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The 2008 global financial crisis hit India through markets, capital flows and trade, but its banking system remained resilient. The shock exposed gaps in financial resolution and regulation, prompting reforms including the IBC, stronger safeguards for systemically important banks and higher buffers. Nearly 18 years later, India is stronger, but rising AI investment raises fresh questions about leverage and financial stability.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/15wNnjK
The tribunal found that the addition could not stand in the absence of evidence that the taxpayer had actually received the amount from the Employees’ Provident Fund Organisation (EPFO), withdrawn it from his EPF account or received any corresponding credit in his bank account.
The finance ministry has sought feedback from regulators, banks and other stakeholders. A broad consensus has emerged that digital gold should be classified as a security under the Securities Contracts (Regulation) Act, 1956.
The Indian rupee experienced its sharpest single-day fall in two months. Rising oil prices and higher US interest rate expectations pressured the currency. Attacks on Saudi Arabian energy infrastructure boosted crude oil prices significantly. The Reserve Bank of India's dollar sales helped limit the rupee's losses. Bond yields rose as inflation and rate-hike bets grew.
India's retail inflation rose to 4.82% in August, while wholesale inflation neared double digits. Food inflation increased to 5.95% at the consumer level and 7.05% wholesale. Fuel and power inflation surged sharply to over 22% on the wholesale price index. Economists anticipate continued upward pressure on prices due to global factors. The Reserve Bank of India's monetary policy outlook remains a key focus.
On September 14, banks in various Indian states will shut down in observance of Ganesh Chaturthi. It's important for customers to check their specific branch's holiday hours, as additional regional holidays may also affect bank operations throughout the month. However, ATMs and online banking will still be available, so planning ahead can help ensure you maintain access to necessary banking services.
At the latest summit, BRICS leaders unanimously endorsed the New Delhi Declaration, marking a significant step toward a resilient strategic partnership. This declaration focuses on fostering cooperation in emerging technologies and strengthening digital infrastructure. Additionally, it aims to bolster the New Development Bank and enhance supply chain resilience, all while underscoring the leaders' commitment to solidarity and mutual respect.
HDFC Bank has presented two candidates to the RBI for the upcoming role of managing director and CEO. The board has also sanctioned the promotion of Jimmy Tata to executive director while seeking an extension for V Srinivasa Rangan. This move will elevate the count of whole-time directors to four, enhancing oversight across its subsidiaries. Final approval for these transitions now lies with the Reserve Bank of India.
