Page 294 - Finance News
Day 2 of Rs 2,000 note exchange has banks running out of cash for exchange
Some banks had to temporarily halt exchanges of Rs 2,000 currency notes as they waited for supply of currency notes to be replenished
 "Day 2 of Rs 2,000 note exchange has banks running out of cash for exchange")
Forex reserves at comfortable position to meet requirements: Piyush Goyal
India's forex kitty jumped $3.553 billion to USD 599.529 billion for the week ended May 12, according to the Reserve Bank of India
 "Forex reserves at comfortable position to meet requirements: Piyush Goyal")
War on inflation not over, we have to remain alert: RBI Guv Shaktikanta Das
Das said that India's GDP growth rate in FY23 may come out to be more than earlier predictions of 7%
 "War on inflation not over, we have to remain alert: RBI Guv Shaktikanta Das")
India was close to printing Rs 10,000 notes in 2016: All you need to know
India has already had Rs 10,000 notes as its highest denomination in the past
 "India was close to printing Rs 10,000 notes in 2016: All you need to know")
Withdrawal of Rs 2,000 to have favourable impact on deposits, says SBI
An SBI study on Tuesday said the withdrawal of Rs 2000 currency note is likely to be a non-event but it will have a favourable bearing on liquidity, bank deposits and interest rates.
 "Withdrawal of Rs 2,000 to have favourable impact on deposits, says SBI")
Indian banks in good shape, but early to call it too good: N S Vishwanathan
Ex-RBI deputy governor says banks need to sustain their current resilient structure
 "Indian banks in good shape, but early to call it too good: N S Vishwanathan")
Long queues in banks across Delhi as Rs 2,000 notes exchange begins
As process for exchange of Rs 2,000 currency notes began on Tuesday, long queues were observed at various bank branches in Delhi as customers eagerly exchanged currency notes for smaller denominations
Conservative investors eyeing regular income can opt dividend yield funds
Hold them for at least five years, and withdraw money via the more tax-efficient SWP route
 "Conservative investors eyeing regular income can opt dividend yield funds")
HNIs embracing passive funds on under-performance of active funds
"With commissions to distributors on equity schemes being much higher, the preference for distributing ETFs is much lower," it added
 "HNIs embracing passive funds on under-performance of active funds")
Google Pay allows UPI payments using RuPay credit cards; check details here
This feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank of India
 "Google Pay allows UPI payments using RuPay credit cards; check details here")
Cash share in POS transaction value to fall 50% to $6 trn globally by 2026
Riding on digital payments, the point-of-sale transaction value share conducted in cash is expected to fall from $11.6 trn in 2021 to $6.0 trn globally by 2026, a decline of nearly 50%, report showed
 "Cash share in POS transaction value to fall 50% to $6 trn globally by 2026")
Start exchanging Rs 2,000 notes from today; how to do it and other details
The bank customers can also deposit the Rs 2,000 notes in their bank accounts and withdraw them from an ATM or bank branch later
 "Start exchanging Rs 2,000 notes from today; how to do it and other details")
Flows into NRIs deposits in India top $8-billion mark in 2022-23
However, the outstanding NRI deposits fell from $139.02 billion at the end of March 2022 to $137.88 in March 2023
 "Flows into NRIs deposits in India top $8-billion mark in 2022-23")
Indians sent $27.14 bn abroad under LRS in FY23, up nearly 40% YoY
Reflecting buoyancy in travel and spending on relatives, outward remittances surged substantially for the second year on the trot
 "Indians sent $27.14 bn abroad under LRS in FY23, up nearly 40% YoY")
RBI Governor addresses PSU banks' board members of on governance, ethics
Reserve Bank Governor Shaktikanta Das on Monday met the board of directors of all public sector banks to discuss issues related to governance and ethics.
 "RBI Governor addresses PSU banks' board members of on governance, ethics")
Paytm Money launches bond Investing on platform for retail investors
Bonds on Paytm money app present investors with all information on one platform, and converts everything to yield so investors can analyse and understand the returns they can earn, the company said.
 "Paytm Money launches bond Investing on platform for retail investors")
Rs 2,000 note withdrawn: How important was the note for the Indian economy?
The Rs 2,000 note was introduced in 2016 after PM Modi announced demonetisation of Rs 500 and Rs 1,000 currency notes on November 8, 2016
 "Rs 2,000 note withdrawn: How important was the note for the Indian economy?")
RBI asks banks to keep daily data on exchange, deposit of Rs 2,000 notes
Banks will have to submit the data 'as and when called for', says central bank in notification
Provide adequate infra at branches for Rs 2,000 note exchange: RBI to banks
RBI governor Shaktikanta Das said that after September 30, the further decision will be taken based on the number of notes deposited
 "Provide adequate infra at branches for Rs 2,000 note exchange: RBI to banks")
SBI slow in procurement from GeM portal; lags behind smaller counterparts
India's largest lender SBI was quite slow in procuring goods and services from govt-owned GeM portal in 2022-23 and lagged behind smaller counterparts, including Canara Bank and Punjab National Bank
 "SBI slow in procurement from GeM portal; lags behind smaller counterparts")