RBI launches next round of survey of manufacturing cos
Mumbai: The Reserve Bank has launched the next round of quarterly order books, inventories and capacity utilisation survey of manufacturing companies, a key input for the monetary policy formulation. The 65th round of survey is for the reference period January-March 2024 (Q4:2023-24), the central bank said on Tuesday. The Reserve Bank of India (RBI) has been conducting the order books, inventories, and Capacity Utilisation Survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008. The information collected in the survey includes quantitative data on new orders received during the reference quarter, backlog of orders at the beginning of the quarter, and pending orders at the end of the quarter.

RBI launches manufacturing cos survey, a key input for policy formulation

The 65th round of survey is for the reference period January-March 2024 (Q4:2023-24), the central bank said.
 

SBI WeCare, Amrit kalash Fixed Deposits: Special FD schemes get another extension – New deadline, interest rates and more
State Bank of India (SBI) has extended the validity of two of its special fixed deposit (FD) schemes, SBI WeCare and Amrit Kalash, by another 6 months till September 6, 2024. The earlier deadline for subscribers to invest in these two popular FD scheme was March 31, 2024.

Private banks bet on business correspondents to grow in rural areas
Private sector banks are increasingly turning towards business correspondents or BCs for growing their business in rural and semi-urban areas, senior officials say. BCs are cost-effective for lenders, can now perform a host of banking services, and enable last mile reach which is mandated by the Reserve Bank of India (RBI).

HDFC Bank Senior Citizen Care FD: Bank offers 75 bps extra over regular interest rate – Invest before this date
HDFC Bank Senior Citizen Care FD: Senior citizens can invest in HDFC Bank’s special fixed deposit scheme Senior Citizen Care FD till April 15, 2024.

`CASA remains a key challenge' : Vasudevan Pathangi Narasimhan, MD & CEO, Equitas Small Finance Bank

The bank has seen a sequential rise in bad loan ratios in Q3FY24... 

SBI Chairman expects early outcomes from YONO 2.0 by June-July
Nearly a year after announcing an upgrade to YONO, State Bank of India’s super app, Dinesh Khara, Chairman, SBI, revealed that YONO 2.0 should hit the ground in a few months. “We’ll start having some early outcomes on YONO 2.0 from June – July,” he affirmed.

Tech-led innovation is transforming banking, says Ajay Rajan, Country head, Yes Bank
How has tech changed some of the legacy practices in the sector and improved productivity?

HSBC takes $1 billion hit from Argentina sale as Asia pivot continues
HSBC is selling its business in Argentina and booking a $1 billion loss on the deal, the bank said on Tuesday, as it continues to shrink its once globe-spanning empire to focus on Asia. HSBC is selling the business, which covers banking, asset management and insurance, to Argentina’s fifth largest bank Grupo Financiero Galicia for $550 million, the British bank said.

HFCs turn cautious on builder loans
Housing Finance companies (HFCs) are reducing their exposure to the high-yielding builder loans due to the build-up of stressed assets in the segment. A recent report from CareEdge ratings estimates that the builder loan mix of housing finance companies fell to 6.7% as on March 31 from nearly 14% in five years ago.

Credit Card Points: 5 best ways to make every reward count
Gone are the days when credit cards were only used for big purchases, to be paid off at one’s convenience or in EMIs. Nowadays, banks and credit card issuers offer several features to lure customers. When selecting a credit card, choose one that aligns with your spending habits and requirements. Credit cards provide reward points for both online and offline transactions, along with cashback and travel benefits. With banks introducing more products and features, competition among issuers has intensified, leading to better rewards and benefits for customers.

Need urgent cash? Use Aadhaar ATM service to withdraw money from the comfort of your home
Aadhaar ATM cash withdrawal: If you need urgent cash but are too busy to visit a bank or post office ATM, you can avail the Aadhaar ATM (AePS) service facility by India Post Payments Bank (IPPB) to withdraw cash sitting at home.

MOFSL expects overall GNPA of banks under its coverage universe to moderate to a decadal low of 2.7% in Q4
 

Freo plans insurance, wealth management forays
Digital banking platform Freo is planning to launch insurance and wealth management verticals in the next few months.

Paytm Payments Bank MD and CEO Surinder Chawla quits
Surinder Chawla resigns as Paytm Payments Bank MD & CEO
The Financial Express

Bitcoin rival Ether sustains surge on US ETF speculation
Ether grabbed the cryptocurrency spotlight after posting its biggest jump in more than a month, a surge pegged to speculation about the outlook for applications to start US exchange-traded funds for the token.

Gold ETF gains traction as prices hit new high
Mumbai: Gold exchange traded fund has been gaining traction among both investors and physical gold jewellery buyers even as the prices have been increasing steadily.

Hinduja Group’s IndusInd International Holdings acquires 60% in Invesco India
Hinduja Group company, IndusInd International Holdings, a Mauritius based Investment Holding Company and Invesco have entered into a definitive agreement to form a joint venture and IIHL will acquire a 60% stake in Invesco Asset Management India (IAMI). Saurabh Nanavati, CEO of Invesco Asset Management India will continue to lead the new JV along with the existing management team.

Indian equity capital markets break records with $14.6 billion in Q1 fundraising, up 161.9% YoY
Indian equity capital markets (ECM) saw a record start this year, with fund raising in January-March 2024 at $14.6 billion, up 161.9 per cent compared to a year ago, according to the latest data from LSEG Deals Intelligence. This is the highest-ever first-quarter total by proceeds, said Elaine Tan, Senior Manager, LSEG Deals Intelligence.