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The rupee breached the 84 per dollar mark for the first time, reflecting RBI's strategic adjustments amid rising crude prices and geopolitical tensions. Dealers suggest the central bank may be preparing for increased volatility due to the Iran-Israel conflict. Despite substantial forex reserves, further depreciation of the rupee is expected to be controlled and gradual.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/4N5Goiu
Demand for premium credit cards is growing in India due to increased spending by high-net-worth individuals and economic growth. The Reserve Bank of India reported a 16.4% year-on-year increase in credit card issuance. American Express India has enhanced its Consumer Platinum Card benefits to meet this rising demand.
The NSE will retain the Nifty weekly options contract while discontinuing Nifty Bank, Nifty Midcap Select, and Nifty Financial Services options due to new Sebi guidelines. Similarly, the BSE will stop weekly contracts for Sensex 50 and Bankex, retaining only the Sensex as a weekly derivative contract.
TD Bank, the largest bank to date to admit to US Bank Secrecy Act violations, pleads guilty to money laundering-related charges and agrees to $3 billion in penalties. The Justice Department cites pervasive compliance failures over a decade. An asset cap limits TD's US operations, and CEO Bharat Masrani plans to retire, taking responsibility for the issues.
Realtors' body Credai urges the Reserve Bank of India (RBI) to cut key interest rates to boost housing demand during the festive season. Credai National President Boman Irani and Naredco President G Hari Babu suggest a rate cut in the next MPC meeting to stimulate economic growth and increase real estate investments.
The Reserve Bank of India is expected to maintain the 6.5% repo rate, with some speculating a shift to neutral potentially leading to future rate cuts. Despite slow economic growth and easing global rates, inflation stays below the central bank's target. The monetary policy committee's new members might influence future rate decisions.
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) by 5 basis points for certain tenures. The new rates are effective from October 7, 2024.
Nine of the top-10 most valued Indian companies lost a combined Rs 4,74,906.18 crore in market valuation last week. Reliance Industries and HDFC Bank saw the biggest declines. Escalating Middle East tensions and foreign fund outflows contributed to the overall market downturn. Notably, Infosys increased its market capitalization amid the widespread losses.
State Bank of India plans to recruit around 10,000 new employees this financial year to enhance its banking and technological capabilities. SBI also aims to open 600 new branches, focusing on emerging areas. Chairman C S Setty emphasized continuous reskilling of staff and transforming SBI into the most valued bank for all stakeholders.
State Bank of India has classified MTNL's loan accounts as sub-standard non-performing assets due to missed payments since June 30. MTNL owes Rs 326 crore, with Rs 282 crore overdue. SBI demands immediate payment and has warned of legal action while seeking updates on MTNL's monetisation projects, including a land development deal with NBCC.
