🍒 RBI postpones MPC meeting scheduled to begin tomorrow : The Reserve Bank of India (RBI) on Monday said the meeting of the Monetary Policy Committee (MPC), scheduled for September 29, 30 and October 1, 2020, is being rescheduled. The central bank did not cite any reason for the rescheduling the MPC’s meeting. It only said the fresh dates will be announced shortly. The August MPC meeting was the last one for external members Chetan Ghate, Professor, Indian Statistical Institute; Pami Dua, former Director, Delhi School of Economics; and Ravindra H. Dholakia, former Professor, Indian Institute of Management, Ahmedabad, who were appointed to the committee for a four-year term in 2016.- Business Line
🍒 SBI to waive processing fee on YONO loans, offers 10 bps off on home loans : In order to boost credit demand in the upcoming festive season, the State Bank of India will waive off processing fee for customers applying for car, personal and gold loans through digital banking platform YONO. It will also give a concession of upto 10 basis points (bps) on home loans. The country’s largest lender is offering the lowest interest rate starting from 7.5 per cent to customers opting for car loans. They will also get 100 per cent on-road finance on select models, SBI said in a statement. The lender's retail advances grew by 12.85 per cent (year-on-year) in the June quarter (Q1Fy21). Home loans, which constitute 22 per cent of the bank’s domestic advances, have grown by 10.72 per cent. - Business Standard.
🍒 RBI likely to keep rates unchanged : The Reserve Bank of India (RBI) is likely to keep interest rates unchanged in the monetary policy committee (MPC) meeting this week, according to a Mint survey of economists and bankers. Respondents to the poll—10 eminent economists and senior bankers—were unanimous that curbing inflation, currently hovering above 6%, remains the primary concern of the MPC. “We do not expect RBI to cut the policy rate while keeping its stance accommodative. It could instead focus on its intention to keep bond yields contained and announce plain vanilla OMOs (open market operations) or further Operation Twists," said Abheek Barua, chief economist at HDFC Bank Ltd. - Live Mint
🍒 RBI extends enhanced borrowing limit for banks under MSF till Mar 31 : Amid the ongoing economic woes created by the coronavirus pandemic, the Reserve Bank has decided to extend by six months the enhanced borrowing facility provided to banks to meet liquidity shortage till March 31, 2021. The RBI, as a temporary measure, had increased the borrowing limit for scheduled banks under the marginal standing facility (MSF) scheme from 2 per cent to 3 per cent of their Net Demand and Time Liabilities (NDTL) with effect from March 27, 2020. The facility, which was initially available up to June 30, 2020 was later extended up to September 30, 2020 in view of the disruptions caused by the COVID-19 pandemic. - economic times
🍒 RBI approves panel of directors to run day-to-day affairs at LVB : The Reserve Bank of India stepped in to address issues at Lakshmi Vilas Bank on Sunday, approving a Committee of Directors (CoD), composed of three independent directors, who would run the day-to-day affairs of the lender. "This CoD will exercise the discretionary powers of Managing Director and CEO in the ad-interim and is composed of Meeta Makhan - Chairperson of the Committee of Directors, Shakti Sinha - Member and Satish Kumar Kalra - Member," the private sector lender said in a regulatory filing. - Business Line
🍒 ‘Merger or strategic investor could turn around loss-making Lakshmi Vilas Bank’s fortunes’ : A possible merger with a stronger bank or the culmination of its proposed investment from Clix Group are two possible ways ahead for-crisis ridden Lakshmi Vilas Bank with experts pointing out that apart from balance sheet problems, the private sector lender has also faced governance issues. “This whole issue has been allowed to fester for a while. The. bank is past it’s ‘best before date’, and vote is a signal that investors have sent to RBI (Reserve Bank of India) to find a solution to this. Regarding the progress of the deal with Clix Group it will depend on who was negotiating it - the erstwhile CEO, the erstwhile board members or the RBI representatives. Depending on the answer, we will know whether it will continue or has to start afresh,” said Amit Tandon, founder and Managing Director of corporate governance and proxy advisory services, IiAS.- Business Line
🍒 Dhanlaxmi Bank tussle may hit customers, small investors : The tug of war between Dhanlaxmi Bank’s large individual shareholders with roots in Kerala and the new management that is keen on roping in new shareholders, is apparently the reason the old generation private sector Bank is currently in a state of flux. The All-India Bank Employees’ Association (AIBEA) had sought the intervention of the Reserve Bank of India in the affairs of the bank, stating that the new top management may be headed in the wrong direction, with its attempts to open more branches in northern States. Though the Thrissur (Kerala) headquartered bank has recorded continuous profits for the last nine quarters and has a healthy capital position, shareholders feel the ongoing tussle could adversely affect the interests of the majority of the bank’s customers in Kerala and small investors. As at June-end 2020, Dhanlaxmi Bank’s large individual shareholders included B Ravindran Pillai (10 per cent stake), CK Gopinathan (7.50 per cent), Kapilkumar Wadhawan and Yussuffali Musliam Veetil Abdul Kader (5 per cent each). - Business Line
🍒 DHFL moves NCLT over disbursements for 2 SRA projects : With the report of the Transaction Auditor revealing a monetary impact of ₹12,705.53 crore, the Administrator of scam hit Dewan Housing Finance Corporation Ltd (DHFL) has filed an application in respect of disbursements made towards the development of two SRA (Slum Rehabilitation Authority) projects. Also read: Forensic audit findings on DHFL. “Basis the investigation and observations of the Transaction Auditor, the Administrator has filed an application in respect of disbursements made towards the development of two SRA projects, before the Mumbai Bench of the National Company Law Tribunal … on September 27, 2020 against Kapil Wadhawan, Dheeraj Wadhawan, the developers and assignees of the SRA projects,” DHFL said in a regulatory filing on Monday. “The Application is in relation to certain irregularities in loan disbursements towards development of SRA projects, undertaken by the company in the past,” it further said. - Business Line
🍒 Paytm Money starts stockbroking business : Homegrown digital financial services platform Paytm on Monday announced that its wholly-owned subsidiary Paytm Money has opened stockbroking access for everyone in the country. “The company aims to onboard over 10 lakh investors this fiscal with the majority of them first-time users from small cities and towns,” it said in a statement, adding that it aims to drive higher penetration in investing with an easy-to-use product, low pricing and digital KYC with paperless account opening. Paytm Money has registered over 2.2 lakh investors, of which 65 per cent of users are in the age group of 18 to 30 years.- Business Line
🍒 NCLAT may reconsider its 5-member bench ruling on debt acknowledgement for insolvency plea : Appellate tribunal NCLAT may reconsider its own judgement passed by a five-member bench on the acceptability of debt entered in the balance sheet of a company for deciding the time frame for initiating insolvency proceedings. The issue pertains to whether entries in the balance sheet can be treated as an acknowledgement of debt for the purpose of calculating the three-year period limitation in terms of applicability of Section 18 of the Limitation Act, 1963. Limitation Act is also applicable for proceedings under the Insolvency and Bankruptcy Code (IBC). - economic times
🍒 Chinese banks to start enforcement action against Anil Ambani’s worldwide assets : The three e Chinese banks to whom Anil Ambani owes more than $716 million (Rs 5,276 crore), as well as significant legal costs, have decided to pursue their rights against him on his worldwide assets, following the beleaguered Reliance Group chairman’s English high court cross-examination on Friday. Once the world’s sixth-richest person, Ambani was ordered by a UK court on May 22 this year to pay $716 million (Rs 5,276 crore) including interest and £750k (Rs 7.04 crore) in legal costs to the Industrial and Commercial Bank of China, Export-Import Bank of China and China Development Bank. By June 29, the debt he owed, after taking accrued interest into account, had risen to $717.67 million.- economic times
🍒 SC adjourns loan moratorium interest case to October 5 : The Supreme Court on Monday adjourned the hearing on relief for the loan moratorium issue till October 5 as the government submitted that a decision on relief will be taken soon. According to the daily order of the court, Solicitor General Tushar Mehta submitted that the issues are under active consideration of the Government of India and, only after a decision is taken, an affidavit along with the decision can be filed. “The affidavit will be sent by October 1 through email to the appearing counsel,” he told the Bench comprising Justices Ashok Bhushan, R Subhash Reddy and MR Shah. - Business Line
🍒 Fake currency notes worth Rs 1 crore deposited in RBI : Fake currency notes worth Rs 1 crore have been deposited in various banks which then deposited the same in the Reserve Bank of India. The assistant manager of Reserve Bank of India in Lucknow’s Metropolitan Kotwali has filed a complaint after fake notes worth Rs 1 crore were deposited in several banks between 2017 and 2018. Assistant manager Ranjana Maravi said 15,436 fake notes were deposited in the currency chest of the Reserve Bank of India between October 2017 and March 2018. During the investigation, 9,753 notes of Rs 500 and 5,783 notes of Rs 1,000 were found to be fake. The total fake notes recovered are close to Rs 1.05 crore. Ranjana Maravi has also asked the metropolitan police to conduct a forensic examination of the seized notes. - tribune
🍒 Lenders give clean chit to Reliance Commercial Finance as GT audit finds no fraud : A group of lenders, including the National Bank for Agriculture and Rural Development (Nabard), has given clean chit to Reliance Commercial Finance Ltd (RCFL), the NBFC arm of Reliance Capital, after an independent forensic audit report from Grant Thornton did not detect any fraud in the RCFL account. As per the report, of the total consolidated debt owed to banks, RCFL accounted for Rs 11,620 crore, Reliance Home Finance Ltd (RHFL) Rs 7,430 crore and Reliance Capital (standalone) Rs 6,750 crore of debt. The consolidated debt includes term loans, cash credit and non-convertible debentures. Last year, lenders had given a go-ahead to appoint Grant Thornton to conduct a forensic audit of two Reliance Capital arms, the listed-RHFL and RCFL. According to banking sources, the consortium of lenders led by Bank of Baroda has accepted the forensic audit report submitted by Grant Thornton, which indicates that no fraud has taken place. It is to be noted that appointment of auditor is part of the standard operating procedure for all companies going through the ICA (inter-creditor agreement) process, and is a mandatory requirement under the guidelines laid down by the Reserve Bank of India. Sources further said that clean chit has been given to RCFL as the lenders have accepted the audit report. - financial express
🍒 Gold prices dip marginally to Rs 49,757 per 10 gram; silver gains Rs 594 : Gold prices fell marginally by Rs 89 to Rs 49,757 per 10 gram in the Mumbai retail market on rupee depreciation, weak global cues and rally in the equity market. The precious metal traded under pressure as investors are awaiting the US presidential election debate and key data from China. The rate of 10 gram 22-carat gold in Mumbai was Rs 45,577 plus 3 percent GST, while 24-carat 10 gram was Rs 49,757 plus GS
T. The 18-carat gold quoted at Rs 37,318 plus GST in the retail market. Silver prices gained Rs 594 to Rs 58,071 per kg from its closing on September 25.
🍒 Rupee opens on a flat note versus dollar : The rupee started the session on a flat note against the dollar, opening at 73.68 from the previous close of 73.67 levels. It has been trading in the band between 73.56 and 73.68 for the session. After taking support at around 73.8, the rupee started to strengthen and appreciated to 73.5 levels. As long as the key support level of 73.8 holds, the near-term view will remain positive for the session. A strong move beyond 73.55 can take the INR to 73.3 and then to 73 levels in the short term.
🍒 Sensex rallies 593 points; financial, auto stocks take charge : The 30-share BSE Sensex settled 592.97 points or 1.59 per cent higher at 37,981.63, while the NSE Nifty surged 177.30 points or 1.60 per cent to 11,227.55. In the Sensex pack, IndusInd Bank was the top gainer, soaring around 8 per cent, followed by Bajaj Finance, Axis Bank, PowerGrid, ONGC, ICICI Bank, Sun Pharma and M&M.On the other hand, HUL, Infosys and Nestle ended in the red. “Key indices ended high as bulls led the charge backed by financials and well supported by auto and pharma stocks,” said S Ranganathan, Head of Research at LKP Security
No comments:
Post a Comment