Page 89 - Finance News
RBI plans to seek approval for overseas rupee lending to neighbours
According to Ministry of Commerce data, 90 per cent of India's exports to South Asia were to these four nations in 2024/25, amounting to nearly $25 billion
 "RBI plans to seek approval for overseas rupee lending to neighbours")
Rupee extends gains on weak Dollar; opens 17 paise higher at 85.05/$
Indian Rupee today: The domestic currency began trading 17 paise stronger at 85.05 against the US dollar, after ending at 85.22 on Friday
 "Rupee extends gains on weak Dollar; opens 17 paise higher at 85.05/$")
Bond market sees more OMO buys after RBI's surplus transfer falls short
Expectations of durable liquidity support via OMO rise after RBI's Rs 2.69-trn dividend transfer disappoints markets and currency leakage trends persist
 "Bond market sees more OMO buys after RBI's surplus transfer falls short")
Deposit insurance cap hike likely soon, may go beyond ₹5 lakh in 6 months
The deposit insurance limit refers to the amount of savings in bank deposits whose safety is assured if a lender goes bankrupt
 "Deposit insurance cap hike likely soon, may go beyond ₹5 lakh in 6 months")
Govt ratifies interest rate at 8.25% on employees' provident fund for FY25
Now the interest amount as per the rate ratified for FY25 will be credited into the accounts of over seven crore subscribers of EPFO
 "Govt ratifies interest rate at 8.25% on employees' provident fund for FY25")
Rupee logs best day in 30 months, rises nearly 1% against US dollar
Rupee rallies 0.9 per cent to 85.21 per dollar, its strongest one-day gain since November 2022, aided by RBI dollar sales, weaker greenback, and equity inflows
 "Rupee logs best day in 30 months, rises nearly 1% against US dollar")
RBI board approves record surplus transfer of ₹2.69 trillion to govt
Contingent Risk Buffer range widened; Centre's fiscal maths get a booster
 "RBI board approves record surplus transfer of ₹2.69 trillion to govt")
Some US banks explore venturing into crypto with joint stablecoin
However, the newspaper said that the bank consortium discussions are in early, conceptual stages and could change
 "Some US banks explore venturing into crypto with joint stablecoin")
Credit card spends rise 18% to ₹1.84 trillion in April, shows RBI data
Credit card spends surged 18 per cent YoY in April but fell 8.7 per cent from March, as issuers remained cautious on new cards due to stress in unsecured portfolios
 "Credit card spends rise 18% to ₹1.84 trillion in April, shows RBI data")
MSME delinquencies fall to 5-year low of 1.8%: Cibil-Sidbi report
Balance-level delinquencies are measured as 90 to 720 days past due and classified as sub-standard
 "MSME delinquencies fall to 5-year low of 1.8%: Cibil-Sidbi report")
India's forex reserves fall $4.9 bn due to decline in gold holdings
India's foreign exchange reserves dropped by $4.9 billion to $685.7 billion in the week ended May 16 due to a sharp $5.1 billion decline in gold reserves
 "India's forex reserves fall $4.9 bn due to decline in gold holdings")
Finance ministry pulls up public-sector banks over staff misconduct
Ministry asks lenders to strengthen handling customer grievances following several incidents
 "Finance ministry pulls up public-sector banks over staff misconduct")
GST Council to take up rate rationalisation issue in next meeting
A GoM headed by Minister of State for Finance Pankaj Chaudhary is looking into the future of compensation cess beyond March 2026
 "GST Council to take up rate rationalisation issue in next meeting")
RBI dividend: Jalan panel recommendations hold strong, minor tweaks needed
The source said the dividend transfer so far has been calculated based on the Bimal Jalan-panel's ECF recommendations and certainly the time to review the framework has come
Six-member board to regulate payment systems: RBI notification
The Payments Regulatory Board will replace the Board for Regulation and Supervision of Payment and Settlement System
 "Six-member board to regulate payment systems: RBI notification")
Section 54F exemption: Observe timelines for selling asset, buying another
Recent judgement emphasises that co-ownership of multiple floors in the same building does not disqualify taxpayer for this exemption under Section 54F
 "Section 54F exemption: Observe timelines for selling asset, buying another")
50-bp cut in repo leads to in reduction of 10 bps in outstanding loans
Banks have reduced their repo-linked external benchmark-based lending rates by 50 bps, the same as the quantum of rate cuts so far
 "50-bp cut in repo leads to in reduction of 10 bps in outstanding loans")
RBI reviewing shareholding norms for banks, says Guv Sanjay Malhotra
While India permits 74% foreign direct investment in private banks, it restricts a single financial entity from holding more than 15% unless a regulatory exemption is granted.
 "RBI reviewing shareholding norms for banks, says Guv Sanjay Malhotra")
Rupee opens slightly higher at 85.97/$; focus shifts to RBI dividend
Indian Rupee today: The domestic currency began the session 3 paise higher at 85.97 on Friday, after closing at over a month's low on Thursday
RBI sells $34.5 bn in FY25, highest since global financial crisis
RBI sold $34.5 billion in FY25 to stabilise the rupee amid US dollar strength, with forex reserves dipping and experts predicting record surplus transfer to government
 "RBI sells $34.5 bn in FY25, highest since global financial crisis")