The Reserve Bank of India has proposed measures to speed up cross-border inward remittances, aiming for same-day credit to beneficiaries accounts. Banks will be required to reconcile nostro accounts near real-time and implement straight-through processing for faster settlements, with new guidelines taking effect six months after finalization.

Reserve Bank of India deputy governor Poonam Gupta defended the central bank s currency management strategy. She stated that building foreign exchange reserves and intervening in the currency market yield better outcomes. Gupta also indicated that there is scope for easing monetary policy. This is due to growth being below aspirations and inflation remaining benign.

Federal Reserve Chair Jerome Powell indicated that a further interest rate cut in December is not guaranteed, citing "two-sided risks." He revealed that committee members held "strongly differing views" on the path forward, emphasizing that a rate reduction is "far from a foregone conclusion."

Citibank plans to significantly increase its capital deployment in India as it broadens its focus on the country. Viswas Raghavan, Citi s head of banking, highlighted that Indian companies are increasingly pursuing international deals, and Citi is poised to support these ambitions with both advice and capital.

The Federal Reserve has again cut interest rates by a quarter percentage point, citing a softening labour market and rising employment risks. Policymakers also announced an end to shrinking their asset portfolio by December 1. While economic growth is described as moderate, inflation remains elevated.

Mutual fund fees and brokerage caps proposed by the capital markets regulator sent shares of brokerage firms and asset management companies tumbling. Investors fear a significant hit on revenues and profitability, with Jefferies estimating a 30-33% earnings impact on some AMCs. Mutual fund officials anticipate brokerages and distributors will bear the brunt of these changes.

PhonePe, India’s most valuable fintech company, has raised $600 million of new funding from General Atlantic (GA) as it gears up for a local listing early next year. The latest investment reinforces its commitment to back the homegrown consumer internet company even as diversification of income streams has proved harder than expected in a competitive landscape.

While discussions with potential investors are still at an early stage, the size of the proposed Swiggy QIP, currently at $1 billion, could go up to as high as $1.5 billion, said another person aware of the fundraising. If the placement goes through, Swiggy will be able to increase its domestic shareholding as it considers transitioning to an inventory-led model.

Blackstone may convert Federal Bank warrants early if capital adequacy drops below 13.5%, according to MD KVS Manian. The bank s current capital adequacy is 15.7%, but acquisitions could trigger this early conversion clause. Blackstone is set to acquire 9.99% in the bank for ₹6,197 crore.

Markets edged higher, anticipating the US Fed s policy outcome and a shift to corporate earnings. Analysts expect the uptrend to continue with Nifty eyeing record highs, advising a selective approach. Several companies like PB Fintech, L&T, and Hero MotoCorp are in focus due to strong Q2 results and expansion plans.