Issue: 1281
·
Tata Sons FY26 profit rises 22% to Rs 31,961 crore;
recommends Rs 4,475-crore dividend.
·
576 individuals reported gross income exceeding Rs.100 crore
in AY 2025-26.
·
Over 4 crore ITRs filed for AY 2026-27; taxpayers urged to
beat July 31 deadline.
·
Ministry of Tourism Signs MoU with Air India to Promote India
as a Preferred Global Tourism Destination.
·
India Unveils "Bhargavastra": Vehicle-Mounted
Anti-Drone Rocket System Built To Crush Swarm Attacks.
·
IndiGo appoints Kiran Thadimarri as new CFO, replacing Gaurav
Negi.
India's engineering exports
rise 21% in June as China shipments jump 74%: India's engineering goods exports rose 21 per
cent year-on-year in June to $11.48 billion, led ?by demand from China, the
United States, Germany and Oman, engineering ?exporters' body EEPC India said
on Monday, amid concerns ?over Red Sea and Strait of Hormuz ?shipping disruptions. Shipments to China climbed 74
per cent from a year earlier to $361.47 million. India's overall exports to
China rose nearly 37 per cent in ?the fiscal year ended March to about $20
billion.
(Business Line)
India may see up to $85
billion in forex inflows after RBI's FCNR move: Report: India anticipates substantial
Foreign Currency Non-Resident deposits, possibly reaching eighty to eighty-five
billion dollars. Public sector banks are leading this significant mobilization
effort, exceeding previous records. FCNR(B) deposits have already reached
seventeen point forty-one billion dollars by mid-July. Higher interest rates
are expected to encourage renewals of maturing FCNR deposits. This influx will
bolster foreign currency assets, reflecting positive economic trends.
(Economic Times)
US widens foreign exchange
review, keeps India off currency watch list: The United States (US)
Treasury has broadened the methodology it uses to assess countries'
exchange-rate policies, signalling closer scrutiny of foreign exchange
intervention and reserve management even when trading partners do not breach
statutory thresholds. India, however, escaped any adverse findings in the
latest review, with Washington concluding that New Delhi did not manipulate the
rupee for trade advantage. In its latest semi-annual report to the US Congress,
titled Macroeconomic and Foreign Exchange Policies of Major Trading Partners of
the United States, the Treasury Department kept India off its currency
monitoring list after finding that it met only one of the three statutory
criteria for enhanced scrutiny.
(Business Standard)
HDFC Bank CEO, CFO fined Rs
1 lakh each in MSRDC case : HDFC Bank's managing director
and chief executive officer Sashidhar Jagdishan, chief financial officer
Srinivasan Vaidyanathan and group head (retail assets) Arvind Vohra have been
fined Rs 1 lakh each on the board's recommendation, the private lender said
on July 27. The decision was reached after
an internal review of the arrangement with Maharashtra State Road Development
Corporation (MSRDC) for garnering deposits in 2017 and 2021. In a stock
exchange filing, the bank said during a special disciplinary committee of
independent directors meeting, the board did not find anything conclusive that
would constitute mala fide action, personal enrichment, or improper motive but
the conduct of the employees involved constituted "business
overreach".
(Moneycontrol)
Threat actor claims
possession of 1 TB of Bank of Baroda data: A threat actor has claimed to
possess approximately 1 terabyte of data linked to Bank of Baroda, according to
posts by cyber threat intelligence accounts and independent cybersecurity
researchers. The claim has not been independently verified. Bank of Baroda,
however, stated the incident resulted from the compromise of an employee's
email account and that its core banking systems were not accessed. In
a statement, Bank of Baroda said the incident involved the compromise of an
employee's email account, resulting in unauthorised access to certain data. The
Bank said the issue was promptly identified and containment measures were
implemented. It added that its core banking systems were not accessed and
continue to remain secure.
(Business Line)
Canara Bank Q1 results: Net
profit rises 2% to Rs 4,856 crore; asset quality improves: State-owned Canara Bank posted
its Q1FY27 net profit at Rs 4,856 crore, rising 2.2% year-on-year from Rs 4,752
crore reported in the year-ago period. Sequentially, the lender’s profit
advanced 7.7% from Rs 4,506 crore reported in Q4FY26. For the quarter ended
June 2026, the bank’s net interest income jumped 13.4% to Rs 10,215 crore
against Rs 9,009 crore reported in Q1FY26, and sequentially it expanded 4.1%
from Rs 9,808 crore reported in the trailing quarter. For Q1FY27, the PSU bank
reported an improvement in its net NPA, which declined to 0.36% from 0.63%
reported in Q1FY26. Its gross NPA ratio also reduced to 1.57% from 2.69%
reported in June 2025.
(Financial Express)
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)
FCNR(B) inflows may have
crossed 2013 level in just 45 days: SBI Research: Foreign Currency Non-Resident
(Bank), or FCNR(B), deposits mobilised under the Reserve Bank of India's
(RBI's) concessional swap facility may have already surpassed the amount raised
during the 2013 scheme in just about 45 days, prompting SBI Research to sharply
raise its estimate for inflows under the facility. SBI Research now expects
FCNR(B) deposits of $65-70 billion by the end of the scheme, significantly
higher than its earlier estimate of $40-45 billion. Including overseas foreign
currency bonds (OFCBs) and external commercial borrowings (ECBs), overall
inflows could reach $80-85 billion.
(Business Standard)
Axis Finance unveils
Drishti Business Rules Engine for retail and MSME lending: Axis Finance Limited (AFL),
has launched a configurable digital platform -- Axis Finance Drishti, to boost
credit-decisioning, strengthen risk oversight across retail and MSME lending.
As per the release, Axis Finance has rolled out its in-house Business Rules
Engine (BRE) Axis Finance Drishti for personal loans, business loans, loan
against property and Disha home loans in its first phase. “It is expected to
drive operational excellence by enabling faster, smarter and more scalable
credit decisioning, improving efficiency while delivering a more seamless and
frictionless loan journey,” Axis Finance said in the release.
(Business Line)
Infosys fined Rs 2 crore by
French labour body: IT services major Infosys was fined €175,000 (around Rs 2 crore) by a
regional labour authority in France, DRIEETS Île-de-France, for non-compliance
of its employee working-time recording system with local legal requirements,
the company said in an exchange filing. The IT firm received the order from the
French body on July 24, the filing showed.“The authority found that Infosys’
working-time recording system did not fully comply with French legal
requirements, citing shortcomings in its reliability, auditability, and
monitoring capabilities for certain employee categories,” the filing said.
(Financial Express)
Only 26 of every 100 young
Indian graduates have salaried jobs; just 4 enjoy basic employment benefits:
Report:
An analysis
of India's PLFS data reveals that a college degree is no guarantee of a secure
job. Of every 100 graduates aged 15-29, only 26 have salaried employment, and
just four enjoy formal workplace benefits such as contracts, paid leave and
social security.
(Business Today)
Policybazaar
launches dollar-denominated term insurance for NRIs via GIFT City: In a move aimed at eliminating currency depreciation
risk for non-resident Indians, Policybazaar has begun offering US
dollar-denominated term insurance plans from its partner insurers through the
Gujarat International Finance Tec-City (GIFT City). The launch allows overseas
Indians to pay premiums in US Dollars and receive claim payouts in the same
currency, addressing a long-standing financial gap created by exchange rate
fluctuations. Traditionally, life insurance purchased from India has been
denominated in Indian Rupees, exposing policyholders to purchasing power loss
over time.
(Business Today)
Govt approves trial,
regular issuance of Rs.10, Rs.20 plastic notes: The government has approved
introduction of plastic notes in two denominations — Rs.10 and Rs.20 — for
field trial and regular issuance, Lok Sabha was informed on Monday. However,
government clarified that plastic currency will not replace paper currency. On
July 17, RBI-owned Bharatiya Reserve Bank Note Mudran (P) Ltd (BRBNMPL)
floating a global expression of interest (EoI) for manufacturing and supply of
polymer substrate used to print plastic currency notes..
(Business Line)
RBI proposes demat-only
securitisation notes, retains Rs.1 crore ticket size: The Reserve Bank of India (RBI) on Monday
proposed that all securitisation notes issued by commercial banks be in
dematerialised form. The central bank retained the minimum investment size at Rs.1
crore for issuance as well as subsequent transfers. Under the Draft
(Securitisation Transactions) Amendment Directions, the central bank suggested
that the agreement between the originator and the special purpose entity (SPE)
must include a clause ensuring compliance with the Rs.1 crore minimum ticket
size requirement on an ongoing basis. The RBI clarified that the ticket size
refers to the investment made by a single investor.
(Business Standard)
DRIP PRICING
§ A
practice whereby – (i) elements of prices are not revealed upfront or are
revealed surreptitiously within the user experience; or;
§ (ii)
revealing the price post-confirmation of purchase i.e., charging an amount higher
than the amount disclosed at the time of checkout; or
§ (iii)
a product or service is advertised as free without appropriate disclosure of
the fact that the continuation of use requires in-app purchase; or
§ (iv)
a user is prevented from availing a service which is already paid for unless
something additional is purchased.
§ For
example; Not revealing processing fees and other charges upfront.
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 : 96.1856
INR
/ 1 GBP : 128.4703
INR
/ 1 EUR : 109.7648
INR
/100 JPY: 58.8000
EQUITY INDEX
Sensex:
76835.78 (+776.01)
NIFTY:
23995.95 (+228.50)
Bnk NIFTY: 57087.20 (+393.70)
Historical events: July 28 marks
major turning points including the start of World War I, Chaudhary Charan Singh
becoming India's Prime Minister, and the birth of fingerprint science. On July
28, 1914, Austria-Hungary declared war on Serbia, officially starting World War
I. In India, Chaudhary Charan Singh took office as the fifth Prime Minister of
the country on July 28, 1979. Globally and nationally, this date also recalls
the 1858 birth of Sir William James Herschel, who pioneered the use of
fingerprints for personal identification, the formation of NASA in 1958, and
the devastating 1976 Tangshan earthquake in China.
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