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[ad_1] MUMBAI: Indian residents will likely need to provide proof of exposure to foreign exchange risks to take advantage of the Reserve Bank of India 's opening up of the non-deliverable forward market ( NDF ), bankers said. The Reserve Bank of India, while announcing its last policy decision, said it will permit banks with IFSC banking units to offer non-deliverable forex derivative contracts involving the Indian rupee to local residents. An IFSC Banking Unit or "IBU" is a bank permitted by the Reserve Bank of India to operate from an International Financial Services Centre (IFSC). Previously, IFSC banking units were permitted to transact in rupee NDF forex derivatives contracts only with non-residents and with other eligible banks. A non-deliverable forward is a contract that is settled without delivery of the rupee. The RBI will set out guidelines for the new NDF framework, clarifying whether residents have to provide proof of exposure to foreign exchange. ...

[ad_1] Federal Bank shares: Private sector lender Federal Bank shares rose in morning trade on July 20 after the bank launched a qualified institutional placement (QIP) issue and fixed the floor price at Rs 132.59 per share. At 10.25 am, shares of Federal Bank were trading 1.18 per cent up at Rs 137.30 on the BSE. In a regulatory filing post market hours on July 19, Federal Bank said the credit, investment and raising capital committee of its board of directors has “authorised the opening of the issue today, i.e., July 19, 2023". In May, it was reported that Federal Bank planned to raise approximately Rs 4,000 crore through a combination of QIP and preferential allotment. The pricing formula arrived at by the committee is Rs 132.59 per equity share, with a provision to offer a discount of up to 5 per cent on the floor price. The floor price of Rs 132.59 represents a discount of around 2 per cent compared to the current market price. On July 19, the bank’s stock settled at Rs...