RBI: Loan demand grows

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Here are the top stories to start your day.

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⭐ Loan demand grows

More good news on the economy front. Loan demand in the economy has increased, per latest quarterly numbers from the RBI. Credit growth rose to 17% from 14.2% last quarter. A year ago, the bank credit growth stood at 7%. Bank deposits also grew by 10% in September 2022 from 6.4% a year ago. What this means — people are taking more loans to fund consumption — an indicator of economic activity. 

⭐Signature Global gets SEBI nod for IPO

Realty firm Signature Global (India) has received SEBI’s okay for its initial public offer (IPO). The company will raise up to ₹1,000 crore to clear debts and fund land acquisition. The IPO will comprise a fresh issue of equity shares worth up to ₹750 crore and an offer for sale of up to ₹250 crore.  

⭐ S&P cuts India growth forecast

S&P Global Ratings has reduced  India’s FY23 GDP growth estimate by 0.3% to 7%. For FY24, the forecast has been revised by 0.5% to 6%. S&P is the third  rating agency to forecast India’s growth rate will slow down next year. Even accounting for these projections though, India will be among the fastest growing economies next fiscal. 

Global markets (at 7:30 AM today)

Fact of the day

4,09,831 passengers flew India’s domestic airlines on Sunday — the highest since flights resumed in May 2020. This is nearly 96% of pre-Covid traffic.

Source: Business Standard