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Certain bank branches will be open on March 31 for government transactions. Agency Banks designated by RBI will handle operations. Income Tax Offices open on March 29th-31st for pending tasks.
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As of March 6, the Modi government had allocated Rs 6212.03 crore to regional rural banks as part of the recapitalization initiative. The performance of RRBs has improved significantly, with a consolidated CRAR (Capital to Risk-weighted Assets Ratio) at an all-time high of 13.83 per cent as of December 31, 2023.
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The US Federal Reserve opted to keep interest rates unchanged on Wednesday. However, policymakers signaled a plan to gradually decrease rates by three-quarters of a percentage point by the end of 2024. The central bank acknowledged slower progress towards achieving its 2% inflation goal. In its latest update, the Fed highlighted that inflation continues to be high.
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EaseMyTrip founder Nishant Pitti and SpiceJet chairman & MD Ajay Singh have increased their joint bid for Go First (formerly GoAir) by an additional Rs 150 crore. Initial reports suggested a bid of Rs 500-600 crore, with Pitti funding and Singh contributing operational expertise. Following concerns over the airline's outstanding debts of Rs 6,521 crore, including to creditors like banks, Pitti was requested by the committee of creditors to revise the bid.
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The Bank of Japan increased interest rates for the first time in over a decade on Tuesday, moving them above zero to signal a shift in its strategy to boost a struggling economy. This move marks the end of the world's final negative interest rate policy and the conclusion of an extensive monetary stimulus program.
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RBI has highlighted evolving dynamics of the Indian economy, with potential moderation in the FMCG sector and shifts in per capita income distribution. There are significant per capita income shifts underway, according to the Reserve Bank of India’s (RBI) bulletin for the month of March 2024.
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While the move will be Japan's first interest rate hike in 17 years, it still keeps rates stuck around zero as a fragile economic recovery forces the central bank to go slow in any further rise in borrowing costs, analysts say. The shift makes Japan the last central bank to exit negative rates and ends an era in which policymakers around the world sought to prop up growth through cheap money and unconventional monetary tools.
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HDFC Bank’s Arvind Kapil, with 25 years at the bank, is set to become MD & CEO of Poonawalla Fincorp. Last year, he took over HDFC's housing finance business post-merger. Poonawalla Fincorp, in a statement to stock exchanges, said that Kapil will join the company on June 24, subject to approvals. Shares of Poonawalla Fincorp rose 1.5% after the announcement.
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Pakistan's inflation rate reached an alarming 32.89% on Friday, prompting the central bank to keep key interest rates at 22% for the sixth consecutive term. "Inflation warrants a cautious approach, requires continuity of current monetary stance to bring inflation down to target range of 5 – 7% by Sept 2025", the central bank said.
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