BUSINESS
10-year government securities, RBI repo rate narrows to 7-year low to 26 bps in September
According to the Bloomberg data, spread between 10-year government securities and repo rate stood at 26 bps on September 16. This was lowest level since August 2, 2017, when the spread stood at 21 bps.
BUSINESS
CP issuances surge 22% year-on-year to Rs 1.4 lakh crore in August amid costlier bank loans
On September 9, Moneycontrol reported that a few banks raised their marginal cost of funds-based lending rates in September to transmit the RBI's 250 basis points rate hike and respond to the rising costs and sluggish growth of deposits
BUSINESS
RBI imposes monetary penalty on BNP Paribas, SMFG India Credit Company, 2 others for rule violations
Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to BNP Paribas, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
BUSINESS
NaBFID is not looking for equity investment; we are adequately capitalised, says MD Rajkiran Rai
Rai said the company plans to borrow Rs 53,000 crore through bonds in the domestic market this financial year and has already raised Rs 9,000 crore.
BUSINESS
Spread between 10-year G-Secs and SDLs widens in September
The spread between the 10-year SDL and G-Sec stood at 37 bps on September 3 from 32 bps on April 2. Usually, whenever the spread between G-Secs and SDLs widens, it indicates a rise in state borrowings,
BUSINESS
NaBFID's loan sanctions to rise to Rs 3.2 lakh crore by end of FY25, says MD Rajkiran Rai
On the equity investment front, Rai said that the company is not looking for it, but did not ruled out the possibility going ahead.
BUSINESS
Yes Bank's stake sale stuck as RBI concerned with majority ownership by foreign bank
On August 1, Moneycontrol citing sources reported that RBI has asked investors seeking a controlling stake in Yes Bank to reconsider their demands, including acquiring and retaining a majority stake, potentially prolonging the deal process
BUSINESS
NaBFID should offer better credit terms to municipal corporations to ensure greater investors interest, says SEBI's ED
Investors such as insurance companies, pension funds, NPS and EPFO need to have a green investment mandate like the one they have for investing in corporate bonds, Pramod Rao has said
BUSINESS
CD issuances rises in August amid lagging deposit growth in banks
According to Prime Database, banks raised Rs 82,020 crore through certificates of deposit in August this year compared with the Rs 57,170 crore they had in August 2023.
BUSINESS
Corporate bond issuances surge 63% in August, retail participation rises
According to the Prime database, banks and India Inc raised Rs 81,925 crore in August, as compared to Rs 50,216 crore a year back
BUSINESS
Shriram Group eyes listing of insurance arms in next 2 years, says Umesh Revankar
Revankar also said that in terms of scaling, the company wants to gear it up and then go for an initial public offering (IPO) for both the insurance arms
BUSINESS
Few banks increase MCLR to transmit repo rate hike, rising cost of deposits
The 1-year median marginal cost of funds-based rate (MCLR) of SCBs increased by 170 bps during May 2022 to July 2024. Consequently, weighted average lending rates (WALRs) on fresh and outstanding rupee loans increased by 181 bps and 119 bps, respectively, during May 2022 to June 2024, RBI said.
BUSINESS
Indel Money to on board 2 banks for outward remittances in next one month
The total business turnover in outward remittances so far in the current financial year was close to Rs 17 crore, with major focus on education and tour remittances.
BUSINESS
Outsourcing most activities and specialising in few will not work, says Shriram Finance's Umesh Revankar
Revankar on the collections front said that in the digital era companies do not require any specialise teams, but rather they can have some local arrangements at small scale.
BUSINESS
FPI investments in FAR securities steadily rise over 10% since bonds enter JP Morgan index
FPIs investment in FAR securities stood at Rs 2.30 lakh crore as on August 31, which was up 11.62 percent on-month, from Rs 2.06 lakh crore as on July 31, according to the Clearing Corporation of India’s (CCIL) data.
BUSINESS
RBI data shows 19% surge in credit card spends; experts attribute growth to wider reach, UPI
Out of the total Rs 1.73 lakh crore credit card transactions, e-commerce payments were highest of Rs 1.11 lakh crore. This was followed by point of sale of Rs 62,285 crore
BUSINESS
RBI governor expects new external members of MPC to be in appointed on time
RBI MPC comprises of six members. These include three central bank officials and three external members.
BUSINESS
Fundamental drivers of economy gaining momentum, despite slowdown in GDP growth: RBI governor
With the monsoon progressing well and healthy kharif sowing raising prospects of better harvest, there is greater optimism that food inflation outlook would become more favourable during the course of the year, said the RBI governor
BUSINESS
Bajaj Housing Finance’s primary capital from IPO will be used for organic growth, says MD Atul Jain
Bajaj Housing Finance’s IPO will open between September 9 and September 11, according to the firm's red herring prospectus (RHP).
BUSINESS
MC Exclusive | 'We want to be the financial life cycle partner to every Indian': Sanjiv Bajaj, Chairman & MD, Bajaj Finserv
Speaking exclusively to Moneycontrol, Sanjiv Bajaj, Chairman & MD, Bajaj Finserv said Bajaj Housing’s ability to go public within seven years from starting the business is reiteration of the level of comfort the company gives to its customers and lenders by being a part of Bajaj group.
BUSINESS
IDFC First Bank plans to grow deposits by 25% CAGR until FY27, says V Vaidyanathan
Total deposits of the bank increased by 38.7 percent on-year from Rs 1. 45 lakh crore as of March 31, 2023 to Rs 2.01 lakh crore as of March 31, 2024.
BUSINESS
RBI may launch ULI platform within a month, says NABARD’s Goverdhan Rawat
Rawat also said that 'Agri-SURE' fund, a Rs 750-crore agri fund for startups and rural enterprises, which was announced in July, will be launched on September 3.
BUSINESS
Banks to lose on opportunities if they don't work with fintechs: Axis Bank’s CEO Amitabh Chaudhry
Going ahead, Axis Bank will offer a service on its mobile app where customers of other banks will be able to undertake transactions rather than just being able to view the account details as is offered today, Chaudhry said
BUSINESS
Fintech SROs to work consciously, consistently to create favourable conditions for competition, say RBI DG
On the Central Bank Digital Currency (CBDC) front, Sankar said that clear use cases that are going to be established by programmable tokens, programmable CDDCs, this segment of the market can become as liquid or as heavy as any other segment.
