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Facebook took a minority stake in Rel Jio because it wanted an entry into Indian e-commerce market. Why would SBI, with its vast banking network/data base & tech platform, want to take a minority stake (30%) in a JV with Rel Jio (70%) for a payment bank? Must remain inexplicable!
A top SBI official who retired recently told me the JV between SBI & Rel Jio made many top managers in the bank wonder what would SBI gain with a minority partnership with Rel Jio? SBI group has data base on 42 crore customers(about EU population) across 22000 branches.
One hopes the owner of SBI - finance ministry- has properly considered and analysed what benefits SBI might get in a minority partnership with a new entrant in a payment bank!
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M K Venu
@mkvenu1
PM says he is unveiling fiscal support cum stimulus of Rs. 20 lakh crore or 10% of GDP. This includes RBI liquidity package -already announced- of about Rs.4.5 lakh crore. The details of fresh fiscal package to be unveiled by finance minister tomorow. At long last!
Net of RBI liquidity package already announced the fiscal package could be 7 to 8% of GDP. PM hints there could be more income transfer to vulnerable sections & additional financial support to important segments of supply chain of business & economy.
It remains to be seen how the fiscal package of additional 7 to 8 % of GDP will be funded. Will RBI print more currency or will other mechanisms be unveiled under which gross borrowings will be increased without monetising deficits.
Read 6 tweets
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M K Venu
@mkvenu1
Franklin Templeton debt mutual funds worth Rs.28000 crore have suspended operation due to redemption pressures. This could have a cascading effect on other debt mutual funds. What happens to retail investors’ money invested in debt debt funds considered safe relative to equity?
This is a result of mismanaged economy/financial system which is now putting at risk massive savings of common people whom MFs have ended up selling debt paper of crony defaulters in the system who still live In luxury after leaving behind unpaid loans of Rs. 5-7 lakh crore!
Small saver & retail investors have had nowhere to hide in the last few years as the economy/financial system has taken a turn for the worse. Bank FD rates are down. Real estate down. 90% of listed equities have collapsed. Now debt inv in MFs are losing value. Total disaster!
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M K Venu
@mkvenu1
The strangest policy notification from govt : says foreign investment proposals from countries sharing borders with India will not get automatic approval as per existing guidelines. This is clearly targeting China because Pakistan/Bangladesh never had access to automatic route.
If idea is to discourage China from buying Indian companies cheap then restrict takeovers. Why prevent them from bringing FDI in greenfield projects via existing automatic route. It is unprecedented that the world’s 2nd largest economy is being put in a special category of FDI.
If I know how this govt’s mind works it might be using the new FDI barrier against China as a bargaining chip to get something from Xi Jinping. Otherwise such a draconian measure against the 2nd largest economy cannot be easily explained. We will know soon what the real story is!
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