7:11 PM
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During the IMF and World Bank meetings in Marrakech, Managing Director Kristalina Georgieva announced the achievement of the $3 billion fundraising target for the concessional trust fund, enabling the IMF to provide interest-free financing to low-income countries, with 40 nations contributing, including emerging-market economies.
4:12 PM
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Pummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973. The myriad troubles facing the continent were front and centre at the week-long talks in Marrakesh, Morocco, which began Monday and end Sunday.
8:11 AM
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During a meeting in Marrakech, UK chancellor Jeremy Hunt committed to providing capital support for multilateral development banks (MDBs), while other countries such as the US, Italy, and Saudi Arabia also expressed openness to the idea. The International Economic Governance (IEG) emphasized the need for more capital for MDBs to enable them to lend more, a suggestion supported by India's finance minister and the World Bank president.
3:11 PM
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Bank lockers are intended solely for legitimate purposes, such as safeguarding valuables like jewelry and documents. Storing cash or currency in these lockers is not permitted
3:11 PM
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World Bank president Ajay Banga on Friday laid out an ambitious agenda aimed at widening the development lender's mission to tackle climate change and other global crises, speeding decision-making and offering more - and cheaper - lending resources.
10:11 AM
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Traders are questioning why the Reserve Bank of India (RBI) is defending the rupee despite low volatility and the currency's resilience against the rising US rates. Analysts speculate that the RBI may be using its large foreign-reserve stockpile to control imported inflation, or intervening to prevent sentiment-driven moves. The RBI's defense of the rupee could be motivated by the need to attract foreign investors and prevent complacency among importers.
8:11 AM
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The RBI has imposed a penalty of Rs 5.4 crore on Paytm Payments Bank for not complying with KYC directions and other guidelines pertaining to cybersecurity and payments banks. RBI had conducted a special scrutiny from a KYC/AML (anti-money laundering) perspective.
8:11 AM
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RBI Governor Shaktikanta Das has defended the central bank's policy of intervening in markets to prevent extreme volatility. He called on global agencies, such as the IMF, to avoid labeling countries as "currency manipulators" or adding them to watchlists. Das emphasized the importance of strong foreign exchange reserves, citing India's $587 billion reserves as a buffer against capital outflows and the spillover effects of actions taken by advanced economies.
8:11 AM
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An independent expert group has proposed reforms to strengthen multilateral development banks (MDBs) and increase lending to countries. The group suggests mobilizing $240 billion from the private sector to reach a lending goal of $390 billion by 2030. The group emphasizes the need for collaboration and inclusivity, following the G20 Summit's example.
8:11 AM
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India's finance minister, Nirmala Sitharaman, highlighted domestic consumption and investment as key drivers of the country's growth. She also cautioned against inflationary pressures due to global uncertainties and emphasized the need for vigilance from the government and the Reserve Bank of India. Sitharaman acknowledged the impact of the slowdown in global demand on India's goods exports and suggested the need to strengthen the external sector.
7:13 AM
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Retail inflation in India eased to a three-month low in September due to moderating food prices, bringing relief from surging price pressures. The Consumer Price Index (CPI) rose by 5% annually in September, slower than the 6.8% in August and below the Reserve Bank of India's upper tolerance band.
8:11 PM
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The Reserve Bank of India (RBI) has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank for non-compliance with KYC norms and other provisions. The bank failed to identify beneficial owners, monitor transactions, and breached the regulatory ceiling of end-of-day balances. The penalty is based on deficiencies in regulatory compliance and does not question the validity of any transactions.
7:12 PM
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Finance Minister Nirmala Sitharaman met with Brazil's Minister of Economy Fernando Haddad and UK Chancellor of Exchequer Jeremy Hunt to discuss various issues of mutual interest. These discussions took place during the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) and the IMF-WB annual meetings in Morocco.
6:11 PM
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The retail inflation for September dipped to 5.02% from 6.83% in July owing to further easing of prices of vegetables, data released by government showed.With this, the inflation has now again come within the Reserve Bank of India's comfort zone threshold of 6% after two straight months of breaching it. In July, the inflation had skyrocketed after a sharp prices in prices of food, especially tomatoes, across the country.
10:13 AM
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South Korea's household borrowing grew in September for a sixth straight month, but by a smaller amount than the month before, central bank data showed on Thursday. Total household borrowing from banks stood at 1,079.8 trillion won ($806.12 billion) at the end of September, up 4.9 trillion won from end-August, according to the Bank of Korea (BOK).
8:11 AM
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The independent expert group on strengthening multilateral development banks (MDBs) has called for quicker decision making, less risk aversion, and increased private capital. The World Bank is already taking action on these recommendations. The panel, established by India, estimates an annual requirement of $1 trillion to address climate change and other challenges, with half coming from lending and the rest from the private sector.
7:12 AM
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World Bank President, Ajay Banga, has outlined steps to make the agency more focused on "output" and expand its capital base. These measures are expected to allow the World Bank to provide additional support of around $150 billion over 10 years. Banga emphasized the need for greater private sector linkages and de-risking investments.
6:10 AM
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Senior executives from multilateral development banks are set to meet with credit ratings agencies to discuss how to value callable capital in their capital adequacy frameworks. The World Bank's lending capacity could increase by $900 billion if the ratings agencies modified their processes. The banks aim to preserve their AAA credit ratings to continue borrowing at low rates and pass on savings to developing countries.
4:11 AM
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Dalal Street, the Indian stock market, saw a surge in the sensex, closing at 66,079 with a 567-point gain on Tuesday. This increase was attributed to strong buying by domestic investors and short-covering by speculators, despite foreign investors being net sellers. Falling crude oil prices also contributed to improved investor sentiment. Stocks from various sectors, including ICICI Bank, Infosys, and HDFC Bank, played a significant role in this gain.
3:11 AM
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The International Monetary Fund (IMF) has raised India's growth projection for the current fiscal year to 6.3%, citing stronger than expected consumption in the June quarter. This projection, closer to the Reserve Bank of India's estimate of 6.5%, will help India maintain its position as the world's fastest growing major economy.
2:10 AM
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G24, a group of developing nations, has endorsed the recommendations of an independent expert group on multilateral development bank reform. They expressed strong support for the strategy and quality of the recommendations, hoping they would influence G20 ministers, especially those from advanced economies.
12:11 AM
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Six Indian banks are pursuing a trial in the High Court of London against GVK Coal Developers (Singapore) and associated companies for unpaid loans amounting to around $2 billion. The case dates back to 2011 and 2014 when loan facilities were provided to the company, which the banks claim are long overdue. The trial, which began on Tuesday, will last for two weeks. GVK was only represented by an Indian advocate after reportedly disengaging their UK legal firm before the trial.
10:12 PM
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The Reserve Bank of India (RBI) has instructed Bank of Baroda to suspend onboarding new customers on its mobile app 'bob World' due to supervisory concerns. Bank of Baroda has stated that it has taken corrective measures to address the concerns and is working to rectify any remaining issues. The RBI's action follows similar measures taken against HDFC Bank in the past due to technical outages.
8:13 PM
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6:10 PM
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The Reserve Bank said that starting October 2024, the strict supervisory norms under the Prompt Corrective Action (PCA) Framework will apply to government-owned non-banking financial companies. This extension of the framework aims to facilitate timely supervisory intervention and prompt remedial actions for restoring the financial health of these NBFCs.
2:10 PM
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Rs 2,000 notes deposit: Individuals can also utilize India Post services to send their Rs 2000 currency notes, addressed to any of the 19 RBI Issue Offices, for crediting to their Indian bank accounts.
4:11 AM
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Bank of Baroda has raised interest rates on domestic retail term deposits, including non-resident rupee accounts, by up to 50 basis points for tenors of up to three years. Additionally, the bank has increased bulk deposit interest rates (for deposits ranging from Rs 2-10 crore) by up to 1% (100 basis points) for various tenors.
3:10 AM
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Oil marketing companies are expected to lead the surge in earnings during the upcoming results season, driven by strong domestic demand. Sectors like automobiles, banks, capital goods, commodity chemicals, construction material, and metals & mining are also predicted to report strong earnings growth. However, technology stocks are expected to have muted growth. Banks may have weaker operating profit growth, but earnings will be supported by lower provisions.
9:11 PM
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The shekel had already weakened by 10% in 2023 due to political instability. Given the expected duration of the conflict with Hamas in Gaza, further depreciation of the shekel was anticipated.
8:11 AM
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Indian Finance Minister Nirmala Sitharaman discussed multilateral development bank reforms with global agency heads before attending the annual meeting of the World Bank and the IMF in Marrakech. India plans to push for issues such as cryptocurrency regulation, debt restructuring for vulnerable countries, and MDB reforms at the G20 finance ministers and central bank governors meeting.
6:10 PM
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JPMorgan Chase contemplated a potential bid for Metro Bank but ultimately decided against it due to the substantial additional capital requirements for a new buyer. Metro Bank, facing financial challenges after past setbacks, rejected takeover offers from Shawbrook and explored equity injection and debt restructuring with bondholders.
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