The Department for Promotion of

Investments and Internal Trade

(DPIIT) is in discussions with the IBA
on ways to get banks to reach out
to Indian start-ups to understand
their financial requirements and
help improve penetration of
branches across sectors and cities,
said Manmeet Nanda, Joint
Secretary, DPIIT.
-Business Line

Canara Bank and NPCI Bharat

BillPay Ltd have announced the
launch of cross -border inward bill
payment services for Indians based
in Oman. NRIs can now leverage the
robust platform offered by the
Bharat Bill Payment System (BBPS)
to make bill payments on behalf of
their families through the
Musandam Exchange, a statement
said today. This initiative signifies a
milestone for Canara Bank as the
first public sector bank in India to
offer inbound cross- border bill
payments through BBPS, it added.
-Business Line
HDFC Bank today announced
signing a "Master Inter Bank Credit
Agreement" with Export Import
Bank of Korea for a USD 300 million
line of credit. The pact was signed
by the two entities at GIFT City in
Gandhinagar, said a release by the
HDFC Bank. This agreement will
help HDFC Bank raise foreign
currency funds which it would
extend to Korea-related businesses,
said the release.
-Business Line
Bank of India today announced that
it is planning to raise capital
aggregating up to ₹6,500 crore in
FY24. According to a regulatory
filing by the bank, its Board Of
Directors will consider the proposal
at a meeting on April 18, 2023.
-Business Line

Karnataka Bank has been

authorised to collect direct and
indirect taxes on behalf of the
Central Board of Direct Taxes
(CBDT) and the Central Board of
Indirect Taxes and Customs (CBIC),
the bank said in a regulatory filing
on today. This authorisation is
provided by the RBI.
-Economic Times

DBS Bank India will by June this

year roll out its proprietary credit
cards, Bharath Mani, Executive
Director (Head- National
Distribution) said. This credit card
offering will be targeted at mass
affluent and above (premium
segment, including HNIs), he said.
-Business Line
For City Union Bank customers,
their voice can now be their new
password. The bank today
launched the country's first voice
biometric authentication for logging
into its mobile banking app. The
voice biometric service was
developed by Chennai-based
deeptech start-up, Kaizen Secure
Voiz Pvt Ltd, under the guidance of
the 5G use case lab of the IDRBT, an
RBI established institution focussed
on research in banking
technologies.
-Business Line
The recent turmoil and distress in
the banking sector in Europe and
the US will only serve to make
outperformance of Asian
economies more compelling, with
India among the ones fuelling that
growth, according to a Morgan
Stanley report.
-Business Line

India's industrial production rose

5.6% in February 2023, according to
official data released today. Factory
output measured in terms of the
Index of Industrial Production (IIP)
grew 1.2% in February 2022.
-Business Line

For the first time in 3 months,

India’s retail inflation slid below the
6% mark to 5.66% in March 2023,
aided by base effects as the same
month had recorded almost 7%
price rise last year. The inflation
figure in March is within the RBI’s
comfort zone as it is below 6%.
Food price inflation, which was
7.7% in March 2022 and 6% in
February this year, eased to 4.8%
last month, as per data from the
National Statistical Office.
-The Hindu

TCS today reported a bigger

-than-expected rise in fourth
-quarter profit as India's top IT
exporter saw firm demand for
digital services despite a
challenging macroeconomic
backdrop. The Co's net profit rose
14.8% to ₹11,392 crore ($1.39
billion) in the 3 months ended
March 31, from ₹9,926 crore a year
earlier.
-Business Line

Equity benchmarks Sensex and

Nifty extended rally for the 8th
straight session today, propelled by
intense buying in IT, healthcare and
auto stocks amid sustained foreign
fund inflows. A strengthening rupee
and positive opening in European
markets further bolstered
sentiment, traders said.
-Business Line

USD / INR 82.08

Sensex 60392.77 (+235.05)
Nifty 50 17812.40 (+90.1)
S&P BSE Bankex 47143.37 (+138.20)
Nifty Bank 41557.9 (+191.4)

-12-04-2023

(Compiled by Canara Bank Officers'

Union- Team Kerala- affiliated to All
India Bank Officers' Association)