3:10 AM
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Former RBI Governor Raghuram Rajan revealed that ex-Finance Minister Arun Jaitley supported his decisive action on tackling bad bank loans. Rajan attributed the NPA surge to corruption, delayed clearances, and the global financial crisis. He also pointed to slow government recapitalization hindering lending.
5:10 AM
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Indian stock markets tumbled on Thursday, with Sensex closing below 80,000 and Nifty below 24,000 for the first time since late November. The sell-off, driven by hawkish US Fed statements and foreign fund outflows, wiped out Rs 3.8 lakh crore in investor wealth. Selling pressure was broad-based, with ICICI Bank, Reliance, and HDFC Bank leading the decline.
7:10 AM
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10:10 PM
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DAM Capital Advisors has raised Rs 251 crore from anchor investors, including prominent names like Nomura, Goldman Sachs, and several mutual funds. The investment bank's IPO, entirely an offer-for-sale, opens on December 19th with a price band of Rs 269-283 per share, aiming for a Rs 2,000 crore market capitalization. Listing is expected on December 27th.
5:10 PM
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Punjab & Sind Bank and IDBI Bank are offering special fixed deposit (FD) schemes with higher interest rates until December 31, 2024. IDBI's Utsav FD offers rates up to 7.85% for senior citizens. Punjab & Sind Bank provides rates up to 8.10% for super senior citizens on select FDs with varying tenures.
6:10 AM
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4:10 AM
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The Enforcement Directorate (ED) has returned properties worth Rs 4,025 crore to JSW Steel, the successful bidder for the bankrupt Bhushan Power and Steel Ltd (BPSL). The assets were originally seized by the ED during a money laundering investigation that revealed BPSL's former promoters had defrauded banks of Rs 47,204 crore.
6:10 AM
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Gold prices, after surging over 30% in 2024, are projected to moderate in 2025. Factors like economic growth, inflation, potential trade wars under Trump's second term, and interest rate uncertainty could dampen investor and consumer demand. While central bank buying and geopolitical tensions fueled the 2024 rally, a stronger dollar post-election has stalled gains.
6:10 AM
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Public sector banks (PSBs) in India have seen their gross non-performing assets (GNPA) ratio fall to a historic low of 3.1% as of September 2024. This improvement is attributed to the 4R strategy, recapitalization efforts, and reforms. PSBs' profitability has surged, with net profits reaching ₹1.4 lakh crore in FY24.
2:10 PM
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The Lok Sabha approved a bill allowing bank account and locker holders to designate up to four nominees. This change simplifies asset distribution after death. The bill awaits Rajya Sabha approval and presidential assent for implementation.
4:10 AM
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Sanjay Malhotra, the new RBI governor, emphasized stability, trust, and growth as the central bank's core values. He stressed the importance of financial inclusion in fostering India's continued growth trajectory. While prioritizing policy stability, Malhotra promised agility and a consultative approach, acknowledging the need for diverse expertise in navigating a complex global landscape.
8:10 PM
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Shaktikanta Das, concluding his six-year term as India's central bank governor, navigated the RBI through a pandemic and digitization, defying initial skepticism. Despite lacking formal economic training, he prioritized financial stability, built up forex reserves, and fostered a modern digital payments system. His successor, Sanjay Malhotra, inherits a strong foundation but faces global market uncertainties.
6:10 AM
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RBI's new governor, Sanjay Malhotra, faces the tough task of balancing India's economic growth, inflation, and exchange rate amid US election fallout and government pressure for lower interest rates. He must also tackle regulatory reforms, digital fraud, and mis-selling of financial products, impacting bank lending and consumer protection.
2:10 AM
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Revenue secretary Sanjay Malhotra has been appointed as the new RBI governor, succeeding Shaktikanta Das. The 56-year-old IIT Kanpur and Princeton University alumnus will begin his three-year term on December 11th. Malhotra's appointment marks a continuation of bureaucratic leadership at the central bank, following Das's tenure of close coordination with the government.
6:10 PM
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Sanjay Malhotra, the Revenue Secretary, has been appointed as new Reserve Bank of India (RBI) governor by the Narendra Modi government. Malhotra will succeed Shakikanta Das whose tenure is scheduled to end on December 10, 2024.
5:10 PM
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ICICI Bank has scheduled RTGS maintenance on December 14, 2024, and on December 15, 2024, delaying incoming and outgoing transactions. Customers can still use NEFT, IMPS, and UPI during this time.
3:10 PM
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HDFC Bank has raised its Marginal Cost of Funds-Based Lending Rate (MCLR) by up to 5 basis points for short-term loans. The overnight MCLR now stands at 9.20%, effective December 7, 2024.
2:10 PM
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Bank fixed deposit rates are expected to remain stable through FY25 due to sufficient liquidity from reduced credit expansion and a recent CRR cut. While a downward trend is possible, actual rate reductions are contingent on the RBI lowering its repo rate.
12:10 PM
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Indian stock markets witnessed a surge last week, with six of the top 10 companies adding over ₹2 trillion in market value. TCS, HDFC Bank, and Reliance Industries led the gains, while Bharti Airtel and ITC experienced declines. Both the BSE and NSE indices closed significantly higher.
11:10 AM
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The Reserve Bank of India (RBI) is launching podcasts to enhance communication and transparency, particularly targeting younger audiences. The RBI also maintained the repo rate at 6.5%, lowered the GDP growth forecast to 6.6%, and reduced the CRR to inject liquidity. However, the retail inflation projection was raised to 4.8%.
10:10 AM
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India's forex reserves rebounded by $1.51 billion to $658.09 billion after an eight-month decline. The Reserve Bank of India's intervention aimed to stabilize the rupee and mitigate global economic shocks. The increase follows a $71 billion drop in 2022, with $58 billion added in 2023.
4:10 PM
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SBI projects India's FY25 GDP growth at 6.3%, lower than RBI's revised 6.6% forecast. The first two quarters averaged 6.05% growth. RBI, after initially increasing its projection, lowered it due to balanced economic risks. A CRR reduction will inject ₹1.16 lakh crore into the banking system, potentially improving banks' net interest margins.
2:10 AM
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The Reserve Bank of India (RBI) maintained its policy rate at 6.5% but lowered the economic growth forecast for 2024-25 to 6.6% from 7.2%. A CRR cut to 4% will release ₹1.6 lakh crore for banks. The RBI acknowledged a recent economic slowdown but anticipates a recovery driven by festive demand and improved agricultural output.
9:10 PM
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The Reserve Bank of India (RBI) has raised the interest rate ceiling on Foreign Currency Non-Resident (Bank) or FCNR(B) deposits to attract more foreign currency. For deposits maturing in one to less than three years, the new ceiling is the overnight Alternative Reference Rate (ARR) plus 400 basis points, effective until March 2025.
3:10 PM
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The Reserve Bank of India (RBI) raised its inflation forecast for fiscal year 2025 to 4.8% due to a surge in food prices. Retail inflation hit 6.2% in October. While near-term inflation remains high, the RBI expects moderation in the fourth quarter due to easing vegetable prices and strong harvests. The RBI maintained its benchmark repo rate at 6.
1:10 PM
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RBI MPC meeting: The Reserve Bank of India (RBI) maintained the repo rate at 6.5% while reducing the Cash Reserve Ratio (CRR) to 4%. The RBI acknowledged a growth slowdown, revising the GDP forecast to 6.6% and increasing the inflation estimate to 4.8%.
6:10 PM
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The Reserve Bank of India has partially reinstated ATM cash retraction to combat new ATM fraud involving fake slot covers. This feature, disabled in 2012, allows ATMs to retrieve uncollected cash, protecting customers.
4:10 PM
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The Reserve Bank of India has increased the UPI Lite transaction limit and the total wallet capacity. This change aims to boost digital payments, especially in areas with poor internet connectivity, by enabling faster offline transactions without a UPI PIN for small purchases.
10:10 AM
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Poonawalla Fincorp Ltd., led by CEO Arvind Kapil, plans to double its workforce and expand into new lending sectors, aiming to reach $17.7 billion in assets within five years. The company will add branches and offer loans for gold, used cars, and education, focusing on salaried employees at major Indian companies despite recent increased scrutiny on shadow banks.
8:10 AM
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Pakistan's external debt reached $130.85 billion in 2024, with China and Saudi Arabia as the largest bilateral creditors. The World Bank report highlights Pakistan's high debt-to-export ratio and substantial debt servicing burden, exceeding 40% of export earnings. The nation faces a $100 billion repayment challenge over the next four years, while navigating an IMF program.
2:10 PM
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SBI has alerted its customers about scammers posing as CBI or IT officials to extort money. These scammers use fake narratives and staged evidence to convince and frighten victims. Consumers are advised to verify identities, avoid sharing sensitive information, and report suspicious activities to banks and authorities.
7:10 AM
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Bank credit growth has slowed to 11.1% as of Nov 15, 2024, compared to 20.6% the previous year. Deposit growth also decreased, with banking system deposits rising by only 6.7% since March. Banks are liquidating govt bonds due to slower deposit growth. Retail lending and NBFC loans have similarly declined.
4:10 AM
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1:10 PM
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Economists are speculating over the future of Das in the wake of data showing the South Asian economy expanded 5.4% from July to September, a seven-quarter low and far below the Reserve Bank of India’s 7% projection.
6:10 AM
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9:10 AM
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India’s economic growth slowed in the September quarter, leading to concerns about stock market weakness. Market participants expect a recovery if the Reserve Bank of India cuts interest rates or reduces cash reserve ratios. Analysts have mixed views on the extent of further market corrections but anticipate limited near-term upside due to earnings and valuation issues.
3:10 PM
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India has secured a $98 million loan from the Asian Development Bank to enhance productivity in horticulture crops by providing farmers with certified disease-free planting materials. This initiative aims to establish clean plant centers, improve crop yields, and boost resilience against climate impacts, aligning with the government's Atmanirbhar Clean Plant Programme.
2:10 PM
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Bank Holidays December 2024: Bank closures in December 2024 will occur for various regional and national holidays. Notable dates include Feast of St. Francis Xavier, Goa Liberation Day, and Christmas. Specific closures vary by state, with the Reserve Bank of India providing the schedule.
6:11 PM
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Top Bank FD rates: Several small finance banks offer competitive fixed deposit rates up to 9% for three-year terms. While these rates are attractive, depositors should be aware of the Rs 5 lakh DICGC insurance limit and invest prudently.
4:10 PM
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Vodafone Idea's shares surged nearly 18% after the government waived bank guarantees for spectrum dues. This move significantly benefits Vi, which faced a substantial obligation.
7:10 AM
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GQG Partners, a major investor in Adani Group, warns that US bribery allegations against Gautam Adani could hinder the conglomerate's access to international funding. While Indian banks continue lending, GQG notes any negative government action could significantly impact the group. The US indictment alleges Adani Green employees, including Gautam Adani, bribed Indian officials for solar contracts, impacting subsequent fundraising efforts.
4:10 AM
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The Indian government has provided significant financial relief to telecom companies by removing the requirement for bank guarantees on past spectrum purchases. This move, exceeding Rs 30,000 crore in relief, will particularly benefit Vodafone Idea, which faced a substantial financial burden. While aiding the industry's financial health, certain conditions ensure protection against potential payment defaults.
4:10 PM
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The Reserve Bank of India has substantially increased its gold reserves, offsetting foreign investment outflows. This aligns with a global trend of central banks accumulating gold amidst geopolitical uncertainty. The RBI's gold purchases have contributed to a rise in overall foreign exchange reserves and are expected to continue.
9:10 PM
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Tata Power and Asian Development Bank (ADB) have partnered to explore financing options for Tata Power's strategic projects in India. The potential investment of $4.25 billion will support projects focused on renewable energy, power infrastructure enhancement, and energy transition initiatives. This collaboration aims to advance India's clean energy capacity and modernize its power infrastructure.
5:10 PM
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Goldman Sachs predicts India's economy will experience a cyclical slowdown, with GDP growth decelerating to 6.3 percent by 2025. Despite this, the country is expected to remain largely unaffected by potential US-China trade war disruptions. The Reserve Bank of India is anticipated to maintain a cautious monetary policy, with potential interest rate cuts totaling 50 basis points by mid-2025.
8:10 AM
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12:10 AM
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Gold prices in India soared by Rs 600 on Tuesday, reaching Rs 78,050 per 10 grams, fueled by strong global trends and wedding-season demand. Silver also saw a significant increase, rising by Rs 1,500 to Rs 93,500 per kg. Analysts attribute the surge to geopolitical tensions, a weaker dollar, and predictions of increased central bank gold purchases.
4:10 PM
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The Reserve Bank of India (RBI) has identified irregularities in gold loan disbursements. Lenders are now developing EMI options and term loan alternatives for gold-backed lending, moving away from the traditional bullet repayment method.
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SBI Chairman CS Setty highlighted the shift in investment trends, attributing it to improved ease of business and digitalization. He acknowledged that banks haven't prioritized deposit mobilization adequately in recent years. Despite this, Setty expressed optimism about the future of bank deposits, anticipating their resurgence as income levels rise.
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