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Non-banking financial company gold loans grew nearly seventy percent year-on-year. This expansion significantly outpaced overall retail credit growth for these institutions. The Reserve Bank of India had introduced new rules for gold lending practices. Despite regulatory scrutiny, demand for gold-backed credit remained robust. Credit growth in industry and services sectors showed moderation during this period.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/I6FSn8r
This empowers the government to allow banks and other payment service providers to impose charges on transactions conducted through the unified payments interface (UPI) and other electronic payment modes that may be notified.
Top stock market recommendations: Ambuja Cements, Asahi India Glass, and Pfizer - these stocks have been identified as the top buy calls for August 6, 2026 by Aakash K Hindocha, Vice President - Research, Nuvama Professional Clients Group/Nuvama Wealth Management. The expert has also shared outlook on Nifty50 and Bank Nifty:
The government has authorised the Reserve Bank of India to print up to 2 billion polymer (plastic) notes - 1 billion each in the Rs 10 and Rs 20 denominations for field trials. At present, there is no proposal to replace paper currency entirely.
The Enforcement Directorate is investigating 32 bank fraud cases with 54 absconding accused. Proceedings under the Fugitive Economic Offenders Act have been launched against 27 individuals. Assets worth over Rs 840 crore have been confiscated after nine were declared offenders. Unclaimed bank deposits transferred to the RBI fund total Rs 62,683.19 crore. India's foreign exchange reserves remain comfortable, covering 10.3 months of goods imports.
Merchant Discount Rate (MDR) is the fee merchants pay to banks and payment service providers for processing digital transactions. In India, credit card payments generally attract an MDR of around 1.5%.
Nifty also saw a significant rise in the last twenty minutes of trading. The Indian rupee remained nearly unchanged against the US dollar. Dollar demand from importers and state-run banks increased during the session.
August brings numerous bank holidays across India, affecting branch operations. Banks will close on specific dates due to regional festivals and national observances. Customers should verify local branch availability before planning visits. Digital banking services will remain accessible throughout these holiday periods. Plan branch-specific transactions in advance to avoid any inconvenience.
The Indian rupee strengthened against the US dollar on Monday morning. Falling global crude oil prices and a weaker US dollar supported the rupee's rise. Foreign fund inflows and higher forex reserves also provided additional support. Easing geopolitical concerns after US President Donald Trump delayed strikes on Iran helped markets. The Reserve Bank of India's continued intervention further bolstered the currency's performance.
The Reserve Bank of India has revised rules for bulk deposits, effective October 2026. Banks can now offer differential interest rates based on liquidity risk under the LCR framework. This move aligns deposit pricing with revised LCR guidelines for better asset-liability management. Mandatory daily public disclosure of bulk deposit rates will enhance transparency for customers. However, uniform rates will continue for similarly placed depositors across all branches.
The stock market faces a crucial week with key domestic and global events. The Reserve Bank of India's interest rate decision is a major focus for investors. Geopolitical developments in West Asia and crude oil prices will also influence sentiment. Several large companies are set to announce their quarterly earnings results. Foreign investors turned net buyers in July, supporting market confidence.
In a significant move, Capital One has closed the Trump Organization's accounts, citing anti-money laundering concerns backed by detailed analysis and adherence to internal policies. This action occurs amidst ongoing legal disputes initiated by the Trump Organization, which accuses the bank of discriminatory 'debanking' based on 'woke' ideologies. Capital One is now seeking dismissal of these claims, labeling them as fundamentally misguided.
Total forex mobilization under RBI's concessional dollar swap facility has exceeded forty billion dollars. This amount more than doubled in just a fortnight, surpassing previous deposit drives. Foreign Currency Non-Resident (Bank) deposits formed the largest portion of these inflows. The facility encourages overseas fund mobilization and boosts foreign exchange reserves. This scheme remains available until late 2026 for various deposit types.
