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The next phases of election will be on May 7, May 13, May 20, May 25, and June 1, 2024. RBI may announce bank holidays as per the voting day in respective states and cities.
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Every month, Indian banks are closed on the second and fourth Saturdays as well as all Sundays apart from National and state-wise holidays, according to the Reserve Bank of India. Advertising
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Mumbai: The strong growth momentum and the GDP projections for 2024-25 give the RBI a policy space to unwaveringly focus on price stability, Governor Shaktikanta Das stressed while voting for a status quo in the interest rate earlier this month. The Reserve Bank had maintained status-quo on the benchmark lending rate (repo) at 6.5 per cent since February 2023 on concerns over inflation after the three-day meeting of the Monetary Policy Committee (MPC) earlier this month. The central bank on Friday released the minutes of the meeting.“The gains in disinflation achieved over last two years have to be preserved and taken forward towards aligning the headline inflation to the 4 per cent…
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Source: https://www.bizzbuzz.news/amp/economy/strong-growth-helps-rbi-focus-on-inflation-das-1308446
Mumbai: Bengaluru headquartered firm Cred, a top third-party app for credit card bill settlements in India, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment app, said media reports. The startup also operates a range of other products and services including a modest e-commerce platform, vehicle management services, and a curated travel package platform. According to reports, the company valued at $ 6.4 billion received the approval this week. In February, CRED forayed into the wealth management sector by acquiring Kuvera, an online platform, said reports. This strategic move positions the company to directly contend with established…
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The Reserve Bank of India’s new draft guidelines on Know Your Customer (KYC) for Payment Aggregators (PAs) may have a significant impact on micro and small-scale businesses and solopreneurs.
Earlier this week, the central bank published draft directions for PAs, under which the latter are required to conduct Contact Point Verification of small merchants. PAs shall also verify the bank account in which funds of such merchants are settled.
“For medium merchants, PAs shall carry out CPV. PAs shall also obtain and verify one Officially Valid Document (OVD) of the proprietor / beneficial owner / person holding attorney and verify one OVD of the business.” the regulations…
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Source: https://entrackr.com/2024/04/rbis-draft-kyc-guidelines-add-burden-and-cost-for-payment-aggregators/
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The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar KK as the managing director and chief executive officer of Dhanlaxmi Bank for a period of three years with effect from the date of his taking charge.
The Board of Directors of the bank will meet soon to approve the appointment of Ajith Kumar and seek the approval of the shareholders thereafter, as per the regulatory provisions, the bank said in a communication to exchanges.
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Ajith Kumar KK…
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Universal bank licences: Here are key changes in licensing criterion Business Standard
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In response to the soaring gold prices, expected to surpass $2700 per ounce this year amidst escalating geopolitical tensions in the Middle East, the Reserve Bank of India (RBI) announced a significant policy amendment. This move allows resident entities to diversify their hedging strategies against gold price volatility in overseas markets. Policy Update Effective immediately, residents can now utilize Over-the-Counter (OTC) derivatives in addition to derivatives traded on exchanges in the International Financial Services Centre (IFSC) for managing gold price risks. This expands the avenues for hedging gold exposure, offering residents enhanced flexibility in risk management….
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Indian Rupee trades on a stronger note on Thursday.
Rising oil prices and higher expectations that the Fed will delay rate cuts weigh on the INR.
Investors await the Initial Jobless Claims, Philly Fed Manufacturing Index, Existing Home Sales, and Fed speakers on Thursday.
Indian Rupee (INR) recovers some lost ground on Thursday. The INR dropped to a record low on Wednesday, weighed by the worries that escalating tensions in the Middle East could disrupt supplies and boost oil prices. India is the third-largest consumer and importer of crude oil. Therefore, higher oil prices could damage the economy and put pressure on INR. Furthermore, the growing expectations that the…
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Lenders raised deposit rates by an average 96 basis points through FY24 despite the Reserve Bank of India (RBI) holding policy rates steady since February 2023, a State Bank of India research report said this week, pointing to industry-wide efforts at deposit mobilisation to meet sustained credit demand amid shrinking liquidity.One basis point is a hundredth of a percentage point. Credit demand outpaced deposit growth, prompting lenders to raise rates. Bank credit rose 20.2% as against 13.5% rise deposits for FY24, said the SBI report. It said the weighted average domestic term deposit rates (WADTDR) on outstanding deposits rose 96 bps last fiscal year. It further pointed out that the…
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IIFL Finance on Wednesday said its board has approved raising up to Rs 1,271.83 crore from a rights issue at a price of Rs 300 per share.
Last month, the IIFL board approved raising an amount not exceeding Rs 1,500 crore by way of issue of shares on a rights basis to existing eligible shareholders as on the record date.The NBFC has been barred by the Reserve Bank of India (RBI) from sanctioning or disbursing gold loans.
Equity shares approvedIn a regulatory filing on Wednesday, IIFL Finance said its board has approved 4,23,94,270 fully paid-up equity shares each for an amount aggregating up to Rs 1,271.83 crore (assuming full subscription with respect…
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Source: https://www.freepressjournal.in/amp/business/iifl-finance-to-raise-1272-crore-via-rights-issue
