Page 253 - Finance News
Govt approves one year extension to RBI Deputy Governor Rajeshwar Rao
The Appointments Committee of the Cabinet has approved the re-appointment of M Rajeshwar Rao, Deputy Governor Reserve Bank of India, for a period of one year with effect from October 9, 2023
 "Govt approves one year extension to RBI Deputy Governor Rajeshwar Rao")
Demat accounts grow 26% to 127 mn in Aug on returns from equity markets
The number of demat accounts rose to 12.7 crore in August 2023, a surge of 26 per cent on a yearly basis, primarily due to attractive returns from equity markets, and ease of account opening process
 "Demat accounts grow 26% to 127 mn in Aug on returns from equity markets")
RBI imposes restrictions on Ahmedabad-based Colour Merchants Co-op Bank
The restrictions, imposed in the form of 'directions', have come into effect with the close of business on September 25, 2023, the central bank said in a statement
Banking liquidity remains in deficit after I-CRR disbursement's 2nd tranche
RBI had decided on September 8 to discontinue the I-CRR by October 7, in a phased manner
 "Banking liquidity remains in deficit after I-CRR disbursement's 2nd tranche")
RBI imposes monetary penalty on SBI, Punjab & Sind Bank and Indian Bank
Punjab & Sind Bank has to pay a fine of Rs 1 crore for failing to comply with regulations
 "RBI imposes monetary penalty on SBI, Punjab & Sind Bank and Indian Bank")
RBI cancels licence of Mumbai based 'The Kapol Co-operative Bank'
Consequent to the cancellation of the licence, the cooperative bank has been prohibited from conducting the business of banking' which includes, among other things
Rupee ends weaker on elevated US Treasury yields, record low not in sight
The rupee closed at 83.1450 against the U.S. dollar as compared with 82.93 in the previous session. Most Asian currencies fell, with the Thai bhat and offshore Chinese yuan leading losses
 "Rupee ends weaker on elevated US Treasury yields, record low not in sight")
RBI found excessive dominance by 1-2 board members even in banks: Guv Das
Board discussions have to be free, fair and democratic, Das said, addressing directors of Urban Cooperative Banks (UCBs) at a meeting organised by the Reserve Bank of India
 "RBI found excessive dominance by 1-2 board members even in banks: Guv Das")
Aditya Birla Finance to raise up to Rs 2K cr through maiden issue of NCDs
The NCDs will be issued with tenor options of three, five, or ten years offered with 'monthly', 'annual' or 'cumulative' interest payment frequency
 "Aditya Birla Finance to raise up to Rs 2K cr through maiden issue of NCDs")
JPMorgan adding Indian bonds will see public finances scrutinised
Foreign exchange reserves, which are higher than last year, and the credibility of the regulators will work in favor of the South Asian country, CIO SBI Funds said
 "JPMorgan adding Indian bonds will see public finances scrutinised")
Rupee gives up index inclusion-led rally; RBI counted on to help
The rupee was at 83.12 against the US dollar by 11:00 am IST compared with 82.93 in the previous session. The dollar index was largely flat in Asia, but remained near 6-month highs
India's economic growth threatened as household savings hit 16-year low
Household financial assets, including bank deposits, cash and equity investments, after deducting debt servicing and consumption, eased to 5.1 per cent of gross domestic product
 "India's economic growth threatened as household savings hit 16-year low")
Indians have 5 days to deposit $3 billion in soon-to-be-withdrawn banknotes
In its withdrawal notice, the RBI said the notes had served their purpose and were not commonly in use. It also cited its "clean note policy" to replace soiled notes within four to five years
 "Indians have 5 days to deposit $3 billion in soon-to-be-withdrawn banknotes")
Statsguru: Six charts explain the cost of lower financial savings
Households are said to have borrowed more to increase consumption
 "Statsguru: Six charts explain the cost of lower financial savings")
Savings puzzle: Does the fall in financial savings show household distress?
The finance ministry thinks otherwise
 "Savings puzzle: Does the fall in financial savings show household distress?")
MDBs at the centre of any chance of meeting the climate challenge
Giving a lecture at a Confederation of Indian Industry (CII) event on 'The World is on Fire', Summers spoke about the challenges of overcoming poverty as well as climate change
 "MDBs at the centre of any chance of meeting the climate challenge")
RBI likely to keep interest rate unchanged as inflation still high: Experts
The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for October 4-6, 2023
 "RBI likely to keep interest rate unchanged as inflation still high: Experts")
Assam CM launches third phase of microfinance loan waiver scheme
Assam Chief Minister Himanta Biswa Sarma on Saturday rolled out the third phase of a scheme to waive microfinance loans availed by women of the state, benefitting over 2.23 lakh borrowers
 "Assam CM launches third phase of microfinance loan waiver scheme")
Sidbi plans to float a rights issue in FY25 to expand its equity capital
It expects to grow its asset book to Rs 5 trillion by March 2024 from about Rs 4 trillion in March 2023, said S Ramann
 "Sidbi plans to float a rights issue in FY25 to expand its equity capital")
Respond to intimation of past tax demands for faster refund: I-T dept
"However, there are a few cases in which refunds are due to the taxpayer, but previous demands are outstanding, the department said," the I-T department said
 "Respond to intimation of past tax demands for faster refund: I-T dept")