Issue: 1280
·
PM announces high-powered committee headed by Nandan Nilekani
to suggest measures for leak-proof and tech-sound exams.
· EPFO traces 1.18 lakh of 7.11
lakh dormant ACs holding less than Rs.1,000 for auto-refund of unclaimed funds.
· IDFC First posts record
profit of Rs 1,075 crore in Q1.
· AU Small Finance Bank Q1 net
rises 37% to Rs.796 crore.
· Nippon India MF tops mutual
fund industry with over 40 million folios.
· Assam govt waives stamp duty
on loans up to Rs 10 lakh for SHG members.
Russian supply disruption
poses fresh risk to India’s August crude imports: India’s crude oil imports in August face a
fresh risk from Russia, with uncertainty mounting over crude loadings from the
Black Sea port of Novorossiysk following Ukrainian attacks on key export
infrastructure. The volume of imports during the month will also depend on the
safe passage of Saudi Arabian barrels through the Bab el-Mandeb (BeM) strait. While
refiners and traders do not expect an outright supply disruption, they warn
that slower deliveries, higher freight costs and shrinking discounts on Russian
crude could inflate India’s oil import bill, particularly at a time when the
rupee remains weak against the US dollar.
(Business Today)
Mcap of nine of top-10 most
valued firms erodes by Rs 2.74 lakh cr; HDFC Bank takes biggest hit: The combined market valuation
of nine of the top-10 most valued firms eroded by Rs.2.74 lakh crore last week,
in tandem with a bearish trend in equities, with HDFC Bank taking the biggest
hit. Last week, the BSE benchmark Sensex tanked 2,091.68 points, or 2.67 per
cent, and the NSE Nifty declined 566.85 points, or 2.32 per cent. "Markets
witnessed a weak and volatile week, with benchmark indices extending their
losing streak as a sharp surge in crude oil prices and renewed geopolitical
tensions weighed heavily on investor sentiment," Ajit Mishra – SVP,
Research, Religare Broking Ltd, said. Banking stocks emerged as the biggest drag
following mixed Q1 FY27 earnings, while a risk-off environment and weakness in
the rupee further curtailed buying interest, he added.
(Business Line)
Bank of Baroda aims $3 bn
in FCNR (B) deposits: MD & CEO Debadatta Chand: Bank of Baroda expects its
return on assets (RoA) to remain above 1 per cent in each of the remaining
three quarters of FY27, even as the $600 million settlement related to overseas
litigation weighs on its full-year profitability. The public-sector lender
expects near-normal profitability for the full year and could upsize its
credit-growth guidance after the second quarter (Q2) if geopolitical and
monsoon-related risks moderate. Debadatta Chand, managing director and chief
executive officer, Bank of Baroda, speaks.
(Business Standard)
PNB profit to cross Rs
20,000 cr mark in FY27: MD Ashok Chandra: Enthused by the consistent
financial performance of the last four quarters, Punjab National Bank MD and
CEO Ashok Chandra exuded confidence that the bank's profit would surpass the Rs
20,000 crore mark this financial year. The public sector lender had
earned a net profit of Rs 16,904 crore in the previous financial year. From
the second quarter of last financial year, the bank has been maintaining a net
profit of over Rs 5,000 crore every quarter, Chandra told PTI in an interview.
(Economic Times)
IRDAI chairman wants
affordable insurance for all: IRDAI chairman Ajay Seth
defined 'Insurance for All' as available, accessible, and affordable products.
He stressed the need for full transparency and informed consent from the
public. Products should cater to diverse economic and societal segments across
the nation. Transparency offers the best solution for addressing current
challenges effectively. Incentives linked to sales quality, not just volume,
are also crucial.
(Economic Times)
SBI recruits 1,930 Circle
Based Officers to strengthen banking operations: State Bank of India has
recruited 1,930 Circle Based Officers nationwide. These new officers will strengthen
customer service and banking operations across all branches. They will support
customer engagement and deliver personalised banking services to over 53 crore
customers. The bank continues to invest in talent development for an agile
banking ecosystem. This recruitment reflects SBI's focus on evolving customer
needs and digital initiatives.
(Economic Times)
More banks may join
overseas bond run: ICICI Bank's successful
inaugural dollar bond sale, marked by strong investor appetite and a low interest
rate, is expected to encourage more domestic lenders to tap overseas debt
markets in the coming weeks as banks seek to lock in competitive funding costs
amid sustained global demand for Indian financial paper. ICICI
has raised $1 billion through a five-year dollar-denominated bond issued via
its GIFT City branch, doubling the deal size from an initially planned $500 million
after attracting strong demand.
(Economic Times)
Index entry wait may temper
bond rally: The
rally in Indian bonds could slow as flows from foreign portfolio investors
(FPI) begin to ebb amid no definitive signs of Bloomberg's Global Aggregate
Index including local sovereign debt in its latest rejig, while the yield
differential with developed markets continues to narrow.
(Economic Times)
Gold loan-backed PSLC sales
boost PSBs' non-interest income in Q1FY27: Public-sector banks (PSBs)
booked healthy income by selling priority sector lending certificates (PSLCs)
backed by their fast-growing gold loan portfolios, with several lenders
reporting a sharp jump in non-interest income for the April-June quarter of
2026-27 (Q1FY27). “Gold is the most profitable loan segment right now, with PSU
banks making money on PSLC sales. A few PSU banks active in the gold loan
business are expected to book significant profits,” a senior banker at a state-owned
bank said.
(Business Standard)
PhonePe's FY26 net loss
widens to Rs.2,792 cr despite 11.5% revenue growth: PhonePe, India's largest Unified Payments Interface
(UPI) app by volume, saw its net loss widen to Rs.2,791.59 crore in financial
year 2025-26 (FY26) from Rs.1,727.41 crore in FY25, even as revenue grew 11.5
per cent year-on-year (Y-o-Y). The Bengaluru-based company generated Rs.7,920.48
crore in revenue in FY26, up from Rs.7,105.01 crore in FY25. PhonePe's total
expenses rose to Rs.10,588.51 crore in FY26, up 16 per cent from Rs.9,116.54
crore in FY25. In March, the digital payments and financial services company
temporarily deferred its public listing plans due to the conflict in West Asia
and heightened market volatility.
(Business Standard)
Capital Small Finance Bank
closes in on final RBI metric for universal bank license as bad loans fall: Capital Small Finance Bank has moved closer to
meeting the eligibility criteria for applying for a universal banking license.
Its net NPAs dropped to 1.14% in the June quarter, narrowing the gap on what
management called the single remaining pending requirement before seeking an
upgrade. However, the bank’s board will decide on submitting the formal
application only by FY29. "From a tickbox perspective, we were left with
one tickbox, that is a net NPA," Sarvjit Singh Samra, managing director
and chief executive of Capital Small Finance Bank, told Mint, referring to the
RBI's threshold of 1% or lower for the previous two fiscal years. He added that
the metric has steadily improved from 1.38% in the September quarter.
(Mint)
EPFO traces 1.18
lakh of 7.11 lakh dormant ACs holding less than Rs.1,000 for auto-refund of
unclaimed funds:
The
Ministry of Labour and Employment has traced 1.18 lakh of the 7.11 lakh
inactive Employees’ Provident Fund Organisation (EPFO) account holders eligible
for automatic refunds of balances up to Rs.1,000 lying unclaimed for years or
even decades. Ministry sources told
businessline that the EPFO has been able to authenticate 1.18 lakh subscribers’
individual account data with their active bank details spread across various
branches in different parts of the country. They described it as part of a
pro-people step which began in 2014 when the Modi government came to power and
introduced the scheme of providing a unique 12-digit account number for an EPFO
subscriber, called Universal Account Number (UAN).
(Business Line)
SEBI says listed debt
entities must list transferred unlisted debentures after business restructuring: Market regulator Securities
and Exchange Board of India (SEBI) has clarified that a listed debt entity
assuming liabilities of outstanding unlisted non-convertible debentures (NCDs)
through a corporate restructuring or business transfer must comply with the
mandatory listing requirement under listing regulations, even if no fresh
debentures are issued. The clarification came in
response to an informal guidance request from a debt-listed company, regarding
the regulatory treatment of unlisted debentures transferred from its wholly
owned subsidiary after a Business Transfer Agreement.
(Moneycontrol)
CBDT brings clarity on
crypto tax reporting for Indian platforms, sharpens cross-border oversight: The Central Board of Direct Taxes (CBDT) has
released a detailed guidance note for Indian crypto platforms and foreign
exchanges operating in the country for reporting taxes and transactions under
the provisions of the Income Tax Rules, 2026. While it’s not a new tax framework, the guidance
note reiterates that the primary compliance burden falls on Reporting
Crypto-Asset Service Providers (RCASPs), not directly on individual investors.
It further explains reporting mechanisms for entities transacting across
different jurisdictions.
(Moneycontrol)
EPFO delays
UPI-linked claim rollout to August as portal glitches persist: The rollout of Unified Payments Interface
(UPI)-linked transactions for provident fund services by the Employees’
Provident Fund Organisation (EPFO) has been delayed and is now expected in
August, according to people aware of the development. The facility was earlier
slated for launch by the end of FY26. The delay follows glitches reported after
the launch of EPFO’s upgraded Centralised IT Enabled Services (CITES 2.01)
platform earlier this month. Members have complained that data from older EPF
accounts was missing on the revamped portal. They have also reported login
failures, slow loading speeds and delays in claim processing after the
migration.
(Business Standard)
INTERFACE INTERFERENCE
Ø A
design element that manipulates the user interface in ways that (i) highlights
certain specific information; and (ii) obscures other relevant information
relative to the other information, to misdirect a user from taking an action as
desired.
Ø For
example: Displaying the preferable option for the bank in bright colours / bold
fonts on website / mobile app, Default choice for consent being ‘Yes’ in
various menu options on website / mobile
app etc.
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 : 96.5390
INR
/ 1 GBP : 128.5282
INR
/ 1 EUR : 109.8681
INR
/100 JPY: 58.9300
EQUITY INDEX
Sensex:
76059.77 (-331.62)
NIFTY:
23767.45 (-102.15)
Bnk NIFTY: 56693.50 (+101.50)
Historical events: July 27 marks
major historical events including the discovery of insulin in 1921, the
founding of the CRPF in India in 1939, and the passing of beloved Indian
President Dr. A.P.J. Abdul Kalam in 2015. In 1789, the
first federal agency in the United States, the Department of Foreign Affairs,
was established. Years later in India, freedom fighter Bal Gangadhar Tilak was
arrested for the first time in 1897.
****Have 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