Issue: 1366
· Central cyber security agency
warns banks, fintech firms of AI-powered frauds.
· Kotak Mahindra Bank gets CCI
nod to acquire Deutsche Bank India's retail, private banking businesses.
· AUM under NPS could grow to Rs.100
lakh cr by 2040 from the current Rs.18 lakh cr, says PFRDA Chief Ramann.
· CBI files FIR in $10 million
'fraud' in Exim Bank involving UK-based company.
· AUM under NPS could grow to Rs.100
lakh cr by 2040 from the current Rs.18 lakh cr, says PFRDA Chief Ramann.
· The National Institute of
Agricultural Extension Management (MANAGE), Hyderabad has been recognised as a
Centre of Excellence-Skills (CoE-Skills) in the Agriculture Sector by the
Ministry of Skill Development and Entrepreneurship (MSDE), Government of India.
· OneStack, a fintech provider,
secured Rs.12.5 crore funding to enhance cooperative bank participation in UPI
payments.
US mid-term election outcome effect: G-Secs rally, Rupee gains: The Government Securities
(G-Secs) market rallied on Wednesday, tracking falling US Treasury yields and
dip in crude oil prices amid the Democrats winning control of the US Congress
in the mid-term elections. The rupee too gained ground as the US dollar
weakened. Yield of the widely tracked benchmark 10-year G-Sec (6.94 per cent
GS2036) dipped 12 basis points, the biggest single day decline in about six
months, to close at 7.19 per cent against the previous close of 7.31 per cent.
The price of this security jumped by about 83 paise.Yield and prices of a bond
are inversely co-related and move in opposite directions.
(Business Line)
India’s services PMI rises to four-month high of 55.8 in October:
Amid a cautious business environment, India’s
services sector performed well as the Purchasing Managers’ Index (PMI) rose to
55.8 in October, a survey report by S&P Global showed. However, the job
market news was less optimistic. PMI
is derived from responses from purchasing managers at 400 firms. An index above
50 means expansion, while below 50 means contraction.
(Business Line)
Cabinet approves ‘Viksit Bharat Initiative for Statistical
Transformation, Analytics & Research (VISTAR)’, a central sector scheme for
the period 2026-27 to 2030-31: The Union Cabinet,
chaired by Prime Minister Shri Narendra Modi, today approved the ‘Viksit Bharat
Initiative for Statistical Transformation, Analytics & Research (VISTAR)’
Scheme for the period FY 2026-27 to FY 2030-31 with an outlay of Rs.4,371.10
crore. Aligned with the central objective of Viksit Bharat 2047, the VISTAR
Scheme is designed to establish a dynamic, real-time and future-ready official
statistical architecture for enhanced timeliness, data granularity,
interoperability with harmonised and AI ready datasets.
VISTAR Scheme will encompass all statistical and data
management activities of MoSPI and it will play a crucial role for upgrading
the official statistical system of the country.
(PiB)
Proposed UPI MDR may drive small vendors back to cash: ISB Study: The proposed Merchant Discount Rate (MDR)
framework for UPI payments could affect street vendors who make payments
exceeding Rs.2,000 to procure supplies, potentially prompting them to shift to
cash transactions or pass on the additional cost to customers, according to a
study conducted by the Indian School of Business (ISB). Titled ‘UPI Utilisation
and MDR Awareness Among Street Vendors’, the study, conducted by the Centre for
Analytical Finance (CAF) of ISB, is based on a survey of 722 street vendors
across 14 States and Union Territories and 64 urban local bodies. The research examined UPI adoption, awareness
of the proposed MDR framework and vendor responses to potential transaction
charges.
(Business Line)
Central cyber security agency warns banks, fintech firms of
AI-powered frauds: Central
cyber security agency I4C has warned banks, non-banking financial companies
(NBFCs) and fintech firms about a growing trend of financially motivated
cyberattacks involving artificial intelligence agents, which can enable hackers
to compromise systems and execute fraudulent transactions at machine speed.The
National Cybercrime Threat Analysis Unit (NCTAU) of the Indian Cyber Crime
Coordination Centre (I4C) has also flagged that attackers delete records and
attempt to conceal their activities, adding multiple layers of complexity in
the investigation process.
(Business Line)
RBI forms technical panel for financial markets headed by Rohit
Jain: RBI
has constituted a Technical Consultative Committee for Financial Markets
(TCCFM), headed by the Deputy Governor in charge of the Financial Markets
Regulation Department (FMRD) and comprising eight external members, against the
backdrop of rapidly evolving financial markets and infrastructure. The meetings
of the Committee will be convened at least once a quarter. The terms of
reference of the committee, which is headed by Rohit Jain, Deputy Governor in
charge of the FMRD, include looking into issues related to the functioning,
efficiency, liquidity and resilience of the money, government securities,
foreign exchange and related derivative markets, and identifying measures to
deepen and broaden these markets; and examining Issues relating to trading,
clearing, settlement, reporting and other market infrastructure, including the
associated regulatory and operational frameworks.
(Business Line)
PSB Q2 net profit jumps 17% YoY to Rs 53,771 crore on strong NII
growth: Public sector banks (PSBs) posted 17 %
year-on-year (Y-o-Y) growth — highest in six quarters — in net profit at Rs
53,771 crore during the September 2026 quarter (Q2Fy27) on the back of healthy
growth in net interest income (NII). Sequentially, the net profits were down
marginally (0.79%) from Rs 54,198 crore in the June 2026 quarter (Q1Fy27),
according to data sourced from Capitalline for 12 listed PSBs. The NII, a key income source for lenders, grew
by 16 % YoY to Rs 1.26 lakh crore in Q2Fy26. The
other income comprising fees, commission and treasury revenues did not show
same tempo as that of NII growth in Q2. It grew by just 4.2 % YoY to Rs 51, 669
crore in Q2Fy27.
(Financial Express)
HDFC Bank to offer deposits under Capital Gains Accounts Scheme:
HDFC Bank has received government authorisation
to offer deposits under the Capital Gains Accounts Scheme (CGAS), 1988. The
facility will allow taxpayers to park unused capital gains in savings accounts
or fixed deposits for up to three years while retaining eligibility for
applicable tax exemptions and earning interest on their deposits.
(Economic Times)
NPCI forms unit to push into AI, blockchain tech: The
National Payments Corporation of India has created a technology subsidiary
known as NPCI Tech Solutions Limited. This new unit will focus on advancements
in AI, blockchain, and digital financial infrastructure. Vishal Kanvaty has
been appointed as the managing director and CEO of the subsidiary. NTSL aims to
enhance capabilities beyond NPCI's core payments responsibilities. The
initiative highlights India's commitment to developing its banking and
financial services technology landscape.
(Economic Times)
Cabinet approves scheme to promote processing of critical
minerals: The Union Cabinet on Wednesday approved a scheme to promote critical
mineral processing to encourage domestic value additional. It also gave its nod
to the continuation of the Centrally Sponsored Scheme for Fast Track Special
Courts (FTSCs) for expeditious trial of cases of rape and under POCSO
(Protection of Children from Sexual Offences) Act for another five years. The
Cabinet gave its nod to the ‘capex support scheme to promote critical mineral
processing’ with a financial outlay of Rs.2,814 crore over a period of five
years. It has been formulated to provide targeted capital expenditure support
for the establishment and operationalisation of domestic processing facilities.
(Business Line)
Indian startups valued above $500 million rise to 51 in 2026,
Hurun report says: Indian startups with a valuation of over USD
500 million have increased to 51 per cent in 2026, from 47 in the year-ago
period despite lower number of artificial intelligence (AI) companies, a report
said on Tuesday. The combined value of these 51 entities is about Rs 3.3 lakh
crore (USD 34.1 billion), with an average valuation of about Rs 6,400 crore,
and they employ over 60,000 people, as per the 2026 ASK Private Wealth Hurun
India Gazelle Index report. The entities have reported combined revenue of Rs
33,233 crore, growing 50 per cent year-on-year, the report said..
(Business Line)
SEBI allows REITs, InvITs to raise foreign funds through
depository receipts: EBI
allowed Real Estate Investment Trusts (REITs) and Infrastructure Investment
Trusts (InvITs) to raise funds from foreign investors through depository
receipts (DRs), providing them with an additional route to access overseas
capital. Under two separate circulars, SEBI has specified the framework for
issuing DRs against units of REITs and InvITs and listing them on exchanges at
the International Financial Services Centre (IFSC) in GIFT City, which are
India International Exchange (India INX) and NSE International Exchange.
(Business Line)
SEBI eases KYC norms for
NRIs, allows digital onboarding from overseas; makes records portable: SEBI has relaxed KYC requirements for
Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and foreign
nationals, allowing them to complete digital onboarding while residing
overseas, provided they are in countries compliant with the Financial Action
Task Force (FATF) framework. In a circular issued on Wednesday, the market
regulator removed the requirement for clients to be physically present in India
for digital KYC. Intermediaries can now accept digital submission of KYC
information and supporting documents from individual persons resident outside
India (PROIs). The revised norms will come into effect from December 3, 2026. Under the revised
framework, KYC Registration Agencies (KRAs) will tag individual attributes as
'validated' if they have been verified against official or source databases.
Intermediaries can also rely on KYC undertaken by another SEBI-registered
intermediary, based on records obtained from KRAs, or by entities regulated by
other financial sector regulators, based on records available with the Central
KYC Records Registry (CKYCRR).
(Moneycontrol)
Cabinet approves Rs
14,500-crore scheme to support 92 GWh energy storage capacity: The Union Cabinet on November 4 approved a Rs
14,500-crore viability gap funding (VGF) scheme to support the development of
92 GWh of grid-scale energy storage capacity by FY31, as India looks to expand
storage infrastructure to integrate a larger share of renewable energy into its
electricity grid. The scheme will support the development of 60 GWh
of pumped hydro storage capacity, 30 GWh of battery energy storage systems
(BESS) and 2 GWh of alternative storage technologies. The projects are expected
to entail a total investment of Rs 97,600 crore, with the government providing
financial support over FY27 to FY31.
(Moneycontrol)
IRDAI mandates four-layer
motor insurance structure from December 15: In line with the directions of the Supreme
Court, the Insurance Regulatory and Development Authority of India (IRDAI) has
directed general insurers to implement a four-layer motor insurance policy
structure for private cars and two-wheelers from December 15, 2026. This will
allow vehicle owners to choose from different insurance covers and make
informed decisions on the protection they require, the regularor said. Under
the new framework, motor insurance policies will have four distinct sections
covering third-party liability, legal liability to occupants or pillion riders,
personal accident cover and loss of or damage to the insured vehicle (own
damage), as per the circular released on Tuesday.
(Business Line)
TRAI Launches Network
Anubhav Platform:
The Telecom
Regulatory Authority of India (TRAI) today launched the Network Anubhav
Platform – A geospatial and analytical dashboard for user test data and TRAI
independent drive test data and to provide DND web interface. User test data
comprises of the test results from MySpeed and MyCall apps of TRAI. The
platform delivers insights on various network parameters to consumers, service
providers and TRAI.
(PiB)
KEY CURRENCY
Ø
A
key currency refers to a currency which is stable, does not fluctuate much, and
provides the foundation for exchange rates for international transactions.
Because of their global use, key currencies tend to set the value of other
currencies.
Ø
Also, these currencies tend to have a stable
valuation over time. A key currency usually comes from a country that is
financially strong, economically stable and developed, and one that is involved
in the global market.
Ø The seven key currencies today are the U.S. dollar,
the Euro, the British pound, the Japanese yen, the Canadian dollar, the Swiss
franc, and the Mexican peso, although other contenders, such as the Chinese
yuan, also exist.
RBI KEY RATES
Repo
Rate: 5.50%
SDF:
5.25%
MSF
/Bank Rate: 5.75%
CRR:
3.00%
SLR:
18.00%
FOREX RATES (RBI REF. RATE)
INR
/ 1 USD : 94.8416
INR
/ 1 GBP : 127.6514
INR
/ 1 EUR : 106.5283
INR
/100 JPY: 59.9900
EQUITY INDEX
Sensex:
77301.40 (+383.55)
NIFTY:
23960.60 (+149.75)
Bnk NIFTY: 55913.60 (+373.55)
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