Page 23 - Finance Sector

$6.4 trn stock wipeout has traders fearing the start of a 'great unwind'

Whether Monday's wild gyrations mark the final bang of a global selloff that started to build last week or signal the beginning of a protracted slump is impossible to know

Rupee expected to decline further as policy shift comes into focus

The currency tested successive lows in recent days amid outflows from local stocks following a hike in equity taxes

Allocated Rs 633 cr for ECL provisions: Jammu & Kashmir Bank MD & CEO

This journey over the past two and a half years has been remarkably engaging and incredibly interesting for me, Baldev Prakash, Jammu & Kashmir Bank, MD & CEO

Bank of Baroda sees up to 15 percentage points LCR impact after RBI norms

The LCR level was 122 per cent in March 2024. As a part of liability management, the bank has sold down borrowing on excess Statutory Liquidity Ratio (SLR), Chand said

Try pay-as-you-drive insurance cover if driving under 10K km annually

A standard motor insurance plan has no cap on the number of kilometres (kms) a customer can drive. "In a PAYD plan, customers opt for a predefined number of kilometres

Draft guidelines may impact banks' existing LCR by upto 300 pps: CRISIL

Last week, RBI proposed to tighten norms related to liquidity coverage ratio by increasing the run-off factor to 5 per cent for retail deposits

RBI issues final directions on cybersecurity controls for non-bank PSOs

RBI has given different timelines to these entities, depending on their size, to set up compliance structures

Navi Finserv closes $38 mn personal loan securitisation deal with JP Morgan

The transaction between the two firms, structured in the form of pass-through certificates (PTC), will be backed by a pool of unsecured personal loans. It will be originated and serviced by the NBFC

'Too big to fail' Big Techs pose risk profiling challenges: RBI report

Says digitalisation has enhanced banks' efficiency and increased competition within the sector

Room for India's DPI to diversify digital trade, says RBI report

According to Das, in the rapidly evolving technology landscape, balancing financial stability, customer protection and competition will remain the key policy challenge

Reserve Bank of India warns of cyber security, frauds due to digitisation

The report said digitisation can also bring new risks and challenges for customer protection and financial stability

RBI plans five-episode web series to showcase its 90-yr journey, functions

The Reserve Bank of India (RBI) is planning a five-episode web series to provide an in-depth presentation about its functions and its 90-year journey. The web series is proposed to be for nearly three hours, with each episode having a duration of 25-30 minutes, according to an official document. The RBI, which was set up in 1935, completed 90 years in April this year. "The bank is desirous of creating a web series of five episodes of approximately 25-30 minutes each, which can be aired on national TV channels and/or OTT platforms, commemorating 90 years journey of RBI," it said in the document inviting bids through e-tendering for 'Production and distribution of Web Series Commemorating 90 years of RBI'. The five-episode series will serve as a valuable resource for enhancing public understanding of the central bank's vital role in the economy, fostering greater engagement, and building trust and confidence in its operations and policies, it said. For the web series, the RBI has ..

Fresh concerns for systemic stability must be monitored

The RBI is moving to implement changes in guidelines on Liquidity Coverage Ratio with higher runoff rates and haircuts

MSMEs get a helping hand in Budget but challenges in financing remain

According to CRISIL Ratings' bi-annual 'MSME Report' (June 2023), the debt need of the sector is more than Rs 100 trillion. Of this, 70% is for working capital requirements alone

Reduction in TDS for life insurance payouts draws mixed reactions

TDS will be reduced from current rate of 5% to 2% from October 1

Foreign exchange reserves jump $4 billion to new peak of $670.85 billion

Surpassing the all-time high level achieved the previous week, India's forex reserves jumped by another USD 4 billion to USD 670.857 billion for the seven days ended July 19, the Reserve Bank said on Friday. The overall reserves had jumped by USD 9.699 billion to an all-time high of USD 666.854 billion in the week ended July 12. For the week ended July 19, foreign currency assets, a major component of the reserves, increased by USD 2.578 billion to USD 588.048 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 1.329 billion to USD 59.992 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 95 million to USD 18.207 billion, the apex bank said. India's reserve position with the IMF were unchanged at USD 4.610 billion in the reporting we

RBI issues prompt corrective action framework for urban cooperative banks

The RBI on Friday issued a prompt corrective action framework for urban cooperative banks with an aim to enabling supervisory intervention at an appropriate time. The provisions of the Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks (UCBs) will be effective from April 1, 2025. The objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health. The Reserve Bank had issued a Supervisory Action Framework (SAF) as an early intervention tool for bringing about desired improvements in weak UCBs and UCBs which are experiencing financial stress. The SAF was last revised in January 2020. "This PCA framework shall replace the SAF," the RBI said in a statement. The revised framework seeks to provide flexibility to design entity specific supervisory action plans based on the assessment of risks on a case-by-case ...

DLAI adds former RBI execs to advisory council, aims for SRO-FT recognition

An SRO is a non-governmental organisation that acts as a bridge between industry players and the regulator. It also sets standards for the conduct of entities operating in the country

Cred launches product to track expenses, view total bank account balances

The new Cred product will be rolled out to its members in phases starting Thursday, making it one of the first fintechs to launch the offering

Budget 2024: Defining trajectory pathways for Viksit Bharat@2047

Competitive federalism can install accelerators in key sectors