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IDBI Bank reported a 3.3% rise in standalone net profit for June 2026 quarter. Lower provisions supported earnings, offsetting a weaker operating profit. Net interest income saw a slight decline while non-interest income dropped significantly. Deposits decreased sequentially, but advances showed modest growth. Asset quality remained stable with improved NPAs and strong capital ratios.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/Vf0bo4g
India's Reserve Bank is exploring polymer banknotes for enhanced durability. Manufacturers are invited to bid for specialized plastic substrate materials. Polymer notes offer greater resistance to moisture and dirt than paper. This move aims to reduce currency replacement and printing costs. Advanced security features will also be incorporated into the new notes.
RBI governor Sanjay Malhotra indicated no immediate policy reaction to current inflation. He described price pressures as contained, attributing them to supply-side factors. Growth remains resilient, supported by domestic demand and investment. Credit expansion is brisk, with RBI monitoring fast-growing segments closely. The central bank focuses on inflation composition, not just the headline number.
RBI has barred defaulting borrowers from repurchasing seized properties. New directions effective October 1, 2026, tighten norms for stressed accounts. Banks must adopt board-approved policies for asset recognition and recovery efforts. Assets must be disposed of through public auctions within seven years. Seized assets will be disclosed separately and not included in NPA ratios.
Former RBI governor Raghuram Rajan will help shape US monetary policy. He joins a Federal Reserve task force reviewing its policy framework. Rajan will examine balance sheet policy alongside other experts. Other panels will assess data, productivity, and inflation frameworks. These initiatives aim to improve the central bank's future policy approach.
Bank branches will be closed in Odisha, Uttarakhand, and Manipur on July 16. These closures are for Ratha Yatra and the Harela festival celebrations. Customers can still use online and mobile banking services for transactions. Other regional holidays are scheduled later this month across various states. Regular banking operations will resume on the next working day.
Top stock market recommendations: Anant Raj, Sobha Ltd, and PNB Housing Finance have been identified as the top stocks to buy by Aakash K Hindocha, Vice President - Research, Nuvama Professional Clients Group/Nuvama Wealth Management for July 16, 2026. Views on Nifty and Bank Nifty have also been shared:
JPMorgan Chase is nearing a $1 trillion market valuation, a historic milestone for a bank. The lender's shares reached a record high after reporting its highest quarterly profit ever. Analysts expect dealmaking activity to remain strong through the rest of 2026. This achievement would place JPMorgan alongside major technology giants like Tesla and Meta. The bank's diversified business model and strong leadership contribute to its impressive performance.
Government is accelerating the IDBI Bank stake sale process. Two bidders, Fairfax and Emirates NDB, are being considered. This follows the rejection of earlier bids below the reserve price. Recent foreign investments in Indian banking include Yes Bank and RBL Bank. Mitsubishi UFJ Financial Group also made a significant investment in Shriram Finance.
India is among major economies that are stepping up purchases of gold, while trimming holdings of US Treasuries. Central banks have increasingly begun viewing gold not only as a hedge against inflation but also as a core store of value.
Finance Minister Nirmala Sitharaman urged banks to enhance outreach to Non-Resident Indians. She called for introducing innovative deposit products to sustain foreign currency deposit momentum. Banks reported significant interest from NRIs in several key global locations. Attractive returns are being offered on FCNR(B) deposits, including five-year options. This initiative aims to mobilize further foreign currency inflows for the nation.
The Supreme Court has ruled that a bank cannot resist eviction under the Delhi Rent Control Act merely because it came into possession of leased premises through a statutory amalgamation.
Stock market recommendations: Sudeep Shah, Head - Technical Research and Derivatives, SBI Securities recommends Indian Hotels Company, and Equitas Small Finance Bank as top stocks to buy for the July 13-July 17, 2026 week. Technical outlooks for Nifty, and Bank Nifty have also been shared:
Four of India's top ten companies added significant market value last week. HDFC Bank and Bharti Airtel led these gains, increasing their valuations substantially. Reliance Industries also saw its market capitalization rise, retaining its top position. However, Hindustan Unilever and Larsen & Toubro experienced the steepest declines. The equity markets ended the week negatively due to geopolitical concerns and oil prices.
