Branch additions drop as Modi govt's digital push changes banking sector
The government’s digital push, the rising use of technology in back-end processes, and the growing market for financial technology products have changed the banking landscape.
The Reserve Bank of India’s (RBI’s) May 2017 guidelines shifted the focus from branches to banking outlets, which include banking correspondents along with branches. The revised guidelines work well with the banking sector’s tilt towards partnerships.
After 'hiatus', Arun Jaitley sees green shoots of economic recovery
Finance Minister Arun Jaitley said on Saturday that structural changes brought in by measures such as the introduction of the goods and services tax (GST) had created a “hiatus” in the economy. But the economy was already showing signs of revival, he added. The FM also sent out a strong message to the banks asking them to perform after the Union government pumps in money to recapitalise them. “Resilience of the banking system is under test,’’ he said. Read more
Sebi revokes penal order against 7 in MCX insider trading case
The Securities and Exchange Board of India (Sebi) has revoked its last year’s interim order against seven individuals in an insider trading case pertaining to share trading of the Multi Commodity Exchange of India (MCX).
The markets regulator found no violation of insider trading guidelines by the “seven notices”. A few of them were also denied cross-examination opportunities, it observed. Read more
Emerging-market guru Mark Mobius set to retire after serving for 30 years
Veteran investor Mark Mobius, the bald-headed market guru who became one of the most recognized authorities on money-making opportunities in Africa, Asia, Eastern Europe and Latin America, plans to retire from Franklin Templeton Investments after three decades at the firm.
The company announced his retirement, effective Jan. 31. Read more