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In light of increasing cyberattacks on financial institutions, the Reserve Bank of India has shifted its focus to enhancing cybersecurity protocols. Banks are now mandated to fortify their application programming interfaces to avert potential security breaches. Alarming recent incidents, such as data leaks and unauthorized transactions affecting leading banks, have raised concerns.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/FQxukNv
Banking services in various Indian states will face disruptions due to ongoing holidays and approaching regional festivities. Customers are encouraged to consult their local bank schedules for specific closure dates. With Diwali and other major holidays looming in November, it's essential to anticipate possible delays during this festive period, especially for in-person banking, although many services remain available online.
As October unfolds, India's vibrant festival season translates into various state-specific bank holidays. On October 26, banking services will pause in Tripura, Chandigarh, Jammu and Kashmir, and Himachal Pradesh. Important dates approaching include Karva Chauth on October 29 and Sardar Vallabhbhai Patel's birth anniversary on October 31. Although digital transactions persist, customers are encouraged to verify local holiday observances to sidestep any unexpected closures at physical branches.
A recent study by the RBI indicates that banks are more responsive to interest rate hikes than to cuts. Specifically, banks relayed 76.4% of repo rate increases, while only 64% of reductions were passed on. Amid periods of tightening, lending rates surged significantly, in contrast to the minimal decreases observed during easing. This research highlights the intricate dynamics of interest rate adjustments, particularly affecting sectors like MSMEs.
HDFC Bank and Bajaj Finance experienced significant market value declines last week amid broader market losses. The combined drop in valuations for eight major companies totaled Rs 1.55 lakh crore. Market capitalization for BSE-listed companies fell sharply by Rs 20,78,774.28 crore. Only Tata Consultancy Services and Larsen & Toubro managed to increase their market valuations during this period.
