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Central banks, led by RBI, aim to hedge economic uncertainties by bolstering gold reserves. Despite a slowdown in February, the trend remains strong, reflecting a global interest in diversifying reserve assets.
5:10 AM
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Bandhan Bank CEO Ghosh, 64, to step down in 2024, cites strategic role change. Successor search begins amid RBI tenure cap concern. Group diversifies, invests in healthcare and diagnostics chains.
7:10 PM
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NPCI introduces updates for RuPay Credit Card holders on UPI platform, offering EMI options, credit account bill payments, instalment management, and credit limit adjustments. Users can benefit from enhanced convenience and secure payment transactions. Banks to implement changes by May 31, 2024.
7:10 AM
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HDFC Bank, India's largest bank, witnessed a notable Rs 1.66 lakh crore increase in deposits in Q1 2024 after the HDFC merger. Retail customers contributed 77% of the additional deposits. Gross advances rose by 1.6% to Rs 25 lakh crore, while deposits grew by 7.5% to Rs 23.8 lakh crore. Year-on-year growth rates stood at 55.4% for advances and 26.
11:10 AM
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The World Bank has painted a grim economic picture of Pakistan in its biannual report, cautioning that over 10 million more people are at risk of descending into poverty in the cash-strapped country. The Washington-based lender's apprehension comes from a sluggish economic growth rate of 1.8 per cent, coupled with soaring inflation, a staggering 26% in the current fiscal year.
10:10 AM
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Debt funds are schemes that invest in fixed income instruments like corporate/government bonds, corporate debt securities, and money market instruments. The portfolio can consist of these securities or a mix of them, depending on the scheme.
9:10 AM
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RBI's measures to curb bank finances in some NBFC segments slow loan growth. Long-term loans, education, and housing loans see significant declines. Other segments show decreases except for bank guarantees, two-wheeler, and consumer loans which grow.
12:10 PM
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The World Bank forecasts India's economy to grow at 7.5% in 2024, contributing to South Asia's 6.0% growth. The World Bank's South Asia Development Update states that South Asia is poised to maintain its status as the fastest-growing region globally for the next two years, with a projected growth of 6.1% in 2025.
10:10 AM
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Japan's Nikkei share average rebounded on Tuesday, briefly scaling 40,000 points as traders bought on the dip before easing back due to the risk of currency intervention by the central bank. The Nikkei was up 0.13% at 39,853.20 at the midday break, bouncing back after profit-booking pushed it to a two-week low on Monday.
1:10 PM
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HDFC Bank has notified customers of possible NEFT service unavailability on April 1, 2024, during year-end financial operations. The bank has advised its customers to avoid NEFT for money transfers to prevent delays.
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