Page 231 - Finance News
Bank of Maharashtra slashes home loan rate on new year by 15 bps to 8.35%
In the current high-interest rate landscape, bank is making retail loans cheaper to bring in cheer among customers, it said
 "Bank of Maharashtra slashes home loan rate on new year by 15 bps to 8.35%")
Record borrowing by states to widen spread over govt bond yield: Traders
Earlier in the day, states raised Rs 16,000 crore ($1.92 billion), the lowest for a weekly auction, via 10-year bonds at around 7.74 per cent
 "Record borrowing by states to widen spread over govt bond yield: Traders")
Reserve Bank of India seeks to lower NNPA of banks for paying dividends
Draft proposes that net NPA ratio should be less than 6%
 "Reserve Bank of India seeks to lower NNPA of banks for paying dividends")
Lower duty for electric vehicles in UK FTA inevitable: Govt to automakers
The domestic manufacturers have opposed import duty cuts on EVs, considering that it is a sunrise industry. India has been pushing for duty reduction in a phased manner
 "Lower duty for electric vehicles in UK FTA inevitable: Govt to automakers")
Comply with higher UPI transfer limit by Jan 10, NPCI directs members
RBI had earlier increased the UPI transaction limit to Rs 5 lakh for hospitals and educational services
 "Comply with higher UPI transfer limit by Jan 10, NPCI directs members")
Q3 FY24 report card: Bank CASA continues to remain under pressure
According to provisional data, the CASA ratio of South Indian Bank dropped to 31.79 per cent from 33.83 per cent in the same quarter of the financial year 2022-23
 "Q3 FY24 report card: Bank CASA continues to remain under pressure")
Customers' complaints against credit information companies increasing: RBI
The central bank has also found "some concerns" on the conduct of CICs in its supervisory assessment, an official statement said without specifying the concerns
 "Customers' complaints against credit information companies increasing: RBI")
RBI proposes banks with less than 6% net NPAs to declare dividends
As per the prevailing norms last updated in 2005, banks need to have a NNPA ratio of up to 7 per cent to become eligible for declaration of dividends
Muthoot Finance to raise up to Rs 1,000 crore capital through NCDs
The issue opens on January 8 and closes on January 19 with an option to close on such earlier date or extended date as may be decided by the board, the Kochi-based company said in a statement
 "Muthoot Finance to raise up to Rs 1,000 crore capital through NCDs")
Federal Bank's advances increase 18% to Rs 2.02 trillion in Q3 FY24
On a segmental basis, the bank said that as per its internal classification, its retail credit book grew by 20 per cent year-on-year, and its wholesale credit book grew by 17 per cent
 "Federal Bank's advances increase 18% to Rs 2.02 trillion in Q3 FY24")
Rupee may rise to 81/$ by 2024 end amid robust inflow hopes: Goldman Sachs
India's external balances remain favourable, with a combination of low current account deficit, strong public market capital flows, adequate forex reserves and low external debt
 "Rupee may rise to 81/$ by 2024 end amid robust inflow hopes: Goldman Sachs")
LIC receives Rs 806 crore tax notice for FY18 from Mumbai state tax office
In October 2023, LIC had filed an appeal with the Bombay High Court against the Income Tax Appellate Tribunal's decision to give the insurer relief in two tax disputes amounting to Rs 4,993 crore
 "LIC receives Rs 806 crore tax notice for FY18 from Mumbai state tax office")
India Inc billionaire promoter club: Count swells to record 152 in 2023
Mukesh Ambani back at the top ahead of Gautam Adani
 "India Inc billionaire promoter club: Count swells to record 152 in 2023")
HDFC Bank goes live with NPCI-developed UPI in secondary market platform
The move follows markets regulator Sebi allowing the facility through the UPI app developed by the National Payment Corporation of India (NCPI)
 "HDFC Bank goes live with NPCI-developed UPI in secondary market platform")
Saudi fund outpaces Singapore's GIC with $31.6 billion splurge: Global SWF
That was higher than the $20.7 bn it invested the previous year, an increase that contrasts with a wider trend - globally state-owned investors deployed $124.7 bn, about a fifth less than prior year
 "Saudi fund outpaces Singapore's GIC with $31.6 billion splurge: Global SWF")
RBI Deputy Guv Rao flags risks of AI deployment in financial institutions
He categorized these risks into three broad sets-data bias and robustness, governance, and transparency
 "RBI Deputy Guv Rao flags risks of AI deployment in financial institutions")
Supporting regulatory framework needed to harness benefits of AI: RBI DG
Given its transformative nature and potential, he said, if realised, generative AI could have a deep impact, on productivity, jobs, and income distribution
Rupee dwindles 3 paise, reaches 83.19 against US dollar in early trade
The rupee started the new year on a flat note and depreciated 3 paise to 83.19 against the US dollar in the morning session, amid a negative trend in domestic equities and dollar demand from importers
 "Rupee dwindles 3 paise, reaches 83.19 against US dollar in early trade")
NPAs: Amount recovery via debt recovery tribunal falls to 9.2% in FY23
Recoveries via IBC were back to over 40% in FY23 after two lackluster years
 "NPAs: Amount recovery via debt recovery tribunal falls to 9.2% in FY23")
SCBs well capitalised, capable of absorbing macroeconomic shocks: RBI
All banks would be able to meet the minimum regulatory common equity tier 1 (CET1) ratio of 5.5 per cent even under severe stress scenario