RBI ADVISORY
Former RBI Guv Urjit Patel set to join Britannia Industries board again
Urjit Patel, former RBI governor, joins Britannia Industries board as an independent director. He recommenced after a two-year hiatus following his resignation in 2018. Patel’s diverse experience includes stints in both the private sector and central bank, distinguishing him from his predecessors. As a seasoned professional, he brings a unique perspective to the boardroom, ensuring a blend of regulatory expertise and corporate governance.
Britannia appoints ex-RBI Guv Urjit Patel as independent director
Britannia has appointed former Reserve Bank of India Governor Dr. Urjit Patel and Atul's MD Sunil Siddharth Lalbhai as Additional Non-Executive Independent Directors for five consecutive years, effective from July 2, 2024, to July 1, 2029. Patel served as the 24th Governor of RBI and was Deputy Governor from 2013 to 2018.
India Ratings pegs bank credit growth at 15.4% for FY25
India Ratings has forecasted a 15.4% loan growth for banks in FY25. The rating agency believes a turnaround in private capital expenditure could alleviate any pressure on overall credit growth during the fiscal year.
Banks told to stay vigilant amid intel on cyberattack threat
Apart from continuously checking network activities and server logs to detect malicious intrusions, banks will have to monitor critical payment systems such as SWIFT (the messaging system to confirm cross-border fund transfers), card network (which facilitates card payments), the online local fund transfer frameworks RTGS, NEFT and UPI, the real-time payment system.
Former RBI Governor Raghuram Rajan warns against fake videos of him recommending stocks
Former Reserve Bank of India (RBI) Governor Raghuram Rajan has cautioned investors against fake videos of him circulating on social media, giving investment tips, especially on individual stocks.
Rupee ends nearly flat aided by RBI intervention; logs weekly decline
The Indian rupee closed nearly unchanged on Friday as intervention from the Indian central bank prevented it from hitting a lifetime low even as a broadly stronger dollar pressured most Asian currencies.
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Rupee ends lower on jump in US bond yields, RBI intervention caps losses
The Indian rupee ended weaker on Monday, weighed down by a rise in U.S. bond yields, but likely intervention by the Reserve Bank of India (RBI) helped limit the currency's losses.
Bonds poised for a major bull run in next five years: Maneesh Dangi
I will tell you, first from a, let us say, asset classes point of view, we talked about equity, but a few people realise that return of Modi actually is absolutely loved by bonds because it sort of assures that this small risk of high fiscal deficit and potentially very high inflation has gone.
RBI unlikely to cut interest rate on June 7, say experts
The Reserve Bank of India is unlikely to cut the benchmark interest rate in its upcoming monetary policy review amid inflation challenges and improving economic growth. Scheduled for June 5-7, the Monetary Policy Committee (MPC) is expected to maintain the current 6.5% repo rate. Experts cite steady economic conditions and ongoing inflation concerns as reasons for maintaining the status quo
Jio Financial Services launches app to take on its fintech rivals
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
Muthoot Finance declares interim dividend of Rs 24 per share
Muthoot Finance announces an interim dividend of Rs 24 per share for FY23-24, with a record date of June 1. The company assures adherence to RBI guidelines on cash disbursement of loans.
View: Fund pool, more AIFs than buts
In 2015, when investment in AIFs was made permissible under the automatic route, rules on indirect foreign investment were also recalibrated. Downstream investments by companies were categorised based on the origin of invested capital. However, for AIFs, emphasis was placed on control over deployment of the capital, rather than the capital origin, indicating a nuanced regulatory approach to foreign investments under the extant framework.
Cards vs UPI; Byju’s advisory council dissolved
Happy Monday! UPI's ease of use is driving a shift to cashless payments, leaving debit cards behind. This and more in today’s ETtech Morning Dispatch.
Paytm shares jump nearly 10% in 2 days after hitting all-time low
The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.
ETMarkets Smart Talk: Next 30 days can see a bit of increased volatility as politics takes centrestage: Devang Mehta
Devang Mehta discusses the positive macroeconomic outlook for India, the impact of global trends on the market, and the growth potential in sectors like energy, renewable energy, and EVs, emphasizing the importance of fundamental analysis in IPO decisions. Mehta also says the next 30 days can see a bit of increased volatility as politics take the centrestage and all eyes will be on the election trends and actual results.
Gold finance companies plunge on RBI cash advisory
"The regulation is expected to slightly reduce the competitive advantage of NBFCs against banks and the likelihood of some share of gold loan customers shifting to the unorganised segment can't be ruled out," said Shweta Daptardar, VP- institutional equity research, Elara Securities. "The share prices have already reacted today, so the downside is expected to be limited."
Muthoot Finance and Manappuram Finance shares tank up to 9% after RBI advisory
Muthoot Finance and Manappuram Finance shares dropped 8-9% on BSE following an RBI advisory on cash disbursal of loans. The RBI instructed NBFCs to comply with the Income Tax Act, limiting cash disbursement to Rs 20,000.
RBI allows Ujjivan Small Finance Bank to rope in former SBI veteran as MD & CEO
The Reserve Bank of India has approved Sanjeev Nautiyal as the Managing Director & CEO at Ujjivan Small Finance Bank for three years, effective from July 1, 2024. Nautiyal, with over three decades of banking experience, will hold the position of President before officially assuming his role, subject to shareholder approval. Ujjivan praised Nautiyal's leadership qualities and strategic retail banking expertise, expressing confidence in his ability to further the bank's mission of financial and digital inclusion.
Buying a home in Dubai? Do a FEMA reality check
Navigating property purchases in Dubai can be a regulatory maze for Indians due to foreign exchange laws. Deals offering easy payment plans with instalments over years may violate FEMA. Regulations permit remittance of $250,000 per individual annually for property purchases abroad. However, transactions involving 'instalments' create obligations in foreign exchange, potentially breaching FEMA rules.
National Statistical Commission gets two more members
India's National Statistical Commission is back to full capacity with the appointment of two new members after a one-year gap. A Ganesh Kumar and Debasis Kundu have been appointed, bringing the panel's strength to five, including the chairman. The commission, set up in 2005, aims to strengthen the statistical system, suggest survey standards, and coordinate with other departments. The appointments come amidst calls for reforming the country's statistics system, with the Prime Minister's Office discussing overhauling measures earlier this year.
Upside capped for Kotak Bank stock in near term, but downside's limited, too
"The digital acquisition of customers will be adversely impacted but the reputational impact is surprising since Kotak is considered to be a conservative bank with good processes and systems in place," said Kaitav Shah, banking analyst, Anand Rathi Brokerage.
Systemising the game
MeitY's AI advisory ignited debates on regulating AI. SROs, endorsed by RBI for fintech sector, are crucial. Online gaming sector under GoI's scrutiny. Skill vs chance, clear guidelines, and international regulatory examples are key for effective governance.
RBI directs banks and finance companies to prioritise governance, adhere to rules
Speaking to the media after announcing the policy, the governor also said that financial stability is a joint responsibility of the regulator and the regulated entity. "We supervise all major entities. Wherever we see a problem, we first engage with the entity to see that corrective actions are taken. Where we see that the problems are huge or persistent only then we act," the Governor said.
RBI issues advisory on banks' investments in alternative investment funds
Banks need to only set aside provisions to the extent of their investment in the AIF scheme which is further invested by the AIF in the debtor company, and not on the lender's entire investment in the AIF scheme, the central bank said in a release.
Pallavi Shroff not to seek renewal of term as director on Asian Paints board
In a stock exchange disclosure, Asian Paints Saturday said Shroff has informed the board of directors she will not be able to continue for a second term of appointment as an independent director of the company on account of several new projects her firm has undertaken, projects that demand greater professional and time commitments.
Many Paytm FASTag users facing issues closing account, complain on social media; are you able to close your Paytm FASTag?
Have closed your Paytm FASTag: Some Paytm FASTag users who have been facing difficulty closing their accounts have taken to social media to complain.
Paytm's advisory panel chief says yet to delve deep to identify any issue with firm
"We are an external advisor. At this point they (Paytm) are dealing with RBI," Damodaran said in response to a question on the impact on Paytm with regard to RBI's January 31 order on Paytm Payments Banks Limited (PPBL).
Do you have @Paytm UPI handle? You need to do this before March 15
The Reserve Bank of India (RBI) is taking steps to ensure smooth digital payments for Paytm UPI users with "@paytm" handles, as Paytm Payments Bank won't accept credits after March 15th, 2024. Here's what's important:
Paytm parent One 97 Communications forms advisory committee to strengthen compliance
The committee will be headed by Meleveetil Damodaran, former chairman of markets regulator Sebi, and "will work closely with the board," Paytm said in a press release.
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