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The public sector bank can now facilitate banking services to members of BSE for clearing and settlement operations
from | The HinduBusinessLine https://ift.tt/pZcqWVR
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from | The HinduBusinessLine https://ift.tt/pZcqWVR
The US inflation measure most closely watched by the Federal Reserve accelerated in April, official figures showed Friday, reversing a recent slowdown and raising the chance of another interest rate hike in June.Fed Chair Jerome Powell has said the US central bank is taking a "data-dependent approach" to its next decision, where it will mull if another rate hike is needed to bring inflation back down to its long-term target of two percent.
Indian economy is expected to grow at over 7% in Fiscal Year 2023 driven by manufacturing, according to a report by the State Bank of India. The report states that India's GDP growth in the fourth quarter of FY23 will likely be approximately 5.5%, leading to a 7.1% growth for the year ended March 31, 2023.
The merger between HDFC and HDFC Bank is expected to occur within the next 4-5 weeks, resulting in a lower net interest margin (NIM) for the bank. The bank expects to maintain a return on assets of 1.9% to 2.1% and intends to add over 1,500 branches annually for the next 4-5 years, a significant proportion of these in rural and semi-urban areas.
No great rush was witnessed for exchange when branches opened. Outlets of private sector banks in metro cities in the early hours had business as usual. According to a senior official of a public sector bank, not much rush is seen so far because there is a window of four months for exchange.
Banks are gearing up to manage the reverse flow of Rs 2,000 banknotes from Tuesday. The Reserve Bank of India (RBI) estimates that most of the Rs 3. 6 lakh crore of this high-denomination banknote in circulation will be turned in over the next four months. The RBI has asked banks to maintain separate daily records of the value of notes submitted for exchange and those deposited. The central bank said it would call for this data when required.
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