Page 258 - Finance News
Finance ministry asks Sidbi to increase direct lending portfolio
Out of Rs 10,000 cr corpus available under the Fund of Funds for Startups (FFS) Scheme, Sidbi has sanctioned around Rs 9,500 cr to AIFs and disbursements have been around Rs 4,500 crore so far
 "Finance ministry asks Sidbi to increase direct lending portfolio")
Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country
State-owned Bank of Baroda (BoB) on Friday announced that it has enabled the UPI ATM facility at over 6,000 ATMs across the country.
 "Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country")
SGB issue price fixed at Rs 5,923 per gram, subscription to open on Sept 11
The bonds will be sold through banks, Stock Holding Corporation of India Ltd (SHCIL), designated post offices, and recognised stock exchanges -- the NSE and the BSE
 "SGB issue price fixed at Rs 5,923 per gram, subscription to open on Sept 11")
Banks can't use LOC as measure to recover money: Delhi High Court
A Look Out Circular (LOC), the high court said, is measure to make a person surrender before investigating authorities or a court of law and can be issued only when there are sufficient reasons for it
 "Banks can't use LOC as measure to recover money: Delhi High Court")
India's forex reserves jump by $4.03 billion to $598.89 billion: RBI data
In the previous reporting week, the overall reserves had dropped by USD 30 million to USD 594.858 billion
 "India's forex reserves jump by $4.03 billion to $598.89 billion: RBI data")
World Bank praises India's digital infra for its transformative potential
The impact of DPI goes beyond inclusive finance, to supporting health, education, and sustainability
 "World Bank praises India's digital infra for its transformative potential")
RBI to discontinue incremental cash reserve ratio in a phased manner
The amounts impounded under the I-CRR will be released in stages so that system liquidity is not subjected to sudden shocks and money markets function in an orderly fashion
 "RBI to discontinue incremental cash reserve ratio in a phased manner")
RBI's currency defence has likely extended to rupee futures: Traders
Its likely intervention in exchange-traded derivatives is reflected in the more-than-$1 bn jump in open interest on September USD/INR futures over the last three sessions on NSE
Indian rupee inches up, but sustainable recovery unlikely - traders
Buying dollars above 83.10-83.15 was advisable only for "long-term players", he added
 "Indian rupee inches up, but sustainable recovery unlikely - traders")
Rupee rises 10 paise to 83.13 against US dollar, recovers from all-time low
At the interbank foreign exchange, the domestic unit opened at 83.13, registering a rise of 10 paise over its last close
 "Rupee rises 10 paise to 83.13 against US dollar, recovers from all-time low")
Crypto can't be legal tender; blanket ban not easy: IMF-FSB paper
Central banks should avoid holding crypto assets in their official reserve as they pose a risk to monetary and global financial stability, according to the synthesis paper
 "Crypto can't be legal tender; blanket ban not easy: IMF-FSB paper")
With 74 foreign visits since 2014, PM Modi breaks Manmohan Singh's record
Data suggests that while Modi has spent fewer days abroad than his predecessor (270 days versus Singh's 306), he has travelled more extensively and actively than any other Indian PM
 "With 74 foreign visits since 2014, PM Modi breaks Manmohan Singh's record")
Rainfall deficit wider and outcomes worsening: CRISIL's DRIP Index
Six kharif crops at risk
 "Rainfall deficit wider and outcomes worsening: CRISIL's DRIP Index")
Frictionless credit helped cut operational cost to lenders: RBI's Choudhary
Speaking at the Global Fintech Fest 2023, Choudhary spoke of the importance of customer centricity and governance to ensure the sustainability of fintech entities
 "Frictionless credit helped cut operational cost to lenders: RBI's Choudhary")
Banks have no option but to partner with fintech, says K V Kamath
'India will be a $25 trillion economy in 25 years, digital India will drive 20-25% of this growth'
 "Banks have no option but to partner with fintech, says K V Kamath")
Governance mechanism can aid in sustainable growth of fintech: RBI official
What is needed for the sustainable development and growth of the fintech ecosystem is the right thrust on customer-centricity and better governance standards, he said
Digital public infra can speed up financial inclusion: G20 Report
The Policy recommendations in the report include risk based regulation, supervision, oversight arrangements for financial sector use of DPIs, promotion of sound internal governance among others
 "Digital public infra can speed up financial inclusion: G20 Report")
India digital rupee transactions hits 18,000 a day, still below target
The central bank last year began pilot programmes to use the e-rupee in retail and wholesale markets as an alternative to cash
 "India digital rupee transactions hits 18,000 a day, still below target")
HSBC India launches 'ONDC in a Box' to expand corporate offerings
With this launch, HSBC India becomes the first foreign bank in India to offer an ONDC-enabled proposition, the lender said in a statement
 "HSBC India launches 'ONDC in a Box' to expand corporate offerings")
Thomas Cook, NPCI launch RuPay prepaid forex card for travellers to UAE
The Reserve Bank of India had in June allowed the banks to issue Rupay forex cards
 "Thomas Cook, NPCI launch RuPay prepaid forex card for travellers to UAE")