The International Monetary Fund, raised India’s Gross Domestic Product (GDP) growth projection to 6.8 percent for the financial year (FY) 2024-25. In its update to the World Economic Outlook, the IMF has raised 30 basis points from its January forecast of 6.5 percent.
In its report the IMF said, Growth in India is projected to remain strong at 6.8% in FY 2024-25, and 6.5% in FY 2025-26 with the robustness reflecting continuing strength in domestic demand and a rising working-age population. It also said that the Global growth, estimated at 3.2 percent in 2023, is projected to continue at the same pace in FY 2024-25 and FY 2025-26.
The National Bank for Financing Infrastructure and Development reported a net profit of Rs 1,601.64 crore for the financial year ended March 2024 (FY24), up from Rs 1,046.39 crore in FY23. The year gone by (FY24) was the first full year of its business operations.
The government-owned lender’s total income grew to Rs 3,083.97 crore in FY24, up from Rs 1,127.06 cr in FY 23.
The Government of India (GOI) set up NaBFID in April 2021 as India’s fifth All India Financial Institution in the country to support the development of long-term non-recourse infrastructure financing in India.The authorised share capital of the Institution is ₹ 1 lakh crore, and GOI has already infused an initial capital of ₹ 20,000 crore along with a grant of ₹ 5,000 crore
India’s outward foreign direct investment commitments rose significantly to $3.91 billion in March 2024, compared to $2.63 billion in March 2023. Sequentially, they were also higher than $3.67 billion in February 2024, according to Reserve Bank of India data. Outbound FDI, expressed as a financial commitment, comprises three components: equity, loans, and guarantees.
Reserve Bank of India has issued two draft directions on regulation of Payment Aggregators (PA), pertaining to physical Point-of-Sale (PoS) activities of these players, net worth and licensing requirements. The payments ecosystem in India includes online PAs (PA - O) and those which facilitate face-to-face or proximity payment transactions ((PA - P).
The draft guidelines mandate PA-P banks to comply with the final norms within three months of issue whereas non-bank entities providing PA-P services will need to inform RBI about their intention to seek authorisation within 60 days of the circular being issued and submit an application by May 2025.
Non-banks providing PA-P services will need a minimum net worth of ₹15 crore at the time of application and a minimum net worth of ₹25 crore by March 31, 2028. It also said that for face-to-face / proximity payment transactions done using cards, shall store the card-on-file data from August 1, 2025.
Fintech firm BharatPe said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer.
Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post. Negi joined BharatPe in 2022.
Fitch Ratings affirmed the long-term Issuer Default Rating (IDR) of both State Bank of India (SBI) and Canara Bank at 'BBB-' and said the outlook looks stable. Fitch has also affirmed SBI's Viability Rating (VR) at 'BB' and Government Support Rating (GSR) of 'BBB'-. The PSU bank stock was trading 1% lower at Rs 749.
The IDR rating of BBB- denotes that the banks have adequate capacity for payment of financial commitments. Fitch has projected bright profitability prospects for both the lenders.
World Hemophilia Day is a global healthcare event observed on April 17 every year. This event is organised by the World Federation of Hemophilia. This day tries to create awareness about this condition that can help people have access to diagnosis, treatment and comprehensive care. The theme for 2024 is "Equitable access for all: recognizing all bleeding disorders".
Mamta G. Sagar, a Bengaluru-based Kannada poet, writer, academic and activist, has recently won the World Literary Prize from the World Organization of Writers (WOW) for her contributions to the world of literature. Dr Sagar is facilitator at Srishti Manipal Institute of Art, Design, and Technology.
She is known for her involvement in diverse forms of transdisciplinary creative writing and cultural industries, received the award on April 6 at a ceremony in Abuja, Nigeria.
The International Monetary Fund's executive board on Friday selected Bulgarian economist Kristalina Georgieva to serve as managing director for a second five-year term, starting on Oct. 1, 2024. Georgieva is the second woman to head the IMF and the first person from an emerging market economy. She is the IMF's 12th managing director since its founding in 1944.
Elon Musk-led Tesla has reportedly inked a strategic deal with Tata Electronics to acquire semiconductor chips for its global operations. This move highlights Tesla's growing interest in India beyond local revenue generation. Tesla, the world's largest automotive company by market value, is keen to expand its footprint in India.
The Delhi airport, also known as Indra Gandhi International (IGI) airport has been ranked among the top 10 busiest airports across the globe for 2023. The Hartsfield-Jackson Atlanta International Airport topped the list followed by Dubai and Dallas airports at the second and third position, according to the ranks prepared by Airports Council International (ACI) World.
Among the top ten busiest airports five are alone from the US. The biggest jump in the top 10 rankings was recorded for Tokyo Haneda, leaping from 16th position in 2022 to the 5th spot in 2023.
Jana Small Finance Bank said it has partnered with Kotak Mahindra Life Insurance Company Ltd to offer life insurance products to the customers of the bank. The partnership will help 52 lakh customers of the bank with a wide range of life insurance products offered by Kotak Life, including long-term savings and retirement solutions
The RBI has decided to permit resident entities to hedge exposure to price risk of gold using OTC derivatives in the IFSC, in addition to the derivatives on exchanges in the IFSC. The banking regulator issued a circular on April 15 in this regard. This is to provide further flexibility to resident entities to hedge their exposures to price risk of gold.
Earlier, resident entities were permitted to hedge their exposure to price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised by the International Financial Services Centres Authority (IFSCA).