Page 178 - Finance News
Rupee remains flat at 83.94 against US dollar in early trade today
At the interbank foreign exchange, the rupee opened at 83.93 and slipped further to trade at its previous session's closing level of 83.94 against the greenback
 "Rupee remains flat at 83.94 against US dollar in early trade today")
New FD schemes: RBL to TMB, mid-tier banks enter the great deposit chase
Launch special schemes to boost fund base
 "New FD schemes: RBL to TMB, mid-tier banks enter the great deposit chase")
Fintech co Navi collabs with Karnataka Bank to introduce credit line on UPI
At present, the Sachin Bansal-founded fintech company has introduced the offering to a closed group of select users. It plans to launch it to a wider user base based on feedback
 "Fintech co Navi collabs with Karnataka Bank to introduce credit line on UPI")
Top 3 players processed 93% of all transactions on UPI in July: NPCI
PhonePe and Google Pay, the two largest players, process about 85 percent of UPI volumes in the country
Finance ministry exempts UIDAI from payment of income tax for 5 yrs
A notification to this effect was issued by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance
 "Finance ministry exempts UIDAI from payment of income tax for 5 yrs")
Global banks' tech revival sparks hope for $254 bn Indian IT sector
The revival in demand for tech services from big banks such as JPMorgan Chase and Bank of America as mentioned during their recent earnings calls could also have a ripple effect
 "Global banks' tech revival sparks hope for $254 bn Indian IT sector")
Widespread adoption of digital payments raises operational risks: RBI DG
The 24/7 availability of online and mobile banking can heighten vulnerabilities, potentially accelerating bank runs and liquidity crises during periods of stress, he said
 "Widespread adoption of digital payments raises operational risks: RBI DG")
Rupee rises 7 paise to 83.90 as US dollar retreats in early trade
At the interbank foreign exchange, the rupee opened at 83.90 against the greenback, registering a gain of 7 paise over its previous close
 "Rupee rises 7 paise to 83.90 as US dollar retreats in early trade")
From Canara Bank to HDFC Bank, banks up the ante on deposit drive
Private sector lender Bandhan Bank on the other hand, decided to up their rate substantially over others. On Tuesday, it announced a new bucket of 1 year 9 months at an attractive interest rate of 8%
 "From Canara Bank to HDFC Bank, banks up the ante on deposit drive")
GST Council to meet on Sept 9, to start discussion on rate rationalisation
The GST Council, comprising finance ministers of Centre and states, is the apex decision making body with regard to Goods and Services Tax (GST), which was rolled out on July 1, 2017
 "GST Council to meet on Sept 9, to start discussion on rate rationalisation")
RBI clears Tata Capital's conversion into NBFC investment credit company
The appointed date for the scheme is effective April 1 this year and is expected to take 9-12 months to consummate
 "RBI clears Tata Capital's conversion into NBFC investment credit company")
Affordable housing finance companies to gain from RBI norms tweak
The RBI tweaked the risk weights for undisbursed loans by capping them at par with those of disbursed loans to address a potential anomaly in the computation of risk-weighted assets of these loans
 "Affordable housing finance companies to gain from RBI norms tweak")
RBI deputy Guv cautions against use of CBDC as 'safe havens' during crisis
During crises, CBDCs could be perceived as a safe haven, rendering uninsured bank deposits more prone to withdrawal and increasing risk of bank runs, says Patra
 "RBI deputy Guv cautions against use of CBDC as 'safe havens' during crisis")
SBI aims to sell its YES Bank stake worth $2.2 billion by March-end
YES Bank was restructured by the RBI in March 2020 with the help of a consortium of local banks after its financial health deteriorated
 "SBI aims to sell its YES Bank stake worth $2.2 billion by March-end")
Govt needs money to meet challenges, fund R&D, says FM Sitharaman
Sitharaman was addressing the 11th convocation of Indian Institute of Science Education and Research (IISER) in Bhopal
 "Govt needs money to meet challenges, fund R&D, says FM Sitharaman")
Second all-India drive against fake GST registrations to begin on Aug 16
Under GST, entities take fake registration for the purpose of fraudulently claiming ITC by issuing bogus invoices
 "Second all-India drive against fake GST registrations to begin on Aug 16")
Put frameworks to manage failure of deposit-taking institutions: Patra
He also said the digital payments space is undergoing a silent revolution
India's biggest shadow bank Bajaj Finance aims to borrow $500 million loan
The funds will be raised under the Reserve Bank of India's external commercial borrowing route, which caps the interest rate at 500 basis points over the benchmark rate
 "India's biggest shadow bank Bajaj Finance aims to borrow $500 million loan")
Reserve Bank of India tightens HFC norms to bring them on a par with NBFCs
The RBI has cut ceiling on quantum of public deposits that an HFC can hold to 1.5 times from 3 times of its net owned fund
 "Reserve Bank of India tightens HFC norms to bring them on a par with NBFCs")
Reserve Bank of India tweaks risk weights for housing finance companies
At the same time, the regulator segregated risk weights for standard and stressed commercial real estate - residential buildings
 "Reserve Bank of India tweaks risk weights for housing finance companies")