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The World Bank reports India lifted 171 million people out of extreme poverty between 2011-12 and 2022-23, reducing it to 2.3%. Using a $3.65/day poverty line, 378 million were lifted out of poverty. While significant progress occurred, challenges remain, including youth unemployment and gender disparities in employment, despite rising employment rates.from Business News: Budget 2025, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/UKObTp9
In April 2025, Indian banks, including both public and private sectors, will be closed on Saturday, April 26th, due to the Reserve Bank of India's (RBI) bi-monthly weekend closure policy. Additionally, banks in Himachal Pradesh will be closed on April 29th for Bhagwan Shri Parshuram Jayanti. Karnataka banks will remain closed on April 30th for Basava Jayanti and Akshaya Tritiya.
The Reserve Bank of India significantly increased its gold reserves by 57.5 tonnes in FY25 amidst global financial instability and rising gold prices. This acquisition, the second largest since 2017, aligns with a global trend of central banks bolstering gold holdings.
Stock market recommendations: Bajaj Broking Research suggests a positive outlook for the Indian stock market, highlighting Lemon Tree Hotels and Electrosteel Castings as top picks. Nifty is expected to reach 24,550 and potentially 24,850, while Bank Nifty aims for 56,800.
Canara and Indian Bank have reduced their repo-linked lending rates (RLLR) by 25 basis points, aligning with the RBI's efforts to make home and vehicle loans more affordable. Indian Bank has decreased its home loan interest rates to 7.90% and vehicle loan rates to 8.25%. Canara Bank also announced a reduction, with housing loans now starting at 7.90%.
UPI Circle, launched by NPCI on the BHIM app, enables delegated payments with security and oversight, expanding financial inclusion. Primary users can authorize secondary users to make transactions within set limits, benefiting those lacking digital literacy or bank accounts. This structured approach reduces cash reliance and increases transparency for families and businesses.
Top stock market recommendations: Nuvama Professional Clients Group's Aakash K Hindocha recommends Ambuja Cements, Jubilant FoodWorks, and SBI Cards as top stock picks. While Nifty's rally may tire, short-term support is at 23900. Bank Nifty, after leading gains, shows signs of underperformance.
The Reserve Bank of India (RBI) has mandated that all Indian banks migrate their net banking facilities to the exclusive '.bank.in' domain by October 31, 2025. This initiative aims to combat rising online payment fraud and enhance trust in digital banking services by ensuring customers can easily identify authentic banking websites.
The World Bank has lowered India's GDP growth forecast for FY 2025-26 to 6.3%, citing global economic headwinds and domestic policy uncertainties. The IMF also revised its projection downward to 6.2%. Across South Asia, growth projections have been broadly reduced, with the region expected to grow at 5.8% in 2025.
Stock market recommendations: Anand Rathi Shares and Stock Brokers' DVP Mehul Kothari recommends buying SJVN, IDBI Bank, and Krsnaa Diagnostics.
IndusInd Bank's shares plummeted following the appointment of EY to investigate a Rs 600 crore irregularity in its microfinance portfolio. This raised concerns about governance and accounting practices.
The Reserve Bank of India (RBI) has updated guidelines for minors' deposit accounts, allowing those aged 10 and above to independently operate savings and term deposits, subject to bank policies. Banks must ensure smooth transitions upon the account holder reaching 18, with updated KYC and account management.
Gold prices surged to a record high on the MCX, reaching Rs 96,747 per 10 grams, while silver also climbed to Rs 95,730 per kilogram. This rally was fueled by a weakening US dollar, escalating US-China trade tensions, and concerns over central bank independence. International gold prices soared past $3,385 per ounce amid global financial volatility.
Investors are keenly awaiting corporate earnings from HCL Technologies, Axis Bank, and Maruti, alongside global tariff developments from the US, which are expected to influence market sentiment. FII inflows, driven by a weakening dollar, and India's strong growth outlook are providing support. However, potential negative surprises regarding US tariffs could introduce volatility.
Stock market recommendations: Bajaj Broking Research suggests a positive outlook for the Indian stock market, highlighting Jindal Steel and Reliance Infra as top picks for April 21, 2025. Nifty and Bank Nifty are expected to continue their upward trajectory, driven by strong global cues and foreign fund inflows.
