The switch in hedging tools comes as markets are buffeted by surging policy rates, with the Reserve Bank of India having hiked by 140 basis points since May to tackle inflation. The central bank said last week that it will do “whatever it takes” to bring down price pressures, though some traders had expected it to tone down its hawkishness.

The company markets sugar under the Trust brand and has a pan-India distribution set up. It also exports its products to the Middle East, Southeast Asia and Africa.

At the ET Future of Money Summit, Akash Sinha, Co-founder and CEO of fintech startup Cashfree Payments, said it's time to recognise a ‘super-fintech’ model that enables bank-fintech partners flexibility to integrate quickly, provide services from multiple partners, and ensure scalability.

“Consequent to the cancellation of its licence, “Rupee Co-operative Bank Ltd, Pune” stands prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with effect from September 22, 2022,” stated the RBI press release.

Bank of Baroda said it will raise the marginal cost of fund-based lending rates (MCLR) by up to 0.20 per cent across tenors from August 12.

Of the total 12, three lenders - State Bank of India (SBI), Punjab National Bank (PNB) and Bank of India - reported fall in profits ranging from 7-70%. Decline in profit by these lenders has been attributed to Mark-to-Market (MTM) losses due to hardening bond yields.

HDFC has received approval from the National Housing Bank (NHB) for its merger with subsidiary HDFC Bank, a regulatory filing said on Tuesday.

In another statement, it said a penalty of Rs 7 lakh has been imposed on Indapur Urban Cooperative Bank, Indapur (Maharashtra) for contravention of certain provisions related to exposure norms.

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