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FS Weekly Digest: 25th Sep

(18th to 25th Sep Coverage)

India

  1. SBI launched its chatbot service SIA (SBI Intelligent Assistant) to address customer enquiries. The technology was provided by AI banking platform Payjo. The assistant can handle nearly 10,000 queries per second and can handle banking products & services
  2. IDBI bank sold of 1% of its share in SIDBI to mobilize fund by exiting non-core businesses
  3. SBI opens new branch in Singapore, its 6th in the country
  4. FM Arun Jaitely is batting for lowering of interest rates by RBI
  5. FM Arun Jaitely launched Google payment App Tez
  6. 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.
  7. 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
  8. 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
  9. UIDAI authority has slapped notices to Bharti Airtel and Airtel Payments Bank on usage of Aadhar for e-KYC without informed consent of the customer. This is against the laid down policy of UIDAI
  10. Vijaya Bank and Dena Bank eyeing merger and respective board looking at synergies, primarily on geographical reach. Dena bank though is under RBI PCA
  11. GoI is going all out to push/ encourage BHIM & BharatQR payment mode at retail channel to achieve the 25 billion digital transactions by March 2018
  12. 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
  13. 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

  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. German banking major Commerzbank is again the subject of takeover talks after it was reported that Government plans to unload its 15.6% stake it acquired during the last global crisis

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