8:10 PM
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3:10 PM
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7:10 AM
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UCO Bank has withdrawn a circular which instructed branch heads to meet with top defaulters and distribute Diwali sweets to them. The circular had sparked significant attention due to its unconventional approach. UCO Bank's MD and CEO, Ashwani Kumar, addressed the matter during a press conference where the bank's quarterly results were announced. "The intention was to break the ice and meet and greet those whose accounts had turned into non-performing assets, but somehow it got captured as distribution of sweets," he said.
11:10 AM
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The Chinese yuan remained stable in onshore trade, while its offshore counterpart strengthened against a weakening dollar as investors reacted positively to a pause in US interest rate hikes. The People's Bank of China set the midpoint rate at 7.1796 per US dollar. The market awaits US jobs data later in the day for further policy direction. The China Center for Economic Research predicts the onshore yuan will trade between 7.28 and 7.33 in November, supported by economic recovery and efforts to stabilize the exchange rate.
10:11 AM
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Adani Green Energy is in talks with foreign lenders to borrow up to $1.8 billion to fund new solar and wind projects. The banks involved in the discussions include Barclays, BNP Paribas, Deutsche Bank, First Abu Dhabi Bank, Rabobank, and Standard Chartered. If the deal is finalized by the end of December, it would be one of the largest currency loans in Asia this year. This indicates a recovery in investor confidence for Adani Group, following allegations of malpractice earlier this year. Adani has denied these accusations and recently completed a $3.5 billion funding package.
7:11 AM
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FTX founder Sam Bankman-Fried has been found guilty of defrauding customers of his cryptocurrency exchange, resulting in one of the largest financial fraud cases ever. The verdict follows FTX's bankruptcy filing and the loss of Bankman-Fried's personal fortune. Bankman-Fried, a former billionaire, was convicted on all seven counts he faced after a monthlong trial. He is set to be sentenced in March 2024 and is also facing additional charges of foreign bribery and bank fraud conspiracies.
6:11 AM
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UCO Bank, a public-sector bank based in Kolkata, has taken a unique approach to dealing with defaulters. Instead of shaming them, the bank has asked its staff to distribute sweets to the top 10 defaulters in each branch during Diwali. The circular issued by the bank's general manager in charge of recovery states that this initiative aims to bridge the divide between the bank and its customers and foster empathy and harmony. The bank acknowledges that not all defaulters are wilful.
2:11 PM
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People can send their Rs 2,000 banknotes to specified regional offices of the Reserve Bank through the insured post for credit in their bank accounts. This is a hassle-free option for the people who are away from the regional offices of the Reserve Bank. Besides, the RBI is offering TLR (Triple Lock Receptacle) form to people for a deposit of Rs 2,000 banknotes in their bank account. Both the options of TLR and insured post are highly secured, and there should not be any fear in the mind of the public relating to these options, he said.
6:11 AM
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Six Indian banks have won a court battle in London to be paid $2.1 billion by a Singapore subsidiary of the GVK group after it defaulted on its loan repayments. The banks provided the loans for coal mining projects in Australia, but GVK failed to obtain a mining license and blamed the market downturn and legal challenges. The court ruled that the banks are entitled to $1 billion in interest and $1.1 billion of the principal sum. The banks' lawyers stated that this victory is of great commercial significance.
5:12 AM
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A Supreme Court order in India has recognized tax departments and government agencies on par with secured creditors under the Insolvency and Bankruptcy Code (IBC). This means that banks may see a reduced scope of recovery from bankrupt borrowers, as tax authorities are likely to claim a large chunk of the recovery. Bankers are concerned that this could compromise the efficacy of the IBC process for lenders, and are calling for the government to resolve the issue.
8:10 PM
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The Reserve Bank of India (RBI) has announced that over 97% of the Rs 2,000 banknotes in circulation have been returned to the banking system. Only Rs 10,000 crore worth of such notes are still with the public. The total value of Rs 2,000 banknotes in circulation has declined from Rs 3.56 lakh crore to Rs 0.10 lakh crore since the withdrawal of these notes was announced. Public can deposit and/or exchange the Rs 2,000 banknotes at the 19 RBI offices in the country.
12:10 PM
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The 30-share BSE Sensex declined 193.99 points to 63,680.94. The Nifty slipped 47 points to 19,032.60. Among the Sensex firms, JSW Steel, Bharti Airtel, Kotak Mahindra Bank, HDFC Bank, Asian Paints, Tata Steel, Power Grid and Nestle were the major laggards. Mahindra & Mahindra, Wipro, HCL Technologies, Bajaj Finserv and Tata Motors were the major gainers. The US markets ended in positive territory on Tuesday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 696.02 crore on Tuesday, according to exchange data.
7:10 AM
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RBI Governor Shaktikanta Das predicts that India's GDP growth for the second quarter of FY24 will exceed expectations based on early indicators. He mentioned that the country's economic activity and various data points suggest a positive surprise. However, he also highlighted geopolitical risks as a concern for global growth. Additionally, Das discussed the high attrition rates in private banks and the RBI's examination of their business models to ensure adequate risk management.
5:13 PM
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The 30-share BSE Sensex declined 237.72 points or 0.37 per cent to settle at 63,874.93. During the day, it fell 300.12 points or 0.46 per cent to 63,812.53. The Nifty dipped 61.30 points or 0.32 per cent to 19,079.60. Among the Sensex firms, Mahindra & Mahindra, Bharti Airtel, ICICI Bank, IndusInd Bank, Reliance Industries, Axis Bank and HDFC Bank were among the major laggards. Titan, Kotak Mahindra Bank, Asian Paints, HCL Technologies, Tech Mahindra, and Power Grid were the major gainers.
5:13 PM
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Euro zone inflation dropped to its lowest level in over two years in October, as energy prices fell and the high interest rates set by the European Central Bank dampened demand, a preliminary reading showed on Tuesday. The data seems likely to cement the market's view that the ECB is done with raising rates as part of its fight against high inflation, which had been supported by more expensive fuel, supply disruptions and a recovery in demand following the Covid-19 pandemic.
2:12 PM
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Bank holidays November 2023: Notably, digital banking services like UPI, Mobile Banking, and Internet Banking remain unaffected by bank holidays and can be accessed by customers at any time.
6:11 AM
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The World Bank has warned that an escalation of the conflict in Gaza and its spread to other parts of West Asia could lead to a significant increase in commodity prices, especially oil. The report suggests that oil prices could rise by as much as 75% if global supply decreased by 6-8%. This could also impact food supply and increase the prices of industrial metals and gold. However, the report also highlights that recent conflicts in the region have resulted in less severe and short-lived price spikes due to the availability of supply from other sources.
6:10 PM
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The World Bank has warned that oil prices could reach unprecedented levels if the violence between Israel and Hamas escalates. The conflict has raised concerns about a wider conflict in the Middle East, which could lead to disruptions in the global oil supply. The World Bank's Commodity Markets Outlook outlines three scenarios for the impact on oil prices, with prices potentially increasing by 35% to 75% in the event of a medium or large disruption.
4:10 PM
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Prime minister Mikhail Mishustin said on Monday that Russia would create a simplified procedure for citizens and companies from "friendly" countries to invest there. Mishustin said entities from a list of 25 countries would be allowed to open bank accounts in Russia and make deposits via a simplified procedure. Moscow defines "unfriendly" countries as those that have joined a barrage of Western-led economic sanctions in response to Russia's war in Ukraine.
12:10 PM
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The Indian rupee has remained stable despite challenges from oil prices, US yields, and portfolio outflows. The currency has been range-bound with low volatility throughout October. The Reserve Bank of India has played a significant role in keeping volatility low by intervening regularly in spot, non-deliverable forwards, and futures. Long-maturity US yields have been rising due to supply and demand dynamics and expectations of higher rates from the Federal Reserve. The Middle East conflict has also caused oil prices to fluctuate.
4:10 PM
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Axis Bank's managing director and CEO, Amitabh Chaudhry, has stated that the bank is well-capitalized and has sufficient funds to support its organic growth. Chaudhry expects the bank's credit growth to surpass the industry average, particularly in the MSME segment. Axis Bank recently completed the acquisition of Citibank's consumer and NBFC consumer businesses, solidifying its position as one of the top credit card issuers in India. Chaudhry also noted that high interest rates are likely to persist due to the ongoing geopolitical crisis and global inflation concerns.
2:12 PM
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11:10 AM
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Stock markets this week will be influenced by the US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements, and quarterly earnings. The outcome of the Federal Reserve meeting and the policy decisions of the Bank of Japan will be closely watched. Economic data releases from the US and China, as well as geopolitical situations, will also impact market sentiment. In a holiday-shortened last week, the BSE benchmark tanked 1,614.82 points or 2.46 per cent.
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