1. PEER-TO-PEER LENDING TO BE TREATED AS NBFCs: After a year or more of due diligence and analysis, RBI has notified that peer-to-peer (P2P) lending platforms need to be regulated and treated on par with Non-Banking Financial Companies (NBFCs).While final guidelines are awaited, the P2P lenders have welcomed this move as they feel these regulations would help bring credibility and trust in to the business. This will also bring in a lot of legal clarity as the P2P lenders will have the rights to take legal action against the defaulters.

2. YES BANK TRIMS ITS STAFF STTRENGTH BY NEARLY 2,500: Yes Bank Ltd has gone in for “Rationalisation” of workforce as it has reduced its workforce by nearly 2,500. YesBank report said that digital transformation has created certain redundancies which require rationalisation of the workforce.

3. PRIVATE BANKS’ SHARE IN CREDIT WILL TOUCH 40% BY 2020: As per a report from credit rating agency ICRA, Indian Banking is going through a transition, with both Private and public sector banks ( PSBs) facing different challenges. PSBs are plagued with poor asset quality issues, leading to higher credit costs and losses. Due to this fact the share of private sector banks in banking sector advances will reach a level of around 40% by 2020. As of March 2017 private sector banks’ share in total advances was 27.5%.

4. CHEQUE BOOKS, IFS CODES OF 6 MERGED SUBSIDIARY BANKS WILL BE INVALID FROM SEPTEMBER 30^th :State Bank of India has notified its customers that cheque books and IFS codes of six of its merged subsidiary banks would be invalid from September 30^th and has asked them to submit new applications for fresh cheque books.

5. AIRTEL PAYMENT BANK ROLLS OUTUPI-ENABLED DIGITAL PAYMENTS: Airtel Payments Bank has become the first payments bank in India to integrate Unified Payments Interface (UPI) on its digital platform. This will enable Airtel Payments Bank customer to make secure digital payments to online/offline merchants and making instant money transfers to any bank account in India. They will also be able to link their accounts on BHIM app and make UPI payments.

6. INDIAN BANKS NEED $ 65 BILLION CAPITAL TO MEET BASEL-III NORMS BY MARCH 2019: As per a report from Fitch Ratings, Indian Banks will need an additional capital of $ 65 billion       (approximately Rs 4,16,000 crores) to meet global Basel-III banking norms by March 2019. Whereas the government has budgetedan $ 11 billion (Rs 70,000 crores) capital infusion into state-run lenders till March 2019, the state-run banks have limited options to raise the required capital.

7. CENTRE CLEARS BILL TO INCREASE TAX FREE GRATUITY LIMIT TO Rs 20 LAKH: The Centre has approved an amendment Bill that increases the limit of tax free gratuity up to Rs 20 lakh for employees belonging to public as well as private sector. Once this bill is passed, all employees that are not covered under the Central Civil Service (Pension) Rules will be able to avail the tax free gratuity of up to Rs.20 lakh.