RBI sets rupee reference rate at 64.4950 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4950 against the US dollar and 72.0732 for the euro. The corresponding rates were 64.6025 and 71.9413, as on June 21.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.7990 and 58.05 per 100 yens, respectively, based on reference rates for the dollar and cros

Rupee edges higher against US dollar

The Indian Rupee was trading higher against greenback on Thursday amid selling of dollar by banks and exporters. Adding to it, firmness in equity market also pushed the home currency higher.

The investors also took cues from the RBI policy minutes which revealed that it was for the first time that the decision of the monetary policy committee was not unanimous as Ravindra Dholakia had

Federal Bank up over 2% on fund raising via QIP

Shares of Federal Bank soared over 2 per cent on the Bombay stock Exchange after the private sector lender fixed floor price of Rs 117.04 per share for the qualified institutional placement (QIP) offering.

The bank plans to raise Rs 2,500 crore from institutional investors and intended to use fund proceeds for augmenting its Tier I capital to support growth plans and to grow its loan

NSE gets SEBI notice on preferential access to brokers

 The Securities and Exchange Board of India (SEBI) has issued notice to the National Stock Exchange (NSE) following the market regulator's probe into alleged preferential access given by the stock exchange to some brokers through its 'co-location' facility.

"We have issued a show cause notice to NSE and to 14 key management personnel," SEBI Chairman Ajay Tya

Retail banking faces significant threat from FinTech entrants: Study

Retail banking faces significant threat from entrants in Financial Technology (FinTech) space who are using simpler and less expensive services and depending on their scalability, could even prove disruptive for the traditional banks, a study said on Wednesday.

Despite retail banking being a tech-intensive industry, FinTech providers - having few similarities to traditional banks - ar

Federal Bank launches $310 million share sale to institutions - term sheet

MUMBAI - Indian private sector lender Federal Bank Ltd has launched a share sale to raise 20 billion rupees ($310 million), with an option to increase the amount by 5 billion rupees, according to a deal term sheet.

Federal Bank said in a regulatory filing on Wednesday it had launched a so-called qualified institutions placement of shares but did not give details.

RBI rate panel dissenter wanted 50 bp cut, rest watching inflation - minutes

MUMBAI - The Reserve Bank of India's monetary policy committee wants more evidence that inflation has sustainably fallen below its target before deciding whether to lower interest rates, minutes from its last meeting showed on Wednesday.

The RBI voted 5-1 to keep the repo rate at 6.25 percent earlier this month, but issued a slightly less hawkish statement after c

Axis Bank signs pact to sell stake in Mswipe Technologies

Private sector lender Axis Bank Ltd on Wednesday said it has inked a pact to sell 1,90,500 equity shares of Mswipe Technologies Pvt Ltd (Mswipe) for a total cash consideration of Rs 80.94 crore.

“The bank has signed an agreement for sale of 1,90,500 equity shares of face value of Rs 1 per share of Mswipe Technologies Private Limited ('Mswipe' or the 'Entity'), at

Government asks banks to deposit junked notes at RBI by July 20

The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20. This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI.

The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency

RBI sets rupee reference rate at 64.6025 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.6025 against the US dollar and 71.9413 for the euro.

corresponding rates were 64.4672 and 71.9583, as on June 20 According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.5348 and 58.07 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

IDFC Bank grants stock options to employees

Private sector lender IDFC Bank on Wednesday granted stock options to its employees under the Employee Stock Option Scheme 2015. “The bank has granted to its employees 30,000 options equivalent to 30,000 equity shares at a price of Rs 57.25 per equity share,” IDFC Bank said in a filing to the Bombay Stock Exchange.

These options shall vest over a maximum period of 5 years

Bank of England reports consumer squeeze, solid business investment

LONDON - The Bank of England reported on Wednesday that consumers were under growing pressure form rising inflation, but business investment plans had strengthened and sterling weakness was boosting export volumes.

The assessment from the BoE's regional agents broadly matches that in last week's policy statement, when three of the BoE's eight rate-setters

India allows banks, post offices to deposit old bank notes with RBI

NEW DELHI  - India on Wednesday allowed banks and post offices to exchange old, big bank notes, which are no longer in circulation, with the Reserve Bank of India (RBI) in a month, provided these notes were collected by Dec. 30, 2016, a finance ministry statement said.

India's cooperative banks have also been allowed to exchange old currency notes with the RB

DCCBs allowed to deposit demonetised notes with RBI

In a significant move, the government on Tuesday allowed the RBI to accept demonetised notes of Rs 500 and Rs 1,000 received by the District Central Cooperative Banks (DCCBs) during November 10-14 last year.

The gazette notification comes on a day when the Shiv Sena announced endorsement of NDA Presidential candidate Ram Nath Kovind, after the party had last week demanded that the ove

Canara Bank to sell 8.9% in CARE

Canara Bank has decided to sell nearly 9 per cent stake in the credit ratings firm CARE Ltd that could fetch it over Rs 393 crore. Inviting bids from merchant bankers, Canara Bank, in the bid document said: "Our bank is proposing to sell 26,22,430 equity share of Credit Analysis and Research Ltd (CARE Ltd) comprising of 8.90 per cent of the total paid up equity share capital of the company

'RBI to ensure supply of Rs 25,000 cr to meet currency demand'

Union Minister of State for Labour and Employment Bandaru Dattatreya said that the Reserve Bank will ensure supply of another Rs 20,000 crore to Rs 25,000 crore in the next two to three months to meet the currency demand of Telangana, reported PTI.

Banks in Telangana had received currency deposits of around Rs 70,000 crore during demonetisation period, while the Reserve Bank supplied

Qatar sovereign fund deposited dollars in local banks as precaution - bankers

By Tom Arnold and Tom Finn

DOHA  - Qatar's sovereign wealth fund made U.S. dollar deposits in some local banks last week as a precaution after Saudi Arabia and other Gulf states cut diplomatic and transport ties with Doha, Qatari commercial bankers said.

One Qatar-based banker, whose own institution received funds, said new deposits in the banking system by the Qata

Russia's VTB CEO says knew nothing about Trump and Deutsche Bank ties

LONDON  - Chief Executive Officer of Russia's VTB bank Andrei Kostin told reporters on Tuesday he was not aware about any connections between U.S. President Donald Trump and Deutsche Bank.

"It's the first time that I hear there is a connection between them," he said.

Several Democrats on the U.S. House Financial Services Committee sent a letter last mo

ADB to provide $275 mn loan for water supply project in Madhya Pradesh

Asian Development Bank (ADB) will provide USD 275 million loan for a piped water supply project for rapidly urbanising small towns, covering 3 lakh households, in Madhya Pradesh, reported PTI. The state government will provide a USD 124 million counterpart support for the project which is estimated to be completed by June 2022, ADB said.

The loan agreement for USD 275 million has been

Banking Sector Update Offers protection in adverse conditions - Kotak Sec

Offers protection in adverse conditions.

Our initial study of Pradhan Mantri Fasal Bima Yojana (PMFBY) shows it offers hope to banks lending to agriculture in adverse conditions. The new scheme has seen ~100% increase in the sum insured in FY2017, greater interest from private insurance players and higher participation of farmers. Strict timelines, ma

20/06/2017 3:16:14 PM | Posted in Broking Firm Views - Sector Report read full news
RBI sets rupee reference rate at 64.4672 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4672 against the US dollar and 71.9583 for the euro.

The corresponding rates were 64.3788 and 72.1043, as on June 19. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.1506 and 57.80 per 100 yens, respectively, based on reference rates for the dollar and cros

ICICI Bank turns ex-bonus, ex-dividend; scrip up 1%

Shares of ICICI Bank rose over 1 per cent on the Bombay stock Exchange after the country’s largest private sector lender turned ex-bonus and ex-dividend today. The board of directors of the bank has fixed June 21 as Record Data for issuing of bonus and dividend.

As on May 03, the board had announced issue of bonus shares in the ratio of 1:10, i.e. one equity share of Rs 2 each f

RBI's move on NPA resolution credit-positive for banks: Moody's

Global credit rating agency Moody's Investors Service on Monday dubbed as 'credit-positive' for Indian banks the RBI plans to resolve 12 large bank loan accounts accounting for 25 per cent of the banking system's non-performing assets (NPA).

The rating agency said it expects that the effectiveness of the resolutions under the Insolvency and Bankruptcy Code (IBC), 2016,

Bank of Maharashtra gets approval to raise Rs 2K-cr via equity dilution

Bank of Maharashtra said it has obtained approval of shareholders to raise Rs 2,000 crore through equity dilution. At the annual general meeting (AGM) held today, the resolution was passed for raising of equity capital, the bank said in a regulatory filing.

The money can be raised by follow-on public offer/rights issue/qualified institutional placement/preferential issue etc aggregati