Page 61 - Finance News
RBI issues draft framework for novation of OTC derivative contracts
At present, the novation of OTC derivative contracts is governed by the RBI circular dated December 9, 2013
 "RBI issues draft framework for novation of OTC derivative contracts")
No proposal to introduce ₹50 coin as public prefers notes: Centre to HC
The Centre told Delhi High Court there is no plan to issue a ₹50 coin, citing RBI findings that people prefer banknotes over coins due to weight, size, and ease of daily use
 "No proposal to introduce ₹50 coin as public prefers notes: Centre to HC")
RBI accepts ₹97,315 crore in VRRR auction; cut-off rises to 5.49%
Market cautious ahead of expected ₹2 trn VRRR auction as call and TREP rates rise; overnight WACR climbs to 5.34%, RBI absorbs ₹97,315 crore against notified ₹1 trn
 "RBI accepts ₹97,315 crore in VRRR auction; cut-off rises to 5.49%")
Govt banks step up efforts to bridge linguistic chasm with customers
State-owned banks are prioritizing local language skills in their hiring to improve customer service and reduce language barriers, with Bank of Baroda and SBI leading the way
 "Govt banks step up efforts to bridge linguistic chasm with customers")
Rupee strengthens, tracking falling crude oil prices and dollar index
The Indian rupee appreciated by 22 paise, tracking declines in the dollar index and crude oil prices, while foreign equity inflows provided further support
 "Rupee strengthens, tracking falling crude oil prices and dollar index")
Ventive Hospitality signs 7 new hotels with Marriott International
Atul Chordia, chairman and executive director, Ventive Hospitality, told Business Standard that all these hotels would be operational in four years, with 200 to 250 rooms being added annually
 "Ventive Hospitality signs 7 new hotels with Marriott International")
RBI announces ₹1 trn reverse repo auction on July 9 to absorb liquidity
The move follows the central bank's decision last week to conduct a seven-day variable rate reverse repo auction worth Rs 1 trillion
 "RBI announces ₹1 trn reverse repo auction on July 9 to absorb liquidity")
Smart devices to be next bastion for UPI with IoT-ready payment system
NPCI builds Internet of Things rails as UPI targets 10x growth
 "Smart devices to be next bastion for UPI with IoT-ready payment system")
Expand financial inclusion using AI: DFS secy M Nagaraju to fintechs
At the CII summit, DFS Secretary M Nagaraju said fintechs must widen access to finance and develop AI-led tools to combat cyber threats and support rural economic growth
 "Expand financial inclusion using AI: DFS secy M Nagaraju to fintechs")
Wooing depositors: PSBs waiving minimum account balance penalties
May raise risk of increasing dormant accounts in the system
 "Wooing depositors: PSBs waiving minimum account balance penalties")
Securitisation volumes up 9% at ₹49,000 crore in Q1FY26: Crisil
The higher volumes by NBFCs helped offset the lower origination volume by banks, supporting the overall securitisation market volume, Crisil said in a statement on Monday
 "Securitisation volumes up 9% at ₹49,000 crore in Q1FY26: Crisil")
Rupee weakens against US dollar on Donald Trump's renewed tariff threat
Rupee ends 47 paise lower at 85.86 per dollar as Trump warns 10% tariffs on BRICS-aligned nations; RBI seen selling dollars to cap volatility after hitting 86 mark
India diversifying markets amid trade restrictions: FM Nirmala Sitharaman
FM Nirmala Sitharaman at the BRICS meeting says India is diversifying markets, focusing on infrastructure-led growth and structural reforms to improve competitiveness and productivity
 "India diversifying markets amid trade restrictions: FM Nirmala Sitharaman")
Central Bank stake to double bancassurance for company: Future Generali MD
State-owned Central Bank of India acquired a 24.91 per cent stake in Future Generali India Insurance for ₹451 crore
 "Central Bank stake to double bancassurance for company: Future Generali MD")
DFS Secretary urges fintechs to drive offline payments, boost inclusion
To illustrate progress made in India, he recalled data from before 2014, when only about 35 per cent of adults in India had access to a bank account, as estimated by the Global Findex Database
 "DFS Secretary urges fintechs to drive offline payments, boost inclusion")
FinMin directs public sector banks to evaluate board performance
"Independent third-party board evaluations are a widely accepted global practice, and India has only recently begun adopting them," remarked S. Krishnan
 "FinMin directs public sector banks to evaluate board performance")
Govt asks banks to close inactive accounts opened under PM Jan-Dhan Yojana
The concern arises from the increasing misuse of some Jan Dhan accounts by fraudsters as "mule accounts" to carry out cyber fraud
 "Govt asks banks to close inactive accounts opened under PM Jan-Dhan Yojana")
Adani Enterprises to raise ₹1,000 crore via NCDs; issue opens 9 July
Second public NCD issuance by Adani Enterprises offers tenors of 24 to 60 months, interest options across eight series, and listing on both BSE and NSE
 "Adani Enterprises to raise ₹1,000 crore via NCDs; issue opens 9 July")
Number of bank frauds increased threefold in FY25, but amount dipped
The number of frauds related to credit/debit cards and internet banking rose over five times in FY25
 "Number of bank frauds increased threefold in FY25, but amount dipped")
FX reserves reclaim $700 billion mark, just short of all-time high
India's forex reserves hit $702.7 bn in week ended June 27, nearing 2024 peak; driven by $5.9 bn RBI dollar purchases, partly offset by revaluation losses
 "FX reserves reclaim $700 billion mark, just short of all-time high")