Business

RBI Ups Financial Accommodation for States/UTs by 28% to ₹60,118 Crore

The Reserve Bank of India (RBI) has increased the aggregate Ways and Means Advances (WMA) limit for State governments and Union Territories (UTs) by 28%, from ₹47,010 crore to ₹60,118 crore, effective from July 1, 2024. This revision, based on...

Thales Inks Pact With Adani Defence To Manufacture 70mm Rockets In India

Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture 70mm rockets locally. This strategic collaboration aligns with the Indian government’s “Make in India” initiative, aiming to enhance self-reliance in defence production. Adani's Defence & Aerospace? Earlier this month, Adani...

RBI Projects Further Moderation in Bank NPAs to 2.5%

The Reserve Bank of India (RBI) has projected a further improvement in the gross non-performing assets (GNPA) ratio of scheduled commercial banks (SCBs), estimating it to decrease to 2.5% by March 2025. This optimistic outlook is based on macro stress...

SBI Raises Rs 10,000 Crore via 15-Year Infrastructure Bonds at 7.36% Coupon

State Bank of India (SBI) has successfully raised Rs 10,000 crore through its fifth infrastructure bond issuance. The bonds, with a tenure of 15 years and a coupon rate of 7.36% payable annually, garnered significant investor interest, oversubscribed nearly four...

Mindspace Becomes First Indian REIT to Issue Sustainability-Linked Bonds

Mindspace Business Parks REIT, the owner and developer of quality Grade A office portfolio, has announced its ₹650 crore Sustainability Linked Bond issuance placed with the International Finance Corporation (IFC). The coupon of the bond is linked to Mindspace’s commitment...

Banks Bid Rs 1.6 Trillion in Variable Rate Repo Auction Amid Tightening Liquidity

Banks showed high demand for cash by bidding Rs 1.6 trillion in the Reserve Bank of India's (RBI) variable rate repo (VRR) auction, held on Friday, against a notified amount of Rs 1 trillion. This comes amid a period of...

RBI Penalizes Central Bank of India and Sonali Bank PLC for Violations

The Reserve Bank of India (RBI) has imposed fines on Central Bank of India and Sonali Bank PLC for breaches related to customer protection and KYC norms. Central Bank of India faces a penalty of ₹1.45 crore for irregularities including...

MEA and SBI Sign MoU to Enhance Digital Payments for Migrant Workers via eMigrate Portal

The Ministry of External Affairs (MEA) and the State Bank of India (SBI) have formalized a Memorandum of Understanding (MoU) to integrate SBI's payment gateway, SBIePay, with the eMigrate portal. This collaboration aims to bolster digital payment services for Indian...

India Surpasses Hong Kong to Reclaim Fourth Spot in Global Equity Market

India's equity market has once again outpaced Hong Kong, securing the position as the world's fourth-largest by market capitalization. With India's market value soaring to $5.2 trillion, bolstered by a 10% surge following a post-election market rebound, it now leads...

ATM Operators Push for Rs 2 Interchange Fee Hike Amid Viability Concerns

ATM operators in India are advocating for an increase in interchange fees by Rs 2 per transaction, citing financial sustainability challenges. The Confederation of ATM Industry (CATMI) has formally approached the Reserve Bank of India (RBI) and the National Payments...