4:10 PM
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RBI's recent report reveals a shift in credit distribution, with metropolitan bank branches' share declining to 58.7% in March 2025, from 63.5% five years prior, due to faster credit growth in non-metro areas. Despite this, metropolitan branches still lead in deposit mobilization, growing at 11.7%.
2:10 PM
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Banks in India will operate on Saturday, May 31. This is because it is the fifth Saturday of the month. Reserve Bank of India guidelines dictate closures on the second and fourth Saturdays. June 2025 will see bank holidays for Id-ul-Ad’ha, Sant Guru Kabir Jayanti, Ratha Yatra, and Remna Ni. Stock markets will remain open throughout June 2025.
4:10 AM
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1:10 PM
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The Union finance ministry has suggested excluding small borrowers from the Reserve Bank of India's new gold-loan rules. This proposal aims to protect those with loans under Rs 2 lakh. The ministry also recommended delaying the rules until January 1, 2026. This decision follows opposition from Tamil Nadu, where concerns were raised about the impact on rural borrowers.
3:10 AM
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The revamped PM SVANidhi scheme is set to offer street vendors higher subsidised loans and credit cards with a Rs 30,000 limit, thanks to bank participation. Rural vendors migrating to cities will also benefit from these loans, with an additional Rs 10,000 potentially included. This initiative aims to provide accessible capital and reduce reliance on high-interest informal loans.
2:10 AM
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Following recent turmoil stemming from incorrect derivative trade recognition, the Institute of Chartered Accountants of India (ICAI) will scrutinize IndusInd Bank's financial statements. The Financial Reporting Review Board (FRRB) will conduct the review for the fiscal years 2023-24 and 2024-25 to ensure compliance with accounting and auditing standards.
1:10 AM
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The RBI is fortifying its forex reserves against weaponization by diversifying assets across currencies and jurisdictions, reducing reliance on the US dollar. With reserves constituting 74% of its Rs 76 lakh crore balance sheet, the central bank aims to insulate the Indian economy from external shocks. Simultaneously, the RBI promotes rupee-denominated trade and enhances data security with the upcoming IFS Cloud.
12:10 PM
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India's public sector banks have spearheaded a remarkable turnaround, driving the banking sector to record profits of Rs 3.71 lakh crore. Fueled by increased lending income and reduced NPAs, PSU banks saw a 26% profit surge, nearing private banks' earnings.
12:10 PM
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Himachal Pradesh banks observed a holiday on May 29 for Maharana Pratap Jayanti. Banking services were unavailable in Shimla and other areas. Digital banking remained operational nationwide. The Reserve Bank of India released holiday schedules. Earlier in May, banks were closed for other regional holidays.
9:10 AM
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South Korea's central bank has lowered interest rates to bolster its export-driven economy, responding to pressures from the US tariff war. The Bank of Korea also significantly reduced its annual growth forecast to 0.8 percent, reflecting rising global uncertainties and lower-than-anticipated first-quarter growth. This rate cut brings lending rates to their lowest level since October 2022.
8:10 AM
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Top stock market recommendations: Nifty remains range-bound, potentially retesting lower supports unless it closes above 25050, while Bank Nifty's rising trendline break suggests a possible 1200-1500 point decline. Aakash K Hindocha recommends Chennai Petroleum Corporation, LTIMindtree, and Zydus Lifesciences as buy calls, citing bullish patterns and potential for upward movement in these stocks.
9:10 PM
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Sebi has barred former IndusInd Bank CEO Sumant Kathpalia and four others from the securities market, impounding ₹19.78 crore. The regulator alleges they traded on unpublished price-sensitive information related to an RBI directive impacting the bank. This action follows Sebi's investigation into potential accounting frauds within IndusInd Bank.
5:10 PM
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Peter Schiff questions why central banks favor gold over Bitcoin as they prepare for a post-dollar era, highlighting record gold purchases amid rising distrust in the US dollar. This trend reflects gold's enduring role as a reliable reserve asset, contrasting with Bitcoin's volatility and limited institutional acceptance. Analysts suggest geopolitical tensions and economic uncertainty further bolster gold's appeal.
4:10 PM
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Global markets displayed mixed performance, with London's FTSE 100 and Hong Kong's Hang Seng leading gains amid easing trade tension concerns. US stock futures surged ahead of Wall Street's reopening, buoyed by delayed EU tariffs. Bank of Japan hinted at potential rate hikes due to rising inflation, influencing market sentiment in Asia.
2:10 PM
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The Reserve Bank of India is exploring the possibility of allowing banks to offer fixed deposits with tenures shorter than seven days, seeking feedback from banks by the end of the month. This move aims to boost deposit attractiveness and liquidity amid declining deposit growth.
10:10 AM
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Asian shares mostly declined amid light trading due to the US Memorial Day holiday. The Bank of Japan hinted at potential interest rate hikes following governor Ueda's remarks on rising inflation, particularly soaring food costs. Oil prices dipped, while currency markets saw the US dollar weaken against the yen and the euro. US stock futures indicated positive movement.
4:10 PM
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Memorial Day, now observed on the last Monday in May, has evolved into a major retail and travel weekend. Government offices and banks will be closed, but most retail stores will remain open with sales. A record 45 million Americans are expected to travel, primarily by car, despite air travel concerns stemming from recent safety incidents and ongoing flight disruptions.
3:10 PM
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JSW Paints, under Sajjan Jindal, is nearing the acquisition of Akzo Nobel India, valuing Akzo Nobel NV’s stake at approximately Rs 9,000 crore. This deal could position JSW Paints as a major player in both decorative and industrial paints. The acquisition, expected to be finalized soon, will trigger an open offer and is financed through promoter equity and bank loans.
2:10 PM
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Gold prices are predicted to rise significantly. Reports suggest a potential peak of $8,900 by 2030. Incrementum's analysis links this to central bank policies and inflation. JP Morgan forecasts $6,000 per ounce by 2029. Despite fluctuations, experts advise investors to consider gold. Current market allocation to gold is minimal compared to other assets.
1:10 AM
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RBI acknowledges that government ownership of public sector banks (PSBs) reduces its risk management burden, justifying lower capital buffers for these entities. The central bank's economic capital framework report highlights the government's deep pockets and track record of capital infusion, which has improved PSB asset quality.
5:10 PM
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A World Bank study reveals Pakistan's General Sales Tax exacerbates poverty by disproportionately burdening low-income families. Education spending, particularly at primary levels, also contributes to inequality. Conversely, the Benazir Income Support Programme effectively reduces inequality by providing financial aid to the poorest households, highlighting the need for tax reforms and improved social protection.
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