BUSINESS
RBI to constitute committee for review of ARC working
The committee would recommend suitable measures for enabling ARCs to meet the growing requirements of the financial sector as cases of non performing assets (NPAs) rise and there is a need to reconstruct such assets. Already a new bad bank has been proposed in this year's Budget towards this goal.
CPI inflation for April-June seen at 5.2%: RBI
Announcing the first Monetary Policy for FY22, RBI Governor Shaktikanta Das said that the consumer price index (CPI) inflation for the fourth quarter of the last fiscal has been revised to 5 per cent. He noted that the evolving CPI inflation trajectory is likely to be subjected to both upside and downside pressures.
Equitas Small Finance Bank's Rs 34,287 cr business in FY 21
In a regulatory filing of unaudited provisional numbers, the bank said last fiscal the gross advances stood at Rs 17,896 crore while the total deposits were Rs 16,391 crore amounting to a total business of Rs 34,287 crore. The Equitas Small Finance Bank said in the last fiscal the gross advances grew by 16 per cent and the total deposits by 52 per cent.
RBI announces Rs 50,000 cr for NABARD, NHB, SIDBI
Accordingly, NABARD will be provided with a special liquidity facility (SLF) of Rs 25,000 crore for a period of one year to support agriculture and allied activities, the rural non-farm sector and non-banking financial companies-microfinance institutions (NBFC-MFIs).
Sensex in green ahead of RBI's monetary policy announcement
At 10 a.m., the central bank is scheduled to make the announcement and the monetary policy committee (MPC) is expected to maintain the key lending rates due to inflationary pressure along with high bond yields during the first monetary policy review of FY22, experts contended
Global crypto market crosses $2tn for 1st time
Bitcoin alone has contributed more than $1 trillion after its price more than doubled in 2021 and is currently hovering around $57,000 per digital coin. The other key cryptocurrencies -- Ethereum, Binance Coin, Polkadot, Tether and Cardano -- have a combined value of about $422 billion.
India's market cap may grow to $6.4tn by 2030
In 1993, when foreign portfolio investors were first allowed to buy Indian stocks, India's GDP and market cap stood at $260 billion and $90 billion, respectively. Since then FPIs have bought a cumulative $217 billion In the 27 years since then, India's GDP has risen 11-fold to $2,870 billion, an average annual real growth rate of 6.5 per cent.
Samsung expects $8.3B in Q1 earnings on strong mobile business
The forecast came as its mobile business fared well, offsetting a relatively tepid performance from the semiconductor business. On a quarterly basis, Samsung's first-quarter operating income was up 2.8 per cent from the last quarter of 2020, and the sales estimate was up 5.6 per cent from the previous quarter.
India hosts 1st meet of BRICS Finance Ministers, Central Bank Governors
The meeting, jointly chaired by Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das, was the first meeting of the BRICS Finance Ministers and Central Bank Governors under India's chairship in 2021. As BRICS chair, India's approach is focused on strengthening intra-BRICS cooperation based on continuity, consolidation, and consensus.
SEBI chief admits Independent Directors' issue not yet resolved
In his address at the 14th CII Corporate Governance Summit, Securities and Exchange Board of India (SEBI) Chairman, Ajay Tyagi said that as a part of their continuous efforts in this direction, they recently came out with a consultation paper touching some of these issues.
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