Market News
Stay updated with the latest market trends, earnings, and economic indicators.
Banks seek RBI nod to let NRIs break & rebook existing deposits
To incentivise foreign currency inflows, the Reserve Bank of India will swap fresh dollar term deposits raised until end-September at par. In effect, the RBI will bear the entire hedging cost on deposits mobilised under the Foreign Currency Non-Resident (Bank), or FCNR(B), scheme. In line with the RBI's expectations, banks are passing on almost the entire benefit to depositors, making these deposits more attractive.
Banks seek RBI nod to let NRIs break & rebook existing deposits
To incentivise foreign currency inflows, the Reserve Bank of India will swap fresh dollar term deposits raised until end-September at par. In effect, the RBI will bear the entire hedging cost on deposits mobilised under the Foreign Currency Non-Resident (Bank), or FCNR(B), scheme. In line with the RBI's expectations, banks are passing on almost the entire benefit to depositors, making these deposits more attractive.
INR sees modest gains as local stocks stay supported
Indian Rupee edged up today, appreciating despite a firm undertone in the US dollar index as continued policy support kept sentiments buoyant for the local currency. Yesterday, the Reserve Bank of India has eased interest rate rules for overseas deposits. This move is set to allow banks to offer better returns on FCNR(B) and NRE accounts and will likely attract more foreign funds in coming months. INR held near five-week high following this and added 9 paise at 94.40 per US dollar.
SBI’s board clears record Rs 60,000 cr fundraise in FY27
State Bank of India's central board has approved raising up to Rs 60,000 crore this fiscal through rupee and dollar bonds. This move aims to bolster the bank's capital position and support business growth. Funds will be raised via various debt instruments from Indian and overseas investors.
State Bank of India to raise Rs 60,000 crore via bonds to support growth
State Bank of India's central board has approved raising up to Rs 60,000 crore this fiscal through rupee and dollar bonds. This move aims to bolster the bank's capital position and support business growth. Funds will be raised via various debt instruments from Indian and overseas investors.
Bank of Baroda eyes $500 million dollar bond sale under RBI’s hedge window
The planned fundraising follows a successful $750 million dollar-bond sale by HDFC Bank earlier this week at a spread of 90 basis points over benchmark US Treasury yields.
HDFC Bank bond issue priced at 90 bps above US Treasury
HDFC Bank raised $750 million through five-year dollar bonds at 90 basis points over US Treasuries to fund its overseas operations.
GIC shares in focus as OFS opens for non-retail investors today — Check issue size, discount
With this OFS, the Centre's divestment collections are set to cross ₹15,000 crore within a month. Prior to this, the government's disinvestment drive included Coal India, Central Bank of India, NLC India and NHPC.
PNB, Ujjivan raise FCNR deposit rates
Punjab National Bank and Ujjivan Small Finance Bank have raised interest rates on FCNR(B) USD deposits for Non-Resident Indians. This move follows the RBI's announcement of a foreign currency swap window. Bank of Baroda has also introduced a new retail term deposit scheme for resident Indians. These initiatives aim to attract foreign capital and offer attractive returns to depositors.
India's forex reserves drop $711 mn to $681.610 bn: RBI data
India's forex reserves dropped USD 711 million to USD 681.610 billion during the week ended June 5 due to a sharp decline in foreign currency reserves, the RBI said on Friday. In the previous reporting week, the overall reserves had jumped USD 938 million to USD 682.321 billion. For the week ended June 5, foreign currency assets -- a major component of the reserves -- was down USD 2.704 billion to USD 543.444 billion, the data released by the Reserve Bank of India (RBI) showed. Expressed in dollar terms, foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves. However, the value of gold reserves increased USD 1.975 billion to USD 114.575 billion during the week, the RBI said. The special drawing rights (SDRs) were up USD 18 million to USD 18.765 billion, the RBI said. India's reserve position with the IMF stood at USD 4.826 billion in the reporting week, it added.
India's May Retail Inflation Rises To 3.93% As Food Prices Bite
The uptick keeps the headline inflation just below the Reserve Bank of India's medium-term target of 4%.
SBI, Bank of Baroda plan first dollar bonds under RBI subsidy window
Both banks are targeting to raise around $500 million through five-year dollar bonds