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In an indication that finance companies are playing a greater role in lending to businesses, bank loans to non-banking finance companies (NBFCs) in the first 11 months of FY23 were twice the disbursement to industries.
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Among the Sensex firms, Reliance Industries emerged as the biggest gainer as it jumped over 3 per cent. HCL Technologies, ICICI Bank, Nestle, Tech Mahindra, Infosys, Power Grid, NTPC and Axis Bank were the other major winners.
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Jeffrey Sachs, the director of the Center for Sustainable Development at Columbia University, is in Kerala for the meeting of G20 sherpas. On the sidelines, he spoke to TOI about the challenges around climate finance and how to strengthen multilateral banks.
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Under this mechanism, both the fund and the target company agree on the final purchase price using the target’s most recent audited financial statements, and there are no post-completion adjustments.
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India's largest conglomerates have contributed to elevated inflation in the country and should be broken up, according to former Reserve Bank of India deputy governor Viral Acharya. The so-called “Big 5” – Reliance Group, Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom – have grown at the expense of smaller local firms.
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Investment decisions vary at different stages of life. In the 20s, people show more inclination towards risks and explorations, while making short-to mid-term goals like gadgets or vacations. But people should make achievable goals to invest wisely. In the 30s, people's income rises, and they consider long-term goals like a house, retirement, etc.
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NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface (UPI) transactions above Rs 2,000 while using PPI.
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In the 12-pack index of all state-run banks, India's largest lender the State Bank of India (SBI) is the worst performer with a minor return of just around 3%. All other stocks in the index have given double-digit returns.
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The finance ministry on Tuesday announced a nine-member committee to recommend ways to strengthen multilateral development banks (MDBs), such as the World Bank, so that they can meet the financing requirements of not just the poor countries but also support the developing and emerging economies meet challenges, such as combating the impact of climate change.
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US stocks dipped slightly as investors sold shares of technology-related companies and considered the remarks of Michael Barr, the Federal Reserve's top banking regulator, on struggling banks. Shares of Apple and Microsoft along with other technology shares were among the biggest drags on the S&P 500.
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Former US treasury secretary Larry Summers and the chairman of India's 15th Finance Commission NK Singh will co-chair the group's deliberations, according to a finance ministry statement. The group, set up during India's G20 presidency, will firm up a roadmap for an "updated" MDB ecosystem for the 21st century, according to the statement.
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A CBDC aims to complement, rather than replace, current forms of money, and "holds a lot of promise by way of ensuring transparency, and low cost of operation," the RBI said in a concept note in October.
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India's growing wealthy middle class is changing the country's $1tn sovereign bond market, whereby its savings - invested via life insurers, provident and pension funds - are increasingly funnelled into long-term debt, said sources, reducing the reliance on banks and easing trader anxiety over India's infrastructure projects.
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The S&P 500 closed up Monday, thanks to a deal that saw First Citizens BancShares buy Silicon Valley Bank. The acquisition will help to shore up the failed bank’s deposits and loans. Banks stocks enjoyed upward momentum with the S&P 500 banks index rising 3.1% and the KBW regional banking index up 0.6%.
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The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefits to end users. "Signing an agreement and adding IDFC FIRST Bank to the RBI pilot project is very satisfying, as it together with HDFC Bank enables to showcase offline payment interoperability.
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First Citizens BancShares Inc has agreed to buy Silicon Valley Bank after the latter fell prey to a run by depositors. First Citizens entered into a purchase and assumption agreement covering all deposits and loans of SVB at a discount of $16.5 billion, as well as the purchase of $72 billion SVB assets. FDIC will be selling off securities and other assets, amounting to around $90 billion.
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The Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must follow if such an action is taken. The decision classifying the borrower account as fraudulent must be followed by a reasoned order, it said. The verdict came on a plea of the State Bank of India.
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Public sector banks (PSBs) assured finance minister Nirmala Sitharaman at a review meeting on Saturday that the Indian banking system remains robust and there is no cause for worry.
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The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process. The apex court has listed the matter regarding the second auction for a hearing in the month of August.
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Finance Minister Nirmala Sitharaman has urged state-run banks to remain vigilant, stating that they should review their business models closely to identify stress points. Sitharaman has asked banks to be cautious regarding interest rates, concentration risks, and adverse exposures, and to regularly undertake stress tests.
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Sitharaman advised the PSBs take steps to attract the deposits given the steps taken by the government to reduce the tax arbitrage in some debt instruments. She also asked them to pivot their strengthened financial position to support credit needs of the growing economy and focus on credit outreach in states where the credit offtake is lower than the national average, particularly in northeast and eastern parts of India.
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