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FS Daily Bytes: 11th Oct

India

  1. Private sector bank Lakshmi Vilas Bank saw its net profit drop by 83.4% to 10.5 Cr in 2nd quarter primarily arising out of increasing provisions with GNPA touching 5.5%
  2. A SBI report expressed that the implementation of Basel III norms may get delayed slightly as banks are reeling under stress of demonetization, GST roll out and RERA
  3. Banks are catching up with voice activated technology. HDFC bank is leveraging Amazon’s Alexa to provide voice activated banking to its customers. While initial use cases are simpler enquiries, later it can get extended to actual transactions even
  4. World Bank in its latest report has stated that India’s GDP may have a slower than expected growth (7% instead of 8.6% in FY15) primarily due to double whammy of demonetization and GST roll out
  5. RBI monthly bulletin has stated that electronic payments have shown a slight increase in August compared to July. Credit & Debit card transactions saw marginal rise
  6. A consortium of banks led by SBI has ordered a forensic audit of Punj Llyod after the later failed to service the loans for 8 successive quarters. Forensic audit is compulsory under RBI regulation for the borrower to avail loan restructuring scheme benefits which can come as respite to Punj Llyod
  7. Exim Bank is becoming cautious in growing its loan book as it is worried on asset quality. GNPA crossed 9% in FY17
  8. “Masterccard on Tuesday launched its first innovation lab in India in Pune to work on new commerce, payment and technology ideas for the rapidly growing digital economy in the country”- BusinessLine

Rest of World

  1. France has hardened its stance against any possible rise in regulatory capital requirement for banks. Policy makers are meeting next week at IMF meeting in Washington. France believes that any further increase will choke growth & put European banks at disadvantage against US banks. The proposed changes are being called unofficially as Basel IV by the banks.

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