Issue: 1180
· RBI extends deadline for
implementation of revised capital market exposure norms to July 1, 2026.
· Banking assets at GIFT City
IFSC cross $106 billion, rising 7-fold in five years.
· Global stock markets rise
amid hopes of de-escalation in Iran conflict; oil prices surge.
· Central banks likely to delay
rate cuts as oil shock pushes inflation higher.
· Eurozone inflation rises
above ECB target due to oil price shock.
· Goldman Sachs and Morgan
Stanley execute ?174 crore stock swap deal.
· UK regulator proposes £9.1
billion compensation scheme for mis-sold car finance loans.
· JPMorgan launches American
Dream Initiative to support small businesses and financial inclusion.
Trump says Iran war could
end soon, signals US exit: 'We’re not going to be there much longer': The United States believes the
ongoing war with Iran could end soon, even as military operations continue and
tensions remain high across the region. In an exclusive interview with the New
York Post, US President Donald Trump said Washington may not need to stay
engaged in the conflict for much longer. “We’re not going to be there
too much longer. We’re obliterating the s–t out of them right now, it’s a total
obliteration,” Trump told the New York Post in a phone interview. He added,
“But we won’t have to be there much longer — but we have more work to do in
terms of killing their offensive, whatever offensive capability they have
left.”
(Moneycontrol)
LPG imports down 45% in
March: The
country’s LPG imports plunged over 45% month-on-month to around 1.12 million
tonne (MT) in March from nearly 2.04 MT in February, Kpler data showed. The
drop came as the escalating West Asia conflict choked supply routes through the
Strait of Hormuz, a critical artery that carries nearly 90% of the country’s
LPG imports. The sharp contraction is seen as a direct fallout of the
geopolitical crisis, which has effectively disrupted shipping lanes, stranded
vessels and triggered what officials describe as one of the worst gas supply
shocks in recent years.
(Financial Express)
MGNREGA work dips to 53.2
million households in FY26, lowest in six years: Around 53.2 million households
received employment under the flagship Mahatma Gandhi National Rural Employment
Guarantee Act (MGNREGA) scheme in FY26, the lowest in the past six years,
according to preliminary data from the official website. The scheme, which is
set to be replaced by the Viksit Bharat Guarantee for Rozgar and Ajeevika
Mission (Gramin) (VB-G RAM-G) from FY27, recorded an average of 42.9 days of
work per household in FY26, the lowest since FY23. In March, around 14.3
million households got work under the programme, which was 23.2 per cent lower
year-on-year.
(Business Standard)
RBI defers capital market
exposure norms by 3 months to July 1: The Reserve Bank of India has
deferred the implementation of its revised capital market exposure norms by
three months to July 1, 2026, while introducing key clarifications to address
industry concerns around acquisition financing and lending to market participants.
The amended directions, originally scheduled to come into force from April 1,
were aimed at enabling bank funding for corporate acquisitions, rationalising
loans against financial assets and shifting towards a more principle-based
framework for exposures to capital market intermediaries (CMIs).
(Business Line)
RBI’s short forward book
rises to $ 77.6 billion in February: The Reserve Bank of India’s
dollar short forward positions rose $9.2 billion to $77.6 billion in February–
up 13.5% on month, according to data released by the central bank on Tuesday. The
rise in short positions can be attributed to the regulator’s forex swap, along
with FX interventions to defend the rupee, according to market participants. “The
increase is mainly due to RBI’s $ 10 billion swap conducted to infuse
liquidity. The net increase is slightly
less than $ 10 billion and the more-than-year bucket rose only $ 8.8 billion,
implying that some maturities were allowed,” said Guara Sengupta, chief
economist at IDFC First Bank, adding that some intervention in the offshore
market also contributed to the rise in the short forward positions.
(Financial Express)
Corp insurance premiums
fall up to 80% this season: Corporate insurance premiums
are falling sharply this renewal season. Property and commercial lines are
witnessing steep declines. Intense competition and increased underwriting
capacity are driving these price drops. Experts warn this trend could impact
industry profitability. Buyers are benefiting from lower costs across various
insurance segments. This market softness is unprecedented, affecting all
business lines.
(Economic Times)
RBI extends
export credit window to June 30 amid West Asia disruptions: Citing continued disruptions from the
West Asia conflict, the Reserve Bank of India on Tuesday extended the enhanced
export credit window, allowing up to 450 days for pre- and post-shipment
finance on disbursals made till June 30. The facility, introduced in November
2025 amid tariff-related uncertainties, was earlier available up to March 31,
2026. The time for realizing export proceeds is
also extended to 15 months. These measures aim to help exporters navigate
ongoing logistical challenges.
(Economic Times)
Utkarsh Small
Finance Bank sold Rs 1491 crore of bad loans for just Rs 195 crore: Utkarsh Small Finance Bank has offloaded
bad loans worth Rs 1491 crore to asset reconstruction firms for Rs 195 crore.
This move comes as the bank reported its worst gross non-performing assets
ratio at 11% and a significant net loss in the third quarter. The sale involved
two distinct pools of stressed microfinance loans.
(Economic Times)
IRGC names Microsoft,
Google, Apple, Intel, IBM, Tesla, Boeing as targets in Middle East: Iran's Revolutionary Guards said they would
target U.S. companies in the Middle East as of April 1 in retaliation for attacks
on Iran, state media reported. The 18 companies listed in the IRGC's threat
included Microsoft, Google, Apple, Intel, IBM, Tesla and Boeing. "These
companies should expect the destruction of their respective units in exchange
for each terror act in Iran, starting from 8 PM Tehran time on Wednesday, April
1st," the IRGC statement said.
(Moneycontrol)
IndiGo appoints former
British Airways chief William Walsh as CEO: IndiGo on Tuesday announced that it has
appointed former British Airways chief William Walsh as its new Chief Executive
Officer, marking a leadership change as the carrier expands its global
operations. Walsh brings decades of experience in the airline industry. He
began his career in 1979 as a cadet pilot with Aer Lingus and rose through the
ranks to become its Chief Executive in 2001. Walsh is currently the Director General of the
International Air Transport Association (IATA). His tenure at IATA ends on July
31, 2026, and he is expected to join no later than August 3, 2026, IndiGo said.
Walsh, popularly known as Willie, was formerly CEO of British Airways and IAG
(International Airlines Group), a holding company which owns Aer Lingus,
British Airways, Iberia, LEVEL, and Vueling.
(Business Today)
Housing slowdown worsens:
India home sales below 1 lakh for first time in 5 years: India’s housing market during the first
quarter of 2026 started on a weak note, with sales dropping below the 1 lakh
mark for the first time in four-and-a-half years. The fall came as new project
launches slowed across most major cities, dragging overall absorption lower, as
per a recent report by PropEquity. Sales across the top nine cities stood at
98,761 units in Q1 2026, down 13% year-on-year and 6% from the previous
quarter. New supply also slipped to 92,411 units, marking a 19% annual decline,
the report adds. What stands out is the uneven nature of this slowdown.
Bengaluru and Delhi-NCR continued to attract demand and fresh supply, while
most other cities saw both metrics weaken at the same time, as per the report.
(Financial Express)
CBIC removes Rs 10 lakh cap
on courier export consignment: The Central Board of Indirect Taxes and
Customs (CBIC) has operationalised a set of comprehensive reforms to streamline
e-commerce exports as well as broader courier-based imports and exports to
enhance ease of doing business from April 1. The reform includes removal of Rs
10 lakh cap on courier export consignments to boost e-commerce exports. Simultaneously,
the Finance Act, 2026 has delivered a major relief to India’s service export
sector by removing intermediary services clause under the Integrated Goods and
Services Tax (IGST) Act, 2017. With the amendment under the Finance Act, 2026,
the place of supply for intermediary services shifts to the location of the
recipient.
(Financial Express)
Appointment letter
mandatory for all workers from April 1: Starting April 1, companies
will be required to provide appointment letters to all workers under the new
Labour Codes. Employers who fail to comply will face penalties. The government
has mandated that every employer must issue an appointment letter to every
employee. If an employee does not have one by the time the Code takes effect,
it must be issued within three months. The Labour Codes make appointment
letters mandatory for all workers. Previously, written terms existed in parts
of the law but were not uniformly enforced or standardised across the labour
market. According to the Occupational Safety, Health and Working Conditions
Code, 2020, the responsibility to issue appointment letters lies with employers.
(Financial Express)
CBIC operationalises
comprehensive reforms for e-commerce exports and courier trade to enhance ease
of doing business from April 1, 2026: In pursuance of the Union
Budget 2026-27 announcement, the Central Board of Indirect Taxes and Customs
(CBIC) has operationalised a set of comprehensive reforms to strengthen and
streamline E-Commerce exports as well as broader courier-based imports and
exports with effect from 1st April 2026. As part of these reforms, the
existing value limit of ?10 lakh for commercial export consignments through
courier mode has been removed. In order to address congestion
and delays in disposal of uncleared or unclaimed imported goods at
International Courier Terminals, CBIC has introduced a Return to Origin (RTO)
facility. Under this facility, goods that remain uncleared or unclaimed for
more than 15 days and are not prohibited, restricted or under enforcement hold
may be returned to the origin following a simplified procedure.
(PiB)
SORTINO RATIO
§ The
Sortino ratio is a variation of the Sharpe ratio. It differentiates harmful
volatility from total overall volatility by using the asset's standard
deviation of negative portfolio returns or downside deviation instead of the
total standard deviation of portfolio returns.
§ The
Sortino ratio takes an asset's or portfolio's return and subtracts the
risk-free rate. It then divides that amount by the asset's downside deviation.
RBI KEY RATES
Repo
Rate: 5.25%
SDF:
5.00%
MSF
/Bank Rate: 5.50%
CRR:
3.00%
SLR:
18.00%
FOREX RATES (RBI REF. RATE)
INR
/ 1 USD : 94.6543
INR
/ 1 GBP : 125.6347
INR
/ 1 EUR : 109.0064
INR
/100 JPY: 59.2500
EQUITY INDEX
Sensex:
71947.55 (-1635.67)
NIFTY:
22331.40 (-488.20)
Bnk NIFTY: 50275.35 (-1999.25)
Utkal Divas: Odisha Day, also
Utkal Dibasa, is celebrated on 1 April in the Indian state of Odisha in memory
of the formation of the state as a separate state out of Bihar and Orissa
Province with addition of undivided Koraput District and Ganjam District from
the Madras Presidency on 1 April 1936.
Historical
events: April 1st marks
major historical milestones in India, including the establishment of the
Reserve Bank of India (RBI) in 1935, the formation of Odisha state in 1936, and
the birth of the ninth Sikh Guru, Guru Tegh Bahadur, in 1621. Globally, it is
widely recognized as April Fool’s Day and commemorates key events like the 1976
founding of Apple Inc. by Steve Jobs.
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