Issue: 1171
· US regulators propose easing
capital rules; big banks’ requirements may drop ~4.8%.
· Bank of England unanimously
holds interest rates at 3.75% amid war-driven inflation risks.
· European Central Bank keeps
rates unchanged at 2% as energy prices surge.
· Middle East conflict pushes
oil & gas prices higher, impacting global inflation outlook.
· Investors now expect rate
hikes instead of cuts in major economies.
· ICICI Bank receives Rs.768+
crore GST demand notice over alleged short payment.
· Axis Bank to infuse Rs.1,500
crore into its consumer lending subsidiary Axis Finance.
· NPCI International expands
UPI acceptance across merchants in Sri Lanka.
· Reliance Industries’ $3
billion green ammonia deal boosts energy transition outlook.
Global trade to slow to
1.9% in 2026, may drop to 1.4% if West Asia crisis persists, says WTO: Global merchandise trade
growth is projected to slow sharply to 1.9 percent in 2026 from 4.6 percent in
2025, according to the latest outlook released by the World Trade Organization,
as the impact of a surge in AI-related products and frontloading of imports to
avoid new tariffs fades. World merchandise trade volume is then projected to
grow by 2.6 percent in 2027 under a baseline growth scenario. Overall trade in
goods and services is expected to grow 2.7 percent in 2026, down from 4.7
percent in 2025, while global GDP growth is projected to moderate slightly to
2.8 percent. If both crude oil and
liquefied natural gas (LNG) prices remain elevated throughout 2026, merchandise
trade volumes would grow even slower at 1.4 percent and services at 4.1
percent, according to the WTO’s latest outlook released on March 19.
(Moneycontrol)
IMF raises alarm amid Iran
war: 'Inflation could rise by 2%, output may contract by 1%': The International Monetary
Fund (IMF) has flagged rising risks to global inflation and economic output as
tensions linked to the Iran war intensify, cautioning that sustained energy
price shocks could ripple across economies. The warning comes as energy
markets react sharply to escalating hostilities in the Middle East. Oil prices
jumped 10 percent after Qatar reported "extensive" damage to a major
liquefied natural gas facility following Iranian strikes, heightening fears
about supply disruptions. European gas prices also surged by more than a third
after attacks on the Ras Laffan facility.
(Moneycontrol)
Govt rolls out Rs 497-cr
relief as Hormuz curb disrupts shipments to Gulf: The government on Wednesday
unveiled a Rs 497 crore export support package as disruptions linked to the
Iran conflict and shipping constraints around the Strait of Hormuz begin to
affect trade flows to the Middle East. Commerce Secretary Rajesh
Agrawal said the crisis has started to impact the trade environment, with
exporters facing delays and uncertainty in shipments. "Due to the crisis,
there has been some impact on the trade environment in India," he said,
noting that "exporters to the Middle East [are] facing challenges"
and "exports haven't reached destinations, future exports getting
impacted."
(Business Today)
SBI Mutual Fund
files DRHP for Rs.13,000 crore IPO: India’s largest asset management company,
SBI Mutual Fund, has filed its Draft Red Herring Prospectus to raise about Rs.13,000 crore. The fund house is a joint venture between the State Bank of
India and France-based Amundi. While SBI will offload 128,334,397 equity
shares, Amundi India Holding will sell 75,374,842 equity shares in the IPO, as
per the DRHP filed with the SEBI. Currently, SBI owns 61.98 per cent in SBI MF,
while Amundi has a 36.40 per cent stake.
(Business Line)
No material concerns on
record as regards HDFC Bank’s conduct or governance: RBI: The Reserve Bank of India
(RBI) on Thursday said there are no material concerns on record as regards HDFC
Bank’s conduct or governance. This statement comes in the backdrop of the
resignation of Atanu Chakraborty as the Part-time Chairman and Independent
Director of the bank with immediate effect. Chakraborty cited “certain
happenings and practices within the bank, that I have observed over the last
two years, are not in congruence with my personal values and ethics” as the
basis for his decision to step down.
(Business Line)
HDFC Bank firefights after
chairman Atanu Chakraborty's abrupt exit: The dark clouds that had
gathered over India’s largest private lender, HDFC Bank, on late Wednesday as
its part-time chairman Atanu Chakraborty resigned with immediate effect citing
‘ethics’, had blown over by Thursday noon with the Reserve Bank of India (RBI)
coming out strongly in its support to stress there were no governance or
conduct issues at the bank. Chakraborty, a former bureaucrat who had sought to
be relieved from his post immediately, had attributed the decision to certain
happenings and practices within the bank over the last two years and those were
not in congruence with his personal “values and ethics”. Following his
decision, four HDFC Bank board members met RBI officials, including two deputy
governors, on Wednesday, seeking its nod to appoint board member Keki Mistry as
interim part time chairman. The regulator quickly approved. HDFC Bank began
firefighting even before the stock markets opened with an early investor call
addressed by six of its 12 current board members, including Mistry and MD &
CEO Sashidhar Jagdishan. “I would not have taken on this responsibility at the
age of 71 if it did not align with my principles and my level of integrity that
I would expect from the bank,” Mistry told analysts.
(Business Standard)
HSBC considers 20,000 job
cuts as AI drives overhaul of operations:
HSBC Holdings Plc is weighing deep job cuts over the
coming years as Chief Executive Officer Georges Elhedery bets on AI to shrink
its middle and back offices, one of the first signs of how the technology could
reshape Wall Street workforces. Non-client facing roles in global service
centres are among those expected to be most impacted although the assessment is
at an early stage, according to people familiar with the matter, who asked not
to be identified discussing preliminary deliberations. The changes could
ultimately impact around 20,000 roles or about 10 per cent of its total
workforce, one of the people said.
(Business Standard)
US Fed proposes easing bank
capital rules to free funds for lending:
Wall Street lending giants would get relaxed capital
requirements under proposals unveiled by the Federal Reserve on Thursday, in a
move that could potentially unleash billions of dollars for lending, share
buybacks and dividends. “These changes would strengthen our overall capital
framework, which would remain robust under the new regime,” Fed Vice Chair for
Supervision Michelle Bowman said in a statement. The package of proposals,
which are subject to a 90-day public consultation before they can be finalized,
were crafted by officials at the Fed, in addition to the Federal Deposit
Insurance Corp. and the Office of the Comptroller of the Currency.
(Business Standard)
Valuation 'attractive' for
FPIs to invest in India, says Sebi WTM Varshney: Valuation of the Indian equity market has
become “quite attractive” following recent corrections, making it a good
opportunity for foreign portfolio investors (FPIs) to invest in India, said
Kamlesh Chandra Varshney, whole-time member (WTM) of the Securities and
Exchange Board of India (Sebi), on Wednesday. “There is a tremendous
opportunity to invest in Indian equity markets with the kind of correction,
which has taken place now in the last few months, particularly after the war
broke out,” said Varshney, addressing an official programme of the Russia-India
Forum at the National Stock Exchange of India (NSE).
(Business Standard)
Odisha tops India's mining
economy, eastern region drives growth: Report: Odisha has emerged as the largest contributor to
India’s mining economy, accounting for around 14 per cent of the country’s
mining gross value added (GVA) in FY2025, according to a report released during
the India Mines and Minerals Conclave 2026 in Bhubaneswar. The report, jointly
prepared by Assocham and credit rating agency ICRA Ltd, with data sourced from
the Ministry of Statistics and Programme Implementation (MoSPI), ranked Gujarat
second with a share of 12.9 per cent, followed by Maharashtra with 12.1 per
cent, Rajasthan with 9.6 per cent and Madhya Pradesh with 8.6 per cent. These
five states together contributed over 57 per cent of the national mining GVA,
reflecting a high concentration of mineral-driven economic activity.
(Business Standard)
Traces of gold, diamond and
ruby deposits detected: Odisha minister: Odisha is likely on the cusp of adding
precious minerals to its rich mining portfolio. Known for its vast reserves of
iron ore, bauxite and chromite, the state has now reported the presence of
diamonds, rubies and gold-bearing formations across several districts. Replying
to questions in the Assembly on Thursday, Steel and Mines Minister Bibhuti
Bhushan Jena said diamond-bearing stones have been identified in the Kalmidadar
area of Nuapada district. He said detailed technical and economic assessments
are underway to determine the volume and viability of the discovery.
(Business Standard)
Misuse of Insolvency and
Bankruptcy Code by loan defaulters has tendency to badly impact economy: HC: The Bombay High Court has strongly condemned
loan defaulters and guarantors for exploiting the Insolvency and Bankruptcy
Code. This practice allows them to seek immunity by triggering a moratorium,
thereby stalling recovery efforts by secured creditors. The court highlighted
that such actions frustrate the IBC's core objectives and negatively affect the
nation's economy.
(Economic Times)
Rs. 10,000 crore container
scheme under appraisal: Sarbananda Sonowal: The government’s recently
announced container manufacturing scheme is currently being appraised, Minister
of Ports, Shipping and Waterways Sarbananda Sonowal informed Parliament on
Thursday. “The Government in Budget Speech 2026-27 has announced a scheme for
container manufacturing in India with a budget outlay of Rs 10,000 crore aimed
at creating a globally competitive container manufacturing ecosystem in the
country through financial incentives to support establishment and expansion of
container manufacturing units. The Ministry has initiated the process of
appraisal of the scheme,” the minister said.
(Business Standard)
Sebi may allow netting of
funds for FPIs in March 23 board meeting: The Securities and Exchange
Board of India (Sebi) may approve the framework for foreign portfolio investors
(FPIs) to net funds across cash market transactions executed on the same day in
its upcoming board meeting scheduled for March 23, sources aware of the
developments said. The move is expected to ease liquidity pressure and lower
funding costs for FPIs, especially during high-volume trading sessions such as
index rebalancing days. With the approval, FPIs will be able to use the
proceeds from sale transactions in the cash market on a particular day to fund
purchase transactions on the same day — requiring them to only fulfil the net
fund obligation. However, netting may not be permitted if the FPI buys and
sells the same stock or security on the same day or settlement cycle.
(Business Standard)
WASH SALE
Ø A wash sale is a transaction in which an investor
sells or trades a security at a loss and purchases a substantially similar one
"30 days before or after the sale." The Internal Revenue Service
(IRS) enforces the wash sale rule to prevent investors from using capital
losses to their advantage at tax time.
Ø
The
IRS instituted the wash sale rule to prevent taxpayers from using the practice
to reduce their tax liability.
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:
74207.24 (-2496.89)
NIFTY:
23002.15 (-775.85)
Bnk NIFTY: 53451.00 (-1875.05)
International Day
of happiness: March 20 is
primarily celebrated as the International Day of Happiness, a UN-designated day
promoting well-being and happiness as fundamental human goals. It is also
widely recognized as World Sparrow Day to conserve sparrows and the March
Equinox, marking the start of spring in the Northern Hemisphere.
Historical
events: March 20 is a
significant date in history, marked by major events like the 1739 sacking of
Delhi by Nadir Shah, the 1927 Mahad Satyagraha led by Dr. B.R. Ambedkar, and
the 2003 Iraq War invasion.
****Have a nice Day****
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