Issue: 1199
· RBI minutes warn that Hormuz
crisis may raise inflation and hurt growth, though the Indian economy remains
resilient.
· RBI is engaging with global regulators
to assess risks from advanced AI models and potential cybersecurity threats in
banking.
· As per RBI estimates, India’s
GDP growth projected to slow to ~6.9% in FY27 amid global uncertainties, while
inflation is expected around 4.6%.
· Middle East conflict pushing
oil above $100/barrel, increasing global inflation and fiscal pressure.
· RBI approves Debasish Panda
as Chairman of Bandhan Bank for a 3-year term.
· Indian banks expected to see
credit growth fall below 12% in FY27 due to global uncertainty and deposit
competition.
· FPIs sold Rs. 49,000+ crore
equities in April, with further outflows likely before revival.
· SBI aims to expand its
balance sheet to 25% of India’s GDP by 2030.
· UN projects India’s GDP
growth at ~6.4% in 2026, maintaining strong regional performance.
RBI committed to single
global dollar-rupee market, says DG Sankar: Reserve Bank of India Deputy
Governor T Rabi Sankar on Wednesday emphasised that the central bank remains
committed to a single, unified global market for the dollar-rupee, adding that
the intention to internationalise the rupee remains intact. Speaking
on the sidelines of an event organised by the Clearing Corporation of India
(CCIL) to mark its 25th anniversary, Sankar said, “All that was done (including
the $100 million limit for participants in the non-deliverable forwards (NDF)
market and other stringent measures) was to address a temporary event that
created large volatility. Once that is taken care of, we should be back on
track.”
(Financial Express)
SBI Research projects
fiscal deficit at 4.6% of GDP amid subsidy hikes and excise losses: State Bank of India’s (SBI)
Ecowrap report has highlighted mounting challenges to the Centre’s fiscal math
for the FY27, estimating the gross fiscal deficit at 4.6% of gross domestic
product (GDP), higher than the budget estimate of 4.3%, due to additional
spending on subsidies, excise duty cuts, and economic support measures. Rating
agency ICRA projected fiscal deficit at 4.6% for FY27 assuming an average crude
oil price of $85/barrel in FY27. In case crude oil price rises to $105/barrel,
ICRA projects fiscal deficit at 4.8% of GDP. According to the SBI report, the
baseline Gross Fiscal Deficit (Budget Estimate) stands at Rs 16.95 lakh crore.
However, factoring in an estimated Rs 60,000 crore hike in subsidies, Rs 1.1
lakh crore loss from excise duty cuts, and a minor Rs 1000 crore under the
Economic Support (RELIEF Scheme), the additional fiscal burden rises to Rs 1.7
lakh crore.
(Financial Express)
MP farmers to get four
times compensation for rural land acquisition: In a Cabinet meeting chaired
by Chief Minister Mohan Yadav on Wednesday, it was decided that farmers in
rural areas whose land is acquired will be given compensation up to four times
the market rate. For this, the government has decided to implement a
multiplication factor of 2 under the Madhya Pradesh Land Acquisition Act, 2013
(amended in 2015). This decision will apply to the acquisition of agricultural
land in rural areas across the state. The Cabinet has kept the compensation
assessment in urban areas unchanged.
(Business Standard)
Life insurers’ new business
premium rises 15.7% to Rs. 4.59 lakh crore in FY26: The New Business Premium (NBP)
of life insurers grew 15.7 per cent to Rs. 4.59 lakh crore in the financial
year ended March 31, 2026, compared to Rs. 3.97 lakh crore in the previous
financial year. As per data released by the Life Insurance Council (LIC), the
NBP crossed the Rs. 4 lakh crore milestone for the first time, reaching Rs. 4,59,713
crore in FY26, up from Rs. 3,97,336 crore in FY25. The growth in NBP at FY25
and FY24 was at 5.7 per cent and 2 per cent, respectively. The Life Insurance
Corporation’s NBP grew 14.91 per cent at Rs. 2,60,464 crore in the year under
review compared to Rs. 2, 26, 669 cr. The total NBP of private life insurers
grew 16.75 per cent to Rs. 1,99,249 crore from Rs. 1,70,6667 crore, as per the
data.
(Business Line)
HDFC Life reappoints Vibha
Padalkar as MD & CEO for five-year term: HDFC Life Insurance Company‘s
Board has approved the re-appointment of Vibha Padalkar as Managing Director
& Chief Executive Officer for a period of five years, with effect from
September 12, 2026. Padalkar will complete eight years
as MD and CEO of HDFC Life by the end of her current tenure in September. She
joined HDFC Life in 2008 and has held several leadership roles within the
organisation. She was inducted onto the HDFC Life Board in September 2012 as
Executive Director and Chief Financial Officer, where she oversaw finance, risk
and investor relations.
(Financial Express)
Jio Financial, Allianz seal
50:50 general insurance JV: Jio Financial Services on
April 22 said it has entered into a binding agreement with Allianz Europe to
set up a 50:50 joint venture to foray into India’s general insurance space,
marking a significant step in its push to build a full-stack financial services
platform. The venture will commence
operations after securing the necessary statutory and regulatory approvals. The
transaction is not a related-party deal, the company said in a regulatory
filing.
(Moneycontrol)
Bandhan Bank
gets RBI approval for new chairman: Bandhan Bank has secured prior approval
from the Reserve Bank of India for Debasish Panda's appointment as its
part-time chairman. Panda's tenure will span three years, commencing from the
date he assumes charge. This strategic move follows Panda's extensive
experience in the financial sector, including his previous role as chairman of
IRDAI.
(Economic Times)
Pay Point India
becomes first fintech to join RBI's Centralised Payment System: n a significant breakthrough for India’s
fintech sector, Pay Point India Network has become the first private-sector
fintech to gain membership in the Centralised Payment System (CPS) operated by
the Reserve Bank of India. The development marks a major shift, as access to
CPS was previously limited to banks and a small group of large institutions
such as National Payments Corporation of India, Clearing Corporation of India
Limited, Deposit Insurance and Credit Guarantee Corporation, and stock
exchanges.
(Economic Times)
Razorpay
integrates Google Pay for cross-border payments by exporters: Razorpay said it has integrated with
Google Pay to enable international payments for Indian businesses, becoming the
first domestic payment aggregator to offer a card-based wallet experience
through the platform for cross-border transactions. With this partnership,
Razorpay aims to bring Indian exporters closer to their international customers
by removing long-standing payment checkout barriers. By enabling Google Pay at
checkout, exporters can offer a fast, familiar, and trusted payment experience,
eliminating manual card entry and unnecessary authentication steps.
(Business Standard)
Eveready bets on alkaline
batteries with India's first plant in Jammu: Eveready Industries India on Wednesday rolled
out India’s first alkaline battery manufacturing unit in Jammu in a push to
strengthen its branded play while tapping into white-label and private-label
markets at home and abroad. Speaking to Business Standard, Anirban Banerjee,
chief executive officer of Eveready Industries India, said the facility was the
only operating alkaline battery plant in the entire SAARC region.
(Business Standard)
Govt notifies online gaming
rules under PROGA; to kick in from May 1: The government has notified the administrative
rules under the Promotion and Regulation of Online Gaming Act, 2025 (PROGA),
which mandate that all gaming companies in India implement user safety features
to protect players from financial, psychological, social, security-related, or
content-related harm. These rules, notified by the Ministry of Electronics and
Information Technology, will come into effect from May 1. While all forms of
e-sports will need to be mandatorily registered with the OGAI, the rules for
which games or gaming companies will need to register with the authority will
be determined according to certain conditions. All gaming companies will also
need to “establish and maintain a functional grievance redressal mechanism for
redressal of grievances” for player grievances on the games being offered by
them. Where an aggrieved user is dissatisfied with the
resolution of their grievance by an online game service provider or where no
resolution is provided, the aggrieved user may approach the Authority within a
period of 30 days from the date on which the online game service provider has
conveyed their decision in relation to the grievance or in case of
non-redressal of grievances within the said timeline.
(Business Standard)
MCA expands eligibility
criteria of the Prime Minister Internship Scheme (PMIS) to include final-year
graduate and post graduate students: In a significant step towards
strengthening youth employability and industry readiness, the Ministry of
Corporate Affairs (MCA) has expanded the eligibility criteria of the pilot
phase of the Prime Minister Internship Scheme (PMIS) to include final-year
students of graduate and postgraduate programmes. Students are required to
submit a No Objection Certificate (NOC) from their respective educational
institutions during the application process. India’s National Education
Policy (NEP) places significant emphasis on experiential learning, including
internships, industry engagement, and hands?on exposure, as a core component
of higher education. By enabling students to participate in structured, paid
internships while they are still enrolled, PMIS advances this objective by
embedding real?world learning into the
academic journey.
(PiB)
Atal Pension
Yojana (APY) Crosses Historic Milestone: Total Gross Enrolments Surpass 9 Crore: The Atal Pension Yojana (APY), a flagship
social security scheme of the Government of India administered by the Pension
Fund Regulatory and Development Authority (PFRDA), has achieved a historic milestone
by surpassing total gross enrolments of 9 crore subscribers on 21st April,
2026. In a further testament to the scheme’s growing outreach and impact, gross
enrolments during the Financial Year 2025–26 have crossed 1.35 crore
subscribers, marking the highest-ever enrolments recorded in a single financial
year since the inception of the scheme.
(PiB)
RBI in talks
with global regulators, banks to review Mythos risks, sources say: India's central bank is actively engaging
with global counterparts and local institutions to assess potential
cybersecurity threats from Anthropic's new AI model, Mythos. The Reserve Bank
of India is exploring safeguards and may seek direct access to the AI to
identify vulnerabilities, emphasizing data localization for Indian customer
information. The Reserve Bank of India's preliminary
assessment - just like that of global regulators - suggests Mythos could pose
cybersecurity risks by accelerating the discovery and exploitation of software
vulnerabilities, the sources, all familiar with the ?central bank's thinking, ?said.
(Economic Times)
MEME STOCKS
· A
meme stock refers to the shares of a company that have gained viral popularity
due to heightened social sentiment. This social sentiment is usually due to
activity online, particularly on social media platforms. These online
communities can dedicate heavy research and resources toward a particular stock.
· Meme
stocks often have heavier discourse and analysis in discussion threads on
websites like Reddit and posts to followers on platforms like X (formerly
Twitter) and Facebook.
·
Though some believe meme stock
communities coordinate efforts to influence the prices of those shares, meme
stock shareholders are often an unorganized set of independent individuals,
each with their own investment views and preferences. Collectively, their
independent actions have been shown to initiate short squeezes in heavily
shorted names. As a result, meme stocks can become overvalued relative to
fundamental technical analysis.
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 : 93.8351
INR
/ 1 GBP : 126.8425
INR
/ 1 EUR : 110.2569
INR
/100 JPY: 58.9500
EQUITY INDEX
Sensex:
78516.49 (-756.84)
NIFTY:
24378.10 (-198.50)
Bnk NIFTY: 57124.45 (-247.00)
World Book and
Copyright Day: April 23 is
primarily celebrated as World Book and Copyright Day (or World Book Day) by
UNESCO, promoting reading and publishing. It is also celebrated as English
Language Day and Spanish Language Day by the United Nations to celebrate
language diversity.
Historical
events: April 23 marks
significant historical milestones, including the death of filmmaker Satyajit
Ray (1992), the passing of revolutionary Kunwar Singh (1857), and the birth of
reformer Pandita Ramabai (1858) in India.
****Have a nice Day****
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