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The countdown begins - 5 days until our esteemed speakers take the stage with insights on India's fixed-income markets. Join us at the inaugural Fixed-Income Innovation Forum next Thursday in Mumbai for insightful discussions with industry leaders, followed by drinks and dinner. • Date: 9 January 2025 • Venue: MCA, Mumbai • Time: 4:00 PM onward Request an invite: https://fiif.harmoney.in/ #Harmoney #FixedIncomeInnovationForum2025 #FixedIncomeMarket #Digitization

Meet the pioneers driving the conversations on digitization and advancements in fixed-income markets at Harmoney’s Fixed-Income Innovation Forum 2025 on 9th January in Mumbai. Gain exclusive insights from these industry leaders on: • Development of India’s fixed income landscape • Digitization of bond markets • Global markets and trends Join us for insightful discussions, followed by dinner and cocktails - request your invite now: https://fiif.harmoney.in/ • Date: 9 January, 2025, Thursday • Venue: MCA, Mumbai • Time: 4:00 PM onward Venkat N | Vijay Krishnamurthy | Amit Tripathi | Rohit Mandhotra | Thomas Thees | Manoj Rane | Ajay Marwaha | Aditya Mehta, CFA | Omkar Ghaisas, CFA | Amal Dani, CFA #Harmoney #FixedIncomeInnovationForum2025 #FixedIncomeMarket #Digitization

Harmoney wishes you a very Happy New Year 2025, where every goal becomes a milestone of success! #Harmoney #HappyNewYear2025 #GrowthAndInnovation

Harmoney is hosting its inaugural Fixed-Income Innovation Forum 2025 on 9th January in Mumbai. As India’s fixed-income market undergoes significant transformation driven by technology and digitization, this forum offers a unique platform to gain invaluable insights into the market's future trajectory. Swipe to learn what’s in it for you >> Request an invite: https://fiif.harmoney.in/ #Harmoney #FixedIncomeInnovationForum2025 #FixedIncomeMarket #Digitization #FinTechInnovation

Harmoney wishes you a Merry Christmas. May this holiday season bring you peace, joy, and happiness. #Harmoney #MerryChristmas #HappyHolidays #SeasonGreetings

Why Did RBI Ask States To Reduce Their Deficits? In a recent report, RBI emphasized the need for states to adopt next-generation fiscal rules, time-bound glide paths for fiscal consolidation, and rein in subsidies and freebies. While states have contained their consolidated gross fiscal deficit (GFD) within 3% of GDP and revenue deficit at 0.2% of GDP during FY23 AND FY24, they have budgeted a GFD of 3.2% of GDP in FY25. So, why is the RBI asking states to reduce their fiscal deficits? Fiscal Discipline: High deficits can lead to unsustainable debt levels, which might cause macroeconomic instability. By urging states to reduce their fiscal deficit, RBI helps ensure that government spending is sustainable. Improving Credit Rating: Reducing fiscal deficits and maintaining sound fiscal policies can improve the credit ratings of the state governments. A higher credit rating can reduce the cost of borrowing and help fund projects more efficiently. Strengthening India's Financial Position: Maintaining fiscal discipline across all levels of government supports and strengthens national economic interests. If individual states face high fiscal deficits, it may impact the country's overall sovereign credit rating, increasing borrowing costs for the central government and private enterprises. Adherence to the Fiscal Responsibility and Budget Management (FRBM) Act: The FRBM Act of 2003 sets targets for the governments to reduce fiscal deficit and public debt. If states breach these targets, it can result in penalties or reduced central transfers. Avoiding Overreliance on Borrowing and State-Level Reforms: Excessive borrowing to finance deficits could lead to a debt trap and detriment to long-term growth. RBI encourages reducing deficits and fiscal consolidation so that the states depend less on borrowing and more on internal revenue generation. These measures are critical to sustaining the growth of the Indian economy. #RBI #FiscalDeficit #EconomicGrowth #SustainableGrowth

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Harmoney proudly presents the Fixed-Income Innovation Forum 2025. An exclusive invite-only event bringing together industry leaders to explore emerging trends, opportunities, and challenges shaping India’s fixed-income landscape. As the market undergoes significant transformation driven by technology and digitization, this forum provides a unique opportunity to connect with peers, engage with key stakeholders, and gain invaluable insights into its future trajectory. • Date: 9 January, 2025 • Venue: MCA, Mumbai • Time: 4:00 PM onward Request an invite: sales@harmoney.in Aditya Mehta, CFA | Omkar Ghaisas, CFA | Amal Dani, CFA | Manoj Rane | Thomas Thees #Harmoney #FixedIncomeInnovationForum2025 #Digitization #FinTechInnovation

Bond market recap: 13 December Stay up-to-date with Harmoney’s Daily Newsletter. Here are quick highlights: •⁠ ⁠Government bond yields rose on Thursday as traders offloaded holdings ahead of Friday's bond auction, aiming to buy back securities at lower prices. November CPI met expectations and had minimal impact on gilt movements. The 10-year benchmark bond yield ended at 6.74%, up from 6.72% on Wednesday. Market turnover rose to ₹403.25 billion from ₹339.30 billion. •⁠ ⁠The interbank call money rate closed below RBI's standing deposit facility rate of 6.25% on Thursday as banks' demand for funds eased towards the end of the trading session. The one-day call money rate fell to 5.75% from 6.75%. The weighted average call rate also fell to 6.62% from 6.70%. •⁠ ⁠US treasury yields rose to a three-week high as investors considered a higher-than-expected November producer price index. November CPI met expectations, boosting bets of a Federal Reserve interest rate drop next week. The 10-year benchmark note rose 6.3 basis points to 4.334% from 4.271% Wednesday. The 2-year notes gained more than 4 basis points to 4.199%. Know more: https://lnkd.in/dzQzTUYF #Harmoney #HarmoneyNewsletter #MarketTrends

Bond market recap: 12 December Stay up-to-date with Harmoney’s Daily Newsletter. Here are quick highlights: • Government bond yields rose on Wednesday as traders were disappointed by remarks from the newly appointed RBI Governor. Additionally, a rise in the US treasury yields and caution ahead of the US CPI data contributed to market volatility and subdued trade volumes. The 10-year benchmark bond yield closed at 6.72%, up from 6.71% on Tuesday. Market turnover dropped significantly to ₹344.55 billion from ₹601.80 billion the previous day. • The call rate closed at RBI's marginal standing facility rate of 6.75%, driven by strong demand for funds from banks as liquidity tightened due to RBI delivering dollars against its outstanding forward contract sales. The weighted average call rate stood at 6.70%, slightly up from 6.67% the previous day. • US treasury yields climbed after the US Treasury Department liquidated long-dated supply, and data revealed a growing US budget deficit. The 10-year benchmark note yield jumped 5.2 basis points to 4.273% from 4.221% Tuesday. Know more: https://lnkd.in/dZEvzVmF #Harmoney #HarmoneyNewsletter #MarketTrends