'So, we would work with our members to ensure that we as an SRO create some sort of due diligence for fintechs.'
India's forex reserves jumped $5.25 billion to a new all-time high of $689.24 billion for the week ended September 6, the Reserve Bank of India said on Friday. The overall kitty had jumped by $2.3 billion to a record $683.99 billion for the previous reporting week.
State Bank of India (SBI), India's largest lender, is looking to raise Rs 10,000 crore through 15-year infrastructure bonds as early as next week, said multiple sources aware of the development. Market participants expect a coupon in the range of 7.15-7.18 per cent for SBI's upcoming infrastructure bond issuance. This comes as demand for longer-tenor papers has remained strong in recent domestic capital market offerings.
From the 30 Sensex pack, State Bank of India, Mahindra & Mahindra, Bharti Airtel, Titan, HDFC Bank, IndusInd Bank, Axis Bank and Bajaj Finance were the biggest laggards. JSW Steel, Tech Mahindra, Larsen & Toubro, Hindustan Unilever, HCL Technologies and Reliance Industries were among the gainers from the pack.
Reserve Bank Governor Shaktikanta Das on Wednesday said the decision to tweak policy rates was not in his hand as he himself is driven by the situation on the ground. In April, the Reserve Bank in a surprise move hit the pause button and decided to keep the key benchmark policy rate at 6.5 per cent. Prior to it, the Reserve Bank of India (RBI) was on a rate hiking spree, raising the repo rate by 250 basis points since May 2022.
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India's forex reserves jumped by $2.3 billion to a new high of $683.99 billion for the week ended on August 30, according to the RBI data release on Friday. In the previous reporting week, the forex reserves had jumped by $7.02 billion to a high of $681.69 billion.
The Rs 6,560-crore initial public offer of Bajaj Housing Finance Ltd received 63.60 times subscription on September 11, the last day of bidding, amid overwhelming participation from institutional buyers. The initial share sale had a price band for the offer at Rs 66-70 per share.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
At a time when the government is nudging the private sector to ramp up its capital expenditure (capex), the Ministry of Statistics and Programme Implementation (MoSPI) is poised to kick-start the first-of-its-kind annual survey on the status of private sector capex from next month. "The inaugural edition of the annual exercise will start in October and will be completed by December. "The results will be made public by February next year," said Geeta Singh Rathore, director general, National Sample Survey Office (NSSO), at a data users' conference on Thursday.
From the Sensex pack, Power Grid, Mahindra & Mahindra, JSW Steel, HCL Technologies, Sun Pharma, Nestle, IndusInd Bank, Reliance Industries, Bharti Airtel and ITC were the major laggards. Tech Mahindra, Wipro, Bajaj Finance, State Bank of India, Bajaj Finserv, Axis Bank, Titan and ICICI Bank were among the major gainers.
The rise in consumer price index (CPI) inflation could see the Reserve Bank of India (RBI) in an extended pause mode as regards interest rates, and in turn, keep the market rally in check, believe analysts. Signs of inflation cooling off in the US, however, is likely to provide some cushion as the expectations of a change in stance by the US Fed as regards interest rates is likely to aid sentiment. Back home, CPI inflation surged for the first time in five months to 4.81 per cent in June 2023, and was higher than the street's expectations of 4.58 per cent.
The net credit card additions in the banking sector nearly halved to 2 million in the first quarter of the current financial year (Q1FY25) from the previous quarter due to seasonal and regulatory factors. According to the Reserve Bank of India (RBI) data, the net credit card additions during the April-June quarter of FY25 stood at 2 million, 48 per cent lower than 3.9 million in the December-March quarter of FY24.
India's forex reserves jumped by $9.7 billion to an all-time high of $666.85 billion for the week ended July 12, the RBI said on Friday. In the previous reporting week, the kitty had increased by $5.16 billion to $657.16 billion, surpassing the previous high of $655.82 billion for the week ended June 7.
Days before Diwali, the monthly economic review by the finance ministry has highlighted moderation in urban demand, softening consumer sentiments and limited footfall as areas that need to be watched. In its review, released on Monday, the ministry also noted the early signs of artificial intelligence displacing workers, as described in anecdotal reports. The commentary from several large consumer goods companies, including Nestl India, Hindustan Unilever, and ITC, in their recent quarterly earnings, has been around a sluggish urban demand. Rural consumption, however, has mostly seen a revival, the companies pointed out.
The Reserve Bank of India (RBI) on Tuesday told the Delhi high court that withdrawal of Rs 2000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.
Microsoft co-founder Bill Gates on Tuesday met Reserve Bank of India Governor Shaktikanta Das and discussed various issues including financial inclusion, payment systems, microfinance and digital lending among others. "Mr.@BillGates visited RBI Mumbai today and held wide ranging discussions with Governor @DasShaktikanta #RBI #rbitoday #rbigovernor #shaktikantadas #BillGates," RBI said in a tweet. Gates Foundation pursues a lot of activity in India including promotion of financial inclusion, health sector and climate change.
Wholesale inflation fell to a 4-month low of 1.31 per cent in August due to a decline in prices of vegetables and fuel, even though onion and potato prices spiked, according to official data released on Tuesday. Wholesale price index-based inflation fell for the second straight month in August after it hit a high of 3.43 per cent in May. Inflation in July was 2.04 per cent. In August last year, WPI inflation was (-) 0.46 per cent.
Shaktikanta Das is a master of the finest balancing act who listens to all but takes his own decisions, discovers Tamal Bandyopadhyay.
Global brokerage firm CLSA has reversed its early tactical shift from Indian equities to Chinese stocks, and has decided to raise India allocation while cutting exposure to China. In its report titled 'Pouncing Tiger, Prevaricating Dragon', CLSA cited challenges facing Chinese markets in the aftermath of Donald Trump's victory in the US elections as the reason for the move. "Misfortune can happen in threes. So it has played out for Chinese equities over the past week.
India's bank credit remains resilient and is showing no signs of systematic risk, Reserve Bank of India (RBI) Deputy Governor Michael Patra said on Monday. A copy of the speech was uploaded on the RBI website on Thursday. "Bank credit is monitored as a lead indicator of overheating. Our assessment, based on a menu of approaches, indicates that current rates of credit expansion are not pointing to systemic stress building up. Illustratively, the credit gap - the difference between the credit to GDP ratio and its trend - is currently negative," said Patra, while delivering a speech in Cambodia.
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.
Banks reported muted treasury gains during April-June of FY25 (Q1FY25) following Reserve Bank of India's (RBI's) revised norms on investment portfolio effective from April 1, 2024, despite softening of government bond yields. "Banks have reported muted treasury gains during Q1 of FY25 despite softening of yields across the curve. "The main reason was change in the investment valuation and classification guidelines by the RBI.
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.
Wholesale inflation fell to a 3-month low of 2.04 per cent in July on decline in prices of food items especially vegetables, government data released on Wednesday showed. The decline in wholesale price index (WPI) based inflation in July came after it rose for four months in a row till June, when it was 3.36 per cent. It was (-) 1.23 per cent in July last year. In April wholesale inflation stood at 1.19 per cent.
India's forex reserves jumped $5.16 billion to $657.16 billion during the week ended July 5, the Reserve Bank of India (RBI) said on Friday. The forex kitty had declined for the previous two consecutive weeks, dropping $1.71 billion to $652 billion for the week ended June 28. The reserves had touched an all-time high of $655.82 billion as on June 7 this year.
Reserve Bank Governor Shaktikanta Das on Friday stressed that the monetary policy must remain actively disinflationary to ensure that the decline in inflation from its peak of 7.44 per cent in July continues smoothly. Addressing the Kautilya Economic Conclave 2023, he also said price stability and financial stability complement each other and it has been an endeavour at RBI to manage both efficiently. Retail inflation declined to a three-month low of 5.02 per cent annually in September on account of moderation in vegetables and fuel prices, and was back within the Reserve Bank's comfort level.
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India's forex reserves dropped $1.71 billion to $651.99 billion for the week ended June 28, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall kitty had dropped $2.92 billion to $652.89 billion. The reserves had touched an all-time high of $655.82 billion as on June 7 this year.
Benchmark interest rate hiked by 50 basis points to 3-year high at 5.90 per cent. Economic growth projection for FY23 cut to 7% from 7.2% estimated in August. GDP expected to grow at 6.3% in September quarter, 4.6% each in December and March quarters.
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