INCLUSION
Proxy debt plays may slow as JPM index inclusion progresses
Analysts predict the Centre will maintain or reduce the fiscal deficit target to 5% of GDP in the upcoming budget, as foreign investment in Indian government bonds surges post JP Morgan index inclusion.
NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks
National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs) onboarded on one platform through the JanSuraksha Portal.
Staff associations of mainstream lenders and regional rural banks at loggerheads over merger proposal
The All India Regional Rural Bank Employees Association strongly opposes the merger proposal, citing concerns about the treatment of RRB employees and the lack of tangible benefits from such mergers. They assert that the proposed merger is objectionable and anti-employee, highlighting historical mistreatment by larger banks and the absence of real relief for RRB staff.
India, US extend digital tax on e-commerce supplies till June 30
Officials said while this would take care of the taxation issue for the first quarter, a final guideline for the second quarter onwards will be given in the upcoming budget in July. Both the countries had reached a deal in November, 2021 that allowed New Delhi to impose the 2% levy until March 31, 2024, or till the implementation of Pillar 1 of the OECD agreement on taxing multinationals and cross-border digital transactions.
007 Effect! JPMorgan bond inclusion can attract $2-3 billion monthly FII inflows into India
Since October 2023, non-residents have invested nearly $15 billion in Indian government bonds, including $5 billion through USD-settled, INR-denominated supranational bonds. Starting from Friday, passive fund inclusion will begin at a rate of 1% per month, leading to total inflows of $25-30 billion by the time full weightage is reached.
Bond inclusion positive for banks; return of FII flows to benefit private banks: Pranav Gundlapalle, Sanford C Bernstein
Private sector banks, particularly HDFC Bank, are poised for growth and profitability. Indian bond inclusion may impact liquidity and interest rates, benefiting the banking sector. Public banks face challenges in profitability and growth compared to private counterparts. Regulatory actions in the NBFC sector may favor established players like Muthoot, says Pranav Gundlapalle.
India set for more global attention as bond inclusion begins
India's government bonds enter JPMorgan's index, attracting billions in inflows, driven by positive economic indicators, high yields, and market performance, positioning India as a top choice for global investors.
India inclusion in JP Morgan Bond index from today, $25-30 bn flow expected. What it means
India, which has been on index watch since October 21, upon its inclusion will have the single highest duration across the index at 7.03 years, with an above average yield-to-maturity at 7.09%, a JP Morgan note said.
Foreigners buy Indian debt on eve of JPMorgan index inclusion, indicators signal
Currency market reacts to India's JPMorgan index inclusion with increased foreign buying and dollar transactions by large banks. Traders anticipate passive inflows despite the rupee's limited appreciation. RBI expected to manage the market dynamics prudently.
Rupee falls tracking weak Asian peers, traders eye index inclusion
CR Forex's Amit Pabari forecasts a stable rupee within a defined range, emphasizing the impact of interest rates on currency fluctuations.
India's JPMorgan bond index entry to suck $11 billion from S.Africa, Poland and Thailand
India's entry into JPMorgan's GBI-EM index is set to reshuffle $11 billion from various markets, impacting South Africa, Poland, Thailand, Czech Republic, Chile, and the EMEA region. With Russia's exit, China, Indonesia, and Mexico maintain stable weights, affecting Latin America and boosting EM Asia.
Finmin reviews financial inclusion schemes in meeting with banks, FI CEOs
Banks were urged to improve customer experience in banking services by focusing on initiatives like CKYC, Jan Samarth portal, and Aadhar seeding. The meeting acknowledged progress in social security and financial inclusion through government schemes, emphasizing the importance of reaching the last mile for stronger initiatives.
Finance Ministry calls meeting with PSBs to review financial inclusion schemes ahead of budget
Finance ministry has scheduled a meeting on Tuesday with heads of state-owned banks and financial institutions. The purpose of the meeting is to review the progress of the government's key financial inclusion schemes, including the Jan Dhan Yojana, Jan Suraksha Yojana, and Mudra Yojana, ahead of the budget.
RBI urges banks to address credit gaps for underserved sectors
Despite India's progress in banking access, micro and small business units, marginal farmers, and self-help group members still lack institutional credit and comprehensive financial services, as highlighted by the Reserve Bank of India.
SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG
RBI Deputy Governor Swaminathan J emphasized the crucial role of State Level Bankers' Committees (SLBCs) in advancing financial inclusion. He highlighted their potential for better coordination with governments and NGOs, effective credit planning, and promoting digital financial literacy. Swaminathan urged SLBCs to bridge the gap between financial services and underserved communities, fostering inclusive and sustainable economic growth.
Transgender community members, sanitation workers, labourers to attend Modi's oath ceremony
Transgender community, labourers, and sanitation workers who contributed to the new parliament building are invited to PM-designate Narendra Modi's swearing-in ceremony. BJP MPs felicitated them as part of PM Modi's inclusivity message. This is the first formal invitation to the transgender community for such an event.
LGBTQIA+ employees have a new ally at workplace in senior leaders
At companies such as GE Aerospace, IBM, LTIMindtree, Deutsche Bank, Cisco, Cummins and Thoughtworks, board members, leaders, people managers as well as teammates are driving a culture of inclusiveness so that LGBTQIA+ workers don’t feel isolated.
Save Solution receives $13 million private equity funding
Private equity investor Incofin Investment Management has invested $10 million SaGgraha Management Services, a business correspondent wholly owned by SAVE Solutions, which itself provides the last mile banking services in the rural hinterlands through its some 10000 touchpoints.
India Inc embraces gender-neutral parental leave policies for inclusive work environment
India Inc revamps parental leave policies to support changing family structures and foster inclusion. Companies like Colgate-Palmolive and Hindustan Unilever introduce gender-neutral initiatives. Volvo Group and Standard Chartered enhance parental leave programs. Expert Mansee Singhal emphasizes economic benefits for organizations.
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