Daily Banking News Update from around the web. Latest Daily Banking & financial news @sorapedia from Banking Sectors, Finance Industry and Public Sector Banks, PSBs News.
Table of Contents
Economic Times
1) Large corporates have shifted their focus on banks to fulfil their fund requirements instead of raising funds overseas or from the local bond market.This would help credit growth to sustain over 14% for this fiscal, pointing to renewed demand for working capital loans.
2) After the Russians, Cubans Seek to Settle Trade in Rupees.Cuban central bank officials meet RBI and large banks to work out a mechanism; euro payment another option.
3) Nearly four years after the approval of Vedanta Ltd’s resolution plan for integrated steel maker Electrosteel Steel Ltd, the bankruptcy court in its recent order directed the lenders of the company to consider the claims of the clutch of operational creditors.
4) SBM India, one of the most active partner banks for fintech firms, has told its card-fintech partners to immediately stop onboarding new users for its co-branded credit prepaid card product. This has impacted several startups in the space, including partners Slice, Uni and LazyPay.
Financial Express:
1) New Foreign Trade Policy Likely Next Month; Focus on Ecomm Exports, Hubs.IN THE WORKS Lower compliance burden for small exporters, proper categorisation of products clubbed as ‘others’.
2) NBFC seems to be in a better shape with double digit growth in their balance sheets,improved profitability, a stronger capital position with the gap between the spreads of AAA /AArated NBFC bonds narrowing to pre-pandemic levels:RBI
3) Inflation has flattened and is soon expected to fall, first into the monetary policy committee’s tolerance band of 2-6% and then to the target of 4%, said an article by a group of RBI researchers.
4) Sebi on Thursday allowed alternative investment funds to invest in overseas companies that may not have an India connection by way of a back office or subsidiary. The requirement to have an ‘Indian connection’ was a major roadblock for funds seeking a regulatory nod to invest overseas.
Business Line:
1) LIC Housing has accepted bids worth an aggregate of ₹3,000 crore on bonds maturing in three years as well as 10 years.It will pay an annual coupon of 7.38 per cent on three-year bonds and 7.85 per cent on 10-year bonds and had invited commitment bids on Wednesday.
2) Nearly four months after the RBI opened the doors for NBFCs to enter the credit cards space, Bajaj Finance may be the first to seek the regulator’s go-ahead to commence this new line of business.
3) Fintechs may not be profitable in the next 2-3 years: BCG Survey.With the race for customer acquisition, and surging funding over the last 5 years, profitability and compliance has been an after thought for many players.
4) Private capex announcements rose in 2021-22, says RBI.The share of these five states increased significantly from an average share of 40.7% during 2012-13 to 2019-20 to more than 50.0% during the last two years.
Business Standard
1) Lenders in talks to sell Rs 18,850-cr Future group loans to NARCL.The loans are expected to be sold in the second half of the current financial year.
2) RBI steps in as rupee slides on corporate outflows; bond yields jump.A portion of the corporate outflows on Thursday were attributed to Blackstone’s sale of shares worth close to Rs 4,000 crore of Indian automotive firm Sona Comstar.
3) Axis Bank hikes MCLR by 5 bps across tenors, follows other lenders.Banks change lending policy to keep up with monetary policy committee’s raising repo rate.
4) Govt to amend 114-year-old the Indian Ports Act, bring in reforms.Bill aims to level-playing field for ports, new dispute resolution mechanism
Live Mint:
1) 12 states, J&K debarred from power trading over non-payment of dues.Firms cumulatively owe Rs 5,000 crore to gencos; Telangana has the highest amount of Rs 1,380 crore.
2) The Indian manufacturing sector, which received a fillip in FY22 due to export growth, is likely to be hit by a slump in foreign trade activity in FY23.
3) Digital payment to become easier for Indians in UK; UPI to foray into UK market.UPI gained acceptance in Singapore (March 2020), Bhutan (July 2021) and in the UAE and Nepal (February, 2022).
4) RBI Bulletin: A big bang approach to PSB privatisation may do more harm than good.The study also suggests that market confidence tends to be in favour of PSBs in terms of crisis.
3) Digital payment to become easier for Indians in UK; UPI to foray into UK market.UPI gained acceptance in Singapore (March 2020), Bhutan (July 2021) and in the UAE and Nepal (February, 2022).
4) RBI Bulletin: A big bang approach to PSB privatisation may do more harm than good.The study also suggests that market confidence tends to be in favour of PSBs in terms of crisis.
Also Read – Government Looking For Total Exit & fully Privatizing Public Sector Banks
