Finance Minister Nirmala Sitharaman appreciates SBI for successfully launching direct Lankan-Indian Rupee trade
Union Finance Minister Nirmala Sitharaman on Friday appreciated the State Bank of India (SBI) for becoming the first foreign bank in Sri Lanka to successfully launch a pathbreaking direct Sri Lankan Rupee-Indian Rupee trade.

RBI imposes monetary penalty on PNB, Federal Bank, and two NBFCs
The Reserve Bank of India (RBI) announced on Friday that it has imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations.

Banks to integrate digital transactions through PMJDY to reduce number of dormant accounts
PMJDY was declared winner in the Financial Transformation category of the annual businessline Changemaker awards.  Parshant Kumar Goyal, Joint Secretary in the Financial Services Department of Finance Ministry, received the award from Power Minister RK Singh. “This award exemplifies the impact that visionary policies of the government have on citizens,” he said, after receiving the award. “It is  a recognition of the difference that can be made by the government,” he further said.

RBI DG proposes training institute for regulation-making
Mumbai: Reserve Bank Deputy Governor M Rajeshwar Rao called for setting up an institute to train officials involved in regulation and policy-making to ensure more comprehensive guidelines.

How NRIs can invest in govt bonds through RBI's retail direct scheme
India has over 32 million Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs), according to the latest data from the Ministry of External Affairs. ' In 2020, the Reserve Bank of India (RBI) introduced the 'Fully Accessible Route' (FAR) to allow investment by Non-residential Indians (NRIs) in government securities (G-Secs), state development loans (SDLs) and treasury bills (T-bills).
 

RBI wins Business Line’s Changemaker of the Year award; Amul is crowned Iconic changemaker
In a glittering ceremony with humour-packed moments, a virtuoso violin recital and a scintillating hula hoop dance performance, Power Minister RK Singh presented businessline’s Changemaker of the Year award to the Reserve Bank of India for steering India through the turbulent period of the pandemic which left the economy reeling. The utterly butterly beloved brand, Amul, was crowned iconic changemaker of the year.

RBI issues norms to regulate fintechs in cross-border payments space
Bengaluru: Fintech companies will have to apply for Payment Aggregator-Cross Border (PA-CB) licences after the new guidelines issued by the central bank. Companies such as PayU, Cashfree Payments, and Paypal, to early-stage start-ups such as Skydo, among others, will need to apply for this licence. The RBI’s latest guidelines on cross-border payments are bound to push up compliance costs for fintechs operating in this sector.

Banks raise unhedged currency risk issue with RBI

Mumbai: Indian lenders expect North Block to seek a lower premium while selling green bonds in a higher-for-longer yield environment this fiscal year and are concerned the relative currency-market stability, a fallout of calibrated central bank interventions, might cause a spurt in unhedged risks that could later roil exchange rates.

Punjab & Sind Bank Q2 Results: Profit down 32% YoY to Rs 189 crore
Public sector lender Punjab & Sind Bank on Friday reported a 32 per cent decline in net profit to Rs 189 crore in the September quarter. The bank had reported a profit of Rs 278 crore in the year-ago period.

ESAF Small Finance Bank IPO fully subscribed on Day 1
Kochi: ESAF Small Finance Bank IPO was fully subscribed on the first day of bidding led by retail and NII. The issue received bids of 10,06,48,500 shares against the offered 5,77,28,408 equity shares at a price band of ₹57-60, according to the data available on the stock exchanges. Overall, the issue was subscribed 1.44 times.

IDFC Q2 Results: Net profit falls 51% to ₹21.6 crore, revenue down 43% to ₹33 crore
IDFC Q2 Results: IDFC announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 3, reporting a decline of 51 per cent in net profit at ₹21.65 crore, compared to ₹44.56 crore in the corresponding period last year. 

Fino Payments Bank to approach RBI for SFB transition in next two months
Fino Payments Bank, whose Board of Directors in July approved conversion of the payments bank into a small finance bank (SFB), will file an application with the Reserve Bank of India (RBI) in a month or two for the transition, MD & CEO Rishi Gupta told FE in an interaction.

DCB Bank to re-launch secured credit card by December 31
DCB Bank will likely re-launch secured credit card by the end of December, managing director and chief executive officer Murali Natrajan has said.

UCO Bank withdraws circular on distribution of sweet packets to NPA borrowers
A day after directing its branches to distribute sweet packets to its top 10 non-performing borrowers across zones, state-run UCO Bank has withdrawn its circular.

Will your EMI go up? ICICI Bank and Bank of India raise lending rates

The updated interest rates, effective from November 1, 2023, impact the benchmark one-year MCLR, which serves as the pricing reference for various consumer loans, including those for automobiles, personal expenses, and housing.

Uco Bank Q2 Results: Net profit declines 20% YoY to Rs 402 crore

State-owned Uco Bank's net profit declined 20% year-on-year at Rs 402 crore for the September quarter on account of higher operating expenses and a sharp contraction in treasury earnings while the bank reported a modest rise in net interest income.

SBI Q2 Preview: Profit, revenue growth to moderate; NIM to decline

SBI Q2 Preview: Net profit for the second quarter is seen growing by a marginal 2% year-on-year (YoY), according to the average estimate of four brokerages. Net interest income (NII) in the same period is expected to grow 10% YoY.

PNB hikes FD interest rates on select tenures by up to 50 bps; these investors can earn 8.05%

Punjab National Bank has hiked fixed deposit interest rates on select tenures for general citizens, senior and super senior citizens by up to 50 basis points (bps) for amounts below Rs 2 crore. The new rates are effective from November 1, 2023.

Unity Small Finance Bank earns Rs 186 crore net profit for fiscal first half

Centrum Financial Services promoted Unity Small Finance Bank earned a net profit of Rs 186 crore for the first half of the fiscal, while its net

Goldman Sachs promotes 35 executives to MDs in India

Bengaluru: Goldman Sachs has promoted 35 executives across its offices in Mumbai, Bengaluru and Hyderabad to managing directors as part of its biennial MD promotion cycle. These individuals will be elevated to MD roles effective January 1, 2024, the start of the firm’s fiscal year.

Rise in 90-day delinquencies for credit cards, personal loans: TransUnion CIBIL
Mumbai: Balance-level serious delinquencies, measured as 90 dpd (days past due), improved across product categories, except for credit cards and personal loans. For consumers having at least one small-ticket personal loan, the balance-level delinquency rate was 5.4 per cent, an increase of 120 bps on year, according to the TransUnion CIBIL Credit Market Indicator (CMI) report for the quarter ended June 2023. “The latest CMI indicates financial stability with healthy retail credit growth and broadly stable delinquency levels, even though a few pockets show signs of risk build-up,” said MD and CEO Rajesh Kumar. The CMI for the quarter ending June 2023 was 100, unchanged from a year ago.

AU SFB and ixigo introduce high-end co-branded travel credit card for modern travellers; details here
AU Small Finance Bank (AU SFB), the largest small finance bank in India, has partnered with ixigo, one of the leading travel platforms, to introduce a premium co-branded credit card tailored for contemporary travellers. 

HDFC Regalia to Axis Magnus: Why banks are devaluing popular credit cards

Credit card devaluation occurs when the value and benefits offered by a credit card decrease over time. It happens when credit card issuers implement changes to the card's terms, rewards program, or fees, ultimately resulting in reduced value for cardholders.
 

Aditya Birla Capital consolidated PAT rises 44% on strong revenue
The consolidated net profit of Aditya Birla Capital rose 44% year-on-year (y-o-y) in July-September due to a growth in revenues.

Shriram Fin likely to replace UPL in Nifty 50
Mumbai: Shriram Finance, which has surged more than 50% in the past six months, is poised for potential inclusion in India’s closely monitored benchmark index, Nifty, likely replacing UPL.
 

Muthoot Microfin reports Rs 1,095 million profit for Q2FY24
Kerala-based microfinance firm Muthoot Microfin Limited has reported Rs 1,095.74 million profit after tax for the quarter that ended on September 30, the company said.

Chola looks to double new biz verticals share, eyes AUM growth of 30% for FY24
Cholamandalam Investment and Finance Company (Chola), the financial services arm of Murugappa group said that the company is looking to achieve an asset under management (AUM) growth of 25% to 30% for FY24.

Graphic – Crypto market shows signs of revival after FTX’s disastrous collapse
The cryptocurrency market is starting to bounce back a year after the collapse of crypto exchange FTX and other big players in 2022 crushed prices, tarnished the industry and prompted a regulatory crackdown.

Year's best-performing crypto token is tied to Sam Bankman-Fried
Almost a year after the demise of Sam Bankman-Fried’s crypto empire, one of the blockchain projects most associated with the now disgraced entrepreneur is emerging from under the cloud his downfall cast over the digital-asset world.

Bitcoin falls below $34,400 as Bankman-Fried found guilty of massive crypto fraud

Major crypto tokens declined in Friday's trade amid crypto tycoon and former FTX founder Sam Bankman-Fried found guilty of multi-billion dollar FTX fraud.

Crypto king convicted for fraud, conspiracy in FTX
 

Baroda BNP Paribas Small Cap Fund NFO collects Rs 1,103 crore
The new fund offer (NFO) of Baroda BNP Paribas Small Cap Fund has collected Rs 1,103 crore during the NFO period. The NFO of Baroda BNP Paribas Small Cap Fund was open for subscription between 6 and 20 October.This is the 7th NFO by Baroda BNP Paribas Mutual Fund since the formation of the merged entity in March 2022.

HDFC Hybrid Debt: A safe bet for volatile markets
The markets have been in a corrective mode over the past month or so as a result of several global events such as the US Treasury yield spiking to record levels, Israel-Hamas tensions in West Asia and the selling spree of foreign investors. From an asset allocation perspective, the high yields on bonds domestically and volatile equities may be a good time to consider hybrid funds. Conservative hybrid funds would be suitable for low-risk investors looking to play it safe in the markets, yet being able to get reasonable returns that beat inflation. These funds can be useful additions for important financial goals that are 3-5 years away that cannot be risked with permanent loss of capital.

Amfi directs mutual funds to show only 10-year benchmark returns in ads
The Association of Mutual Funds in India (AMFI) has made it mandatory for mutual funds to display only the benchmark 10-year compounded annual rolling returns prescribed by it for fund categories in related pamphlets and advertisements.

Old Bridge Mutual Fund files draft document for Focused Equity Fund
Old Bridge Mutual Fund has filed a draft document for Old Bridge Focused Equity Fund. The scheme will be an open-ended mutual fund scheme investing in maximum 30 stocks.

ICICI Prudential Multi-Asset Fund completes 21 years; offers SIP return of 17.5%
ICICI Prudential Multi-Asset Fund has completed 21 years. The scheme manages an AUM of Rs 24,060.99 crore, which accounts for nearly 57% of the total AUM in the multi asset allocation category, a press release said.

HDFC Top 100 Fund: Rs 10,000 SIP since inception turns into Rs 6.88 crore!
HDFC Top 100 Fund, an open-ended equity scheme predominantly investing in large-cap stocks, has successfully completed 27 years of operation in 2023. Over the past 27 years, the Fund has delivered a Compound Annual Growth Rate (CAGR) of around 19%. 

HDFC MF, ICICI Pru MF equity schemes deliver strong returns over 27, 21 yrs
HDFC Top 100 Fund, an open-ended equity scheme investing largely in large-cap stocks, has completed 27 years of operation. The fund has delivered Compound Annual Growth Rate of 19 per cent. A SIP of ₹10,000 invested systematically on the first business day of every month (total investment ₹32.40 lakh) in HDFC Top 100 Fund would have grown to ₹6.88 crore by September 29.

DSP Mutual Fund launches Gold ETF: All you need to know
A Gold ETF is an exchange-traded fund (ETF) that aims to track the domestic physical gold price. They are passive investment instruments that are based on gold prices and invest in gold bullion.
 

Nine equity mutual funds offer over 30% in three years

Around nine equity mutual funds gave over 30% in three years. ETMutualFunds calculated daily rolling returns of 204 equity schemes that have completed three years.

SKG Assets and Holdings launches SKG India Value Fund; details here
SKG Assets & Holdings, a financial services company, recently launched the SKG India Value Fund. This marks SKG’s strategic shift towards asset management, placing a strong emphasis on serving the small and medium-sized enterprise (SME) sector.

Floating Rate Savings Bonds: With rates at peak, it’s not the right time to lock into RBI bonds
While the Reserve Bank of India (RBI) has increased the interest rate of Floating Rate Savings Bonds (FRSBs) to 8.1% (October 30, 2023 to April 29, 2024) and has also enabled subscription through its Retail Direct Portal, a web-based platform for investing in government securities, risk-averse investors should note that such bonds are more attractive in a rising interest rate environment.

Investors lap up 50-year bond; Insurers, pension funds line up to grab a share
The government’s auction of the first 50-year bond evoked a strong demand from investors on Friday as the Reserve Bank of India (RBI) received bids worth Rs 40,200 crore (4x) for these ultra-long bonds, against the notified amount of Rs 10,000 crore.

India's first 50-year bond fully sold on growing insurer demand
India’s auction of the debut 50-year bond met with firm demand Friday, underscoring growing interest from insurance and pension funds for ultra-long papers.

10-year US Treasury yields hit 5-week lows as jobs gains disappoint
Benchmark 10-year U.S. Treasury yields fell to five-week lows on Friday and two-year yields were the lowest since early September after data showed that U.S. job growth slowed more than expected in October.

Maiden auction of 50-year G-Sec receives enthusiastic investor response
The maiden auction of the 50-year Government Security (G-Sec) on Friday saw enthusiastic bidding from investors, especially insurance companies and pension funds. Prior to the aforementioned auction, the longest tenor paper that the Government had issued was of 40-year duration. That the demand for the 50-year paper (maturing in 2073) was robust is underscored by the fact that investors placed 216 competitive bids aggregating Rs 40,200 crore against the notified amount of ₹10,000 crore at the auction. 

Citi to Cardholders: Go Paperless or Else
Some Citigroup credit-card customers are getting a stark warning from the bank: Go paperless or lose access to your online account.