RBI, NPCI propose ways to reduce cross-border remittance costs to 3%
The Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) have apprised the World Trade Organisation (WTO) of ways to reduce the cost of cross-border remittances, given that these could go as high as 8% under current circumstances.

FPIs in a spot over RBI currency derivatives diktat
Mumbai: Foreign portfolio investors (FPIs) are in a bind over the new currency derivatives diktat from the Reserve Bank of India (RBI), even as the deadline for the applicability of the circular has been extended from April 5 to May 3.

Banks must be innovative in scouting for opportunities: D Subbarao
Mumbai: Emphasising that the burden of meeting India’s $5-trillion economy target will fall on banks, Dr Duvvuri Subbarao, Former Governor, RBI and visiting faculty, Yale University says high quality banking is critical for the country.

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RBI MPC Meeting Live Updates: RBI likely to hold repo rate at 6.50%
Here are the major updates related to bi-monthly RBI Monetary Policy Committee meeting. 

RBI gives 1-month breather to forex traders
Giving a temporary relief to forex traders that could lead to significant reduction in the impact cost and cool down the exchange-traded currency derivatives (ETCD) market, the Reserve Bank of India (RBI) on Thursday deferred the implementation of new rules for foreign exchange derivatives to May 3.

RBI holds firm on rupee derivatives stance, defers norm implementation to May 3
RBI defers implementation of directions on currency derivatives to May 3

Positive start expected for Indian markets, focus on RBI policy
Domestic markets are likely to open on a positive tone, according to Nifty futures at Gift City. Analysts expect the consolidation phase to continue due to the lack of triggers. The focus is on the RBI monetary policy outcome on Friday, especially the central bank’s comments.

HDFC foreign legroom rises but misses index provider MSCI threshold
The investment legroom for foreign portfolio investors (FPIs) in HDFC Bank rose to 24.95 per cent during the quarter ended March 2024. However, it fell short by only 5 basis points (bps) of the threshold required for index provider MSCI to hike its weightage in its global indices.

Private banks’ deposit mobilisation picks up
In a sort of reversal in trend, many private sector banks’ deposits have started growing faster than growth in advances. Accordingly to provisional data released by top private sector banks, five of the seven lenders’ deposit growth has outpaced credit growth sequentially in Q4FY24, barring AU Small Finance Bank (SFB) and South Indian Bank.

HDFC Bank Q4FY24 Update: Gross advances up 55.4% at Rs 25,080 billion, deposits grew by 26.4% on-year
HDFC Bank on Thursday announced that its gross advances as of March 31, 2024 aggregated to Rs 25,080 billion, reporting a growth of 1.6 per cent (Rs 387 billion) over Rs 24,693 billion as of December 31, 2023. Gross advances increased by 55.4 per cent on-year in comparison to Rs 16,142 billion as of March 31, 2023 

Education loan financier HDFC Credila to raise Rs 2,700 cr in fresh equity

Besides EQT, ChrysCapital, and HDFC Bank, South Korean financial services player Shinhan Bank will chip in as an investor.

Lateral hirings in PSBs spark debate
The recent exits of some senior officials from public sector banks (PSBs), hired from the private sector, has sparked debate in the banking sector about the relevance of lateral hiring from private banks.

Fixed deposit news: Bank of India revises FD rates. How they compare with SBI, ICICI, HDFC Bank
Bank of India revises FD rates: BOI has updated its fixed deposit interest rates for deposits below ₹2 crore. Following the revision, the bank now provides interest rates ranging from 3% to 7.25% for deposit periods spanning from 7 days to 10 years. These rates are effective from 1 April 2024. Senior citizens receive an extra 50 basis points (bps) on tenors of 6 months and above, while super senior citizens are granted an additional 65 bps. For deposits below ₹2 crore and tenors of 3 years and above, senior citizens receive an additional premium of 25 bps, totaling 75 bps. Similarly, super senior citizens are offered an additional premium of 25 bps, totaling 90 bps.

`Want to be the go-to bank for funding big acquisitions' : Tatsuhiro Otake, India CEO; Shingo Nakamura, Senior MD & Piyush Agarwal, Senior MD, Mizuho Bank

What are Mizuho's growth plans?

Muthoot Finance under CCI lens for ‘forum shopping’
The Competition Commission of India (CCI) is learnt to have found Muthoot Finance misrepresenting information in a complaint before it and indulging in forum shopping. The matter pertains to Muthoot Finance filing a complaint with the anti-trust regulator n 2021 against debenture trustees for allegedly exploiting its market dominance by imposing excessive fees to facilitate the issuance of non-convertible debenture (NCD).

Electronica Finance raises Rs 400 crore from Avishkar, LeapFrog
Electronica Finance has raised Rs 400 crore in Series B funding led by LeapFrog Investments and supported by Aavishkaar Capital.

Poonawalla Fincorp's AUM surges 54% in Q4FY24, hits Rs 24,800 crore

On a sequential basis, the AUM expanded nearly 13 per cent from Rs 21,850 crore in the third quarter ended December 2023.

Fiserv looks to expand its payment solutions product, Clover, in India
Fiserv, the $19 billion US-based fintech and financial services company, wants to expand its business in India, the biggest market in APAC. It plans to launch its payment solution product, Clover, for small businesses. , said Srini Krish, President of Global Services and Global Practice Leader for Implementations at Fiserv.

NSE ready to begin public issue process, waiting for SEBI approval to launch IPO: CEO Ashish Chauhan
The National Stock Exchange (NSE) is ready to begin its initial public offering (IPO) process but awaits the approval from capital markets regulator Securities and Exchange Board of India (SEBI), according to chief executive officer (CEO) Ashishkumar Chauhan. According to a report by news website Moneycontrol, Chauhan had said that once the market regulator is more comfortable with NSE's operations, the exchange will be allowed to re-apply to float its issue.

Redeeming mutual fund units? Key points you need to know about MF redemption
Mutual fund redemption is a process of selling mutual fund units back to the asset management company (AMC), which manages your fund. It means as a subscriber you are withdrawing units – called ‘redemption’ in mutual fund parlance. When you redeem your MF scheme, partially or fully, you receive funds in your bank account linked with the MF account within 3-4 working days. Hence, in that way, mutual funds are very beneficial for an investor who likes liquid investment as it makes exit very easy and instant.

Top mutual funds: These 15 equity MF schemes delivered the best return in three years. Do you own any?
In the last five years, the Mutual Fund industry has seen significant growth. With numerous options available, it's crucial to identify funds that have outperformed their benchmark index. Investors are increasingly seeking mutual fund schemes that have exceeded the market average. Here's a list of the top-performing mutual funds in India, covering large, mid-and small-cap segments, that have surpassed their benchmarks.

Mutual fund assets increase 34% during FY24, the highest in 7 years
For the three months ended March 2024 (Q4FY24), the average assets under management (AUM) stood at Rs 54.1 trillion compared to Rs 40.5 trillion in Q4 of 2022-23 (FY23), according to data from the Association of Mutual Funds in India.

Bandhan Mutual Fund announces launch of the Bandhan Innovation Fund
 

Prime Decoder: New RBI regulations trigger changes to the corporate bond market and treasury ops of banks. Here’s how.
Beginning this fiscal year, the banking regulator has revised prudential regulations on investing in the bond market. These regulations are expected to boost the corporate bond market and significantly change the way banks manage their treasury operations.