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FS Weekly Digest: 8th Oct

8th October (2nd Oct – 8th Oct Coverage)


  1. RBI will soon launch a financial literacy drive at 80 blocks across 9 states to educate people on e-transactions, formal sector borrowings and insurance purchases
  2. “The announcement is also a validation of our business model and best practices. The resolution is an extremely positive step for the P2P lending business,” said Rajat Gandhi, founder and CEO, Faircent.com on RBIs releasing final guidelines on P2P lending. At same time he believes “The cap of Rs 10 lakh on lender is very restrictive, as we have many lenders who have higher exposure at any given point in time. In fact, their portfolio keeps growing as they keep lending,”
  3. GoI upped its stake in IDBI by 3.81% to 77.79%
  4. OBC is the latest one to go under RBI PCA because of NPA challenges
  5. As per Goldman Sachs, Indian banks may have to take 50% haircut on Anil Ambani’s RCOM
  6. IIT Madras had launched website (http://aitf.org.in) to seek public opinion on usage of Artificial Intelligence for economic development
  7. RBI kept the repo rate unchanged at 6% after fourth Bi-Monthly monetary policy review
  8. 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
  9. 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
  10. RBI released the final guidelines for P2P lending.
  11. 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
  12. 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

Rest of World

  1. Fidelity International is now trying performance linked fee on retail funds implying that equity funds will attract higher fees if it performs better than their benchmark or lower fees if the performance is worse off
  2. European regulators are turning up the heat on bad loans as per an article on WSJ

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