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FS Daily Bytes: 4th Oct

India

1.       RBI kept the repo rate unchanged at 6% after fourth Bi-Monthly monetary policy review

2.       RBI is keen for a transparent foreign exchange trading platform to encourage retail participation. A discussion paper will be released in Oct-17 for public comments

3.       Karnataka Bank CEO feels that the RBI’s revision of GVA growth forecast from 7.3% to 6.7%is a wake up call

4.       GoI appointed Rajnish Kumar, currently MD of National Banking group, as the next Chairman of SBI after incumbent Arundhati Bhattacharya’s terms ends on 6th Oct. He will have a 3 year term

5.       Bank unions have opposed IBA (Indian Bank Association) move to link pay scale rise to be based on banks performance and also linked to productivity

6.       Paytm Payments Bank, a newly formed payment bank, has posted losses worth Rs. 30.7 crore between August 2016 and March 31, 2017

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