- SBI outgoing Chairman Arundhati Bhattacharya ended her stint today. In a chat with media she highlighted a few aspects on banking (concerns & way ahead)
- SBI’s transformative change in digital front has been delayed from its earlier July deadline to sometime in November
- “Credit growth is not where the bank would like it to be”
- “…you want bold steps to be taken and then you expect that everything will be okay in 30 or 90 days’ time. It doesn’t happen.”
- “I feel today that we are there (at the bottom of the NPA cycle)”
- “In many States, our branches organise “ratri choupal” to talk to the farmers in the evening” on financial inclusion & farmer outreach
- Only 10-15 public sector banks will be there in longer run as per Finance Ministry’s principal economic advisor Sanjeev Sanyal. He also believes that cleaning up on bad loans is the first priority and should be done before PSU bank consolidation
- Axis bank completed buyout of Freecharge at 373 Cr INR and appointed Sangram Singh as CEO. Juxtapose this with the fact that Snapdeal had bought Freecharge for a whopping 2500 Cr in April 2015. Freecharge current revenue is 80 cr
- SBI CEA Soumya Ghosh believes that RBI should not overly concerned on inflation as long as it is in +- 2% bias around 4%
- Relief for small & medium business and rationalization of rates for a few items in GST list was the major outcome of the GST council meeting. For more click here.
- Vijaya Bank has entered into a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation Ltd (HPCL) for enabling all HPCL retail outlets with BHIM/UPI merchant solutions.
Rest of World
- European regulators are turning up the heat on bad loans as per an article on WSJ