Issue: 1246
· PM Modi, US President Trump
greet each other with a handshake at G7 Summit .
· Tata-owned BigBasket CEO Hari
Menon to step down; Amazon veteran Amit Nanda to take over.
· Indian telcos block Telegram,
Apple and Google delist app after govt order.
· Adani Ports to invest $850
million in AI, technology upgrades and cargo capacity expansion.
· PSU banks see sharp jump in
green deposits FY26; deploy funds for clean transport, renewable energy.
· VB - G RAM G national launch
to begin from Andhra Pradesh on July 1.
· PM Modi urges shift from
aid-based ties to equal partnerships at G7.
Sensex gains 544 pts, Nifty
ends near 24,000 as softer crude lifts market for third day, metal stocks lag: Equity benchmarks extended
their winning streak to a third consecutive session on Tuesday, supported by
improving global risk sentiment after a preliminary US-Iran peace deal eased
concerns over energy supply disruptions and pushed crude oil prices lower. BSE
Sensex settled 544.15 points or 0.71 per cent higher at 76,808.48, while the
NSE Nifty 50 advanced 135.25 points or 0.57 per cent to close at 23,989.15,
touching an intraday high of 24,002.60.
(Business Line)
FPI inflows into G-Secs hit
record Rs 32,000 crore in June: Foreign portfolio investors
(FPIs) have invested Rs 31,933 crore in Indian government securities (G-Secs)
through the fully accessible route (FAR) so far in June, marking the highest
monthly inflow recorded under the route, according to data from the Clearing
Corporation of India. Net inflows surged to Rs 14,034 crore on Monday alone,
after the Reserve Bank of India (RBI) added three more bonds to the FAR
category. This also includes existing foreign investment in these bonds. The
pace of investment in G-Secs has accelerated after the government and the RBI
announced a series of measures to attract foreign capital. In the current
financial year, net inflows into government securities have reached Rs 42,708
crore, while FPI holdings in G-Secs stood at Rs 3.56 lakh crore as of June 16.
(Financial Express)
Rupee appreciates for 3rd
straight day on easing West Asia tensions: The rupee appreciated for the
third straight session on Tuesday to close 5 paise higher at 94.53
(provisional) against the US dollar, supported by easing West Asia tensions and
extended fall in crude oil prices. Forex traders said that with the reported
de-escalation of the US-Iran conflict and diplomatic agreements regarding the
Strait of Hormuz, the immediate threat to global energy supplies has
significantly reduced. Moreover, softening of the US dollar and a decline in US
treasury yields also supported the USD/INR pair, they said. At the interbank
foreign exchange, the rupee opened at 94.69 against the US dollar and traded in
the range of 94.48-94.71. Eventually, it settled at 94.53 (provisional), up 5
paise from its previous close.
(Business Standard)
Banks dangle mega returns
to lure NRIs to FCNR(B) deposits: In a bold push to attract
global Indian capital, Indian banks are spotlighting their FCNR(B) deposit
scheme with a headline-grabbing promise: Dollar returns of up to 14 per cent
annualised and paired with a leverage facility. Aimed squarely at
high-net-worth non-resident Indians, the offering blends fixed dollar deposits
with access to loans against those deposits, amplifying potential gains Banks
recently sharply upped the interest rates on FCNR (B) US dollar deposits in the
3/5-year tenor. The interest rates have been increased to 6-7 per cent from the
earlier 3 per cent levels. This upward revision in interest rates comes in the
wake of the RBI, as part of its June 5 measures to attract dollars to stabilise
the rupee, announcing that it will bear the full hedging cost on fresh 3/5-year
FCNR (B) deposits that banks mobilise up to September 30.
(Business Line)
RBI announces premature
redemption price of SGBs redeeming on June 16; investors gain 219% in 5 years: RBI has announced the premature
redemption price of the Sovereign Gold Bond scheme SGB 2020-21 Series-III due
on June 16, 2026. Investors in the Sovereign Gold Bond scheme SGB 2021-22
Series-II-Issue stand to gain 219% over the 5 years. The investors end up
gaining an annualized return of 26% in this series of SGBs. There was an
additional return of 2.5%, half-yearly paid to the SGB investors. The price for
premature redemption due on June 16, 2026, is fixed at Rs 14,774 per unit of
SGB based on the simple average of the closing price of gold for the three
business days i.e., June 11, June 12, and June 15, 2026.
(Financial Express)
India expands UPI footprint
with launch at France's Galeries Lafayette: India on Tuesday launched
Unified Payments Interface (UPI) at Galeries Lafayette, a famous department
store in Nice, France. Launching the UPI, Commerce and Industry Minister Piyush
Goyal said it will further strengthen the economic and technological ties
between India and France, reflecting the growing depth and ambition of our
strategic partnership. In 2024, UPI was launched at the Eiffel Tower in Paris. With
the participation of Lyra Collect and NIPL, this initiative showcases India's
ability to deliver trusted, seamless, and interoperable digital solutions at
scale," he said in a social media post.
(Business Standard)
SBI plans Indian
rupee-denominated deposits in Sri Lanka to support trade: State Bank of India is
planning to introduce Indian rupee-denominated deposits in Sri Lanka, a move
aimed at encouraging wider use of the currency in trade and investment between
the neighboring nations. The deposits, which will be offered through SBI’s
branches in Sri Lanka, will allow exporters to earn interest on the currency
they get from Indian traders, Rizwan Alam, general manager for retail and
subsidiaries at SBI’s International Banking Group, told a business forum in
Colombo Monday.
(Economic Times)
Bank of Baroda raises FCNR
(B) deposit rates by up to 50 bps within a week: State-owned Bank of Baroda
(BoB) has raised interest rates on Foreign Currency Non-Resident (Bank)
[FCNR(B)] deposits by up to 50 basis points (bps), offering a peak rate of 6.25
per cent on five-year deposits. Last week, the bank had announced a maximum
rate of 6 per cent for the same tenor after the Reserve Bank of India (RBI)
operationalised the FCNR(B) scheme under which it will absorb the entire hedging
cost.
(Business Standard)
SpaceX overtakes Microsoft,
Amazon to become world's fifth-most valuable firm: Shares of Elon Musk-led SpaceX surged more than 14%
on Tuesday, pushing the company's market value past Amazon and briefly above
Microsoft, as investors continued to pile into the stock just days after its
blockbuster Wall Street debut. The space and artificial intelligence company was
last trading at $220, up 14.3% on the day and more than 62% above its IPO price
of $135. At those levels, SpaceX was valued at about $2.85 trillion, making it
one of the five most valuable companies in the world and the biggest
contributor to gains in the Nasdaq Composite index. The rally lifted SpaceX above Amazon, which has a
market capitalization of about $2.64 trillion. The company also briefly
surpassed Microsoft, valued at roughly $2.92 trillion, before giving up some
ground. The world's three largest companies continue to command market values
in excess of $4 trillion.
(Moneycontrol)
InvITs' cumulative
distribution since inception reaches Rs.91,000 cr: Report: India’s Infrastructure Investment Trusts
(InvITs) collectively distributed Rs.22,769 crore in FY26, taking cumulative
distributions since inception to Rs.91,000 crore, according to the Bharat
InvITs Association (BIA), the apex industry body for InvITs in India. The
InvITs distributed Rs.7,719 crore to approximately 5.58 lakh unitholders in the
fourth quarter of FY26 (Q4FY26), up 34 per cent quarter-on-quarter (QoQ). The
industry’s assets under management (AUM) continued to grow, increasing from Rs.6.3
trillion in FY25 to Rs.7.1 trillion in FY26. The market capitalisation of the
InvIT industry increased to Rs.2.92 trillion in FY26 from Rs.2.2 trillion in
FY25, up about 32 per cent year-on-year (YoY).
(Business Standard)
GIFT City opens
int'l investing route for Zerodha, Angel One, Upstox: India’s top stockbroking platforms --
Zerodha, Groww, Angel One and Upstox -- have received approval to enable
international and US stock investing through GIFT City, according to a report
by Moneycontrol. The services are expected to go live in the next two to three months,
after companies complete technology integration, testing and regulatory
compliance processes, the news report said. Last week, Raise Securities, which
operates investment platform Dhan, also introduced access to US stocks. In
August last year, GIFT City introduced the Global Access Provider (GAP)
framework to create a lower-cost and regulated route for Indians to invest
internationally. One feature of the framework is zero withdrawal charges when
bringing funds back to India.
(Business Standard)
SEBI eases AIF winding-up
norms, introduces ‘inoperative fund’ status: SEBI, on Tuesday, allowed
Alternative Investment Funds (AIFs) to retain liquidation proceeds beyond their
permissible fund life under specified conditions and introduced an 'Inoperative
Fund' framework for schemes that have wound up investments but continue to have
residual obligations. Under the new framework, AIFs can retain liquidation
proceeds if they have received litigation notices or regulatory demands,
secured approval from at least 75 per cent of investors by value to retain
funds against anticipated liabilities, or need to meet residual operational
expenses related to winding up.
(Business Line)
Govt makes prescription
mandatory to buy cough syrups, halts over the counter sales: The Health Ministry has issued
a notice that excludes all “syrups” from over-the-counter sale of medication.
The move is likely to affect a wide array of products - including cough syrups
and some digestive medications. A prescription is now mandatory for purchase of
all medicines consumed under this dosage format.
(Financial Express)
Sebi imposes Rs.6.04
crore penalty on NSE over April 2024 technical glitch: Market regulator Securities and Exchange
Board of India (Sebi) has imposed a financial disincentive of Rs.6.04 crore on
the National Stock Exchange of India (NSE) for a technical glitch that occurred
in April 2024 in a stock. Sebi informed NSE regarding the penalty in a letter
dated May 29. The matter pertains to the alleged failure to restore normalcy
within stipulated timelines in one stock and failure to submit the complete or
final root cause analysis to Sebi on time, the exchange noted. However, the
details of the scrip in which the glitch occurred could not be ascertained.
(Business Standard)
UNDERCAST
·
Undercast
is a type of forecasting error that occurs when estimates turn out to be below
realized values. These estimates could apply to sales, an expense line item,
net income, cash flow, or any other financial account.
· Undercast estimates can occur because of a
conservative management team or a volatile or unpredictable market.
· Dishonest undercast estimates can occur because
management purposefully lowered estimates to ensure that the actual performance
would outperform the lower numbers.
·
Continuous
undercasting indicates that a company is ineffectively deploying its resources
based on poor estimates.
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 : 94.6992
INR
/ 1 GBP : 126.9121
INR
/ 1 EUR : 109.6951
INR
/100 JPY: 59.1100
EQUITY INDEX
Sensex:
76808.48 (+544.15)
NIFTY:
23989.15 (+135.25)
Bnk NIFTY: 57297.15 (+98.35)
World Day to
Combat Desertification and Drought: Declared by the
United Nations General Assembly in 1994, this day aims to promote public
awareness regarding international efforts to prevent land degradation, mitigate
the effects of drought, and ensure sustainable land management.
Historical
events: June 17 is deeply
etched in history as the day in 1858 when Jhansi ki Rani laid down her life,
and in 1631 when Mumtaz Mahal passed away, inspiring the Taj Mahal. Globally,
the Statue of Liberty arrived in New York Harbor in 1885, Iceland gained
independence in 1944.
****Have a nice Day****
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