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FS Daily Bytes: 26th Sep

India

  1. Reliance Capital to set up independent health insurance company. ED, Anmol Ambani, believes that a younger & more affluent India, prevalence of lifestyle disease and increasing cost of healthcare signifies higher growth potential for this market
  2. IDBI partners with BCG to revive its fortune. Project Nishchay will primarily help in identifying areas of revenue maximization and cost containment
  3. Ujjivan with 87 branches and 8% SB interest rate, has been able to mop up 1000 Cr in 7 months of its existence and is targeting for 1500-2000 crore in first year of operation
  4. SWIFT India got 2 additional shareholders in form of Standard Chartered Bank and Citibank. Earlier it had 9 banks as shareholders, now it will be 11
  5. The Asian Development Bank has lowered India’s growth forecast to 7 per cent for 2017-18 from its earlier estimate of 7.4 per cent owing to weak private consumption and business investment and muted manufacturing output
  6. Microsoft CEO, Satya Nadella, spoke of Aadhar rivalling the likes of FB, Windows etc. in terms of the reach. Aadhar has now more than a billion holders
  7. PSU bank unions are finding the reduced indent for new recruitments by PSU banks worrisome considering the expanding bouquet of services that is provided by bankers to customers
  8. PM, Modi, revived the Economic Advisory Council to the PM with Bibek Debroy as the head
  9. Rupeek, a digital lending company offering gold loans, is set to raise about $12 million (about Rs 79 crore) in an early-stage funding round led by Accel India and financial inclusion-focused investment firm Lok Capital,
  10. Yes Bank claimed that its credit card portfolio now stands at 250 cr INR and a customer base of 2 lakh

Rest of World

  1. None

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