Page 265 - Finance News
Lenders can impose penalty on defaults only as 'penal charges': RBI
Regulated entities are barred from imposing such charges in the 'penal interest' that is added to the rate of interest charged on the advances
 "Lenders can impose penalty on defaults only as 'penal charges': RBI")
Rupee recovers from its all-time low to 83.02 against US dollar on Friday
At the interbank foreign exchange, the domestic unit opened at 83.03, then touched a high of 83.02 against the American currency, registering a rise of 7 paise over its last close
 "Rupee recovers from its all-time low to 83.02 against US dollar on Friday")
'No further interest on penal charges': RBI issues new guidelines for loans
RBI's new instructions on penal charges on loans shall come into effect from January 1, 2024
 "'No further interest on penal charges': RBI issues new guidelines for loans")
Adani Group takes bond brokers on Guj trip as it gears up to raise $1.8 bn
The Adani Group flew bankers to Mundra port in Gujarat to showcase infrastructure of India's largest private port and elaborate on the conglomerate's strong financial conditions and expansion plans
 "Adani Group takes bond brokers on Guj trip as it gears up to raise $1.8 bn")
Rupee ends at record low vs dollar as US Treasury yields hit 15-year high
Local currency settles at 83.15 vs dollar; India 10-yr bond yields rise to 4-month high
 "Rupee ends at record low vs dollar as US Treasury yields hit 15-year high")
Flows into NRI deposits grow multi-fold to $2.14 billion in first quarter
Outstanding deposits rise in June 23 over Dec 22
 "Flows into NRI deposits grow multi-fold to $2.14 billion in first quarter")
Private equity, venture capital investments falls 5% to $3.9 bn in July
The number of transactions was down 26 per cent year-on-year (y-o-y) to 59 in July while month-on-month it slipped 20 per cent
 "Private equity, venture capital investments falls 5% to $3.9 bn in July")
Axis Bank launches two products with RBI Innovation Hub to extend lending
Axis Bank will offer Kisan Credit Card (KCC) and unsecured micro, small and medium enterprises (MSME) loans to customers, powered by the PTPFC platform
 "Axis Bank launches two products with RBI Innovation Hub to extend lending")
India's OIS factors in one more rate hike, bond yields near top: Traders
Banks have been asked to maintain an incremental cash reserve ratio of 10% on increase in deposits between May 19 and July 28, and this would withdraw over one trillion rupees ($12.03 billion)
 "India's OIS factors in one more rate hike, bond yields near top: Traders")
GSTN seeks firm to prepare roadmap for transitioning IT systems to GST 2.0
Prior to the GST rollout, in September 2015, Infosys was awarded a Rs 1,320-crore contract for developing the technology backbone for GST Network
 "GSTN seeks firm to prepare roadmap for transitioning IT systems to GST 2.0")
Rupee rises 9 paise to 82.99 against US dollar, recovers from all-time lows
The rupee recovered from its all-time low levels and appreciated by 9 paise to 82.99 against the US dollar in early trade on Thursday as crude oil price retracted from its elevated levels.
 "Rupee rises 9 paise to 82.99 against US dollar, recovers from all-time lows")
RBI likely sold dollars via PSBs to keep rupee from record lows: Traders
The RBI likely sold dollars to pull the rupee back near the 83 level
Govt planning to sell 11.36% shares in Indian Railway Finance Corp via OFS
To make the central public sector enterprise compliant to Sebi's minimum public shareholding (MPS) norm, the government has to dilute 11.36 per cent stake in IRFC
 "Govt planning to sell 11.36% shares in Indian Railway Finance Corp via OFS")
FM Sitharaman invites JBIC for engagement with NIIF, EXIM Bank of India
Sitharaman informed the JBIC governor about various initiatives of the government including PM GatiShakti and other enabling policies for development of the blue economy
 "FM Sitharaman invites JBIC for engagement with NIIF, EXIM Bank of India")
Indian Bank opens specialised startup cells in 10 cities across the country
the startup cells have been set up in Ahmedabad, Bengaluru, Coimbatore, Chennai, New Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur and Mumbai
 "Indian Bank opens specialised startup cells in 10 cities across the country")
States' borrowing cost rises to 7.49%, coupon rate highest in 16 weeks
Nine states together raised Rs 13,200 crore from selling government securities in the auction held on Monday
 "States' borrowing cost rises to 7.49%, coupon rate highest in 16 weeks")
RBI repo rate cut possible only in Jul-Sep quarter next year: Icra
A rate hike by RBI is possible only if the headline inflation is at over 6 per cent for two consecutive quarters, the agency said
 "RBI repo rate cut possible only in Jul-Sep quarter next year: Icra")
RBI to launch 'Public Tech Platform' pilot on Aug 17 to facilitate credit
"The Public Tech Platform would enable delivery of frictionless credit by facilitating seamless flow of required digital information to lenders"
 "RBI to launch 'Public Tech Platform' pilot on Aug 17 to facilitate credit")
India plans to seek its own rating, testing mechanism for DPIs, DPGs
India is working to create collaborations in order to certify, register, test, and benchmark Indian digital public infrastructure (DPIs) and digital public goods (DPGs)
 "India plans to seek its own rating, testing mechanism for DPIs, DPGs")
Indian rupee falls, caught between dollar rally and likely RBI intervention
The rupee was at 82.9250 to the dollar by 11:02 a.m. IST, down from 82.8450 on Friday
 "Indian rupee falls, caught between dollar rally and likely RBI intervention")