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FS Daily Bytes: 13th Oct


  1. Karnataka Bank reported nearly 25% drop in net profit to 93.58 cr
  2. IndusInd bank registered another phenomenal quarter posting more than 25% growth in profits primarily due to significant improvement in CASA & hence drop in cost of funds, increased offtake of vehicle finance
  3. RBI DG NS Vishwanthan believes that banks should increase provisioning significantly to make their balance sheet more resilient and boost credit growth
  4. SBI ex-Chairman Arundhati Bhattacharya believes that brick & mortar aka branches will continue to play an important role even for younger generations
  5. Payment players e.g. Paytm, Mobikwik are planning to meet RBI officials on the adverse impact of the new regulations ‘Full KYC compliance’ that RBI has mandated for any users of mobile wallets/ UPI platform. This may hurt the usage of these channels especially for low value transactions primarily done by blue collared workers, taxi drivers etc

Rest of World

  1. Equifax had another nervous breakdown! It had to take down one of its customer facing website as it was hacked and customers going to that sites were redirected to some sites that infected customer computers with spams/ adware
  2. Citibank got better off in the latest quarterly result (net income rose from 3.84 Bn $ to 4.13 BN $) primarily driven by good performance in consumer banking at Latin America, cost optimization programs (Opex was down by $233 Million)
  3. There is a confidence that John Flint will be a ‘safe pair of hands’ for HSBC in his new role of CEO. 28years in HSBC, Mr. Flint is known to be studious, humble and have steered clear of internal politics

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