Page 48 - Latest Updates on Reserve Bank of India
Reserve Bank remains net buyer of US currency in May; buys $2 billion
The Reserve Bank of India (RBI) remained net buyer of the US currency in May, after it purchased USD 2.001 billion on net basis from the spot market, the RBI data showed.
 "Reserve Bank remains net buyer of US currency in May; buys $2 billion")
RBI, Bank Indonesia agree to expand cooperation in payment systems
The Reserve Bank of India and Bank Indonesia on Saturday entered into an agreement to expand cooperation in payment systems, digital financial innovation
 "RBI, Bank Indonesia agree to expand cooperation in payment systems")
We are looking at being distinctive as a bank: Axis Bank MD & CEO
In a Q&A, Axis Bank MD & CEO Amitabh Chaudhry says bank's core leadership is focused on 19 transformative initiatives, at both business and functional levels in order to become better execution engine
 "We are looking at being distinctive as a bank: Axis Bank MD & CEO")
YES Bank, JC Flowers in pact for ARC in bid to seal largest ever NPA deal
This is being termed the single-largest bad loan deal
 "YES Bank, JC Flowers in pact for ARC in bid to seal largest ever NPA deal")
Rupee keeps off 80 per dollar; foreign exchange reserves at 15-month low
The latest data showed that the RBI's headline foreign exchange reserves declined by $8.1 billion in the week ended July 8
 "Rupee keeps off 80 per dollar; foreign exchange reserves at 15-month low")
FRAs back in vogue, help insurers in fixed rate of interest for payouts
Forward Rate Agreements enables insurers lock in a fixed rate of interest rate for a future pay out
 "FRAs back in vogue, help insurers in fixed rate of interest for payouts")
Group representing Indian crypto exchanges to be dismantled: Report
The Internet and Mobile Association of India (IAMAI) is dismantling BACC after disagreement and allegations that crypto exchanges were not following an internal code of conduct
 "Group representing Indian crypto exchanges to be dismantled: Report")
OneCard is India's 104th unicorn, raises $100 mn in Series D led by Temasek
The latest round by OneCard, owned by Pune-based FPL Technologies, also saw investment from existing investors such as QED, Sequoia Capital, and Hummigbird Ventures
 "OneCard is India's 104th unicorn, raises $100 mn in Series D led by Temasek")
Securitisation volumes jump 70% to Rs 35,000 cr in Q1: CRISIL report
The Reserve Bank of India defines securitisation as transactions where credit risks in assets are redistributed by repackaging them into tradable securities
 "Securitisation volumes jump 70% to Rs 35,000 cr in Q1: CRISIL report")
India can weather turbulence without damage to credit ratings: S&P
India is likely to lead the region with 7.3 per cent growth in 2022-23 after the GDP grew 8.7 per cent in 2021-22, said the rating agency
 "India can weather turbulence without damage to credit ratings: S&P")
As rupee falls, spread between India and US bond yields tightens
In comparison, the recent decline in the yield spread is because bond yields in the US have risen faster than in India
 "As rupee falls, spread between India and US bond yields tightens")
Strength and opportunity: What rupee going 'international' will mean
The rupee is partially convertible. It attained current account convertibility in the early- through mid-1990s. This means the rupee can be converted to any foreign currency at existing market rates
 "Strength and opportunity: What rupee going 'international' will mean")
Banks' asset-quality risk to be moderate after RBI rate hike: Fitch Ratings
'Mounting repayment pressure for some borrowers amid India's interest rate hikes, particularly for micro, small and medium-sized enterprises, will test banks' loan underwriting quality'
 "Banks' asset-quality risk to be moderate after RBI rate hike: Fitch Ratings")
News on RBI nod for ARC stake speculative, lacks bonafide sources: YES Bank
YES Bank clarified that it had indeed started the process of seeking a partner for an asset reconstruction company through a public expression of interest, but added that the process is still underway
ED probing some entities, employees over irregularities, says IndusInd Bank
IndusInd Bank says it has no credit exposure to the entities being investigated
 "ED probing some entities, employees over irregularities, says IndusInd Bank")
Looking at domestic flows, peak pessimism hasn't reached yet: ICICI Sec CIO
'Foreign institutional investment (FII) is expected to reverse when these macro headwinds stabilise for a few months'
 "Looking at domestic flows, peak pessimism hasn't reached yet: ICICI Sec CIO")
How the RBI is creating conditions for foreign flows to come back to India
The RBI announced five measures on July 6 to further liberalise foreign exchange. The measures are aimed at creating a more enabling environment to attract dollars through banking deposits, ECB, FPI
CAD as percentage of GDP: Nowhere near 2012-13 level, yet worrisome
If up to $50 billion is withdrawn from forex reserves to finance CAD, the country would still be able to meet nine month's imports. Any withdrawal beyond this could pose a problem
 "CAD as percentage of GDP: Nowhere near 2012-13 level, yet worrisome")
Extending export credit in rupee can boost its acceptability: Experts
However, the rupee can truly become internationalised only when it becomes freely convertible on capital account, they say
 "Extending export credit in rupee can boost its acceptability: Experts")
Banks revise foreign currency deposit rates in response to RBI's move
SBI, ICICI Bank and IDFC First Bank have raised interest rates on foreign currency non-resident deposits in response to the Reserve Bank's relaxation last week to shore up forex inflows.
 "Banks revise foreign currency deposit rates in response to RBI's move")
