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☆ Nikkei, Kospi fall 2%; Asia-Pacific markets drop as negative sentiment remains
▼ + stars: | 2022-09-26 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020. Shares in the Asia-Pacific fell sharply on Monday as negative sentiment continues to weigh in on markets. The Nikkei 225 in Japan dropped 2.19% in early trade, and the Topix slipped 2%. MSCI's broadest index of Asia-Pacific shares outside Japan was 1.19% lower. Onewo, a subsidiary of property developer China Vanke, is set to debut on the Hong Kong stock exchange this week as well.

☆ INDIA STOCKS Indian shares fall over 1% on global growth fears
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA man stands in front of a screen displaying news of markets updates inside the Bombay Stock Exchange (BSE) building in Mumbai, India, January, 3, 2020. REUTERS/Francis Mascarenhas/BENGALURU, Sept 26 (Reuters) - Indian shares fell on Monday in broadbased selling, tracking Asian peers, as investors shunned equities on renewed worries over economic growth in the face of a high-interest rate environment. The sterling slumped to a record low on Monday as investors piled in to dollars and out of almost everything else, spooked by the prospect of high interest rates and poor growth ahead. Last week, the United States and half a dozen other countries raised interest rates. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India's Yes Bank to exit reconstruction scheme after lock-in ends
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Yes Bank is pictured on the facade of its headquarters in Mumbai, India January 17, 2018. REUTERS/Danish SiddiquiBENGALURU, Sept 23 (Reuters) - India's Yes Bank Ltd (YESB.NS) said on Friday the Reserve Bank of India would allow it to exit a reconstruction scheme put in place more than two years ago only after the share lock-in period ends. The bank said in a regulatory filing the lock-in period for shares of existing shareholders would end in March next year. In March 2020, Yes Bank's financial position had seriously deteriorated, sparking contagion risk in the banking system from the then fifth largest bank in India. Earlier this week, it approved private equity firm JC Flowers ARC as the buyer for its $6 billion stressed loan portfolio.

REUTERS/Anindito Mukherjee/FilesMUMBAI, Sept 23 (Reuters) - Indian banks may be forced to compete harder to boost deposits amid tightening liquidity and rising credit demand ahead of the festive season, analysts warned. "We think the real challenge is the gap between deposit growth and loan growth, as deposit growth is weak, at 9.5% YoY – a good 600 bps below loan growth," said Suresh Ganapathy, head of financials research at Macquarie. "Borrowing from the market to fund credit growth is just one of the ways and after a while it isn't sustainable. Rates for bulk deposits, or deposits of over 20 million rupees, are rising more rapidly than retail, highlighting banks' focus on raising more funds quicker. The incremental credit deposit ratio has already crossed 100%, suggesting that banks have started lending more than the total deposits they hold.

☆ India cenbank likely sells dollars as rupee plumbs record low - traders
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterAn attendant at a fuel station arranges Indian rupee notes in Kolkata, India, August 16, 2018. REUTERS/Rupak De ChowdhuriMUMBAI, Sept 23 (Reuters) - The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee extended losses to hit a record low, three traders told Reuters. The rupee was last trading at 81.0575 per U.S. dollar, compared with the day's low of 81.2250 and the previous session's close of 80.86. Two state-run bank traders also confirmed that the RBI sold dollars. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nimesh Vora; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ RBI to raise rates again, slim majority of economists expect 50 bps hike: Reuters poll
▼ + stars: | 2022-09-23 | by ( Arsh Tushar Mogre | ) www.reuters.com time to read: +4 min

A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi, India, November 9, 2018. The RBI has lagged many of its global peers, despite inflation sticking above the top end of its target range of 2-6% all year. Register now for FREE unlimited access to Reuters.com RegisterIn the latest Reuters poll, economists were split five ways on what the RBI will do at its next meeting. Slightly over half, 26 of 51, said the RBI would go for a 50 basis point hike, taking the repo rate to 5.90%. Economists expected growth to average 6.2% and 6.5% over the next two years, the poll showed.

☆ INDIA STOCKS Indian shares fall as banks, financials drag
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterBENGALURU, Sept 23 (Reuters) - Indian shares opened lower on Friday, dragged by banks and financials and mirroring their Asian peers, as global risk sentiment remained subdued amid renewed worries over economic growth. The NSE Nifty 50 index (.NSEI) fell 0.4% at 17,554.20 at 0352 GMT, while the S&P BSE Sensex (.BSESN) dropped 0.4% to 58,868.69. The Nifty bank index (.NSEBANK) was down 0.8%, while the finance index (.NIFTYFIN) dropped 0.9%. Shares of Mahindra and Mahindra Financial Services (MMFS.NS) fell more than 8% after the Reserve Bank of India directed the company to stop using third-party services for loan recovery until further orders. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Mahindra's lending arm sees vehicle recovery sliding 75% on RBI order
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

People walk past a screen displaying Mahindra and Mahindra logo before the start of a news conference in Mumbai, India May 30, 2016. REUTERS/Danish SiddiquiBENGALURU, Sept 23 (Reuters) - India's Mahindra and Mahindra Financial Services (MMFSL) (MMFS.NS) said on Friday its monthly vehicle recovery would temporarily fall by about 75%, a day after the country's central bank directed the company to stop using third-party services for repossessions. The company's shares tumbled as much as 10% to 201.35 rupees as of 0414 GMT, their biggest intra-day percentage slide in 17 months. The Reserve Bank of India late on Thursday directed the company to stop using third-party services for recoveries until further orders, citing "material supervisory concerns." The halt on vehicle recovery by the third-party agencies is not expected to have any material impact on its financials, the company said.

☆ India's banking system liquidity may remain in deficit in second half - analysts
▼ + stars: | 2022-09-22 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +4 min

REUTERS/Thomas White/Illustration/File PhotoMUMBAI, Sept 21 (Reuters) - Liquidity in India's banking system is likely to remain in deficit in the second half of this financial year as credit growth picks up and the circulation of currency notes rises, analysts said. As of Tuesday, the systemic deficit stood at 218 billion rupees, its highest since May 2019, with tax outflows in past week also squeezing liquidity. "Unless we see reasonable improvement in the balance of payment deficit, liquidity tightness will continue to persist," said Soumyajit Niyogi, director at India Ratings. Reuters Graphics Reuters GraphicsRBI ACTIONThe U-turn in liquidity has pushed up the overnight inter-bank rate above the policy repo rate of 5.4%. The RBI announced an overnight repo auction for 500 billion rupees after the close of market on Wednesday.

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. The Fed's decision sent the dollar to a new 20-year high and the rupee to a record low of 80.61. The Reserve Bank of India has been selling dollars to alleviate the depreciation pressure on the rupee due to the surging dollar and foreign portfolio outflows. All this points to a structurally weaker rupee," said Dhananjay Sinha, chief economist at Systematix Shares & Stocks. Sinha said the rupee is overvalued by about 5-5.5% on a real effective exchange rate (REER) basis.

☆ Exclusive: India govt 'in no hurry' on medium-term inflation target - sources
▼ + stars: | 2022-09-21 | by ( Aftab Ahmed | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com Register"We are in no hurry to get inflation to 4%. Growth and inflation have to be balanced," said one of the sources, who asked not to be named because discussions on the matter are not public. The RBI's inflation-targeting Monetary Policy Committee (MPC), established in 2016, is mandated to keep inflation within a band extending 2 percentage points either side of its 4% target. With economic growth flagging, however, authorities have become worried about steps that would undermine domestic demand. Fitch said it expects India's monetary policy rates to peak in the near future and remain at 6% through next year.

☆ Indian shares set to open lower ahead of Fed rate hike decision
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Francis MascarenhasBENGALURU, Sept 21 (Reuters) - Indian shares are expected to open slightly lower on Wednesday, after two straight sessions of gains, as investors brace for a hefty rate hike from the U.S. Federal Reserve and clues on further hikes. Register now for FREE unlimited access to Reuters.com RegisterForeign investors bought a net $91.9 million worth of Indian equities on Tuesday, Refinitiv data showed. The Fed is set to announce its decision at the end of a two-day policy meeting later in the day. Rate futures traders are pricing in an 81% chance of a 75-basis-point hike and a 19% probability of a jumbo 100 bps increase. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares tread water ahead of Fed rate hike
▼ + stars: | 2022-09-21 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

REUTERS/Francis MascarenhasBENGALURU, Sept 21 (Reuters) - Indian shares swung between small gains and losses in volatile early trading on Wednesday ahead of an expected hefty interest rate hike by the U.S. Federal Reserve to tackle inflation. Rate futures traders are pricing in an 81% chance of a 75-basis-point (bps) hike and a 19% probability of a jumbo 100 bps increase. FEDWATCHRegister now for FREE unlimited access to Reuters.com Register"We need to wait and watch the outcome of the Fed even though a 75 bps rate hike is discounted by the markets," said Anita Gandhi, director at Arihant Capital Markets. read moreThe Nifty fast-moving consumer goods index (.NIFTYFMCG) was the top gainer among major sectors, rising 1%, while the bank index (.NSEBANK) was the top drag, falling 0.6%. Among stock, shares of Central Bank of India (CBI.NS) jumped as much as 15% after the Reserve Bank of India took the state-owned commercial bank off its prompt corrective action list.

☆ India's banking system liquidity slips into deficit - RBI
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterA man walks behind the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 8, 2022. REUTERS/Francis MascarenhasMUMBAI, Sept 21 (Reuters) - India's banking system liquidity has slipped into deficit for the first time in nearly 40 months, according to the Reserve Bank of India. The RBI infused 218 billion Indian rupees ($2.73 billion)into banking system on Tuesday, the biggest since May 2019. Overnight rates continue to stay elevated, with one-day call money rate jumping to 5.85%, highest since July 2019. ($1 = 79.8000 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Dharamraj Lalit Dhutia; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew KellyMUMBAI, Sept 19 (Reuters) - Alphabet Inc's (GOOGL.O) Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Indian regulators have already asked lenders to step up checks against illegal lending apps, which became popular during the pandemic. While India's central bank requires that any lending apps listed on app stores be backed by regulated entities, it is up to Google to enforce this and monitor compliance. The policy says that in order to show financial services ads in India, advertisers need to be verified in the country.

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. Indian regulators have already asked lenders to step up checks against illegal lending apps, which became popular during the pandemic. While India's central bank requires that any lending apps listed on app stores be backed by regulated entities, it is up to Google to enforce this and monitor compliance. Starting from next month, Google will roll out a new advertising policy for financial services in India, a blog post on its website shows. The policy says that in order to show financial services ads in India, advertisers need to be verified in the country.

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