Issue: 1238
· Domestic LPG cylinder price
increased by Rs 29, second hike in three months.
· Rajesh Exports may be removed
from PLI scheme after SEBI flags Rs.15.15 lakh crore fraud.
· Middle East conflict halves
airline profit outlook.
· FII selling continues: Rs
43,000 cr outflow in June so far as weak rupee, AI Boom fuel capital Rotation.
· West Bengal to become 36th
state/UT to implement AB-PMJAY scheme.
· PSU ECB borrowings may cross
$15 billion on RBI's concessional swap window.
PM Modi brainstorms growth
measures with Economic Advisory Council amidst 'global turmoil': Prime Minister Narendra Modi
on June 6 chaired a meeting with members of the PM-Economic Advisory Council
(PM-EAC) to "discuss various ideas, and measures to further boost India’s
economic growth in times of global turmoil", an official statement said. Various
reforms to improve ease of living and ease of doing business were also
discussed. The Members also gave their assessment of the impact of West Asia
conflict on India and the world, said the statement. The meeting comes at a
time when India remains one of the fastest-growing major economies in the world
despite an uncertain international economic environment. Policymakers have
increasingly focused on sustaining domestic demand, boosting manufacturing,
attracting investments and strengthening infrastructure for long term growth.
(Moneycontrol)
Professional forecasters’
FY27 real GDP estimate of 6.5% a shade lower than RBI: India’s economic growth is
expected to moderate to 6.5 per cent in 2026-27 while headline retail inflation
is projected at 4.9 per cent, according to the Reserve Bank of India’s latest
Survey of Professional Forecasters (SPF), reflecting a slightly softer growth
outlook but a more optimistic inflation trajectory compared to the RBI’s own estimates
announced last Friday. RBI has forecast GDP growth for FY27 at 6.6 per cent and
CPI at 5.1 per cent.
(Business Line)
NSE investor accounts cross
26 crore mark as retail participation surges beyond metro cities: The National Stock Exchange of
India hit a new milestone in June 2026 with unique trading accounts, or client
codes, crossing 26 crore, underlining the rapid democratisation of India's
capital markets. The exchange said in a press release on Friday that it added
the most recent 1 crore accounts in just under four months, and over 4.3 crore
accounts, nearly 17 per cent of the total, were added in the past year alone. As
of May 31, 2026, NSE had over 13.1 crore unique registered investors, having
crossed the 13-crore mark in April. Trading accounts outnumber unique investors
because one investor can hold multiple accounts with different brokers.
(Business Line)
LIC in talks with
regulators on long-term instruments to match growing liabilities: Life Insurance Corporation of
India is working with regulators like the Reserve Bank and Sebi. This is to
increase long-term investment options. Inflows into LIC's annuity products are
growing. The company is also considering a fintech arm,
CEO
and MD R Doraiswamy said. LIC is prepared for further stake dilution by the
government. The government is focused on listing requirements.
(Economic Times)
CBI conducts searches in Rs
661 crore IDFC First Bank-AU Finance Bank fraud case: CBI conducted searches at six
locations in Chandigarh, Panchkula, and Delhi-NCR in connection with an alleged
Rs 661 crore fraud. The probe involves siphoning of government funds from
Haryana and Chandigarh administrations, with allegations of collusion between
public servants and bank officials. Incriminating documents and digital devices
were seized during the operations.
(Economic Times)
RBI to soon release revised
list of upper-layer NBFCs: he Reserve Bank of India (RBI)
will release the list of upper-layer non-banking financial companies (NBFCs)
soon, Governor Sanjay Malhotra said at the post-policy press conference.
"The list is there already. So, it continues till the time we have a new
list. We will do it (update) shortly," Malhotra said without elaborating. Tata
Sons, the holding company of the Tata group, has sought to de-register as an
upper-layer NBFC, which would exempt it from the mandatory listing requirement,
the deadline for which was September 2025. The regulator has not officially
commented on this request.
(Economic Times)
Govt agencies, private
companies among Indian entities given access to Anthropic's Mythos: Government agencies and private sector firms
are among a select group of Indian organisations that have secured access to
Anthropic's Mythos artificial intelligence model as part of the recent
expansion of Project Glasswing, according to sources familiar with the matter. Described as a
"collaborative effort to secure the world's most important software",
Project Glasswing is Anthropic's initiative aimed at strengthening
cybersecurity by giving select organisations access to Claude Mythos Preview,
an advanced AI model that can identify software vulnerabilities.
(PiB)
Smartphone users may shift
to alternative devices in coming quarters: With smartphone customers holding back on
purchases in face of price inflation, there is a demand for complementary
devices such as tablets and laptops that analysts feel may lead to a full-blown
trend in coming months of 2026 Shipment data from the first three months of the
year shows that smartphone sales dipped 5 per cent while other device markets
like tablets grew 5 per cent. Similarly, the laptop market delivered a
“standout performance” in Q1 with 4.4 million shipments or 31.1 per cent
on-year increase, as per IDC.
(Business Line)
Anil Ambani’s
Reliance Infrastructure seeks review of once-a-week trading curb amid
insolvency row:
Reliance
Infrastructure has reached out to regulatory authorities and trading platforms
to seek relaxation of strict “once-a-week” trading restrictions on its stock.
The company led by Anil Ambani argued in a recent missive to SEBI, BSE and NSE
that the current curbs trap liquidity and unfairly hurt its seven lakh retail
investors. “Reliance Infrastructure has highlighted that the current framework,
which permits trading only once a week within a narrow ±5% price band, results
in price movements that are largely mechanical and predictable. The Company
believes that such restrictions may not adequately reflect prevailing business
fundamentals, operational performance or long-term value creation potential.
Reliance Infrastructure shares are otherwise actively and widely traded in the
market, reflecting sustained investor participation and liquidity,” the company
wrote in a press note.
(Financial Express)
Government mandates
standard pack sizes for edible oils to improve price transparency and consumer
awareness: The
Department of Consumer Affairs has prescribed standard pack sizes for edible
oils under the Legal Metrology framework, a move aimed at helping consumers
compare prices across brands and make informed purchasing decisions. The
department has amended its Standard Operating Procedure (SoP) for the
determination of net quantity and standard pack sizes of edible oils and fats,
giving manufacturers, packers and importers a three-month transition period to
comply with the new norms, an official statement said. The revised SoP prescribes
nine standard pack sizes – 200 ml/g, 500 ml/g, 1 litre/kg, 2 litre/kg, 3
litre/kg, 4 litre/kg, 5 litre/kg, 15 litre/kg and 20 litre/kg-for major edible
oils including palm, soybean, sunflower, mustard, groundnut, sesame, rice bran,
cottonseed and corn oil, as well as blended edible oils.
(Financial Express)
No blanket exemption like
FPI to retail NRI investors in G?Secs: Unlike Foreign Portfolio
Investors (FPIs), Non-Resident Indians (NRIs) will be required to pay income
tax on capital gains or interest from Government Securities (G-Secs) if they
invest on a standalone basis, government officials said. The rate will be based
on provisions under the Double Taxation Avoidance Agreements (DTAA) with the
country concerned. “Not standalone, but NRI can invest as a part of the FPI
(Foreign Portfolio Investor),” a senior government official told businessline,
clarifying whether the May 5 ordinance will cover NRIs as well. The ordinance
prescribe exemption to FPI from income tax on any interest or capital gains in
G Sec. The exemption shall apply to any interest or capital gains arising to
FPIs and BIS on or after April 1, 2026, in respect of investments in G-Secs.
(Business Line)
WEIGHTLESS ECONOMY
§ The
weightless economy (or digital/knowledge economy) is a system where economic
value is generated primarily by intangible assets like intellectual property,
data, software, and ideas, rather than physical, manufactured goods. Pioneered
by economist Danny Quah, it relies on human capital and digital distribution.
§ Driven
by information and communication technologies, it focuses on the production and
global distribution of digital goods, software, data, and intellectual
property. Because value is embedded in ideas rather than physical atoms, these
products can be infinitely scaled and distributed at near-zero marginal cost.
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 : 95.3996
INR
/ 1 GBP : 128.1064
INR
/ 1 EUR : 110.8314
INR
/100 JPY: 59.6400
EQUITY INDEX
Sensex:
74243.34 (-116.67)
NIFTY:
23366.70 (-49.85)
Bnk NIFTY: 54496.25 (+188.40)
World Oceans Day: June 8 is
officially celebrated globally as World Oceans Day. Established by
the UN, this global event highlights the critical role the oceans play in
sustaining life, oxygenating the planet, and mitigating climate change.
Historical
events: In Indian
history, this date marks two major aviation milestones: Air India launched its
first international flight from Mumbai to London in 1948, and the Indian State
Broadcasting Service was renamed All India Radio in 1936.
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