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In the next 3-5 years it is also expecting to meaningfully scale up platforms and apps launched in the past 4-5 years.
from | The HinduBusinessLine https://ift.tt/5iwZMFx
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from | The HinduBusinessLine https://ift.tt/5iwZMFx
Ashwani Kumar has been appointed as the new MD and CEO of city-based public sector UCO Bank with effect from June one. Prior to this, he was the executive director of the state-owned Indian Bank and is a qualified chartered accountant, a statement by the bank said on Saturday.
India's foreign exchange reserves fell for a second consecutive week and stood at a one-month low of $589.14 billion as of May 26, the Reserve Bank of India's (RBI) data showed on Friday. That was a decrease of $4.34 billion from the previous week. Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months.
Japanese stocks reached a three-decade high, with the Nikkei index up 1.21% to close at 31,384.93 points, and the Topix rising 1.55% to 2,182.70 points. The rise comes after the US government lifted its debt ceiling, avoiding a default, and due to the Bank of Japan being in no rush to tighten monetary policy. SoftBank Group rose 4.3% amidst booming AI investment, and T&D Holdings leapt 4.28%.
The Reserve Bank of India (RBI) is expected to keep interest rates on hold during its June meeting, according to Bloomberg survey results, as they focus on growth while inflation continues to moderate. The economists surveyed predict a 25 basis point cut in Q1 of 2024 as India's retail inflation dips below the RBI's upper limit of 6%, forecasting 5% for the current fiscal year.
Yes Bank MD & CEO Prashant Kumar said the last three years have been transformative for the institution and that it was focused on reinvigorating the brand. "Yes Bank vows to be responsive, agile, transparent, innovative, and uphold high integrity in all aspects, aligned with its corporate social responsibility (CSR) ethos," said Kumar.
On the back of sound macroeconomic policies and softer commodity prices, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, said the Reserve Bank's annual report released on Tuesday. It, however, added that slowing global growth, protracted geopolitical tensions and a possible upsurge in financial market volatility following new stress events in the global financial system could pose downside risks to growth.
Banks invest around a fifth of their deposits in government bonds. However, they can avoid making MTM provisions on the bonds they classify as 'held to maturity' (HTM). However, banks have to provide for a fall in the market value of bonds in their trading or 'available for sale' portfolio.
Sources said there is a tussle between the partners over the share holding in the joint venture of these two firms. This is the main reason behind the TMH not yet depositing the mandatory BG and this would attract penalty charges for the Russian company, they added.
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