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How The Government Can Get 400,000 cr. to fight the Covid Slowdown

It’s obvious now that the lockdown will hurt India’s economy. And just as other countries are doing, we’ll need big stimulus to start pushing it back into gear. There’s a number of things that this process will involve:
Old businesses can take time to come back to life. Because workers would have migrated, supply chains disrupted etc. They will need help to survive through a time when their factories or offices are shut, and to have paid intermediate salaries or rent.
New businesses will have to be encouraged. Just as some businesses will need help, some of those will die. And those businesses will have to be replaced by others who are new and just getting in. Think of the barber shop that’s shut because it couldn’t pay rent for two months, but then people in the area will still need haircuts.
Giving people and small businesses money directly into their accounts will probably become a necessity, to encourage people to spend or to pay for some of the damage caused due to the lockdown.
The government will have to kickstart spending in a very large way – from better healthcare, to more infrastructure (to provide job) or simply to allow for the economy to rise again.
This costs a ton of money. A rough estimate would be, say, Rs. 400,000 cr. The government doesn’t have this kind of money right now, and raising it by selling assets or issuing debt is enormously difficult. Because the debt it has is already quite large, though not as much compared to the western governments nowadays. However, it doesn’t need to take more debt. There’s money the government rightfully owns which sits idle in a very specific place.
Here’s how it can get Rs. 400,000 cr. now.
This kind of money doesn’t grow on trees, so what nonsense is this, Deepak? (I can hear you think) But bear with me, because I’ve thought this through. The money may not grow on trees, but there’s one big mega uncle who prints it, and generates a large amount of profit. It’s called the RBI. We have written earlier that the RBI has way too much money sitting in its balance sheet that it shouldn’t have. These are called “reserves” (very different from forex reserves). Read: The RBI is hoarding too much capital. Essentially, these are very large numbers of retained earnings, that has gone up even more now with this crisis. The extra earnings can be given back to the government, which can then spend it. Now, RBI makes a lot of money from multiple sources:
It has nearly 10 lakh crore worth of government bonds, which, at 6.5% will give it roughly 65,000 cr. in interest per year.
It also has, now, 35 lakh crores of Forex assets, (lets not call them “reserves” yet) , up over 6 lakh crores in the year. Yes, the RBI has bought a truckload of dollars this year.
The forex reserves earned them over 74,000 cr. last year, and we expect this year to be a little more – probably 90,000 cr. all things considered.
That is an income of 155,000 cr. already.
Apart from this there is a big other benefit. Now the RBI owns all these dollars – it bought them when the rupee was lower (on average, probably Rs. 55 or so). When the dollar depreciates, to balance the accounts, the difference is placed in a Currency and Gold Revaluation Account (CGRA).
The CGRA already had over Rs. 6 lakh crores last year.
This year, considering the RBI has 450 billion dollars in foreign assets, that will add Rs. 4-5 per dollar as revaluation profit – around Rs. 200,000 cr. more in the CGRA.
Due to accounting changes, and due to sales of dollars (around $30 billion in the full year) we should see around Rs. 60,000 cr. as a realized capital gain this year with the RBI.
For details, here’s a good Ananth Narayan article, but note that I simply do not agree that such a profit is not a real profit – it’s as real as any rupee printed.
The RBI doesn’t spend much: 7,000 cr. on employees, 5000 cr. on printing currency and this time, probably 10,000 cr. on payment of interest.
What are you saying Deepak? All these big numbers….
Okay, ignore the nitty gritties. Simply put, RBI has a potential profit, this year, of around Rs. 200,000 cr. This is money it can remit straight to the government this year.
Doesn’t it do that always?
Well, no. The RBI is not very happy to be paying the government anything, to be honest. They keep building random “buffers” to avoid having to pay the government. See what all they have:
Contingency fund: 200,000 cr.
Why? We have no idea. The RBI never participates in any contingency whatsoever; all bank rescues are funded by the government or the PSUs or such. The RBI doesn’t even like to buy anything that isn’t government bonds, so they never take any balance sheet risk. There is no need for a contingency reserve at the RBI. And that too, 200,000 cr. – that’s more than 30% of India’s fiscal deficit! Come on.
You might keep a little bit here, but to hoard such a large number here is unnecessary.
Currency revaluation account: Now, over 800,000 cr.
This is basically reflecting the fact that RBI bought dollars at Rs. 55 or gold at Rs. 1600 per gram and now the dollar is at 75, and gold is at 3800.
This is huge. They keep adding to this fund every year, needlessly – a change in accounting procedure may help remove it.
Asset Development Fund: Rs. 23,000 cr.
Again, why? All major things owned by the RBI are now, by decree, transferred to the government. Examples: SBI, NABARD, NHB. Why should the RBI keep a reserve for this, especially when they have collectively spend less than 5000 cr. in the last five years from such a fund? What’s the point?
Other stuff: Rs. 200,000 cr.
This contains items like unrealized gains on Government bonds and foreign bonds
Again, this should be a profit but is not recorded as one just so that they can avoid having to pay the government. (One simple way to record it is to sell all the bonds and buy them back instantly, converting all the unrealized gains to realised profit)
In total, the RBI has a Rs. 13.5 lakh crores of extra profit (retained earnings of sorts) on its balance sheet. Every year, it generates a large profit and just keeps a good portion in each of these sub clauses, and avoids paying the government. In a partial correction, last year, they discovered that the excess on the balance sheet was too large, and paid out Rs. 1.76 lakh crores as dividend, but it still leaves a huge amount of room for more.
You said Rs. 400,000 cr….
Yes, I’m coming to that. The RBI’s balance sheet is Rs. 47 lakh crores. The “equity” stuff on the balance sheet, which includes the “extra” stuff we talked about – is more than 13 lakh crores. That’s like 27% of their balance sheet. According to the recent Bimal Jalan committee report, the RBI should have a total buffer of about 21% – around 9.8 lakh crores. Given that they have more than 13.5 lakh crores – roughly 400,000 cr. can be given back to the government as dividend.
But what will they sell to give dividends?
Oh they don’t have to sell anything. The RBI has an account for the government. (It’s the govt’s banker). So you transfer from one account (the retained earnings) to another. That’s all. Well, what happens when the government spends the money? It goes to a bank account with some bank. So that banks account with the RBI will swell up and the government’s will reduce. The RBI balance sheet doesn’t change – only the constituents do.
Wait. Why all this now?
Let’s get serious. This is a massive economic blow for the country. We will easily lose over 4% of GDP just to the lack of activity for a month. This has to be made up by massive government spending. That spending has to be financed. Already, the highest expenditure of the govt is interest payments. (Over 5 lakh crores in interest. The next highest entry, defence spending, is 40% lower!) The government may still need to borrow but why should it borrow when the RBI, which is owned by the government, has all the bloat sitting inside it? That’s like saying I have a lot of fixed deposits but let me go borrow money instead to pay for my urgent medical bills, even though I’m reeling under interest payments. The country needs help. We need to relax the ridiculously huge buffers maintained by the RBI in order for the government to spend. The RBI could pay a lot more – but this year, a 400,000 cr. payment looks very achievable without stepping on some toes. I’m not even asking for the government to eat into RBI’s already created massive reserves. Just that they take what profit would have been generated in this one year, instead of allowing RBI to bloat what is already much larger retained profits than required. Remember, most central banks have much lower retained equity as a percentage of their balance sheet. RBI is at 23% currently. Brazil is at 1%, Russia at 13%, South Africa at 1% and the closest perhaps is Germany at 13%. India’s RBI has simply way too much in terms of retained earnings and buffers. In the times of a crisis, you have to use buffers. This is a crisis. This is what a buffer was meant for. I know that a vast crowd will cry tears about how this undermines the independence of the RBI or some such random spiel, but this is not a time to listen to them. It’s time for us to place money in the hands of those that will shoulder the burden, and to not let it lie in forever-unused buffers like within the RBI. Note: What about inflation, you might ask. There will be no inflation by this; none of the above will cause balance sheet expansion of the RBI. And btw, the whole world is inflating and doing so heavily. And they’re all going to support their own countries with specific packages. In that context, there is very little likelihood of any inflation – in fact we’ll have to fight deflation in a slowdown.
https://www.capitalmind.in/2020/04/how-the-government-can-get-400000-cr-to-fight-the-covid-slowdown/
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-Economic Times
SBI is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its Chairman Rajnish Kumar today. The platform is secure and will eliminate the requirement of using debit cards, Kumar said.
-Business Line
BookMyForex.com, a marketplace for foreign exchange and remittances, has partnered with YES Bank to launch a co-branded multi-currency forex travel card for Indian overseas travellers. BookMyForex will offer zero margin or exact inter-bank rates 24x7 on forex card sales.
-Business Line
SEBI today provided more teeth to rating agencies by allowing them to obtain details of borrowings and defaults by companies. It also announced rewards for whistle blowers and approved changes in norms prohibiting insider trading.
-Economic Times
SBI Cards and Payment Services Pvt. Ltd, the credit card subsidiary of SBI, invited investment banks and lawyers to act as advisers for its proposed IPO.
-Moneycontrol.com
The finance ministry has initiated a review of India’s free trade agreement framework to assess the impact of such pacts on the overall economy. The view has been gaining ground among policymakers and industry that these free trade agreements (FTAs) brought little tangible benefit to India, while helping the partner country.
-Economic Times
IL&FS has informed NCLT that in contravention of a NCLAT order, banks have debited about Rs 759 crore in the last 8 months for repayment on their dues which amounts to coercive creditor action.
-Economic Times
Parle Products Pvt Ltd, a leading biscuit maker, might layoff up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a Co executive said today.
-Business Line
The probe by the Enforcment Directorate in the money laundering case, involving former finance minister P Chidambaram, has been enlarged. It suspects his role in granting alleged illegal Foreign Investment Promotion Board clearances to at least four more business deals, apart from INX Media and Aircel-Maxis, and receiving multi-crore kickbacks through multiple shell firms, official sources said today. The CBI has issued a Look Out Circular P Chidambaram to prevent him from leaving the country, officials said.
-Business Line
USD/INR 71.55
SENSEX 37060.37(-267.64)
NIFTY50 10918.70 (-98.30)
 -#210819 
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Indian Financial Sector

MPs, state legislatures, or local bodies such as municipal corporations cannot be on the boards of public sector banks. Also, partners of chartered accountancy firms engaged as statutory central auditors at any PSB cannot join the boards of these banks, RBI said in an updated circular on fit and proper criteria in PSBs.
-Economic Times
The RBI clarified that banks and NBFCs cannot impose foreclosure charges / pre-payment penalties on any floating rate term loan sanctioned, for purposes other than business, to individual borrowers with or without co-obligant(s). The RBI has done away with foreclosure charges /pre-payment penalties on all floating rate term loans sanctioned to individual borrowers with effect from May 7, 2014.
-Business Line
IMPS is gaining traction and the number of transactions rose to 19 crores in July even as the transaction value for UPI and the Centre’s flagship digital payment app BHIM continued to decline for the second straight month. According to data released by the NPCI, IMPS hit a record high in July in terms of value, too. As many as 18.92 crore transactions amounting to over ₹1.82-lakh crore were conducted through IMPS in July against 17.13 crore transactions worth over ₹1.73-lakh crore in June.
-Business Line
Clearcorp Dealing Systems India Ltd (Clearcorp), a wholly owned subsidiary of Clearing Corporation of India Ltd, will launch its forex trading platform, FX-Retail, for the customers of banks on Aug 5. The FX-Retail platform will provide an anonymous and order driven dealing in US Dollar (USD) / Indian Rupee (INR) currency pair for bank customers -- individuals, sole proprietorship firms, partnership firms and corporates, Clearcorp said in a statement.
-Business Line
Corporation Bank registered a net profit of ₹103.27 crore in the first quarter of 2019-20 as against a profit of ₹84.96 crore in the corresponding period of the previous fiscal, recording a growth of 21.55%.
-Business Line
SBI today said the RBI has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.
-Economic Times
Oriental Bank of Commerce & Punjab National Bank today said the RBI has imposed a penalty of Rs 50 lakhs on them for non-compliance relating to reporting of frauds in the Kingfisher Airlines account.
-Economic Times
Bandhan Bank would open 187 new branches by the end of the current FY, taking the total number to 1,187, a top official said today. The bank would also open 340 doorstep service centres by 2019-20, MD & CEO Chandra Sekhar Ghosh said.
-Economic Times
Punjab & Sind Bank said it has declared NPA account Fairdeal Supplies Ltd as a fraud and has reported the matter to the RBI, it said in a regulatory filing.
-Economic Times
LIC Housing Finance reported an 8% increase in standalone net profit at ₹611 crore in the first quarter (Q1FY20) against ₹568 crore in the year-ago period.
-Business Line
Former RBI Governor Duvvuri Subbarao on Friday said that any government trying to “raid” the balance sheet of a central bank can be seen as a desperate move.
-Business Line
A spate of reforms undertaken by the Government has led to the current slowdown in the country, Amitabh Kant, the CEO of policy think-tank NITI Aayog, said. This came as a note of caution from the senior official as he was advocating a series of policy decisions to revive the economy.
-The Hindu
The country's forex reserves decreased by $727 million to $429.649 billion for the week ended July 26, led by a decline in foreign currency assets, RBI data showed on Friday.
-Moneycontrol.com
As the Rajya Sabha passed the Code on Wages, 12 Central Trade Unions, except the BMS, held protest across the country demanding the Centre to withdraw the proposed Labour Codes. Terming the 4 proposed codes anti-labour, the trade unions alleged that the Bills are being passed without any tripartite negotiations with trade unions, chambers of commerce and the Governments. They alleged that there is a conspiracy to take away the right to work for 8 hours and give the power to the State governments and the Centre to set working hours.
-Business Line
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BEST BANK FOR CURRENT ACCOUNT IN INDIA – READ CAREFULLY

BEST BANK FOR CURRENT ACCOUNT IN INDIA – READ CAREFULLY

https://preview.redd.it/gfzi2wagvyd31.jpg?width=825&format=pjpg&auto=webp&s=601921ef69e2cc7f10b0accdbf7983db11b518f7
People who are a unit in business principally they need a accounting. Most of the banks

provide differing types of current accounts. you'll be able to target your demand to

settle on best banks for accounting. There area unit 2 most typically used accounts –

bank account and accounting. Here, apprehend the most effective Bank For accounting In

India, the newest list for you.

Best Bank for accounting In India – options That Differentiate
Overdraft facility
More free transactions allowed
Moreover, Interest-free account
Minimum account balance starts from Rs.10,000 typically
Unlimited deposit and withdrawal facility
Allows direct payments victimization Doctor of Divinity, cheques and pay orders
Must Read: AADHAR LINK TO BANK ACCOUNT- straightforward STEP BY STEP GUIDE
Features And advantages Of accounting – Best Bank for accounting In India
Zero-interest rate account
The facility of draft and unsecured loans
Also, Unlimited withdrawals from the house branch
Can be operated by public and personal firms, people, proprietors, trusts, NGOs etc.
Multiple direct payment facilities like demand drafts, free cheque leaves, pay orders,

NEFT, RTGS etc.
Types Of accounting – Best accounting In India
Standard Current Account: It offers AN draft facility, cheque leaves, debit cards, SMS

banking, internet banking, etc. and contains a monthly average balance demand.
Single Column money Book: It permits transactions however doesn’t provide options like AN

draft facility. It records daily transactions underneath separate credit and debit

columns.
Packaged Current Account: It offers packaged options like travel insurance and medical

support.
Premium Current Account: It offers premium offers, services and advantages with tailor-

made options for its high-end customers.
Foreign Currency Accounts: it's for businesses or people that need vast foreign currency

transactions to be administrated often.
Must Read: tax REFUND standing – ELIGIBILITY, PROCEDURE, ONLINE
Which Type Of accounting Is appropriate For You?

Basic current accounts area unit dealing accounts with zero interest rates and high

minimum balance account needs. But, banks currently provide a spread of Current Accounts

designed to fulfill completely different client needs. Examples like low or naught

minimum balance account, draft facility, higher transactional capabilities and a

relationship manager. you've got to match this account options to pick out the most

effective banks for current accounts.

Here is that the List Of ten Best Bank For accounting In India
State Bank Of India
SBI provides unlimited daily transactions with their services. It additionally offers

draft facility that comes with a credit limit. Probably, SBI is that the best accounting

for tiny business in India.

Features And advantages
Low account maintenance charges
The convenience of straightforward money pickup facilities and money handling
Free monthly statement
Ease of SMS alerts
Nomination facility offered
Fastest Safest & Securest company net Banking
SBI internet banking is incredibly straightforward to use
HDFC Bank
HDFC Bank offers a bunch of options on its current accounts. The freed from charges

feature from it’s a home branch on money withdrawals, RTGS and NEFT payments and

collections.

Features And advantages
Avail on non-cash services
High dealing amounts
Easy net banking
ICICI Bank
ICICI bank targets its customer’s needs into thought. Also, it offers special privileges,

tailor-made offerings, free services and better free limits for daily transactions

Features And advantages
Unlimited transactions
Free RTGS and NEFT transactions
Free mobile alerts
Also, an infatuated relationship manager
user-friendly ICICI internet Banking
Axis Bank
Axis bank provides varied options to their customers. Also, there's AN choice of free

money deposit up to Rs. two lakhs during a month reception branch and in non-home branch

free money withdrawal up to Rs. 1 lakh.

Features And advantages
500 cheque leaves free per month
Free money deposit up to Rs. two lakhs during a month
Minimum balance demand is Rs. 10,000
easy Axis internet banking
Bank Of Baroda
There area unit differing types of accounting offered in Bank of Baroda. Further, they

provide money withdrawals in line with their customer’s needs.

Features And advantages
Based on the conception of PAY AS you employ
5 Non-ADC transactions area unit free per month
Unlimited issue of cheque books
Auto sweep / Reverse sweep feature offered
Kotak Mahindra bank
They focus to supply their best to their customers by their current accounts. Services,

like retreating funds and issuance cheques area unit one amongst the most effective from

this bank and it's one amongst the most effective banks for current accounts.

Features And advantages
Faster out-station cheque assortment
Better Forex rates and economical trade services
Cash management services
Also, free cheque payments and assortment
Free NEFT and RTGS through Kotak internet Banking
HSBC Bank
HSBC offers current accounts to its customers to fulfill their desires. Further, these

accounts go together with several added advantages and options.

Features And advantages
No monthly account fee
Exclusive access to offers and discounts
Dedicated relationship manager
Available draft service, subject to standing
Yes bank
It is a invasive public sector bank. affirmative bank provides many tailor-made

accounting banking product to people yet as businesses.

Features And advantages
Free demand drafts across India
Flexibility to extend the dealing limit
Also, free cheque payments and collections and free money deposits
Multi-city cheque books area unit provided
Union Bank
Union bank offers unlimited transactions to their customers. Its accounting comes with

varied advantages and options, therefore their customers don’t face any downside.

Features And advantages
Unlimited payments
Overdraft facility
Upcountry cheque assortment facility
Also, nomination facility
IndusInd Bank
The IndusInd bank has AN array of current accounts for giant company, businesses,

importers and exporters and for niche industries. Therefore, one amongst the foremost

vital advantages is that the shoppers will simply avail the draft facility.

Features And advantages
No limits on withdrawals
Provides AN draft facility
Also, Mobile banking and net banking facilities
Must Read: ten BEST BANKS for private LOAN IN India
Summary – Best accounting In India
Therefore we tend to here mentioned a number of the most effective banks for current

accounts in India. So, Current accounts have their own advantages. If you are doing daily

transactions with the bank and wish some further options than a accounting is healthier

than saving account. currently the most issue comes here after you got to opt for a bank

within which you're progressing to open AN account. Moreover, opt for the netbanking

facility. therefore opt for rigorously the most effective accounting during a bank that

suits your needs.
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Indian Financial Sector

Department of Financial Services (DFS) has informed that RBI is examining the priority sector lending norms for promoting export credit, Commerce and Industry Minister Piyush Goyal said.
-Economic Times
The Finance Ministry today said that it will look into the applicability of 20% tax proposed in the 2019-20 Budget on the current share buybacks by listed companies. Finance Secretary Subhash Chandra Garg, speaking at a CII event, said the proposed tax on listed companies is aimed at discouraging share buybacks and encouraging investments.
-Economic Times
The Indian Government had Rs 66,793 crore outstanding loans with the RBI under ways and means advances in the week ended July 5, according to the RBI weekly statistical supplement released today. The Central Government had Rs 6,596 crore outstanding loans in the week earlier. State governments had Rs 5,566 crore loans from the RBI in the week ended July 5, compared with Rs 1,661 crore in the previous week, the release showed.
-Economic Times
Even as the real estate industry complains of a slowdown in sales, a RBI survey has said that housing has become less affordable over the last 4 years. This indicates that developers are holding on to prices.
-Economic Times
NABARD today said it plans to raise about Rs 55,000 crore from the market in the current fiscal to fund its business growth and also support various agricultural and rural development schemes of the Government.
-Business Line
After the merger of Bank of Baroda with Dena Bank and Vijaya Bank, the amalgamated lender is focusing on integrating the sprawling technology systems of the 3 financial firms to provide a smooth customer experience. The IT heads of the 3 banks, which together have over 9,500 branches, began chalking out an integration strategy the moment the deal was announced. They, however, had some time before the required slew of approvals came in for the three-way merger.
-Economic Times
The Asian Infrastructure and Investment Bank will launch local currency financing products in India and some other countries this year to provide more options to borrowers, its president Jin Liqun has said. The multilateral development bank could start rolling out the product in pilot countries including India, Indonesia, Thailand and Russia from this month itself. It would focus on private sector clients, Jin said.
-Economic Times
SBI has waived charges on NEFT and RTGS transactions through internet and mobile banking from July 1, after the RBI decided to do away with the charges with an aim to move the country towards less-cash economy. The SBI has also decided to do away with the charges on fund transfer through mobile phones using the IMPS (immediate payment service) from August 1.
-Business Line
IndusInd Bank today reported a 38.30% year-on-year jump in consolidated profit at Rs 1,432.50 crore for the June quarter. The bank had reported a net of Rs 1,035.72 crore in the year ago period.
-Economic Times
UCO Bank is making all efforts to ensure that exporters who do business with Iran can approach its designated branches for help. The bank has increased the number of such designated branches (for doing business with Iran) from 22 to 67. It is now contemplating to set up an apex processing centre across its branch network to help exporters. “This could take another 6-7 months,” a top bank official said.
-Business Line
YES Bank as an issuing and paying agent, facilitated the issuance of a Commercial Paper of INR 100 Crores using Blockchain technology for Vedanta LTD, a natural resources conglomerate. This is the first time in Asia that a CP has been digitally issued using Blockchain technology.
-Moneycontrol.com
Axis Bank tied up with. Flipkart to launch a co-branded credit card and is aiming to sell 1 million of the new card in a year. The new co-branded card comes weeks after American lender CITI launched a similar offering by tying up with payments major Paytm.
-Economic Times
India’s industrial output growth slipped to 3.1% in May mainly on account of subdued performance of mining and manufacturing sector, according to Government data released today. The Index of Industrial Production (IIP) had expanded by 3.8% in May 2018. The index grew at 4.3% in April and 0.4% in March this year.
-Business Line
Retail inflation increased marginally to 3.18% in June over the previous month, mainly due to rise in food prices, according to official data. The retail inflation based on the Consumer Price Index (CPI) stood at 3.05% in May and and 4.92% in June 2018.
-Business Line
India's foreign exchange reserves rose to fresh record high of $429.91 billion as the country's gold and foreign currency assets increased in the week ended July 5. The forex reserves had touched record highs in the previous two weeks.
-Moneycontrol.com
The Government may approach the Ministry of Law and Justice for clarification on monitoring of the recently privatised IDBI Bank. The LIC in January 2019 acquired a 51% stake in the Bank, which reclassified it as a private sector financial institution.
-Moneycontrol.com
The NCLAT today said pension and PF that had invested in IL&FS would have top priority in payment from all categories of companies, whether classified as green, amber or red.
-Business Standard
Infosys today reported 5.2% growth in consolidated net profit to Rs 3,802 crore for the quarter ended June 30, 2019. It had posted a net profit of Rs 3,612 crore in the April-June 2018 quarter, Infosys said in a BSE filing.
-Business Line
USD/INR 68.68
SENSEX 38736.23(-86.88)
NIFTY50 11552.50(-30.40)
 -#120719 
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Indian Financial Sector

The Government has no proposal to increase the amount provided under the Pradhan Mantri Awaas Yojana, the Minister for Rural Development Narinder Singh Tomar informed the Rajya Sabha today. -Economic Times
India’s financial system remains stable against the backdrop of improving resilience of the banking sector, even though the emerging trends in global economic as also geopolitical environment pose challenges, the RBI said. -Business Line
The RBI is reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report (FSR). -Livemint
The RBI today set an average base rate of 9.18% for non-banking financial companies and micro finance institutions to be charged from their customers for the quarter beginning July 1. “The applicable average base rate to be charged by non-banking financial companies and micro finance institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2019 will be 9.18%,” RBI said in a release. -Business Line
In a staggering revelation indicating that Indian banks have been under-reporting frauds. The Data released by the RBI in its latest edition of the Financial Stability Report, suggests that nearly 40% of the under-reported frauds actually took place in 3 years between 2013 to 2016. -Economic Times
Gross NPAs of NBFCs have risen from 5.8% in 2017-18 to 6.6% of their loans in 2018-19 even as net NPAs declined by 10 basis points from 3.8 to 3.7 per cent in the same period, the RBI’s Financial Stability Report has said. -Business Standard
After taking a hit on account of loans to IL&Fs, Bandhan Bank will stay away from big corporate loans, and will remain focused on micro-loans in the short term, C S Ghosh, MD & CEO of the bank said. -Business Standard
IndusInd Bank has now become 2.58% owner of micro -finance firm Satin Creditcare following allotment of 13.43 lakh equities against preference shares. -Economic Times
United Bank of India (UBI) is targeting an NPA recovery of around Rs 4,000 crore in the 2019-20 fiscal on the back of a one-time settlement (OTS) scheme, a top official said. In the April-June quarter, the bank is expecting a recovery of Rs 300-400 crore, which would mainly accrue from the retailing sector, MD and CEO Ashok Kumar Pradhan said. -Business Line
As per latest NPCI data, 33.5 million transactions worth Rs 9,000 crore happened over micro ATMs in May. The Aadhar-Enabled Payments Channel (AEPS), which falls under the broader category of micro-ATMs, has emerged as one of the fastest growing payments systems in the country, second only to the UPI system in terms of annual volume growth. -Economic Times
The SBI today revealed the names of 10 new big-ticket firms from the pharmaceuticals, gems and jewellery and power sectors and also their top officials as it declared them 'wilful defaulters'. Mostly based in Mumbai, the outstandings from these loan defaulters are pegged at nearly 1,500 crore, and they have been served repeated reminders to clear their borrowings. -Livemint
Bank of Maharashtra said it will raise up to Rs 3,000 crore equity capital through various modes, including follow-on public offer or preferential issuance of shares. The decision was taken at the bank's annual general meeting held on June 27, 2019. -Moneycontrol.com
SIDBI has committed Rs 3,123.2 crore to 49 SEBI registered Alternative Investment Funds (AIFs), who in turn have invested Rs 1,625.73 crore into 247 startups, commerce and industry minister Piyush Goyal said today. -Economic Times
In a first-of-its-kind initiative, a Jet Airways Employee Consortium and AdiGroup today announced a partnership to bid for 75% of the airline through the NCLT process, members of the consortium said. -Economic Times
Union Minister for MSME Nitin Gadkari said that his vision is to increase MSMEs contribution to India’s GDP to over 50% from the current 29% and that for the Indian economy to scale the $5 trillion mark. -Economic Times
PM Modi and US President Donald Trump Friday "aired" their concerns over the bilateral trade disputes and agreed for an early meeting of their commerce ministers to sort out the issues, a day after the US leader demanded withdrawal of the "very high" tariffs levied by India on American goods. -Economic Times
India has received USD 1.81 billion FDI from China during April 2014 to March 2019, Parliament was informed Friday. -Economic Times
India's foreign exchange reserve touched a life-time high of $426.42 billion after it surged by $4.215 billion in the week to June 21, RBI data showed. Forex reserves had scaled a record high of $426.028 billion in the week to April 13, 2018. -Livemint
USD/INR 69.02
SENSEX 39394.64(-191.77)
NIFTY50 11788.85(-52.70)
 -#280619 
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Indian Financial Sector Daily Update

The RBI may face legal challenges to its rule on the age limit for bank CEOs, unless it is changed. The RBI caps the age limit for banks at 70. But under the Companies Act, banks that are also registered companies can have chief executives who are over 70 years of age by passing a special resolution. IndusInd Bank and HDFC Bank have their current chiefs reaching the RBI age cap over the next year and half, said analysts. -Economic Times
Finance Industry Development Council wants the RBI to allow deposit-taking NBFCs with an asset size of more than ₹500 crore to be eligible for grant of Category II Forex licence. -Business Line
None of the ATMs of Dena Bank, Vijaya Bank and Bank of Baroda will be closed down or deemed redundant for the next 1-2 years following the merger, according to Rajesh Malhotra, general manager, BoB. -The Hindu
A 93-year-old bank in Tamil Nadu is moving to Mumbai. The boards of Lakshmi Vilas Bank and Indiabulls Housing Finance this week approved the merger between the two to create what would be known as the ‘Indiabulls Lakshmi Vilas Bank’.Now the merged entity - Indiabulls Lakshmi Vilas Bank - will shift headquarters to Mumbai. -Economic Times
SBI is targeting over 15% growth in its real estate portfolio and 12-14% overall growth in the retail book in the coming financial year, Parveen Kumar Gupta, MD-retail and digital banking, told. -Financial Express
HDFC Bank reported a 5% year-on-year (y-o-y) increase in advances for March 2019 at Rs 8.1 lakh crore, while its deposits grew by 17% to Rs 7.8 lakh crore. -Financial Express
David Malpass, US President Donald Trump's nominee to lead the World Bank, won unanimous approval from the institution's executive board on Friday, continuing the 73-year tradition of an American running the world's largest development lender. -Business Line
The recent Supreme Court order relating to EPS may open the doors for employees who were till now excluded from EPS to join the scheme. Also, the pension calculation formula may change resulting in increase in pension for employees who have already contributed to pension on full pay in the past. Going forward, the pension may be calculated on the basis of average salary of last 12 months and not 60 months which was the basis till now. Apart from these, the ruling has also opened doors to all existing members of EPFO to avail option of contributing on higher salary for a higher pension in the future. However, the above is in the realm of 'possible' because EPFO is yet to come out with its view on the impact of the SC ruling. -Economic Times
Amit Shah, who was a stock broker by profession before jumping into active politics, owns hundreds of listed and unlisted stocks, key among them being RIL,TCS, Bajaj Auto, Colgate-Palmolive, Grasim, HUL, L&T Finance and UltraTech Cement, among others. His affidavit, filed with the Election Commission of India as part of his nomination papers Lok Sabha seat, shows he held listed shares worth Rs 17.56 crore as of March 22, 2019. Unlike his opponent though, Rahul Gandhi has equity exposure mainly through mutual funds. His affidavit for the Wayanad constituency shows his investments are in mutual funds only instead of directly holding stocks. Rahul Gandhi has investments worth Rs 5.19 crore in 10 mutual fund schemes. -Economic Times
 -#060419 
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Indian Financial Sector

The Centre Government has nominated 7 directors, commonly referred as RBI directors, to the Boards of various PSBs. The nominees are R Kesavan in Canara Bank (in place of Ms Uma Shankar), S.C.Murmu in Bank of India (in place of R Sebastian), Arun Kumar Singh in Union Bank of India (in place of A.K.Misra), Thomas Mathew in Central Bank of India (in place of Sekhar Bhatnagar), G.P.Borah in Syndicate Bank (in place of R N Kar), S K Panigrahy in Indian Bank (in place of J K Dash) and Sadhana Varma in United Bank of India (in place of Arnab Roy). -Business Line
The RBI will shortly issue new "greenish yellow" Rs 20 currency notes in the Mahatma Gandhi (New) series, the central bank said in a notification dated April 26. The new Rs 20 notes will bear signature of the Reserve Bank's governor Shaktikanta Das. -Economic Times
5 years after its launch, the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme has almost achieved a total balance of ₹1-lakh crore.According to the latest data, the total balance in these basic bank accounts stood at ₹99,752 crore with 35.50 crore beneficiaries. PSBs have the lion’s share in total balance at ₹79,177 crore, followed by RRBs and private sector banks maintaining ₹17,648 crore and ₹2,926 crore, respectively. -Business Line
Bank of Baroda is going in for organisation structure revamp to improve the overall efficiency of operations and have better control and monitoring mechanisms in the combined entity. For this purpose, this bank—which now in all has 9447 branches—-has decided to introduce a new layer in the organisational hierarchy by creating a position of General Manager—-Chief Coordination. -Business Line
Liquidity conditions could remain tight till the end of May even though the RBI has conducted 2 forex swap auctions in a month, according to the SBI’s Ecowrap report. It has pegged a liquidity deficit of ₹75,000 crore to ₹1-lakh crore at least till the end of the general elections. -Business Line
The National Commission for Protection of Child Rights has written to the chief secretaries of all states and Union Territories asking them to stop the sale of Johnson & Johnson baby shampoo in their respective states and also remove the product from stock of the shops in view of the findings of the sample testing report from the Rajasthan Drug Control Officer. -Economic Times
 -#270419 
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WHAT IS FOREX TRADE IN INDIA – KNOW IN DETAILS

Forex trade India defined as trading in foreign currency. Investors invest to take advantage of currency trading in the short and medium term. Indian exchanges like NSE, BSE, MCX-SX trade forex and forex trade India is legal, only if it is through registered Indian forex brokers. The main currency pairs are EURINR, USDINR, JPYINR and GBPINR. You can also trade with the help of brokers but they should have membership in mentioned exchanges.

How Does Forex Trading from India Work?

Forex trading is the same as equity trading. In forex trading exchange rate matters but in equity trading rate of shares matters. Further, investors can buy or sell their currency pair as per movement in currencies.

Some Examples To Understand Forex Trade India clearly:

Must Read: ULIP RETURNS IN 10 YEARS- HOW GOOD AS AN INVESTMENT OPTION?

Available Forex Trading Brokers in India

Foreign currency trading is done with registered Indian brokers. The most common exchanges are the NSE (National Stock Exchange) and MCX-SX (Multi-Commodity Exchange). COMEX is used as regulators at the international level exchange. RBI and SEBI regulate currency market.

Some of the best Forex brokers:

Risk In Forex Trading

Forex trade in India may not suit everyone and carries a high-level risk. Before investing in forex trading you should know your risk-carrying capacity, investment objectives and level of experience. If you are interested in forex trading then you should take advice from a financial advisor.

How Are Currency Prices Determined?

Various political and economic conditions are responsible for the change in currency prices. But, apart from these, international trade, interest rates, political stability and inflation are also responsible for currency prices. Many times governments also participate in the foreign exchange market to affect the value of their currency. They do this by lower or raise the price of their domestic market. These factors are highly responsible for currency prices.
Must Read: SMALL FINANCE BANK IN INDIA
Therefore if you know your objectives then you can make money by forex trade in India. Some examples of hard currencies are – the Euro, the US Dollar, the Japanese Yen, and the Pound. The central bank of the country like Federal Reserve Bank of US, Reserve Bank of India etc. issues the currency for every country.
Some investors have a myth that only the US dollar in the base currency in currency trading. But it is not necessary you can use any currency as the base currency. So the investors who are looking for forex trade India should know their aims and then only invest in this.
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Forex card v/s Debit card v/s Cash

Hi! Thank you so much for the advice and suggestions and all the help guys on my earlier post!!!
I have applied for an international debit card from SBI ( State Bank of India) which I would use for emergencies.
Now I am thinking of taking some cash too. I will talk to a travel agent tomorrow.
Can you do transactions from a forex card in Poland? I have two options here: HDFC and Thomas Cook.
I am thinking of taking USD as Euro is costlier. How much USD would be enough for staying in Poland for a month?
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Find the Best Trading tips in India

TradeIndia Research is India's one of the best stock advisory who caters & delivers best stock recommendation in Equity Market, Commodity Market & Forex Market.
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ForexRateIndia – SBI Bank Forex Rates 12-8-2020 – SBI Bank Forex Rate Compare Forex Rate Across All Banks In India. State Bank Of India. Latest Forex Rates In India. Banks use the mid-market rate, also known as the interbank rate, when exchanging currencies between themselves. They add hidden fees to the rate they give their customers. This ... SBi Daily Forex Rates Here. State Bank Of India. Latest Forex Rates In India. Banks use the mid-market rate, also known as the interbank rate, when exchanging currencies between themselves.; They add hidden fees to the rate they give their customers.This is why you’ll see different exchange rates across providers – you’re paying the difference between the mid-market rate and the rate ... Being one of the largest private sector banks of India, ICICI bank also offers forex card to customers. In case of any theft or misplacement, you can get a brand new replacement card which can be activated instantly. There are various travel cards by ICICI such as Goibibo, Coral, Sapphiro, Student, Multi-Currency travel card from which you can choose the best one for you. All these cards come ... Forex brokers in India should be regulated by the SEBI and should be authorized by the relevant authorities to ensure that all companies follow the FEMA guidelines on Forex trading. India is also highly proactive in its anti-money laundering laws, and the Indian Government is very thorough in its policies that deter its citizens from investing in overseas brokers. While the SEBI and the ... SBI Wealth Eligibility ... In this connection, FX-Retail has been rolled out by the Clearing Corporation of India Limited (CCIL). FX-Retail provides for an anonymous and order driven dealing for Retail Customers wherein they can place orders and trade in the USD/INR currency pair. FX-Retail platform can be accessed by any customer of the bank (through the website https://www.fxretail.co.in ... India has a somewhat confusing standpoint by allowing Forex trading but limiting it to certain requirements. For example, foreign Forex companies are welcome and have free hands, while Indian citizens are restricted to trade under certain conditions (which will be discussed below). India also maintains proper authorities to keep oversight over the financial markets in the country, which are in ... SBI FOREX CARD RATES CURRENCY JAPANESE YEN (JPY) ,THAI BAHT (THB) & KOREAN WON (KRW) are quoted in terms of 100 fc units. Above card rates are for foreign currency conversion to INR Card rates mentioned above are indicative and are subject to change based on market volatility. The final rates applicable will be the card rates prevailing at the time of debit/credit to customer account. TT BUY ...

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5 Things you need to Know about Forex Cards. - YouTube

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