September.docx

**One State One Regional Rural Bank** The government is actively considering forming one Regional Rural Bank in one state. The planning is to form one regional rural bank in one state by merging the others so that undue competition among the RRBs can be ruled out and better services can be provided...

**One State One Regional Rural Bank** The government is actively considering forming one Regional Rural Bank in one state. The planning is to form one regional rural bank in one state by merging the others so that undue competition among the RRBs can be ruled out and better services can be provided to the people of the state through RRBs. **Unified Recovery Interface** The banks are considering forming Unified Recover Interface to drive home the benefit from digital banking. The URI will be managed by PSB alliance, an alliance formed by public sector banks. The Unified Payment Interface, which was developed by National Payment Corporation of India Limits (NPCI) is followed by Unified Lending Interface which is meant to streamline lending through digital mode. The process of lending is followed by monitoring and recovery and Unified Recovery Interface will complete this digital process. Currently the auction of properties is being done through ebkray platform where all public sector banks place their properties for auction. The PSB alliance propose to build the application where entire operations of recovery will be through an application and will be recorded. This may help the banks to smoother the process and get better price for the properties put on auction. **Forex Reserves at the Highest** The forex reserves of India have touched the figure of \$684 billion which is highest till date. **Unified Lending Platform** The RBI will soon launch Unified Lending Interface platform nationwide in due course which will be much like Unified Payment Interface (UPI). The system is supposed to revolutionize the lending ecosystem in India and will help the farmers and MSME units get seamless credit. The new platform will provide lenders with consent based digital access to customers financial and non financial data. The data, including land records and the like, stored in various silos will help them make credit decision and extend seamless and frictionless credit to farmers and to micro, small and medium enterprises. Currently the data is available at various different sources and credit institution has to collect data from all these sources like land records from state governments, revenue record from local authorities and others records like identity etc from union authorities. The propose platform to be called ULI will make the data with consent form the customer available at one platform and enable the credit institutions to make decisions faster and provide seamless flow of credit to the needed sections of the society. **Bank of Baroda raises Rs. 5000Cr** Bank of Baroda on 26.08.2024 raised Rs. 5000 cr 10 year infrastructure bonds at coupon rat eof 7.3%. The rate of government securities following announcements of proposed rate cut from Fed has fallen which has resulted in BoB raising the bonds at a coupon rate as low as 7.3%. The bond issue of size Rs. 2000 Cr with Rs. 3000 Cr green shoe option was rated AAA by CRISIL. Such bonds are highly sought after by Pension Funds who prefer to invest in long term bonds with minimal risk orientation. The funds raised through Infrastructure bonds are attractive to banks also as they are exempt from SLR and CRR requirements. The banks off late have raising infrastructure bonds with a renewed fervor. The banks like State Bank of India, Canara Bank, Bank of Maharashtra have raised funds through Infra bonds. **Canara Bank raises AT-1 Bonds** Canara bank raised Rs. 3000 Cr through AT-1 bonds at the coupon rate of 8.27. Additional Tier I (AT-1) bonds are unsecured, perpetual and non convertible bonds issued to spruce up the capital requirement of the financial institutions particularly banks and to meet the Basel III requirements applicable on the banks. However, these bonds are contingent convertible meaning that banks issuing these bonds can convert them into equity if its capital falls below the required level as stipulated by the regulator under Basel III rules. **India tops in MSCI EM Index** India has surpassed China in MSCI EM index and has become the country to attract top weight in MSCI emerging Market Index. Indian equities put together command a weight of 22.77 percent as against China's weight of 21.58 percent. Over the past few years the MSCI has been trimming Chinese stocks off the indices following a long period of under performance. As against same the performance of Indian equities particularly Mid and Small cap has been noteworthy leading to Indian equities attracting more weight. Reliance Industries Issues bonus 1:1 Reliance Industries Limited, India's top market ca company has issued bonus shares in 1:1 ratio. This is RIL's first bonus issue in last seven years.