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FS Daily Bytes: 9th Oct

India

1.       Visa partnered with Andhra Pradesh government to enable digital payments for a host of state owner services including bus rides & water tax payment in Vizag city. Several banks, payment institutions have also been roped in. Visa is popularizing their contactless Visa payWave cards as part of this initiative.

2.       “Whether investors want to believe it or not, India’s much-touted reformist agenda is increasingly looking unrealistic”- WSJ on investing in India

3.       Home Credit Finance who has been primarily into financing mobile handsets is now foraying into TV & washing machine as well to grow its footprint. Till now it has financed 40 lakh customers of which 92% has been in mobiles

4.       “Today, there is also a severe trust deficit amongst the various stakeholders in the financial eco-system…. Therefore, I urge you all, to promote moral and ethical grandeur unconditionally in your daily actions and decisions.” New SBI Chief to its frontline staff

5.       Ashish Srivastava has been appointed MD & CEO of PNB Metlife. He earlier served as the HR head in 2013

6.       Insurance cover for ‘Director’s & Officer’s Liability (D&O) is expected to pick up soon as Kotak panel has suggested to make this mandatory for independent directors. Independent directors are open to litigations & related liabilities arising out of any board action or company issues

7.       Bitcoin prices has risen in India from 68000 to 2,95,000 in this calendar year. Both Unocoin and Zebpay have seen significant jump in customer base (Zebpay touched a million).

8.       FM Arun Jaitely hinted at reducing the GST tax slab of 28% gradually and some of it may be announced during Nov 9-10 GST Council meeting at Guwahati.

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