11:10 AM
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According to a World Bank report, it may take India around 75 years to reach one-fourth of the US per capita income. More than 100 nations, including Brazil and South Africa, face hurdles in achieving high-income status. The report urged these countries to change outdated strategies to address demographic, economic, and geopolitical challenges.
7:10 AM
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Currently, banks allow one nominee for savings bank and fixed deposits, which is proposed to be raised.
12:10 PM
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A two-day drop in SoftBank Group Corp. shares has resulted in a $2.5 billion loss for its founder, Masayoshi Son, following an unexpected interest-rate hike by the Bank of Japan. The company's shares fell 6.7% in morning trading in Tokyo, marking a roughly 13% decline over two days. Despite this setback, Son's fortune remains up by about $3 billion from the $11.3 billion he started with at the beginning of the year, according to the Bloomberg Billionaires Index.
3:10 PM
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7:10 AM
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Bank credit to non-banking finance companies saw a significant decrease to 8.5% year-on-year growth by June 2024, compared to 16% in May. However, credit card and gold jewellery loans continued to grow strongly. Personal loans remained the biggest driver with 25% growth, with home loans particularly robust. Credit to services and commercial real estate also grew significantly.
6:10 AM
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Over 200 cooperative and regional rural banks faced outages due to a ransomware attack on their core banking provider, C-Edge Technologies. NPCI temporarily isolated C-Edge from its payment system to mitigate the impact. Restoration efforts are ongoing, with security reviews and forensic audits being conducted to ensure a swift resolution.
1:10 PM
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The Bank of Japan addressed the weakening yen by raising its key interest rate to 0.25%. The move briefly strengthened the yen and boosted Tokyo's stock market. The policy shift aims to counter rising import prices and inflation, which consistently exceeded the BOJ's 2% target. The central bank will also reduce bond purchases starting in January 2026.
12:10 PM
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The Australian Bureau of Statistics reported a 1.0% increase in the consumer price index for the June quarter, aligning with predictions. The annual CPI inflation rate hit 3.8%. Core inflation rose 0.8%, falling below expectations. The Reserve Bank of Australia maintained interest rates at 4.35% due to concerns over the labor market and economic stagnation.
7:10 AM
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Public sector banks collected Rs 8,495 crore in fines over five years for non-maintenance of minimum balance, averaging Rs 1,699 crore annually. Despite SBI ceasing such charges, other banks like Punjab National Bank and Bank of Baroda increased collections. This amount surpassed government incentives for digital payments in the budget, highlighting the financial impact on depositors.
2:10 PM
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August 2024 Bank Holidays: In August, banks across India were closed for up to 13 days due to Sundays, national holidays, and regional festivals. Key closures included Ker Puja in Agartala, Tendong Lho Rum Faat in Sikkim, Patriot's Day in Manipur, and Independence Day nationwide.
6:10 AM
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The digital era significantly altered the financial sector job landscape. Automation and AI-fueled digital channels have displaced mid-tier jobs, creating HR challenges. RBI highlighted the need for reskilling staff as AI skills gain importance. Despite increased digitalisation aiding affordable banking, there's concern over rising data breach costs and high turnover in private banks.
6:10 AM
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Private banks in Mumbai faced new liquidity coverage norms from RBI, requiring stable funds like fixed deposits and increased investment in govt securities. The norms pressured interest margins and saw a significant drop in liquidity coverage ratios (LCR) for both private and public sector banks, impacting digital banking accounts and collateral valuation.
4:10 AM
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The government monitored top 20 insolvency cases under Insolvency & Bankruptcy Code (IBC) due to slow action taken by banks. Following the intervention, movements in Jaiprakash Associates and Amtek Auto were observed. Bankers were found discussing loan settlements despite ongoing IBC issues. Finance Minister Nirmala Sitharaman reviewed multiple cases to expedite the process and improve debt recovery mechanisms.
8:10 PM
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The Reserve Bank of India has fined Visa Worldwide, Ola Financial Services, and Manappuram Finance for failing to comply with regulatory requirements. Penalties included Rs 2.4 crore for Visa, Rs 41.5 lakh for Manappuram Finance, and Rs 87.55 lakh for Ola Financial Services. The breaches involved non-compliance with Know Your Customer (KYC) norms and other regulatory provisions.
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