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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period November 23 – November 27, 2020.
Ajit Prasad Press Release: 2020-2021/1028 |
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Estate Office, Mumbai Regional Office, Reserve Bank of India had invited e-tenders for “Supply, Installation, Testing and Commissioning of 50 kg capacity of Fully Automatic Organic Waste Converter at Bank`s Senior Officers’ Residential Quarters, Vasant Vihar and Dhanastra, Mumbai” through MSTC portal (www.mstcecommerce.com/eprochome/rbi) on December 23, 2020. 2. The schedule of tender activities for the captioned work has been revised as under:
3. All other terms and conditions remain same. |
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period November 17 – November 20, 2020.
Ajit Prasad Press Release: 2020-2021/1027 |
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Sunil Mehta, Chief Executive Officer of Indian Banks‘ Association believes the budget is an excellent budget especially looking at the present setup circumstances where everybody was looking at the funding of the revenue through increase in personal taxation, corporate taxation and wealth tax but nothing of that sort has been announced in the budget. The investment push that has been made in the infrastructure and health sector is something that is really going to help and was one of the major needs of the country and our finance ministry has very aptly completed this task.
Mehta said, “The impact of AMCs and ARC, let me tell you that this proposal was sent to the government by Indian Bank association so I can tell you the basis on which we have submitted the proposal and what we wanted out of this. The biggest challenge in the banking space is that if an Investor wants to invest in a particular fund or an asset then they’ll resort to 10-20 different banks who are part of that consortium and resolve that debt with them and onboard it. Sometimes when 20 banks sit together and they go into different mechanism, it gets difficult to reach a consensus for taking a proper treatment of the asset.”
He added, “The first and the foremost advantage that the national reconstruction company will provide is consolidation of the debt. The debt which is spread out in 10-20 different entities of the consortium or the multiple banking arrangement, it will be consolidated into one entity which will provide ease of resolution. In a multiple banking arrangement, there is always a difference of opinion which makes it difficult to reach a resolution plan. When a particular asset is transferred to an AMC, which has specialisation in the particular area and thus can take a more informed decision.”
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Finance Minister Nirmala Sitharaman said, “Infrastructure needs long term debt financing. A professionally managed Development Financial Institution is necessary to act as a provider, enabler and catalyst for infrastructure financing. Accordingly, I shall introduce a Bill to set up a DFI. I have provided a sum of `20,000 crores to capitalise this institution. The ambition is to have a lending portfolio of at least `5 lakh crores for this DFI in three years time.”
She added, “Debt Financing of InVITs and REITs by Foreign Portfolio Investors will be enabled by making suitable amendments in the relevant legislations. This will further ease access of finance to InVITS and REITs thus augmenting funds for infrastructure and real estate sectors.”
S Viswanatha Prasad, Founder and Managing Director- Caspian Debt said, “The setting up of a new DFI for providing infrastructure capital and leveraging it is a welcome move, however it should focus on providing capital only to the private sector and non-profits. Another DFI lending to Government entities will not create any differentiator.”
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period November 09 – November 13, 2020.
Ajit Prasad Press Release: 2020-2021/1026 |
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period November 02 – November 06, 2020.
Ajit Prasad Press Release: 2020-2021/1025 |
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The rupee (INR) ended last week on a flat note at 72.95 against the dollar (USD) despite witnessing higher volatility. Thus, the domestic currency closed above the support of 73, giving it an upward bias. Extending the same, the INR opened with a gap-up today at 72.87.
Appreciation from the current level can face a hurdle at 72.75. A breakout of this level can take the local currency to 72.50. But if it weakens from the current level, 73 can provide good support. In case this level is breached, it can decline to 73.15; subsequent support is at 73.25.
Data from the National Securities Depository Limited (NSDL) show that foreign flows were negative last week. That is, the net outflow for the week stood at just over ₹3,800 crore. Nevertheless, the inflow in January was positive, wherein for the whole month, the net investments stood at ₹14,631 crore. Equities remained the top segment and net inflows came in at ₹19,473 crore, while other segments like debt and hybrid saw outflows.
India’s foreign reserve holdings went up, as per the latest Reserve Bank of India (RBI) data. Total FX reserves were up by a billion dollars, at $585.3 billion as on January 29, 2021. Higher levels of FX holding is a positive factor for the rupee as it can be used to curb any unexpected volatility.
The dollar index ended last week with a gain at 90.58 versus the previous close of 90.24. However, it continues to trade within the range of 90 and 91. As long as it trades within these levels, the next leg of trend will remain uncertain. Above 91, the nearest resistance is at 91.50, whereas below 90, the immediate support is at 89.50.
Though the rupee has opened with a positive bias, because of Budget presentation today, the current market can remain volatile. Hence, traders should tread with caution.
Supports: 73.00 and 73.15
Resistances: 72.75 and 72.50
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Spending
oi-Olga Robert
On Monday, Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2021-22, also the first budget of the decade. In her speech, the finance minister said that this year’s budget lays down the vision for an Atmanirbhar Bharat.
“This Budget provides our economy with every opportunity to race and capture the pace that it needs for a sustainable growth,” Sitharaman said.
While budget allocations were made for various departments and ministries, a common person in India focuses on the Union Budget to see how the announcements made will affect his/her earnings and expenditures.
As FM Sitharaman concluders her Budget 2021 speech, here are things that got costlier or cheaper for the upcoming financial year 2021-22:
– to be updated
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