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Bombay High Court has said banks and financial institutions should pass reasoned orders before declaring an entity or person a wilful defaulter under the Reserve Bank of India's Master Circular. A division bench of Justices B P Colabawalla and Somasekhar Sundaresan, in its order on March 4, noted that wilful defaulters are ostracized from access to the financial sector and hence, the discretion given to banks under the circular should be exercised with caution as mandated by the RBI. «Banks and financial institutions that seek to invoke the Master Circular to declare occurrence of wilful default, must share the reasoned orders passed by its Identification Committee and Review Committee,» the HC said. The bench was hearing a petition filed by Milind Patel, former joint managing director of IL&FS Financial Services Limited (IFIN), challenging an order passed by the Union Bank of India in February 2023 declaring the firm and its promoters wilful defaulters under the 2015 Master Circular issued by the RBI.

Bank of India cuts home loan rates: Bank of India (BOI),  a leading public sector bank, has lowered its new home loan rates to 8.3% from 8.45% and removed processing fees until the end of this month. They boast the lowest rate among competitors. SBI and HDFC Bank, leading the industry, offer rates starting at 8.4%. The offer is valid until March 31.

NEW DELHI : The Centre is considering a proposal from Nagaland to add foxtail millet to its state-level Price Stabilization Fund (PSF), in a move to bolster agricultural diversity and protect the indigenous crop. This initiative, a senior government official to Mint, aims to safeguard this staple yet endangered crop by ensuring its continued cultivation and economic viability. The PSF functions to build-up India's buffer stock of crucial food commodities, releasing them into the market strategically to control price spikes.

Jubilant Foodworks Ltd. gained 0.57 per cent to Rs 446.15 in Thursday's trade as of 01:29PM (IST). The stock hit a high price of Rs 448.4 and low of Rs 444.0 during the session. The return on equity (ROE) for the stock stood at 17.33 per cent. Traded volume on the counter stood at 01:29PM shares and turnover at Rs 1.56 crore around that time. The stock of Jubilant Foodworks Ltd. quoted a 52-week high price of Rs 586.35 and 52-week low prices of Rs 420.35, respectively.

Sweden’s Riksbank has released its final report on its central bank digital currency (CBDC), the e-Krona, which focused on offline payments.

credit score. So, utility bills can impact your credit score. Unlike credit cards or loans, utility bills are not reported to CIBIL, unless they are sent to collections.

Household debt is on the rise. According to an analysis by Motilal Oswal Financial Services, household debt as a percentage of gross domestic product (GDP) touched a new high of about 40% in the December quarter (Q3FY24).

₹66,778 per 10 grams. In the international market, spot gold prices rose above $2,200 per ounce levels. Gold loan companies like Muthoot Finance and Manappuram Finance tend to benefit from the increase in gold prices as the value of the collateral held by these companies rises.

By Ritsuko Shimizu

NSE BSE Holiday: Indian equity markets are set to remain shut for multiple days towards the end of March due to festivals and holidays, apart from the regular weekend breaks. The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will not conduct trading activities on March 25 on account of Holi, and March 29 for Good Friday. Across both these leading bourses, trading will be closed in the equity, equity derivatives and securities lending & borrowing (SLB) segments on those two dates.

₹72 to ₹76 per share. At the upper end of the price band, the company plans to raise ₹14.25 crore from the book-built issue which is entirely a fresh issue of 18.75 lakh equity share. The IPO lot size is 1,600 shares and the minimum investment amount required by retail investors is ₹121,600.

Stock market today: After a sharp sell-off on Tuesday, the Indian stock market shifted into the base-building mode on Wednesday. Two out of three benchmark indices ended higher while the broad market indices ended flat even as the advance-decline ratio rose to 0.75:1.

Gold rate today: On account of three US Fed rate cut buzz in 2024, gold price extended its Wednesday evening rally on Thursday morning deals. Gold futures contract on the Multi Commodity Exchange (MCX) for the April 2024 expiry opened higher at ₹66,100 per 10 gm and went on touch an intraday high of ₹66,778 per 10 gm within a few minutes of the commodity market's opening.

By David Shepardson

The Fed added Quantitative Easing (QE) to its monetary policy toolbox in 2008. At the time, the financial system was imploding. Fed Chair Ben Bernanke bought $1.5 trillion U.S. Treasury and mortgage-backed securities to staunch a financial disaster.

RBI) is said to have turned down a request from HDFC Bank to permit classification of securities worth more than ₹1 lakh crore issued by the erstwhile HDFC Ltd as infrastructure bonds. This would have given regulatory leeway to the country's largest private bank. «The RBI has communicated to HDFC Bank that there is a technical hurdle in giving the infrastructure tag to bonds issued by the former HDFC Ltd because those were issued by an NBFC (non-banking finance company) and norms for treatment of bonds are different for banks and NBFCs,» a person close to the development told ET.

brokers are recommending to investors with a high-risk appetite to make fresh investments in such stocks or schemes that invest here. Strength in earnings growth and decline in share valuations in the mid-cap and small-cap segments following the recent drop in stock prices are some key reasons for holding them or buying them afresh. Motilal Oswal Asset Management said in a note that the valuation premium that mid-cap and small-cap indices held over Nifty has halved to 14% for both against 24% and 29%, respectively.

fund manager survey by Bank of America Securities showed the risk appetite in March is the highest since November 2021, while the firm's 'Bull & Bear' indicator shows sentiment is 'bullish but not extremely bullish' yet. Two-thirds of the survey respondents said a recession is «unlikely» in the next 12 months with 62% forecasting a «soft» landing, while 23% said «no» landing (5% in October 2023) and 11% said «hard» landing (30% in October 2023). Bank of America said 226 fund managers with $572 billion of assets under management (AUM) participated in the March survey.

Existing investors such as the promoter family offices of TVS Capital, Ajanta Pharma, Pidilite, Dalmia and Dabur are likely to invest in this Category-III Alternative Investment Fund (AIF), said people in the know. The private investment in public equity (PIPE) fund has already received commitments worth ₹500 crore, they said.

Hong Kong gets new security law 'to crush dissent': How will it impact citizens? Additionally, the Indian passengers must have the following: Passport validity of at least six months, confirmed return or onward tickets, confirmed hotel booking, proof of bona fide purpose of visit, and proof of sufficient financial provisions. The Consulate General of India, also pointed out that holding Pre-Arrival Registration (PAR) is not a guarantee of the registrant's successful entry in Hong Kong and the above-mentioned requirements need to be followed "Please note that holding a valid PAR is not a guarantee of the registrant's successful entry to the HKSAR.

Indian stock market today: A total of 8 stocks have been banned for trade on Thursday, March 21, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as it crossed 95 per cent of the market-wide position limit (MWPL), according to the NSE. However, the stocks will be available for trading in the cash market.