Ahead of Market: 10 things that will decide stock action on Tuesday
Nifty50 and Sensex ended lower due to weak earnings and renewed profit-booking. Key resistance and support levels indicate heightened volatility, while mixed bullish and bearish signals show a rangebound market. High activity and varied interests are noticeable across different stocks, revealing a cautious market sentiment. Key Points
Economic TimesFD interest rates: These 6 banks offer highest returns on fixed deposits; check details
The RBI’s monetary policy committee kept the repo rate unchanged at 6.5 per cent for the tenth time in a row. However, the central Bank is likely to cut the interest rate in December, which would have a ripple effect on lending and fixed deposit interest rates of banks. Key Points
mintBizzare UP robbery! Man enters Bank with suicide note, loots Rs 40 lakhs, flees
After entering the manager's office urgently, he informed him that he owed Rs 38.5 lakh on his home loan. He warned that if he didn't pay the money immediately, his house would be sold at auction Key Points
Business TodayTHE TRIBUNE CORPORATE BROADBAND: LIC pays Rs 3,662-cr dividend
Siddhartha Mohanty, CEO & MD, LIC of India, recently presented a dividend cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman. Conclave for skill development Assocham (Northern Region) and Centre for Training and Employment of Punjab Youth (C-PYTE) recently... Key Points
The TribuneDollar steady ahead of Powell speech; Ueda aims to calm market nerves
By Ankur Banerjee SINGAPORE (Reuters) - The U.S. dollar was calm on Friday as traders braced for comments from Federal Reserve Chair Jerome Powell, while Bank of Japan (BOJ) Governor Kazuo Ueda aimed Key Points
ThePrint
Looking for best home loan rates above Rs 75 lakh? Check cheapest options
Interest rates on home loans can vary depending on the amount borrowed and the lending institution. These loans are repaid through EMIs, and the Bank removes its claim on the property once the loan is fully repaid. Key Points
India TodaySBI to deploy 2,000 bankers to target India's wealthy, ups game against rivals
SBI, which boasts over 22,500 branches across India, is stepping up its game amidst stiff competition from both global players like HSBC and Barclays and local firms such as 360 One WAM Ltd., ICICI Bank, and Axis Bank. Key Points
Business TodayMarkets tank in early trade dragged by Reliance, Kotak Mahindra Bank, weak global peers
The 30-share BSE Sensex tanked 504 points to 80,100.65 in early trade. Equity benchmark indices declined in early trade on Monday dragged by Reliance Industries... Key Points
The Tribune IndiaMint Quick Edit | IDBI Bank’s stake sale: Progress at last
RBI's certification of bidders as ‘fit and proper’ paves the way for the government to sell a big equity stake in the bank. This is a shot in the arm for India's languishing disinvestment programme. Can we expect more action? Key Points
mintDollar gains as Fed's Powell cautious on rate cuts
By Karen Brettell (Reuters) -The dollar gained on Tuesday after Federal Reserve Chair Jerome Powell acknowledged progress in inflation, but did not give a clear signal that the U.S. central Bank is Key Points
ThePrint
RBI penalizes PNB, four other banks for regulatory non-compliance in first week of July
The Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), for non-compliance with RBI directions. PNB became the fifth Bank to be penalized, with a penalty of Rs 1.31 crore. The penalty was imposed for non-compliance with RBI directions regarding 'Loans and Advances: Statutory and Other Restrictions' and the 'Reserve Bank of India (Know Your Customer (KYC) Direction, 2016'. Key Points
Economic TimesRBI cancels licence of Karnataka-based Shimsha Sahakara Bank Niyamitha
Mumbai, Jul 5 (PTI) The RBI has cancelled the licence of Shimsha Sahakara Bank Niyamitha, Maddur (Karnataka) in the wake of its worsening financial position. Consequently, the Bank ceases to carry on banking business, with effect from the close of business on Friday (July 05, 2024), the Reserve Bank said in a statement. The Registrar […] Key Points
ThePrintTop 5 Bank FDs With Up To 8% Interest Rate: How Much Will Rs 10,000 Invested in Fixed Deposits Grow To? Check FD Calculator
Fixed Deposit Calculator: Bank fixed deposits or FDs are a popular investment avenue for conservative or risk averse investors. If you are looking to invest in a Bank FD, then financial experts advise that the current high interest rate scenario may be the right time to put your money in fixed deposits before the RBI starts the rate cut cycle. But, which are the best Bank FDs in the market right now? Which Bank fixed deposits offer the highest rate? And, how much will you earn if you invest in an FD? We take a look at the top 5 Bank FDs for 1 year, 2 years, 3 years and 5 years tenure and also tell you how much Rs 10,000 invested in a fixed deposit would grow into. The best Bank FDs list and calculations in the tables are sourced from ET Intelligence Group: (AI image) Key Points
Times Of IndiaState Bank of India to raise up to $3 bn via debt in FY25
State Bank of India, the country's largest lender, has approved raising up to $3 billion via debt in the current financial year. The funds will be raised in one or more tranches through a public offer or a private placement of senior unsecured notes denominated in U.S. dollars or another major foreign currency. The purpose of the fund raise was not specified. This move comes as Indian banks are bolstering their capital base to meet increasing loan demand. Key Points
Economic TimesRupee worst fall over a year as vote count shows narrower win for BJP-led NDA
The rupee closed at 83.53 against the U.S. dollar. The Reserve Bank of India likely stepped in to limit the rupee's decline. Key Points
ThePrint
Now, a 'Bank Clinic' to guide you on complaints
The Bank Clinic is an initiative by the All India Bank Employees' Association (AIBEA) to help customers address their grievances amid rapid expansion in technology and a series of Reserve Bank of India (RBI) guidelines on retail banking. A customer can fill out the details of her/his complaint, create a ticket, and receive a reply in five working days on the remedies available and information on what the RBI guidelines prescribe on that matter. Key Points
Economic TimesBijith Bhaskar steps down as ICICI Bank Cards and Payments head
Bhaskar had been heading divisions like cards, payment solutions, e-commerce ecosystem, and consumer finance at ICICI Bank. This had marked the end of his 21 years tenure with the bank. Key Points
Business TodayRapid digital growth transforming payments Bank segment: Airtel
Airtel Payments Bank CEO Anubrata Biswas is optimistic that the payments Bank momentum in India will yield strong growth opportunities in the coming... Key Points
The Tribune IndiaKVS Manian resigns as Joint Managing Director of Kotak Mahindra Bank with immediate effect
KVS Manian resigned as the Joint Managing Director of Kotak Mahindra Bank, effective immediately. He had been re-designated to this position on March 1, 2024. In his resignation letter, Manian cited his decision to pursue other opportunities in the financial services sector. He expressed gratitude for his time with Kotak Mahindra Bank and highlighted his contributions to the group's success, particularly in expanding its retail banking division. Manian, an electrical engineer from IIT BHU Varanasi, joined the Bank in 1995 and played a crucial role in its transformation from an NBFC to a full-fledged bank. Key Points
Economic TimesRBI asks Kotak Mahindra Bank to stop issuing fresh credit cards, onboarding fresh customers via mobile ban
The Reserve Bank of India (RBI) directed Kotak Mahindra Bank to halt new credit card issuance and customer onboarding via online and mobile banking due to identified operational deficiencies. This move, aimed at safeguarding customer interests, is part of RBI's regulatory measures concerning compliance and risk management issues at the bank. Key Points
Economic Times
Paytm Payments Bank Managing Director and CEO Surinder Chawla quits
Chawla had joined PPBL in January last year. Beleaguered Paytm Payments Bank’s Managing Director and CEO Surinder Chawla has resigned from the company,... Key Points
The Tribune IndiaED questions Kerala ex-MP PK Biju in Karuvannur Bank 'scam' ahead of polls. CPM says ‘not scared’
Former Alathur MP and CPM’s Kerala state secretariat member P.K. Biju appeared before ED Thursday. Agency has also summoned Thrissur Corporation Councillor P.K. Shajan. Key Points
ThePrintNifty Bank rallies 1% ahead of MPC meet; HDFC Bank, Bandhan Bank rally over 3%
Nifty Bank rose 436 points to close at 48,060. HDFC Bank rallied over 3%. Other significant gainer was Bandhan Bank which was also up over 3%. Key Points
Economic TimesHDFC Bank's Q4 deposits up 7.5%, Macquarie report says 'fantastic outcome'
HDFC Bank witnessed robust deposit growth of 7.5% in Q4 FY24, amounting to Rs 1.6 lakh crore. However, the share of low-cost deposits decreased to 38%. Despite this, the bank's shares surged by 2.8%. The bank's merger with HDFC impacted the CASA ratio, yet it reported strong retail and wholesale deposit growth. Key Points
Economic TimesSuryoday SFB share price rises over 14% on strong Q4FY24 business update
Suryoday Small Finance Bank shares surged 14.30% to ₹190.85 after Q4FY24 business update. Disbursements of the Bank in FY’24 stood at over ₹6,900 crore as compared to ₹5,083 crore in FY23, a 36% YoY rise, on the back of continued momentum in Vikas Loan as well as Retail Assets disbursements. Key Points
mint
Nifty Bank recoups losses to close in green; next resistance seen around 48,000: Experts
The Nifty Bank recouped losses on Wednesday to close in the green which suggests that bulls are here to stay. The index rose 78 points to close at 47,624 while the Nifty50 fell 18 points to close at 22,434. Key Points
Economic TimesSri Lanka recognised resource-rich Wadge Bank as part of India in 1976 maritime pact
This occurred two years after New Delhi recognised Katchatheevu as Sri Lankan territory in 1974 deal. Wadge Bank was first commercially exploited by Sri Lankan fishing trawlers in the early 1920s. Key Points
ThePrintRBI Monetary Policy Committee Meeting from April 3: Check time and what to expect on repo rate
RBI Monetary Policy April: The meeting is scheduled to start at 10 am on Wednesday. The RBI will announce the review of the policy on April 5, i.e. Friday. Key Points
Business Today'After taking oath, lot of work coming your way', PM Modi tells RBI to prioritise new sectors
The prime minister said the RBI’s turnaround of the banking system in the past decade was notable. The central Bank should now “focus on ease in credit access for needy sections,” he added. Key Points
Business Today1976 pact with Lanka gave India sovereign rights in Wadge Bank
The India-Sri Lanka maritime boundary agreements impacted fishing rights in Katchatheevu. India secured sovereign rights in Wadge Bank near Kanyakumari. Recent oil and gas exploration bids triggered protests in Tamil Nadu. Key Points
Economic Times
Nifty Bank rallies nearly 1%; next resistance seen at 48,000: Experts
The Nifty Bank managed to reclaim crucial resistance levels and any dips towards 47,000 could be used as a buying opportunity. Federal Bank, HDFC Bank, AU Small Finance Bank, and Bandhan Bank rose more than 1% each. Key Points
Economic TimesNo urgent relief to Wadia Group in Bank of Baroda case
Bombay High Court denied Wadia Group's urgent relief against Bank of Baroda, related to a corporate guarantee for Go First Airlines. Nowrosjee Wadia & Sons Ltd sought an injunction due to a financial tie-up condition. Key Points
Economic TimesLenders seek anonymity for officers tagging wilful defaulter accounts
Lenders seek RBI guidance on protecting officers' identities identifying defaulters. Recent court order mandates disclosing committee members. Indian Banks Association seeks advice too. Risks highlighted for officers personally named. Key Points
Economic TimesHDFC Bank asks customers to avoid this money transfer facility on April 1, 2024: Delay in salary and other
In an email to customers, HDFC Bank has said that this mode of money transfer may not available on Monday, April 1, 2024. The Bank has suggested HDFC customers to use options to transfer money. You salary may also get delayed due to financial year-ending on April 1, 2024. All HDFC customers must know Key Points
Economic TimesPaying gas, electricity, and other utility bills using YES Bank credit card to get costlier from May 1, 20
YES Bank has revised certain features available on all its credit cards except its premium card variant-private. Further experts say that YES Bank is the first Bank in India to impose a 1% extra charge on all utility bill payments via credit cards. A utility bill payment can comprise of paying bills for gas, water, electricity, etc. Key Points
Economic Times
Foreign fraudsters swipe Axis cards
India Business News: Axis Bank customers faced fraudulent transactions with international merchants due to 'BIN attack'. No breach detected. Cybercriminals use BIN attacks Key Points
Times Of IndiaNifty Bank closes above 47K after 10 sessions; may face resistance around 47,500 next week: Experts
The Nifty Bank gained 338 points to close at 47,124, while on the weekly front, the index rose 0.5%. The Nifty50 gained more than 200 points to close at 22,326 on Thursday. SBI, Bank of Baroda, PNB, and ICICI Bank were among the top gainers, while some selling was seen in IDFC First Bank, Axis Bank, and Bandhan Bank. Key Points
Economic TimesSensex surges 800 points on final day of FY24: Key factors behind the rally
Indian shares rose on global cues and US inflation views. Sensex surged 800 points, Nifty50 topped 22,350. BSE market cap increased by Rs 2.74 lakh crore. Key Points
Economic TimesCDSL shares drop 6% after Standard Chartered likely exits in Rs 1,250-crore block deal
JPMorgan had last evening issued a term sheet for a block deal in which Standard Chartered Bank offered to sell its entire 7.18% stake at a floor price of Rs 1,672 per share. The deal size is estimated to be worth Rs 1,250 crore at floor price. But a confirmation about the deal would come in the evening when exchanges release block deal data. Key Points
Economic TimesAxis Bank revises rules for accessing airport lounges and others; these debit cards to be less rewarding
Axis Bank debit card rules: Airport lounge access rules, BookMyShow offer, EDGE rewards, etc on various Axis Bank debit cards like Burgundy, Priority, Delight, Online rewards, etc have been revised. Now a minimum transaction limit needs to be achieved for airport lounge access. Apart from this, the BookMyShow offer on certain Axis Bank debit cards have also been revised. Key Points
Economic Times
StanChart Bank likely to sell entire 7.2% stake in CDSL via block deals: Report
The Bank has put 75 lakh shares in a block for sale and the floor price for the same is Rs 1,672/share. This is at a discount of over 6% to the current market price of the stock. Key Points
Economic TimesNifty Bank found support above 46,500; key levels to track on Wednesday
PNB, Axis Bank, IndusInd Bank, and Federal Bank were the top gainers. The Nifty Bank found some resistance around the 20-DMA on the daily chart. A close below 46,406, which is also the 50-DMA, could trigger a fresh round of selling. Key Points
Economic TimesThe BOJ Has Sprung a Leak. Japan Must Investigate
Bank of Japan decisions that move billions of dollars routinely appear in the media before they’re officially announced. Parliament must look into why. Key Points
mintRBI to conduct special audit for regulatory breaches by IIFL Finance, JM Financial Products
The Reserve Bank of India has initiated special audits for IIFL Finance Ltd and JM Financial Products Ltd to further investigate regulatory breaches. The audits will be conducted by auditors appointed through a tender process, with firms empanelled by Sebi for forensic audit eligible to participate. The audits come after the RBI imposed restrictions on both companies earlier this month for non-compliance with regulatory guidelines. IIFL Finance was barred from sanctioning or disbursing gold loans, while JM Financial Products was restricted from providing financing against shares and debentures. Key Points
Economic TimesCash-rich NBFCs lure banking professionals for CXO roles amid rapid growth
Leading NBFCs are attracting top CEO and CXO talent from major Indian banks like ICICI Bank and HDFC Bank. Recent moves include executives joining Poonawala Fincorp and L&T Finance, reflecting the sector's rapid growth. Key Points
Economic Times
Nifty Bank closes above 46,800; short covering move likely in coming week: Experts
The index closed above its crucial support of 46,500 for the second consecutive day, which is a positive sign for the bulls. The immediate resistance is placed at 47,000. Key Points
Economic TimesSome banks will open on Sunday, March 31! Check full list of RBI's Agency Banks here
India Business News: Certain Bank branches will be open on March 31 for government transactions. Agency Banks designated by RBI will handle operations. Income Tax Offices Key Points
Times Of IndiaPaytm UPI: How to set up SBI, ICICI, HDFC and other third-party Bank accounts to send and receive payments
TECH TIPS News: Paytm stopped UPI, bill payments due to RBI. Now, users can add another Bank account in the app to use UPI. Follow steps to set up SBI, HDFC, ICICI, o Key Points
Times Of IndiaIndian regulators are getting tough to shore up their credibility
Scrutiny of Indian regulators is seen to have increased globally. Trends suggest that Sebi and RBI might act even tougher as we go along. Key Points
mintAll agency banks to remain open for public on Sunday, March 31
Agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday), the Reserve Bank of India (RBI), said in a statement. It also stated that banks shall give due publicity about the availability of above banking services on this day. Key Points
Economic Times
Saurabh Mukherjea picks 3 new stocks for HNI investors in his PMS fund
Mukherjea said City Union Bank's valuations are attractive at 1.1x FY25E P/B. Marcellus said that considering the banks stability and strong track record in the management team and its conservatism through multiple cycles in the past, the trend of consistent growth can continue in the future as well. Key Points
Economic TimesSBI to shift global back office from Kolkata to Mumbai
The back office was set up in 2015 in the City of Joy when Anundhati Bhattacharya was the chairperson of the bank. The back office works 22x7 to cater to customers in Sydney, Bahrain, Hong Kong, London and New York. Key Points
Economic TimesNifty Bank falls for 8th day in a row; crucial support placed at 46,000: Experts
IndusInd Bank, PNB, Bank of Baroda and AU Small Finance Bank were the top losers while some buying was seen in Kotak Mahindra Bank, ICICI Bank and HDFC Bank. The selling pressure pushed the Nifty Bank below the 50-DMA placed at 46,488 on a closing basis. Key Points
Economic TimesAjay Singh's consortium raises offer for Go First by ₹100-150 crore, says report
The consortium, which includes budget carrier SpiceJet's managing director Ajay Singh and Busy Bee Airways, increased the bid amount between 1 billion rupees ($12.06 million) and 1.5 billion rupees, one of the sources said. Key Points
mintHot Stocks: Brokerage view on Infosys, HDFC Bank, Piramal Pharma and Indigo
Nomura neutral on HDFC Bank at Rs 1625 target price. Kotak Mahindra Bank raises InterGlobe Aviation's target to Rs 4200. UBS maintains Infosys buy at Rs 1800. Jefferies bullish on Piramal Pharma. Key Points
Economic Times
Bank of Japan ends negative rates, closing era of radical policy
The Bank of Japan ends 8 years of negative interest rates, making a historic shift with the first rate hike in 17 years. This move keeps rates around zero due to a fragile economic recovery. Key Points
Economic TimesNifty Bank falls for 6th day; support seen at 46,000 levels: Experts
It is the longest losing streak for the Nifty Bank since October 2023. The index fell 18 points to close at 46,575. Key Points
Economic TimesSebi deadline looms large over Rs 7 lakh crore mega rally in PSU Bank stocks
PSU Bank stocks face Sebi deadline for public shareholding. Compliance by some banks is needed. Analysts are optimistic about growth, profitability in PSU sector, despite challenges. Valuations remain attractive for investors seeking value opportunities in the market. Key Points
Economic TimesProbe agency attaches 4 floors of Hyderabad hotel in Bank loan fraud case
The Enforcement Directorate has provisionally attached four floors of Hotel One Continental in Hyderabad worth Rs 43.84 crore in connection with the Bank loan fraud case of Punjab & Maharashtra Co-operative Bank (PMC). Key Points
India TodayUS dollar poised for biggest weekly gain since mid-January; yen falls ahead of BOJ
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar rose to a more than one-week high on Friday after a mixed batch of data showed the U.S. economy remained stable with small pockets of Key Points
ThePrint
Nifty Bank holds 50-DMA; close below 46,300 can intensify selling pressure next week: Experts
Nifty Bank managed to hold on to 50-DMA placed at 46,552 on the daily charts. However, if the selling pressure persists, the momentum can take the index towards 46,300-46,000 levels next week. The Nifty Bank fell 195 points to 46,694. The Nifty50 saw a fall of 123 points to close at 22,023. Key Points
Economic TimesRBI steps up scrutiny of retail lending, targets top-up home loans
RBI tightens supervision on retail lending, focusing on mortgage top-ups, algo-based credit models, and co-lending. It aims to manage risks in the financial system amid rapid credit expansion and global economic uncertainty. The RBI typically uses moral suasion - speeches, calls to Bank executives, individual meetings - as initial steps to prod banks, before considering more assertive enforcement. Key Points
Economic TimesPaytm shares jump 5%. How good is the TPAP news for shareholders?
One97 Communications shares surged 5% to Rs 370.90 on BSE as NPCI approved Paytm for UPI. YES Bank will be payment provider and merchant acquiring bank. Jefferies compares Paytm's model to PhonePe, Google Pay. Key Points
Economic TimesFrom kid gloves to sucker punch: What recent RBI crackdowns on JM Financial, IIFL and Paytm Payments Bank
The Reserve Bank of India (RBI) has been increasingly imposing penalties on banks and non-banking finance companies for violating its rules. The move from a consultative approach to monetary policy and forming regulations has led to a paradigm shift in its approach to addressing regulatory breaches. The RBI has ordered Paytm Payments Bank to shut down its business for not complying with rules regarding know your customer (KYC) and prevention of money laundering, eroding its market value by nearly half in a matter of days. Key Points
Economic TimesPaytm gets NPCI nod for TPAP, Axis Bank, HDFC Bank, SBI and YES Bank come on board
“@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner. Key Points
Business Today
NPCI allows Paytm to become third-party application on UPI with four banks
Paytm will now provide UPI services to its user base through a multi-bank model, shifting away from its exclusive partnership with associate entity Paytm Payments Bank Ltd (PPBL) for the service. This is similar to PhonePe and Google Pay. Key Points
Economic TimesDeadline alert! Here's what Paytm Payments Bank customers can and cannot do after March 15 - checklist
India Business News: The Reserve Bank of India (RBI) imposed business limitations on Paytm Payments Bank Ltd (PPBL) through a press release dated January 31, 2024. From February 29, 2024, PPBL was prohibited from accepting fresh deposits or top-ups due to persistent non-compliance and ongoing supervisory concerns. The deadline has since been extended by 15 days to March 15, 2024. Key Points
Times Of IndiaPaytm Payments Bank to lay off about 20% of workforce due to closure of business: Report
On January 31 this year, the RBI barred Paytm Payments Bank from accepting fresh deposits or top-ups starting from February 29. Later, it extended the end date to March 15 for the convenience of the customers. Key Points
Business Today