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PTI - 26 July 2020

US Hedge Fund Route One Gets RBI Nod To Double IndusInd Stake

Hedge fund Route One Investment Company will be doubling its stake in Indusind Bank to 10 per cent, the private sector lender said on Friday.

The hedge fund has received a nod from the Reserve Bank for the same, the bank said, without specifying how and by when the stake would be increased.

The move comes at a time when a slew of lenders, especially the private sector ones, have started efforts to bolster their capital reserves by raising new capital. They feared a spike in non performing assets because of the COVID-19 pandemic.

RBI Sets Up Infra Development Fund Worth Rs 500 Cr

The Reserve Bank is setting up a Rs 500-crore payments infrastructure development fund to subsidise deployment of points of sale acceptance infrastructure with an initial corpus of Rs 250 crore.

The move is part of the central bank's payment systems vision 2019-21 which envisages creating an acceptance development fund. The focus of the fund is to increase the acceptance infrastructure, both physical as well as digital modes, with emphasis on tier III to tier VI centres and the northeastern states.

Indian Bank Trims Interest Rate On Gold Loans For Farmers To 7%

Indian Bank has slashed its interest rate on its short term gold loan scheme offered to farmers, Bumper Agri Jewel to 7 per cent. Earlier, the interest rate on the product was 7.5 per cent.

The reduction has been done considering the present pandemic situation and also to provide easy credit to the needy farmers at a cheaper cost, a release said.

NBFCs, HFCs Seek Rs 14k-Cr Financing Support Under Scheme

Financing requests of close to Rs 14,000 crore have been received under the Rs 30,000-crore special liquidity scheme for stressed NBFCs and HFCs.Their financial health deteriorated further due to the COVID-19 crisis, the finance ministry said on Friday.

The scheme was launched on July 1.

The Reserve Bank of India (RBI) has provided funds for the scheme by subscribing to government-guaranteed special securities issued by a trust set up by SBI Capital Markets Limited (SBICAP).

Jewellery Industry Expects Sluggish Consumer Gold Demand

The jewellery industry is expecting the consumer demand for gold to falter further amid surging prices of the precious metal and economic slowdown.

Gold prices have been ruling at unprecedented highs in India and global bullion markets as investors are preferring safe haven assets amid economic uncertainty triggered by the COVID-19 pandemic.

“The demand is sluggish at the moment with only 20-25 per cent business taking place following the economic slowdown. The high price of gold will add on to the already sluggish demand,” All India Gem and Jewellery Domestic Council Chairman Anantha Padmanabhab told PTI.

Compiled from Press Trust of India

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