Several investors wanting to invest in mutual fund schemes, amid the selloff in the market on Tuesday, were left in the lurch as online MF investment platforms failed to execute the transactions on time.
Sales of gold coins and bars should be curbed after reaching around 300 tonnes
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
The American Gambits scored a crucial victory against the Ganges Grandmasters in the opening round of day four of the Tech Mahindra Global Chess League on Sunday. Hikaru Nakamura and Elisabeth Paehtz lead the winning charge for the American Gambits.
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
Apart from the emotional value attached to buying gold, the yellow metal offers protection against inflation, interest rate spikes, currency and geopolitical risks, says Anamika Pareek.
India's gold demand rose 8 per cent annually to 136.6 tonne in the March quarter helped by a strong economic environment despite prices touching historic highs, according to the World Gold Council. The aggressive gold buying by the Reserve Bank of India (RBI) also contributed to the rise in demand. India's gold demand in value terms rose 20 per cent on an annual basis to Rs 75,470 crore during the January-March period of this year on volume growth as well as a rise in quarterly average prices by 11 per cent.
Gold prices have been on an uptrend in the last few months, rising nearly 28 per cent to $2387 per ounce now. This rise in gold price, according to Christopher Wood, global head of equity strategy at Jefferies, is attributed to the demand from China amid lack of investor euphoria as regards the yellow metal. "Recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally.
Gold seems to be losing its glitter in India due to a rise in prices. Demand in Q2CY24 was 149.7 tonnes - a 5 per cent drop compared to 158.1 tonnes in the same period last year, according to a report by the World Gold Council (WGC). Demand by value in April-June 2024 stood at Rs 93,850 crore, up by 14 per cent compared to Rs 82,530 crore in the same period last year.
It is only after the government's nod that a particular design change come into effect.
Any currency design change must be approved by the RBI central board and the central government.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Those who want to invest should consider their risk appetite. Youngsters may go for it as they have a longer horizon to recover from a setback.
Vatsal Ramaiya draws wisdom from the Bhagvad Gita and correlates it to how you can build a decent corpus to achieve a peaceful retirement.
Ecuador mints commemorative coin to mark World Cup participation.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
To share your Father's Day story (Father's Day will be celebrated on Sunday, June 16), just mail us at getahead@rediff.co.in (subject: Father's Day) along with your name, the place where you live, your father's name and picture and your message about him.
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
'You will never be able to do any work for society if you wait to make enough money.'
Report by March 31; banks' gold coin sales, wealth management biz also under scanner.
Social stock exchange (SSE) saw its first listing on Wednesday, with SGBS Unnati Foundation becoming the first entity to take this route to avail financing. The foundation - engaged in vocational training of youth - raised Rs 1.8 crore from four investors. These include brokerage firm Zerodha and National Bank for Agriculture and Rural Development (Nabard).
The war between hackers and banks over ATM security will be dynamically redefined, notes Atanu Biswas.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
American Xander Schauffele birdied the final hole to win the PGA Championship by one shot over LIV Golf's Bryson DeChambeau.
Reserve Bank of India lens on mutual fund, insurance, gold coin sale by branch's non-sales staff
Citizens are encouraged to deposit jewellery, bars or coins with banks so it can be refined to meet fresh demand and cut the need for imports
Banks argued that the competition to import gold on behalf of jewellers is increasing.
Assuming we still have a Modi-led majority government after May 2024, there is no guarantee that reforms will move at anything more than a snail's pace, though we must be thankful even for that, notes R Jagannathan.
Retail investment demand for gold bars and coins as well as central bank purchases pushed the global gold demand by 28 per cent to 1,181.5 tonnes in the September quarter, according to the World Gold Council report. The total global demand stood at 921.9 tonnes during the July-September quarter of 2021, the World Gold Council's 'Gold Demand Trends Q3 2022' showed on Tuesday. Investment was down 47 per cent year-on-year as gold backed Exchange Traded Fund (ETF) investors responded to a challenging combination of higher interest rates and a strong US dollar with significant outflows of 227 tonnes.
The argument that India is going towards a 'Hindu rate of growth' is "ill-conceived, biased and pre-mature" when weighed against the respective data on savings and investments, said SBI Research in its Ecowrap report. The term Hindu rate of growth was coined by economist Raj Krishna in 1978, which denoted the economic growth of about 3.5-4.0 per cent in terms of GDP during 1947-1980. "India's quarterly sequential Y-o-Y GDP growth has been in a declining trend in FY23.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
Banks cannot function as traders of commodities, including gold, RBI chief general manager (communication) Mumbai Alpana Killawala told PTI over phone when asked about the reason behind the policy.
One reason why volumes have not increased in the retail segment is that users are not aware of merchants who accept digital currency.
