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☆ India cenbank to start pilot of digital rupee on Nov 1
▼ + stars: | 2022-10-31 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: A man walks behind the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 8, 2022. REUTERS/Francis MascarenhasBENGALURU (Reuters) - The Reserve Bank of India (RBI) will launch the pilot for a central-bank-backed digital rupee for the wholesale segment on Nov. 1, it said on Monday, identifying nine banks, including top lender State Bank of India, to participate in the project. Settlements in central bank digital currency would reduce transaction costs, the RBI added. Besides SBI, the pilot will include Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC, the RBI said. The central bank’s plans for a currency in digital form comes amid its staunch opposition of cryptocurrencies.

☆ INDIA STOCKS Indian shares may open lower, tracking Asia
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 25 (Reuters) - Indian shares are poised to edge lower at open on Tuesday, tracking weakness in Asian markets, with limited downside seen on the back of expectation the Federal Reserve may slow its pace of rate hikes. However, in the one-hour of trade, shares of Yes Bank Ltd (YESB.NS), ICICI BANK (ICBK.NS) and Hindustan Unilever Ltd (HLL.NS) fell between 2.8% and 3.9%. In addition, foreign institutional investors sold a net 1.54 billion Indian rupees ($18.61 million) worth of equities on Monday, while domestic investors bought net 801.2 million rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Kotak Mahindra Bank (KTKM.NS) on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth. ** Yes Bank (YESB.NS)said on Saturday its profit fell in the July-September quarter as it set aside more provisions for bad loans recorded in previous quarters.

☆ INDIA STOCKS Indian shares top 1-month highs in special Diwali session, led by ICICI Bank
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 24 (Reuters) - Indian shares scaled one-month highs in a special one-hour "muhurat" trading session to mark the festival of Diwali on Monday, lifted by sharp gains in private lender ICICI Bank following a solid earnings report. The blue-chip Nifty 50 index (.NSEI) closed 0.88% higher at 17,730.75, while the S&P BSE Sensex (.BSESN) advanced with a similar gain to 59,831.66. All sub-indexes except the Nifty FMCG index (.NIFTYFMCG) ended higher on Monday, led by a 1.28% rise in the Nifty Bank index (.NSEBANK). read moreReliance Industries (RELI.NS), India's most valuable company, ended 0.3% higher after posting flat quarterly profit, weighed down by export taxes on refined fuels and weak refining margins. read moreMeanwhile, Wall Street opened higher as Treasury yields eased on hopes of a less aggressive Federal Reserve.

☆ India's ICICI Bank net profit jumps 37% as bad loan provisions drop
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 22 (Reuters) - ICICI Bank (ICBK.NS), India's second-largest private-sector lender, reported a 37% rise in quarterly net profit on Saturday as loan growth inched up and provisions for bad loans fell. Net profit for the three-months ending Sept. 30 rose to 75.58 billion rupees ($916 million), broadly in line with analysts' estimate of 73.51 billion rupees, according to Refinitiv IBES data. Net interest income, which is the difference between interest earned and paid out, was 147.9 billion rupees, a rise of 26% on the year-earlier period, the bank said in a statement. Loans increased across segments, including large corporate, although the bank was focusing on higher rated corporate borrowers, it said. The lender is holding adequate liquidity and does not see deposit growth as constraint on the bank's overall growth, said executive director Sandeep Batra.

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