Fri, Apr 26, 2024 8:34 PM
Skechers Reports Upbeat Earnings, Joins Tutor Perini, AppFolio
A Flip by Riya Sharma
RBI on May 6 announced an 7.03% interest on GoI Floating Rate Bond 2024 (FRB 2024) applicable for the half year May 07, 2024 to November 06, 2024. They have a variable coupon rate which is re-set at preannounced intervals. The FRB bonds carry a coupon with a base rate equivalent to a weighted average yield of the last three auctions of 182-day T-Bill plus a fixed spread decided by way of auction.
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The significant move aims to handle debt responsibilities and streamline financial procedures. The Government of India has unveiled plans for a significant buyback of its securities, amounting to a staggering Rs 40,000 crore (face value). This move aims to manage debt obligations and streamline financial operations.
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The shares of PSBs fell during trade on Monday after the RBI's draft rules proposed higher provisioning norms on under-construction projects. On 3 May, RBI issued a draft prudential framework for lenders undertaking project finance, which proposed an increase in standard asset provisioning to 1-5% of loans from the current 0.4% in a phased manner on project loans that are not overdue to stressed.
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