RSS Feed
Twitter
4:10 PM
Blogger
PIB Fact Check has debunked claims about a government notification for public sector banks declaring Saturdays as holidays. A fake document circulated on social media created confusion around the banking holiday issue. Public sector banks, including the State Bank of India, have not received any such notifications. Discussions regarding the five-day banking week are ongoing between the Indian Banks' Association and the United Forum of Bank Unions.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/J5tBO4R
The money changes include a reduction in the number of free ATM transactions for certain State Bank of India (SBI) salary account customers, new disclosure norms for interest rates on bulk fixed deposits (FDs), revised charges under the National Pension System (NPS) and mandatory Aadhaar authentication for receiving LPG subsidies.
Bank customers are advised to organize their visits in light of several upcoming regional and national holidays that will lead to branch closures. Key dates to remember include Mahatma Gandhi Jayanti on October 2 and Dussehra on October 19, which will affect various states. Furthermore, expect closures on the second and fourth Saturdays of October. However, customers can still leverage digital banking for regular transactions during these periods.
Bank of America Securities anticipates that the Reserve Bank of India will implement significant interest rate hikes by mid-2027. They have adjusted their forecast for the initial hike to October instead of December, predicting a cumulative increase of 100 basis points, resulting in a terminal rate of 6.25 percent. This expectation is bolstered by economic growth and inflation concerns, but any slowdown in the economy could impact the RBI's strategy.
In the early trading session, the rupee opened at 95.87 against the US dollar but quickly fell to 95.97. This decline is attributed to strong demand for dollars from oil marketing companies. To curb the rupee's decline below the 96 mark, state-run banks are stepping in. Additionally, foreign portfolio outflows totaling around $2.2 billion this month are further straining the currency.
