Tenor Financial News

Janalaxmi Cooperative Bank for non-compliance with regulations. The Reserve Bank found out that the bank had failed to constitute a board of management within the extended timeline granted by RBI, sanctioned credit facilities to its nominal members in excess of the prescribed limit, and, opened/renewed term deposits at interest rates higher than those offered by the State Bank of India for the same tenor. The bank was served with a show cause notice, after which the penalty was imposed in exercise of powers under the sections of the Banking Regulation Act, an official statement said. The central bank also imposed a penalty of Rs 28.30 lakh on Solapur Janata Sahakari Bank for appointing a member on its board of management who did not satisfy the 'fit and proper' criteria and failure to reconstitute the panel within the specified time and contravention of Supervisory Action Framework by the lender by sanctioning fresh loans carrying risk weights of more than 100 per cent in FY22.

To claim income tax exemption for fiscal 2023-2024, one must make the necessary investments before March 31. The investments made after this date will enable tax benefits in the following year only.

Also Read: SBI vs Bank of Baroda green fixed deposits: Check tenure, interest rate, and other details here The Amrit Kalash deposit scheme is a specific tenor FD offered with a tenure of 400 days. The interest rate offered on this FD is 7.10% p.a. (as of 13th March 2024).

SBI vs Bank of Baroda green fixed deposits (FDs): State Bank of India (SBI), and Bank of Baroda (BoB) have launched a special fixed deposit (FD) scheme to mobilise funds to support environment-friendly initiatives and projects.

IIFL Finance passed a resolution to raise ₹2,000 crore comprising a rights issue of ₹1,500 crore and non-convertible debentures of ₹500 crore, according to a statement issued by the company on Wednesday. The company said that it plans to raise ₹1,500 crore by way of fast track rights issue before the end of June 2024 while the NCDs will be raised by this month-end.

Bank of Baroda branch in India. Debadatta Chand, Managing Director & CEO, of Bank of Baroda said, “The Bank has taken great strides in embedding sustainability into its operations, including our approach to risk management, governance, social responsibility, and environmental impact.

Vishal Goenka, Co-Founder of IndiaBonds.com believes the the inclusion of Indian bonds in JP Morgan and Bloomberg indices will be a game changer for the Indian fixed-income markets. In an interview with Mint, Goenka emphasised investors should invest in bonds to diversify their portfolios and also highlighted the most important developments in the bond markets in recent times. Edited excerpts: The answer is simple: all financial investors should diversify their portfolios as the basic thumb rule of financial investments.

Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits with effect from March 01, 2024. Interest rates for 25-month tenor was revised by 41 basis points (bps).

lower supplies, the borrowing cost for states fell to a 32-week low of 7.40 per cent Tuesday, down by 4 bps from the previous week's auctions. Throughout January, the interest rates were hovering at a two-year high of close to 7.9 per cent. Then rates started falling after states began to auction lower than earlier disclosed debt after the government cleared the Central share of tax devolution in early February. Eleven states raised Rs 28,000 crore from state government securities (SGS), which is 27 per cent lower than the Rs 38,200 crore indicated for this week in the auction calendar, according to a note by Icra Ratings. As a result, the weighted average cut-off eased by 4 bps to 7.40 per cent, the lowest in the past 32 weeks.

Aadhaar card details, investing for income tax exemption, special fixed deposit schemes offered by SBI & IDBI Bank and concession on home loan interest rates. At the beginning of the month, we list out some of the key deadlines that are vital to know for all and sundry. Free updation of Aadhaar: In case you want to update your Aadhaar card details, you must do it before March 14.

Senior Citizen Savings Scheme (SCSS) have surged to over two times during the current fiscal. During the same time, mobilisation through the Monthly Income Scheme has risen up by four times, reported Business Line. “As of early February, collection through SCSS was around ₹90,000 crore.

SGB premature redemption Although the bond has an 8-year tenor, early redemption is permitted after the fifth year from the date of issue on coupon payment days. If kept in demat form, the bond will be tradable on the exchange.

Adani New Industries Ltd. is in talks to raise up to $3 billion for capital expenditure, according to people familiar with the matter, as the unit of India’s ports-to-power conglomerate aims to become a major player in the country’s green hydrogen push. The company is discussing the planned transaction with a group of foreign lenders and is likely to raise the money via offshore loans in two or three tranches over the next 12 months, with the process starting in June, the people said, asking not to be identified because the details are private. The loan’s tenor could range from three to five years, with the pricing likely linked to the Secured Overnight Financing Rate, they said. Lenders discussing the credit facility with the company include DBS Bank, Deutsche Bank AG, First Abu Dhabi Bank PJSC, ING Bank NV, MUFG Bank and Standard Chartered Bank Plc.

yen sagged to fresh lows on the euro, sterling and other crosses this week and headed for a fourth weekly drop on the dollar as investors chased better yields just about everywhere but Japan, wagering rates there would stay near zero for some time. The yen is the worst-performing G10 currency this year, with a 6.4% slide on the dollar. The greenback is the best performing.

Wipro: The IT services giant on Wednesday disclosed a new deal with US chipmaker, Intel Foundry. The deal with the chip development division of Intel will see Wipro engineers work on Intel’s latest ‘18A’ chip node that will be used in cutting-edge consumer electronics devices next year onward. In an exchange filing, Wipro said the deal will cater to chip designs for clients across automotive, industrial and telecommunications verticals, and be used for “generative AI-driven designs".

₹35-crore loan from Axis Finance, a non-banking subsidiary of private lender Axis Bank. In its plea, Axis Finance sought the court’s urgent intervention to “protect and preserve" the outstanding loan amount, pending the hearing and final disposal of its arbitration petition. The bank had filed the arbitration petition after the Bengaluru-based education trust defaulted on its dues in September.

China is widely expected to trim its benchmark mortgage reference rate at a monthly fixing on Tuesday, as banks' improving net interest margins give authorities some leeway to use monetary stimulus to shore up faltering economy growth. The loan prime rate (LPR) normally charged to banks' best clients is calculated each month after 20 designated commercial banks submit proposed rates to the People's Bank of China (PBOC).

Fixed deposits (FDs) have long been a preferred investment choice for individuals seeking stability, security, and steady returns. Offering a conservative yet reliable avenue for wealth preservation and growth, FDs remain a cornerstone of many investors’ portfolios.

Sovereign Gold Bond Scheme 2023–24 Series IV schedule for the fiscal year 2023-2024. The SGB Series 2023-24 Series IV opened for subscription on February 12, 2024. The current SGB tranche will close for subscriptions on February 16, 2024.

Sovereign Gold Bonds (SGB) 2023-24 Series-IV is now open for people to buy from February 12, 2024, until February 16, 2024. After you buy, it usually takes seven days for the bonds to be given to you. For this series, that will be on February 21, 2024. The bond is valued at Rs 6,263 for each gram of gold. This value is determined by calculating the average closing prices of gold with 999 purity over the last three working days before the subscription period, which are February 07, February 08, and February 09, 2024.After a discount of Rs 50 per gram less than the nominal value for investors who apply online, the issuance price of the Gold Bond would be Rs 6,213 per gramme of gold. Also read: Latest Sovereign Gold Bond tranche open for subscription: 5 ways to invest in SGB 2023-24 Series-IV

Kesoram Industries, which is merging its cement business with UltraTech Cement, is looking to refinance the ₹1,500-crore debt borrowed at 20% from Goldman Sachs, Cerberus and Edelweiss, and is in talks with Tata Capital for it, two people aware of the development said. The company is looking for a one-year finance before the asset moves to UltraTech following regulatory clearances, they said, adding that Kesoram is looking to refinance the debt at 12-13%. Talks for the new loan could close by the end of this month, they added. «Kesoram is in talks with Tata Capital to raise debt as the 'make whole' for the existing debt will get over in March this year,» said one of the sources. «The loan will be used to refinance existing lenders and will help Kesoram reduce interest cost by as much as 7-8%.» «Make whole» is the call option on a bond given to an issuer to pay off the remaining debt.