11:10 PM
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In November 2024, central banks globally increased their gold reserves by a total of 53 tonnes. The Reserve Bank of India added 8 tonnes, becoming the second-largest buyer in 2024. Poland led with 21 tonnes, while other significant buyers included Uzbekistan, Kazakhstan, China, and Jordan.
11:10 PM
Blogger
Global central banks continued to bolster their gold reserves in November 2024, adding 53 tonnes collectively. India, the second-largest buyer of the year, increased its reserves to 876 tonnes. Poland led purchases with 21 tonnes. Other notable buyers included Uzbekistan, China, and Turkey. Conversely, Singapore and Finland saw reductions in their gold reserves.
11:10 PM
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Securitisation volumes in India surged by 80% year-on-year, reaching Rs 68,000 crore in the December quarter. ICRA revised its FY24 estimate to Rs 2.4 lakh crore. Growth was primarily driven by private banks, despite challenges in deposit growth and asset quality concerns in personal and unsecured business loans.
1:10 AM
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HDFC Bank's deposit base exceeded its advances for the first time following the merger with its parent housing finance company in July 2023. Deposits grew by 15.8% year-on-year, primarily through term deposits, while advances recorded a slower 3% increase, partially due to a decline in corporate loans.
9:10 PM
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India's forex reserves decline for the twelfth time in 13 weeks, falling by $4.112 billion to $640.279 billion. The Reserve Bank of India's intervention in the currency market to stabilize the Rupee has contributed to this consistent drop, though the reserves remain adequate.
6:10 PM
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The World Bank's $20 billion package for Pakistan will support a 10-year programme focusing on areas such as child stunting, learning poverty, and climate resilience. This initiative aims to ensure stability in development projects despite political changes. An additional $20 billion in private sector lending brings the total investment to $40 billion.
12:10 AM
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Bank of Baroda reported a robust 11.7% year-on-year rise in global business, reaching Rs. 25.6 lakh crore by the end of December 2024, driven by a significant increase in retail lending. Domestic deposits and advances experienced substantial growth, with retail advances surging by 19.5%.
1:10 AM
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SBI and HDFC Bank have started 2024 by enhancing deposit rates. SBI offers super senior citizens new benefits while HDFC has revised bulk deposit rates. SBI also introduces goal-oriented products like 'Har Ghar Lakhpati' to assist customers in achieving savings targets, with both banks setting higher competitive rates.
6:10 PM
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Indian banks are predicted to see a 12.5% credit growth by FY 2025, according to an HSBC report. Despite GDP slowdown risks and tight liquidity, the retail loan sector showed positive momentum in November 2024, driven by demand for personal, home, and gold loans, with an uptick in credit to MSMEs and corporates.
4:10 PM
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India's poverty rates dropped significantly below 5% in 2024, as revealed by the State Bank of India's study. Both rural and urban poverty saw major reductions, with rural poverty at 4.86% and urban poverty at 4.09%. Further adjustments may occur following the completion of the 2021 census.
3:10 PM
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Banks in India will be closed on specific holidays in January 2025, which vary by region. Customers can use digital banking during these closures. Notable holidays include New Year's Day, Sri Guru Gobind Singh's Birthday, and Makar Sankranti.
5:10 AM
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Sebi has uncovered a front-running scheme involving market operator Ketan Parekh and Singapore citizen Rohit Salgaocar. They, along with associates, manipulated trades of a foreign fund, amassing Rs 66 crore illegally. Sebi barred them and 20 other entities from the market, freezing their demat and bank accounts.
10:10 PM
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The Indian rupee is expected to face slight depreciation in 2025 due to volatile FPI flows and a stronger US dollar, according to Bank of Baroda. Despite a decrease in 2024, the rupee was supported by strong forex reserves and RBI interventions. Equity markets are poised for growth driven by rural spending and government expenditure.
1:10 PM
Blogger
Gold price in 2025: Experts recommend maintaining gold in investment portfolios for 2025 due to its diversification benefits and potential for continued gains. Gold prices hit record highs in 2024 due to global political tensions, US interest rate changes, and central bank activities.
11:10 AM
Blogger
Bank Holidays January 2025: The Reserve Bank of India (RBI) has published the list of state-specific bank holidays for January 2025. Key closures include New Year's Day, regional festivals like Loosong, Pongal, Makar Sankranti.
6:10 AM
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SBI Chairman C S Setty aims to leverage technology for quality service, emphasizing digital growth despite the bank’s historic roots. The focus is on strengthening recruitment and adapting to market dynamics, with a significant emphasis on home and auto loans, as well as MSME sector performance and credit card regulations.
9:10 PM
Blogger
As of December 31, 2024, 98.12% of the Rs 2,000 banknotes withdrawn by the Reserve Bank of India have been deposited back into the banking system. Only Rs 6,691 crore remain with the public out of Rs 3.56 lakh crore since demonetisation in May 2023.
10:10 AM
Blogger
The Reserve Bank of India plans to sell government bonds worth Rs 4.73 lakh crore to State Governments and Union territories in January-March 2025. The RBI aims to ensure non-disruptive auctions, considering market conditions, and will notify details of borrowings and participants prior to auctions.
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