Keywords: PayPal, Central Bank Of India, Bank Of Kigali, Bank Melli, FSC South Korea, Seoul Savings Bank, Youngnam Savings Bank, Taishin Bank, Changhwa Bank, Asia Green Development Bank, MAS, NAB

"I have always said that we need consolidation, rather than more players in the Indian banking sector."
HDFC chairman Deepak Prakeh, on RBI's new guidelines for the grant of new banking licenses.


The following are notes from our Monday morning meeting.

US pension funds, including that of the American Federation of State filed a shareholder resolution seeking to strip JPMorgan’s Jamie Dimon of his chairman post.

Bank robberies in the US fell from 8,516 in 2001 to 5,086 in 2011, averaging $3,000-$4,000 per heist according to the FBI.

PayPal launched PayPal Here in the UK, allowing merchants to receive payments via an app on their smartphones from customers’ credit and debit cards, or their PayPal accounts. Read our comment.

Kenya allowed Central Bank of India and Rwanda’s Bank of Kigali to open representative offices in Nairobi.

An Iranian court sentenced a Bank Melli branch head to life imprisonment for his involvement in a $2.6b fraud case.

FSC South Korea shut down Seoul Savings Bank and Youngnam Savings Bank as their capital adequacy ratios dived to -5.55% and -1.7% respectively.

Taiwan's finance ministry is opposed to the Taishin Bank-Changhwa Bank merger, as it wants to keep state-owned and private banks separate.

Myanmar’s privately owned Asia Green Development Bank will become a public company, subject to board and regulatory approval.

Singapore’s MAS will likely abolish SIBOR after learning that the rate is vulnerable to manipulation by individual traders or banks.

Rajiv Rishi will be appointed to head Central Bank of India, while seven other executive directors of various banks including Allahabad Bank and IDBI Bank will also be promoted.

Australia’s NAB is revamping its 780 branch network to focus on high margin businesses and cut operating costs.