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As October unfolds, India's vibrant festival season translates into various state-specific bank holidays. On October 26, banking services will pause in Tripura, Chandigarh, Jammu and Kashmir, and Himachal Pradesh. Important dates approaching include Karva Chauth on October 29 and Sardar Vallabhbhai Patel's birth anniversary on October 31. Although digital transactions persist, customers are encouraged to verify local holiday observances to sidestep any unexpected closures at physical branches.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/8jJUVo0
A recent study by the RBI indicates that banks are more responsive to interest rate hikes than to cuts. Specifically, banks relayed 76.4% of repo rate increases, while only 64% of reductions were passed on. Amid periods of tightening, lending rates surged significantly, in contrast to the minimal decreases observed during easing. This research highlights the intricate dynamics of interest rate adjustments, particularly affecting sectors like MSMEs.
HDFC Bank and Bajaj Finance experienced significant market value declines last week amid broader market losses. The combined drop in valuations for eight major companies totaled Rs 1.55 lakh crore. Market capitalization for BSE-listed companies fell sharply by Rs 20,78,774.28 crore. Only Tata Consultancy Services and Larsen & Toubro managed to increase their market valuations during this period.
In Q2 FY27, IDFC First Bank showcased an impressive profit surge of 196.5 percent year-on-year, reaching Rs 1,045 crore. The bank's robust core operating performance is highlighted by a 21 percent rise in net interest income. Additionally, total loan assets expanded by 30.1 percent, showcasing substantial business growth. With gross non-performing assets reduced to 1.32 percent, management credits this achievement to effective deposit strategies and anticipated liquidity advantages.
Kotak Mahindra Bank reported an impressive 26% growth in its consolidated net profit for the September quarter of FY27. Standalone profit surged by 29%, reaching Rs 4,212 crore. The bank's asset quality improved, as evidenced by the notable decrease in gross non-performing assets. Moreover, the net interest income increased by 16%, with a robust capital adequacy ratio of 21.9%. Nevertheless, the net interest margin dipped to 4.
