Market Walk

India’s Russian imports are up 3.5 times on oil purchases despite Western pressure| Market News

India's Russia- Tradeplus

Despite Western pressure, India’s Russian imports of oil have increased by 3.5 times.

As India’s appetite for Russian oil and coal has been on the rise, India’s import bill from Russia for the month of April 2022 is now at $2.3 billion. That is 3.5 times the figure last year. Apart from crude, which accounted for 57% of imports from Russia, India also imported coal, soybean, sunflower oil, fertilizers, and diamonds. Between April and May, Russia moved from being the fourth-largest supplier of crude to India to become the second-largest supplier of crude, ahead of Saudi Arabia and UAE, but behind Iraq.

RBI extends the date for implementing provisions on credit, and debit card issuance

RBI extended the timeline for implementation of some of the debit and credit card provisions from 01st July to 01st October. This 3-month delay was because banks demanded more time to make the necessary adjustments. This entails seeking one-time password (OTP)-based consent from the cardholder for activating a credit card. In addition, the extension also applies to the RBI directive on ensuring credit limit sanctioned and advised to the cardholder is not breached at any point of time without seeking explicit holder consent.

HDFC Bank to add 1,500-2,000 branches every year for 5 years

HDFC Bank plans to take the aggressive route by opening 1,500 and 2,000 branches annually over the next 3 to 5 years. It also plans to roll out new product features on a regular basis. While the bank will be digital from the onboarding and transaction perspective, it will also add an emotional connection with customers. HDFC Bank currently has 21,683 customer interface points including 6,342 branches and 15,341 business correspondents. This branch expansion will be critical to deposit accretion and integration of HDFC Ltd.

Stashfin raises $270 million in Series C equity and debt from global investors

Stashfin, the neo-banking platform based out of Singapore, raised $270 million in series-C equity and debt funding from global investors. Existing investors also participated in this funding round. Stashfin will use the proceeds to expand operations in Southeast and South Asia and also to offer new products. Stashfin has a customer base of 10 million and it disburses around Rs500 crore per month. This funding round takes the valuation of Stashfin to $800 million. It plans to grow its customer base 5-fold during this year.

Dish TV promoters challenge Bombay high court order in YES Bank case

World Crest Advisors, the promoter of Dish TV India, challenged the ruling by a single-judge bench of the Bombay High Court. The bone of contention is in the Zee group’s efforts to restrain Yes Bank from voting in the EGM on 24th June. The judges will hear the plea on 22nd June. Yes, Bank is the largest shareholder in Dish TV with a 24.78% stake. This marks the continuation of the battle between the Goals and Yes Bank over control of Dish TV. Yes, Bank had earlier demanded an EGM of shareholders to oust Goel from the board.

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