Issue: 1272
· Exim Bank India presents Rs
428 cr dividend cheque to FM Sitharaman for FY26.
· Jana SFB targets 80:20
secured-unsecured loan mix; expects TVS partnership to boost two-wheeler
financing.
· India's pharma exports to UK
may reach $1 billion in FY27.
· RBI asks banks to sell
immovable assets from bad loans within 7 years.
· Foreign banks step up
leverage to attract FCNR(B) deposits from NRIs.
· Taxpayers can view foreign
asset details in AIS ahead of I-T return filing.
· PNB partners Digital India
BHASHINI to offer multilingual AI banking.
After 5 years, FinMin may
table third batch of supplementary demand for grants in the Monsoon Session: After a five-year interval, the Finance
Ministry is likely to table the Supplementary Demands for Grants (SDG) during
the upcoming Monsoon Session of Parliament, an official source told
BusinessLine. Alongside the supplementary spending approvals, the Ministry is
also expected to introduce three key bills for consideration and passage. The
last time SDG was introduced during a Monsoon Session was in FY22, a fiscal
year that ultimately saw three such supplementary demands. Since then, the
government has typically stuck to a two-SDG schedule, presenting one in the
Winter Session and the second in the Budget Session. However, escalating fiscal
pressures, primarily driven by higher expenditures linked to the West Asia
conflict and mitigation efforts for a below-normal monsoon, are believed to be
the key reasons for reviving a monsoon-session SDG this year.
(Business Line)
Centre raises diesel, ATF
export levies by Rs 7/litre; cuts petrol duty: The Centre has raised export
taxes on diesel and aviation turbine fuel by Rs.7 a litre each from July 16,
tightening curbs on overseas sales as escalating US-Iran tensions and
disruption risks around the Strait of Hormuz push global energy prices higher. The
Special Additional Excise Duty on diesel exports has been increased 82% to Rs.15.50
a litre from Rs.8.50, while the levy on ATF has jumped 93% to Rs.14.50 from Rs.7.50,
according to a finance ministry notification. Petrol exporters received relief,
with the duty cut 37.5% to Rs.2.50 a litre from Rs.4. The revised rates,
effective for the fortnight beginning July 16.
(Financial Express)
Moody's sees India losing
some pace as global growth slows to 2.5% in 2026: India will remain the
fastest-growing major economy in 2026 and 2027 even as it "will lose a
step, too" amid softer growth elsewhere, Moody's Analytics said in its latest
global outlook commentary. The global economy is expected to grow at 2.5 per
cent in 2026 and 2.8 per cent in 2027, both short of the 3 per cent-plus growth
the world is capable of, the agency said in its report titled Global Outlook:
Running Hot, Running Cold. Booming demand for artificial intelligence (AI) has
saved the global economy from a sharper slowdown, the agency said, but
geopolitical risks, stretched asset valuations and volatility in financial
markets could easily flip the outlook from slow growth to recession.
(Business Standard)
Financial Inclusion Index
for March 2026: The
Reserve Bank of India had constructed a composite Financial Inclusion Index
(FI-Index) in consultation with the concerned stakeholders including the
Government, to capture the extent of financial inclusion across the country,
which was first published in August 2021 for the FY ending March 2021. Index
for the year ending March 2026 has since been compiled. The value of FI-Index
for March 2026 stands at 70.0 vis-à-vis 67.0 in March 2025, with growth
witnessed across all sub-indices. Improvement in FI-Index, this year, is mainly
on account of uptick in Usage, thereby reflecting deepening of financial
inclusion.
(RBI Press Release)
SBI Funds Management IPO
becomes India's fifth-largest by bid value, attracts Rs 2.98 lakh crore in bids: The institutional portion of
the issue was subscribed nearly 140 times, drawing bids worth around Rs 2.5
lakh crore, making it the fifth-most subscribed IPO by qualified institutional
buyers (QIBs). Reliance Power continues to hold the record for the highest bid
value for an Indian IPO, having attracted around Rs 7.12 lakh crore in bids in
2008. At the upper end of the price
band, SBI Funds Management is expected to debut with a market capitalisation of
around Rs 1.17 lakh crore.
(Moneycontrol)
Banks cannot sell back
recovered immovable properties to borrowers: RBI: The Reserve Bank on Thursday
said a bank which has acquired an immovable asset in an exceptional case as
part of a recovery process cannot sell it back to the borrower or related
parties. Regulated entities (banks), in
normal course, are not expected to come into possession of non-financial assets
in lieu of their regular lending operations. However, in exceptional cases,
where the exposures become non-performing and legal or contractual remedies
have been invoked, regulated entities may, as part of a recovery strategy,
acquire ownership of an immovable asset furnished as collateral security.
(Moneycontrol)
FCNR(B) inflows short of
expectations: Barclays: Inflows into foreign currency
non-resident bank (FCNR-B) deposit have been slower than expected since the
Reserve Bank of India (RBI) unveiled measures to attract overseas deposits,
global brokerage Barclays said in a note on Thursday. “The pace of take up so
far has indeed been lower than the run rate that would be expected by lofty
market expectations of around $40-50 billion, with some having expected inflows
of up to $70 billion,” it said in a report. The brokerage, however, maintained
that its own base-case estimate of $25-30 billion over the next few months
remains achievable, although a stronger run rate will be required before the
window closes at the end of September.
(Financial Express)
India's fintech sector
raises $2 bn in H1 2026, led by late-stage funding: India's fintech industry
raised $2 billion in the first half of calendar year 2026 (H1 2026) across 106
rounds, a 42 per cent rise from the $1.4 billion raised across 186 rounds in H1
2025, according to data from market intelligence platform Tracxn. Sequentially,
funding nearly doubled from $1.1 billion across 120 rounds in H2 2025. In H1
2026, Cred raised $900 million in a Series H round, followed by KreditBee's
$220 million Series E round and Weaver's $156 million Series D round. About 80
per cent, or $1.6 billion, of the funding raised in H1 2026 went to late-stage
companies, followed by 18.35 per cent, or $367 million, to early-stage firms.
The remaining $68.6 million was absorbed by seed-stage startups.
(Business Standard)
NSE warns investors against
illegal 'dabba trading' platform TradeInn, files police complaint: The National Stock Exchange (NSE) on Thursday
cautioned investors against dealing with an entity named TradeInn, alleging
that it is providing illegal "dabba trading" services without being
registered with the exchange. The bourse said it has lodged a police complaint
and urged investors to avoid schemes offered by unregistered entities operating
in the securities market. Dabba trading refers to illegal trading in
securities conducted outside recognised stock exchanges. Such trades are
executed off-market, allowing participants to speculate on stock price
movements without routing transactions through the official exchange platform.
(Business Today)
PM Modi ahead of first hydrogen train launch: ‘India among select group of nations’: Prime Minister Narendra Modi on Thursday said India will join a select group of countries operating hydrogen-powered trains as he prepares to flag off the country’s first such service between Jind and Sonipat in Haryana on Friday. In a post on X, the Prime Minister said the launch marks an important milestone in India’s transition towards cleaner technologies in the railway sector. The hydrogen-powered train will operate on the 89-km Jind-Sonipat route and has been developed using indigenous technology.
(Financial Express)
TCS launches
AI-powered Gemini Experience Center in Kolkata: Tata Consultancy Services (TCS) has
launched a new Consumer Business Group (CBG) Gemini Experience Center (GEC) in
Kolkata to help consumer-facing businesses build and deploy artificial
intelligence (AI) solutions using Google Cloud and Google’s Gemini models. The
Kolkata facility is TCS’ third Gemini Experience Center in India. The company
already operates similar centers for the retail sector in Chennai and the
banking, financial services and insurance (BFSI) sector in Bengaluru.
(Financial Express)
EPFO issues procedure for
exemption under India-UK social security agreement: With the India-UK free trade
pact and social security agreement coming into effect, the Employees’ Provident
Fund Organisation has issued fresh instructions on the coverage of such
workers. The India-UK Agreement on Social Security, also known as the Double
Contribution Convention (DCC), came into effect from July 15, along with the
Comprehensive Economic and Trade Agreement. The DCC provides for detachment
under which the employees of home country sent by their employers to the host
country to perform work on behalf of that employer are exempted from Social
Security contribution in host country provided the duration of their work does
not exceed 60 months or five years.
(Business Today)
Govt floats CAFE-III norms
with super credits, carbon trading mechanism: The Ministry of Power (MoP) on Thursday
released the draft Corporate Average Fuel Economy (CAFE-III) norms for 2027 and
invited comments from stakeholders. The new norms, which will replace CAFE-II
after March 31, 2027, seek to progressively tighten fuel efficiency standards
while retaining the fleet-average compliance approach. The move comes after the
implementation of CAFE-II, which had drawn mixed responses from automakers.
While the industry broadly accepted stricter fuel-efficiency targets, it had
expressed concerns over compliance costs and the pace of transition to cleaner
technologies. The proposed CAFE-III framework retains the government’s emphasis
on reducing overall fleet emissions, rather than regulating vehicles based on
size. To reach net-zero goals, the framework introduces a market-based credit
trading system, besides incentivising the shift to electric, hybrid and
flex-fuel vehicles.
(Business Line)
FALSE URGENCY
§ A
type of Dark pattern relevant to Banks, which occurs by falsely stating or
implying the sense of urgency or scarcity so as to mislead a user into making
an immediate purchase. This is a technique used in mis-selling of products
defined by RBI. Following are some of its examples;
§ Advertising
/ notifying customers that charges / fees for certain products / services will
increase after a specific date, thereby, pushing customers to sign up quickly
without comparing with other available options.
§ Offering
pre-approved loans at attractive interest rates and luring the customer that
the interest rate of the loan is likely to rise if the offer is not availed.
§ Displaying
countdown timers on the bank's website or app for promotional offers / cash
back / reward points, forcing users to act fast to benefit from the deal.
§ Using
phrases like ‘Act Now’, ‘Hurry’, ‘Limited Time Only’, or ‘Offer Ends Soon’ in
communications, thereby, inducing a sense of urgency, leading customers to act faster than they might
otherwise.
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 : 96.3172
INR
/ 1 GBP : 130.3673
INR
/ 1 EUR : 110.4421
INR
/100 JPY: 59.4000
EQUITY INDEX
Sensex:
77186.87 (+1.44)
NIFTY:
24072.75 (-5.75)
Bnk NIFTY: 57582.25 (-175.60)
Historical events: On July 17 in
Indian and world history, globally recognized as World Day for International
Justice, several defining events occurred. In 1918, Czar Nicholas II and his
family were executed by Bolsheviks, ending the Romanov dynasty. In 1948, women
in India achieved the right to join administrative services (including IAS and
IPS), and in 1996, Madras was officially renamed Chennai.
****Have a nice
Day****
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