Page 289 - Finance News
Rs 500 note tightens hold as most circulated currency, show RBI data
The number of counterfeit notes in the Indian banking system marginally declined in 2022-23 compared with the previous financial year
 "Rs 500 note tightens hold as most circulated currency, show RBI data")
SBI Card plans to raise Rs 3,000 cr from debentures to fund business growth
This fundraising would be done through private placement in one or more tranches over a period of time, it added
 "SBI Card plans to raise Rs 3,000 cr from debentures to fund business growth")
Certificates of deposit issuances jumped three-fold in FY23: RBI data
"Banks have to step up deposit mobilisation"
 "Certificates of deposit issuances jumped three-fold in FY23: RBI data")
India's fiscal deficit target of 5.9% for FY24 at risk, warns Nomura
A notable increase in RBI's income, which was driven by profits from foreign exchange sales amounting to Rs 1 trillion, reflects active intervention in the foreign exchange market
 "India's fiscal deficit target of 5.9% for FY24 at risk, warns Nomura")
Volume of Rs 500 fake notes detected up 14.6% on-year in FY23, says RBI
The number of counterfeit currency notes of Rs 500 denomination detected by banking system, rose by 14.6 per cent to 91,110 pieces in 2022-23 compared to last year, according to RBI's annual report
Banking fraud cases grow to 13,530 in FY23, amount halved to Rs 30,252 cr
The number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved at Rs 30,252 crore, showed a Reserve Bank data released on Tuesday
 "Banking fraud cases grow to 13,530 in FY23, amount halved to Rs 30,252 cr")
General govt deficit moderated to 9.4% of GDP in 2022-23, says RBI report
The general government deficit and debt moderated to 9.4% and 86.5% of GDP, respectively, in 2022-23 from peak levels of 13.1% and 89.4% in 2020-21 respectively, says RBI
 "General govt deficit moderated to 9.4% of GDP in 2022-23, says RBI report")
Volume of bank notes in circulation increased by 4.4% during 2022-23: RBI
The value and volume of banknotes in circulation increased by 7.8% and 4.4%, respectively, during 2022-23 as compared with 9.9% and 5%, respectively, in 2021-22, say RBI
 "Volume of bank notes in circulation increased by 4.4% during 2022-23: RBI")
Bank of Baroda aims at 12-15% credit growth in FY23: Executive director
State-owned Bank of Baroda (BoB) on Monday said it expects 12-15 per cent credit growth during the current financial year
 "Bank of Baroda aims at 12-15% credit growth in FY23: Executive director")
SBI raises $750 mn via bonds on India INX under its $10 bn MTN programme
The bonds were issued through SBI's London Branch to fund offshore business growth and were priced competitively
 "SBI raises $750 mn via bonds on India INX under its $10 bn MTN programme")
Rs 2,000 currency note withdrawal creating chaos for Indians in Gulf
Indians in Gulf are having harrowing time ever since Indian govt decided to withdraw Rs 2,000 notes from circulation, with lot of them saying that banks are claiming to be not aware of policy change
 "Rs 2,000 currency note withdrawal creating chaos for Indians in Gulf")
RBI may reduce policy repo rate in fourth quarter of 2024: Oxford Economics
Oxford Economics said RBI may cut key policy rate in fourth quarter of current calendar year as a mix of factors will allow central bank to shift focus and adopt accommodative policy stance sooner
Microfinance loans grow 21.3% YoY to Rs 3.5 trn in FY23, says report
New regulatory norms have helped industry clocking robust demand
 "Microfinance loans grow 21.3% YoY to Rs 3.5 trn in FY23, says report")
I-T dept says delayed SFT filing attracts penalty; check details here
The report also added that certain capital market players and foreign exchange dealers are also required to file the annual report
 "I-T dept says delayed SFT filing attracts penalty; check details here")
Bank of Maharashtra emerges as top performer in NPA management during FY23
The Pune-based state-owned lender was followed by HDFC Bank with net NPA falling to 0.27 per cent and Kotak Mahindra Bank clinching the third spot with 0.37 per cent of net advances
 "Bank of Maharashtra emerges as top performer in NPA management during FY23")
ICICI Bank to increase stake in general insurance arm to beyond 50%
Earlier plan was to cut stake below 30%
 "ICICI Bank to increase stake in general insurance arm to beyond 50%")
Changing of Rs 2,000 currency notes off to a slow yet smooth start
Banks continue to use discretion on filling up forms
 "Changing of Rs 2,000 currency notes off to a slow yet smooth start")
UPI to account for 90% of retail digital payments by 2026-27: PwC report
Growing at a steady pace, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report
 "UPI to account for 90% of retail digital payments by 2026-27: PwC report")
Karnataka Bank appoints Srikrishnan Harihara Sarma as MD and CEO
Sarma has nearly four decades of experience spread across commercial, retail & transactional banking, technology, and payments
 "Karnataka Bank appoints Srikrishnan Harihara Sarma as MD and CEO")
RBI imposes Rs 85 lakh penalty on Central Bank of India for non-compliance
The Reserve Bank had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021
 "RBI imposes Rs 85 lakh penalty on Central Bank of India for non-compliance")