Page 160 - Finance News
Increase share in ground-level agri credit: FM asks Northeast RRBs
Chairing a review meeting of the RRBs in the northeastern states at the civil secretariat here, Sitharaman urged the banks to put greater thrust on the identification of the right beneficiaries
 "Increase share in ground-level agri credit: FM asks Northeast RRBs")
SFBs should adopt responsible lending practices: RBI DG Swaminathan
The boards are also expected to ensure a proper succession planning for top management
 "SFBs should adopt responsible lending practices: RBI DG Swaminathan")
Fintech firm Cred's revenue rises 66%, losses decline to Rs 609 crore
The Bengaluru-based company reported a 66 per cent increase in revenue to Rs 2,473 crore in FY24 from Rs 1,484.6 crore in the previous year
 "Fintech firm Cred's revenue rises 66%, losses decline to Rs 609 crore")
REC's deep-discount zero-coupon bond issuance receives strong demand
The issuance had a base issue size of Rs 1,000 crore, with a greenshoe option of Rs 4,000 crore. The company received bids worth Rs 33,670 crore, nearly 34 times the base issue
 "REC's deep-discount zero-coupon bond issuance receives strong demand")
Interest rates on small savings schemes remain unchanged for Q3FY25
The interest rate on the Kisan Vikas Patra will be 7.5 per cent, and the investments will mature in 115 months
 "Interest rates on small savings schemes remain unchanged for Q3FY25")
REC witnesses hefty investor demand for rare corporate bond issue
The non-banking financial company raised Rs 5,000 crore ($596.7 million) through a deep-discount zero-coupon bond at a yield of 6.25 per cent
 "REC witnesses hefty investor demand for rare corporate bond issue")
RBI dy guv Swaminathan calls for responsible lending at small finance banks
The RBI has been encouraging banks to strengthen governance standards to prevent financial instability and systemic risks
Centre likely to announce 3-4% DA hike for employees ahead of Diwali
The potential increase in Dearness Allowance is expected to bring a financial boost to government employees
 "Centre likely to announce 3-4% DA hike for employees ahead of Diwali")
Income tax audit report deadline extended to Oct 7: What you need to know
This extension provides taxpayers, including individuals and companies, additional time to meet their compliance obligations
 "Income tax audit report deadline extended to Oct 7: What you need to know")
Rupee falls 6 paise to 83.75 against US dollar during early trade
Upward movement in crude oil prices and a strong greenback against major overseas rivals due to its increased demand from importers at the month end put pressure on the local unit
 "Rupee falls 6 paise to 83.75 against US dollar during early trade")
Smart plans and rising use-cases drive small UPI companies' growth
Smaller players on the UPI leaderboard, such as Navi, Groww, and MobiKwik, have shown remarkable year-on-year (Y-o-Y) growth
 "Smart plans and rising use-cases drive small UPI companies' growth")
SBI plans to introduce innovative products to boost deposit growth: Setty
So, he said, these are the innovations which the bank is thinking of in terms of popularising the deposit products among the Gen Z
 "SBI plans to introduce innovative products to boost deposit growth: Setty")
IDFC FIRST Bank announces completion of IDFC Ltd merger effective Oct 1
The shares are expected to be credited to shareholders of IDFC Limited on or before October 31, 2024, subject to regulatory processes and clearances, it said
 "IDFC FIRST Bank announces completion of IDFC Ltd merger effective Oct 1")
Private equity deals in India pick up after two years of decline
Up 9% at $24 bn in first nine months of 2024; financial services, consumer sectors lead
 "Private equity deals in India pick up after two years of decline")
Credit card spending growth declines on RBI gaze, stress build-up
In FY24, credit card spending grew by 27.8 per cent; in FY23, spending was up 47.5 per cent; and it was 54.1 per cent in FY22
 "Credit card spending growth declines on RBI gaze, stress build-up")
SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv
Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models
 "SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv")
Banks struggling to mobilise large deposits; C-D ratio rises to 80%: Report
According to the RBI April 2024 Bulletin, during March 2024, the incremental Credit-Deposit Ratio(ICDR) remained around 95.94 per cent, whereas on March 8, 2024 this was at 92.95 per cent
 "Banks struggling to mobilise large deposits; C-D ratio rises to 80%: Report")
State-owned Punjab National Bank raises Rs 5,000 crore through QIP issue
The amount of capital raised through QIP issue will augment the bank's CET-1 Ratio and the overall Capital Adequacy Ratio, it added
 "State-owned Punjab National Bank raises Rs 5,000 crore through QIP issue")
NIPL, Trinidad and Tobago ink agreement to develop UPI-like payments system
The partnership follows a series of recent announcements NIPL has made regarding the global expansion of UPI and associated rails
 "NIPL, Trinidad and Tobago ink agreement to develop UPI-like payments system")
Forex reserves advance for 6th week to hit record high of $692.3 billion
The reserves rose by $2.84 billion in the reporting week, after having risen by a total of $19.3 billion in the prior five weeks
 "Forex reserves advance for 6th week to hit record high of $692.3 billion")