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National Housing Bank data revealed a widespread increase in property prices across India, with 48 out of 50 cities experiencing hike in Q4 FY25. The Housing Price Index surged by 7.5% year-on-year, driven by appreciation in major residential markets like Bengaluru and Kolkata. A reduction in home loan interest rates further bolstered the property market during this period.from Business News: Budget 2025, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/zgfR2mh
Banks nationwide are closed today, May 24th, for the fourth Saturday of the month, as per RBI guidelines. While physical branch services are unavailable, digital banking options like mobile apps, ATMs, and online payment systems remain operational for uninterrupted transactions.
The Reserve Bank of India's record dividend payout to the government, nearly Rs 2.7 trillion, was primarily driven by substantial dollar sales and foreign exchange gains. The RBI actively intervened in the forex market, becoming a major seller of reserves. Increased earnings from rupee securities also contributed, although tempered by falling G-sec yields.
The Indian rupee rebounded strongly, appreciating by 50 paise to Rs 85.45 against the US dollar, driven by a weaker dollar index and robust domestic equity market performance. Positive global risk sentiment and central bank initiatives further supported the rupee, offsetting concerns from crude oil prices and foreign fund outflows. The currency saw its largest single-day gain since November 2022.
The government is set to re-issue dated government securities totaling Rs 27,000 crore on Friday, split between securities maturing in 2029 and 2054. The Reserve Bank of India will conduct the underwriting auction using a multiple price-based method. This move aims to enhance transparency and promote better investment planning, contributing to the stability of the Government Securities market.
Morgan Stanley anticipates the Reserve Bank of India to implement steeper interest rate reductions, potentially totaling 100 bps, to bolster slower economic growth while maintaining controlled inflation. Further rate cuts are expected, potentially bringing the repo rate down to 5.5%.
Top stock market recommendations: Aakash K Hindocha from Nuvama Professional Clients Group suggests Bosch (SELL), CAMS (BUY), and ONGC (BUY) as top stock picks for today. He anticipates Nifty may decline to 24100, facing resistance at 24800, and Bank Nifty could drop 1000-1200 points.
IndusInd Bank reported a record net loss of Rs 2,329 crore for the March quarter due to governance failures and misreporting. The bank faced increased NPAs, wrongly accounted derivative trades, and misclassified microfinance assets. Following leadership resignations, a new CEO is being sought to restore ethical standards and rebuild trust.
Reserve Bank of India plans to standardize gold loan rules. New guidelines focus on banks and NBFCs. Loan-to-value ratio is capped at 75%. Borrowers need to prove gold ownership. Lenders must provide purity certificates. Loans are allowed against specific gold and silver. There are limits on collateral weight. Gold valuation will be standardized. Detailed loan agreements are mandatory.
Britain faced a sharp rise in inflation in April. The Consumer Prices Index increased to 3.5 percent. This is up from 2.6 percent in March. Energy and water bills drove the surge. The Bank of England may slow interest rate cuts. The Labour government faces political challenges. The Conservative Party criticizes Labour's fiscal policies.
Indian banks are anticipated to receive unique national calling numbers, equipped with incoming call capabilities to enhance customer verification and trust. Discussions are underway with the government and RBI to implement this system, aiming to replace the current '1600xx' series, which lacks inbound call support.
The Reserve Bank of Australia (RBA) has cut the cash rate to 3.85%, marking the second reduction this year amid declining inflation, now within the 2-3% target. This decision follows concerns about global economic uncertainty due to US tariffs, despite recent trade negotiation revivals between the US and China. While inflation stabilises, unemployment has slightly increased to 4.
China's central bank has lowered key interest rates to record lows, aiming to stimulate an economy challenged by weak consumer demand and a property crisis. The cuts follow a temporary easing of trade tensions with the U.S. While industrial output shows growth, retail sales and the property sector are struggling, painting a mixed economic picture for the Asian giant.
State Bank of India reported record profits driven by its digital banking platform, YONO, despite a relatively small digital user base. While YONO contributes significantly to loan disbursements and transactions, SBI faces challenges in converting its vast legacy customer base to digital platforms. Experts suggest optimizing digital adoption and phasing out underutilized physical infrastructure to enhance efficiency and market valuation.
