Issue: 1334
·
Jio, Airtel, Vi add over 5 million mobile users in August as
industry base crosses 1.29 billion.
·
Tata Trusts propose merger of two Tata units with Tata Sons
to avoid listing.
·
Nvidia announces $150bn additional buyback, biggest stock
repurchase in history.
·
IndusInd Bank CEO Rajiv Anand says name ‘unmapped’ from voter
roll.
·
Insurers seek softer landing on Irdai commission cuts in meet
with chief.
·
Russia remains India's top crude supplier in September amid
supply squeeze.
·
China and US have agreed to tariff cuts on $60 billion goods.
· CCI clears MetLife’s
acquisition of additional PNB MetLife stake.
RBI completes 1 trillion
rupee net debt sale for first time in a decade: India's central bank has net sold bonds worth 1
trillion rupees this financial year, its biggest annual net bond sale in more
than a decade, treasury officials said, with market participants expecting
the total to double by December. The Reserve Bank of India is withdrawing liquidity
from a banking system flush with cash after it allowed lenders to raise dollars
via a special window. While the inflow helped protect the nation's FX reserves
and support the rupee as oil prices rose, it pushed overnight rates below the
RBI policy rate.
(Moneycontrol)
Nifty set for worst returns
in 15 years, analysts weigh in: The 50-stock Nifty is set to
clock its worst returns in 15 years as rising bond yields, West Asia war and
brent crude prices roil investor sentiment. The benchmark stock market index is
down 13% in 2026, its worst annual performance since 2011. The index slumped
25% in 2011 after FIIs pulled out Rs 2,500 crore from Indian marketDomestic
bottlenecks such as high inflation, rising interest rates and a falling rupee
dented investor sentiment 15 years ago. Global factors such as the European
crisis and a slow recovery in the US also contributed to the market crash that
year. Since 2011, the index has logged negative annual returns only once till
date. It slipped 4% in 2015.
(Business Today)
India’s industrial output
grows 8% in August: Driven by strong gains in manufacturing and
electricity, India’s factory output grew by 8 per cent in August, up from a
revised 7.4 per cent in July, according to government data released Monday.
Experts anticipate this upward momentum will bolster overall economic growth
for the July–September quarter. “In August 2026, Index of Industrial Production
recorded an 8.0 per cent year-on-year growth, supported by 9.0 per cent growth
in the Manufacturing sector and strong growth of 12.3 per cent in the
Electricity & Gas Supply sector,” an official statement said. However, the
mining and quarrying sector contracted by 5.6 per cent in August against 15.8
per cent growth a year ago.
(Business Line)
SC refuses to stay MDR on
transactions above Rs.2,000: The Supreme Court on Monday
admitted a public interest Litigation (PIL) on the proposed levy of merchant
discount rate (MDR) on transactions above Rs 2000. However, it refused to grant
an interim stay on the levy. A bench comprising Chief Justice Suryakant and
Justices J Bachi and V Mohana issued notice to government and other concerned
parties. They need to submit a reply within 4 weeks.
(Business Line)
Panel to explore
alternatives to 40-minute extension for 5-day banking: A high-level committee
comprising representatives of the United Forum of Bank Unions (UFBU) and the
Indian Banks’ Association (IBA) will explore alternatives to the proposed
40-minute daily extension of working hours to implement five-day banking, UFBU
Chief Spokesperson CH Venkatachalam said, adding that the government is in the
loop on the matter. Earlier, the management had
agreed to introduce five-day banking by increasing daily working hours by 40
minutes. But this is not being accepted by the government,” said Venkatachalam,
General Secretary of the All India Bank Employees’ Association (AIBEA). “So,
now we are appointing a high-level committee to explore other ways in which we
can work out five-day banking.”
(Financial Express)
IndusInd Bank unveils
dedicated vertical for GCCs: IndusInd Bank on Monday said
it has launched a dedicated vertical for global capability centres. It will
offer five services - digital banking, employee banking, commercial card
solutions, capital account and foreign exchange management, and
foreign-currency accounts through the bank’s International Banking Unit (IBU)
at GIFT City, the lender said in a release. The bank will offer
foreign-currency account solutions to GCCs which can be used to manage certain
cross-border banking requirements.
(Financial Express)
IRDAI pushes LIC, SBI Life
to seek further cost efficiency: Insurers like Life Insurance
Corp and SBI Life need to improve cost efficiencies under new regulatory
guidelines. The proposals suggest lowering the expense of management limit from
around 16% to 12.5% within five years. While larger insurers are compliant, they
must reduce their efficiencies further. Smaller players might gain market share
if they enhance their operations as well. The overall goal is to increase
efficiency and value for policyholders.
(Economic Times)
US waives tariffs on
certain speciality drugs from 20 countries, including India: The US will not impose any ad valorem tariff on
certain speciality drugs and associated ingredients used to treat rare medical
conditions imported from India and 19 other countries, according to a PTI
report. Besides India, the other countries covered under
the zero tariff rate are Argentina, Bangladesh, Cambodia, Ecuador, El Salvador,
the European Union, Guatemala, Indonesia, Japan, Jordan, Malaysia, North
Macedonia, South Korea, Switzerland, Liechtenstein, Taiwan, Thailand, Britain
and Vietnam. The notice said qualifying products from these jurisdictions could
receive a zero per cent tariff because they have a current or forthcoming trade
and security framework agreement with the US. An ad valorem tariff is a set percentage of the
monetary value of goods being taxed, according to the World Customs
Organisation.
(Moneycontrol)
Nvidia debuts system
designed to stop AI agents from going awry: Nvidia Corp. introduced a new double-layered
artificial intelligence security system that it says would’ve prevented the
recent high-profile breach of Hugging Face by OpenAI’s AI models. The semiconductor giant,
which has been rapidly expanding its product lineup beyond chips, is rolling
out two open-source software security tools that can be run on its hardware.
They’re designed to control what AI agents can access in real time and shut
them down when they break the rules.
(Moneycontrol)
Air India to resume
Delhi-Tel Aviv direct flights from December 1, restoring India-Israel air link: Air India will resume direct flights between
Delhi and Tel Aviv from December 1, 2026, restoring a key air connection
between India and Israel and making the route the only non-stop airline link
between the two countries, the Israel Ministry of Tourism said on Monday. Air India will operate
five weekly flights from Sunday through Thursday using Boeing 777 aircraft,
according to the ministry. The return of the service is expected to support
tourism ties and improve access to Israel for Indian travellers.
(Economic Times)
ITR filing deadline for
corporates extended to November 21: The Central Board of Direct Taxes (CBDT) on
Monday extended the ITR filing due date for corporates for the Assessment Year
2026-27. The deadline has been extended from October 31 to November 21, 2026. Along
with the return filing deadline, the CBDT has also extended the "specified
date" for furnishing the audit report under the Income-tax Act. The
deadline for furnishing the audit report has been extended from September 30,
2026, to October 21, 2026, for the same category of taxpayers. The CBDT said
the extensions apply for Assessment Year 2026-27.
(Business Today)
Net mopup under small
savings schemes set to exceed Rs 3.6 lakh crore target: The net collections in small savings schemes
are set to exceed the budgeted target of Rs 3.59 lakh crore for the current
financial year 2026-27 by a fair margin, with inflows in the first four months
of the fiscal year up 56% from a year earlier, people aware of the matter said. The appealing savings
rates continue to encourage government-backed savings, demonstrating that
investor confidence in consistent returns remains strong, even with rising
retail participation in the equity markets.
(Economic Times)
New Fema trade rules: More
flexibility and greater bank oversight: How will the Foreign Exchange
Management (Export and Import of Goods and Services) Regulations, 2026,
effective October 1, 2026, affect exporters of goods? Goods invoiced or settled in
INR get 12 months for realisation, against the nine-month period. The AD-bank
may extend it. If proceeds remain unrealised for a year after the due or
extended date, further exports can be made only against full advance or an
irrevocable letter of credit (LC). Goods exported without consideration may be
declared at nil value in the Export Declaration Form (EDF), apparently dispensing
with the GR-waiver procedure. AD-banks may approve reduction or non-realisation
of export value, set off export receivables against import payables, and permit
third-party receipts. The existing six-month limit
for import payments is replaced by the period specified in the contract. For
advance remittances, the $200,000 threshold for a standby LC or guarantee gives
way to thresholds fixed under each bank’s policy. If an import advance remains
unadjusted and cannot be repatriated, subsequent advances will require an
unconditional, irrevocable standby LC or bank guarantee. Advance remittance for
importing gold and silver is prohibited, while the 90-day credit restriction
for gold imports is removed.
(Business Standard)
AD VALOREM TARIF
§
An
ad valorem tariff is a customs duty charged as a percentage of the value of an
imported good. For example, if an item has an assessable value of Rs.10,000 and
the ad valorem tariff is 10%, the duty is Rs.1,000. Unlike a fixed duty per
unit, the amount payable rises or falls with the value of the goods.
§ Governments use such tariffs to raise revenue and
influence imports, but determining the correct customs value is important
because undervaluation can reduce the duty collected.
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 : 95.9681
INR
/ 1 GBP : 127.0320
INR
/ 1 EUR : 109.2043
INR
/100 JPY: 60.8800
EQUITY INDEX
Sensex:
72771.72 (-1124.02)
NIFTY:
22780.25 (-360.25)
Bnk NIFTY: 54471.65 (-1108.25)
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