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The government is urging banks to increase lending, focusing on deposit mobilization and credit growth, particularly for small businesses and the renewable energy sector. Finance Minister Nirmala Sitharaman emphasized improving customer experience, expanding branch presence in urban centers, and addressing manpower needs. Banks are also instructed to scale up financial inclusion efforts and expand in GIFT City.from Latest Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/lEd428p
Non-bank financial institutions are poised to accelerate their IPO plans, driven by favorable regulatory changes, reduced interest rates, and improving credit cycles. Several NBFCs, having already secured SEBI approvals, are expected to expedite their listing procedures.
Stock market recommendations: Bajaj Broking Research suggests a bullish outlook for the Indian stock market, highlighting Tata Steel and Lloyds Engineering Works as top picks. Nifty is expected to reach 25,700-25,900, while Bank Nifty aims for 58,500, driven by positive market breadth and technical breakouts.
Top stock market recommendations: Nuvama Professional Clients Group's Aakash K Hindocha recommends Coromandel, Cummins India, and BHEL as top buys for today. Nifty is expected to reach 25500, supported by crude price drops, while Bank Nifty aims for fresh highs from its 56200 breakout.
State Bank of India (SBI) is set to raise up to Rs 25,000 crore through a qualified institutional placement (QIP), its first in eight years, to boost its CET-1 capital. Several merchant banks, including Kotak Mahindra and ICICI Securities, have been finalized for the fundraising.
In an unprecedented move, the government has demoted Pankaj Dwivedi from Executive Director at Union Bank of India to General Manager. This action follows a Delhi High Court case questioning his appointment due to the absence of necessary vigilance clearance.
HDB Financial Services garnered Rs 3,369 crore from anchor investors, including LIC and BlackRock, at Rs 740 per share, ahead of its Rs 12,500-crore IPO. The IPO, opening June 25, comprises a fresh issue and an offer-for-sale by HDFC Bank. Proceeds will strengthen the capital base for future growth, aligning with RBI directives for NBFC listings.
Asian equities remained stable as a tentative ceasefire between Israel and Iran eased investor concerns, causing oil prices to drop to multi-week lows. This decline in oil prices has reduced inflationary pressures, potentially paving the way for central banks to consider interest rate cuts. Wall Street and European markets rallied, while the dollar weakened amid cautious optimism.
Federal Reserve Chair Jerome Powell indicated the central bank's intent to hold steady on interest rates, prioritizing further economic data analysis before contemplating any reductions. This stance directly contradicts President Trump's renewed calls for immediate rate cuts. Powell is set to face potentially challenging hearings on Capitol Hill, addressing monetary policy and economic concerns amid increasing political pressure.
Global central banks, overseeing approximately $5 trillion in reserves, are reportedly planning to diversify away from the US dollar. A recent survey indicates a growing interest in gold, the euro, and the Chinese yuan as alternative reserve assets.
Stock market recommendations: SBICAP Securities' Sudeep Shah suggests Trent and Bharti Airtel as top stock picks, citing positive technical indicators and potential for upward momentum. Nifty is expected to test 25400-25550, while Bank Nifty aims for 57000-57500.
NPCI introduced a real-time PAN and bank account validation facility on the Income Tax e-filing website via a new API, as announced on June 17, 2025. This initiative aims to streamline verification, ensuring secure and faster processing of income tax refunds and direct benefit transfers. Banks are urged to prioritize system upgrades to support this service.
To combat the surge in digital payment frauds, major Indian banks are collaborating with the RBI to develop a Digital Payment Intelligence Platform (DPIP). This Digital Public Infrastructure aims to enable real-time intelligence sharing and data analysis for fraud prevention.
