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A recovery in rural stocks is also positive news for India’s broader stock market, which has seen significant growth in recent years, primarily driven by investment-heavy firms reaping the benefits of increased government infrastructure spending. Additionally, abundant rainfall can help the central bank's efforts to control inflation by stabilizing food prices, thereby enhancing the prospects for India's economic growth and corporate earnings.
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US prosecutors arrested an American woman and a Ukrainian man for aiding North Korea-linked IT workers in obtaining remote-work jobs at hundreds of US firms, including Fortune 500 companies and banks, and stealing identities to generate revenue for North Korea in violation of sanctions.
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Individuals in India can exchange damaged currency notes at any bank branch following varying rules based on the notes' condition and quantity. The process includes exchange limits and procedures for mutilated, soiled, and extremely damaged notes, with service charges as per RBI guidelines.
3:10 AM
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Vineet Nayyar, former vice-chairman of Tech Mahindra, passed away at 85. An IAS officer, he led Tech Mahindra to $3 billion revenue and 90,000 employees in FY14. Anand Mahindra praised his transition from public to private sector. Nayyar also founded Gas Authority of India and was CEO of HCL Perot Systems, with a decade-long tenure at the World Bank.
2:10 AM
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Norges Bank excludes Adani Ports from its pension fund over ethical concerns following COE's recommendations. Adani Ports' ties with Myanmar's armed forces led to the exclusion. The sale of its Myanmar port to Solar Energy raises questions about its current connections.
8:10 PM
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State Bank of India, HDFC Bank, Canara Bank, ICICI Bank, Axis Bank, and PNB revised their fixed deposit rates. SBI hiked rates by 75 bps for certain tenures, while HDFC raised rates for 18 to just under 21 months. ICICI offers rates up to 7.20% for 15 months to less than 2 years.
3:10 PM
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Banks adjust MCLR monthly based on factors like repo rate. Latest MCLR rates from top 7 banks in May 2024 highlighted. Banks cannot lend below MCLR except in specific cases. Rates effective from specific dates. Consumer loans linked to 1-year MCLR. Yes Bank and Canara Bank rates effective from specific dates. IDBI Bank and SBI rates also provided.
2:10 AM
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SBI increases short-term deposit rates by up to 75 basis points to boost liquidity, replacing wholesale deposits. The move follows GST outflows and equity sales by foreign institutional investors, pushing rivals to review rates too. Mention of MSID 110157382, public sector banks, Bank of Baroda, Yes Bank, IndusInd Bank, IDFC Bank, and Dinesh Khara's statements.
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Gold, culturally significant in India, is gaining global central bank interest. CEO Amrita Farmahan highlights its steady returns and strategic asset appeal, recommending a 10% allocation through ETFs and Sovereign Gold Bond Funds.
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SBI raises fixed deposit interest rates for retail and bulk deposits, with a significant increase for senior citizens. Rates go up by 75 bps for deposits below Rs 2 crore.
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HDFC Bank's Parag Rao announced 6-7% IT expenditure allocation, focusing on capital and operating costs. The Pixel card for young customers launched via Payzapp, with investments in core infrastructure and customer servicing apps. Strategies include avoiding downtime, enhancing engagement, and building modular systems.
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Dheeraj Wadhawan arrested in Rs 34,000 crore DHFL bank fraud case. Linked to Iqbal Mirchi, Ajay Navandar. Used false loans, NPA 'Bandra Books.' CBI seized cash, watches, art worth crores.
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Former DHFL director Dheeraj Wadhawan arrested by CBI in Rs 34,000-crore bank fraud case from Mumbai, charge-sheeted in 2022. CBI registered the case related to defrauding a consortium of 17 banks for Rs 34,000 crore, the biggest banking loan fraud in India.
10:10 PM
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The world's biggest banks financed fossil fuels to the tune of $705 billion in 2023, with US and Japanese lenders leading the way, an annual report by climate campaigners said Monday. Since the 2015 Paris climate agreement, the top 60 banks have provided a total of $6.9 trillion to the sector, according to the coalition's 15th annual report titled "Banking on Climate Chaos".
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Senior citizens can enjoy tailored FDs with higher interest rates at various banks, including DCB Bank, IDFC First Bank, Bandhan Bank, IndusInd Bank, YES Bank, and DBS Bank India. Rates apply up to Rs 2 crore.
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In fiscal year 2025, SBI targets to recruit 12,000 fresh faces, primarily engineering graduates, for diverse business roles. Heavy investment in technology training ensures a continuous supply of tech manpower, surpassing industry standards.
8:10 PM
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May 2024 bank holidays: According to the Reserve Bank of India (RBI) holiday list, banks in certain constituencies where voting is scheduled will also be closed, although this does not apply to all areas.
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