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The RBI announced an increase in the UPI transaction limit for hospitals and education services to Rs 5 lakh. The limit for recurring digital payments without second-factor authentication was enhanced to Rs 1 lakh for mutual fund subscription, insurance premium, and card bills. Consumers can opt-out anytime. The RBI also plans to create a repository for fintechs to store important information. The Reserve Bank Innovation Hub aims to make the repository operational by April 2024.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/lRAsH6T
RBI governor Shaktikanta Das has said that the recent pre-emptive measures taken by the Reserve Bank in respect of Banks and NBFCs were geared towards addressing potential risks and preserving the resilience of the financial sector.
The rupee settled lower against the US dollar after the Reserve Bank of India kept the policy rate unchanged at 6.5%. The six-member Monetary Policy Committee voted unanimously on this decision. Forex traders attributed the rupee's decline to a stronger US currency and rising crude oil prices. The governor of the Reserve Bank of India highlighted the risks of "over-tightening" and emphasized that the policy stance was not moving towards neutral. Despite these factors, the rupee remained resilient to external shocks due to a better macro environment and foreign fund inflows.
The Supreme Court declined to consider Chanda Kochhar's petition seeking retirement benefits from ICICI Bank. The high court's decision was upheld by the bench, stating no justification for interference. Kochhar had cited various documents and court orders, arguing that no prima facie case was established in the bank's lawsuit. The plea also sought the specific performance of entitlements and benefits provided when the bank accepted her early retirement in 2018. An inquiry was initiated against Kochhar in 2018 for her alleged involvement in granting out-of-turn loans to the Videocon Group.
Paytm, India's digital payments firm, experienced a significant drop of up to 20% in its stock price due to the company's decision to reduce low-value personal loans following tightened regulations by the Reserve Bank of India.
At present, banks observe a holiday on every second and fourth Saturday of the month. If the proposal for a 5-day work week for bank employees is accepted, it is likely to increase their work hours.
The dollar held near a two-week high as markets bet on the European Central Bank cutting interest rates. The euro weakened against the dollar, pound, yen, and Swiss franc. The market view of early rate cuts was supported by comments from ECB's Schnabel. The ECB is expected to cut rates in March and the Federal Reserve and Bank of England are likely to hold rates steady. Investors have been reassessing US rate cuts next year, lifting the dollar's value. Moody's cut China's credit outlook, causing the offshore Chinese yuan to rise.
This article discusses the benefits of transferring funds from a credit card to a bank account. It explains that certain financial transactions, such as life insurance payments or mortgage payments, cannot be made using credit cards, so transferring funds to a bank account allows for easy completion of these transactions. The article then provides four methods for transferring money from a credit card to a bank account, including direct transfer, net banking, phone call, and cheque writing.
Oil prices rise on uncertainty over voluntary output cuts by OPEC+ group, Middle East tensions, and positive economic signals in Europe. Saudi Arabia's energy minister suggests OPEC+ production cuts may continue beyond Q1 2024. Kremlin states that OPEC+ cuts will take time to take effect. Resumption of Israel-Hamas war and attacks on commercial vessels in the Red Sea raise supply concerns. European Central Bank rules out interest rate hikes due to fall in inflation, while US factory orders decline, raising concerns about demand in US.
Adani Green Energy Ltd raised $1.36 billion from a consortium of international banks, including BNP Paribas and Standard Chartered, for a renewable energy project in India. The funding brings the total financing for the project to $3 billion. Shares of the company surged 14.4% following the announcement. This funding adds to the evidence of Adani Group's recovery from attack of US-based short-seller Hindenburg Research earlier this year. The renewable energy project aims to have a capacity of 17 gigawatts and supports India's goal of being net carbon zero by 2070.
BSE Sensex, Nifty50 continue to rally: Indian equity indices opened at new record highs on Tuesday, driven by robust macroeconomic data, expectations of a US rate cut, and BJP's success in state elections. Leading stocks such as HDFC Bank and ICICI Bank saw gains, while HCL Tech and Infosys opened with losses.
BSE-listed companies' market capitalization reaches all-time high of Rs 343.48 lakh crore after BJP's victory in assembly polls, making investors richer by Rs 5.81 lakh crore. Sensex jumps 1,383.93 points to close at lifetime high of 68,865.12. Market valuation of BSE-listed firms rises to Rs 343.48 lakh crore from Rs 337.67 lakh crore. Investors' wealth increases by Rs 14.76 lakh crore in the last five trading sessions. ICICI Bank and SBI lead with maximum gains on Sensex.
Turkey's annual inflation rate slightly increased in November, indicating a leveling off after a series of interest rate hikes. The rate rose to 61.98 percent from 61.36 percent in October. The pace of rising consumer prices has started to ease as borrowing costs have slowed down consumption. Analysts predict a final rate hike of 2.5 percentage points at the central bank's next policy meeting. While signs of Turkey's economy recovering are noticed by foreign investors, bringing inflation down will require prolonged tight monetary policy.
The World Bank is collaborating with a club of 15 finance executives, including BlackRock's Larry Fink and AXA SA's Thomas Buberl, through the Private Sector Investment Lab (PSIL) to reduce investment risks in climate projects in emerging economies. The PSIL aims to create a securitisable asset class that will attract deep-pocketed investors like BlackRock and large pension funds. This initiative is part of the World Bank's efforts to mobilize funds for addressing climate change and facilitating the transition to clean energy.
The NSE market capitalisation surpasses the USD 4 trillion mark for the first time ever, with the Nifty hitting an all-time high. The Nifty-500 index also reaches a new high, indicating a broader market rally. The achievement is attributed to a technology-driven and knowledge-based economy with strong public finances. The top three companies by market valuation, including Reliance Industries Limited, Tata Consultancy Services, and HDFC Bank, retain their positions.
The Reserve Bank is likely to maintain the status quo on the short-term interest rate in its monetary policy review later this week, with inflation staying in comfort zone and economic growth moving at an accelerated pace, opined experts. The RBI has left the benchmark policy rate (repo) unchanged in its past four bi-monthly monetary policies. RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) is scheduled to begin its three-day deliberations on December 6.
The combined market valuation of nine of the top-10 most valued firms climbed Rs 1,30,391.96 crore last week, with Bharti Airtel and Tata Consultancy Services (TCS) emerging as the biggest gainers, amid an overall optimistic trend in equities. Last week, the BSE benchmark jumped 1,511.15 points or 2.29 per cent. Barring Reliance Industries, nine other companies including HDFC Bank, ICICI Bank, Infosys and Hindustan Unilever witnessed addition in their market valuation.
