US Fed enlists ex-RBI guv Rajan, 2 other Indians for massive policy overhaul

Former RBI governor Raghuram Rajan will help shape US monetary policy. He joins a Federal Reserve task force reviewing its policy framework. Rajan will examine balance sheet policy alongside other experts. Other panels will assess data, productivity, and inflation frameworks. These initiatives aim to improve the central bank's future policy approach.

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Bank holiday today: Will banks remain shut for Rath Yatra and Harela on July 16? Check state-wise list

Bank branches will be closed in Odisha, Uttarakhand, and Manipur on July 16. These closures are for Ratha Yatra and the Harela festival celebrations. Customers can still use online and mobile banking services for transactions. Other regional holidays are scheduled later this month across various states. Regular banking operations will resume on the next working day.

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Top stocks to buy today: Stock recommendations for July 16, 2026 - check list

Top stock market recommendations: Anant Raj, Sobha Ltd, and PNB Housing Finance have been identified as the top stocks to buy by Aakash K Hindocha, Vice President - Research, Nuvama Professional Clients Group/Nuvama Wealth Management for July 16, 2026. Views on Nifty and Bank Nifty have also been shared:

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JPMorgan Chase on track to become world's first bank with a $1 trillion valuation

JPMorgan Chase is nearing a $1 trillion market valuation, a historic milestone for a bank. The lender's shares reached a record high after reporting its highest quarterly profit ever. Analysts expect dealmaking activity to remain strong through the rest of 2026. This achievement would place JPMorgan alongside major technology giants like Tesla and Meta. The bank's diversified business model and strong leadership contribute to its impressive performance.

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IDBI stake sale back on table, government keen to speed up process

Government is accelerating the IDBI Bank stake sale process. Two bidders, Fairfax and Emirates NDB, are being considered. This follows the rejection of earlier bids below the reserve price. Recent foreign investments in Indian banking include Yes Bank and RBL Bank. Mitsubishi UFJ Financial Group also made a significant investment in Shriram Finance.

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