9:11 PM
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Federal Reserve Governor Michelle Bowman on Saturday repeated her view that inflation continues to be too high despite "considerable" progress in lowering it, and the US central bank will likely need to tighten monetary policy further.
4:11 PM
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MGM Resorts expects the cybersecurity attack it experienced last month to cost the company over $100 million. The attack led to the shutdown of some casino and hotel computer systems, affecting reservations and casino floors across the US. While no customer bank account numbers or payment card information was compromised, personal information such as names, contact information, and social security numbers were stolen. MGM will offer free identity protection and credit monitoring services to affected customers. The attack will have a negative impact on MGM's third-quarter financial results but minimal impact in the fourth quarter.
7:11 AM
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The Reserve Bank of India (RBI) has decided to maintain its current interest rates, with the repo rate remaining at 6.5%. The decision comes as the economy is still coping with the previous 250 basis points increase in the policy repo rate. RBI Governor Shaktikanta Das stated that the central bank will remain focused on the "withdrawal of accommodation" and is prepared to take necessary measures to align inflation with its target of 4%.
6:11 AM
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The Reserve Bank of India (RBI) is closely monitoring the strong growth in personal loans and is concerned about any potential stress in that segment. RBI Governor Shaktikanta Das has urged banks, NBFCs, and fintechs to strengthen their surveillance mechanisms and implement robust risk management and stronger underwriting standards.
2:10 PM
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Addressing a press conference after the announcement of the bi-monthly monetary policy review, Das said Rs 12,000 crore of the Rs 3.56 lakh crore worth of Rs 2,000 notes in circulation as on May 19, 2023 are yet to come back. The central bank had extended the deadline for return of the notes by a week.
1:10 PM
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The RBI has doubled the lending limits for gold loans under the bullet repayment scheme for urban cooperative banks (UCBs) to Rs 4 lakh. This decision comes as a part of the RBI's plan to provide incentives to UCBs that have met the prescribed Priority Sector Lending (PSL) targets. Additionally, the RBI will be issuing a comprehensive regulatory framework for project finance and allowing non-bank lenders to use Credit Risk Mitigation instruments.
12:11 PM
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The RBI's rate-setting committee kept the key lending rate steady at 6.50%. The central bank also maintained its policy stance of "withdrawal of accommodation" to bring inflation within its target band.
11:11 AM
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The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5% for the fourth consecutive time. The RBI governor, Shaktikanta Das, stated that India is poised to be the new growth engine of the world. The RBI has maintained the repo rate at 6.5% since May 2022 to control rising prices. However, retail inflation stood at 6.83% in August, surpassing the RBI's acceptable threshold.
9:10 AM
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On Thursday, the Reserve Bank of India expanded the UDGAM portal by incorporating 23 additional banks. The UDGAM portal serves as a centralized database, enabling investors to search for and obtain information regarding their unclaimed deposits across various banks. This brings the total number of banks on the portal to 30.
8:10 AM
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India and the UAE are exploring ways to expand the rupee-dirham trade, which would have a significant impact on bilateral trade. Commerce Minister Piyush Goyal stated that this would facilitate lower-cost remittances from the UAE to India. Efforts are being made to accelerate and expand this trade with the cooperation of the central banks of both countries. Goyal also mentioned discussions on establishing food and industrial parks in India.
6:10 AM
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The GST Council is set to discuss the appointment of members to proposed tribunals during their meeting on Saturday. However, there are no expected changes to levies on cement, health insurance premiums for seniors, and lithium-ion batteries. Lower rates for millet mix are being considered to benefit consumers and farmers, while the GST on corporate and bank guarantees may also be discussed.
12:14 AM
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The Reserve Bank on Thursday said that as many as 30 banks have been onboarded on the UDGAM (Unclaimed Deposits – Gateway to Access information) portal to enable people to claim and search unclaimed deposits.The RBI on August 17 launched the UDGAM portal to facilitate the public to search their unclaimed deposits across multiple banks in one place. Initially, the facility was launched with seven banks on board, with a promise that more will be included in a phased manner by October 15.
11:10 AM
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India's central bank, the Reserve Bank of India (RBI), is expected to keep its key interest rate unchanged at 6.5% for the fourth consecutive time, according to a Bloomberg survey. Inflation remains above the RBI's target range of 4%, and the RBI is likely to maintain a hawkish policy stance. The RBI may focus on liquidity management to control inflation pressures, and bond traders will be watching for any signals regarding liquidity.
10:11 AM
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A Bank of America report suggests that the recent surge in spending on entertainment and live experiences may be a lasting trend, rather than a temporary phenomenon. Dubbed 'funflation', this trend is driven by pent-up demand and increased savings after the Covid-19 pandemic. Taylor Swift and Beyoncé tours are cited as examples of this 'funflation' economy.
6:11 AM
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NIIF has partnered with the Japan Bank for International Cooperation (JBIC) to introduce a $600 million India-Japan Fund (IJF). JBIC and the Indian government will act as anchor investors in this collaborative venture.
3:12 PM
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India's finance secretary, T V Somanathan, has stated that retail inflation is expected to ease by December due to more favorable seasonal factors. Despite remaining above the central bank's tolerance band, inflation has decreased from a 15-month high in July. Sharp increases in food prices have been a major contributor to inflation due to adverse weather conditions.
2:11 PM
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RBI typically conducts six bi-monthly meetings in a financial year, where it deliberates interest rates, money supply, inflation outlook, and various macroeconomic indicators. According to SBI Research, the Indian central bank is expected to yet again pause the key repo rate this week. RBI in its past three meetings - April, June, and August - held the repo rate unchanged at 6.5 per cent.
12:10 PM
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India's quasi-sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), and the Japan Bank for International Cooperation (JBIC) launched on Wednesday a $600-million fund to invest in sustainability projects.
11:11 AM
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The 30-share BSE Sensex plunged 533.13 points to 64,978.97. The Nifty declined 153.35 points to 19,375.40. Among the Sensex firms, NTPC, Axis Bank, IndusInd Bank, Maruti, UltraTech Cement, ICICI Bank, Tata Steel and Bajaj Finserv were the major laggards. Nestle, Hindustan Unilever, HDFC Bank and Asian Paints were among the gainers.
7:11 AM
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The OECD has recommended that the Indian government speed up the insolvency and bankruptcy process and decrease its ownership in banks and financial institutions. It also suggested addressing performance gaps, including the increased role of private conglomerates, which can have negative consequences for competition. The agency called for the creation of quality jobs through modernizing labor regulations and skill development programs.
6:11 PM
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HDFC Bank is making changes to its top management as it aims to boost its mortgages business following its acquisition of another lender. The bank is placing more emphasis on technology, bringing IT and digital functions directly under CEO Sashidhar Jagdishan. Additionally, Ashish Parthasarthy, who has led treasury since 2009, will take on responsibility for the retail branch business.
6:11 PM
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The World Bank has maintained India's growth forecast at 6.3% for the current financial year, citing resilience against global headwinds. The bank also projected that India's GDP growth would remain robust at 6.3% in 2023-24. The report highlighted that the agriculture sector is expected to grow by 3.5%, the industry sector by 5.7%, and the services sector by 7.4% during the same period.
2:11 PM
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India's economy is predicted to grow at 6.3% in the current financial year, supported by investment and domestic demand, according to a World Bank report. The report states that India has shown resilience in the face of a challenging global environment. India's growth is expected to outpace other emerging markets and reach 6.3% in FY2023-24.
2:11 PM
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The World Bank has retained India's GDP growth forecast for the financial year 2023-24 at 6.3 per cent, but noted that the country continued to show resilience against the backdrop of a challenging global environment.
12:12 PM
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The Russian ruble has depreciated to nearly 100 per dollar, a significant milestone for both consumers and the government. Efforts by policymakers to stabilize the currency have been unsuccessful, leading to discussions about implementing capital control measures. The central bank has raised interest rates in the past to support the ruble, but Bank of Russia Governor Elvira Nabiullina has warned against using administrative measures.
5:10 AM
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The Reserve Bank of India (RBI) has increased its interaction with government agencies, particularly the department of consumer affairs, in order to gain better control over food prices, which are a major driver of inflation. The RBI has held meetings with the department at both its Mumbai and Delhi offices, indicating a higher level of engagement.
5:10 AM
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The Reserve Bank of India's rate-setting committee is expected to maintain interest rates at their current level, despite inflation being above the target range, rising crude oil prices, and a weakening rupee. The committee has kept rates unchanged since February 2023. Economists predict that inflation will decrease in the coming months, but caution that the central bank should be watchful of rising oil prices and bond yields.
11:12 PM
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Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), is facing a potential threat to his agency's power as the Supreme Court considers a case that could upend the bureau and its funding structure. Chopra's aggressive approach to regulating the financial industry has made him a hero to consumer advocates and a scourge to banks and lenders. However, critics argue that the CFPB has become politicized and gone rogue.
4:12 PM
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Experts predict that the Reserve Bank of India (RBI) will maintain the benchmark interest rate at 6.5% in its upcoming monetary policy review. Factors such as elevated inflation and global uncertainties are expected to influence the decision. The RBI has kept the rate unchanged in the past three reviews and is likely to continue with the existing rate structure.
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