10:10 PM
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India's forex reserves jumped USD 4.549 billion to a new all-time high of USD 648.7 billion for the week ended May 17, the Reserve Bank said on Friday. This is the third consecutive week of increase in the overall kitty, which had increased by USD 2.561 billion to USD 644.151 billion in the previous reporting week ended May 17.
8:10 PM
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In a grim outlook for the US stock market, JP Morgan has sounded the alarm, anticipating a substantial decline in the S&P 500 index by the conclusion of 2023. Marko Kolanovic, the bank's lead market strategist, has set the lowest year-end target among prominent Wall Street financial institutions, projecting the index to plummet to 4,200 points.
2:10 PM
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The Reserve Bank of India (RBI) announced a record dividend payout of over Rs 2.1 lakh crore to the government in FY24. The payout, announced on Wednesday evening, is the result of RBI's active intervention in foreign exchange and money markets.
10:10 AM
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The Reserve Bank of India added 24 tonnes of gold to its reserves between January and April this year to diversify reserves during volatility amid geopolitical tensions. Central banks, including emerging markets, are increasing gold reserves due to its store of value and rising prices in response to global uncertainty.
8:10 PM
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On a public holiday in the UK, when the markets were expected to be calm, a significant trading error occurred at Citigroup. A trader on the Delta One desk attempted to manually hedge the bank's exposure to the MSCI World Index. In the process, the trader mistakenly entered a figure intended as the notional value ($58 million) into the quantity field, resulting in the creation of an erroneously large basket of equities valued at $444 billion.
4:10 PM
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Banks in several states will be closed on Thursday, May 23, due to Buddha Purnima as per the Reserve Bank of India's holiday list. Individuals can utilize digital banking services for simplified financial management on bank holidays.
9:10 AM
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The Reserve Bank of India (RBI) provides a yearly payment to the government, sourced from its surplus earnings on investments, changes in valuation of its dollar reserves, and the charges it collects for printing money. The central bank is required to maintain a contingency risk buffer that falls within the range of "5.5% to 6.5% of its balance sheet."
9:10 PM
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Jamie Dimon, the long-serving CEO of JPMorgan Chase & Co, announced a change in his retirement timeline during the bank's investor day, saying it is "not five years anymore." Dimon, who has led the largest US bank since 2006, indicated that succession plans are well under way. Earlier this year, in line with his five-year retention package, Dimon reassigned key executives to senior roles to gain more operational experience.
8:10 PM
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Aggregate demand momentum in India is rising, with the overall non-food spending being pushed up by green shoots in rural spending recovery, the Reserve Bank of India said in its monthly bulletin on Tuesday. "Recent indicators are pointing to a quickening of the momentum of aggregate demand. In the personal consumption space, Nielsen IQ data indicate that a welcome pivot is underway that will boost this category of spending," the RBI said in its 'State of the Economy' article.
2:10 AM
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PM Narendra Modi praised banks for record profits in FY24, aiding the poor, farmers, and MSMEs. Challenges like bad loan provisions, bank insolvency, and govt recapitalisation were overcome, leading to a significant banking sector turnaround.
2:10 PM
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Today marks the fifth phase of voting for the 18th Lok Sabha elections, leading to bank closures in Mumbai, Lucknow, and Belapur. Maharashtra government mandates a paid holiday for workers who are eligible voters, aligning with May bank holidays. RBI categorizes holidays under different categories, and specific bank holidays in May will impact operations in Tripura, Mizoram, and Chandigarh.
11:10 AM
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Recent actions by the Reserve Bank of India (RBI) signal a larger dividend transfer to boost government finances. As the government's debt manager, the RBI is expected to announce the transfer of its surplus funds to the government towards the end of May.
3:10 AM
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In FY24, the banking sector's net profit surpassed Rs 3 lakh crore, with public sector banks leading at Rs 1.4 lakh crore. Private sector banks and IT services also flourished due to enhanced balance sheets and improved performance. Reliance Industries, TCS, Indian Oil, ONGC, Infosys, and Bank of Baroda were notable in the profit landscape.
4:10 AM
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3:10 AM
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N Vaghul, a banking industry pioneer, passed away at 88 in Apollo hospital. He redefined ICICI, India's second-largest bank, and earned the Padma Bhushan. Vaghul led Bank of India, championed gender-neutral meritocracy, and mentored a generation of financial leaders like K V Kamath and Shikha Sharma.
2:10 AM
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A finance ministry official raised concerns about the impact of futures and options trading volumes on capital market growth and household savings. The discussion included financial sector development, Nirmala Sitharaman's caution, and various financial indicators like investments in physical assets, bank advances, and mutual funds.
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