Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent, from 7 per cent projected in March, saying elevated consumer confidence will drive spending, besides increased investments. In June update to its global economic outlook report, Fitch said it expects inflation to decline to 4.5 per cent by end of this year and RBI to cut policy interest rates by 25 basis points to 6.25 per cent.
RBI Governor Shaktikanta Das on Friday said the entry of big tech firms into the financial sector poses systemic concerns like overleveraging at the borrowers' ends.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
The reserves nearing $ 428 billion can take care of imports for almost 10 months, according to market experts.
Benchmark stock indices Sensex and Nifty rallied more than 1.6 per cent to close at lifetime high levels on Thursday following buying in banking, oil and auto shares and a record dividend payout by the RBI to the government. Regaining the 75,000 level after its best single-day gain since January 29, the 30-share BSE Sensex closed at all-time peak of 75,418.04, up by 1,196.98 points or 1.61 per cent over the last close.
Fundraising activity in the debt market is gaining momentum ahead of the festival season. Several non-banking financial companies (NBFCs) and the National Bank for Agriculture and Rural Development (Nabard) are planning to raise at least Rs 5,560 crore in the next two days by issuing bonds, with a greenshoe size of Rs 6,370 crore. Ajay Malglunia, managing director and head of investment grade group at JM Financial, said, "The market likes certainty, the market will gain clarity after the US Federal Reserve's (Fed's) policy.
The Reserve Bank of India (RBI) raised the minimum capital requirement for so-called shadow banks and tightened rules on deposits and bad loans to avoid any potential risk to the economy from these rapidly growing finance firms by regulating them like traditional banks.
Retail inflation dropped marginally to 7.01 per cent in June mainly due to slight easing in prices of vegetables and pulses, though it still remained above the Reserve Bank's comfort level for the sixth month in a row. The consumer price index (CPI) based inflation stood at 7.04 per cent in the preceding month of May and 6.26 per cent in June 2021. Inflation in the food basket in June 2022 was 7.75 per cent, compared to 7.97 per cent in the previous month, as per the National Statistical Office (NSO) data released on Tuesday.
Rs 135.3 crore. How much of it was salary, and how much commission?
Global trends, trading activity of foreign investors, outcome of state elections and RBI's interest rate decision are the major factors that will drive the movement in the domestic equity markets this week, analysts said. "Global markets are currently in a fabulous mood. The US 10-year bond yield and the dollar index are also cooling off, which gives strength to the market. These factors will be closely monitored, as they have the potential to influence market sentiment," said Pravesh Gour, senior technical analyst, Swastika Investmart Ltd. On the political front, the results of assembly elections in five states are eagerly anticipated, Gour said.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
Equity benchmarks extended their decline for the fourth straight session on Wednesday, with the Sensex falling 214.85 points after the Reserve Bank raised the key interest rate by 50 basis points. Continuous foreign fund outflows and surging crude oil prices also weighed on markets. The 30-share BSE benchmark dropped 214.85 points or 0.39 per cent to settle at 54,892.49.
'So, we would work with our members to ensure that we as an SRO create some sort of due diligence for fintechs.'
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
Tata Steel was the top gainer in the Sensex pack, climbing 2.11 per cent, followed by Infosys, HDFC Bank, HDFC, Kotak Bank, M&M and PowerGrid. NSE Nifty jumped 142.05 points to end at 17,605.85.
India's forex reserves jumped by $ 2.76 billion to $ 623.2 billion in the week ended December 29, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.47 billion to $620.44 billion. In October 2021, the country's forex kitty had reached an all-time high of $ 645 billion.
Though most foreign banks appear reluctant to establish a subsidiary here, Citi is the only bank that has so far communicated this to the regulator, in writing.
The country's foreign exchange reserves crossed the $600 billion mark for the first time after increasing by $6.842 billion in the week ended June 4, RBI data showed on Friday. The reserves surged to a record $605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI). In the previous week ended May 28, 2021, the reserves had swelled by $5.271 billion to $598.165 billion.
Dalal Street had a roller coaster ride in 2024 from shattering record after record to facing heavy correction off-late but equity markets still rewarded investors with positive returns, driven by a surge in domestic fund flows and a resilient macro landscape. The first half of the year saw robust corporate earnings, a surge in domestic flows, and a resilient macro landscape, driving the Nifty to an all-time high of 26,277.35 in September 2024, according to Motilal Oswal Wealth Management.
India's forex kitty jumped by $10.47 billion to $636.09 billion for the week ended March 8, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $6.55 billion to $625.63 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
With inflation remaining at elevated levels, central banks around the world, including the Reserve Bank of India (RBI), will kill excess demand in economy over the next six to eight months, sources in the know said. They also indicated that there could be a rate hike in June, when the inflation forecast for the current financial year would be raised. The RBI, the sources said, might announce more steps such as raising the limit on held-to-maturity (HTM) bonds to support government borrowings but might not come out with any further quantitative easing GSAP (Government Securities Acquisition Programme) measures.
According to the Trends and Progress Report of the RBI, 98 per cent of frauds in terms of value were related to loans, and their occurrence was spread over several previous years.
India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at $1.3 billion or 0.2 per cent of GDP, and the same was $8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
Retail inflation declined to a three-month low of 5.1 per cent in January, mainly due to subdued prices of vegetables, fruits and other food items, according to government data released on Monday. The fall indicates that retail inflation is inching towards the Reserve Bank's comfort level of 4 per cent. The Consumer Price Index (CPI) based inflation was on the rise for two straight months after touching a trough of 4.9 per cent in October 2023. In December, it stood at 5.69 per cent.
In a falling market, the value of your investment keeps going down. However, the reduction in value is purely a notional loss if you remain invested. When you redeem in a falling market, the notional loss becomes a permanent loss, explains Anamika Pareek.
Prices of food items like cereals, pulses, and edible oils rose or remained steady in May, a Reserve Bank of India (RBI) report said, indicating there could be another higher inflation print. However, it observed that the Monetary Policy Committee's (MPC's) surprise move to increase interest rates bodes well for its credibility. The RBI's monthly State of the Economy report, released on Tuesday, citing high frequency food price data from the Ministry of Consumer Affairs for the period May 1-12, said the increase in the prices of cereals was primarily because of the surge in wheat prices.
The Reserve Bank of India has brought 100 metric tonnes of gold reserve from the UK to India as there is enough domestic storage capacity, and nothing more should be read into it, Governor Shaktikanta Das said on Friday. The RBI moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24.
Retail inflation cut short its three-month declining trend and inched up to 7 per cent in August mainly due to higher food prices, according to official data released on Monday. The consumer price index (CPI) based inflation was 6.71 per cent in July and 5.3 per cent in August 2021. The CPI inflation has remained above the RBI's comfort level of 6 per cent for the eighth month in a row.
India's forex reserves jumped $2.816 billion to $606.86 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had risen $6.11 billion to $604.04 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The short-term inflation outlook for India is benign, and the expectation of a normal monsoon and moderating global prices of key imported items give credence to the projections made by the RBI and IMF, the Economic Survey said on Monday. However, to ensure long-term policy stability, the Survey 2023-24 suggested making focused efforts to increase the production of major oilseeds, expanding the area under pulses, and assess the progress in developing modern storage facilities for specific crops.
India's forex reserves increased by $6.4 billion to $642.49 billion for the week ended March 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $10.47 billion to $636.09 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
State Bank of India, NTPC, Nestle, Sun Pharma, JSW Steel, ITC, Mahindra & Mahindra and HCL Technologies were among the other major gainers.
The country's reserves surged by $1.432 billion to $316.311 billion in the week to November 28 due to rise in foreign currency assets, RBI data showed on Friday.
Among the Sensex constituents, 20 stocks ended the session in green with HDFC Bank, Titan, Tech Mahindra, and Asian Paints being the major gainers. TCS, Maruti, Kotak Mahindra Bank and Bajaj Finserve were the other gainers. In contrast, SBI, Bharti Airtel, JSW Steel, PowerGrid, ITC and Reliance closed the trading with losses.
ICICI Bank was the top gainer in the Sensex pack, surging nearly 3 per cent, followed by HDFC, Axis Bank, Sun Pharma, NTPC and M&M. NSE Nifty surged 119.75 points to 15,812.35.
The first wave of COVID-19 last year impacted households as their financial savings moderated to 8.2 per cent of GDP in December quarter from 10.4 per cent in the previous three-month period, revealed an RBI data released on Wednesday. The preliminary estimate of household financial savings is placed at 8.2 per cent of GDP in October-December 2020-21, exhibiting a sequential moderation for the second consecutive quarter after having spiked in the pandemic-hit June quarter, RBI said in a release. "The moderation was driven by a significant weakening in the flow of household financial assets, which more than offset the moderation in the flow of household financial liabilities," it said.
Against the Reserve Bank of India's (RBI's) projection of 7.1 per cent, India's first quarter (Q1) 2024-25 (FY25) gross domestic product (GDP) growth came in at 6.7 per cent. This is in line with market expectations and significantly lower than the 7.8 per cent recorded in the fourth quarter (Q4) 2023-24 (FY24) and 8.2 per cent in Q1FY24. The quarter witnessed decreased government consumption and investment spending due to the parliamentary election.
India's forex reserves jumped by $5.74 billion to $622.47 billion for the week ended February 2, the Reserve Bank said on Friday. In the previous week, the overall reserves had increased by $591 million to $616.73 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Among the Sensex stocks, JSW Steel, Asian Paints, Maruti Suzuki India, NTPC, Adani Ports and Special Economic Zone, Bharti Airtel, ITC and Tech Mahindra were the major gainers. Reliance Industries, Tata Motors, Infosys, Mahindra and Mahindra, Bajaj Finance and Axis Bank were the laggards.
