5:10 PM
Blogger
The Reserve Bank of India has extended the tenure of IDFC First Bank's Managing Director V Vaidyanathan for an additional three years until December 2027. The approval was communicated on September 19, 2024. His new term will start on December 19, 2024. Vaidyanathan has been serving as MD and CEO since December 2018 after the merger with Capital First.
4:10 PM
Blogger
Tata Motors has entered into a partnership with ESAF Small Finance Bank to provide financing solutions for its commercial vehicle customers. Initially targeting small and light commercial vehicles, the collaboration will eventually encompass Tata Motors' entire commercial vehicle range. This initiative aims to foster entrepreneurship and job creation in first-and last-mile logistics throughout India.
5:10 AM
Blogger
Finance Minister Nirmala Sitharaman advised banks to utilize digital footprints from UPI to grow their balance sheets. She highlighted UPI's international usage and emphasized adopting technology for risk mitigation and improved customer service. Sitharaman also urged banks to support businesses under stress rather than waiting for them to collapse.
10:10 PM
Blogger
The Reserve Bank of India has lifted its restrictions on IIFL Finance's gold loan business, effective immediately. These limitations were placed in March 2024 and prevented various gold loan activities. IIFL Finance has pledged to uphold high compliance standards moving forward. The company's shares declined by 5.75%, closing at Rs 498.40 on the BSE.
4:10 PM
Blogger
SpiceJet's Rs 3,000-crore qualified institutional placement has been significantly oversubscribed by investors including Tata Mutual Fund and Bandhan Bank. This demonstrates strong confidence in the airline's growth potential. The funds will help unground its fleet and settle employee dues, reflecting belief in India's expanding aviation market.
4:10 AM
Blogger
Benchmark Sensex rose by nearly 91 points to close at a fresh lifetime high of 83,080. Nifty also settled above the 25,400 level for the first time. Gains were seen in firms like Bharti Airtel and ICICI Bank amid firm global trends ahead of the anticipated US Fed's decision on interest rates.
3:10 AM
Blogger
Subhadra Yojana in Odisha provides women with Rs 10,000 annually in Central Bank Digital Currency (CBDC). Launched by PM Narendra Modi, the scheme ensures direct deposits into beneficiaries' bank accounts without intermediaries. Linked to RBI's digital currency pilot, the digital rupee can be spent using UPI QR codes or transferred to bank accounts.
8:11 PM
Blogger
JBM Ecolife Mobility has obtained $100 million in strategic funding from the Asian Development Bank and the Asian Infrastructure Investment Bank. This investment will facilitate the supply and operation of electric buses across several Indian states under the Gross Cost Contract model, aiding India's Net Zero 2070 target by promoting sustainable public transport.
3:10 PM
Blogger
The Reserve Bank of India has stated that trading activities in some financial markets will be halted on September 18, 2024, following a public holiday declared by Maharashtra. This affects government securities, foreign exchange, money markets, and rupee interest rate derivatives. Transactions due on this date will be settled on September 19, 2024.
2:10 PM
Blogger
India's wholesale price inflation dropped to a four-month low of 1.3% in August from July's 2%, driven by reduced prices for fuel, power, and manufactured products. Core inflation fell to 0.7%, and food inflation reached a ten-month low of 3.3%. Retail inflation remained below the Reserve Bank of India's target for the second consecutive month.
6:10 PM
Blogger
Investors can still obtain up to 9% interest on fixed deposits at select small finance banks for amounts below Rs 3 crore with a three-year tenure. However, caution is advised, and experts recommend limiting investments to within the DICGC coverage limit.
8:10 AM
Blogger
Kenya Electricity Transmission has awarded Adani Group and Africa50 a public-private partnership to construct high-voltage power lines worth $1.3 billion without needing loans. However, many Kenyans are angered by another proposal granting Adani Group a 30-year concession to manage the country's largest airport, leading to protests from aviation workers.
7:10 AM
Blogger
Dalal Street investors are eagerly awaiting the US Federal Reserve’s Sept 18 meeting, which could influence global markets. The Bank of Japan’s interest rate decision and Bajaj Housing Finance’s listing will also impact market sentiment. Investors are also anticipating WPI numbers and several IPOs in the coming week.
11:10 PM
Blogger
Chief economic advisor V Anantha Nageswaran highlighted the necessity for banks to adapt to changing customer preferences and market dynamics. During an event by Indian Bank, he emphasized agriculture’s role in economic growth and commended the bank’s MSME Prerana programme. Indian Bank CEO S L Jain acknowledged Nageswaran’s valuable insights on the economy and banking sector.
5:10 PM
Blogger
India's foreign exchange reserves have climbed to a record USD 689.235 billion, increasing by USD 66 billion this year. The Reserve Bank of India oversees these reserves to ensure market stability and curb rupee depreciation, leading to reduced currency volatility and greater investor confidence in Indian assets.
4:10 PM
Blogger
The Reserve Bank of India is set to revamp its currency management infrastructure over the next 4-5 years. This project includes establishing new currency management centres, automating warehouses, and upgrading security systems. The goal is to efficiently meet future cash needs while ensuring safety and contributing to environmental sustainability.
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