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Banks collected nearly Rs 7,100 crore in minimum balance penalties during FY26. Private banks gathered Rs 4,948 crore, a significant increase from the previous year. HDFC Bank alone levied Rs 1,800 crore in charges from its customers. Ten public sector banks have discontinued these penal charges on savings accounts. Overall, banks notified customers before applying these charges to accounts.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/kYlFpA9
The process to file the income tax return has evolved over the last few years and the income tax portal now pre-fills a lot of your tax related information drawing from information in documents such as Form 16, Form 26AS, Annual Information Statement (AIS), bank records etc.
Public sector banks report significant financial improvements and record profits. Bad debt levels have fallen to their lowest point in decades. The government has supported banks through capital infusions and legislative measures. Credit growth has accelerated across various economic sectors. Schemes like ECLGS continue to support businesses and credit flow.
The government has allowed the Reserve Bank of India to print two billion polymer notes. These new polymer notes will be printed for field trials and regular issuance. The minister stated that paper and polymer currency will coexist in circulation. RBI is currently sourcing materials for these polymer banknotes. This initiative aims to enhance the lifespan of currency in circulation.
HDFC Bank's board penalized top executives over deposit arrangements with MSRDC. The internal review found business overreach but no personal gain or mala fide intent. Top executives received nominal penalties and warning letters following the review's recommendations. This action comes as the RBI pushes boards for greater oversight and before the CEO's term ends. The bank will formally communicate the matter and its findings to the Reserve Bank of India.
The board also issued warning letters to the other employees involved in the case, which relates to the mobilisation of large deposits from MSRDC between 2017 and 2021 through the alleged payment of around Rs 45 crore under the head of marketing expenses.
Analysts anticipate the Indian rupee entering a stable phase soon. Global crude oil prices will continue to significantly influence the currency's movement. Sustained high oil prices may increase inflation and widen India's current account deficit. However, a steep depreciation in the rupee is not expected by experts. The Reserve Bank of India's monetary policy meeting in August is also a key event.
Stock market recommendations: Federal Bank, and TVS Motors - Motilal Oswal Wealth Management Research Desk has recommended these two stocks as the top stock picks for the July 27, 2026 week:
BNP Paribas Cardif is acquiring a significant stake in IndiaFirst Life Insurance. This strategic investment marks Warburg Pincus's exit from the life insurer. The French insurer brings extensive global bancassurance expertise to the partnership. IndiaFirst Life will now operate as a three-way venture with two public sector banks. This collaboration aims to expand access to protection and savings solutions across India.
Gold and silver prices are set for a week driven by major events. The US Federal Reserve's interest rate decision will be a key factor. Geopolitical tensions involving Iran and crude oil price movements also impact markets. Investors will monitor US economic data and central bank announcements globally. Bullion is expected to remain range-bound as traders watch these developments.
Indian stock markets experienced a significant downturn last week. Nine of the ten most-valued companies saw their market worth decline. HDFC Bank faced the largest valuation drop, while Hindustan Unilever gained value. Benchmark indices like the BSE Sensex and NSE Nifty also registered losses. This market pressure was attributed to rising crude oil prices and geopolitical concerns.
Indian stock markets closed lower for a fifth consecutive session on Friday. Rising oil prices and Middle East tensions fueled investor caution and market pressure. Foreign institutional investors continued their selling trend, impacting market sentiment negatively. Renewed concerns over US trade tariffs also contributed to the overall market decline. Selling in heavyweight stocks like Infosys and HDFC Bank added to the day's losses.
The Indian Rupee recovered 22 paise against the US dollar in early trade. This recovery occurred despite crude oil prices breaching the $100 a barrel mark. The Reserve Bank of India's intervention likely helped stabilize the domestic currency. Foreign institutional investor outflows and weak domestic equities capped further gains for the Rupee. Brent crude prices rose amid escalating Middle East tensions and shipping route clashes.
Axis Asset Management Company is acquiring Axis Securities' portfolio management services business. This strategic move significantly expands their alternative investments platform and investor base. The combined portfolio management services assets under management will now exceed fifteen thousand crore rupees. The entire portfolio management services team has transitioned to Axis Asset Management Company. This acquisition strengthens their position in the growing alternatives investment segment.
The Indian rupee saw a slight gain against the US dollar on Thursday. Rising crude oil prices continue to exert pressure on the currency. The Reserve Bank of India's intervention is expected to limit sharper losses. Foreign investors showed mixed sentiment in Indian equities and bonds. Stock markets opened on a weak note, with key indices falling.
The Indian rupee opened lower on Wednesday, facing pressure from rising crude oil prices. Geopolitical tensions and demand for safe-haven assets also weighed on the domestic currency. The Reserve Bank of India's measures are helping to cushion the rupee's decline. Meanwhile, Indian stock markets experienced a downturn in early trade. Foreign institutional investors remained net buyers of equities on Tuesday.
RBI deputy governor Swaminathan J expressed concern over banks bypassing internal ombudsman. He stated that many customer grievances resolved by the RBI ombudsman were never referred internally. This situation undermines the purpose of the internal ombudsman framework, he noted. Banks must refer all eligible complaints promptly and without exception to their internal ombudsmen. Effective internal ombudsman performance should naturally reduce external escalations and provide customer resolutions.
The Reserve Bank of India's special swap facility attracted $20.72 billion by July 17. Most of this money arrived through Foreign Currency Non-Resident deposits. Overseas Foreign Currency Borrowings and External Commercial Borrowings also contributed to inflows. This facility was launched to strengthen India's balance of payments and encourage capital. Banks anticipate a significant rise in FCNR(B) deposits before the September deadline.
