Last-mile transmission a big hurdle to policy rate cut
Mumbai: What’s holding back India’s central bank from cutting policy rates? Apart from the pace of price rise that is yet to align with Reserve Bank of India’s (RBI) target of 4%, there is another factor at play — transmission of past repo rate actions into lending rates.

RBI rejects SFB applications of Dvara Kshetriya Gramin, Tally Solutions
MUMBAI: The Reserve Bank of India has rejected two more applications to set up small finance banks, namely by Dvara Kshetriya Gramin Financial Services and Tally Solutions Private, the central bank said in a release. Dvara Kshetriya Gramin Financial Services had applied for a small bank licence in April 2021 whereas Tally Solutions had applied in August 2021. “Based on the assessment of the applications, they were not found suitable for granting of in-principle approval to set up a small finance bank,” the RBI said, adding that the remaining two applications are under examination.  

RBI rejects Tamilnad Mercantile Bank's proposal for CEO candidate
Mumbai: The Reserve Bank of India has rejected the names of the candidates proposed by Tamilnad Mercantile Bank (TMB) for the position of managing director (MD) and chief executive officer (CEO).

Finance firms led ECB spree in Feb
Finance companies led the overseas borrowing spree in February, raising around 44% of the total External Commercial Borrowings (ECB). These firms raised nearly $1 billion in February out of the total $2.2 billion raised via ECBs, according to the Reserve Bank of India (RBI).

SBI approaches RBI to cap NBFC lender base
State Bank of India (SBI) has approached the Reserve Bank of India (RBI) to put a cap on non-banking financial companies’ (NBFCs) lender base. Currently, many NBFCs borrow from over 50-60 lenders at the same time.

Bank of Baroda raises lending rate by 5 bps starting today. Details here
Regardless of Reserve Bank of India (RBI) keeping its repo rate constant at 6.5 per cent, Bank of Baroda raised its MCLR across four tenors by 5 basis points with effect from today i.e., April 12, 2024. 

Best FD rates: Up to 9% interest rate on 5-year fixed deposits! Check out the rates from top 5 small finance banks
Fixed deposits (FDs), also known as term deposits or time deposits, are considered a much safer investment tool. Banks and other financial institutions allow customers to put a certain amount of money in fixed deposits for a set period and earn guaranteed returns at a fixed interest rate.

'Get ready for global turbulence': Veteran banker Uday Kotak warns of high rates
 

Credit Card Devaluation: These high-end cards scale back rewards and benefits! Are you affected?
Two major private sector banks Axis Bank and IDFC FIRST Bank have announced devaluation across some of their popular credit cards. Axis Bank is set to revise features and benefits on some of its premium cards starting April 20, while IDFC FIRST Bank will implement similar changes on most of its cards from May 1, 2024.

HDB Financial Services: Japan-based MUFG to acquire 20% stake in HDFC Bank's non-banking arm at close $10 bn valuation
The Bank of Tokyo-Mitsubishi UFJ (MUFG) is getting ready to acquire a 20 per cent stake in HDB Financial Services, a non-banking subsidiary of HDFC Bank, at a valuation of $9-10 billion, according to a report by the Economic Times. The deal is expected to be finalised at the HDFC Bank board meeting next week.

Revolut gets RBI nod to issue Prepaid Payment Instruments in India
New Delhi: Revolut India on Friday said it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) including prepaid cards and prepaid wallets in the country.

Amazon Pay plans to offer credit on UPI
Amazon Pay is looking to offer credit on unified payments interface (UPI) to customers, and is working with the National Payments Corporation of India (NPCI) for the same.

Quantum MF cries foul on ICICI Securities delisting, complains to Sebi
Mumbai : In a rare instance of investor activism by an asset management company, Quantum Mutual Fund has written to the markets regulator objecting to the delisting of ICICI Securities Ltd on grounds of unfair valuation for the brokerage’s minority shareholders.

BlackRock assets hit record $10.5 trillion as markets surge
BlackRock, the world's largest asset manager, reported on Friday record assets under management (AUM) of about $10.5 trillion in the first quarter and posted a 36% jump in profit as a rebound in global equity markets boosted its investment advisory and administration fees.

Mutual funds take the passive route in search for differentiation

After Mirae Asset MF and Tata MF, Motilal Oswal MF is gearing up to launch a set of 'industry first' index funds.

Playing for rate cuts: How to plan allocation in debt mutual funds
Growth/inflation dynamics have remained volatile on account of the continued geo-political shocks, supply chain re-alignments and erratic weather patterns in recent times, influencing interest rates

G-Sec yields spike, rupee weakens on higher-than-expected US inflation
Mumbai: Yields of government securities (G-Secs) spiked, tracking US Treasury yields, which rose due to higher-than-expected inflation. The rupee weakened against the dollar, which gained against most currencies due to the possibility that rate cuts may be delayed by the US Fed to rein-in inflation.