11:12 AM
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As per the PFRDA's circular dated October 25, 2023, successful penny-drop verification, along with name matching, is necessary for processing exit/withdrawal requests and updating subscriber bank account details.
10:12 AM
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Japan's business lobby, Keidanren, will urge member firms to consider raising base salaries next year and is calling on the central bank to achieve "moderate" inflation, according to the Nikkei newspaper. Keidanren will also call on companies to maintain and strengthen the momentum for raising wages beyond next year.BOJ Governor Kazuo Ueda has stressed the need to keep low interest rates until stronger wage gains help Japan sustainably achieve 2% inflation backed by solid consumption.
2:11 AM
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Indian state-run and older private generation banks are in discussions about a proposed 15% wage increase for employees and implementing a five-day work week. The Indian Banks' Association has suggested the raise, but unions are seeking more significant increases. Some banks, like PNB, have set aside funds for a 15% wage hike. The settlement is expected to be finalized before the upcoming general elections due to the significant constituency of bank employees.
4:12 PM
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The Enforcement Directorate on Friday carried out raids at multiple premises of Chandigarh-based pharmaceutical company Parabolic Drugs and its promoters as part of a money laundering investigation linked to an alleged bank loan fraud case, official sources said. The searches by the central agency covered a total of 17 premises in Delhi, Mumbai, Chandigarh and Panchkula and Ambala in Haryana, they said. The action is being undertaken under the provisions of the Prevention of Money Laundering Act (PMLA).
3:11 PM
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The dollar rose on Friday and is set for a third monthly gain after solid U.S. growth figures argued for interest rates to remain high for longer, while the yen struggled around the 150 level ahead of the Bank of Japan's policy meeting next week. The US economy grew at its fastest pace in nearly two years in the third quarter, data on Thursday showed, as higher wages from a tight labour market helped power consumer spending. The yen continued to wobble on the weaker side of 150 per dollar, a level some have seen as a potential trigger for intervention by Japanese authorities.
8:10 AM
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Punjab National Bank (PNB) has reported a four-fold increase in net profit to Rs 1,756 crore for the September quarter, the highest in 14 quarters. The increase was attributed to a decline in provisions and contingencies, higher interest income, and improved asset quality. PNB's MD & CEO, Atul Kumar Goel, stated that the bank's provision coverage ratio had improved and fresh slippage in non-performing assets was less than 1% of advances. Additionally, there was no significant pressure on interest rates due to higher cost of deposits.
7:10 AM
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The RBI has said that henceforth, banks must allow pre-mature withdrawals on all bank deposits up to Rs 1 crore. The central bank has hiked the minimum limit for 'non-callable' fixed deposits to Rs 1 crore from Rs 15 lakhs earlier. RBI had earlier allowed banks to offer higher rates on unbreakable fixed deposits that could not be withdrawn before maturity. Banks are incentivised to offer higher deposit rates without a pre-mature withdrawal facility during a rising interest rate regime. Non-callable deposits prevent customers from withdrawing their money mid-term if interest rates rise.
4:12 PM
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Siemens Energy is in discussions with the German government regarding state guarantees, following significant losses in its wind division. Quality issues in the wind unit Siemens Gamesa have resulted in major setbacks for the company. Siemens Energy fears it will struggle to secure guarantees from banks, leading it to approach the government and Siemens for a guarantee framework. The German state is expected to assume liability for 80% of an initial 10 billion euro funding tranche, while banks would be liable for the remaining 20%. Siemens Energy's financial results in 2023 are expected to align with previous guidance.
8:10 AM
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7:12 AM
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The Reserve Bank of India (RBI) has directed private sector banks to appoint at least two whole-time directors (WTDs) in addition to the managing director and CEO. Banks that do not have two WTDs must submit proposals within four months. The RBI believes that having a team of WTDs will aid in succession planning and address the complexity of the banking sector. The central bank has given banks the autonomy to determine the number of WTDs based on factors such as business complexity and operational size.
7:11 PM
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The Reserve Bank of India has directed private banks and wholly-owned subsidiaries of foreign banks to have at least two Whole Time Directors (WTDs) on their boards, including the MD & CEO, to facilitate succession planning. The RBI emphasized the need for an effective senior management team to navigate the complexities of the banking sector. Banks are required to submit proposals for the appointment of WTDs within four months if they do not meet the minimum requirement.
4:11 PM
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India has become the largest market for the Asian Infrastructure Investment Bank (AIIB) due to the significant amount of infrastructure development taking place in the country. The Asian Infrastructure Investment Bank has funded Indian projects worth $10 billion, which accounts for over 20% of its total infrastructure project funding. The bank is expected to continue lending to India as its balance sheet grows. After India, the bank has rated China, Turkey, Indonesia and Bangladesh as top borrowers.
3:11 PM
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Germany's government bond yields fell as a business activity survey raised concerns of a possible recession in the euro zone. The survey showed a downturn in demand across the region, challenging the idea of persistently high interest rates. The European Central Bank (ECB) is expected to keep rates unchanged for now. Germany's 10-year yield was down at 2.82%, near an eight-day low, while Italy's 10-year yield rose to 4.85%. The ECB is closely monitoring the situation in the Middle East, which could impact inflation.
7:10 AM
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The Centre's "just-in-time" mechanism for releasing funds to government agencies has led to banks losing out on low-cost current and savings account float. Public sector banks, such as State Bank of India, are now focusing on raising more current account deposits from trade and industry to make up for the gap. The shift to this fund release method aims to save money at the overall level and improve expenditure assessment. The finance ministry is also ensuring that government agencies exhaust their account balances before seeking funds.
12:13 PM
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On Tuesday, Saudi Electricity Co. announced the successful acquisition of a $3 billion syndicated loan aimed at supporting its expansion initiatives and capital investments. The funding for this transaction was provided by Dubai Islamic Bank, Kuwait Finance House, Emirati-based lender Mashreqbank, and Saudi National Bank. Saudi Electricity indicated its intention to formally sign the facility denominated in US dollars during the upcoming Future Investment Initiative conference in Riyadh, Saudi Arabia, taking place later this week.
3:11 AM
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9:11 AM
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Capital is leaving China at the fastest rate in over seven years, putting pressure on the yuan. In recent weeks, the exodus has intensified due to concerns about the country's struggling real estate industry. China's currency regulator reported that onshore banks sold a net $19.4 billion of foreign currencies to their clients in October, the most since November 2018. Goldman Sachs also noted a significant increase in net outflows in September, reaching around $75 billion. The outflows are impacting the yuan, which has weakened this month.
8:10 AM
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Tokyo stocks opened lower on fears of the Middle East crisis worsening. The benchmark Nikkei 225 index fell 0.47 percent, while the broader Topix index slipped 0.35 percent. Weak corporate earnings from US companies and rising US Treasury yields were also factors contributing to the market decline. Additionally, the ruling party's loss in a by-election and the possible adjustment of the Bank of Japan's policy added to the cautious sentiment. Major Tokyo shares, including Toyota, SoftBank Group, Nintendo, and Fast Retailing, also experienced losses.
7:11 AM
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The Reserve Bank of India (RBI) has implemented a new regulatory framework for non-banking financial companies (NBFCs), eliminating the classification of 'systemically important' NBFCs. Previously, even smaller finance companies were classified as systemically important, resulting in the application of more stringent regulations. Under the new framework, only larger NBFCs will be subject to stricter regulations. The RBI's master direction also requires the top 15 NBFCs, including Tata Sons, HDB Financial Service, and Bajaj Housing Finance, to list on stock exchanges.
5:11 AM
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Banks in India are seeing a rise in stress related to small unsecured personal loans as borrowers with low incomes struggle to repay their debts. Yes Bank and Kotak Mahindra Bank report higher delinquencies compared to last year, while ICICI Bank is seeing the most distress in the below Rs 50,000 loan segment. RBI has expressed concerns over the increase in unsecured loans and is closely monitoring the situation.
12:11 PM
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The market valuation of Reliance Industries plummeted Rs 34,876.78 crore to Rs 15,55,531.53 crore. The valuation of TCS plunged Rs 27,827.08 crore to Rs 12,78,564.03 crore. The mcap of ICICI Bank dived Rs 13,518.4 crore to Rs 6,53,120.67 crore and that of ITC dropped Rs 12,533.27 crore to Rs 5,46,537.83 crore. In the ranking of top 10 firms, Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, ITC, Bharti Airtel, State Bank of India and Bajaj Finance.
6:11 AM
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