Page 318 - Finance News
India setting up $4 billion fund to backstop corporate debt market
The government will provide 90% of the money for the fund, and other asset managers would contribute the rest, deputy managing director D.P. Singh said
 "India setting up $4 billion fund to backstop corporate debt market")
Liquidity likely to veer towards neutral after three years of surplus
Future scenario hinges on forex market, govt spending, credit growth
 "Liquidity likely to veer towards neutral after three years of surplus")
RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances
With Home Ministry mandating SBI to report all details of overseas donors, including purpose of remittances on daily basis, RBI made changes in NEFT and RTGS systems for FCRA related transactions
 "RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances")
HDFC Bank goes live on 'Rupay Credit on UPI' feature for customers
Credit cards can be linked to a UPI identity for secure payment transactions
 "HDFC Bank goes live on 'Rupay Credit on UPI' feature for customers")
Investment in pvt wireless network seen at $ 250 mn by 2027: Nokia report
Investment in private wireless networks is expected to reach nearly USD 250 million by 2027, according to a report by Nokia that also talked of a three-fold jump in mobile data usage
 "Investment in pvt wireless network seen at $ 250 mn by 2027: Nokia report")
HDFC prices its biggest ever rupee bond issuance; to raise Rs 25,000 crore
HDFC is stepping up borrowing from notes because its merger with HDFC Bank Ltd. will make accessing the bond market more difficult
 "HDFC prices its biggest ever rupee bond issuance; to raise Rs 25,000 crore")
Dollar climbs on higher rate expectations, Aussie slides on jobs shock
Dollar advanced on Thursday after strong U.S. retail sales data underpinned the resilience of the world's largest economy, cementing that the Federal Reserve has further to go in tightening rates.
 "Dollar climbs on higher rate expectations, Aussie slides on jobs shock")
SBI raises MCLR by 10 bps; increases deposit rates in some buckets
Lender announces decision after central bank last week raised the repo rate to 6.50%
 "SBI raises MCLR by 10 bps; increases deposit rates in some buckets")
Bankers see rise in LRS remittances before new TCS rate kicks in
The TCS, is not in itself, a tax and credit for the amount paid on any transaction is available to the person to adjust against their tax liability for the year
 "Bankers see rise in LRS remittances before new TCS rate kicks in")
MFIs set for better days, as collection improves, loan sales jump
Microfinance players have already come out of the massive hit they took during the pandemic and are likely to report lower credit cost by the end of this fiscal, as growth momentum is on an upswing, says a report.
 "MFIs set for better days, as collection improves, loan sales jump")
Foreign trade in rupee no great shakes despite surge in vostro accounts
Teething troubles in exchange rate mechanism, repatriation cited as roadblocks, even as Russia, African and Gulf nations and a few others evince interest in rupee-denominated trade
 "Foreign trade in rupee no great shakes despite surge in vostro accounts")
Over 50 entities get in-principle approval for PA license; 28 under review
32 of those granted interim nod were already operating as online payments aggregators, 19 are new to the business
 "Over 50 entities get in-principle approval for PA license; 28 under review")
Several banks open special vostro accounts for overseas trade in rupee
Another Russian bank Gazprom, which does not have its bank in India, has also opened this account with Kolkata-based Uco Bank
 "Several banks open special vostro accounts for overseas trade in rupee")
Government focusing on public expenditure to propel growth, says FM
Finance minister Nirmala Sitharaman on Wednesday said that the effort of the government over the years has been to increase public expenditure with a view to promote growth.
 "Government focusing on public expenditure to propel growth, says FM")
Indian lender HDFC's biggest-ever bond issue to see strong demand: Bankers
HDFC aims to raise at least 50 billion rupees ($603.4 million) through the sale of 10-year bonds on Thursday, with an option to retain an additional 200 billion rupees
 "Indian lender HDFC's biggest-ever bond issue to see strong demand: Bankers")
SBI loans to get costlier as bank hikes key lending rate; Details here
Following the RBI MPC's repo rate hike earlier this month, many banks like Bank of Baroda, Bank of India, and Punjab National Bank have also hiked their key lending rates
PSBs write off Rs 29,000 cr in Q3FY23 as part of a clean-up exercise
According to estimates by rating agency CARE Ratings, the write-offs by PSBs in April-December 2022, at Rs 81,000 crore, were lower than the Rs 90,000 crore in April-December 2021
 "PSBs write off Rs 29,000 cr in Q3FY23 as part of a clean-up exercise")
HDFC launches bond sale worth Rs 25,000 cr to meet biz requirements
The 10-year benchmark government bond settled at 7.37 per cent yield on Tuesday
 "HDFC launches bond sale worth Rs 25,000 cr to meet biz requirements")
Kotak Bank arm raises $590 mn fund for data centre investments in India
Kotak Investment Advisors (KIA) said it plans to raise $800 million under the Kotak Data Centre Fund and this is the first close for the same, as per a statement
 "Kotak Bank arm raises $590 mn fund for data centre investments in India")
Loans on debit cards to be governed by digital lending guidelines: RBI
Payment aggregators that work as LSPs have to comply with digital lending guidelines