1st October (26th Sep – 1st Oct Coverage)
- Reliance Capital to set up independent health insurance company
- IDBI partners with BCG to revive its fortune.
- RBI released its 6th ‘Mint Street Memo’ on ‘Non-bank funding sources & Indian corporates’. The contribution of non-bank sources to fresh debt raised by corporates has been increased significantly from somewhere sub 40% to 50-60% range, primarily through bonds & commercial papers. The article also notes that SME firms have been able to diversify beyond banks for fund sourcing as response to banking stress while the small firms with poor financials are left in a more vulnerable position. Overall such an alternative financing capability is a welcome change
- GoI has kept small savings interest rate unchanged (PPF, KVP, Sukanya Samriddhi)
- HDFC ties up with 50 technology & business schools (IITs & IIMs) to tap into emerging fintech ides
- Insurance behemoth Life Insurance Corporation (LIC) today said it paid Rs. 2,206.70 crore to the government as surplus for fiscal year 2017, which is 15.8 per cent over the previous year.
- FM informed that direct tax collections increased by 15.7% till Sep, compared to last year and attributes it to benefit of demonetization
- MNC bank DBS has dragged the GST council & GoI to court for levying IGST for banking services provided to their head office in Singapore.
- SBI, BOB & Andhra Bank reduced their base rate and may benefit customers who are still on base rate and have not migrated to MCLR introduced last year
- According to Union Minister Ravi Shankar Prasad, GoI has saved nearly 58000 crore through Direct Benefit Transfer which leveraged Jan Dhan, Aadhar & Mobile to make it happen. This has happened by first eliminating fake recipients, reducing frauds and plugging leakage in transfer
- ICICI Bank launched a cashback scheme for home loan where customers can received 1% cashback on every EMI, for the entire tenure of the loan.
Rest of World
- The US central bank today fined global banking giant HSBC $175 million for failing to oversee foreign exchange traders who misused confidential client information and colluded with traders at competing banks. The incidents happened between 2008-2013, when the bank failed to detect misconduct by senior traders
- Equifax ex CEO is expected to face severe questioning when he faces the House & US Senate coming week
- McKinsey released a new report on global reinsurance. For more click here. The paper looks into the performance on reinsurance sector and shows it to be the most profitable/ performing among all insurance segment