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RBL Bank and Bajaj Finance have mutually agreed to end their partnership for co-branded credit cards, citing changes in synergies over time. Despite this decision, RBL Bank will continue to service the accounts of 34 million cardholders and maintain seamless customer support. The bank aims to diversify its collaborations with other NBFCs and consumer brands.
The Bank of Russia announced that no emergency measures are necessary to stabilize the ruble, as existing policies are sufficient. The currency experienced a decline following US sanctions on over 50 lenders, including Gazprombank, which led to the central bank suspending foreign currency purchases under the budget rule, allowing the ruble to recover some losses amid speculation of a potential key rate increase.
The Bank of England has warned that rising global trade barriers could negatively impact growth and increase inflation uncertainty, leading to financial market volatility and higher borrowing costs. Governor Andrew Bailey highlighted the risks of reduced international cooperation and the potential for a fragmented global economy, while emphasizing the resilience of the U.K. banking sector. The BoE plans to conduct full stress tests on banks every two years starting in 2025 to enhance competitiveness and address emerging financial risks.
Shriram Finance is set to raise $250 million through external commercial borrowing (ECB) in the fourth quarter of FY25, according to CEO YS Chakravarti. This announcement was made during the Trust Group's India Debt Capital Market Summit 2024. Recently, the company also secured $500 million via senior secured notes maturing in 2028 at a 6.5% interest rate.
India's consumption surge, driven by easy credit, is faltering as household savings hit a six-year low, with net financial savings at just 5.3% of GDP. Analysts warn that unless the job market improves and borrowing costs decrease, consumer spending will remain weak amid rising household liabilities.
India is set to enhance its customs payment system by allowing duties to be paid via UPI, debit, and credit cards, as announced by Revenue Secretary Sanjay Malhotra. This initiative aims to digitize and streamline customs processes, including faster refunds and incentives under various export schemes. Currently, payments can be made through net banking and over-the-counter methods, but the new system will make transactions more convenient for traders.
The Bank of England has warned that non-bank financial institutions are often ill-equipped to handle crises, lacking the ability to anticipate the behavior of counterparties, investors, and markets during stressful periods. This assessment follows a year-long examination of how various market participants, including hedge funds and asset managers, would react to sudden shocks in global financial markets.
The Bank of England has raised concerns about private equity's growing involvement in the insurance sector, warning that it increases the risk of "fire sales" that could destabilize financial markets. Many US private equity firms are acquiring life insurers, while UK insurers are shifting risk to PE-backed reinsurers, which often pursue higher returns through riskier, illiquid investments.
The Bank of England's latest stress test reveals that the UK's major clearing houses, including ICE Clear Europe Ltd., LCH Ltd., and LME Clear Ltd., demonstrate resilience under severe market conditions. However, the results highlight vulnerabilities related to highly concentrated positions, particularly in scenarios involving the default of multiple members.
The RBI is closely monitoring the microloan market following its crackdown on the unsecured personal loan sector in November 2023. Recent developments have led to a temporary shift in the banking system's liquidity, pushing it into a deficit mode. Investors should stay alert to these evolving trends ahead of the MPC meeting in December.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
RBL Bank and Bajaj Finance end co-branded credit card partnership
RBL Bank Limited
Bajaj Finance FUT, November 202
Mahindra & Mahindra Finance Limited
TVS Finance Limited
IOCHP,MAXIONON NM
IRCTC
IND
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18:07 29.11.2024
bank of russia sees no need for emergency measures to stabilize ruble
16:16 29.11.2024
bank of england warns of global trade barriers impacting financial stability
14:11 29.11.2024
Shriram Finance to raise 250 million dollars through external commercial borrowing
12:56 29.11.2024
India's consumer spending slows as household savings reach six-year low
12:25 29.11.2024
India to enable customs duty payments via digital platforms for traders
12:12 29.11.2024
non-banks face crisis risks warns bank of england analysis
11:30 29.11.2024
private equity's entry into insurance raises financial market risks warns bank of england
11:30 29.11.2024
bank of england highlights concentration risks in clearing house stress tests
10:50 29.11.2024
RBI monitors microloan market amid liquidity concerns ahead of MPC meeting
10:46 29.11.2024
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