Issue: 1304
· HDFC Bank CEO to be appointed
before October 26.
· Indian Bank to open 100 new
branches, hire 2,500 employees in FY27.
· Prime Minister Conferred with
“Oliy Darajali Do’stlik” Order, Uzbekistan’s highest honour for foreign leaders.
· Leadership uncertainty to
weigh on HDFC Bank stock in the near term.
· SBI, SBI Capital Markets to
dilute up to 1% stake in NSE via public offer.
· Canara, Union Bank to move
NCLAT in Subhash Chandra repayment plan case.
Economy likely grew between 7-7.5% in April-June, SBI research
expects 8%: The Indian economy is likely to have grown between
7 and 7.5 per cent during the April-June quarter (Q1) of Fiscal Year 2026-27,
various research reports indicated. SBI research is an outlier, expecting the growth
rate to touch 8 per cent. The Ministry of Statistics and Programme
Implementation (MoSPI) will formally release the data on Monday, August 31. The
growth rate during the January-March quarter (Q4) of Fiscal Year 2025-26 was
7.8 per cent, while it was 6.8 per cent in the April-June quarter (Q1) of FY26.
Q1 of FY27 is the first full quarter after war began in West Asia.
(Financial Express)
India-Uzbekistan trade, defence ties hit high spots with 16 key
outcomes: After talks between Prime
Minister Narendra Modi and Uzbekistan President Shavkat Mirziyoyev in Tashkent
on Sunday afternoon, the delegations of the two countries announced 16
outcomes, including a long-term arrangement for the supply of uranium from Central
Asian nation to India. New Delhi and Tashkent also
set a target of almost quadrupling bilateral trade to $5 billion in the next
four years, resolved to strengthen defence ties, such as defence co-production,
elevate their relations to a comprehensive strategic partnership, and institute
a foreign minister-level dialogue. Modi was given the “Oliy Darajali Do’stlik”
Order, Uzbekistan’s highest honour for foreign leaders, by the Uzbekistan
President. Delhi would host the
India-Central Asia Summit in 2027.
(Business Standard)
Iceland votes against resuming European Union re-entry talks in
referendum: Icelanders rejected a
reopening of membership talks with the European Union, the country’s national
broadcaster said, in a referendum seen as a test of the bloc’s geopolitical
appeal. Opponents of negotiations with
the 27-member bloc accounted for 52.8% of the votes against 47.2% for
supporters after a preliminary count of all ballots, according to data
presented by the broadcaster known as RUV. The official results of the vote,
which was held on Saturday, are due to be published on Sunday afternoon local
time.
(Business Standard)
HDFC Bank's next CEO: Deputy MD Kaizad Bharucha in focus after
Jagdishan opts out: Months after HDFC Bank's then
part-time chairman Atanu Chakraborty resigned, citing differences over ethics
and values, all eyes are on the management once again after Sashidhar
Jagdishan, the MD and CEO of the country’s largest private sector lender,
decided not to seek reappointment. Jagdishan was reappointed as
the MD and CEO in 2023. Kaizad Bharucha, the bank’s
Deputy Managing Director, said in April, following the lender's earnings
announcement for the January-March quarter, that the board was "seized
up" of the matter. Jagdishan conveyed to the board on Saturday that he
would not be seeking reappointment. Jagdishan's decision to leave
brings the spotlight on Bharucha himself as a potential candidate for the top
job.
(Business Today)
HDFC Bank CEO search tests governance & investor confidence: HDFC Bank Ltd.’s search for a
new chief executive after Sashidhar Jagdishan’s surprise decision to step aside
will test whether India’s largest private-sector lender can restore investor
confidence and move past lingering governance concerns.
Last
week, analysts at Macquarie Group Ltd. wrote that uncertainty around
Jagdishan’s term was weighing on HDFC Bank’s stock. Vanguard Group Inc. and
Blackrock Inc. are among investors who hold the lender’s shares. Hiring a new
CEO quickly is crucial as the lender seeks to move past uncertainty that
deepened after Chakraborty’s exit. The new CEO will have to assure investors
that the bank’s governance systems are robust, with the focus squarely on
growing the business.
(Economic Times)
Cashfree rolls out AI agents for merchants to automate payment
operations: Fintech
firm Cashfree Payments is rolling out artificial intelligence (AI) agents to
merchants to automate payment operations. This comes as these companies
increasingly turn to agentic use-cases in India to build revenue streams beyond
payments processing. The AI agent called Relay can
be deployed by merchants for use cases such as retrying failed payments,
following up on abandoned carts, confirming cash-on-delivery orders before
dispatch, managing failed subscriptions and filing disputes, among others.
(Business Standard)
Apple may shift 30-35% of global iPhone production to India in
next 5 years: As Tim Cook steps down as
the chief executive of Apple Inc and takes up the role of executive chairman on
September 1. Seven years later during his second official trip to India in
April 2023, Cook, who honed his skills in sales, specialised in global supply chain management and
industrial operations, was busy opening the first fully-opened Apple stores in
Mumbai and Delhi. Three years on as John Ternus enters the corner office at the
Cupertino headquarters, India is already
producing one out of four iPhones for the world and is also emerging amongst the fastest growing markets for iPhones.
(Business Standard)
Commerce ministry meeting industry, exporters on India-US trade
on Sept 1:
The Commerce
Ministry will meet with industry associations and representatives of export
promotion councils on September 1 on India-US trade performance, an official
said. The deliberation is important as Commerce and
Industry Minister Piyush Goyal will visit the US in late September to attend
the G-20 Trade Ministerial in Milwaukee and hold bilateral talks with USTR
Jamieson Greer. The two-day ministerial will begin on September 30. The United
States holds the 2026 G20 presidency. The official said the meeting is intended
to discuss recent trade trends, the overall sector-wise performance of India-US
trade, and the recent developments in bilateral trade. Industry chambers CII, FICCI, Assocham and FIEO are
also likely to participate in the deliberations.
(Business Standard)
Govt expands digital fertiliser tracking system to link farmers,
subsidies:
The
government on Sunday said it is broadening a nationwide digital platform that
tracks fertilizer from production to retail sale, adding tools to link
purchases with individual farmers' land records and to monitor subsidy payments
more closely. The Integrated Fertilizer Management System (iFMS),
run by the Department of Fertilizers with technical support from the National
Informatics Centre, already tracks more than 14 crore Aadhaar-linked buyers and
over 2,50,000 retailers, and processes about 70 million tonnes of fertilizer
sales a year. The system underpins roughly Rs 2 trillion in annual fertilizer
subsidies. The department has been developing new dashboards
that give officials a consolidated view of production, imports, dispatches,
stocks and retail sales at the national, state, district and retailer level,
aimed at flagging unusual trends or supply shortfalls earlier, an official
statement said.
(Business Standard)
GST Council to meet on September 12, may ease blocked ITC,
refund norms:
The 57th
meeting of the Goods and Services Tax (GST) Council is scheduled to be held in
New Delhi on September 12, while an officers’ meeting is scheduled for
September 11, according to the official notice issued by the GST Council
Secretariat. Sources said the Council is likely to consider
easing restrictions on input tax credit (ITC) blocked under Section 17(5) of
the Central Goods and Services Tax (CGST) Act, which covers specified goods and
services on which credit is currently not available.
(Business Standard)
PREDATORY
LENDING
· Predatory lending is a lending
practice that involves using unfair, deceptive, or abusive tactics to take
advantage of borrowers; such as high interest rate, hidden costs, high fees
aggressive sales tactics etc.
· Predatory lending can trap
borrowers in a cycle of debt, making it difficult for them to get out. It often
occurs in conjunction with home mortgages and disproportionately affects women,
Black, and Latinx communities.
· Although there are no
internationally agreed legal definitions for predatory lending, there are laws
against some of the specific practices. Federal agencies use the phrase as a
catch-all term for many specific illegal activities in the loan industry.
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 : 95.5614
INR /
1 GBP : 129.8867
INR /
1 EUR : 111.2956
INR
/100 JPY: 59.9200
EQUITY INDEX
Sensex:
77264.51 (+330.92)
NIFTY:
24175.65 (+84.80)
Bnk
NIFTY: 57496.30 (-13.65)
Historic events: August 31 holds
a unique place in history, marked by major milestones such as Malaysia gaining
independence in 1957, Trinidad and Tobago breaking free from British rule in
1962, and the tragic passing of Diana, Princess of Wales, in 1997, alongside
India observing events like the birth anniversary of the renowned Punjabi poet
Amrita Pritam in 1919 and the successful launch of the INSAT-1B satellite in
1983.
****WISHING A NICE DAY****
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