RBI says PTC India Financial deviated from loan sanction norms
The Reserve Bank of India (RBI) has pulled up PTC India Financial Services (PTC India Financial) for deviating from loan sanction norms and according “excess discretionary power” to a former top official, a Moneycontrol report said on Friday.

YES BANK appoints Pankaj Sharma as chief strategy and transformation officer
YES BANK announced the appointment of Pankaj Sharma as chief strategy and transformation officer. In his role, Sharma will work with key stakeholders to translate and align the bank’s strategy into transformation activities and initiatives, and develop a clear roadmap to achieve the Bank’s strategic and financial objectives.

Karnataka Bank to raise Rs 1,500 cr in equity to fund growth
Private sector lender Karnataka Bank’s board on Friday decided to raise about Rs 1,500 crore in fresh capital in one or more tranches through preferential issue / rights issue/ QIP or any other permissible mode. The board decision, however, is subject to shareholder approval.

Axis Bank launches platform for MSMEs, shares up
Axis Bank Ltd’s shares were up by 0.57 per cent after the company introduced ‘NEO for Business’, a transaction banking platform tailored for Indian Micro, Small, and Medium Enterprises (MSMEs).

Banks can request LOCs against defaulters only in 'exceptional' circumstances: HC

New Delhi: Banks can request for opening of look-out circulars (LOCs) against defaulters only in exceptional circumstances when questions affecting the country's economy are involved and the authority concerned must satisfy itself before such circulars are issued, the Delhi High Court ruled on Friday.

Sundaram Home Finance expands presence in Telangana
 

Bajaj Finance board to mull fundraising via preferential issue, QIP on October 5
The board of directors of Bajaj Finance Ltd will meet on October 5 to consider and approve fundraising through equity instruments.

Muthoot NCD issue oversubscribed on day 1
Kochi: Muthoot Finance 32nd NCD Series got oversubscribed with ₹770.35 crore on the first day of opening of the issue. The issue has a base size of ₹100 crore with an option to retain oversubscription up to ₹600 crore, aggregating to a tranche limit of ₹700 crore.

Muthoot Finance to raise Rs 700 cr via secured NCDs
Gold loan major and an upper layer NBFC Muthoot Finance has announced its latest public issue of secured redeemable non-convertible debentures of face value of Rs 1,000 each. The issue has a base size of 100 crore with an option to retain over-subscription up to 600 crore, aggregating to a tranche limit of Rs 700 crore.

Inter-ministerial discussion under way to ease FDI norms in space sector: Official
An inter-ministerial discussion is going on to further liberalise foreign direct investment norms in the space sector to attract overseas players and private companies, a top government official has said. The official said that there is huge scope for foreign companies to invest in India in this fast growing sector.

Zaggle Prepaid makes muted market debut; shares settle over 3 per cent lower
Shares of fintech player Zaggle Prepaid Ocean Services Ltd made a muted market debut on Friday, falling over 3 per cent, against the issue price of Rs 164.

How can you make UPI payments without sufficient bank balance and repay later? Know here
Now, RuPay credit card holders from various banks can utilize Google Pay for UPI transactions. This means users can make UPI payments by scanning the merchant's QR code, even in offline mode. India witnessed a substantial share of global digital transactions in 2021, primarily due to the convenience and universality of UPI, enabling cashless transactions via smartphones linked to bank accounts.

Sebi empanels 34 entities to conduct forensic probe of mutual funds, AMCs, trustees
Sebi has empanelled 34 entities, including Ernst & Young LLP, Deloitte Touche Tohmatsu India LLP and Grant Thornton Bharat LLP to conduct forensic investigation of mutual funds, their asset management companies (AMCs) and trustees. KPMG Assurance and Consulting Services LLP, Chokshi & Chokshi LLP, Nangia & Co LLP and Pipara & Co LLP are among the other empanelled entities, the Securities and Exchange Board of India (Sebi) said in a latest update.

Mirae Asset Mutual Fund launches Mirae Asset S&P BSE Sensex ETF

Mirae Asset Mutual Fund has launched Mirae Asset S&P BSE Sensex ETF, an open-ended scheme replicating/tracking S&P BSE Sensex Total Return Index.

FIIs offload ₹1,327 crore in Indian equities on high US bond yields, DIIs invest ₹801 crore; what lies ahead?
Foreign institutional investors (FIIs) continued their selling streak as Sensex and Nifty extended losses for the fourth straight session on Friday, September 22. The domestic institutional investors (DIIs) turned net buyers and invested ₹80 crore in Indian stocks today. 

SBI raises ₹10,000 crore via infrastructure bonds at 7.49%
State Bank of India has raised ₹10,000 crore via infrastructure bonds at a rate of 7.49 per cent. This is the state-owned lender’s fourth infrastructure bond issuance.

Deepening Debt Market. PSBs set to shine with JP Morgan’s bond inclusion boost
Public sector banks (PSBs) are set to enjoy substantial gains in their treasuries as G-sec yields are expected to slide following JP Morgan’s decision to include India in its emerging-markets bond index. The anticipation of this inclusion already pushed the ten-year G-sec yields down from 7.28 per cent on September 18 to 7.08 percent on Friday after the index inclusion news.

Rupee, bond markets cheer bond index inclusion but gains limited
Mumbai: The government securities and forex market cheered the inclusion of India in JPMorgan’s Global Bond Index – Emerging Markets, but gains were limited in both markets due to expected structure of index flows and broader market sentiment. Market participants have lauded the move as positive for Indian money markets as it will bring in a new set of investors to the market. The fact that it is an index or passive fund, will ensure that there is a regular flow of foreign capital unlike under the FPI limits which remain under-utilised at around 15 per cent due to the need for active management.

Amid broader pessimism, PSU Bank Index rises 3.5% on bond index inclusion
Mumbai: On a day that benchmark indices ended 0.3 per cent lower, Nifty PSU Bank Index rose 3.5 per cent to ₹5,215.05 on the back of news of inclusion of India’s government securities in JPMorgan’s Emerging Market Bond Index. “Domestic markets closed on a sombre note as mixed cues from US and Asian markets weakened domestic investors’ confidence. Nevertheless, PSU bank stocks outperformed as India’s inclusion in JPMorgan’s Government Bond Index led to a decline in bond yields,” said Vinod Nair, Head of Research at Geojit Financial Services.

Citi, BofA see India's 10-year bond yield sub-7% post index inclusion
JPMorgan's decision to include local Indian bonds in its widely tracked emerging market debt index could boost demand for debt and push India's benchmark 10-year bond yield to sub-7% levels in the coming months, Citi and Bank of America said on Friday.

India gets green light to join JPMorgan bond index; rupee, bonds gain
JPMorgan will include India in its widely tracked emerging market debt index, setting the stage for billions of dollars of inflows into the world’s fifth-largest economy and helping it finance its current account and fiscal deficits. India’s local bonds will be included in the Government Bond Index-Emerging Markets (GBI-EM) index and the index suite, benchmarked by about $236 billion in global funds, JPMorgan said in a release on Friday.

No tax incentive for G-Secs inclusion in JPMorgan index: Somanathan
JPMorgan Chase & Co.’s decision to add Indian government bonds to its benchmark emerging-market index was its own decision without any tax concession by India, finance secretary TV Somanathan said on Friday.

US 10-year yields fall from 16-year highs
Benchmark 10-year U.S. Treasury yields eased from 16-year highs on Friday after a dramatic jump this week led by more hawkish Federal Reserve rate guidance, with investors now waiting on key economic releases for further clues on rate moves. Yields jumped after the Fed on Wednesday forecast fewer rate cuts in 2024 than it previously expected and said it may hike rates this year one more time as it battles to bring inflation closer to its 2% annual target.

Bond inclusion benefits will play out in the long-term: SBI MF CIO
The inclusion of government bonds in the JP Morgan emerging market government bond index (GBI-EM) will lead to a new layer of demand for government securities, resulting in lower borrowing costs for the government, says Rajeev Radhakrishnan, chief investment officer (fixed income), SBI Mutual Fund. In an interview on the phone with Abhishek Kumar, Radhakrishnan highlights that g-sec papers under the fully accessible route (FAR) will see higher demand over the non-FAR g-secs of the same duration.

Edited excerpts