Page 306 - Finance News
Punjab National Bank board nod to raise Rs 12,000 cr in capital in FY24
It would raise capital by issuing AT-1 bonds upto Rs 7,000 crore and tier- II Bonds up to Rs 5,000 crore, in one or more tranches
 "Punjab National Bank board nod to raise Rs 12,000 cr in capital in FY24")
UBS brings back Sergio Ermotti as CEO with Credit Suisse deal ahead
UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse
 "UBS brings back Sergio Ermotti as CEO with Credit Suisse deal ahead")
Account-to-account transfers on UPI fully free for customers, vendors: NPCI
Paytm set to gain from interchange fee for merchant payment via wallets on UPI platform
 "Account-to-account transfers on UPI fully free for customers, vendors: NPCI")
Govt eyes IDBI financial bids by June, stake sale completion in FY24 itself
Govt has made several provisions and brought regulatory clarity to make deal attractive for bidders. These include allowing a consortium of foreign entities to own over 51% in the Bank
 "Govt eyes IDBI financial bids by June, stake sale completion in FY24 itself")
Punjab National Bank to raise $1.5 bn through bonds in one or two tranches
Indian state-run lender Punjab National Bank said on Wednesday it would raise up to 120 billion rupees ($1.46 billion) in one or two tranches, through the issue of bonds
 "Punjab National Bank to raise $1.5 bn through bonds in one or two tranches")
UPI charges: Here is how interchange fees on wallet payments will work
From April 1, the platforms offering prepaid instruments like wallets and gift cards will have to pay interchange fees on transactions above Rs 2,000
 "UPI charges: Here is how interchange fees on wallet payments will work")
No charge on normal UPI payment; interchange fee for PPI transactions: NPCI
National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments
Merchant payment via wallets on UPI to attract 1.1% interchange from Apr 1
As NPCI seeks to integrate digital wallets on the UPI platform is expected to be positive for Paytm, which has a 60 per cent share in wallets
 "Merchant payment via wallets on UPI to attract 1.1% interchange from Apr 1")
Trickle of foreign inflows to bonds may not speed up in next FY: Analysts
Foreign investors have bought government bonds worth Rs 152.50 billion ($1.85 billion) on a net basis since November.
 "Trickle of foreign inflows to bonds may not speed up in next FY: Analysts")
Rupee depreciates by 10 paise to 82.26 against US dollar in early trade
The rupee declined by 10 paise to 82.26 against the US dollar in opening trade on Wednesday due to firm crude oil prices and a stronger greenback in overseas markets
 "Rupee depreciates by 10 paise to 82.26 against US dollar in early trade")
RBI to raise rates once more on April 6 but leave door open for more: Poll
Inflation in Asia's third-largest economy remains above the central bank's upper tolerance limit of 6.00%, reaching 6.52% in January and easing only slightly to 6.44% in February
 "RBI to raise rates once more on April 6 but leave door open for more: Poll")
Government asks state-run banks to conduct more robust stress tests
The matter was reviewed at a March 25 meeting of the bank leaders with Finance Minister Nirmala Sitharaman, who met to discuss progress of a reform agenda for the lenders
 "Government asks state-run banks to conduct more robust stress tests")
MPC should raise rates by 25 bps next week: Economists tell RBI
Say current dynamics warrant hike, but RBI should keep liquidity stance flexible
Centre may announce Aadhaar-based KYC norms for small savings schemes
The simplified KYC, along with small savings rates for the April-June 2023 quarter, may be announced on March 31, the official said
 "Centre may announce Aadhaar-based KYC norms for small savings schemes")
G-20 sets up an expert panel on multilateral institution reforms
NK Singh, Larry Summers to head the expert group
 "G-20 sets up an expert panel on multilateral institution reforms")
SC's fraud-tagging ruling may lengthen process for banks: UCO Bank MD & CEO
Soma Sankara Prasad believes the process of identifying an account as fradulent would be akin to that of determining wilful defaulters
 "SC's fraud-tagging ruling may lengthen process for banks: UCO Bank MD & CEO")
EXIM Bank expects foreign currency borrowings to be $3-3.5 bn in FY24
Rupee-denominated fund-raising would be worth Rs 20,000-25,000 crore in FY24, says export finance institution
 "EXIM Bank expects foreign currency borrowings to be $3-3.5 bn in FY24")
RBI likely to hike rates by 25 basis points next week, says economist
RBI has raised the policy rate by 250 bps since May 2022 to 6.5%, making it the most aggressive policy tightening cycle in a decade
Fiscal year change-led carry boosts Indian rupee; importers cap upside
The rupee was at 82.1825 to the dollar by 11.14 a.m. IST compared with 82.37 in the previous session
Rupee appreciates 15 paise to 82.16 against US dollar in early trade
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25 per cent to 102.59