The sudden movement of the rupee - post the monetary policy - is not a reason to panic, said currency dealers. According to them, a correction was overdue for the rupee that remained the best performing currency in the region for well over a month. The rupee closed at 74.72 a dollar on Friday from its previous close of 74.60. It had dropped 1.52 per cent against the dollar on April 7 after the Reserve Bank of India (RBI) announced its monetary policy, committing to buy Rs 1 trillion of bonds in the June quarter. A weak rupee goes well with the export narrative of the government, and is consistent with the RBI's intervention strategy that prevented an appreciation.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
If the data breach is found to be genuine, and if the company is found guilty on the grounds of dereliction of duty, or misleading the general public and the RBI about the data breach, actions taken against it will be severe, the person quoted above said.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
Bank of America (BofA) Securities expects India to be the third-largest economy in the world by 2031. The economic rise could become a reality by 2028, but the Covid pandemic delayed the pace, BofA Securities economists Indranil Sen Gupta and Aastha Gudwani wrote in a report.
In the state of the economy report, the RBI said bond vigilantes could undermine the recovery, unsettle financial markets, and trigger capital outflows from emerging markets.
The ministry of corporate affairs (MCA) has launched a probe into the books of Edelweiss Asset Reconstruction Company (EARC) following allegations by a whistleblower of fund diversion and irregularities. The whistleblower, Paras Kuhad, a former additional solicitor general of India, had written to the Prime Minister's Office and the Reserve Bank of India (RBI). Kuhad has alleged that Edelweiss Group and Caisse de depot et placement du Qubec (CDPQ), a Canadian institutional investor, which hold stakes in the ARC, diverted funds and did not adhere to norms while making investments in EARC's instruments. Sources have indicated that a probe has been initiated, but the MCA did not comment on the issue.
Indian corporate are fast tapping the international bonds market to raise funds for their operational expenses even as they reduce their presence in the rupee bond market. As bonds are costlier for companies and investors are more sceptical than the banks, chief financial officers say they are looking at other avenues for raising funds in the coming months as dollar bond rates are lower in the range of 100 to 250 basis points. "For corporate with reasonable credit quality, the Indian bond market has become less of an option from a cost point of view. "In addition, conditions imposed in the Indian bond market by investors post Franklin episode have also become very onerous," said Prabal Banerjee, president-finance of Bajaj group. "Hence very few corporate are looking at the local bond market for resource mobilisation, since both, bank loans and the overseas bond markets are much more attractive," he said.
The bank will now be in a position to resume normal lending activity, including corporate lending, with tightened risk management framework.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
The bond market is not in a mood to reason with the Reserve Bank of India (RBI) on keeping yields low. The 10-year bond yields continued to rise for the fourth straight session to close at 6.202 per cent from its previous close of 6.135 per cent. The yield was at 6 per cent a week ago. The RBI wants the yields to remain at 6 per cent, but bond dealers say the central bank will have to step up its bond-buying programme.
The combined deposits of its Indian operations stood at SGD 9 billion and net advances were at SGD 5.6 billion at the end of December 2020.
The central bank bought the 10-year bonds at 50 paise above the prevailing rate, and brought down the yields from 6.08 per cent to 6 per cent mark.
However, the RBI is still not in a mood to issue an OMO calendar, which was the expectation in some sections of the market.
The continuing fiscal stimulus is heavily tilted towards capex, to the extent that it chips away a part of revenue spending. Accounting for other areas of revenue expenditure, such as salaries, pensions, subsidies and defence (committed spend), the room to spend on welfare schemes, health and education will narrow in FY22.
Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans.
A user just needs to download any app floated by such fraudsters and apply for instant loans. These apps are mainly concentrated on Google Play considering the reach and popularity of Android systems.
The hoarding of cash accentuated from the very start of 2020, when the coronavirus pandemic started taking hold the world over, and fear of the pandemic prodded people to remain liquid for emergency use.
'The financial sector's performance in the first two quarters was a revelation.' 'It clearly showed the clean-up had been done in the past one-and-a-half years and that capital brought in was significantly stronger.'
The paper seems to be suggesting strongly that the tight target range be maintained even as the central bank is all set to miss the target range for three consecutive quarters because of the Covid crisis.
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