India Financial News

bulk deposit market aggressively in the last few months, resulting in the outstanding certificates of deposit (CDs) in the banking system rising to a decadal high. Reserve Bank of India (RBI) data show that outstanding CDs in the banking system rose to ₹3.81 lakh crore — the highest since April 2014. These deposits are also not coming cheap as interest rates on these instruments have risen to a maximum of 8.22% which is also the highest since May 2019. In a report released on Monday, Nomura analysts pointed out that in February 2024, the monthly issuance of CDs for the banking system at ₹1.3 lakh crore was at a five-year high. «While CDs are a very small part of system deposits (2% of system deposits as of February 2024), the sharp rise in issuance is indicative of a continued resource crunch faced by banks. Borrowing costs via CDs are around 50 to 80 basis points more expensive compared to retail term deposits, with current 12-month CD rates being at 7.8% on an average across banks,» the analysts said. One basis point is 0.01 percentage point.

Ravichandran Ashwin is set to complete 100 Tests in the fifth and final match of England’s tour starting Thursday in Dharamsala. Here is what he said about the landmark: ON 100TH TEST

India’s local governments are weak despite the 73rd and 74th Constitutional amendments. They effectively serve as extended implementation arms of state governments, rather than as an independent tier of government. If India has to deliver on its promise of Viksit Bharat by 2047, we must radically change how we view our local governments.

Many shall be restored that now are fallen and many shall fall that now are in honour— Horace After having fallen during covid, the Indian economy now finds itself among the most honoured globally. Most high-frequency indicators are firing vigorously and recent headline GDP numbers have been buoyant beyond expectations. A fiscally restrained budget in an election year and sensible policy interventions have ensured that confidence in the economy and the government’s ability to manage it is high, and the stock market is undergoing one of its periodic bouts of exuberance.

India and the UK are in the final stages of negotiating a free trade agreement with time running out as New Delhi gets ready to hold general elections in the next two months. A team of British trade negotiators is visiting New Delhi to iron out differences on India's demand for more visas for its workers and a social security agreement, and UK's asks for access in India's government procurement and inking a bilateral investment treaty before a trade pact. Officials said most talks have been completed at the negotiator level and a final decision on signing the FTA now rests with the two governments.

Kotak Mahindra Bank founder Uday Kotak on Tuesday pitched for a balanced regulatory approach across sectors, contending that too many «guardrails» could weigh down India's growth and hurt its journey towards being a developed nation, while too few of them could invite trouble. The regulators, he suggested, should avoid undue and excessive caution but instead respond swiftly to crises or «accidents», he said. Addressing a two-day conference of the National Financial Reporting Authority (NFRA), Kotak said sacrificing growth to tackle risks is not a solution but problems need to be dealt with in an innovative manner. Kotak's comments come at a time when watchdogs across the financial sector-from the Reserve Bank of India to the Competition Commission of India-are increasingly facing pressure to balance regulations with innovation, especially due to the fast-paced evolution in the technology space. He said the aspirational annual growth rate of 7.5-8% over the next 20-25 years will require significant capacity building to match up to the fast transformation in the economic landscape.

N Biren Singh announced on the floor of the legislative assembly that the state government will consult and take appropriate steps for the implementation of The Manipur Hill Areas (Acquisition of Chiefs' Rights) Act, 1967. Passed in 1967, the act is yet to be implemented, thus enabling the chieftains to continue establishing villages as per their hereditary practices. Elaborating on the same, BJP legislator Rajkumar Imo Singh said, «A very important statement by the CM that the state government will consult and take appropriate steps for the implementation of The Manipur Hill Areas (Acquisition of Chiefs' Rights) Act 1967. This Act was passed by the Assembly on Jan 10, 1967 to abolish the hereditary chieftainship. The President of India gave assent to the Bill on 14th June 1967. One can see the exponential growth of villages in these places. Manipur is the only state where this act isn't implemented. Even a state like Mizoram had implemented a similar act for abolishing chieftainship way back in 1954 when it was a part of Assam.»

Sudeep Pharma is in talks with Avendus Capital to secure ₹800 crore in debt to buy out its joint venture partner, German manufacturer JRS Pharma, and take full ownership of the pharmaceutical company. «Sudeep Pharma is looking to buy out the share of another shareholder and for this they are looking to borrow around ₹800 crore,» said a person close to the development. «They are looking to buy out 50% of its JV partner JRS Pharma.» The Indian owner of Sudeep Pharma is Sujit Jaysukh Bhayani, its MD and CEO, and his family.

service sector growth momentum eased in February but remained robust despite a slowdown in new orders and output, according to a private survey released on Tuesday. The seasonally adjusted HSBC India Services Business Activity Index fell to 60.6 in February from 61.8 in the previous month. A level of over 50 indicates expansion. «A climbdown from a six-month high in January was largely expected, but at 60+, still indicates a sharp expansion rate,» said Rahul Bajoria, managing director and head of EM Asia (ex-China) Economics, Barclays. Despite the decline, service activity in February was at its second highest level in five months, but milder growth during the month clouded the business outlook. «Due to a slowdown in growth in new orders and output, services companies' outlook for future business activity, while remaining strongly positive, weakened slightly,» said Ines Lam, economist, HSBC. Of the 400 firms surveyed for the period, 26% still expect growth in the year ahead, but 2% predict a decline. Employment suffered with survey members indicating that employment numbers were sufficient.

medical device maker Medtronic, which gave the world the first battery-powered pacemaker seven decades ago, is betting big on India. Geoff Martha, its chairman and CEO, told Viswanath Pilla in an interview that Medtronic's next phase of growth in the country will involve evaluating possibilities of redesigning products to make them more affordable for patients, sourcing components locally, and manufacturing in India. Edited excerpts: How are you planning to achieve Medtronic's goal of reaching 1 billion patients every year? We reach two patients every second and we're very proud of it. But 80 million people is a fraction of the world's population… With these digital technologies coming in, I think that'll allow us to access so many more patients. Because it's going to personalise these therapies, lower the cost. So that's the aspiration that we need to map our strategy to get to 1 billion a year.

Chinese influence" may have played a role in encouraging the Leftist unity in Nepal with PM Pushpa Kamal Dahal 'Prachanda' dropping the Nepali Congress as its partner and form an alliance with the Communist Party of Nepal (CPN)-UML led by K P Sharma Oli. The year-long Nepali Congress and Prachanda-led CPN (Maoist Centre) coalition collapsed on Monday, with Prachanda joining hands with the CPN-UML to revive the «Left alliance». Thereafter, Prachanda reshuffled his cabinet to include ministers from the Communist party and created an eight-point programme to run Nepal. Despite contesting the elections in a pre-poll alliance with the Congress, Prachanda became the Prime Minister on December 26, 2022, with the UML's support. But the partnership could not last long after his party decided to support the Nepali Congress in the presidential election. The UML had pulled out of the government on February 27 last year, and Prachanda and Nepali Congress joined hands to form the government.

Mint. Asset managers are not allowed to share any commissions or incentives other than the prescribed trail commissions. Trail commission refers to a fee that mutual funds pay their distributors as long as those who bought MF units stay invested.

NCLT) dismissed an application filed by Vistra ITCL to direct the resolution professional (RP) of realty developer Satra Properties India to include its additional claim of Rs 51 crore that would have taken its total admitted claim to over Rs 131 crore. Vistra informed the bankruptcy court that the RP had partially rejected the lenders’ financial claim, which should have been admitted in its entirety. Currently, the admitted amount against Satra Properties is around Rs 386 crore, wherein Vistra has a 22.25% voting share with admitted dues worth Rs 79 crore. Calculation of interest on outstanding non-convertible debentures (NCDs) formed a key component of the matter. In its application, Vistra argued that originally, it had agreed with Satra Properties to lend the funds at 18% interest per annum; however, the RP has calculated its dues at a lower revised rate of 9%.

Elon Musk's stark warnings, has thrust President Joe Biden's immigration policies into the spotlight. Musk alleges a perilous strategy, likening it to «importing voters» and raising concerns about national security that could surpass the impact of 9/11.

anti-profiteering mechanism set up under the GST regime was an initial nudge aimed to ensure that companies passed on the 'benefit' — be it a fall in tax rates, or an enhanced input tax credit — arising from the GST roll-out to the end consumer by way of commensurate reduction in prices. The adjudicating authority, National Anti-Profiteering Authority (NAA) set up in 2017, had a two-year tenure. But this was extended twice, till November 2022, with the mantle passed on to CCI subsequently. This extension contrasts with international precedents, such as Australia's approach, where similar provisions were enforced, following the introduction of GST, although with a sunset clause. In late January, Delhi High Court, responding to many writ petitions filed by India Inc across sectors from FMCG to real estate, upheld the constitutional validity of the anti-profiteering provisions. It noted that the objective of Section 171 of Central GST Act, which mandates the passing on of GST benefits, is grounded in consumer welfare and equity principles.

governments in their national economies is rising, both through policy and expenditure. In India, of the total gov expenditure of 30% of GDP, two-thirds is carried out by state governments, including some spending financed by the Centre. To hobble state finances, in this context, is to express a strong death wish. Indeed, FPIs in government debt can invest in state government debt. But they do not. They have utilised hardly 2.6% of the permissible limit for state government securities. Why, then, is the Centre chary of letting state governments aggressively market a part of the debt they are eligible to raise abroad, particularly to migrants from their states? India is the world's biggest recipient of migrant remittances — $125 billion in 2023. Mexico, the second-highest, got about half as much. NRI deposits have been the mainstay of emergency foreign borrowings for India, time and again. Remember Resurgent India Bonds (RIBs) to tide over India's post-nuclear test isolation of 1998? India Millennium Deposits (IMDs) of 2000? And the foreign currency non-resident special deposits to tide over the taper tantrum of 2013?

Manipur Chief minister Nongthombam Biren Singh informed the assembly on Tuesday that altogether 63 persons were reported missing since the ethnic violence unfolded in restive Manipur in May last year. Out of them, 26 were found dead, 9 were traced out alive and 28 are still missing, informed Biren, while responding to posers raised by legislators on the fifth and last day of the 5th session of 12th state assembly. On the missing of two standard XII students from Imphal West district’s Sagolband Tera area, the leader of the house said the Cental Bureau of Investigation has reported to have filed charge sheet against five accused arrested in the case.

SBI — or GoI — doesn't like, with Digital India galloping along like a bareback horse in a Ladakh landscape, one would have thunk that retrieving info regarding purchases of electoral bonds for political party funding would be easy-peasy. Unless, of course, it's hard.

MUMBAI : IIFL Finance Ltd on Tuesday tried to assuage investor concerns, stating there were no governance lapses, after the Reserve Bank of India (RBI) barred the non-banking financial company (NBFC) from offering any loans against gold. On Tuesday morning, shares of IIFL Finance opened 20% lower as investors dumped shares after the banking regulator issued a statement on Monday evening that detailed some lapses. “We wish to make it unequivocally clear that there are no governance or ethical issues," said Nirmal Jain, managing director, in a call with analysts on Tuesday.

YouTube and social networks Facebook and Instagram faced problems in logging into their accounts in several parts of the world, including India. Users turned to another social network X, WhatsApp and other online portals to report network outages faced while connecting to Google and Meta-owned platforms.

NDTV, the person speaking in the video is Gagandeep Singh. He says that they had left for Russia on December 27. They had a valid visa to stay in the country for 90 days.