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An RBI panel suggests regulators should be lenient towards initial AI system errors in finance, provided adequate safety measures are in place, to foster innovation. The report emphasizes a framework built on trust, accountability, and transparency. Recommendations include building better data infrastructure and developing indigenous models, with flexible rules and proportionate liability for banks.from Latest Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZguXq76
State Bank of India will levy nominal charges on IMPS fund transfers exceeding Rs 25,000 via online channels, effective August 15. These charges range from Rs 2 to Rs 10 based on the transaction amount, with GST applicable. Salary package account holders and specific current account categories will be exempt from these charges.
ICICI Bank faced widespread criticism after announcing a significant increase in minimum balance requirements for new account holders. Consequently, the bank rolled back the decision and revised its MAB norms to Rs 15,000 for metro and urban locations, Rs 7,500 for semi-urban, and Rs 2,500 for rural areas.
A Bank of Baroda report indicates India's limited exposure to Russian oil export disruptions, estimating an additional $5 billion in annual import expenditure. While India has significantly increased its reliance on Russian oil since 2021-22, a full embargo could severely impact the global economy by potentially driving prices above $80 per barrel. India's import costs remain manageable.
Indian banks will observe closures for Independence Day on August 15, followed by Janmashtami on August 16 in several states, leading to a long weekend with limited services. While most states observe holidays, some states like Tripura, Maharashtra, and others will have banks operating on Saturday.
Paytm Payments Services has received the Reserve Bank of India's approval to operate as an online payment aggregator. This lifts restrictions on onboarding new merchants, in place since November 2022. The company submitted its application in March 2020. The RBI has stipulated certain conditions, including a system audit and compliance with payment guidelines.
Indian lenders are exploring measures to alleviate financial strain on SMEs impacted by the U.S. tariffs on Indian imports. Banks are considering waiving administrative charges and penal interest on delayed payments. The government is developing a support plan, including export diversification and domestic market strategies.
State Bank of India has ceased trade and foreign currency dealings with Nayara Energy due to potential US sanctions, prioritizing compliance with international rules. This decision, made after recent US tariff hikes and EU sanctions, impacts Nayara's international transactions. Nayara is now seeking alternative arrangements with domestic institutions like UCO Bank to navigate these challenges.
Gold prices in India have soared to record highs, surpassing Rs 1.02 lakh, fueled by US tariff policies and global economic uncertainties. Experts attribute this surge to concerns over the US dollar's stability, rising inflation risks, and escalating geopolitical tensions. Central banks are increasingly diversifying into gold as a hedge against these systemic risks, further bolstering its safe-haven appeal.
Stock market recommendations: Motilal Oswal Financial Services recommends AU Small Finance Bank and Bharti Airtel as top stock picks for the week of August 11, 2025. AU SFB's universal bank transition and Bharti Airtel's strong Q1 FY26 performance, driven by growth in India and Africa, along with debt reduction, underpin these recommendations.
Stock market recommendations: Amidst a six-week losing streak for Nifty, marked by bearish sentiment and geopolitical pressures, SBI Securities suggests caution. While Nifty faces resistance around 24,600, Bank Nifty's key support lies at 54,850. Sudeep Shah recommends accumulating Kajaria Ceramics and Affle 3i Ltd, citing positive technical indicators and potential for near-term gains.
Jefferies recommends buying Titan, citing strong growth and margin expansion. Goldman Sachs suggests buying Page Industries, noting better than expected profit. Morgan Stanley is overweight on AU Small Finance Bank after RBI approval. Motilal Oswal Securities is neutral on Sun TV Network due to weak advertisement revenue.
The Reserve Bank of India (RBI) has proposed standardised forms and a uniform process for settling claims related to deceased customers' bank accounts, lockers, and safe custody items. A 15-day settlement deadline is proposed, with compensation for delays. The new guidelines aim to simplify procedures, bring uniformity across banks, and improve customer service, with implementation expected by January 1, 2026.
Gold prices are expected to rise further due to macroeconomic uncertainty, trade tensions, and central bank buying. Analysts are closely monitoring upcoming economic data releases and Federal Reserve officials' speeches for insights. Tariff escalations and a weaker dollar are also contributing factors, potentially driving gold to new highs in both international and domestic markets.
Punjab National Bank aims to sell over 100 NPA accounts to ARCs, targeting recoveries of 40-50% and a total business of Rs 30 lakh crore by FY26. The bank is focusing on profitable growth, aiming for 11-12% credit growth and 9-10% deposit growth, while streamlining corporate lending and boosting MSME and agriculture sectors.
