Mirae may rope in partner in India
South Korea’s Mirae Asset Group is open to inducting a strategic partner in its Indian asset management company, which aims to achieve profitability in the current financial year. Mirae Global Investments India — the investment manager to Mirae Asset Mutual Fund — is to build sizeable corpus in both debt and equity segments. “We may look at a strategic partner for our mutual fund business in India if we feel it can help grow our business faster and the partner has same principles and growth strategy as we have,” said Mirae Global Investments India CEO Jisang Yoo.
SBT plans automated loan processing
In a bid to get rid off the bad loans, State Bank of Travancore (SBT), is planning to switch over to a fully automated loan processing system by 2014. Taking a cue from RBI's book on choosing good borrowers based on data analysis and individual credit scoring, the bank will kickstart the trail run on this by June this year. P Nanda Kumaran, SBT MD said fully automated loan processing will eliminate the human interface that could make different analysis on the loan applications received.
Less dovish Fed is good for India: BofA
Bank of America-Merrill Lynch says a less dovish US Federal Reserve is good for India. The report comes after Fed officials are increasingly concerned about the potential risks of the US central bank's asset purchases on financial markets. India would benefit should the Fed turn less dovish by lowering "imported" inflation, reducing prices of oil and hence, helping narrow the current account and fiscal deficits, and sustain capital inflow by reducing macro risks.