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Bhargav Dasgupta, the CEO of ICICI Lombard General Insurance, has resigned from his position to take on the role of Vice President (Market Solutions) at the Asian Development Bank. He cited new insurance regulations that limit a CEO's tenure to a maximum of 15 years as the reason for his departure. He expressed confidence that a successor would be appointed soon, and his resignation was effective immediately.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QKouB03
The State Bank of India (SBI), the country's largest lender, achieved a milestone by raising Rs 10,000 crores through its fourth infrastructure bond issuance, garnering an enthusiastic response from investors. The bonds were issued at a coupon rate of 7.49 per cent, further establishing SBI's strong position in the market, the SBI said in a release.
Further Federal Reserve interest rate increases are "not off the table" with inflation still not clearly contained, Boston Federal Reserve President Susan Collins said in remarks on Friday backing the current central bank outlook for interest rates to remain "higher, and for longer."
The Asian Development Bank (ADB) on Friday appointed Bhargav Dasgupta, MD and CEO of ICICI Lombard General Insurance, as Vice-President (market solutions) for a period of three years. He will be responsible for management of the operations of ADB's Private Sector Operations Department and Office of Markets Development and Public-Private Partnerships, ADB said in a statement.
The Reserve Bank of India (RBI) has proposed significant changes in the rules regarding wilful defaulters, including allowing non-banking financial companies (NBFCs) to classify such borrowers. Under the new proposal, borrowers with an outstanding loan of Rs 25 lakh or more, unpaid for six months, could be classified as defaulters and barred from joining any company board.
The Bank of England (BoE) has brought the most aggressive cycle of interest-rate rises in more than three decades to a close amid falling inflation and mounting fears of recession. The central bank held key rate at 5.25%, ending a series of 14 successive hikes since December 2021, when rates were just 0.1%
The Reserve Bank of India (RBI) can spend up to $30 billion from its forex reserves to defend the rupee, according to Deutsche Bank. This would still leave India with enough reserves to cover imports for ten months. The rupee is currently close to its all-time high against the US dollar, and the RBI has been actively intervening in the forex market to manage volatility.
The banking system in India faced a liquidity deficit of nearly Rs 1.5 lakh crore on Wednesday, primarily due to outflows related to advance tax payments and preparations for GST remittances ahead of the second quarter's end. The Reserve Bank of India (RBI) announced that it had provided liquidity support of Rs 1.5 lakh crore on Monday.
The Federal Reserve has decided to keep its primary interest rate unchanged at 5.25%-5.5% in an effort to achieve a "gentle landing" for the US economy. The central bank aims to cool down inflation without causing a severe recession. The Federal Reserve has been implementing a series of interest rate hikes since March 2022 to slow down the economy and rein in inflation. While progress has been made, certain service costs are still increasing at a higher rate than before the pandemic.
Sensex, Nifty tank: While the equity benchmark indices, Nifty in particular, were hit by the decline in HDFC Bank and Reliance Industries, broader global cues were unfavorable as well.
HDFC Bank, India's leading private lender, has warned that its merger with HDFC Ltd will negatively impact its financial metrics, including margins and bad loan ratios. The bank's gross bad loan ratio is expected to increase from 1.2% to 1.4% post-merger, while excess liquidity from the merger will drag down net interest margins by around 25 basis points.
The country's biggest private sector lender HDFC Bank on Tuesday said the Reserve Bank has approved the re-appointment of its managing director Sashidhar Jagdishan for a period of three years with effect from October 27.
HDFC Bank, the country's largest private sector lender, has received approval from the Reserve Bank of India for the re-appointment of its managing director, Sashidhar Jagdishan, for a three-year term. Jagdishan took over as MD and CEO in 2020, replacing the bank's founder CEO, Aditya Puri. The approval comes after the merger of HDFC Ltd with HDFC Bank, making it the second-largest bank in India.
The Indian rupee closed at a record low of 83.27 against the dollar, causing analysts to review their forecasts. Despite the Reserve Bank of India selling dollars in the forex market, the rupee continues to weaken. Factors such as rising US yields, higher oil prices, and expectations of interest rate hikes in the US are putting pressure on the rupee. The current account deficit and balance of payments have also raised concerns.
According to a report by the Reserve Bank of India, the Indian economy is showing signs of strength due to increased private consumption and public sector capital expenditure. The report also predicts that global growth will be lower in the coming years, with emerging economies like India becoming key drivers of the global economy.
The Reserve Bank of India (RBI) ensures consumers are well-prepared for these closures by publishing a monthly list of bank holidays.
This service is designed for NTB or 'new to bank' customers, providing them with ease and efficiency in the account opening process, SBI said in a statement on Monday. This initiative fulfils a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India, it said.
The US dollar and most major currencies were flatlining in early trades on Monday, barring a blip in sterling, as a Japanese holiday and a bunch of upcoming central bank meetings sucked the air out of markets.
Canada's third-largest bank, the Bank of Montreal (BMO), announced on Saturday its decision to phase out its retail auto finance division and redirect its attention toward other sectors. This strategic shift will unfortunately entail an undisclosed number of job reductions.
The market valuation of TCS jumped Rs 57,300.75 crore to Rs 13,17,203.61 crore. HDFC Bank added Rs 28,974.82 crore taking its market capitalisation (mcap) to Rs 12,58,989.87 crore. The mcap of Bharti Airtel rallied Rs 28,354.73 crore to Rs 5,23,723.56 crore and that of Infosys zoomed Rs 17,680.53 crore to Rs 6,27,637.87 crore. Hindustan Unilever Limited was the only laggard from the top-10 pack.
