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Amid rising global conflicts in Ukraine and West Asia, PM Narendra Modi voiced optimism about the Indian economy, highlighting decade-long transformative changes. Speaking at the Kautilya Economic Conclave, he noted global confidence in India's growth, citing upgraded projections by the World Bank, IMF, and Moody's. Modi emphasized ongoing reforms and potential investment opportunities, particularly in the green economy.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3q8cA2o
With rising tensions in West Asia, India's G20 sherpa Amitabh Kant emphasized collaboration with Brazil to achieve consensus at the G20 summit. Key issues include global conflict, climate change, the need to drive global growth, and the necessity to realign multilateral development banks, amidst challenges in harnessing new technologies.
In October 2024, Punjab National Bank, Punjab & Sind Bank, and Bank of Baroda revised their fixed deposit interest rates. General citizens can earn between 2.80% and 7.25%, while senior and super senior citizens enjoy additional benefits. The highest rate for general citizens is 7.25%.
Record growth in gold loans sanctioned by banks and finance companies prompts RBI intervention to address accounting gaps and prevent bad debt buildup. Gold loans surged by 26% year-on-year in Q1 FY25, totaling Rs 79,217 crore, highlighting consistent quarterly growth amid industry competition.
India will observe Gandhi Jayanti on October 2, 2024. Several state-specific holidays will also cause banks to be closed for up to 15 days in October.
RBI deputy governor Swaminathan J has urged small finance banks to evaluate their reliance on high-cost deposits for long-term stability and warned against imposing high interest rates and fees on borrowers. He emphasized the need for SFBs to promote inclusive growth through innovative technology and improve grievance redressal mechanisms, highlighting some concerning practices within the sector.
Small finance banks are currently offering competitive interest rates on one-year fixed deposits, with Jana and Ujjivan Small Finance Banks leading at 8.25%. Investors should however be mindful of DICGC insurance limits and potential risks.
In October 2024, banks across several Indian states will observe closures for a total of 15 days due to various state-specific festivals and national holidays like Gandhi Jayanti, Dussehra, and Diwali. Additionally, banks will remain closed on all Sundays as well as the second and fourth Saturdays of the month.
Eight of the top-10 most valued companies saw a combined market valuation increase of Rs 1,21,270.83 crore last week, driven primarily by Reliance Industries. This surge paralleled a significant rally in benchmark equity indices. In contrast, ICICI Bank and Hindustan Unilever faced declines in their market valuations.
