Issue: 1256
· Ashok Vaswani to step down as
Kotak Mahindra Bank MD & CEO; bank begins search for successor.
· Modi spotlights shift to
public transport, natural fertilizers amid Gulf crisis.
· RBI has invited FinTech firms
to participate in "Finquiry," a structured interaction programme
scheduled for June 30, aimed at strengthening engagement between regulators and
fintech players.
· Korean Market Volatility Seen
having limited Impact on India.
· India, Seychelles unveil 19
agreements to deepen strategic partnership across key sectors.
World Bank approves $1.1
billion emergency package for Bangladesh amid Middle East crisis: The World Bank has approved
$1.1 billion in emergency financing for Bangladesh to help cushion the economic
impact of rising food, fuel and fertiliser prices triggered by the conflict in
the Middle East. The funding package consists
of two projects aimed at strengthening food security, supporting vulnerable
households and businesses, and helping the country manage external economic
shocks. Bangladesh is also seeking additional financial assistance from
development partners, including the International Monetary Fund (IMF), to
bolster its foreign exchange reserves and ease pressure on public finances amid
rising energy import costs.
(Moneycontrol)
IMD sees driest June in 16
years with 43% rain deficiency: With a monsoon rainfall
deficit of over 43% as on Sunday, June 2026 is on course to be third driest of
corresponding months since 1901 and the driest since 2009, according to India
Meteorological Department (IMD) data. During June 1–June 28, 2026, overall
rainfall received across the country has been 85.2 millimeter (mm) against the
benchmark long period average (LPA) of
149.8 mm, the met department stated.
Last month, IMD forecast a ‘below normal’ rainfall at less than 92% of
LPA in June. According to the projection, overall rainfall in June is likely to
be around 95 mm, making it driest since 2009, the year when monthly
precipitation was only 85.7 mm, 47% below the benchmark.
(Financial Express)
‘Act now’: BIS urges fiscal
discipline, stronger oversight as global risks intensify: The Bank for International
Settlements (BIS) has warned that rising public debt, financial market
fragilities and uncertainties around the artificial intelligence investment
boom are increasing risks to global financial stability, reported Reuters. The
central bank umbrella body said these pressures, combined with supply shocks
and inflation risks, require urgent and disciplined policymaking across
economies. The BIS made the remarks in its Annual Economic Report released on
Sunday. It said global economic activity remained resilient in recent months,
but underlying vulnerabilities continued to build across fiscal systems, financial
markets and supply chains. “Policy actions must reinforce each other to avoid a
pull and push on the global economy. Ultimately, success depends on sound
fiscal and financial foundations,” BIS General Manager Pablo Hernández de Cos
said, as reported by Reuters.
(Reuters)
Former HDFC Bank Chairman
Atanu Chakraborty questions board's decision to hire law firms: The terms of the
reference and legal framework of the review being conducted by law firms was
not shared with him, HDFC Bank's former chairman has said. Speaking
exclusively to Moneycontrol, Atanu Chakraborty insisted that the bank’s
board failed to introspect on his resignation letter. He also denied a finding
by the law firms that the alleged mis-selling of AT1 bonds had not been raised
by him at board meetings, saying it had been discussed as a regulatory matter. Following
his exit, the bank appointed law firms –namely Wilson Sonsini Goodrich &
Rosati, P.C and Wadia Ghandy & Co to to review concerns raised in the
statement made by Chakraborty in his resignation letter, and if Chakraborty
recorded any dissent in bord meetings, and whether it was addressed.
(Moneycontrol)
Smaller MFIs seek FinMin
intervention as funding remains elusive: The government’s Rs 20,000
crore credit guarantee scheme has failed to significantly improve credit access
for smaller microfinance institutions (MFIs), as banks remain cautious about
lending to low-rated lenders despite an 80% guarantee against defaults. Smaller
MFIs and industry bodies have approached the finance ministry seeking
intervention, according to people familiar with the matter. “Some banks remain
hesitant to lend to smaller institutions, citing concerns over their
creditworthiness,” a senior microfinance industry executive said. “The scheme
was also intended to improve funding access for smaller MFIs, but that
objective has not been achieved,” the executive added.
(Financial Express)
Banks feel the squeeze as
FCNR loan rates edge up: The rush to capitalise on the RBI’s
FCNR(B) deposit scheme is already pushing up borrowing costs, with leveraged
loan rates rising 20-25 basis points as banks compete intensely for a window
that bankers estimate could generate substantial foreign currency inflows. The
rate pressure is emerging faster than many expected. Floating rate loans
against FCNR(B) deposits are currently available at 4.90-5.25%, but once
converted into fixed-rate instruments for three or five years, the cost climbs
to 5.25-5.50% after accounting for the term premium. “Loans are now available
at floating rates of 4.90-5.25% for depositors. Once these are converted into
fixed-rate loans for three or five years, the cost rises to 5.25-5.50% after
adding the term premium,” said a senior PSB executive who has received
preliminary quotes from foreign banks.
(Financial Express)
Female entrepreneurs to
drive deeper digital finance adoption says DBS Bank study, finds 84% already
use payment tools: Digital tools are becoming "increasingly
integral to business management" for female entrepreneurs in India,
supporting everything from payments and credit to payroll and future planning,
according to DBS Bank India's latest Women and Finance study. The report saID
sustaining this momentum will require "going beyond traditional banking to
create connected ecosystems that help entrepreneurs at every stage of their
business journey."
(Economic Times)
Kotak Bank's MD&CEO
Ashok Vaswani to step down at end of Dec 2026: Kotak Mahindra Bank on
Saturday informed stock exchanges that its Managing Director (MD) and Chief
Executive Officer (CEO), Ashok Vaswani, will not seek reappointment after the
completion of his current term on December 31, 2026. The bank's board has
initiated the process of appointing a new MD & CEO, which it said will be
completed within the applicable regulatory timelines. "We wish to inform
you that Mr. Ashok Vaswani, Managing Director & CEO of the Bank, has
informed the Board of the Bank that, for personal reasons, he does not wish to
seek re-appointment upon completion of his current term on December 31,
2026," the bank said in a regulatory filing.
(Business Standard)
$111 billion in banking
assets, $39 bn in fund capital: GIFT City emerges as India’s global finance
gateway: At the upcoming Vibrant
Gujarat Regional Summit in Vadodara on Tuesday, June 30, Gujarat International
Finance Tec-City (GIFT City) will highlight its evolution into India’s premier
international financial gateway. The dedicated session, “GIFT City:
International Financial Gateway of India,” will feature senior regulatory,
banking, and fund management leaders discussing cross-border finance and global
market connectivity. Speakers will showcase GIFT City’s rapid scale—now
encompassing over 1,500 entities and 27,000 professionals—driven by recent
March 2026 data showing $111 billion in banking assets and 217 fund management
entities commanding $39 billion in capital commitments.
(Financial Express)
OpenAI appoints ex-Uber
executive Prabhjeet Singh to lead India operations: OpenAI appointed Uber Technologies Inc.’s
former India and South Asia President Prabhjeet Singh as its managing director
for the country, deepening its investment in one of its fastest-growing
markets. Singh, who will join in September, will be the OpenAI’s most senior
executive in the country and report to Asia Pacific Managing Director Kiran
Mani. The company confirmed Singh’s appointment.
(Business Standard)
S&P keeps US
sovereign rating at AA+ with stable outlook, resilient economy: S&P Global Ratings affirmed the US’s
credit rating at AA+, one level below the top rank, citing a resilient economy
and high but stable fiscal deficits. “The US economy’s resilience should
support solid fiscal revenue collection, including from continued tariffs, and
stabilize fiscal deficits over the next several years,” analysts at S&P led
by Lisa Schineller said in a statement. The analysts said the outlook is
stable, backed up by solid economic growth, “credible, effective monetary
policy execution,” and fiscal deficits that are high but not rising.
(Business Standard)
APEDA Facilitates First
Commercial Export of GI-Tagged Rewa Sundarja Mangoes from Madhya Pradesh to UAE: The Agricultural and Processed
Food Products Export Development Authority (APEDA), under the Ministry of
Commerce and Industry, Government of India, has facilitated the first
commercial export of Geographical Indication (GI)-tagged Rewa Sundarja Mangoes
from Madhya Pradesh to UAE, marking a significant milestone in promoting
India's unique agricultural products in global markets. The first commercial
export consignment, comprising one metric tonne of GI-tagged Rewa Sundarja
Mangoes, was exported to the United Arab Emirates on 26 June 2026 by M/s Salt
Range Foods Pvt. Ltd. This landmark shipment marks the beginning of the
international journey of the Rewa Sundarja Mango and is expected to pave the
way for regular exports in the coming seasons.
(PiB)
Vice President of India Shri
C. P. Radhakrishnan Presides Over ‘MSME Day 2026– Udyami Bharat’: The Vice President of India,
Shri C. P. Radhakrishnan, presided over the ‘MSME Day 2026–Udyami Bharat’ event
at Dr. Ambedkar International Centre, New Delhi. The event underscored the
Government’s commitment to building a more resilient, technology-driven,
competitive and future-ready MSME ecosystem. During the programme, the Vice
President felicitated the National Small Industries Corporation (NSIC) on its upgradation
from a Schedule ‘B’ to a Schedule ‘A’ Central Public Sector Enterprise (CPSE). The
Vice President launched a series of transformative digital platforms, portals
and publications aimed at empowering MSMEs across India. These included the
PMEGP 2.0 Portal, SAMADHAAN 2.0 Portal, PMS Portal, MSME Global Mart 2.0
Portal, MSME Testing Portal, and MSME Idea Hackathon 6.0. The
Ministry launched Multilingual Access on MSME Portals, enabling a multilingual
and voice-enabled ecosystem across MSME websites and portals. The initiative
provides access to MSME services in all 22 Scheduled Indian languages and
includes AI-enabled voice grievance redressal and document translation
facilities, thereby enhancing accessibility and digital inclusion.
(PiB)
PM Modi awarded
Seychelles’ highest honour for environmental conservation: 'Guardian of the
Blue Horizon’:
Prime
Minister Narendra Modi has been conferred the 'Guardian of the Blue Horizon',
Seychelles' highest honour for leadership in environmental conservation and
sustainable development. The award recognises his sustained efforts to promote
sustainable growth and advance a green development agenda. It also adds to a
growing list of international honours acknowledging PM Modi's contributions to
climate action, environmental conservation and sustainable development.
(Mint)
DRIP PRICING
A practice whereby –
§ elements
of prices are not revealed upfront or are revealed surreptitiously within the
user experience; or
§ revealing
the price post-confirmation of purchase i.e., charging an amount higher than
the amount disclosed at the time of checkout; or
§ a
product or service is advertised as free without appropriate disclosure of the
fact that the continuation of use requires in-app purchase; or
§ a
user is prevented from availing a service which is already paid for unless something
additional is purchased.
§ Illustration:
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 : 94.4804
INR
/ 1 GBP : 124.4987
INR
/ 1 EUR : 107.3637
INR
/100 JPY: 58.3800
EQUITY INDEX
Sensex:
77100.47 (+109.25)
NIFTY:
24056.00 (+34.35)
Bnk NIFTY: 58177.05 (+26.70)
National
Statistics Day: June 29 is
primarily celebrated in India as National Statistics Day. It is celebrated to
commemorate the birth anniversary of Prof. Prasanta Chandra Mahalanobis, who is
widely recognized as the Father of Indian Statistics and founder of the Indian
Statistical Institute (ISI) in Kolkata.
Historical
events: On June 29, India
observes National Statistics Day to honor the birth anniversary of the
pioneering scientist and statistician Prasanta Chandra Mahalanobis. Globally,
the date is highly notable for technology, as Apple officially launched its
revolutionary first iPhone in 2007, forever transforming the modern smartphone
industry.
****Have a nice Day****
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