To push growth, RBI cuts repo rate by 35 basis points to 5.4%

In an unusual move, the Reserve Bank of India (RBI) on Wednesday, 7 August, reduced the benchmark lending rate by 35 basis points to 5.40 percent amid concerns over slowdown in economy.

The fourth consecutive rate cut is expected to lower equated monthly installments (EMIs) for home and auto buyers, and borrowing cost for corporate. Earlier this week, banks had assured Finance Minister Nirmala Sitharaman of passing on the benefits of RBI's rate cut to borrowers.

The 35 basis points (bps) cut in repo is unusual, as the RBI has been changing the interest rate by 25 or 50 bps in the past.

When asked why the RBI opted for a 35-basis point rate cut, RBI Governor Shaktikanta Das said it is not unprecedented, and added that a 25-basis point reduction was inadequate while 50 bps was excessive, so the MPC took a balanced shell.

Sushma Swaraj: A powerful orator, people's minister and politician of many firsts

A powerful orator, an easily-accessible minister and a politician of many firsts, Sushma Swaraj was a loyal BJP soldier who was always ready to face a challenge. Swaraj's attachment with the party ideology and principles was apparent even hours before she passed away as she tweeted to congratulate Prime Narendra Modi after the Centre's move to revoke the special status for Jammu and Kashmir.

"I was waiting to see this day in my lifetime," she said.

She passed away at AIIMS on the night of August 6 after suffering a cardiac arrest. She was 67.

Swaraj, who had a kidney transplant in 2016, had opted out of fighting the Lok Sabha elections this year due to health reasons.

She was not part of the Modi government this time and S Jaishankar replaced her as the External Affairs Minister. She left behind a legacy of an easily-accessible minister who helped the diaspora in distress with her revolutionary social media outreach.

Several path-breaking measures such as the passport infrastructure expansion and enhanced engagement with the East were the highlights of her tenure as the external affairs minister.

She was only the second woman to hold the portfolio after Indira Gandhi, who briefly kept the external affairs ministry under her while being the prime minister.

Swaraj had many firsts to her credit such as being the youngest cabinet minister in the Haryana government, first woman chief minister of Delhi and the first woman spokesperson for a national political party in the country.

She started her political life with the Akhil Bharatiya Vidyarthi Parishad, the RSS' student wing, and later joined the BJP.

She was the Information and Broadcasting Minister in the 13-day Atal Bihari Vajpayee government in 1996 and got the Cabinet portfolio again after he led the BJP to power in 1998.

Always eager to take on a challenge, Swaraj contested against the then Congress president Sonia Gandhi in Bellary in 1999 Lok Sabha polls. Though she fell short of votes, she grew in stature.

Long seen as a protege of veteran BJP leader L K Advani, she also was the Leader of the Opposition in the Lok Sabha between 2009-14.

Swaraj, a law graduate who practised in the Supreme Court, was elected seven times as a Member of Parliament and three times as a Member of Legislative Assembly.

Swaraj has also held the portfolios of Telecommunications, Health and Family Welfare, and Parliamentary Affairs in the Union Cabinet.

She was married to Swaraj Kaushal, a designated senior advocate of the Supreme Court of India who served as Governor of Mizoram from 1990 to 1993. Kaushal was also a Member of Parliament from 1998 to 2004.

Swaraj was also the recipient of the Outstanding Parliamentarian Award.

During her tenure as the external affairs minister, she handled several strategically-sensitive issues, including Indo-Pak and Sino-India relations.

Her role in resolving the prickly Doklam standoff between the Indian and Chinese sides will be remembered.

Though known to be a tough fighter in the political battlefield, Swaraj was admired and respected across party lines.

RBI imposes Rs 50 lakh fine on SBI

State Bank of India (SBI) on August 3 said the Reserve Bank has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.

The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty of Rs 50 lakh on the bank for non-compliance with its directions relating to reporting of frauds, SBI said in a regulatory filing.

The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty of Rs 50 lakh on the bank for non-compliance with its directions relating to reporting of frauds, SBI said in a regulatory filing

PMO takes stock of tax surcharge impact on markets and FPIs

Senior bureaucrats in the prime minister’s office (PMO) have met top finance ministry officials to discuss the foreign portfolio investment (FPI) surcharge, which has roiled the market, a government source said.

The state of economy that is causing a great deal of concern was also talked about in the meeting held on August 1, the official said.

"Various suggestions and submissions made by FPIs were taken up for discussion. FPIs have made submissions to the finance ministry and the PMO (prime minister’s office) to tweak the surcharge law, if not a direct rollback," the official said.

FPIs, through law firms, told the finance ministry that it was impractical to convert trusts into companies, the official said.

Suggestions for tweaks include a one-time tax-free transfer of shares to special purpose vehicles, self-declaration by FPIs, and higher tax only on incomes of direct individual beneficiaries, among others.

The introduction of the surcharge on higher income brackets announced in the Budget by finance minister Nirmala Sitharaman has led to a brisk selloff by FPIs. A higher surcharge will see many of the overseas portfolio investors paying more in taxes.

FPIs sold Rs 11,740 crore worth of equities in June, the highest outflow since October 2018.

In her Budget speech on July 5, Sitharaman proposed an additional surcharge on “individuals and trusts” earning more than Rs 2 crore and Rs 5 crore, respectively. The announcement triggered an exodus of FPIs from the country.

During a discussion on the Budget in Parliament on July 18, the minister suggested that FPIs consider the option of structuring themselves as companies rather than trusts to avoid paying the new surcharge.

Share Market Update: Sensex, Nifty Crash To Lowest In 5 Months; SBI, Yes Bank Dip 4.5%

Amid the continuation of selloff in Indian markets, domestic indices BSE Sensex and NSE Nifty 50 plunged Thursday's session on the back of weak global cues following a humdrum economic data, unabated foreign fund outflows and disappointing quarterly earnings. The carnage in today's session dragged indices to fresh five-month lows with the S&P BSE Sensex slipping below the 37,000 mark.  After a weak opening, the 30-share BSE Sensex plunged more than 750 points in late-afternoon trade, before finally ending at 37,018.32, down by 462.80 points or 1.23 per cent.

Likewise, the broader NSE Nifty dropped 138 points or 1.24 per cent to end at 10,980.00. In the Sensex pack, Vedanta took the biggest hit (5.55 per cent), followed by Tata Motors, SBI, Yes Bank, Bharti Airtel and Infosys, which lost up to 4.50 per cent. On the other hand, Maruti, Power Grid, Reliance, Bajaj Auto, Hero MotoCorp, HUL and NTPC ended in the green, spurting up to 1.86 per cent.

After the release of official data post market hours on Wednesday, the overall investor sentiment was weak and it showed that growth of eight core industries dropped to 0.2 per cent in June, mainly due to contraction in oil-related sectors as well as cement production. In addition to that, fiscal deficit touched Rs 4.32 lakh crore for the June quarter, which is 61.4 per cent of the budget estimate for 2019-20 financial year.

Even on the global front, the US Federal Reserve reduced the benchmark lending rate by 25 basis points to 2.0-2.25 per cent on Wednesday for the first time in more than a decade. However, Fed Chair Jerome Powell said the move was not the beginning of a long series of rate cuts, sending global markets lower.

A disappointing July sales data was reported by major automobile manufacturers on Thursday. In addition, subdued corporate earnings also continued to weigh on the markets, traders  noted.  Foreign investors sold shares worth Rs 1,497.07 crore on a net basis on Wednesday, as per provisional data with stock exchanges.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, and Kospi ended in the red, while Nikkei edged higher. Equities in Europe were trading mixed in their early sessions. Meanwhile, the rupee was trading 26 paise lower at 69.06 against the US dollar (intra-day). The global oil benchmark Brent crude futures fell 1.05 per cent to USD 64.37 per barrel.

How to apply for IPO via UPI

#NPCI created a generic mail id ipo.upi@npci.org.in to address all on-boarding and #UPIBHIM related issues in #IPO faced by the eco-system.

It is thus requested to please circulate the e-mail id : ipo.upi@npci.org.in to the brokers /intermediaries and ask them to send their queries to the same.

Please watch complete given video to understand the process :

NB : Please ask the customers to not share their personal credentials , other than UPI id , mobile no. and transactions ids/ RRNs.

#NPCI DOES NOT SEEK THE PERSONAL CREDENTIALS OF THE CUSTOMER. #BHIM

WIPRO Announced the Buyback of shares

This is to inform you that the Company received final comments from the Securities and Exchange Board of India on July 30, 2019, with respect to the Draft Letter of Offer filed by the Company for the captioned Buyback.

Pursuant thereto and in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, the Company will dispatch the Letter of Offer for the Buyback to eligible shareholders appearing on the record date of June 21, 2019, on or before August 6, 2019.

See here official PDF : WIPRO LTD. - Announcement Under Reg. 30 Of SEBI LODR- Updates Regarding The Buyback