7:10 PM
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State-owned UCO Bank reports a 50% rise in net profit to Rs 603 crore in the September quarter, driven by higher interest income. Gross NPAs reduced to 3.18%, and net NPAs fell to 0.73%. The bank anticipates 12-14% credit growth for the financial year.
7:10 PM
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RBL Bank reported a 24% decline in net profit to Rs 223 crore in the September quarter, mainly due to asset quality challenges in its credit card and microlending books. The bank expects credit card challenges to stabilize by Q3, while microfinance issues may persist longer.
4:10 PM
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Kotak Mahindra Bank reported a 5% increase in standalone profit for Q2 ended September 2024, with a total profit of Rs 3,344 crore. The bank's total income rose to Rs 15,900 crore, with NII growing by 11%, while gross NPAs reduced to 1.49%. Consolidated net profit grew by 13% to Rs 5,044 crore.
3:10 PM
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HDFC Bank Ltd., India's largest private sector lender, recorded a 5% increase in net profit for the quarter ending September 30, 2021, reaching Rs 16,821 crore. Net interest income grew by 10% to Rs 30,114 crore. However, the bank's asset quality slightly deteriorated with gross NPA rising to 1.36%.
9:11 PM
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Shaktikanta Das, Governor of India's central bank, stated that cutting interest rates now would be risky. He indicated no urgency to follow global policymakers in easing rates. Though inflation is expected to moderate, Das emphasized the need for vigilance. The Reserve Bank of India aims to ensure inflation settles around its 4% target before considering a rate cut.
7:10 PM
Blogger
India's foreign exchange reserves fell for the second consecutive week, down by $10.746 billion to $690.43 billion as of October 11. The decline is mainly attributed to a reduction in foreign currency assets, gold reserves, and Special Drawing Rights, as reported by the Reserve Bank of India.
12:10 PM
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World Bank President Ajay Banga commended India's robust growth, highlighting its domestic market-driven momentum despite global challenges. He emphasized improving life quality aspects like air and water. Managing Director Anna Bjerde noted efforts to transform growth into job creation, enhance urban livability, and increase female workforce participation.
12:10 AM
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Gold prices in India hit a record high of Rs 76,899 per 10 grams on the MCX due to dovish central banks, lower bond yields, US election uncertainty, and Middle Eastern conflict. US gold futures also surged amid safe-haven demand and geopolitical tensions.
8:10 PM
Blogger
The European Central Bank lowered its key interest rate from 3.5% to 3.25%, reflecting optimism as inflation drops to a three-year low of 1.8%, below its 2% target. This third cut since June suggests further rate reductions may be expected as economic growth slows.
5:10 PM
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Indian Overseas Bank reported a 24% rise in net profit to Rs 777 crore for Q2 FY24, up from Rs 625 crore a year earlier. Total income grew to Rs 8,484 crore, while interest income climbed to Rs 6,851 crore. Improved asset quality saw gross NPAs fall to 2.72% and net NPAs drop to 0.47%.
8:10 AM
Blogger
A quick MoU between RBI and Esma is unlikely as Indian authorities reject extra-territorial regulation. European banks face higher capital requirements for CCIL transactions. RBI and the Indian government explore alternatives to maintain regulatory sovereignty.
1:10 PM
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The Reserve Bank of India may expand the RTGS to include major currencies like the US dollar, euro, and pound sterling. This move aims to make cross-border payments more affordable and faster.
5:10 PM
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The Maharashtra government has announced a Diwali Bonus under the Ladki Bahin Yojana, crediting Rs 3000 into the bank accounts of eligible women beneficiaries in October. This includes the 4th and 5th installments of the scheme.
2:10 PM
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The world's 26 poorest countries, largely in sub-Saharan Africa, face the highest debt levels since 2006 and remain more vulnerable to natural disasters, conflicts, and economic instability. Despite IDA funding, these countries struggle with institutional fragility, high debt-to-GDP ratios, and poor public spending efficiency.
11:10 AM
Blogger
The world's 26 poorest countries, largely in sub-Saharan Africa, face the highest debt levels since 2006 and remain more vulnerable to natural disasters, conflicts, and economic instability. Despite IDA funding, these countries struggle with institutional fragility, high debt-to-GDP ratios, and poor public spending efficiency.
2:10 AM
Blogger
CCPA directs Ola to offer an option for refunds either as a bank transfer or a coupon, identifying existing practices as unfair. Ola is also mandated to provide receipts for auto rides and address key consumer complaints. Policy changes including clear grievance contact details, cancellation policies, and fare breakdowns have been implemented.
3:10 PM
Blogger
State Bank of India (SBI) is set to enhance the instant loan scheme threshold for MSMEs beyond the current Rs 5 crore, streamlining the process with tech for quick approvals. Plans include network expansion with 600 new branches, aiming to include more MSMEs in formal credit systems.
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