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Time of India
2 days ago
- Business
- Time of India
NFO Update: Bank of India Mutual Fund launches BOI Mid Cap Fund
Bank of India Mutual Fund has announced the launch of the Bank of India Mid Cap Fund , an open-ended equity scheme aiming to generate long-term capital appreciation by investing predominantly in equity and equity-related instruments of mid-cap companies. The New Fund Offer ( NFO ) will open for subscription on July 31 and close on August 14. Also Read | Smallcap mutual funds dominate return charts in 5 & 10 years. What's driving the surge? Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Data Analytics Healthcare Digital Marketing CXO Artificial Intelligence PGDM Technology MCA Product Management MBA Degree Data Science Public Policy Operations Management others Finance Leadership Others Design Thinking Project Management Management Cybersecurity Data Science Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details "The launch of the Bank of India Mid Cap Fund reflects our commitment to offering investors access to high-growth opportunities in India's vibrant equity markets. As the Indian economy continues to expand and diversify, we believe mid-cap companies are well-positioned to be key beneficiaries of the next phase of value creation across sunrise sectors and business models, as well as existing companies benefiting from India's increasing integration into global supply chains,' said Mohit Bhatia, CEO – Bank of India Investment Managers Private Limited (BOIIM). Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » 'This fund is designed to help investors participate in that journey with discipline and confidence,' he added. The performance of the fund will be benchmarked against the Nifty Midcap 150 Total Return Index and will be managed by Alok Singh. Live Events The minimum application amount is Rs 5,000, and in multiples of Re 1 thereafter. The exit load is 1% for redemptions/switch-outs of units within 60 days from the date of allotment. It will be nil for any redemption/switch-out after 60 days. With India's economy entering a new phase of structural growth, mid-cap companies are emerging as a strong opportunity for wealth creation. The Bank of India Mid Cap Fund is designed to capture this dynamic opportunity by identifying quality mid-sized enterprises with scalable business models, strong management, and competitive moats, the press release stated. 'The Bank of India Mid Cap Fund is designed for investors willing to stay invested for the long term and participate in India's mid-cap growth opportunity through professional fund management. Mid-cap stocks often have the potential to outperform their larger counterparts during market recoveries, and this fund aims to capitalize on that potential—offering investors a unique opportunity to engage in the Indian growth narrative,' said Alok Singh, CIO – BOIIM. According to the fund house, the scheme aims to capture India's multi-year structural growth through high-potential mid-cap companies. It is backed by BOIIM's proven expertise in managing equity funds with meaningful mid-cap exposure. The fund offers diversified exposure across key growth sectors like financials, industrials, healthcare, and consumer. It also follows stringent risk management processes and maintains healthy diversification across stocks and sectors. Also Read | Consistent performers: Over 40 equity mutual funds offer over 15% CAGR in 3, 5, 7 and 10 year horizons The fund is focused on identifying quality mid-cap businesses with proven execution, scalable models, and sectoral tailwinds and it will follow a bottom-up stock-picking approach The fund seeks to balance growth and risk by investing in companies with competitive advantages and strong management and aims to leverage long-term compounding potential in India's expanding mid-cap space This fund is designed for investors seeking long-term capital appreciation by investing in fundamentally strong mid-cap companies that have the potential to generate relatively higher returns.
Reuters
6 days ago
- Business
- Reuters
Once bitten, twice shy: Indian banks wary of parking funds with RBI after rate jolt
MUMBAI, July 24 (Reuters) - Indian banks are likely to adopt a cautious approach in deploying funds at the central bank's reverse repo auction which is likely to take place on Friday after a recent cash crunch forced them to borrow overnight at elevated rates, bankers said. Lenders parked 2 trillion rupees ($23.17 billion) with the Reserve Bank of India at its seven-day variable rate reverse repo (VRRR) auction last Friday, even as large outflows for goods and services tax payments loomed earlier this week. Banks had assumed they could access cheaper funding from the collateralised market when needed, a senior treasury official at a private bank said, requesting anonymity as he is not authorised to speak to the media. "After cash shortages in the overnight market, there will be a re-look at how much money needs to be parked in the seven-day VRRR and subscription may be muted," said Alok Singh, group head of treasury at CSB Bank. The weighted average call money rate (WACR) and the collateralised weighted average tri-party repo rate (WATR) surged around 40 basis points this week to 5.73% and 5.72%, respectively, on Wednesday. The WACR, which serves as the operating rate, is typically aligned with the RBI's policy repo rate, currently at 5.50%. The central bank began conducting seven-day variable rate reverse repo (VRRR) auctions since June 27 and has occasionally held shorter-tenure VRRRs to help fine-tune overnight rates. While the RBI did inject liquidity through short-term repos, bankers said the move came too late, as most borrowing had already occurred at higher rates. "It is best the RBI provides some funding at the fixed repo window on overnight basis," said Abhishek Upadhyay, senior economist at ICICI Securities Primary Dealership. "They can cap that amount, that will limit the need for fine tuning interventions. Also they may explore relying more on overnight VRRR operations, just like they have been willing to use overnight VRR auctions," he added. ($1 = 86.3260 Indian rupees)
Time of India
6 days ago
- Business
- Time of India
Banks rush for VRR amid call rate spike
Mumbai: The central bank's variable rate repo (VRR) auction for ₹50,000 crore was oversubscribed on Wednesday, as banks rushed to borrow at the central bank window amid a spike in overnight money market rates above the policy repo rate for the second day in row. The Reserve Bank of India aims to keep the weighted average call rate (WACR) around the policy repo rate, which currently stands at 5.50%. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Others others Degree Project Management Public Policy Data Science healthcare Management Healthcare CXO MBA Leadership MCA Data Science Product Management Technology Cybersecurity Artificial Intelligence Design Thinking PGDM Operations Management Data Analytics Digital Marketing Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details WACR, which acts as the operative rate for monetary policy transmission, closed above the policy repo rate for the first time in this fiscal at 5.62% on Tuesday. It rose further and closed at 5.73% on Wednesday. Meanwhile, the weighted average TREPS (tri-party repo dealing system) rate closed at 5.72% on Wednesday, marginally higher compared with the previous day's 5.69%, CCIL data showed. The weighted average rate at the two-day VRR auction was 5.58%. Overnight rates had increased because of the narrowing in liquidity surplus following the GST outflows over the weekend and Friday's variable rate reverse repo rate auction, where banks parked ₹2 lakh crore with the RBI. Liquidity surplus in the banking system currently stands at ₹2.4 lakh crore, close to the RBI's target of 1% of NDTL. "The spike in rates is because the assessment of daily requirements by the (bank treasury) dealing rooms had gone haywire due to sudden outflows," said Alok Singh, head of treasury, CSB Bank . "Dealers likely thought that once they put funds in VRRR, they would be able to cover any requirement in the market below that rate, but because tax outflows may have happened from some banks, they found a deficit in the overnight cash. So, then they had to borrow funds at whatever rate it was available, hence the spike," Singh said. Following the spike in call rates, banks also borrowed funds from the RBIs marginal standing facility (MSF) for ₹13,273 crore on Tuesday, highest since May 1 this year, RBI data showed. After the liquidity infusion via variable rate repo (VRR) auction, overnight rates softened slightly, but they were still above the standing deposit facility (SDF) rate. In June, overnight rates were below or at par with SDF rate. Liquidity adjustment facility or LAF corridor has the marginal standing facility (MSF) rate, currently at 5.75%, as its upper bound (ceiling) and the SDF rate, currently at 5.25%, as the lower bound (floor), with the policy repo rate in the middle of the corridor.
News18
05-07-2025
- News18
Six Indian Cities Among World's Top 100 Food Destinations, Mumbai Ranked 5th
Last Updated: Six cities including Mumbai, Amritsar, Delhi, Hyderabad, Kolkata, and Chennai ranked in TasteAtlas's Top 100 Food Cities across the world, showcasing India's rich culinary heritage When the world sits down to discuss food, and six Indian cities find their place on the global map, it's not just a moment of pride, it's a moment of recognition for centuries of heritage simmered, spiced, and served on a plate. In the recently released TasteAtlas rankings of the Top 100 Food Cities in the World, India's culinary culture has made a powerful mark with Mumbai (Rank 5), Amritsar (43), Delhi (45), Hyderabad (50), Kolkata (71), and Chennai (75) all making the list. Indian food, often stereotyped as 'spicy" or 'rich," is far more layered. It's the flavour of monsoon-drenched soil, the rhythm of harvests, the rituals of worship, and the timeless echo of family kitchens. Every dish from every region tells a story. As food historian Alok Singh explained to The Indian Express, 'The magic of Indian cuisine lies in its remarkable ability to create entirely different flavour profiles using a shared set of ingredients. Across India, staples such as rice, lentils, wheat, spices, and vegetables are common, but the techniques, proportions of spices, methods of cooking, and even the timing of adding ingredients vary widely. What makes regional Indian cuisines truly distinct is how deeply they are tied to local climate, soil, seasonal availability, and cultural traditions." Take Mumbai, for instance, which soared to the 5th position globally. Its famed Kheema Pav and Koliwada Prawns are not just street food; they're a microcosm of the city's chaos, sea air, and soul. In Amritsar, food bursts with ghee-laced joy, from Kulcha-Lassi combos to langar-inspired simplicity rooted in farms and gurudwaras. Delhi, with its Mughal past and modern hunger, serves up Chole-Bhature that carry the taste of both royal kitchens and bustling bazaars. kebabs and kormas, once exclusive to the Nawabs, now live on in the smoky grills of old city lanes. Kolkata's Kathi rolls and Mughlai parathas retain traces of British and Mughal eras, even as the tang of mustard oil and the rhythm of Bengali cooking make them uniquely regional. In Chennai, the crisp dosa, airy idlis, and tangy sambhar reflect not just cuisine but climate, caste, and community. What makes these flavours endure across generations? Singh believes it's the way food is interwoven into Indian life, not as a necessity but as a form of emotional memory. 'Whether it is the crispiness of a dosa, the rich layers of biryani, the softness of a kulcha paired with spiced chole, or the playful chaos of flavours in chaat, each of these dishes triggers a sensory and emotional response. They evolve with time and travel well across regions, yet manage to retain their cultural core," he said. The TasteAtlas rankings underscore this emotional richness. These cities were not chosen simply for star restaurants or Instagrammable cafes, but for their authentic street fare, homegrown flavours, and the deep cultural contexts in which these dishes were born and evolved. And yet, the journey of Indian food doesn't end at nostalgia; it continues to travel, transform, and triumph. In faraway lands, dishes like butter chicken, masala dosa, and paneer tikka now headline menus. Even in Trinidad, as seen during Prime Minister Narendra Modi's visit, food served on a Sohari leaf drew attention to ancient customs crossing oceans.
Indian Express
03-07-2025
- Indian Express
Six Indian cities make it to TasteAtlas's list of 100 Best Food Cities in the World; how culture and climate shape flavour
Forget plated microgreens and foams — sometimes, true culinary greatness lies in a paper plate of street-side chaat or a steel tiffin stacked with home-cooked delight. The latest TasteAtlas list has served up some well-earned recognition for Indian cuisine, placing six Indian cities on its coveted list of the 100 Best Food Cities in the World. Leading the pack is Mumbai, ranked in the 5th position globally, just after Italy's gastronomic giants, such as Naples and Milan. From buttery kheema pavs and crunchy koliwada prawns to fiery street chaat and soul-warming thalis, Mumbai's food scene is loud, layered, and unapologetically local. Amritsar made it to the 43rd spot, with its crisp kulchas, creamy lassis, and obsession with ghee-laden everything. Delhi ranks at 45, where food is fiercely debated and passionately eaten – from Mughlai feasts to chhole bhature. Hyderabad ranks at 50, offering a biryani experience that's practically poetic, along with robust dishes like haleem and pathar ka gosht. Kolkata, at 71, is all about kathi rolls, fish curries, and syrupy roshogollas, while Chennai, at 75, wins hearts with crispy dosas, fluffy idlis, and strong filter coffee that's as iconic as its food culture itself. Alok Singh, expert on food history and science at Diga Organics, tells 'The magic of Indian cuisine lies in its remarkable ability to create entirely different flavour profiles using a shared set of ingredients. Across India, staples such as rice, lentils, wheat, spices, and vegetables are common, but the techniques, proportions of spices, methods of cooking, and even the timing of adding ingredients vary widely. What makes regional Indian cuisines truly distinct is how deeply they are tied to local climate, soil, seasonal availability, and cultural traditions.' A post shared by TasteAtlas (@tasteatlas) Even something as seemingly simple as a dal can taste vastly different in Punjab, Gujarat, or Tamil Nadu. These differences are not just culinary but deeply cultural, reflecting centuries of adaptation to geography and lifestyle. Many of India's most iconic dishes are the result of centuries of cultural exchange, migration, and adaptation. Singh notes, for instance, that biryani in Hyderabad has roots in Persian and Mughal traditions, but over time it has evolved into something uniquely local, infused with regional spices and cooking techniques. Similarly, Lucknow's kebabs and kormas were heavily shaped by Awadhi royal kitchens, where slow cooking and layering of flavors became an art form. 'In cities like Delhi, Kolkata, and Amritsar, the cuisine tells stories of colonial influence, trade routes, refugee migration, and royal patronage. Kolkata's street food, such as kathi rolls and Mughlai parathas, reflects the influence of British colonial culture and North Indian Muslim cuisine. Amritsar's hearty fare owes much to agrarian abundance and community cooking traditions. Each city's food scene is shaped by a mix of geography, local produce, community rituals, religious beliefs, and a shared sense of pride in culinary identity,' says the expert. Some regional dishes are woven into family traditions, celebrations and everyday rituals. Singh mentions, 'These foods balance flavour, texture and aroma in a way that is instantly comforting yet deeply satisfying. Whether it is the crispiness of a dosa, the rich layers of biryani, the softness of a kulcha paired with spiced chole, or the playful chaos of flavors in chaat, each of these dishes triggers a sensory and emotional response. They evolve with time and travel well across regions, yet manage to retain their cultural core.'
