Currency printing expenditure rises 25% to Rs 6,372.8 cr in FY25: RBI report
On counterfeit notes, the report said that during 2024-25, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.7% were detected at the Reserve Bank.
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The Print
15 hours ago
- The Print
Sensex jumps over 700 points, Nifty reclaims 25,000-level as investors cheer RBI's jumbo rate cut
The policy is broadly positive for growth and investment in a challenging global macro environment, they said. Market analysts said in light of benign inflation forecasts, RBI has taken steps to boost growth. A 50 bps repo rate cut supported by phased 100 basis points CRR cut will boost growth and lower the borrowing costs. Mumbai, Jun 6 (PTI) Benchmark indices Sensex and Nifty surged nearly 1 per cent on Friday, driven by a rally in rate-sensitive sectors following the Reserve Bank's jumbo rate cut of 50 basis points. After a muted start, benchmark sensitive index Sensex and Nifty soon recovered all the early lost ground fuelled by the RBI monetary policy decision and gained over 1 per cent. The 30-share BSE Sensex ended the day higher by 746.95 points, or 0.92 per cent, to settle at 82,188.99. During the day, it surged 857.85 points, or 1.05 per cent, to 82,299.89. The 50-share NSE Nifty reclaimed the 25,000-level and climbed 252.15 points, or 1.02 per cent, to settle at 25,003.05. All key sectors contributed to the rally, with rate-sensitive segments such as realty, financials, and auto emerging as top gainers, closely followed by others. Among sectoral indices, realty jumped 4.74 per cent, financial services (1.79 per cent), metal (1.56 per cent), auto (1.50 per cent), consumer discretionary (1.38 per cent), consumer durables (1.30 per cent) and bankex (1.25 per cent). Industrials and capital goods were the only laggards. Interest-rate-sensitive realty index jumped 4.74 per cent, while auto index went up 1.50 per cent and bankex climbed 1.25 per cent. 'The tone was initially cautious ahead of the outcome of the MPC's monetary policy review, but sentiment turned sharply positive following the surprise announcement of a 50-basis points repo rate cut and a staggered 100 basis points reduction in the CRR. This triggered a strong upward move, followed by a range-bound phase for the remainder of the session,' Ajit Mishra – SVP, Research, Religare Broking said. Mishra further noted that 'going forward, the impact of the rate cut is expected to continue influencing market sentiment. The rate-sensitive pack, along with select themes like railways, are likely to stay in focus, while other sectors may contribute on a rotational basis.' The BSE midcap gauge jumped 0.91 per cent and smallcap index climbed 0.43 per cent. As many as 2,278 stocks advanced while 1,744 declined and 134 remained unchanged on the BSE. According to Dhiraj Relli, MD & CEO, HDFC Securities, several external headwinds — ranging from US tariff policies and global trade tensions to sluggish worldwide growth and geopolitical risks — have weighed on domestic economic prospects, reinforcing the rationale for monetary easing. 'With enhanced liquidity and reduced borrowing costs, conditions are now set for sustained economic momentum and a market recovery. Rate-sensitive sectors responded enthusiastically to the announcement, reflecting renewed investor confidence. This stimulus could propel Indian equity markets beyond their current trading range, potentially pushing the Nifty past 25,000 and toward previous highs of 26,200,' Relli said. On the weekly front, the BSE benchmark surged 737.98 points or 0.90 per cent and Nifty jumped 252.35 points or 1 per cent. Global oil benchmark Brent crude dipped 0.46 per cent to USD 65.04 a barrel. In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in the positive territory while Hong Kong's Hang Seng ended lower. European markets were on a mixed note, while the US markets ended lower on Thursday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 208.47 crore on Thursday, according to exchange data. PTI SUM DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
15 hours ago
- The Print
No move on hiking foreign ownership limits in banks right now; need more banks in India: RBI
Malhotra, however, said that a growing economy like India needs more banks, but was quick to add that we need owners and managers, who are trustworthy. Speaking to reporters at the central bank headquarters here, Malhotra said the RBI will be undertaking an exercise to re-look at the ownership structure in banks and various issues like ownership structures and eligibility criteria. Mumbai, Jun 6 (PTI) Reserve Bank Governor Sanjay Malhotra on Friday said there is no move to increase foreign ownership limits beyond 15 per cent in a single institution at present. 'We allow 15 per cent for non-residents, and it can go up above 15 per cent on a case-to-case basis. There is no change in this anytime soon or immediately,' Malhotra said. It can be noted that usually, the RBI allows a single foreign institution to hold 15 per cent in a lender and has made some exceptions like that of CSB Bank, where Canada-based investor Fairfax has been allowed to own 51 per cent and recently, it allowed Japan's SMBC to own 20 per cent of Yes Bank. Terming it a 'deeper question' which will take time to reach a conclusion, Malhotra hinted that the RBI may look at allowing higher foreign ownership of banks in the future. 'We have also said that we want to re-look at ownership structure and eligibility conditions under which non-residents, who are at 15 per cent, we are examining at present. It will not happen immediately, it will take time,' he said, stressing that whatever is best for the economy will be taken on board. 'Certainly, our economy is growing, we require more banks. Keeping that in mind, if there is a need for change in the ownership criteria, we will do it,' he added. Meanwhile, when asked if the RBI will go back on its November 2023 regulation on increasing the risk weights in unsecured lending because of the comfort on asset quality from credit cards and personal portfolios, Malhotra replied in the negative, saying there are no such plans. PTI AA BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
15 hours ago
- Business Standard
RBI rejects Annapurna Finance's application to set up universal bank
The Reserve Bank on Friday rejected the application by Bhubaneswar-based Annapurna Finance to set up a universal bank. The company had applied for a universal banking licence in January 2023. 'The Reserve Bank has completed the examination of the application of Annapurna Finance Private Limited for setting up a universal bank. Based on the assessment of the application as per the procedure laid down under extant guidelines, the applicant was not found suitable for granting of in-principle approval to set up a universal bank,' the central bank said in a statement. Established in 2009, Annapurna Finance is among the top 10 NBFC-MFIs in the country. It provides microcredit for mostly income-generating activities to women using the group lending model. It also offers other products such as individual loans to provide financial assistance to the micro, small and medium enterprise (MSME) segment, home and home improvement loans, consumer durable loans, and others.
