Page 257 - Finance News
Sidbi expects its loan book to hit Rs 5 trn this fiscal, 25% direct funding
State-owned Small Industries Development Bank of India (Sidbi) expects its loan book to reach Rs 5 lakh crore this fiscal and direct funding to touch 25 per cent
 "Sidbi expects its loan book to hit Rs 5 trn this fiscal, 25% direct funding")
RBI issues revised classification, guidelines for banks' investments
The Reserve Bank of India on Tuesday issued revised classification, valuation and operation guidelines for the investment portfolio of commercial banks, which will be effective from April 1, 2024
 "RBI issues revised classification, guidelines for banks' investments")
Rupee up 10 paise to 82.93 amid positive trend in domestic equities
At the interbank foreign exchange, the domestic unit opened at 82.93, registering a rise of 10 paise over its last close
 "Rupee up 10 paise to 82.93 amid positive trend in domestic equities")
Yen jumps on Bank of Japan's comments; dollar dips as US inflation ease
The dollar softened ahead of U.S. inflation data due on Wednesday, with the Federal Reserve widely expected to pause its interest rate hikes
 "Yen jumps on Bank of Japan's comments; dollar dips as US inflation ease")
Overnight index swap rates at 10-month high; government bond yields rise
One-year swap rate has jumped 13 bps so far in September, whereas the five-year swap rate has jumped 19 bps
 "Overnight index swap rates at 10-month high; government bond yields rise")
Bajaj Finance plans to enter new car, MFI, tractor finance segments
Bajaj Finance is already into used car financing and is in the process of tying up with dealers for new four-wheeler financing
 "Bajaj Finance plans to enter new car, MFI, tractor finance segments")
NBFC-MFI disbursements increase 45.8% to Rs 30,398 crore in Q1FY24
Assets Under Management (AUM) grew to Rs 1,26,053 crore in June 2023 from Rs 89,005 crore a year ago and Rs 1,21,326 crore as of end-March 2023
 "NBFC-MFI disbursements increase 45.8% to Rs 30,398 crore in Q1FY24")
RBI approves re-appointment of Sandeep Bakhshi as ICICI Bank MD & CEO
ICICI Bank, in an exchange filing, said that RBI approved the re-appointment of Sandeep Bakhshi as the MD and CEO of the bank
 "RBI approves re-appointment of Sandeep Bakhshi as ICICI Bank MD & CEO")
Bankers flag risks in new voice-enabled payment feature on India's UPI
The government-backed feature called Hello UPI will allow users to pay via apps and calls in Hindi and English, and will soon roll out services in other regional languages
 "Bankers flag risks in new voice-enabled payment feature on India's UPI")
RBI, banks plan new feature to popularise digital currency transactions
Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end
Rupee continued upward trend, rises 9 paise to 82.93 against US dollar
However, firm crude oil prices hovering above USD 90 per barrel and outflow of foreign funds weighed on the Indian currency, forex traders said
As credit growth outpaces deposits, banks may increase interest on FD
Bank deposits have gone up by 6.6 per cent to reach Rs 149.2 trillion during the April-August 2023 period, whereas the credit growth for the same period was 9.1 per cent
 "As credit growth outpaces deposits, banks may increase interest on FD")
Debit card usage slow for three years and UPI transactions up 428%
In August, UPI transactions hit 10 billion for the first time in a month. Monthly UPI payments are clocking more than Rs 15 trillion
 "Debit card usage slow for three years and UPI transactions up 428%")
ADB commits concessional loan to India under Green Financing facility
The Asian Development Bank (ADB) on Sunday assured India to provide concessional loans under the Green Financing facility to help in achieving its vision
 "ADB commits concessional loan to India under Green Financing facility")
Frictionless credit initiative slashes operational costs for lenders: RBI
The pilot has been extended to four more states -- Maharashtra, Uttar Pradesh, Karnataka, Gujarat (for dairy farmers) from August 17 this year
 "Frictionless credit initiative slashes operational costs for lenders: RBI")
India's external debt-service ratio at 5.3% within comfort zone: FM
The long-term debt constituted 79.4% of total external debt, while short-term debt, which is 20.6% of the total external borrowing, is basically incurred to finance imports, she said
 "India's external debt-service ratio at 5.3% within comfort zone: FM")
In a first, PSU general insurers' market share below a third of industry
As a result, their market share plunged to less than a third at 32.5 per cent from 33.4 per cent, while premium income slipped from Rs 37,100 crore to Rs 34,203 crore
 "In a first, PSU general insurers' market share below a third of industry")
FPIs turn net sellers; withdraw Rs 4,200 cr in equities in Sept so far
This came after FPI investment in equities had hit a four-month low of Rs 12,262 crore in August
 "FPIs turn net sellers; withdraw Rs 4,200 cr in equities in Sept so far")
Indian G20 presidency has walked the talk on MDBs, inclusion: FM Sitharaman
Expert group report on MDB reforms, IMF-FSB synthesis note on crypto to be taken up in next finance track meeting in Marrakesh
 "Indian G20 presidency has walked the talk on MDBs, inclusion: FM Sitharaman")
RBI decides to withdraw incremental CRR by Oct 7 in phased manner
Net impact of incremental CRR was estimated to be little more than Rs 1 trn
 "RBI decides to withdraw incremental CRR by Oct 7 in phased manner")