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Govt. Considers Setting Up Of Bank Investment Company et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Feb 26, 2018 12:50 PM 2 min read
Editorial

End of Day Wrap-up (Monday / February 26, 2018) #NiravModiScam #Paytm #insurance #US #Fed #GeneralElectric #Transfin

Editor's comment: Govt considering to setup a Bank Investment Company (BIC) originally proposed by the PJ Nayak Committee in wake of Nirav Modi Scam. BIC to act as a bank-holding company which will consolidate all government stakes in PSBs under a central umbrella. BIC is envisaged to improve PSB corporate governance with the help of private sector talent and processes.

 

Nirav Modi and Mehul Choksi may face non-bailable warrants for not showing up for summons by ED today. ED will soon send judicial requests to Belgium, Hong Kong, Switzerland, US, UK, Dubai, Singapore and South Africa for obtaining information about their businesses as probe behind the PNB Fraud case widens.

 

Paytm launches 2 insurance companies, both life and non-life, as part of its expansion plans. One97 Communications, the parent company, now has 6 legal companies under its wings incl. Paytm, Paytm Money, Paytm Mall, and Paytm Payments Bank.

 

Communist Party of China's Central Committee proposes to remove the "two-term limit" from the constitution, which can enable President Xi Jinping to remain in power indefinitely. Harsh criticism on social media. Proposal to be passed by delegates at next month's annual meeting of China's largely rubber-stamp Parliament.

 

US Fed may be willing to accept inflation upto 2.5% to extend the economy's expansive trajectory. Conjecture based on views of Laurence Meyer, former Fed Governor, who now heads consultants Monetary Policy Analytics in Washington.