taking a different view on banking consolidation from earlier discussions, FM Arun Jaitely has now expressed the need to merge strong bank with another strong bank to create a stronger bank. This will dispel some of the challenges banks are speaking off that may arise by merging a weak bank to a strong bank and thus creating asset quality & capital adequacy challenges
  4. CEA Arvind Subrmanian gets a year extension, as was noted in yesterday’s update as well
  5. An article in Business-Standard talks about the pain & challenges faced by Indian handicraft sector as a result of the GST tax regimes. Primarily 3 challenges being outlined, high tax slabs making it un-competitive compared to machine weaving, multiple rates causing confusion and filing returns 3 times a month. Pls. note that this is in context of handloom weavers who are primarily poor, in rural areas and illiterate as well.
  6. The CII is batting for easing of the fiscal deficit target (akin to asking for stimulus package at the cost of slippage in fiscal deficit) & cuts in interest rates to revive economic growth
  7. IRDAI may allow PE (private equity) firms to buy stake in insurance firms. The regulator has formed a team to look into the same

Rest of World

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