Commercial banks in India reported a sixth consecutive year of rise in their net profits in 2023-24 while bad loans continued to fall, according to the Reserve Bank of India's (RBI's) annual publication "Trends and Progress of Banking in India", released on Thursday. "Banks' profitability rose for the sixth consecutive year in 2023-24 and continued to rise in H1:2024-25 with the return on assets (RoA) at 1.4 per cent and return on equity (RoE) at 14.6 per cent," the report said.
The Reserve Bank of India on Friday decided to keep the policy rate unchanged for the 11th time in a row but sharply lowered the GDP growth forecast to 6.6 per cent for the current fiscal, as against earlier projection of 7.2 per cent. The Reserve Bank of India (RBI) maintained the status quo on interest rate despite July-September quarter GDP growth falling to 7-quarter low of 5.4 per cent, as against its own projection of 7 per cent.
The draft digital personal data protection (DPDP) rules, which require banks to obtain explicit consent from their customers before using their data for purposes beyond the original intent, although is being followed in spirit, leaves no room for regulatory arbitrage, experts said. They said that the potential business impact is difficult to assess at this stage, but the formalisation of these rules will mean banks now need to establish clear data processing agreements with third-party entities to ensure compliance.
The Supreme Court of India ordered the release of a man who had spent 25 years in prison for murder, ruling that he was a juvenile at the time of the crime. The court found that the convict, Om Prakash alias Raju, had been wrongly convicted due to errors by the courts in determining his age. The case highlights the importance of proper age verification and the need for courts to actively ensure the fair treatment of juveniles within the legal system.
The liquidity deficit in the banking system crossed Rs 2 trillion again on Monday, despite the second instalment of cash reserve ratio (CRR) reduction coming into effect from December 28.
Fugitive businessman Vijay Mallya has said that he will pursue relief for the Enforcement Directorate and banks taking more than two times the debt he owed. His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about recovery of over Rs 14,130 crore from his attached assets.
'I will continue to donate blood till I am healthy.'
Bank credit growth is expected to moderate this financial year after a robust 16 per cent estimated for last financial year, driven by strong economic activity and retail credit demand. There are three reasons for this: a statistical high-base effect given the strong growth seen last financial year, revision in risk weights by the Reserve Bank of India (RBI), and relatively slower economic activity.
To ease the potential liquidity stress, the Reserve Bank on Friday slashed Cash Reserve Ratio (CRR) by 50 basis points to 4 per cent, a move that would unlock Rs 1.16 lakh crore bank funds. The RBI on May 4, 2022 had raised CRR to 4.5 per cent from 4 per cent in an off-cycle Monetary Policy Committee (MPC) meeting, with effect from May 21 the same year.
Falling on Tuesday, January 14, 2025, Lohri and Makar Sankranti are celebrated with great joy, often marked by the tradition of kite flying.
India's forex reserves dropped by $5.69 billion to $634.58 billion in the week ended January 3, the Reserve Bank of India said on Friday. In the previous reporting week, the overall kitty had declined by $4.11 billion to $640.28 billion.
A PCB source said that the presence of a large International Cricket Council (ICC) delegation, including broadcast, hospitality and event operations officials, is an affirmation that the event is on schedule in Pakistan.
NCP (SP) chief Sharad Pawar has praised the RSS for its dedicated cadre and urged his party to create a similar base committed to progressive ideas. He attributed the NCP's recent electoral setbacks to complacency and a failure to communicate its work for the OBC community. Pawar also emphasized the need for social engineering to address caste tensions and announced that 50% of the tickets for upcoming local body elections will be given to new faces.
While liquidity in the banking system has turned surplus in the last few weeks, it could go back to deficit again, mainly due to corporate advance tax outflows. The net liquidity surplus of the banking system rose to touch Rs 1 trillion on Tuesday on the back of government spending, according to the data released by the Reserve Bank of India.
A record number of devotees are expected to take part in the first 'Amrit Snan' of the Maha Kumbh Mela on Tuesday, coinciding with Makar Sankranti. The event is significant as it marks the participation of the 'Akharas' and is also the first 'snan' after the grand Pran Pratishtha of Lord Ram Lalla in Ayodhya. The Uttar Pradesh government anticipates a total of 35 crore devotees visiting Prayagraj during the Kumbh Mela.
The 100-stock largecap basket of Mutual funds (MFs) has seen a major reshuffle in the latest semi-annual reclassification with seven midcap stocks and four new listings earning the largecap tag. According to a report from Nuvama Alternative & Quantitative Research, the midcap stocks that have been upgraded include CG Power, Rail Vikas Nigam, ICICI Prudential Life Insurance, Polycab India, Indus Towers, Cummins India, and Info Edge.
Rooted in Tamil Nadu, Mali's love story brought him to South Africa, where he started playing again, though his journey was short-lived.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
State Bank of India (SBI) - the country's largest lender - has unveiled two new schemes to boost deposit mobilisation at a time when most banks are facing challenges in raising resources. The first is 'Har Ghar Lakhpati,' a pre-calculated recurring deposit (RD) scheme designed to help customers accumulate Rs 100,000 or multiples thereof and develop a savings habit.
Luxury carmaker Mercedes-Benz India plans to roll out 8 new models, including battery electric vehicles, this year as it looks to sustain sales momentum having posted record sales in 2024. The company sold 19,565 units last year, registering a growth of 12 per cent as compared to 17,408 units in 2023.
Road construction contractor Suresh Chandrakar, the prime accused in journalist Mukesh Chandrakar murder case in Chhattisgarh, had allegedly hatched a conspiracy to kill him four to five days before the incident, the special investigation team (SIT) said on Thursday.
India's forex reserves dropped by $4.11 billion to $640.28 billion during the week ended December 27, the Reserve Bank said on Friday. In the previous reporting week, the overall kitty had dropped by $8.48 billion to $644.39 billion.
The Securities and Exchange Board of India (Sebi) on Thursday debarred Ketan Parekh, the stock market operator involved in the stock market scam of 2000, Singapore-based trader Rohit Salgaocar, and one other individual from the securities market for alleged front-running of trades of a United States (US)-based foreign portfolio investor (FPI). The FPI manages around $2.5 trillion worth of funds globally.
Fifteen companies have launched their initial public offerings (IPOs) in December 2024, making it the best month for public offerings since 1996. Collectively, they have raised Rs 25,425 crore, which also made December the best month in terms of the quantum of funds raised. In December 1996, 33 companies had raised Rs 931 crore.
RBI Deputy Governor Swaminathan J has asked banks to follow KYC guidelines with both "precision and empathy", failing which regulatory actions will be taken against them by the central bank. Addressing a Conference of Directors of Private Sector Banks here on Monday, the Deputy Governor also expressed concern that in many cases, customer grievance mechanisms, including the Internal Ombudsman structure, are treated more as a formality than as a robust, effective resource.
Net flows from domestic institutional investors crossed Rs 5 trillion for the first time during a calendar year.
The 45-day Maha Kumbh 2025, billed as the world's largest gathering of humans, began on Monday with the first major bathing ritual or 'Shahi Snan' at the Sangam, the confluence of the Ganga, Yamuna, and Saraswati rivers in Prayagraj, India. This edition of the Kumbh is being held after 12 years, with the Uttar Pradesh government expecting over 35 crore devotees to visit. The event is being touted as a 'Digi-Kumbh' with Artificial Intelligence (AI) being used for various aspects, including security and cleanliness. The Maha Kumbh will be held from January 13 to February 26, and is expected to transform the area into the world's largest temporary city. Thirteen Akharas of seers from different sects are participating in the event, attracting attention from those seeking to learn about Indian spiritual beliefs.
Following the lacklustre growth numbers in the second quarter (Q2FY25), economists believe the upcoming Union Budget for 2025-26 should focus on reforms that will stimulate consumption, manufacturing and spur employment. India's growth unexpectedly slowed to 5.4 per cent in the second quarter, due to low capital formation, weak consumption, besides adverse weather impact.
Widespread use of crypto assets, including stablecoins, can have a negative impact on the macroeconomic and financial stability of a country, the Reserve Bank of India (RBI) said on Monday. In its Financial Stability Report (FSR), the banking regulator highlighted that excessive use of crypto assets can reduce effectiveness of monetary policy, worsen fiscal risks, circumvent capital flow management measures, divert resources available for financing the real economy and threaten global financial stability.
Ramalingam Kalirajan offers some easy steps to reactivate your accounts with banks like SBI, HDFC Bank, IDFC First Bank and PNB just so that you can start availing all the benefits linked to your account.
When you create a culture where people find purpose in what they do, they will go above and beyond for you, even in difficult personal circumstances, says Radhika Gupta, MD and CEO, Edelweiss MF
The Congress party on Monday defended its decision not to accompany the family of former Prime Minister Manmohan Singh during the immersion of his ashes in the Yamuna, stating it was to ensure their privacy. Congress leader Pawan Khera said senior leaders did not accompany the family to gather and immerse the ashes of Dr Singh "out of our deference to the privacy of the family."
Dr Manmohan Singh first embossed himself on the national consciousness when as India's finance minister he flagged off economic reforms which changed this nation forever.
Union Finance Minister Nirmala Sitharaman's call for making lending rates affordable may not resonate anytime soon as banks still struggle with margin compression, and await clues from the Reserve Bank of India (RBI) on liquidity and rate action. Hinting that any lending rate cut was some time away, State Bank of India (SBI) managing director Vinay M Tonse said there was still some aggression in the market regarding deposit pricing.
The country's forex reserves dropped by a further $8.48 billion to $644.39 billion for the week ended December 20, the RBI said on Friday. In the previous reporting week, the reserves had dropped by $1.988 billion to a six-month low of $652.87 billion.
Private sector bank board members have urged the Reserve Bank of India (RBI) top brass to consider workload management of the boards as they feel there are too many issues that go to the boards for approval and the situation becomes unmanageable at times. The views were conveyed to the regulator on Monday in a conference of directors of private sector bank boards on the theme "Transformative Governance Through Sound Boards". RBI governor Shaktikanta Das, deputy governors Swaminathan J and M Rajeshwar Rao, and other senior officials of the central bank participated in the conference.
A new cyber fraud known as 'pig butchering scam' or 'investment scam' has emerged, targeting unemployed youths, housewives, students, and needy people who are made to lose large sums of money daily, according to the latest annual report of the Union home ministry.
... resulting in a Rs 2 trillion economic spinoff.
State Bank of India (SBI), in a report on Friday, claimed a significant decline in the headline poverty ratio in rural areas on account of enhanced physical infrastructure, higher consumption growth in the bottom fractile and direct benefit transfers (DBTs).
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