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Monetary stance of advanced economies may impact markets: RBI
Mumbai: India’s apex bank on Thursday said the foreign portfolio investors (FPIs) inflows might be impacted by the spill-over effect from the monetary policy stance in advanced economies.
“While foreign portfolio flows to India have been strong during the past year, unexpected changes in AEs monetary policy may lead to slowdown, reversal of such flows with implications for segments of financial markets,” the Reserve Bank of India (RBI) said in its financial stability report (FSR) for June 2015.
Data with the National Securities Depository Limited (NSDL) showed a whopping increase of 437 percent in the total investment inflows last fiscal which stood at Rs.277,461 crore from Rs.51,649 crore in 2013-14.
The FPIs invested Rs.111,333 crore in equity and Rs.166,127 crore in debt markets during 2014-15.
“India is though better prepared to deal with the volatility, as compared to previous episodes,” the report said.
The RBI has been building up its foreign reserves to counter any future financial shocks and slide in rupee value like the one which was witnessed in 2008 and June 2013.
India’s foreign exchange reserves stood at $354.28 billion for the week ended June 12.
The report cited threats from a possible Greek debt default and uncertainty over the timing of rate increases by the US Federal Reserves.
At present, parleys are continuing to resolve the Greek debt crisis as the deadline for Greece to make debt payments to the International Monetary Fund (IMF) is scheduled for June 30.
The RBI is also cautious about the US Fed’s stand that the rate hike might take place later in the year.
With higher interest rates in the US, the FPIs are expected to be led away from the emerging markets such as India.
The report pointed out significant improvements in the macroeconomic environment and economic performance is expected to be better.
On the banking sector, the apex bank noted that concerns remain over the continued weakness in asset quality indicated by the rising trend in stressed advances ratio of scheduled commercial banks (SCBs), especially of public sector banks (PSBs).
“Macro stress tests suggest that current deterioration in the asset quality of SCBs may continue for a few more quarters, and PSBs may have to bolster their provisions for credit risk from present levels, to meet the ‘expected losses’ if macroeconomic environment were to deteriorate,” the report elaborated.
The bank stressed on the need to focus more on the agricultural insurance sector in the wake of frequent episodes of weather related calamities and their impact, particularly on small and marginal farmers.
“There is a need to harmonise the regulation of physical commodities market and strengthening the linkages between the derivatives markets and physical (cash) markets, mainly in agricultural commodities,” the report added.
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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