Aditya Birla Nuvo gets board's nod, Videocon submits application.
The Indian rupee is expected to trade between 80 and 84 against dollar in the first three months of 2023 with support from overseas inflows though worsening current account deficit (CAD) and reduced interest rate differential between the US and India pose challenges. According to a Business Standard Poll of 10 participants, most said the rupee could gain strength in January due to foreign inflows, and the Reserve Bank of India (RBI) is not expected to allow the currency to depreciate ahead of the Union Budget scheduled on February 1. The rupee depreciated 10.15 per cent in 2022, its worst performance since 2013 as the war in Europe and the interest rate increase by the US Federal Reserve prompted investors to flee emerging markets.
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
Reserve Bank Governor Raghuram Rajan on Friday said banking sector will see major changes in the coming years.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
Spending through the credit card in March 2022 jumped 48 per cent year-on-year to top Rs 1 trillion -- five months after it had hit the same figure for the first time in October 2021, buoyed by festive season expenditure. The jump has been driven by the pickup in consumption as the pandemic recedes. Expenditure in March, at Rs 1.07 trillion, was up 24.5 per cent over February, the data put out by the Reserve Bank of India (RBI) showed.
With the July 1 deadline to apply for bank licence fast approaching, aspirants are scrambling to meet the Reserve Bank of India's (RBI) eligibility criteria to apply.
The year 2022 saw the Reserve Bank of India (RBI) start acting on the policy repo rate after a gap of two years. The six-member monetary policy committee of the RBI reduced interest rate sharply - by 115 bps - when Covid-19 struck in 2020. In March 2020, days after the nationwide lockdown was announced, MPC in an unscheduled meeting reduced the repo rate by 75 bps, followed by another 40 bps in May. Status quo was maintained for the next two years since the May repo rate hike.
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SBI will hold 30 per cent in RIL joint venture
The RBI has agreed to consider the application of India Post in consultation with the government.
The outstanding credit card base dropped to 77.99 million in August from over 80 million in July, mainly on account of the new norms of the Reserve Bank of India (RBI) that warrant the deactivation of cards that are inactive for a year. While there was a 2.8 per cent decline in net card additions on a month-on-month (MoM) basis in August, a first in many months, credit card spends slipped 3 per cent on a high base. Still, spends topped the Rs 1-trillion mark for the sixth consecutive month.
The International Monetary Fund (IMF) has said India and China will account for half of the global economic growth in 2023, as the multilateral agency retained its growth forecast for Asia's third-largest economy for 2023-24 (FY24). "India remains a bright spot. Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined," the IMF said in its latest update to the biannual World Economic Outlook. Growth in India is set to decline from 6.8 per cent in 2022 (FY23) to 6.1 per cent in 2023 (FY24) before picking up to 6.8 per cent in 2024 (FY25), the global lender said while citing "resilient domestic demand despite external headwinds".
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
India Post had applied for a bank licence under RBI guidelines issued on February 22, 2013.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Time opportune, with market buoyancy and entry of new entities
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Nifty crosses 9,750-mark; Bharti Airtel, TCS, Wipro, Lupin and Coal India gained the most on BSE Sensex
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Indian companies are now more confident about the execution skills of local banks.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The main reason was that CPI inflation would likely remain below 4 per cent till July.
Since infrastructure projects have long gestation periods, investors need to enter them with a long horizon of at least 10 years.
RBI had received 72 applications for small finance bank licences.
With the advent of new banks, IT firms will get boostto their businesses.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Quite a few large- and mid-cap stocks are yet to recover from the note ban, pharma, banking and rural demand-based industries among laggards.
The BSE Midcap index has declined 5.7% thus far in May 2018. In comparison, the S&P BSE Small-cap index has lost 5.6%
Telecom shares rallied on hopes that they would hike tariffs after huge investments to acquire spectrum.
Infrastructure Development Finance Company has bagged Standard Chartered's asset management business in India for a total consideration of $205 million (around Rs 820 crore) in an all-cash deal. This deal, like the ill-fated UBS' bid last year, however, does not include StanChart's mutual fund distribution business, which the London-based bank will continue to pursue in India.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
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Reliance, Birla Group, Airtel eye small finance banks.
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The RBI has accepted the application withdrawal request, according to the statement.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy. Here are his replies to some of the 'buy, sell, hold, avoid or exit?' e-mails that we have received.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Weakness in the broader markets, along with expensive valuations that these companies had commanded during their IPOs, has led to this fall
The scrutiny is expected to be over this month itself.
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