The top 50 exposures, amounting to Rs 7.8 trillion, of government-registered non-banking financial companies (G-NBFCs) constitute about 40 per cent of corporate credit within the NBFC sector, indicating concentration risk, according to the Reserve Bank of India’s report “Trend and Progress of Banking in India 2022-23”. Notably, all the 50 are tied to the power sector, a domain fraught with inherent challenges, the report said. The report highlighted recognising the escalating systemic importance of G-NBFCs, the Prompt Corrective Action (PCA) framework had been expanded to include G-NBFCs excluding those falling within the base layer.
Posts tagged Rediff
December 2023 is the second best for IPOs since 1996 (28-12-2023)
Eleven companies have launched their initial public offerings (IPOs) in December 2023, making this month the second-best December for public offerings since 1996. Collectively, they are raising Rs 8,182.7 crore this month. In December 2021, 11 companies raised Rs 9,534 crore. However, excluding December 2021, this month marks the best December for IPOs since 1996.
As RBI battles inflation, all eyes on rate cut in ’24 (28-12-2023)
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve’s guidance for easing rates.
Offshore mineral auction: Bidders may get 3 chances (28-12-2023)
For the country’s maiden offshore mineral mining auction, the Centre is planning to relax the rules on the number of chances for bidding. Under the newly announced draft Offshore Areas Mineral (Auction) Rules and Offshore Areas (Existence of Mineral Resources) Rules, the ministry of mines is planning to offer three chances to potential bidders in its forthcoming inaugural offshore mining auction. If a single bid is not received during the second attempt, the plan is to initiate a new round of bidding for the third time.
India set to launch 1st-ever offshore mineral auction (28-12-2023)
In a step towards diversifying its resource base and securing green energy minerals, India is poised to launch its first-ever offshore mineral auction in the first quarter of 2024, announced Union Minister of Mines Pralhad Joshi during the launch event of the National Geoscience Data Repository portal. The government plans to hold auctions in March, offering 10-15 blocks for bidding. Meanwhile, the ministry of mines is currently developing rules and regulations for offshore mining.
Are Newbie Investors Prepared For Market Turbulence? (28-12-2023)
We have millions of newbie investors who are clueless about how to handle sudden and severe adverse market reactions, which arrive from time to time, observes Debashis Basu.
Chilling numbers: 14,483 banking fraud cases in H1FY24 (27-12-2023)
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year’s amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
India Inc seeks 3.9 mn jobs for frontline workers (27-12-2023)
Despite ongoing macroeconomic headwinds, demand for frontline workers continues to remain strong in India at 3.9 million jobs in the first half (H1) of financial year 2023-24 (FY24), according to a report by workforce management platform BetterPlace. Most of this demand was driven by the logistics and mobility sector, which accounted for over 50 per cent of the total demand, the report added. This was followed by e-commerce, and integrated facility management and information technology (IFM and IT), which accounted for 27 per cent and 13.7 per cent of the overall demand, respectively.
AI: India now 15th has ‘greatest upward potential’ (27-12-2023)
India may be 15th among the top 25 Artificial Intelligence nations, but it has the ‘the greatest upward potential’ according to research by Tufts University’s business school, the Fletcher School. At the top is the US, followed by China, fighting for global leadership in AI followed by the UK, Japan, and Germany. In the 15th spot, India is ahead of Brazil, Argentina, Indonesia, Mexico, Turkey, Indonesia and Thailand.
Sensex climbs Mount 72K; Nifty hits all-time high (27-12-2023)
Among the Sensex firms, UltraTech Cement, JSW Steel, Tata Motors, Bharti Airtel, State Bank of India, Larsen and Toubro, Infosys and Bajaj Finserv were the major gainers. On the other hand, NTPC and Tech Mahindra were the laggards.