IDFC Ltd, IDFC Financial Holding to merge with IDFC FIRST Bank
The new amalgamation comes soon after HDFC merged with HDFC Bank Ltd. The IDFC group rejig scheme is a two-step process. As per the amalgamation scheme, IDFC Financial Holding will be amalgamated with IDFC Ltd and then the IDFC Ltd which will amalgamate with IDFC FIRST Bank.
India registered FII equity inflow of $12 billion for June quarter
On the other hand, countries such as South Korea, Taiwan and Indonesia have received far less inflows compared to India, Jahnavi Prabhakar, Economist at Bank of Baroda, said in a report. Notably, the US and Thailand have seen FPI moving out of their respective countries. However, it is interesting to note that Japan has received a strong FPI inflow to the tune of $66 billion.
SBI launches interoperable cardless cash withdrawal facilities
The facility was launched by SBI as part of the 68th Bank Day celebrations. With 'YONO for Every Indian', bank customers will have access to UPI features like Scan and Pay, Pay by contacts, Request money, among others on YONO's new avatar. "This milestone upgrade further expands SBI's commitment to providing inclusive and customer-centric digital banking services to every Indian citizen," a statement issued by SBI said.
Bank of England raises interest rate to 5%
The decision was passed by the central bank's Monetary Policy Committee with an overwhelming majority, Xinhua news agency quoted an official statement as saying. It has been the 13th consecutive rate hike since December 2021 as the central bank is battling stubbornly high inflation, bringing the interest rate to the highest since 2008.
Bank of England hikes rates to highest level since April 2008
In what will be seen as a major move, the Bank's monetary policy committee increased rates for the 13th consecutive time to the highest level since April 2008, The Guardian reported. Before the decision was announced, financial markets were evenly split on whether the Bank would vote for a half-point rise or a smaller quarter-point increase, the report said.
China makes surprise rate cut to shore up sputtering growth
The amount of lending affected is small, but the move is significant as it signals that the PBOC is likely to cut several other key interest rates later this month, analysts say. The rate cut reveals "growing concerns among policymakers" about the health of China's recovery, Capital Economics analysts said on Tuesday, CNN reported.
Australia has 50% chance of sliding into recession this yr: Bank
On Tuesday, the Reserve Bank of Australia (RBA) raised the cash rate target by 25 basis points to 4.10 per cent, with Governor Philip Lowe noting that the annual inflation sitting at 7 per cent is "still too high". In light of the RBA's new decision, Aird expected a further 25-basis-point increase for the cash rate to reach 4.35 per cent.