🍒 Banks can deploy on-tap TLTRO funds in agriculture, retail and MSMEs: RBI : The Reserve Bank of India on Wednesday said that banks can deploy money drawn from Rs 1 trillion on-tap targeted long term repo operations (on-tap TLTRO) in six sectors - agriculture, agri-infrastructure, secured retail, MSMEs, and drugs, pharmaceuticals and healthcare. Liquidity availed by banks under the scheme has to be deployed in corporate bonds, commercial paper and non-convertible debentures issued by the entities in specific sectors. Liquidity availed under the scheme can also be used to extend loans and advances to these sectors, the RBI said in guidelines issued for the scheme. On tap TLTROs are intended to enable banks to conduct their operations smoothly and seamlessly without being hindered by illiquidity frictions. This was done in view of the borrowing requirements of the Centre and states in the second half of 2020-21 and the likely pick-up in demand for credit as the recovery gathers strength, RBI had said in early this month. - Business Standard
🍒 India at doorstep of economic revival, says RBI Governor : Reserve Bank Governor Shaktikanta Das on Wednesday said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the central bank and the government.Shaktikanta Das was speaking at the launch of the book ‘Portraits of Power: Half a Century of Being at Ringside’, written by former bureaucrat and current chairman of the Finance Commission N K Singh. “We are almost at the doorstep of revival process and it’s very important that the financial entities have adequate capital (to support growth),” he said. - Business Line
🍒 Festival season offer: SBI announces concession in home loan rates : State Bank of India on Wednesday announced concession in home loan rates of up to 25 basis points (bps) as part of its festival season offer. The country’s largest bank, in a statement, said home loan customers would get an interest concession of 20 bps for buying homes of above ₹75 lakh based on CIBIL (Credit Bureau) score. Additionally, 5 bps concession will be offered for home loans if applied through YONO, SBI’s digital banking platform. One basis point is equal to one-hundredth of a percentage point. SBI also said it is offering credit score based concessions of up to 20 bps, up from 10 bps earlier, for a home loan of above ₹30 lakh to ₹2 crore across India. This concession would also be applicable for home loan customers for a loan amount of up to ₹3 crore in eight metro cities, it added. An additional 5 bps concession for all home loans is given if applied through YONO, the statement said. - Business Line
🍒 YES Bank offers discounts on credit card; loans at competitive rates : Yes Bank on Wednesday introduced festival season offers with discounts on processing fee on loans, low-cost EMIs, gift vouchers, cashbacks as well as various consumer loans at competitive interest rates. Unveiling the 'Khushiyon Ki Karein Zimmedari Se Tayyari' campaign, Yes Bank said customers can avail hassle-free loans personal and business loans, two-wheeler and auto loans up to 100 per cent of on-road prices at competitive interest rates, topped up with tailored options and flexible payment plans. In addition to these offerings on easy loans, customers can enjoy benefit of over 100 attractive deals on Yes Bank credit cards with rewards, Yes Bank said in a release. Under the various offers available, the lender said it will offer car loans beginning from 7.99 per cent with up to 100 per cent on-road prices, besides longer tenor option of up to 8 years. - Business Stndard
🍒 HSBC to cut up to 300 jobs in UK commercial banking overhaul: Sources : HSBC has launched a restructuring of its commercial banking business in Britain, a source familiar with the matter told Reuters on Wednesday, resulting in around 300 job losses. "In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank," a spokesman for HSBC said. Europe's biggest bank in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak, as Europe's biggest bank grapples with the impact on its already falling profits. Chief Executive Noel Quinn has said the moves are necessary to improve the banks profits, as economic forecasts point to a challenging time ahead for the Asia-focused lender. - economic times
🍒 Surging UPI failure rates worry banks : The record surge in online payments since the onset of the pandemic is testing the digital infrastructure of public sector banks beset by sharp spikes in failed transactions, data from the National Payments Corporation of India (NPCI) shows. Ten of the top 30 banks using the country’s unified payment interface ( UPI) network recorded failure rates of over 3% for the month of September, latest data showed, nine of these ten banks are state-owned. United Bank of India recorded the highest rate of technical decline at 12.4% followed by Canara Bank at 5.9% and State Bank of India at 5.3% in September. In comparison, before July, the technical decline rates for most of the top thirty banks stood at less than 1% according to NPCI data. - economic times
🍒 Mudra loans surpass FY20 target by 5% at ₹3.37-lakh cr : Small business loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) have exceeded the target set for the financial year ended March 31, 2020, at ₹3,37,495 crore. The target set by the Government of India under PMMY for FY20 was ₹3.25-lakh crore, which was distributed across various lending institutions, banks, MFIs and NBFCs based on their outreach and presence in various parts of the country. According to the latest data available, sanctions in FY20 registered a 5 per cent growth over the previous year, which registered loan sanctions worth ₹3,21,721 crore. - Business Line
🍒 Rates on small savings way higher than they should be under the ‘committed formula’ : Small savings schemes offered by the post office have always found favour with savers, as they offer notably higher rates than bank deposits. While this anomaly was intended to be set right by aligning rates on small savings to market rates from April 2016, latest data suggests that the wide disparity still persists. According to the RBI’s monetary policy report, the existing rates (for the October-December quarter) offered by various small savings schemes are higher by 83-203 bps than the rates based on the ‘committed formula’. For instance, while the formula-based rate for the popular public provident fund (PPF) is 6.27 per cent (based on corresponding G-Sec yield and spread), the scheme currently offers 7.1 per cent. Similarly, the five-year NSC offers 6.8 per cent currently, as against the formula-based rate of 5.65 per cent. The senior citizen savings scheme (SCSS) offers 7.4 per cent, 111 bps higher than what it should be according to the formula. - Business Line
🍒 Aatmanirbhar Bharat: Raghuram Rajan cautions against import substitution by erecting tariffs : India would do well not to focus on import substitution by erecting tariffs under the Aatmanirbhar Bharat package, said Raghuram Rajan, former Governor of the RBI on Wednesday. “If the focus under Aatmanirbhar is on import substitution by erecting tariffs – which we have done lot in the last few years – it is a direction we tried before and failed. I would caution against going that direction,” said Rajan at a webinar on ‘India’s Third Pillar – The Way Forward’, organised by the Centre for Financial Studies at Bhavan’s SPJIMR. - Business Line
🍒 IRDAI to tighten insurance advertising norms : Insurers will soon have to be more cautious in their advertisements as the insurance regulator is in the process of bringing out comprehensive regulation. As per the draft Insurance Regulatory and Disclosure Regulations 2020, released by the IRDAI, advertisements that make claims beyond the ability of the policy and describe benefits that do not match policy provisions will be treated as “unfair and misleading” advertisements. They also cannot use terms or phrases that convey a fabricated sense of security, the draft regulations said. “All insurance advertisements should ensure that communications are clear, fair and not misleading, and they should use material and design to present information legibly and in an accessible manner,” the draft said. - Business Line
🍒 Bajaj Finserv Q2 profit falls 18% : Bajaj Finserv Ltd (BFS) reported an 18 per cent drop in consolidated net profit at ₹986 crore in the second quarter ended September-end 2020 against ₹1,204 crore in the year-ago period. BFS is the holding company for the various financial services businesses under the Bajaj Group. The holding company’s bottomline was weighed down as Bajaj Finance Ltd (BFL) reported a 36 per cent year-on-year (yoy) decline in consolidated net profit at ₹965 crore and Bajaj Allianz Life Insurance Company Ltd (BALIC) reported a 53 per cent yoy drop in shareholders’ net profit at ₹98 crore. - Business Line
🍒 IRDAI moots basic standard cover against cyber attacks : The Insurance Regulatory and Development Authority of India (IRDAI) has formed a working group to examine the need for standard cyber liability insurance products, chaired by P Umesh, Consultant-Liability Insurance. Observing that cyber attacks are on the rise with a number of high-profile data breaches amid the Covid-19 pandemic, the regulator said cyber security is the “most important need” for all sectors today to address the numerous risks posed by cyber attacks. The general liability policies do not cover cyber risks, and cyber cover products currently available are highly customised for clients. - Business Line
🍒 Hasten claim settlements in flood-hit States: IRDAI : The insurance regulator has directed all general and standalone health insurers to take immediate action for quick registration and disposal of claims arising out of floods in parts of Telangana, Andhra Pradesh and neighbouring States. “The recent floods (October 2020) have caused immense loss to property in parts of Telangana, Andhra Pradesh and neighbouring States. There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population,” said Yegnapriya Bharath, Chief General Manager (Non-Life), Insurance Regulatory and Development Authority of India (IRDAI), in a circular.- Business Line
🍒 Australia’s Westpac selling stake in buy-now-pay-later firm Zip : Westpac Banking Corp said on Wednesday it would sell its 10.7 per cent stake in buy-now-pay-later firm Zip Co Ltd in a deal valued at about A$368 million ($260 million), as it aims to trim its portfolio and improve its capital position. Australia’s second-largest lender, whose capital has been eroded by a record lawsuit settlement and surge in bad-debt provisions due to the coronavirus outbreak, said the sale will add around 8 basis points to its common equity tier 1 capital ratio. - Business Line
🍒 Your name should not mislead about your role: AMFI tells MF distributors : The Association of Mutual Funds in India (AMFI) has released a list of 39 permissible and 52 non-permissible names for mutual fund distributors (MFDs). It has directed distributors follow the SEBI diktat banning the use of nomenclature such as ‘independent financial advisor’ (IFA) and ‘wealth advisor’, unless registered with SEBI as such. SEBI has amended the Investment Advisor Regulations, prohibiting the use of words such as advisor, IFA, wealth advisor and ‘similar names’ by MFDs from October. The amendment was proposed in February and enacted in July. However, the implementation of the amendment was deferred to October at the request of MFDs. - Business Line
🍒 Central govt employees not covered under PLB scheme to get upto Rs 7,000 as monthly ad-hoc bonus : Central government employees not covered by any productivity-linked bonus scheme will get upto Rs 7,000 in monthly ad-hoc bonus for emoluments in the last fiscal, according to a finance ministry memorandum on Wednesday. The festive bonus will be applicable to employees of the central para military forces and the armed forces as well as some Union Territory (UT) administration employees, the memorandum said. The grant of non productivity-linked bonus (non-PLB) or ad-hoc will be applicable only to those employees who were in service on March 30, 2020 and worked for six continuous months in the previous fiscal, the ministry said.. - Business Line
🍒 Cabinet to soon consider new PSE policy: DEA Secretary : The Union Cabinet will soon consider a new public sector enterprises policy that will define strategic sectors which would have not more than four state-owned firms, Economic Affairs Secretary Tarun Bajaj said on Wednesday. As part of the 'Aatmanirbhar Bharat Abhiyan' package, the government in May had announced that there will be a maximum of four public sector companies in strategic sectors, and state-owned firms in other segments will eventually be privatised. Under the policy, a list of strategic sectors will be notified where there will be at least one and a maximum of four public sector enterprise, apart from private sector companies. - economic times
🍒 Govt plans to extend PLI scheme to 7-8 more sectors to promote manufacturing: DEA Secretary : Enthused by initial response of industry with regard to the production-linked incentive (PLI) scheme, Economic Affairs Secretary Tarun Bajaj on Wednesday said the government is considering an extension of the scheme to 7-8 more sectors to promote domestic manufacturing. With the view to make India a manufacturing hub, the government recently announced the PLI scheme for mobile phones, pharma products and medical equipment sectors. "I have a lot of confidence and hope on the PLI scheme that we have brought out for mobile phones, pharma products and medical equipment, and in the offing are about 7-8 sectors where the PLI scheme would be extended," Bajaj said while addressing a virtual CII conference. - economic times
🍒 Gold prices climb to highest level since September 18, at Rs 51,366/10 gm; silver gains Rs 1,085/kg : Gold prices climbed Rs 390 to Rs 51,366 per 10 gram in the Mumbai retail market on a weaker rupee and positive global cues. The precious metal settled at the highest level since September 18 in India amid growing optimism over the US stimulus package before the election. The rate of 10 gram 22-carat gold in Mumbai was Rs 47,051 plus 3 percent GST, while 24-carat 10 gram was Rs 51,366 plus GST. The 18-carat gold quoted at Rs 38,525 plus GST in the retail market. Silver prices jumped Rs 1,085 to Rs 63,263 per kg from its closing on October 20.
🍒 SEBI slaps fines on Kirloskar brothers for insider trading; levies ₹32-crore penalty : The promoters of Pune-based Kirloskar Brothers have been penalised by SEBI in a decade-old insider-trading case. The regulator has asked Rahul and Atul Kirloskar to pay up ₹31.21 crore in 45 days. They have also been banned from dealing in the markets for six months. - Business Line
🍒 Sensex rises 163 points; Nifty tops 11,900 level : Extending its gains for the fourth session, equity benchmark Sensex ended 163 points higher on Wednesday, led by index majors HDFC twins and ICICI Bank. After gyrating 825.54 points in a highly volatile session, the 30-share BSE index ended 162.94 points or 0.40 per cent higher at 40,707.31.Similarly, the broader NSE Nifty rose 40.85 points or 0.34 per cent to finish at 11,937.65. It touched an intradday high of 12,018.35.PowerGrid was the top gainer in the Sensex pack, surging over 4 per cent, followed by Bharti Airtel, Tata Steel, NTPC, HDFC Bank, UltraTech Cement and Kotak Bank. On the other hand, TCS, Nestle India, Reliance Industries and HCL Tech were among the laggards.
🍒 Rupee pares early gains, settles 9 paise lower at 73.58 against US dollar : The rupee pared its initial gains and depreciated 9 paise to settle at 73.58 (provisional) against the US dollar on Wednesday, as heavy selling in domestic equities weighed on investor sentiment. At the interbank forex market, the domestic unit witnessed a highly volatile trading session. It opened at 73.39, pared the gains and finally closed at 73.58 against the greenback, registering a decline of 9 paise over its previous close of 73.49.
No comments:
Post a Comment