Adani Green Energy Ltd (AGEL) said it has secured USD 400 million finance from a consortium of five international banks for its under construction solar projects of 750 MW in Gujarat and Rajasthan. One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI).
The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world's largest RE cluster in Khavda, Gujarat. The consortium of lenders includes Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation.
AGEL has 10,934 MW operational portfolio, largest in India, delivering reliable, affordable, and clean power to the national grid. AGEL's operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.
NPCI International Payments Limited, the international arm of the National Payments Corporation of India (NPCI), entered into an agreement with the Bank of Namibia for developing an instant payment system like Unified Payment Interface for the African nation.
This partnership marks NPCI’s first-ever collaboration with a central bank to deploy the UPI stack.
The collaboration is aimed at developing real-time person-to-person (P2P) and person-to-merchant (P2M) transactions in Namibia. The agreement aims at improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability of payments.
The Reserve Bank of India (RBI) on May 2 said it has imposed monetary penalty of three co-operative banks for rule violations. These banks are Lokmangal Co-operative Bank, The Udgir Urban Co-operative Bank, and The Satara Sahakari Bank, RBI said in a release.
The central bank imposed Rs 5 lakh penalty on Lokmangal Co-operative Bank, Rs 2 lakh on The Satara Sahakari Bank, and Rs 1 lakh on The Udgir Urban Co-operative Bank, release said. Monetary penalty on Lokmangal Co-operative Bank was imposed as bank not carried out periodic review of risk categorization of accounts and not carried out periodic updation of KYC as per the risk.
Indian Oil Corporation announced plans to invest ₹5,215 crore in developing 1 GW of renewable energy capacity in India. The investment, approved by its board, will focus on standalone ground-mounted solar, onshore wind, or wind-solar hybrid projects in phases.
Indian Oil will contribute ₹1,304 crore in equity for the initiative, housing its renewable energy business in a wholly-owned subsidiary. Recently, the company signed a preliminary pact to build a joint venture with Japan's Panasonic to manufacture lithium-ion cells, to serve two- and three-wheelers.
The Reserve Bank of India (RBI) has announced an 8 per cent interest rate on the Floating Rate Savings Bond (FRSB) 2034. This is a variable rate bond, and the interest rate will be reset every six months. The Government of India is issuing a special type of bond called a Floating Rate Bond (FRB) that matures in 2034.
Unlike regular bonds with a fixed interest rate, this bond's interest rate will adjust every six months. The interest rate is based on the average yield of recent auctions for short-term government debt (called Treasury Bills). Basically, it moves with market conditions. For the next six months, the interest rate on this FRB bond will be 8%
These FRB bonds can be a good option for investors who want an interest rate that reflects current market conditions.
FRBs have a maturity period of seven years. The minimum investment amount for FRBs is Rs 1,000, while there is no maximum limit. FRBs are backed by the government of India, making it one of the safest investments.
Interest on these bonds is paid semi-annually on January 1 and July 1 each year
Zimbabwe launched the ZiG in April, which is backed by the central bank's reserves comprising 100 million U.S. dollars in foreign currency and 185 million U.S. dollars worth of gold. The ZiG, Zimbabwe's sixth attempt at a currency solution, is expected to stabilize the economy and help tame inflation.
The highest denomination of the new currency, known as Zimbabwe Gold or ZiG, will be the 200 ZiG note, valued at approximately $15.
The Reserve Bank of India (RBI) allowed standalone primary dealers (SPDs) to borrow in foreign currency from their parent companies and entities it has authorised. They may access overdraft facilities in nostro accounts solely for operational use, the regulator said.
Nostro is a bank account held in another country by a domestic bank, but in the currency of the foreign country. An SPD dealing in euros would open an account with a bank in the European Union for transaction settlements. As of March 31, 2023, there were seven SPDs, registered as non-banking financial companies (NBFCs) with the RBI.
The RBI has also included SPDs within the scope of norms for risk management and inter-bank dealings, enabling them to engage in foreign exchange products. SPDs were in 2018 authorised to offer forex products to clients, including foreign portfolio investors. SPDs have been classified as Authorised Dealer Category-III.
A board of authorised dealers may set the Net Overnight Open Position Limit (NOOPL) for calculating the capital charge on forex risk. However, such limits should not exceed 25 per cent of the dealer's total capital (Tier-I and Tier-II capital).
HDFC Life, a leading insurer in India, has unveiled its latest campaign, ‘No Jhanjhat Life Insurance Fatafat’. This campaign promises a seamless and swift life insurance purchasing experience, tailored for today's fast-paced world.Leading the charge in innovation, HDFC Life leverages cutting-edge technology to enhance accessibility and convenience.
The Reserve Bank of India has approved the re-appointment of Atanu Chakraborty as part-time Chairman of HDFC Bank for three years with effect from May 5. Pursuant to the aforementioned approval by the RBI and based on the recommendation of the Nomination & Remuneration Committee, the board of directors of the bank approved Chakraborty’s re-appointment.
Every year on May 3, the whole world celebrates Press Freedom Day. The day is commemorated to highlight the significance of press freedom globally and to recognise the challenges encountered by journalists. The day also pays tribute to all the journalists who have lost their lives. World Press Freedom Day was first declared by the United Nations General Assembly in 1993.
The initiative to celebrate World Press Freedom Day was first started by an African journalist during a UNESCO conference in Namibia in 1991. In 2024, the theme for World Press Freedom Day is ‘A Press for the Planet: Journalism in the Face of the Environmental Crisis.’