🗞️ RBI’s FCNR Scheme Draws US$41 Billion, More Inflows Expected
According to the Economic Times, the RBI’s FCNR(B) deposit scheme has already attracted US$41 billion in inflows. Jefferies estimates total inflows could eventually reach US$80-100 billion.
The surge in foreign currency deposits is expected to strengthen India’s forex reserves, improve external stability, and support liquidity in the banking system.
💬 Expert Take — “The strong FCNR inflows reflect confidence among overseas Indians and could significantly strengthen India’s external position. Larger forex reserves also provide the RBI with greater flexibility in managing currency volatility.”
🗞️ Auto Sales Hit Record 2.59 Million Units in July
According to IBEF, India’s automobile industry recorded 2.59 million vehicle sales in July, up 26% year-on-year, marking the highest monthly sales on record.
The strong performance was driven by healthy demand across passenger vehicles, two-wheelers, and commercial vehicles.
💬 Expert Take — “Record auto sales indicate resilient consumer demand and improving economic activity. Strong vehicle sales also benefit a wide ecosystem of manufacturers, component suppliers, financiers, and dealerships.”
🗞️ Cabinet Approves ₹23,731 Crore GOBARDHAN Scheme
The Union Cabinet has approved the GOBARDHAN National Unified Scheme with an outlay of ₹23,731 crore to promote compressed biogas production.
The initiative aims to improve waste management, support clean energy adoption, generate rural employment, and reduce dependence on conventional fossil fuels.
🗞️ SBI Reports 10% Growth in Q1 Profit
According to Mint, State Bank of India reported a 10.2% year-on-year increase in Q1 net profit to ₹21,121 crore.
The country’s largest lender continued to benefit from healthy loan growth, stable asset quality, and strong operating performance.
🗞️ India’s Forex Reserves Seen Near Record High
According to Moneycontrol, analysts expect India’s foreign exchange reserves to approach a record high, supported by FCNR inflows and RBI interventions.
Higher reserves strengthen India’s ability to manage external shocks and support currency stability.
🗞️ Lok Sabha Passes Bill on UPI Transaction Charges
According to News on AIR, the Lok Sabha has passed a Bill authorising the government to permit banks to levy charges on certain UPI transactions.
Any implementation would be subject to future government notifications and operational guidelines.
🗞️ Hindalco Posts Strong Quarterly Profit
Hindalco Industries reported Q1 net profit of ₹7,013 crore on revenue of ₹84,825 crore.
Despite the strong financial performance, the stock pared its early gains during trading.
🗞️ Ola Electric Narrows Losses
According to Moneycontrol, Ola Electric reduced its Q1 net loss to ₹336 crore, although revenue declined 45% year-on-year to ₹455 crore.
The results reflect ongoing efforts to improve profitability amid a challenging electric two-wheeler market.
📊 Market Update
📉 Sensex: 78,499.17 ▼ 455.59 (-0.58%)
📉 Nifty 50: 24,570.65 ▼ 65.35 (-0.27%)
🪙 Gold (per gram)
24K: ₹14,989 ▲ ₹16
22K: ₹13,740 ▲ ₹15
18K: ₹11,242 ▲ ₹12
🥈 Silver: ₹2,40,000/kg