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Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Infomerics Ratings Below Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Chief Economist at Infomerics Ratings The discontinuance of the I-CRR in a phased manner shows that the RBI is not behind the curve. The imposition of the I-CRR was done at a time of consistent surplus liquidity in the banking and financial sectors. Now that this surplus liquidity has dissipated and the festival October-December season is approaching, this kind of course correct...
Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Infomerics Ratings
Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Infomerics Ratings
Source: PR Agency
8/09/2023 4:33:28 PM
India`s Kotak Mahindra Bank gets RBI nod for appointing interim MD, CEO India's Kotak Mahindra Bank said on Friday that the Reserve Bank of India has approved the appointment of Dipak Gupta as the interim managing director and CEO for two months. Gupta's appointment is effective after the RBI's approval. The appointment comes after billionaire Uday Kotak, who founded and led Kotak Mahindra, resigned as the managing director and CEO earlier this month, before the end of his term in December. Kotak's early exit from the country's fourth...
India`s Kotak Mahindra Bank gets RBI nod for appointing interim MD, CEO
India`s Kotak Mahindra Bank gets RBI nod for appointing interim MD, CEO
Source: Reuters
8/09/2023 10:46:48 AM
Governance mechanism, customer-centricity can help in fintech ecosystem sustainable growth: Ajay Chaudhary Ajay Chaudhary, an executive director who heads the fintech department at the Reserve Bank of India, has said sustainable growth of the fintech ecosystem can be achieved by putting in place a governance mechanism and focusing on customer-centricity.  Chaudhary stated ‘What is needed for the sustainable development and growth of the fintech ecosystem is the right thrust on customer-centricity and better governance standards. These can be achieved by balancing the needs of tomorro...
Governance mechanism, customer-centricity can help in fintech ecosystem sustainable growth: Ajay Chaudhary
Governance mechanism, customer-centricity can help in fintech ecosystem sustainable growth: Ajay Chaudhary
Source: Accord Fintech
8/09/2023 10:32:53 AM
Rupee to see some relief on pullback in US yields, dollar index The Indian rupee is expected to open higher on Friday on the back of a pullback in U.S. Treasury yields and a broadly softer dollar. Non-deliverable forwards indicate the rupee will open at around 83.12-83.14 to the U.S. dollar compared with 83.21 in the previous session. The rupee has been flirting with the record low of 83.29 and has largely avoided it, thanks to the Reserve Bank of India's (RBI) intervention. "It has been another week where the RBI has once again successf...
Rupee to see some relief on pullback in US yields, dollar index
Rupee to see some relief on pullback in US yields, dollar index
Source: Reuters
8/09/2023 9:24:43 AM
With Indian rupee near record low, central bank steps up NDF intervention The Reserve Bank of India has been frequently intervening in the non-deliverable forward (NDF) market to make sure that the rupee does not drop to a record low, four bankers told Reuters on Thursday. The rupee was at 83.1525 to the U.S. dollar as of 11:16 a.m. IST, not too far from its record low of 83.29 hit in October 2022. The currency has largely avoided the decline in its Asian peers. "The RBI intervened on NDF in the morning (before local over-the-counter, OTC, markets opened...
With Indian rupee near record low, central bank steps up NDF intervention
With Indian rupee near record low, central bank steps up NDF intervention
Source: Reuters
7/09/2023 2:46:16 PM
Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products "IRDAI is actively pursuing reforms in the insurance sector to enhance its adaptability and responsiveness. We are currently at a juncture marked by personalized offerings and shifting consumer preferences. To meet these changes, we are exploring flexible, do-it-yourself insurance products, leveraging advisory technologies and digital assistants. We anticipate a future where insurers can efficiently manage large and diverse data sources, harnessing quantum computing to revolutionize...
Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products
Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products
Source: PR Agency
7/09/2023 11:40:48 AM
Indian rupee to stay weak, third of analysts expect new low within a year - Reuters poll India's rupee will still be very close to its historic low in six months despite the Reserve Bank of India using its coffers to cut volatility, according to a Reuters poll in which over a third of analysts forecast it to reach a new low in a year. Having traded in its narrowest range in two decades this year, the rupee fell to a 10-month low of 83.18 on Wednesday, close to the 83.29/$ record low hit in October 2022, due to expectations resilient U.S. yields will keep the dollar well-bi...
Indian rupee to stay weak, third of analysts expect new low within a year - Reuters poll
Indian rupee to stay weak, third of analysts expect new low within a year - Reuters poll
Source: Reuters
7/09/2023 8:59:09 AM
Indian cenbank may extend incremental cash reserve ratio with tweaks The Reserve Bank of India (RBI) may ask lenders to continue maintaining additional cash reserves for two more fortnights, with some tweaks to the proportion, as it seeks to keep liquidity tight amid high inflation, at least six senior treasury officials told Reuters. The incremental cash reserve ratio (I-CRR) could be reduced to 5%-8% in a phased manner from the current 10%, four of the officials said on condition of anonymity as they are not authorised to speak to the media. In August,...
Indian cenbank may extend incremental cash reserve ratio with tweaks
Indian cenbank may extend incremental cash reserve ratio with tweaks
Source: Reuters
6/09/2023 10:54:41 AM
Rupee to remain below 83/USD on dollar rally, all eyes on RBI The Indian rupee is likely to weaken more on Wednesday after the dollar index rose to the highest in just under six months on weak risk and rising U.S. Treasury yields. Non-deliverable forwards indicate rupee will open at around 83.10-83.12 to the U.S. dollar, compared to 83.04 in the previous session which was a two-week low. U.S. Treasury yields rose on Tuesday with the 10-year yield now about ten basis points shy of the recent high. Expectations that the Federal Reserve will keep rates ...
Rupee to remain below 83/USD on dollar rally, all eyes on RBI
Rupee to remain below 83/USD on dollar rally, all eyes on RBI
Source: Reuters
6/09/2023 8:57:36 AM
Monetary policy has to be forward looking, says RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday said that the monetary policy has to be forward looking, "as a rear view approach can lead to accidents". Das, who gave the analogy of car driving while delivering the Delhi School of Economics Diamond Jubilee Distinguished lecture, said that the conduct of monetary policy is like driving a car on the road with potential ditches and speed bumps. "As monetary policy works with long and variable lags, the forec...
Monetary policy has to be forward looking, says RBI Governor
Monetary policy has to be forward looking, says RBI Governor
Source: IANS
5/09/2023 7:57:33 PM
GFF 2023 Inaugural Address : Fintechs are Surpassing Conventional Banks in Servicing New-to-Credit Customers: FM Nirmala Sitharaman “Fintechs in India are driving more inclusion and influencing India’s financial ecosystem. Today, fintech has become a robust and dynamic financial inclusion tool. According to a 2022 BCG Matrix Report, in lending, which is one of the core businesses of the banks, fintechs had 36% share of new-to-credit customers versus 22% share of brick-and-mortar banks. Fintechs are reaching out far more even in lending, an area which is a conventional bank function.” said Smt. Nirma...
GFF 2023 Inaugural Address : Fintechs are Surpassing Conventional Banks in Servicing New-to-Credit Customers: FM Nirmala Sitharaman
GFF 2023 Inaugural Address : Fintechs are Surpassing Conventional Banks in Servicing New-to-Credit Customers: FM Nirmala Sitharaman
Source: PR Agency
5/09/2023 3:51:28 PM
India cenbank planning to introduce wholesale digital currency The Reserve Bank of India is planning to introduce wholesale a central bank digital currency (CBDC) in the call money market, an official told reporters. “RBI is now planning to go interbank borrowing market, specifically call money market,” the official said. RBI plans to use CBDCs as tokens for call money settlement, he said. India’s CBDC is currently in a pilot phase across the retail and wholesale segments. The central bank has set a target of one million transa...
India cenbank planning to introduce wholesale digital currency
India cenbank planning to introduce wholesale digital currency
Source: Reuters
5/09/2023 2:07:51 PM
India`s services growth slowed slightly in August but exports hit record high Growth in India's dominant services industry lost some steam in August but overall conditions remained strong despite elevated inflationary pressures, according to a business survey that showed exports were at a record high on robust foreign demand. Tuesday's findings, coupled with a sister survey on Friday which found factory growth expanded at its fastest pace in three months, suggest Asia's third-largest economy will be the fastest-growing major country despite slowing globa...
India`s services growth slowed slightly in August but exports hit record high
India`s services growth slowed slightly in August but exports hit record high
Source: Reuters
5/09/2023 11:13:40 AM
Rupee to contend with weaker yuan, higher US yields The Indian rupee is likely to open flat-to-lower on Tuesday on the back of a decline in the Chinese yuan following weak data from Asia's largest economy and an uptick in U.S. Treasury yields. Non-deliverable forwards (NDF) indicate the rupee will open at around 82.75-82.78 to the U.S. dollar, compared with 82.7475 in the previous session. The offshore yuan dropped to 7.2940 to the dollar after a private sector survey showed China's services activity expanded at the slowest pace ...
Rupee to contend with weaker yuan, higher US yields
Rupee to contend with weaker yuan, higher US yields
Source: Reuters
5/09/2023 8:54:37 AM
2,000 denomination notes worth Rs 3.32 lakh crore received back till Aug 31  Bank notes of 2,000 denomination worth Rs 3.32 lakh crore have been received back by banks till August 31, according to data collated by the Reserve Bank of India (RBI). Consequently, Rs 2,000 banknotes in circulation at the close of business on August 31 stood at Rs 0.24 lakh crore in terms of value. Thus, 93 per cent of the Rs 2,000 banknotes in circulation, as on May 19, have since been returned, the central bank said. Data collected from major banks indicates that out of th...
2,000 denomination notes worth Rs 3.32 lakh crore received back till Aug 31
2,000 denomination notes worth Rs 3.32 lakh crore received back till Aug 31
Source: IANS
2/09/2023 9:32:44 AM
India house prices on track for steady rises, affordability to worsen Home prices in India are set to rise steadily in single digit percentages over the coming years along with economic growth, according to a Reuters poll of property analysts who expect affordability for first-time buyers to worsen. Following a relatively modest 250 basis points of interest rate rises from the Reserve Bank of India to 6.50%, expectations of a resilient economy have underpinned property market strength, along with relentless demand for housing. Average home prices were exp...
India house prices on track for steady rises, affordability to worsen
India house prices on track for steady rises, affordability to worsen
Source: Reuters
1/09/2023 9:48:25 AM
Listed private non-financial companies` sales growth moderates during Q1FY24: RBI report The Reserve Bank of India (RBI) in its latest report has said that listed private non-financial companies’ sales growth moderated during Q1FY24. As per the data, Sales growth (y-o-y) of listed private non-financial companies moderated to 2.1 per cent in Q1:2023-24 from 8.0 per cent in the previous quarter and 41.0 per cent a year ago. During Q1FY24, aggregate sales of 1,712 listed private manufacturing companies remained around their level in corresponding quarter of previous year. H...
Listed private non-financial companies` sales growth moderates during Q1FY24: RBI report
Listed private non-financial companies` sales growth moderates during Q1FY24: RBI report
Source: IANS
31/08/2023 2:05:31 PM
Central Bank of India rises on entering into strategic Co-Lending Partnership with M/s IKF Finance Central Bank of India is currently trading at Rs. 35.35, up by 0.24 points or 0.68% from its previous closing of Rs. 35.11 on the BSE. The scrip opened at Rs. 35.71 and has touched a high and low of Rs. 35.80 and Rs. 35.30 respectively. So far 466435 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 41.80 on 14-Dec-2022 and a 52 week low of Rs. 18.65 on 28-Sep-2022. Last one week high and low of the scrip stood a...
Central Bank of India rises on entering into strategic Co-Lending Partnership with M/s IKF Finance
Central Bank of India rises on entering into strategic Co-Lending Partnership with M/s IKF Finance
Source: Accord Fintech
30/08/2023 11:13:59 AM
India inflation to stay above 6% target until October at least -economists India's inflation rate will remain above the Reserve Bank of India's upper tolerance band of 6% at least until October, according to a Reuters poll of economists who sharply upgraded their price-rise forecasts for this quarter. Consumer prices in Asia's third-largest economy rose at the fastest annual rate in the 15 months in July, to 7.44% from 4.87% in June, largely driven by a sharp increase in prices of essential foods commonly used in Indian kitchens. That sudden spike ...
India inflation to stay above 6% target until October at least -economists
India inflation to stay above 6% target until October at least -economists
Source: Reuters
29/08/2023 4:52:19 PM
Rupee may inch up tracking US Treasury yields fall, soft dollar The Indian rupee is expected to advance on Tuesday in the wake of a pullback in U.S. Treasury yields and the dollar in the lead-up to a slew of key economic data. Non-deliverable forwards (NDF) indicate rupee will open slightly higher to the U.S. dollar from 82.63 in the previous session. "We think it will be a better opening (for the rupee) than NDF is suggesting," a forex trader at a bank said. "Having said that, it will be a very quiet session with an intraday range...
Rupee may inch up tracking US Treasury yields fall, soft dollar
Rupee may inch up tracking US Treasury yields fall, soft dollar
Source: Reuters
29/08/2023 9:02:51 AM
NBFCs, HFCs need to remain alert to avoid any complacency during good times: Shaktikanta Das Praising the Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) for their improved financial health and operational resilience in recent years, the Reserve Bank of India (RBI) Governor Shaktikanta Das has acknowledged the important role played by the sector in delivering credit to the unbanked and underserved areas. Shaktikanta Das further advised that the NBFCs and HFCs need to remain alert to avoid any complacency during good times. The Governor highlighted the ...
NBFCs, HFCs need to remain alert to avoid any complacency during good times: Shaktikanta Das
NBFCs, HFCs need to remain alert to avoid any complacency during good times: Shaktikanta Das
Source: Accord Fintech
28/08/2023 2:11:15 PM
Elpro International soars on acquiring additional stake in Jio Financial Services Elpro International is currently trading at Rs. 74.65, up by 5.93 points or 8.63% from its previous closing of Rs. 68.72 on the BSE. The scrip opened at Rs. 70.00 and has touched a high and low of Rs. 74.60 and Rs. 70.00 respectively. So far 48861 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 86.25 on 08-Sep-2022 and a 52 week low of Rs. 53.00 on 27-Mar-2023. Last one week high and low of the scrip stood at Rs...
Elpro International soars on acquiring additional stake in Jio Financial Services
Elpro International soars on acquiring additional stake in Jio Financial Services
Source: Accord Fintech
28/08/2023 10:02:00 AM
RBI to stay hawkish on interest rate: Acuite Ratings Chief Economist The Reserve Bank of India (RBI) believes that the current surge in inflation, driven by food prices, is transient and it should moderate by the third quarter with the arrival of the kharif crop. However, with the inflation risk persisting, the RBI will continue to maintain a hawkish stance in the near future, Suman Chowdhury, Chief Economist and Head of Research, Acuite Ratings & Research, told IANS in an interview. Here he talks about the actions of the RBI and the Central governme...
RBI to stay hawkish on interest rate: Acuite Ratings Chief Economist
RBI to stay hawkish on interest rate: Acuite Ratings Chief Economist
Source: IANS
27/08/2023 12:34:03 PM
India considering Electric Vehicles for priority sector lending, official says India's finance ministry is considering a proposal to include electric vehicles under the Reserve Bank of India's (RBI) priority sector guidelines, a move that would make it cheaper to raise funds, a government official said on Saturday. The proposal was made to the finance ministry by the power ministry. "We will discuss with the RBI, and a detailed examination will be done," the official said, requesting anonymity because the discussions are ongoing. Allowing fina...
India considering Electric Vehicles for priority sector lending, official says
India considering Electric Vehicles for priority sector lending, official says
Source: Reuters
27/08/2023 9:11:55 AM
RBI Governor underlines need for strengthening of governance standards Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday emphasised on strengthening governance standards. Addressing a meeting of managing directors and chiefs of select non-banking finance companies (NBFCs) and housing finance companies (HFCs), Das said that governance standards and assurance mechanisms such as compliance, risk management and internal audit should be made stronger, reads a statement issued by the RBI.  In the meeting, which was held in Mumbai, ways to conta...
RBI Governor underlines need for strengthening of governance standards
RBI Governor underlines need for strengthening of governance standards
Source: IANS
26/08/2023 9:14:26 AM
Taming rising prices a priority for India, finance minister says India's finance minister on Friday said taming inflation was a priority, and that hiking interest rates was not the only tool available. "Obsession to use interest rates as the only tool to deal with inflation and not manage the supply side factors will not give a complete solution," Nirmala Sitharaman said. Annual retail inflation in July rose to its highest in 15 months as vegetable and cereals prices skyrocketed, beating all market expectations and putting pressure on t...
Taming rising prices a priority for India, finance minister says
Taming rising prices a priority for India, finance minister says
Source: Reuters
25/08/2023 4:41:43 PM
Headline inflation likely to spike in near months on supply disruptions: RBI MPC minutes The Reserve Bank of India (RBI) in its ‘minutes of the recent monetary policy committee (MPC) meeting’ has said that the headline inflation is likely to witness a spike in the near months on account of supply disruptions due to adverse weather conditions. It said there are risks from the impact of the skewed south-west monsoon so far, a possible El Nino event and upward pressures on global food prices due to geopolitical hostilities. RBI further noted that domestic economic act...
Headline inflation likely to spike in near months on supply disruptions: RBI MPC minutes
Headline inflation likely to spike in near months on supply disruptions: RBI MPC minutes
Source: Accord Fintech
25/08/2023 2:04:42 PM
India economic growth likely picked up pace in April-June India economic growth likely accelerated to 7.7% in the April-June quarter, the fastest annual pace in a year, on robust service sector growth, strong demand and increased government capital expenditure, a Reuters poll found. All but two of 51 economists surveyed between Aug. 18 and Aug. 24 expected gross domestic product (GDP) growth to beat the January-March quarter's 6.1% rate, with forecasts ranging from 5.6% to 9.1% range. "Economic activity in Q1 FY-2024 was boosted by a ...
India economic growth likely picked up pace in April-June
India economic growth likely picked up pace in April-June
Source: Reuters
25/08/2023 9:29:39 AM
India MPC to closely monitor food price spike to gauge inflation impact India's monetary policy committee (MPC) will closely monitor the factors impacting inflation and take necessary action, although it expects the recent spike in food prices to be short-lived, minutes of the latest MPC meeting showed. "While the vegetable price shocks are expected to correct quickly with the arrival of fresh crops, there are risks to food and the overall inflation outlook from El Nino conditions, volatile global food prices and skewed monsoon distribution - all of w...
India MPC to closely monitor food price spike to gauge inflation impact
India MPC to closely monitor food price spike to gauge inflation impact
Source: Reuters
24/08/2023 6:16:18 PM
Indian banks` dividend to rise to at least 7-year high in FY24 - S&P report  Indian banks' aggregate dividend payout to shareholders is set to rise to its highest level in at least seven years in 2023-2024, helped by strong business metrics and healthy credit growth, a report from S&P Global Market Intelligence showed. India's brisk economic activity will likely "sustain high credit growth," resulting in "excellent" earnings forecasts for banks," Tusharika Aggarwal, a dividend forecasting research analyst at S&P Global...
Indian banks` dividend to rise to at least 7-year high in FY24 - S&P report
Indian banks` dividend to rise to at least 7-year high in FY24 - S&P report
Source: Reuters
24/08/2023 4:57:04 PM
Anupam Finserv gains on entering into alliance agreement with BG Networks Anupam Finserv is currently trading at Rs. 1.56, up by 0.01 points or 0.65% from its previous closing of Rs. 1.55 on the BSE. The scrip opened at Rs. 1.57 and has touched a high and low of Rs. 1.59 and Rs. 1.52 respectively. So far 218103 shares were traded on the counter. The BSE group 'X' stock of face value Rs. 1 has touched a 52 week high of Rs. 3.19 on 12-Sep-2022 and a 52 week low of Rs. 1.33 on 14-Jul-2023. Last one week high and low of the scrip stood at Rs. 1.59 and ...
Anupam Finserv gains on entering into alliance agreement with BG Networks
Anupam Finserv gains on entering into alliance agreement with BG Networks
Source: Accord Fintech
24/08/2023 2:56:19 PM
Indian banks set to reward shareholders with the highest dividend in seven years Indian banks look set to reward shareholders with the highest dividend in at least seven years. The country's banks are forecast to take their share in aggregate payout across all sectors to 13% for the year ending March 31, 2024, according to S&P Global Market Intelligence. This is up from 12 per cent for the fiscal year ended March 31, 2023, and 9 per cent in the year ended March 31, 2022. This is a sharp rebound from just 1 per cent in 2020, when the Reserve Bank of India ask...
Indian banks set to reward shareholders with the highest dividend in seven years
Indian banks set to reward shareholders with the highest dividend in seven years
Source: IANS
24/08/2023 2:34:45 PM
Reserve Bank of India raises transaction limit for small value offline digital payments to Rs 500 The Reserve Bank of India (RBI) on Thursday raised the transaction limit for small-value digital payments conducted offline to Rs 500 per transaction from the earlier Rs 200. "This directive shall come into effect immediately," a notification issued by the central bank said. It further noted that all other instructions related to the small-value digital payments remain the same. The RBI had proposed to increase the transaction limit in the monetary policy committee address ...
Reserve Bank of India raises transaction limit for small value offline digital payments to Rs 500
Reserve Bank of India raises transaction limit for small value offline digital payments to Rs 500
Source: IANS
24/08/2023 1:46:58 PM
Bandhan Bank gains on planning to enter into co-lending business Bandhan Bank is currently trading at Rs. 237.80, up by 0.75 points or 0.32% from its previous closing of Rs. 237.05 on the BSE. The scrip opened at Rs. 238.05 and has touched a high and low of Rs. 240.70 and Rs. 237.50 respectively. So far 170154 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 314.75 on 15-Sep-2022 and a 52 week low of Rs. 182.20 on 28-Mar-2023. Last one week high and low of the scrip stood at ...
Bandhan Bank gains on planning to enter into co-lending business
Bandhan Bank gains on planning to enter into co-lending business
Source: Accord Fintech
24/08/2023 11:36:46 AM
Vegetable prices in India to decline from September, says Central Bank chief Vegetable prices in India have begun to soften and are likely to decline from September, Reserve Bank of India (RBI) Governor Shaktikanta Das said in a speech on Wednesday. Spiralling prices of vegetables and cereals have led retail inflation in July to surge 7.44%, its highest in 15 months. "We expect to see an appreciable slowdown in vegetable inflation from September," Das said. The outlook for cereal prices looks bright even though geopolitical tensions could hamper foo...
Vegetable prices in India to decline from September, says Central Bank chief
Vegetable prices in India to decline from September, says Central Bank chief
Source: Reuters
24/08/2023 9:57:33 AM
Rupee set to gain further after slide in US Treasury yields The Indian rupee is expected to rise further on Thursday following a pullback in U.S. Treasury yields on weak economic data. Non-deliverable forwards indicate the rupee will open at around 82.58-82.60 to the U.S. dollar, compared with its close of 82.6850 in the previous session. The rupee, on Wednesday, had its best session in more than two months after the Reserve Bank of India asked some banks to not initiate new outright NDF arbitrage positions. The "hangover from yesterday ...
Rupee set to gain further after slide in US Treasury yields
Rupee set to gain further after slide in US Treasury yields
Source: Reuters
24/08/2023 8:57:42 AM
Ahmedabad ARC handed 600 MW Vidarbha Industries Power Ltd for Rs 1,265 cr Ahmedabad-based asset reconstruction company (ARC), CFM, one of the four ARCs that were searched by the Income Tax department in December 2021, has been handed a 600 MW plant of Vidarbha Industries Power Ltd (VIPL), without any challenge from any other bidder, for Rs 1,265 crore, a media report said. The report highlighted that the amount is just Rs 5 crore more than Reliance's OTS (one time settlement) offer price of Rs 1,260 crore.  As per the Swiss Challenge process, the len...
Ahmedabad ARC handed 600 MW Vidarbha Industries Power Ltd for Rs 1,265 cr
Ahmedabad ARC handed 600 MW Vidarbha Industries Power Ltd for Rs 1,265 cr
Source: IANS
22/08/2023 11:01:47 AM
India`s banking system liquidity slips into deficit first time in FY24 India's banking system liquidity has slipped into deficit for the first time this financial year after the Reserve Bank of India's temporary liquidity withdrawal move and tax outflows. Banking system liquidity stood at a deficit or 236 billion rupees ($2.84 billion) as of Aug. 21, according to RBI data. Surplus had hit a high of 2.8 trillion rupees at the start of this month, but has since been dropping, especially after the RBI told banks to hold an incremental cash reserve rat...
India`s banking system liquidity slips into deficit first time in FY24
India`s banking system liquidity slips into deficit first time in FY24
Source: Reuters
22/08/2023 9:32:15 AM
Rupee caught between further rise in US yields, yuan recovery The Indian rupee is likely to open little changed on Tuesday on the back of a recovery in the Chinese yuan and other Asian currencies despite a further rise in U.S. yields. Non-deliverable forwards indicate rupee will open near Monday's level of 83.1075. It looks like the USD/INR has settled at just above the 83 handle for now, a forex trader at Mumbai-based bank said. "The RBI (Reserve Bank of India) is averse to it (the USD/INR) making a new high, and on the other hand, yo...
Rupee caught between further rise in US yields, yuan recovery
Rupee caught between further rise in US yields, yuan recovery
Source: Reuters
22/08/2023 8:58:49 AM
Exclusive-India central bank nudges banks to settle UAE trades in rupee, dirham India's central bank is nudging local banks to ask their clients to settle trade between the United Arab Emirates and India using the dirham (AED) or Indian rupee (INR) to reduce U.S.-dollar-based transactions, five sources told Reuters. The move is part of the Reserve Bank of India's broader aim of promoting settlement in local currencies with countries with which India has a trade deficit, with the knock-on effect of boosting the rupee's global reach, three banking sources sa...
Exclusive-India central bank nudges banks to settle UAE trades in rupee, dirham
Exclusive-India central bank nudges banks to settle UAE trades in rupee, dirham
Source: Reuters
21/08/2023 4:39:49 PM
Rupee trades flat against the US dollar on Monday Indian rupee was trading flat against the US dollar on Monday tracking gains domestic equities and selling of the American currency by exporters and banks. Investors are awaiting Federal Reserve's Jackson Hole speech this week, where US Federal Reserve Chair Jerome Powell is expected to offer more signals on the path of US interest rates. Foreign Institutional Investors were net sellers in the capital markets on Friday as they offloaded shares worth Rs 266.98 crore, exchange data showed. ...
Rupee trades flat against the US dollar on Monday
Rupee trades flat against the US dollar on Monday
Source: Accord Fintech
21/08/2023 11:57:47 AM
Government will adhere to fiscal deficit target of 5.9% for FY24: T V Somanathan Finance Secretary T V Somanathan has said that the government will stick to the fiscal deficit target of 5.9 per cent of the Gross domestic product (GDP) in FY24 as robust tax, non-tax collections will help meet the spending requirement and make up for any shortfall in disinvestment proceeds. He said although there would be a shortfall with respect to disinvestment, this shortfall would be met by non-tax revenue mobilisation. It stated ‘Disinvestment target is unlikely to be met. How...
Government will adhere to fiscal deficit target of 5.9% for FY24: T V Somanathan
Government will adhere to fiscal deficit target of 5.9% for FY24: T V Somanathan
Source: Accord Fintech
21/08/2023 10:11:49 AM
FPI buying in Indian shares falls in first half of August Foreign portfolio investors' (FPIs) purchases of Indian shares fell to a five-month low in the first half of August, amid declines in domestic and global equities due to rising interest rate concerns in the U.S. and worries over China's economy. FPIs bought shares worth 7.37 billion rupees on a net basis in the first half of August, data from the National Securities Depository Ltd (NSDL) showed on Monday. On a monthly basis, this is the lowest inflow since FPIs turned buyers in ...
FPI buying in Indian shares falls in first half of August
FPI buying in Indian shares falls in first half of August
Source: Reuters
21/08/2023 10:04:41 AM
India central bank likely sold dollars via state-run banks -traders The Indian central bank is likely selling dollars via state-run banks to prevent the rupee from slipping to a record low, three traders told Reuters on Monday. The rupee was at 83.0850 to the dollar, marginally higher than its close of 83.1025 on Friday. The Reserve Bank of India (RBI) likely sold dollars on the interbank order matching system before the normal OTC open time, traders said. A treasury head at a foreign bank said the RBI probably was active in the non-deliverable forwa...
India central bank likely sold dollars via state-run banks -traders
India central bank likely sold dollars via state-run banks -traders
Source: Reuters
21/08/2023 9:59:47 AM
Rupee likely to decline on yuan-led weakness in Asia fx The Indian rupee is expected to drop at the opening on Monday, tracking losses in Asian peers and on persisting worries over U.S. yields. Non-deliverable forwards indicate rupee will open at around 83.18-83.20 to the U.S. dollar, compared with 83.1025 in the previous session. The rupee has been flirting with the record low of 83.29 but has been avoiding amid intervention by the Reserve Bank of India. Despite the RBI's efforts, it "does feel inevitable" that the rupee wi...
Rupee likely to decline on yuan-led weakness in Asia fx
Rupee likely to decline on yuan-led weakness in Asia fx
Source: Reuters
21/08/2023 9:08:51 AM
Indian Government bond yield curve to steepen over medium term - DBS Bank`s Ashhish Vaidya India's flat government bond yield curve will steepen over the medium term as elevated inflation falls back within the central bank's comfort zone in a few months and prompts short-end debt purchase, the treasury head of DBS Bank India said on Friday. Separately, the benchmark 10-year bond yield, which is near its peak, is unlikely to sustain a breach of the crucial 7.25% mark in the near term, said Ashhish Vaidya, managing director and head of treasury and markets. "The be...
Indian Government bond yield curve to steepen over medium term - DBS Bank`s Ashhish Vaidya
Indian Government bond yield curve to steepen over medium term - DBS Bank`s Ashhish Vaidya
Source: Reuters
18/08/2023 12:59:41 PM
Envisaged capital expenditure set to jump by over 80% to Rs 1.71 lakh crore in FY24: RBI The Reserve Bank of India (RBI) in its article has said that investment activity is gaining momentum and the envisaged capital expenditure is set to jump by over 80 per cent to Rs 1,71,568 crore in 2023-24 as against Rs 94,876 crore in 2022-23. It noted that improvement in capacity utilisation of the manufacturing sector, pick-up in credit demand and improving consumer sentiments are helping the capex cycle. The article said in FY23, infrastructure -- including power, telecom, ports and ai...
Envisaged capital expenditure set to jump by over 80% to Rs 1.71 lakh crore in FY24: RBI
Envisaged capital expenditure set to jump by over 80% to Rs 1.71 lakh crore in FY24: RBI
Source: Accord Fintech
18/08/2023 11:33:39 AM
India central bank issues guidelines to regulate penal charges by banks India's central bank on Friday forbid banks and other lenders from charging penal interest from borrowers for not complying with the contractual terms and conditions of a loan to ensure fair lending practices and protect the interest of consumers. Penalty, if charged, should be treated as "penal charges" and not be levied as "penal interest" on the existing rate charged on loan, the Reserve Bank of India (RBI) said in a notification. The RBI observed that many le...
India central bank issues guidelines to regulate penal charges by banks
India central bank issues guidelines to regulate penal charges by banks
Source: Reuters
18/08/2023 10:52:18 AM