Issue: 1313
·
BNP Paribas is said to handle half of India's record MSCI
trades.
·
ICICI Bank mobilises $17.9 billion under FCNR(B) swap
facility.
·
Pine Labs appoints former Amazon, Razorpay executive Jayaram
Karthik as COO.
·
Ujjivan Small Finance Bank shares plunge 5%: RBI approves
Carol Furtado as Interim CEO.
·
CCPA Imposes Rs.10 Lakh Penalty on Dial4Trade for Online
Listing and Sale of Explosive Substance Without Mandatory Safeguards.
·
Finance Ministry asks state-owned general insurers to focus
on profitable lines of business.
Russia-India trade gets a
rupee-rouble boost, 96% settlements use local currencies: Russia and India have built a functioning payments
infrastructure using the rupee and rouble, which now account for 96% of
bilateral trade, a senior Russian banker said on Wednesday, news agency Reuters
reported. Russia's trade with India reached a record $70
billion in 2024, tripling since the start of the conflict in Ukraine in 2022,
as India increased imports of Russian oil discounted due to Western sanctions.
Bilateral trade declined in 2025 after those sanctions were tightened but
rebounded in the first half of 2026.
(Moneycontrol)
RBI’s forex scheme draws
$136.37 billion: Foreign exchange inflows through the special
USD-INR Forex Swap facility of the Reserve Bank of India have crossed $136
billion, far exceeding the initial expectations of both the government and
bankers. The robust capital inflows are set to give comfort to the Indian
rupee, which has been under pressure by boosting foreign exchange reserves. Data
released by the RBI on Wednesday revealed that there have been steady capital
inflows into the country through the scheme to amount to $136.37 billion by
August 31, 2026. Of this, the Foreign Currency Non-Resident (Bank) or FCNR (B)
deposits registered the most inflows, crossing the $100 billion mark to $127.2
billion. The initial expectation was
that the scheme would bring in about $50-$60 billion, which was later increased
to $80 billion.
(Business Today)
Japanese Credit Rating
Agency upgrades India’s sovereign rating to A-, highest by any agency: India on Wednesday got its
first rating upgrade in 2026 as Japan Credit Rating Agency (JCR) revised its
rating to ‘A-’ from ’BBB+’. The latest rating implies a high level of certainty
to honour financial obligations. This is the highest rating for India by any
agency. This development has taken place days after S&P Global retained
India’s rating to ‘BBB’ for 2026. Last year, various agency upgraded India’s
rating including S&P Global, Morningstar DBRS and Ratings and Investment
Information, Inc. (R&I). Giving the reasons for the upgrade, the agency
said that the Indian economy has maintained a high growth rate of around 7 per
cent, supported by robust private consumption and public investment.
(Business Line)
SBI reduces free ATM
transaction limit for salary account holders from October 1: State Bank of India (SBI) is
set to reduce the number of free monthly ATM transactions available to Salary
Package Account holders when they use their SBI debit cards at other banks’
ATMs and Automated Deposit and Withdrawal Machines (ADWMs) in India. The
revised rules will take effect from October 1, 2026. At present, Salary Package
Account holders can make 10 free transactions every month at other banks’
ATMs/ADWMs across all centres. From October 1, this allowance will be reduced
to five transactions per month. The five-transaction limit will cover both financial
and non-financial transactions. Therefore, transactions such as cash
withdrawals as well as non-financial ATM transactions will count towards the
same monthly free limit.
(Moneycontrol)
CCI holds IDBI Trusteeship,
Axis Trustee, SBI CAP and industry body guilty of setting benchmark fees: The Competition Commission of
India (CCI) on Wednesday found the Trustees’ Association of India (TAI) and
three debenture trustees guilty of fixing benchmark fees for trusteeship
services but decided not to impose a monetary penalty after taking into account
various factors relating to their conduct. The three trustees include IDBI
Trusteeship Services, Axis Trustee Services and SBI CAP Trustee Company. The
case was brought before the CCI by Muthoot Finance which alleged that fees
charged by its debenture trustee – IDBI Trusteeship Services – had increased
sharply after TAI introduced a benchmark pricing structure. Every company
making a public offer of debentures is required to appoint a debenture trustee.
(Financial Express)
GIFT IFSC emerges as a
strong and vibrant international banking hub: The International Financial
Services Centres Authority (IFSCA) today highlighted the strong and growing
role of GIFT City IFSC in supporting India’s foreign currency mobilisation and
external financing requirements, with IFSC Banking Units (IBUs) demonstrating
significant scale and momentum across key international banking activities. As
on 31 August 2026, 20 IBUs have sanctioned USD 54.02 billion under the Reserve
Bank of India’s special swap facility for FCNR(B) deposits, of which
approximately USD 52.82 billion has already been disbursed. The scale-up has
been particularly rapid in recent weeks, with aggregate sanctions increasing
from USD 28.60 billion on August 14 to USD 37.26 billion on August 21 and
further to USD 54.02 billion by August 31, 2026.
(PiB)
Zerodha receives Sebi nod
to foray into investment banking business: Leading stock broker Zerodha
received approval from market regulator Securities and Exchange Board of India
(Sebi) to enter investment banking, according to data on the regulator’s website. With
the nod, Zerodha Corporate Advisors will be able to undertake activities such
as managing initial public offerings (IPOs) and other corporate finance as well
as issue-related services. The firm had applied to Sebi for approval in April
for category 1 merchant banking licence. The pivot towards diversified business
follows several tightening regulations by Sebi that impacted broker revenues
such as removal of client float and tightening of the derivatives market.
(Business Standard)
ICICI Bank buys additional
2% stake in ICICI Prudential Life for Rs.1,470 cr: ICICI Prudential Life
Insurance on Wednesday said that ICICI Bank has acquired an additional 2 per
cent stake in the insurer for Rs 1,470 crore through the stock exchange
mechanism, according to an exchange filing. Post the acquisition, the lender's
shareholding will be 52.8 per cent. The development follows
Prudential’s decision to acquire a 75 per cent stake in Bharti Life Insurance
from Bharti Enterprises for Rs 3,500 crore, announced on May 17, 2026, subject
to regulatory approvals. The transaction requires Prudential to reduce its
stake in ICICI Prudential Life to below 10 per cent from its current holding of
nearly 22 per cent.
(Business Standard)
NCDEX signs agreement with
cotton body to deepen role in derivatives: India’s leading commodity exchange NCDEX on Tuesday
signed a five-year strategic partnership with the Cotton Association of India
(CAI) to deepen participation in cotton derivatives and create a more
transparent price discovery and risk-management ecosystem for the country’s
cotton sector. The agreement comes at a time when India accounts for 20-23 per
cent of global cotton production and nearly 38 per cent of the world’s cotton
acreage, but remains a marginal player in global cotton price discovery due to
fragmented physical markets and low use of derivatives.
(Business Standard)
India ecommerce market to
nearly triple to $345 billion by 2030: Infisum: India’s ecommerce market is set to nearly
triple to $345 billion by 2030, up from $125 billion in 2024, according to a
report by research consultancy Infisum. The report benchmarks leading players — including
Amazon, Flipkart, Blinkit, Zepto, Swiggy Instamart, Reliance’s JioMart, Tata
Neu, and Meesho — across key strategic dimensions. It shows that quick commerce
is no longer a distinct niche, with the market increasingly driven by platforms
that combine consumer trust, broad selection, and convenient delivery.
(Business Standard)
Nalco faces Rs.28.6 lakh
fine from NSE, BSE over Sebi non-compliance: Canada Pension Plan Investment Board (CPP
Investments) has committed about Rs.2,070 crore ($215 million) to NIIF
Infrastructure Fund II, the second India-focused infrastructure fund managed by
National Investment and Infrastructure Fund (NIIF). The fund will invest in
infrastructure assets and platforms across India, focusing on sectors
benefiting from long-term structural trends.
(Economic Times)
PM Modi calls for greater
adoption of water-saving technologies: Prime Minister Narendra Modi on Wednesday called
for sensitising urban local bodies to the challenges arising from urbanisation,
including population growth and future water requirements. Addressing the
valedictory session of the Ministry of Jal Shakti's two-day National
Departmental Summit on Water, Modi called for greater adoption of water-saving
technologies and suggested dedicated exhibitions and workshops, including on
exposure to global best practices, to enable Indian manufacturers and
stakeholders to develop and scale efficient solutions. The PM called for
sensitising urban local bodies to the challenges arising from urbanisation,
including population growth and future water requirements, an official
statement said. Emphasising the need for 'jan bhagidari' (public
participation), Modi suggested promoting "Jal Utsav" to create
greater awareness among people.
(Business Standard)
Liquidity surplus tops Rs.7.75
trillion on strong FCNR (B) mobilisation: The yield on the benchmark 10-year government
bond settled at 6.98 per cent, against the previous close of 6.96 per cent.
During the day, the benchmark yield touched the psychologically crucial 7 per
cent mark. The last time the 10-year bond yield closed above 7 per cent was on
June 3 this year. “The market was tracking the US yield and crude today
(Wednesday),” said a dealer at a primary dealership. “If we break 7 per cent,
then next stop is seen at 7.11 per cent and 7.14 per cent where buying from PSU
banks are expected,” the person added..
(Business Standard)
ADP NATIONAL EMPLOYMENT REPORT
·
The ADP
National Employment Report is a monthly report of economic data that tracks
trends in the level of nonfarm private employment in the U.S. It is published
by Automatic Data Processing and provides a breakdown of data by industry,
region, and establishment size.
·
This report is published two
days before the Bureau of Labor Statistics (BLS) employment report and is used
by investors as a preview of the official BLS report.
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 : 94.9701
INR
/ 1 GBP : 128.2498
INR
/ 1 EUR : 109.9453
INR
/100 JPY: 59.5100
EQUITY INDEX
Sensex:
76570.35 (-373.93)
NIFTY:
23914.45 (-141.35)
Bnk NIFTY: 57172.00 (-237.60)
Historic events: September 3
marks several pivotal milestones across the globe and in India, ranging from
the formal entry of the subcontinent into World War II to landmark
international treaties and the births of legendary artists. As recorded on
Wikipedia, “The Viceroy of India also declares war, but without consulting the
provincial legislatures” on September 3, 1939, aligning India with the Allied
nations. Internationally, this date witnessed the signing of the Treaty of
Paris in 1783 which ended the American Revolutionary War.
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