Issue: 1170
· Axis Bank to infuse Rs.1,500
crore into Axis Finance.
· Standard Chartered may sell
credit-card-only portfolio in India.
· RBI exploring AI-based facial
recognition for fraud control.
· Oil prices surged above
$108/barrel; equities declined sharply globally.
· EU plans to delay stricter
bank capital norms (Basel III – FRTB)
· PayU partners with CoRover.ai
for AI-based payments.
· Razorpay launches AI-native
agent platform.
· Government approves Rs.33,660
crore industrial cluster scheme (BHAVYA).
· US wholesale inflation (PPI)
rises sharply to ~3.4%.
· Jerome Powell says he won’t
step down amid probe, may serve as interim US Fed chair.
India looks to settle trade
with Gulf countries in local currencies amid global uncertainties: India is exploring a framework
to settle trade with Gulf countries in local currencies to protect its import
bill for oil and other goods from external shocks, including ongoing
geopolitical tensions, government officials told Moneycontrol. The
move is aimed at reducing exposure to global uncertainties that can disrupt
trade flows and inflate import costs, particularly for crude oil and petroleum
products, which India imports heavily from the region. “We should ensure that
India is protected from external uncertainties whenever they arise, such as the
ongoing conflict,” a government official said. The Gulf Cooperation Council
(GCC) countries include Saudi Arabia, the United Arab Emirates, Kuwait, Qatar,
Oman, and Bahrain.
(Moneycontrol)
US Fed holds rates, flags
uncertainty from Iran war and rising inflation outlook: The US Federal Reserve kept
interest rates unchanged as expected, despite pressure from US President Donald
Trump, as the world’s largest economy grapples with persistent inflation,
weakening labour demand and an “uncertain” outlook due to the war in Iran. The
decision came after an 11-1 vote, with the Fed holding rates in the 3.50 per
cent to 3.75 per cent range, while signalling one possible rate cut by the end
of the year. “The implications of developments in the Middle East for the US
economy are uncertain,” the Fed said in a statement.
(Moneycontrol)
FM Sitharaman says Rs. 57,381
crore allocated for Economic Stabilisation Fund: Union Finance Minister Nirmala
Sitharaman, replying to the debate on the Appropriation Bill, 2026 in Rajya
Sabha on Tuesday, said that the government has allocated Rs.57,381.84 crore
toward the Economic Stabilisation Fund as part of a broader strategy for budget
disbursement and fiscal management. She detailed various sectoral allocations
aimed at meeting immediate financial requirements and long-term goals.
(Business Line)
RBI clears Bain
Capital’s joint control of Manappuram Finance, subsidiaries: Bain Capital has received approval from
the Reserve Bank of India for joint management control of Manappuram Finance
and its subsidiaries, following its planned investment in the gold loan firm. After
the proposed acquisition of up to 41.66 per cent stake in Manappuram Finance,
its subsidiaries, Asirvad Micro Finance Limited and Manappuram Home Finance
Limited, will come under the joint
control of the US-based private investment firm, the company said in a
statement on Wednesday. With this, the company said it has received all
required statutory approvals for Bain Capital’s planned investment of about Rs
4,385 crore and joint control with existing promoters, along with the open
offer under SEBI regulations.
(Moneycontrol)
Indian Bank set to raise Rs.5,000
crore via infrastructure bonds: Indian Bank plans to raise
around Rs.5,000 crore from the bond market by way of infrastructure bonds by
this month-end with the public sector bank also securing the necessary board
approvals for this particular fundraise on Wednesday. “We had already got an enabling
approval from the board to raise Rs.5,000 crore during the financial year and
today the board has also approved the proposal for this particular fundraise by
way of infrastructure bonds,” Binod Kumar, MD & CEO of
Chennai-headquartered Indian Bank, told.
(Business Line)
Axis Bank to infuse Rs.1,500
crore into its subsidiary Axis Finance: Axis Bank’s board committee on
Wednesday approved infusing Rs.1,500 crore into its wholly owned subsidiary
Axis Finance (AFL) through a rights issue, in one or more tranches, by March
31, 2027. The investment, cleared by the Reserve Bank of India on March 10,
2026, is intended to provide growth capital to the non-banking financial
company.
(Business Line)
India needs bigger banks,
consolidation for $30 trn goal:
India’s ambition of becoming a developed economy
will require a larger and more robust financial sector, with consolidation
across banking and non-banking segments emerging as a key priority, said M
Rajeshwar Rao, former deputy governor (DG) at the Reserve Bank of India (RBI).
Rao said the scale of economic expansion envisaged, targeting an economy of
around $30 trillion, would necessitate a commensurate, if not faster, expansion
in the financial sector. This, in turn, calls for larger institutions with
stronger balance sheets, greater capital, and the ability to deploy technology
at scale.
(Business Standard)
Standard Chartered reviews
bids from Kotak, Federal Bank for India credit card portfolio:
Standard Chartered is reviewing offers from Kotak
Mahindra Bank and Federal Bank to ?acquire the British lender's up to 600,000
customers in India who only ?have credit
card accounts, two sources with knowledge of the matter said. The potential
divestment is part of StanChart's strategy to reduce focus on single-product
clients, they said. The London-based lender has been offloading ?non-core
components of its portfolio in India to improve its profitability. Last year,
Standard Chartered sold its India personal loan businessthat at the time was
valued ?at $488 million to Kotak Mahindra Bank.
(Business Line)
HDFC Bank chairman Atanu
Chakraborty resigns, cites 'ethical' concerns:
HDFC Bank’s part-time chairman and independent
director Atanu Chakraborty has resigned from his position with immediate effect
on March 18, the lender said in a statement. The Reserve Bank of India has
granted bank's request to appoint Keki Mistry as the interim part-time chairman
effective from March 19 for a period of three months. Chakraborty,
who had joined the bank's board in 2021, said he did not agree with certain
happenings and practices within the bank in the last two years and therefore
decided to step down.
(Moneycontrol)
Cabinet approves Rs.33,660
crore BHAVYA scheme, 100 plug-and-play industrial parks to be developed: Union Cabinet, chaired by Prime Minister
Narendra Modi, on Wednesday approved the Bharat Audyogik Vikas Yojana (BHAVYA),
with an outlay of Rs.33,660 crore. The scheme aims to develop 100 plug-and-play
industrial parks across India, offering ready infrastructure to investors and
businesses. The BHAVYA scheme is designed to create world-class
industrial ecosystems and accelerate India’s journey towards becoming a global
manufacturing hub. A key highlight of the scheme is its focus on ease
of doing business. With streamlined approvals, single-window clearances and
investor-friendly reforms. Under the plan, industrial parks ranging from 100
to 1,000 acres will be developed. The government will provide financial support
of up to Rs.1 crore per acre for core infrastructure such as roads, utilities
and drainage, along with value-added facilities like factory sheds, testing
labs and warehousing. Additionally, up to 25% of project costs will be
allocated for external infrastructure to ensure seamless connectivity.
(Business Today)
No need to wait in lines!
India gets its first 24*7 LPG ATM in Gurugram: At a time when the country is grappling with
LPG supply uncertainties, an LPG ATM has been launched in Gurugram that allows
users to get cooking gas within minutes. The initiative, introduced by Bharat Petroleum
Corporation Limited (BPCL) as part of a pilot project. The machine operates round-the-clock and follows a
fully digital, contactless process. Users are required to enter their
registered mobile number, verify it through an OTP, and scan the barcode or QR
code on their empty cylinder.
(Business Today)
India plans Rs.1,000 crore
war-risk insurance fund as Hormuz crisis disrupts trade: India is exploring a dedicated fund to back
insurers offering war-risk cover for ships. This move aims to ensure trade
continuity through conflict zones like the Strait of Hormuz. Global reinsurers
have withdrawn, making coverage difficult. The proposed facility, potentially
similar to a past pool, would provide government backing to domestic insurers.
(Economic Times)
Net direct tax collections
till March 17 at Rs 22.80 lakh crore, up 7.2% YoY: The central government’s direct tax collections,
after refunds, stood at Rs 22.80 lakh crore between April 1 to March 17 of
FY26, data released by the Income Tax Department showed on Wednesday. As
compared to the corresponding period of last fiscal year, the net direct tax
collections were up 7.2 percent on year. According to the I-T data, net
corporate tax collections till March 17 stood at Rs 10.91 lakh crore, up 12.75
percent on year. And net non-corporate tax collections (includes personal
income tax) stood at Rs 11.32 lakh crore, 2.7 percent higher on year.
(Moneycontrol)
Govt. plans next-gen
reforms for regional rural banks to boost efficiency, tech adoption: The government is poised to
overhaul the Regional Rural Banks, spotlighting the importance of innovation
and cooperation. This reform initiative will incorporate advanced technology
and create new financial products, aimed at boosting the effectiveness of RRBs
and establishing them as integral partners for their larger banking
counterparts.
(Economic Times)
Agriculture Insurance
Company of India Ltd. (AIC) Launches Krishi Sakhi Initiative to empower women
farmers: In
alignment with the recognition of year 2026 as the ‘International Year of the
Woman Farmer’ by the United Nations through Food and Agriculture Organization
(FAO), the Agriculture Insurance Company of India Limited (AIC) has launched
Krishi Sakhi Initiative to empower women farmers and work towards achieving
inclusive growth. Through these structured
month-wise activities across its Head Office and Regional Offices, AIC aims to
create sustained awareness, encourage participation of women in agriculture and
crop insurance and celebrate their contribution towards strengthening the
agricultural sector in India.
(PiB)
DISCOUNT WINDOW
Ø The discount window is a central bank lending
facility meant to help commercial banks manage short-term liquidity needs.
Banks that are unable to borrow from other banks in the federal funds market
may borrow directly from the central bank's discount window paying the federal
discount rate.
Ø The US Federal Reserve extends discount window
loans to financial institutions that, in turn, support commercial industries.
Ø
The
Federal Reserve and other central banks maintain discount windows, referring to
the loans they make at an administered discount rate to commercial banks and
other deposit-taking firms.
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 : 92.4514
INR
/ 1 GBP : 123.6371
INR
/ 1 EUR : 106.7616
INR
/100 JPY: 58.2900
EQUITY INDEX
Sensex:
76704.13 (+633.29)
NIFTY:
23777.80 (+196.65)
Bnk NIFTY: 55326.05 (+450.05)
Historical
events: March 19th marks
significant historical events, including the Azad Hind Fauj hoisting the Indian
flag in 1944, the 1972 India-Bangladesh friendship treaty, and Atal Bihari
Vajpayee becoming PM in 1998. Globally, it saw the start of the Iraq War
(2003), Hitler’s "Nero Decree" (1945), and the legalization of Las Vegas
gambling (1931).
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