Issue: 1354
· Jio IPO subscribed 3.1 times
on Day 1, QIB portion booked 9.4x.
· Apple limits iPhone purchases
at 2 units per customer across all models in India.
· Shriram Group renames
Way2Wealth as Shriram Financial Services.
· SBI data leak: 3,897 customer
records identified on dark web; bank launches probe.
· October MPC minutes: Rate
cuts off table as members flag rising inflation.
· Not every friction in finance
is inefficiency, says RBI DG Swaminathan.
· Zomato parent Eternal to swap
Adonmo stake for Rs.156 crore Mygate shares.
US may consider lower
tariffs for India over Asian peers as trade talks near finish: The United States is considering India's demand for
more favourable tariff terms than those available to competing export economies
such as Bangladesh and Vietnam, with negotiations on the first tranche of the
proposed Bilateral Trade Agreement (BTA) nearing completion, government
officials and industry sources familiar with the discussions said. In an interview with
Network18 Editor-in-Chief Rahul Joshi on October 20, US Secretary of State
Marco Rubio was asked whether India could expect better tariff rates than other
countries. “Obviously, the purpose of making a deal is to have better rates
than what you have now,” Rubio said, adding that the agreement needed to ensure
a sustainable trade relationship that served the economic interests of both
countries.
(Moneycontrol)
Core sector output growth
hits 30-month high of 7.9% in September, driven by coal, power: India's core sector output
growth accelerated to a 30-month high of 7.9 percent in September 2026, driven
by a sharp recovery in coal production and double-digit growth in electricity
generation and refinery products, according to latest data release. The
September reading was the highest in the available series since April 2024,
surpassing the revised 5.9 percent growth recorded in August and 3.1 percent in
September last year. The Index of Core Industries (ICI), which measures output
across nine infrastructure sectors, showed that six industries registered
growth in September, while natural gas, crude oil and fertilisers continued to
contract.
(Moneycontrol)
IMF advises India to let
rupee move as first defence amid oil shock: India should allow the
dollar-rupee exchange rate to move as the first line of defence amid the
ongoing oil shock, an IMF official said on Wednesday. “Our advice to countries
is to use the exchange rate as the first line of defence amid ongoing shocks,”
Krishna Srinivasan, Director of the Asia and Pacific Department at the IMF,
said at a media briefing in Mumbai. “We would advise India to let the exchange
rate move.” The Reserve Bank of India has intervened heavily to support the
rupee via dollar sales from its reserves, a special window to offer dollars to
oil companies and reserve requirements for large hedge requirements. The
rupee, which fell to near record lows earlier this month, has rebounded about 2
per cent following the central bank’s steps.
(Business Line)
Two HDFC Bank senior
executives leaked confidential business information, finds probe: An internal investigation by
HDFC Bank has found evidence that two senior executives disclosed confidential
business strategies and potentially market-sensitive information to outsiders. According
to a report in Bloomberg that cited people familiar with the matter, the
executives oversee key businesses and functions at the bank. They were
identified during an internal probe launched after some leaders raised concerns
about possible information leaks. The investigation is ongoing as the lender
examines whether the information was misused, as per the report.
(Business Today)
IICA signs MoU with
Association of ARCs to deepen industry linkages of the PG Insolvency Programme: The Indian Institute of
Corporate Affairs (IICA), an autonomous body under the Ministry of Corporate
Affairs, on Wednesday signed a Memorandum of Understanding (MoU) with the
Association of ARCs in India to deepen industry linkages of the Post Graduate
Insolvency Programme (PGIP), run by IICA’s Centre for Insolvency and
Bankruptcy, and develop skilled professionals for India’s insolvency and
restructuring ecosystem.
(Business Line)
RBI's Rs.50k cr overnight
VRR auction attracts nearly 2-fold bids: The Reserve Bank of India's Rs.50,000
crore overnight Variable Rate Repo (VRR) auction on Wednesday attracted bids nearly
twice the notified amount. The central bank received bids worth Rs.93,241 crore
against the notified amount of Rs.50,000 crore and accepted bids worth Rs.50,007
crore, according to official data. The bids were accepted at a cut-off and
weighted average rate of 5.52 per cent. Meanwhile, liquidity in the banking
system is estimated to be in surplus of around Rs.48,303.95 crore as on October
20, according to the RBI data.
(Business Line)
SBI reports suspected exposure of customer data on the dark web:
State
Bank of India (SBI) on Wednesday said it experienced an incident involving
suspected exposure of customer data on the dark web. The Internet Freedom
Foundation (IFF) called on India’s largest Bank to inform every affected
customer directly and without further delay stating what data was exposed and
what steps they should take. During the preliminary analysis of approximately
3,75,000 records available on the dark web, 3,897 customer records containing
Personally Identifiable Information (PII) have been identified, per an exchange
filing by India’s largest bank..
(Business Line)
Indian banks open cheque
books for Rs.10,000 crore-plus in M&A funding after RBI rule change: Indian banks have recently
engaged in significant M&A deals after the central bank eased financing
rules. State Bank of India and other lenders are now financing up to 75% of
deal values. The acquisition-financing market is estimated at nearly Rs.2 lakh
crore due to increased demand. Various large transactions include Crystal Crop
Protection's acquisition of FMC Corporation's India business and others.
(Economic Times)
PSBs step up AI adoption,
cyber resilience under EASERs.ise 8.0 reforms: Public sector banks (PSBs) are
stepping up efforts to adopt artificial intelligence (AI), strengthen cyber
security and modernise banking systems as part of their ongoing reform agenda,
according to the EASERs.ise 8.0 Annual Report for FY 2026, released by the
Indian Banks' Association (IBA) on Wednesday. The report focuses on
strengthening the resilience of public sector banks, improving customer
services, adopting new technologies and expanding financial inclusion. It
outlined 16 action points across four themes - Risk and Resilience, Innovation,
Socio-economic Impact and Excellence - supported by more than 50 reform
initiatives and over 150 key performance indicators.
(Economic Times)
India launches state-level
outreach to help MSMEs, farmers tap FTA export opportunities: The government is organising dedicated outreach
initiatives with state governments to help farmers, workers, women, youth,
micro, small and medium enterprises (MSMEs) and small businesses take advantage
of India’s expanding network of free trade agreements (FTAs) and explore new
export markets, Commerce and Industry Minister Piyush Goyal said on Wednesday. In
a social media post, Goyal said the focus was on ensuring that the
opportunities created by India’s trade agreements reach businesses and people
across the country. “Translating trade partnerships into meaningful opportunities
for people across India,” Goyal said, highlighting the government’s efforts to
help domestic businesses expand their presence in international markets.
(Business Line)
Insurers nearly double private
credit fund investments: Over the past two years, insurance companies have
notably enhanced their engagement with private credit funds as a strategy to
diversify investments and generate better returns for their clients. Insurers
are advocating for higher caps on alternative investment fund allocations to
strengthen their financial portfolios. Thanks to recent regulatory updates that
expanded investment choices, both life and general insurance sectors are now
keenly involved in private credit markets.
(Economic Times)
Rubio, Mukesh Ambani
discuss energy, technology partnerships at Jamnagar: US Secretary of State Marco
Rubio and Reliance Industries (RIL) Chairman and Managing Director Mukesh
Ambani on Wednesday discussed wide-ranging commercial partnerships during the
former's visit to Jamnagar, home to the world's largest single-site refinery,
operated by RIL in Gujarat. "The visit included
wide-ranging discussions on the global energy landscape and opportunities for
commercial partnerships across conventional and new energy. The exchange
covered reliable and affordable energy supplies, technological advances,
resilient supply chains and the investment required to meet growing
demand," RIL said in a social media post.
(Business Standard)
RBI rejects all T-bill bids
as investors seek higher yields: The Reserve Bank of India (RBI) on Wednesday
rejected all bids at its Treasury bill (T-bill) auction, signalling its
reluctance to accept the higher yields demanded by investors amid tightening
banking system liquidity. The central bank had planned to raise Rs 23,000 crore
through 91-day, 182-day and 364-day T-bills. At the previous week’s auction, yields stood at
5.73% for 91-day T-bills, 6.29% for 182-day bills and 6.49% for 364-day bills,
according to RBI data. “The RBI may have been uncomfortable with the high yields
demanded by participants. With the surplus cash balance, the central bank may
not need to raise funds at such elevated rates,” said a dealer at a private
sector bank.
(Financial Express)
Profitable companies can
face insolvency over debt default: SC: A company cannot escape insolvency proceedings
just because it is profitable if it has failed to repay its debt, the Supreme
Court has ruled. The apex court said the insolvency and bankruptcy code (IBC)
is designed to address payment defaults early, rather than wait until a company’s
financial position deteriorates. The ruling came while dismissing appeals
against the admission of insolvency proceedings against GSTAAD Hotels, which
operates the JW Marriott in Bengaluru, and Neo Capricorn Plaza, which operates
the Crowne Plaza in Pune. The companies argued that funds reserved for loan
repayments and hotel revenues meant for lenders were enough to cover the
default.
(Financial Express)
Trai allows two-way
communication on 1600 series: Banks and other financial entities have been
given a go-ahead by the Telecom Regulatory Authority of India (Trai) to use the
1600-series numbers for two-way communication. This clears a key ambiguity
around the new system that was intended to help customers identify genuine
banking calls. Trai sources said that if banks introduce a two-way calling,
customers can call back on a 1600-series number if they have missed a call from
their bank or need information or clarification. Banks can also use other
numbers to reach customers if they are unable to connect with them through a
1600 number, including in cases where a customer has blocked the number or does
not answer the call, sources said.
(Financial Express)
FINANCIAL
REPRESSION
·
Financial repression refers to government policies
that channel funds toward the public sector at below-market costs. It may
involve interest-rate controls, high statutory liquidity requirements, directed
lending, capital-flow restrictions, or regulatory incentives encouraging banks
to hold government securities.
·
Such measures can help governments finance fiscal
deficits and manage public debt, but prolonged repression may reduce returns to
savers, distort credit allocation, weaken monetary-policy transmission, and
crowd out productive private investment.
RBI KEY RATES
Repo
Rate: 5.50%
SDF:
5.25%
MSF
/Bank Rate: 5.75%
CRR:
3.00%
SLR:
18.00%
FOREX RATES (RBI REF. RATE)
INR
/ 1 USD : 94.7145
INR
/ 1 GBP : 126.6835
INR
/ 1 EUR : 106.2839
INR
/100 JPY: 59.8900
EQUITY INDEX
Sensex:
73709.69 (-143.21)
NIFTY:
22811.35 (-77.60)
Bnk NIFTY: 54976.90 (-511.20)
****WISHING A NICE DAY****
Visit our website www.thebankingupdates.com
For Regular updates, Monthly e-magazines &
Promotion Study materials
CLICK HERE TO JOIN OUR COMMUNITY/GROUP FOR
DAILY UPDATES
CLICK HERE TO JOIN OUR CHANNEL FOR DAILY
UPDATES & QUIZ
Contact us: # 8261802533
Email: bankingupdates2020@gmail.com
CLICK HERE TO ORDER BANK PROMOTION KIT