Page 198 - Finance News
RBI bought net $13.25 bn in spot forex market in March, shows bulletin
The RBI said it purchased $14.84 billion and sold $1.59 billion during the month. In the previous month, it had bought a net $8.56 billion in the spot market
 "RBI bought net $13.25 bn in spot forex market in March, shows bulletin")
FinMin likely to raise FY25 CPSE dividend target by Rs 5K cr in full Budget
In the interim budget 2024-25, the government had pegged dividend estimates from non-financial central public sector enterprises (CPSEs) at Rs 48,000 crore for the current fiscal
 "FinMin likely to raise FY25 CPSE dividend target by Rs 5K cr in full Budget")
Pine Labs gets approval from Singapore court to relocate base to India
Pine Labs' decision to shift domicile follows a broader trend among fintech firms like PhonePe and Groww, which have also moved their bases back to India
 "Pine Labs gets approval from Singapore court to relocate base to India")
Rupee appreciates 6 paise to 83.31 against US dollar in early trade
On Friday, the rupee had settled 13 paise higher at 83.37 against the US dollar. The forex markets were closed on Monday on account of general elections
 "Rupee appreciates 6 paise to 83.31 against US dollar in early trade")
India's inclusion in global bond index not enough to lift rating: Moody's
De Guzman's comments mirror global investors' generally bullish outlook on the country that's been layered with notes of caution about macroeconomic challenges
 "India's inclusion in global bond index not enough to lift rating: Moody's")
Gold loan business is shining as regulatory scrutiny of sector grows
Recent RBI actions many increase companies' operational cost for but there is enough headroom for growth, say experts
 "Gold loan business is shining as regulatory scrutiny of sector grows")
Narayanan Vaghul: A generous leader and true colossus of Indian banking
His life and career exemplify that decency, simplicity, and forward-thinking can lead to success at the highest levels
 "Narayanan Vaghul: A generous leader and true colossus of Indian banking")
Need proactive risk mitigation measures to tackle cyberattacks: RBI
"Therefore, regulations for cooperative banks are becoming harmonised with that for commercial banks, but with certain calibrations wherever required," he noted
 "Need proactive risk mitigation measures to tackle cyberattacks: RBI")
IFC extends $500 million credit line to HDFC Bank for micro loans
Presently, non-banking financial companies (NBFCs), including microfinance institutions (MFIs) and small finance banks, are the major lenders to women seeking loans for income generation purposes
 "IFC extends $500 million credit line to HDFC Bank for micro loans")
Creditors' haircuts in bankruptcy cases jump to 73% in FY24: Report
A total of 269 resolution plans were approved by the National Company Law Tribunals (NCLTs) in FY24, up from 189 in the year-ago period, the report by domestic rating agency Icra said
 "Creditors' haircuts in bankruptcy cases jump to 73% in FY24: Report")
HDFC Bank raises $500 mn from IFC to extend microloans to women borrowers
Over the last 20 years, IFC (International Finance Corporation) has made 650 microfinance investments totalling $6.2 billion, the statement said
 "HDFC Bank raises $500 mn from IFC to extend microloans to women borrowers")
Bond traders hanker for short-term borrowing cuts as buybacks fail
Banking system liquidity has stayed in deficit for last four weeks, coinciding with start of the first phase of general elections, with average daily average deficit in May rising to Rs 1.2 trillion
 "Bond traders hanker for short-term borrowing cuts as buybacks fail")
PSB loan growth lags industry; cautious approach to protect margins
According to RBI, the share of external benchmark linked loans (EBLR) in total outstanding floating rate loans increased to 56.2 per cent as at end-December 2023 from 49.6 per cent in March 2023
 "PSB loan growth lags industry; cautious approach to protect margins")
Finance Ministry asks SBI to form committee to tackle co-lending issues
Department of financial services holds meeting with major banks and stakeholders
 "Finance Ministry asks SBI to form committee to tackle co-lending issues")
IT firms' work for international clients may not always attract IGST
Experts say the ruling may have ramifications for other industries which provide services to foreign clients too, particularly in the IT, consulting, marketing, and recruitment sectors
 "IT firms' work for international clients may not always attract IGST")
Credit offtake stays robust at nearly 16% in May, shows RBI data
The deposit mobilisation also saw an uptick at 13 per cent Y-o-Y growth against the 10.4 per cent on May 5, 2023, according to Reserve Bank of India (RBI) data
LIC Housing Finance aims for 13% growth in loan book for FY25: MD & CEO
The total outstanding portfolio of the company grew 4 per cent year-on-year to Rs 2.87 trillion from Rs 2.75 trillion in the earlier year
 "LIC Housing Finance aims for 13% growth in loan book for FY25: MD & CEO")
RBI action could increase business volatility for some NBFCs: Fitch
Firms' implementation of regulatory instructions varies, says ratings agency
India sees forex reserves as main tool to manage bond index inflows
The Reserve Bank of India plans to absorb the inflows and match the outflows using its near-record high $642 billion reserves
 "India sees forex reserves as main tool to manage bond index inflows")
RBI set to meet ARCs on May 17; may discuss borrowing, settlement process
At present, there are no regulatory mechanisms in place for such funding
 "RBI set to meet ARCs on May 17; may discuss borrowing, settlement process")