Issue: 1336
· Google unveils Gemini 4 Argon
AI model, restricts access to cybersecurity experts over hacking risks.
· HDFC Bank appoints ICICI Bank
veteran VN Srivatsan as Chief Compliance Officer.
· RBI may raise repo rate by
100 bps through H1 2027: BofA
· Scheduled commercial banks
notch up robust 18.8% credit growth in Aug.
· RBL Bank gets Rs.173 crore
GST show-cause notice over ITC claim.
· South Indian Bank appoints
Mahesh Muralidhar Pai as MD & CEO
Govt cuts windfall tax on
diesel, ATF exports; petrol duty unchanged: The government on Wednesday cut the windfall gains
tax on exports of diesel and aviation turbine fuel (ATF), while retaining it at
the same level for petrol for the fortnight beginning October 1. The rate of special
additional excise duty (SAED), along with road and infrastructure cess, on
diesel exports will now be Rs 16 per litre, down from Rs 20 a litre. SAED on
ATF exports has been reduced to Rs 10.5 per litre from Rs 15 per litre
currently. The duty on petrol exports has been retained at Rs 0.5 per litre for
the next fortnight.
(Moneycontrol)
Weakest monsoon in a decade
ends with 12.6% rain deficit: The southwest monsoon season
(June-September) officially ended on Wednesday after delivering one of the
weakest rainfalls in over a decade. The country received 759 millimetres (MM)
of rainfall against the benchmark—the long period average of 868 mm based on
average precipitation during the 1971-2020 period, according to the India Meteorological
Department (IMD). Withdrawal of the annual phenomenon, which accounts for over
70% of the country’s annual rainfall, is currently underway; total withdrawal
may occur in a fortnight.
(Financial Express)
US inflation rises less
than expected in August, consumer spending surges: U.S. inflation increased less
than expected in August, which could see financial markets further reduce the
odds of another interest ??rate increase from the Federal Reserve next month. The
Personal Consumption Expenditures Price Index rose 0.3% last month after a
downwardly revised 0.1% gain in July, the Commerce Department's Bureau of
Economic Analysis said on Wednesday. Economists polled ?by Reuters had forecast
the PCE price index ?rising 0.4% after a previously reported ?0.2% gain in
July. In the 12 months through August, PCE inflation advanced 3.4% after
increasing by ?a downwardly revised 3.4% in July.
(Business Standard)
Apple Pay launches in India
to take on PhonePe, Google: Apple users in India will soon
be able to make in-app purchases, online payments and store transactions using
Apple Pay as the company rolls out the service over the next few weeks. Customers
can make payments across merchants using their iPhone, Apple Watch and iPad,
with support for Mac coming soon. The service can also be availed by Axis Bank
Credit Card customers across Mastercard and Visa networks. Customers will be
assigned a unique Device Account Number when using a credit card with Apple
Pay.
(Business Line)
Bank loans against fixed
deposits surge 43.2% to Rs.2.04 lakh crore in August: Bank credit against fixed
deposits, including FCNR(B) and NRNR deposits, rose 43.2 per cent year-on-year
to Rs 2.04 lakh crore as of August 31, 2026, according to the RBI data. Such
advances stood at Rs 1.43 lakh crore a year earlier. On a financial-year basis,
advances increased 20.8 per cent from Rs 1.69 lakh crore as of March 31, 2026. The
sharp rise in advances against fixed deposits came even as overall bank credit
expanded 19.1 per cent year-on-year to Rs 223.88 lakh crore as of August 31,
from Rs 188.01 lakh crore a year earlier.
(Business Line)
RBI net short forward
position rises to $200 b: The central bank's net short
forward positions increased to $200 billion in August even as some long positions
were added, amid inflows from the special window for FCNR(B) hit the system.
The net short forward positions stood at $136 billion in July, latest Reserve
Bank data showed. Long positions in the upto one
month tenure increased to $31.6 billion, while short positions of the same
maturity stood at $12.1 billion. In the 1-3 month category, short positions
stood at $11 billion, while in the three month to one year tenure, short positions
were at $24.6 billion.
(Economic Times)
HDFC Capital, Shalimar
create Rs 750 crore platform for UP real estate: HDFC Capital Advisors has
joined forces with Shalimar Corp to establish a significant Rs 750 crore real
estate development platform. This collaboration aims to enhance residential and
mixed-use projects in prominent Uttar Pradesh cities like Lucknow and Varanasi.
The venture envisions a development potential surpassing 5 million sq ft,
inclusive of around 3,000 residential units.
(Economic Times)
Traders call off 'No UPI
Day' protest plan after meet with FM Sitharaman: Finance minister Nirmala
Sitharaman met representatives of small traders on Wednesday, after which they
withdrew the proposed 'No UPI Day' protest on October 2. "In
view of the constructive discussions and the assurance that the concerns raised
by the trading community will receive due consideration, the All India Consumer
Products Distributors Federation (AICPDF) and the All India Mobile Retailers
Association (AIMRA) have decided to withdraw the protest call," Praveen
Khandelwal, secretary general of the Confederation of All India Traders (CAIT),
said after the meeting.
(Economic Times)
RoDTEP scheme extended till
December 31, 2026; existing rates, caps to continue: The government has extended the Remission of Duties
and Taxes on Exported Products (RoDTEP) scheme by three months till December
31, 2026, providing exporters continued access to the incentive as the
government works on the longer-term framework for the scheme. RoDTEP provides remission
of duties, taxes and levies embedded in exported products that are not refunded
through other mechanisms. The benefit is calculated as a notified percentage of
the export value, subject to product-specific value caps, and is issued
electronically through transferable duty credit scrips.
(Moneycontrol)
Govt unveils Rs.1.86
lakh-crore Green Energy Corridor to evacuate renewable power: The Union Cabinet on September 30 approved the
Green Energy Corridor Phase-III (GEC-III) scheme with a total outlay of Rs.1,86,405
crore for development of intra-state transmission infrastructure and battery
storage to facilitate evacuation of up to 135 GW of renewable energy across the
country. The programme will deploy 50 GWh of battery energy
storage capacity and create 51,126 circuit km of transmission lines and
2,28,903 MVA of transformation capacity. The move comes as renewable-rich
states such as Rajasthan and Gujarat face transmission constraints, with the
rapid addition of renewable generation increasing the need for evacuation
infrastructure, grid flexibility and storage.
(Moneycontrol)
Reliance’s Rs.13,000 crore
bond issue draws strong demand; SBI said to be largest investor: Reliance Industries’ Rs.13,000-crore 10-year
bond issue attracted strong investor interest on Wednesday, with bids exceeding
Rs.15,000 crore against a base issue size of Rs.12,000 crore, according to
sources familiar with the transaction.The issue included a green shoe option of
Rs.1,000 crore. A green shoe issue allows the underwriter to sell more shares
than the original size. The bonds carry a coupon of 7.90 per cent and are
rated AAA by Crisil and CareEdge.
(Business Line)
Cabinet clears Rs.2.79 lakh
crore package: Rabi MSP hike, PM DHARA and Delhi traffic system: The Union Cabinet on Wednesday approved three
major measures spanning agriculture, renewable energy and urban transport, with
the combined value of the decisions put at Rs.2,79,157 crore. Union Minister
Ashwini Vaishnaw announced the decisions after the Cabinet meeting. The largest
allocation, Rs.1,86,405 crore, has been approved for PM DHARA (Developing
Harmonized and Accelerated Renewable Energy Access), a programme aimed at
developing and accelerating access to renewable energy. The Cabinet also
cleared Rs.1,790 crore for an Intelligent Traffic Management System (ITMS) in
the National Capital Territory of Delhi. Separately, the government approved the Rabi Price
Policy for the 2027-28 marketing season, with an estimated payout of Rs.90,962
crore to farmers. The decision covers six Rabi crops — wheat, barley,
gram, lentil (masoor), rapeseed-mustard and safflower — and sets new Minimum
Support Prices (MSPs) based on projected costs of production and the margin
over those costs. The MSP for wheat fixed at Rs.2610/qtl, while that of barley
was fixed at Rs.2286 per qtl.
(Business Today)
Small savings scheme
interest rates unchanged for Q3 FY27: The government has kept interest rates
unchanged across all small savings schemes for the October-December 2026
quarter (Q2 FY27), extending the status quo for the ninth consecutive quarter. Sukanya
Samriddhi Yojana and Senior Citizens Savings Scheme pays highest ROI of 8.2%
p.a, while PPF pays ROI of 7.1% p.a. The ROI of NSC and KVP also remained
unchanged at 7.7% p.a and 7.5% p.a respectively.
(Business Today)
Irdai extends deadline for
PIR consultation paper feedback to Oct 17: The Insurance Regulatory and
Development Authority of India (Irdai) had extended the deadline for submission
of feedback on consultation paper on the proposed Public Insurance Registry (PIR)
to October 17. The original deadline was September 30. “In order to facilitate
comprehensive participation, wider industry deliberations and detailed
submissions from all stakeholder groups, it has been decided to extend the last
date for submission of comments and suggestions to Saturday, 17th October,
2026,” the Insurance regulator said in a release.
(Financial Express)
SUBSCRIPTION TRAP (In marketing)
§ The
process of - (i) making cancellation of a paid subscription impossible or a
complex and lengthy process; or (ii) hiding the cancellation option of a
subscription; or (iii) forcing a user to
provide payment details or authorization for auto debits for availing a free subscription; or (iv) making the instructions related to
cancellation of subscription ambiguous, latent, confusing, cumbersome..
§ For
example: Making it easy for customers to sign up for a product / service (e.g.,
credit card, insurance product, etc.) but making the procedure for cancelling
the same significantly cumbersome like not providing a direct link for
cancellation, keeping the cancellation option in complex navigation requiring
multiple confirmation steps.
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 : 95.9832
INR
/ 1 GBP : 127.1886
INR
/ 1 EUR : 108.9368
INR
/100 JPY: 61.1600
EQUITY INDEX
Sensex:
22620.45 (-95.75)
NIFTY:
72480.29 (-48.78)
Bnk NIFTY: 54633.05 (+373.10)
****WISHING A NICE DAY****
Visit our website www.thebankingupdates.com
For Regular updates, Monthly e-magazines &
Promotion Study materials
CLICK HERE TO JOIN OUR COMMUNITY/GROUP FOR
DAILY UPDATES
CLICK HERE TO JOIN OUR CHANNEL FOR DAILY
UPDATES & QUIZ
Contact us: # 8261802533
Email: bankingupdates2020@gmail.com
CLICK HERE TO ORDER BANK PROMOTION KIT