Page 308 - Finance News
BS Weekend Bites: Crises, Finance Bill, Rahul, and PhysicsWallah in winter
In which we munch over the week's platter of news and views
 "BS Weekend Bites: Crises, Finance Bill, Rahul, and PhysicsWallah in winter")
Credit card payments on foreign travels likely to attract tax at source
According to the LRS, which was introduced in 2004, all resident individuals, including minors, are allowed to freely remit up to $250,000 per financial year
 "Credit card payments on foreign travels likely to attract tax at source")
RBI releases MPC meeting schedule for next financial year, 1st meet in Apr
The Reserve Bank of India (RBI) announced the meeting schedule of the Monetary Policy Committee (MPC) for the next financial year (FY24) on Friday
 "RBI releases MPC meeting schedule for next financial year, 1st meet in Apr")
PNB raises Rs 974 cr via AT1 bonds against indicative amount of Rs 2,000 cr
Hardening yields drives decision to raise lower amounts; Bond market sources said coupon was firmed up at 8.75%
 "PNB raises Rs 974 cr via AT1 bonds against indicative amount of Rs 2,000 cr")
Asian Development Bank to provide Rs 754 cr loan to SAEL Industries
The company aims to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually
 "Asian Development Bank to provide Rs 754 cr loan to SAEL Industries")
IndusInd Bank appoints Vikas Muttoo as COO of Bharat Financial Inclusion
A veteran banker with two and a half decades of experience in the banking sector, he was earlier heading the microfinance business of RBL Bank
 "IndusInd Bank appoints Vikas Muttoo as COO of Bharat Financial Inclusion")
RBI central board reviews economic situation, global developments
The meeting comes in the backdrop of banking crisis in US triggered by the SVB collapse and the Fed's adoption of a softer tone on future rate hikes in its latest policy statement
 "RBI central board reviews economic situation, global developments")
Deutsche Bank shares slump as another major bank comes into spotlight
Deutsche Bank's AT1 bonds have tumbled in value after Switzerland wiped out Credit Suisse's securities in the deal for it to be taken over by UBS
 "Deutsche Bank shares slump as another major bank comes into spotlight")
MSME loan delinquencies dip to 3% by September, shows CIBIL data
The highest drop was in the private bank segment, from 2.8 per cent in Q2FY22 to 1.5 per cent in FY23-Q2
 "MSME loan delinquencies dip to 3% by September, shows CIBIL data")
RBI to hold five-day variable rate repo auction worth Rs 75k cr on March 24
The RBI conducts repo operations in order to infuse liquidity into the banking system
 "RBI to hold five-day variable rate repo auction worth Rs 75k cr on March 24")
Finance ministry asks public sector banks to share bond portfolio data
About 60 per cent of banks' investment book is in the HTM portfolio, analysts at Macquarie Research wrote
 "Finance ministry asks public sector banks to share bond portfolio data")
Canara Bank sells stake in Russian joint venture to SBI for Rs 121 crore
Canara Bank on Thursday said it has sold its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 121.29 crore.
FM Sitharaman to review PSBs performance Sat amid financial crisis in West
Regularly scheduled meeting could discuss banking troubles in the US and Europe
As cash use declines, UPI to drive Indian e-com market to $150 bn in 2026
As unified payments interface (UPI)-based transactions continue to break all records, India's e-commerce market is projected to grow from $83 billion in 2022 to $150 billion in 2026
Rate transmission better in easing cycle than tightening period
Experts said, generally, in an easing cycle banks tend to reduce the interest rates on deposits faster than on loans to protect their margins
 "Rate transmission better in easing cycle than tightening period")
RBI to start new data centre, governor stresses on tech, cybersecurity role
Shaktikanta Das lays foundation of the new greenfield data centre and enterprise computing and cybersecurity training institute in Bhubaneshwar
Surge in bank credit offtake leads to three-fold jump in CD issuance
Meanwhile, issuance of commercial papers---securities sold by companies to raise funds--dropped sharply to Rs 12.5 trn in FY23 (up to Feb 28) from Rs 19 trn over the same period last year
 "Surge in bank credit offtake leads to three-fold jump in CD issuance")
Fixed deposit interest rates to go up again? RBI hits at another hike
In the bulletin, the RBI said that the Indian economy is unlikely to face any major repercussions from the ongoing global financial turmoil
 "Fixed deposit interest rates to go up again? RBI hits at another hike")
Present CPI aggregation method raises issues for monetary policy: RBI paper
Rebasing CPI necessary to make index relevant to present consumption patterns
What are AT1 bonds, and why are Credit Suisse's worth $17 bn now wiped out?
The wipeout of $17 billion worth of AT1 bonds in the UBS-Credit Suisse deal has spooked investors as they now assess if this can happen to their AT1 holdings in other banks as well
 "What are AT1 bonds, and why are Credit Suisse's worth $17 bn now wiped out?")