Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

In a significant move, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword>) has imposed penalties on <keyword id="19952948" type="General" weightage="20" keywordseo="axis-bank" source="keywords">Axis Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword> for lapses in regulatory and statutory compliance. The fines, which amount to a total of ₹2.91 crore, highlight the central bank's ongoing efforts to ensure that financial institutions adhere to prescribed guidelines. The RBI levied a penalty of ₹1.91 crore on Axis Bank for violations that included contraventions of the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword> and non-compliance with specific RBI directions related to interest rates on deposits, Know Your Customer (KYC) norms, and collateral-free loans for agriculture. Meanwhile, HDFC Bank faced a ₹1 crore fine for failing to comply with directions concerning interest rates, customer service practices, and the use of recovery agents. <h2>Axis Bank: Key regulatory failures</h2>Axis Bank’s penalty stems from a supervisory evaluation conducted by the RBI based on its financial position as of March 31, 2023. Upon reviewing the bank’s activities, the RBI found several areas of non-compliance. One of the primary issues was the opening of savings deposit accounts in the names of ineligible entities, a direct violation of regulatory norms. Additionally, Axis Bank was found to have issued multiple customer identification codes to certain clients instead of assigning a Unique Customer Identification Code (UCIC), which is mandatory to avoid duplication and ensure proper monitoring of accounts. The bank also violated guidelines concerning agricultural loans. RBI regulations prohibit banks from asking for collateral for agricultural loans up to ₹1.60 lakh, but Axis Bank had obtained such collateral in certain cases. Lastly, a wholly-owned subsidiary of Axis Bank was found to be engaged in providing technology services—an activity that is not permissible for a banking company. This contravention added to the overall penalty levied by the central bank. <h2>HDFC Bank: Regulatory shortcomings</h2> In the case of HDFC Bank, the RBI’s investigation was based on its financial position as of March 31, 2022. The central bank uncovered several violations, including the offering of gifts, specifically covering the first-year premium for complimentary life insurance, which exceeded the permissible limit of ₹250. Moreover, HDFC Bank was found to have opened savings accounts in the names of ineligible entities, a violation similar to that of Axis Bank. Another significant failure was the bank’s inability to ensure that customers were not contacted by bank officials outside the permitted time frame of 7 am to 7 pm. <h2>RBI's Stance on Compliance</h2> While the RBI has been stringent in penalising both banks, it clarified that these penalties are based on lapses in regulatory compliance and are not reflective of the validity of any transactions or agreements between the banks and their customers. The central bank’s message is clear—financial institutions must adhere strictly to guidelines to maintain transparency, protect customers, and uphold the integrity of the banking system. The penalties serve as a reminder to all banks to stay vigilant and maintain high standards of compliance to avoid such financial and reputational damage in the future. Both Axis Bank and HDFC Bank have accepted the fines and are expected to take corrective actions to avoid future infractions. For customers, this action from the RBI is a reassurance that regulatory oversight remains a priority to ensure fair banking practices across the country.

RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

<ul class="summary-list"><li>Donald Trump commented on the Fed after Wednesday's interest rate cut.</li><li>As a president and a candidate, Trump has continued undermining the Fed's independence.</li></ul>Interest-rate cuts are finally here, and former President Donald Trump isn't happy about it.On Wednesday, the Federal Open Market Committee <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">announced an interest-rate cut of 50 basis points</a>, the first cut Americans have received in over four years. With the pace of inflation slowing and the job market cooling over the past few months, some experts and Democratic lawmakers have been urging Fed Chair Jerome Powell to cut rates sooner rather than later to give Americans relief from high prices.But Trump feels differently — he <a target="_blank" class="" href="https://www.youtube.com/watch?v=ZlvBFsWoXtw">said</a> during a New York campaign stop on Wednesday that the rate cut "shows the economy is very bad to cut it by that much, assuming they're not just playing politics.""The economy would be very bad, or they're playing politics, one or the other," Trump said. "But it was a big cut."He's argued in the past that the Fed would only cut rates close to the election to aid Democrats, which he reiterated leading up to the central bank's announcement."They'll do the rate cut and all the political stuff tomorrow," Trump said during a Tuesday town hall in Michigan, adding that if he wins the presidential election, "we're going to get interest rates down."Notably, the president has no influence over lowering interest rates — the Federal Reserve is politically independent and is supposed to make monetary policy decisions solely based on its dual mandate of keeping inflation low and employment high.That's something Trump wants to change — The Wall Street Journal reported in April that members of Trump's team were <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-decisions-restructure-federal-reserve-jerome-powell-wsj-2024-4">creating plans to restructure the Fed</a> and allow Trump to have a say in interest-rate decisions. He later walked those comments back, saying in an August <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-19/trump-defends-fed-criticism-weighs-providing-aid-to-home-buyers">interview</a> with Bloomberg that he doesn't need to be "calling the shot, but it does mean that I should have a right to be able to talk about it like anybody else."Senior advisors to Trump told the Journal that those plans were not finalized.Trump has also previously accused the Fed of being political — he <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-cuts-powell-help-democrats-win-elections-inflation-2024-2">said</a> during a Fox interview in February that Powell is "going to do something to probably help the Democrats, I think, if he lowers interest rates."While Powell has not directly responded to Trump's comments, the Fed chair has repeatedly said that the Federal Reserve is an independent entity that makes decisions solely based on data and is not influenced by politics. "Our job is to support the economy on behalf of the American people, and if we get it right, this will benefit the American people significantly," Powell said during the Wednesday press conference. "It's something we all take very, very seriously. We don't put up any other filters. I think if you start doing that, I don't know where you stop."Trump sought to use his presidential power to appoint members to the Fed board who supported his unorthodox views of the central bank. Judy Shelton, a conservative economist who Trump nominated to the Board of Governors in 2019, had previously written that the Fed was "almost a rogue agency" that couldn't be trusted. Even fellow Republicans balked at her nomination, culminating in a 47-50 failed floor vote exacerbated by GOP absences related to COVID-19."In her past statements, Ms. Shelton has called for the Federal Reserve to be less independent of the political branches and has even questioned the need for a central bank," Sen. Susan Collins, a Maine Republican, said of her at the time. "This is not the right signal to send, particularly in the midst of the pandemic."Shelton was one of a series of Trump loyalists whose nominations ran aground. Former 2012 GOP presidential candidate Herman Cain and conservative commentator Stephen Moore both withdrew their respective nominations in the face of opposition. Trump was able to get former Kanas banking commissioner Michelle Bowman and economist Christopher Waller confirmed to the Fed Board.Trump has flip-flopped his views on his most important appointment to the Fed: Powell."He's strong, he's committed, he's smart," Trump said about Powell in 2017 when he nominated him to lead the Fed.In February, the former president said he would not reappoint Powell to lead the Fed. Earlier this summer, Trump told Bloomberg News that he would let Powell serve out his term. Trump's tepid support of Powell underlines just how mercurial he can be when it comes to the central bank."There are few more important positions than this, believe me, in our Government," Trump said in 2017 with Powell looking on.On that point, Trump hasn't wavered.

The Fed's interest-rate cut put Trump even more at odds with the central bank

<ul class="summary-list"><li>Hamas carried out a devastating attack on <keyword id="19900599" type="General" weightage="100" keywordseo="israel" source="keywords">Israel</keyword> one year ago, killing about 1,200 people.</li><li>The terror attack has helped push the Middle East to the brink of a wider regional war.</li></ul>On the early morning of October 7, 2023, air raid sirens began blaring in Israel, warning its citizens that an attack was in progress. Hamas, a militant group much of the West has designated a terrorist organization, launched a highly coordinated strike that the Israel Defense Forces would later say killed about 1,200 people. One year after the massacre, the Middle East has only plunged deeper into violence and is on the brink of a broader war. Paths to de-escalation, largely facilitated by the US, have repeatedly failed. And Israel appears to be inching closer to a direct conflict with Iran, a grim prospect that has been avoided for years as the two countries limited their fight to proxies in a shadow war. The results of the yearlong conflict, with origins that date back decades, have been costly for both Israel and the Iranian-led "Axis of Resistance," noted Chuck Freilich, a former deputy national security advisor who served for over 20 years in Israel's security establishment. "Israel has turned the tide and has the Axis of Resistance on the defensive. Hamas has been defeated militarily, though not politically, and remains in political control in Gaza," Freilich told Business Insider, adding that Iran had come to be in a vulnerable position. "Conversely, Israel was in the midst of a multi-front war which may result in significant damage to its homefront and is deeply isolated in the world," he added. <h2>A year of bloodshed</h2>Israel's response to Hamas' attack on October 7 was a massive bombardment campaign and later ground incursion in Gaza, which Palestinian authorities say have left about 42,000 people dead. Amid the early stages of that campaign, the first high-profile <a target="_blank" class="" href="https://apnews.com/article/yemen-navy-warship-missiles-intercepted-2f5fc9c8a3737f762b29d5c53ec08a5b">expansion of the greater conflict blew open in late October,</a> when Yemen's Houthi rebels <a target="_blank" class="" href="https://www.businessinsider.com/israel-iran-idf-houthi-rebels-hijack-ship-red-sea-2023-11">began attacking commercial ships</a> seeking passage through the Suez Canal and the Gulf of Aden. The Houthis, historically backed and armed by Iran, said they were declaring a show of support for Hamas by attacking ships linked to Israel, though they were often found to have used drones, missiles, and raiding parties to harass vessels with no direct relation to it. <div type="image" title="Houthi supporters in Yemen brandish rifles and Yemeni and Palestinian flags in July." height="3840" width="5760" msid="114014767" hostid="261"></div>With the <a target="_blank" class="" href="https://www.businessinsider.com/who-are-houthis-yemen-rebels-attacking-ships-red-sea-2024-1">Houthi attacks</a> threatening to close off a vital international shipping lane, the US and its allies and partners established a heavy military presence in the Red Sea to fend off the rebels. January saw the West's most direct and overt military involvement in the conflict, when the US, UK, and their allies <a target="_blank" class="" href="https://www.businessinsider.com/us-launches-strikes-houthis-following-shipping-attacks-2024-1">barraged Houthi targets</a> with airborne, surface, and subsurface-launched strikes after <a target="_blank" class="" href="https://www.businessinsider.com/us-launches-strikes-houthis-following-shipping-attacks-2024-1">warning the rebels repeatedly</a> to cease their attacks. The campaign has dragged on for almost a year with <a target="_blank" class="" href="https://www.businessinsider.com/why-the-west-cant-stop-houthi-missile-attacks-on-ships-2024-1">no end in sight</a>, and the US has been <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-aircraft-carrier-left-middle-east-ending-show-force-2024-9">rotating multiple aircraft carrier groups</a> into the region while carrying out further strikes on Houthi territory. To the north, Syria became the site of further conflict in April, when Israel launched a <a href="https://www.businessinsider.com/deadly-israeli-strike-syria-could-put-us-forces-crosshairs-iran-2024-4" target="_blank">strike on the Iranian Consulate in Damascus</a>, killing several senior officials of Iran's Islamic Revolutionary Guard Corps, including two generals. Farzin Nadimi, a senior fellow at The Washington Institute for Near East Policy, previously told BI that the strike was significant because it was the "first time Israel struck an official Iranian government-affiliated site with high-ranking people inside." <div type="image" title="Iranian Foreign Minister Hossein Amir-Abdollahian, Syrian Foreign Minister Faisal Mekdad, and other officials check the site of Israeli attack on Iran consulate in Damascus in April," height="2080" width="3040" msid="114014764" hostid="261"></div>Iran followed up with a <a target="_blank" class="" href="https://www.businessinsider.com/us-forces-destroyed-iran-missiles-drones-massive-air-defense-battle-2024-4">long-range attack on Israel at an unprecedented scale</a>, launching what Israeli authorities said were 170 attack drones, 120 ballistic missiles, and 30 cruise missiles — almost all of which were intercepted. Israel then responded with its<a target="_blank" class="" href="https://www.businessinsider.com/explosion-heard-in-iran-according-to-state-media-2024-4"> own strikes on multiple cities in Iran</a>. And in July, <a target="_blank" class="" href="https://www.businessinsider.com/ismail-haniyeh-top-hamas-leader-killed-in-iran-2024-7">Ismail Haniyeh</a>, the political leader of Hamas, was killed just after he attended the swearing-in of Iran's new president. <keyword id="20394829" type="General" weightage="20" keywordseo="haniyeh" source="keywords">Haniyeh</keyword> was widely reported to have been killed by a <a target="_blank" class="" href="https://www.nytimes.com/2024/08/01/world/middleeast/how-hamas-leader-haniyeh-killed-iran-bomb.html?smid=tw-share">remotely detonated explosive device</a> that was planted months before his death in a guesthouse he was using in Tehran. Israel also claimed responsibility that week for <a href="https://www.businessinsider.com/israel-tried-killing-top-hezbollah-commander-beirut-with-us-bounty-2024-7" target="_blank">killing the Hezbollah commander Fuad Shukr</a>, a senior advisor to the Lebanese militant organization's top leader, Hassan <keyword id="20081934" type="General" weightage="20" keywordseo="nasrallah" source="keywords">Nasrallah</keyword>, via an air-launched strike in Beirut. <div type="image" title="A billboard in Beirut. depicts Ismail Haniyeh, Qasem Soleimani, and Fuad Shukr." height="3067" width="4600" msid="114014762" hostid="261"></div>Meanwhile, Hezbollah, a longtime enemy of Israel, has been <a target="_blank" class="" href="https://www.businessinsider.com/hezbollah-lebanon-israeli-positions-gaza-hamas-2023-10">exchanging fire</a> with Israel on its southern border since the October 7 attack, forcing hundreds of thousands of civilians on both sides to flee. In one of the most dramatic attacks the region has yet seen, <a target="_blank" class="" href="https://www.businessinsider.com/iran-backed-hezbollah-members-hurt-after-pagers-just-weirdly-exploded-2024-9">thousands of pagers and communication devices</a> used by Hezbollah detonated in September, injuring more than 2,800 people and killing at least eight. Mossad, Israel's spy agency, is widely believed to have orchestrated the attack by <a target="_blank" class="" href="https://www.businessinsider.com/hezbollah-pagers-had-dark-feature-made-them-more-gruesome-2024-10">planting explosives inside the devices</a> before they were distributed, but Israel has not claimed responsibility. <div type="image" title="This picture shows a fire that emerged after an Israeli bombardment in south Lebanon." height="1588" width="2408" msid="114014770" hostid="261"></div>Later in September, <a href="https://www.businessinsider.com/who-was-hassan-nasrallah-the-hezbollah-leader-killed-by-israel-2024-9" target="_blank">Israel launched a strike</a> that killed Nasrallah at Hezbollah's headquarters in Beirut, bringing an end to his 32-year leadership of the militant group. Then, at the start of this month Israel began what it called a <a href="https://www.businessinsider.com/israel-launches-ground-offensive-into-lebanon-destroy-hezbollah-targets-2024-9" target="_blank">limited ground incursion into Lebanon</a>, saying it sought to dismantle Hezbollah's positions and artillery in the south. Iran moved soon after to launch a second major attack on Israel. Tehran is reported to have fired about 200 missiles, including its <a href="https://www.businessinsider.com/iran-used-one-of-most-advanced-missiles-massive-israel-attack-2024-10" target="_blank">advanced Fattah missile</a> capable of reaching speeds of Mach 5. It's unclear whether Israel might expand its scope in Lebanon, where it faces difficult terrain and Hezbollah troops who have had years to embed and prepare. Lebanon's health ministry has said more than 2,000 people have been killed so far in the ensuing strikes and raids. Tehran is reported to have fired about 200 missiles at Israel on October 2, including its <a target="_blank" class="" href="https://www.businessinsider.com/iran-used-one-of-most-advanced-missiles-massive-israel-attack-2024-10">advanced Fattah missile</a> capable of reaching speeds of Mach-5. <h2>Escalations don't bode well for the Middle East</h2>History shows there's little chance that Israel will let that attack pass without a response, as Israel's Prime Minister Benjamin <keyword id="19934489" type="General" weightage="20" keywordseo="netanyahu" source="keywords">Netanyahu</keyword> indicated in <a target="_blank" class="" href="https://www.youtube.com/watch?v=iUSI5tQuXys">a speech to the United Nations General Assembly</a> on September 27. "If you strike us, we will strike you. There is no place in Iran that the long arm of Israel cannot reach, and that's true of the entire Middle East," he said. Meanwhile, last month saw<a target="_blank" class="" href="https://www.businessinsider.com/israel-fed-up-massive-protest-strike-demanding-gaza-deal-hostages-2024-9"> hundreds of thousands of Israeli protesters</a> rallying against Netanyahu's failure to secure some sort of cease-fire deal that could lead to the release of the hostages remaining in Gaza after the attack one year ago. Gili Roman, whose sister was kidnapped on October 7 and later released and whose relative Carmel Gat was among the six slain hostages recovered by the IDF in early September, told BI last month that Netanyahu and his government were "prioritizing themselves" over the hostages. The anticipation of yet another cycle of escalating retaliation has set the world on edge, amid fears that an all-out war between Iran and Israel will destabilize the entire region. Globally, the immediate concern is that oil supplies will diminish significantly should conflict spill over to the rest of the Middle East. Last week, Citigroup analysts estimated that a major strike on Iranian oil infrastructure could reduce global oil supplies by <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-02/latest-oil-market-news-and-analysis-for-oct-3">1.5 million barrels per day.</a> <h2>Israel ignores US red lines</h2>US President <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword> has for a year been trying to avoid the war growing into a wider regional conflict that could pull in the US and other world powers. He has repeatedly sought to broker a cease-fire in Gaza, organize more humanitarian support for civilians, and limit Israel's campaign. But Netanyahu has repeatedly ignored Biden's red lines and has continued to push forward against Hamas even as the civilian death toll spiraled and international opposition to Israel's campaign mounted. The US has also helped shield Israel against Iranian missile attacks sparked by the April killings and recent attacks on Hezbollah, and has positioned troops in the area to deter further Iranian aggression, while also seeking to tamp down the conflict. Meanwhile, as Israel intensified its attacks against Hezbollah two weeks ago, the US announced that it had brokered a possible cease-fire agreement — only for Israel to assassinate Nasrallah one day later. Critics of US policy believe that Netanyahu is acting in his own self-interest to try to hold together his fragile coalition government, whose far-right members support intensifying the war against Iran and its allies. "Netanyahu doesn't care about his friendship with Biden, or even about Israel's dependence on the United States. He cares only about his near-term political interests. Everyone but Biden can see this," wrote Andrew Exum, a former US deputy assistant secretary of defense for Middle East policy, <a target="_blank" class="" href="https://www.theatlantic.com/international/archive/2024/10/israel-war-biden-iran/680155/">in The Atlantic</a> last week. <h2>The global economy on edge</h2>When the conflict began a year ago, there were fears that wider conflict in the Middle East could impact the global economy. Oil prices did rise in the days after the October 7 attacks and Brent crude peaked above $92 a barrel later that month, but then started declining to about $73 in mid-December. In contrast, oil hit about $130 a barrel after <keyword id="19900702" type="General" weightage="20" keywordseo="vladimir-putin" source="keywords">Vladimir Putin</keyword> invaded Ukraine in February 2022. However, experts recently told Business Insider that a wider war in the region could <a target="_blank" href="https://www.businessinsider.com/global-economy-israel-iran-war-oil-growth-inflation-hurricane-china-2024-10">choke global economic growth and reignite inflation</a>. The Bank of Israel estimated in May that the costs arising from the war would total about $66 billion through the end of next year — equivalent to roughly 12% of Israel's GDP, <a target="_blank" href="https://www.reuters.com/world/middle-east/year-war-creates-cracks-israels-borrowing-strength-2024-10-06/">according to Reuters</a>. And in June, <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/06/05/scars-of-conflict-are-deeper-and-longer-lasting-in-middle-east-and-central-asia">the IMF noted</a> that the long-term economic effects of severe conflict on real GDP per capita in the Middle East were particularly pronounced, compared to other regions. It said that countries in the Middle East can expect to experience a roughly 10% decline in real GDP per capita a decade after the onset of a conflict, compared to pre-conflict levels. Correction: October 7, 2024 — An earlier version of this story misstated when Israel launched its strike that killed Hassan Nasrallah. That attack took place before Israel's ground incursion into Lebanon, not after, and the subsequent Iranian missile strike came soon after the Israeli ground assault, not hours after Nasrallah's killing. The story also misspelled the name of the former deputy national security advisor in Israel. He is Chuck Freilich, not Chuck Frielich.

One year on, the Middle East is spiraling deeper into violence

<ul class="summary-list"><li>Some members of Trump's team want to restructure the Federal Reserve, the WSJ reported.</li><li>That could include allowing the president to have a direct say on interest rate decisions.</li></ul>The nation's central bank might look quite different if former President Donald Trump wins the upcoming election.The Wall Street Journal <a target="_blank" href="https://www.wsj.com/economy/central-banking/trump-allies-federal-reserve-independence-54423c2f?mod=hp_lead_pos1">reported</a> on Thursday night that members of Trump's team are creating plans that would restructure the Federal Reserve and allow Trump to influence the Fed's actions, according to people familiar — a move that would erode the Fed's independence from political entities.According to the Journal, the proposals would give Trump a say on <a target="_blank" href="https://www.businessinsider.com/how-do-interest-rate-hikes-impact-housing-market-rent-mortgages-2024-3">interest-rate decisions</a>, along with giving him the authority to oust Fed Chair Jerome Powell from his position before his term is up in 2026.Trump's advisors cautioned that the campaign has not confirmed these plans:"Let us be very specific here: unless a message is coming directly from President Trump or an authorized member of his campaign team, no aspect of future presidential staffing or policy announcements should be deemed official," Trump senior advisors Susie Wiles and Chris LaCivita told the Journal.The Journal also reported that the proposal would require the Fed to be subject to review by the Office of Management and Budget when issuing new rules — a process that other federal agencies have to undergo and would be another effort to diminish the central bank's independence on matters of banking regulation.Trump has previously been critical of Powell's handling of interest rates during the pandemic. To help the Fed achieve its 2% inflation target, the Federal Open Market Committee has hiked interest rates 11 consecutive times since March 2022. In September, the Fed <a target="_blank" href="https://www.businessinsider.com/did-fed-pause-raise-interest-rate-hikes-september-inflation-recession-2023-9">paused the hikes</a> and <a target="_blank" href="https://www.businessinsider.com/did-fed-cut-interest-rates-march-meeting-continues-pause-inflation-2024-3">held rates steady since then</a>, and Powell has emphasized the importance of being confident in economic data before cutting rates this year.Trump hasn't been on board with Powell's timing. In Februrary, Trump told Fox News that <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-cuts-powell-help-democrats-win-elections-inflation-2024-2">Powell is being "political"</a> by potentially choosing to cut rates right around the time of the presidential election."I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected."Powell has long maintained that the Fed is not a political entity, <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-presidential-election-wont-impact-timing-powell-trump-2024-4">saying</a> during an April discussion that "our analysis is free from any personal or political bias, in service to the public.""We will not always get it right — no one does," he said. "But our decisions will always reflect our painstaking assessment of what is best for our economy in the medium and longer term — and nothing else."<h2>None of this can be done without Trump back in the White House</h2>The former president is the Republican Party's presumptive nominee, having handily defeated Florida Gov. Ron DeSantis, former South Carolina Gov. Nikki Haley, entrepreneur Vivek Ramaswamy, and others in the ongoing GOP primary election.Despite many polls showing Trump ahead of President Joe Biden in head-to-head matchups, the outcomes change when 3rd party candidates are introduced into the mix, especially Democrat-turned-Independent <a target="_blank" href="https://www.businessinsider.com/trump-hurt-by-robert-f-kennedy-campaign-poll-2024-4">Robert F. Kennedy Jr</a>.After losing to Biden in 2020, Trump has an unexpected advantage this time around: much more <a target="_blank" href="https://www.businessinsider.com/young-voters-siding-with-trump-but-vote-less-often-2024-4">interest from young voters</a> than before. Biden previously led Trump with the group by a nearly 20-point margin, but recent polls show that lead has fallen to just 1 to 2 percentage points.There is, however, a catch: younger voters are historically much less likely to vote than older ones, and several GOP-led state legislatures introduced bills in recent years restricting which forms of <a target="_blank" href="https://www.insidehighered.com/news/students/free-speech/2023/07/07/bans-student-ids-voting-proposed-five-states">identification</a> can be used at the voting booth, which could further reduce young voter turnout.Trump has also been hampered in recent weeks by his many legal troubles, such as the ongoing <a target="_blank" href="https://www.businessinsider.com/trump-feared-campaign-not-family-scandals-were-buried-pecker-2024-4">hush-money case</a> in New York and his team's appeal to the <a target="_blank" href="https://www.businessinsider.com/supreme-court-trump-january-6-trial-timing-delay-2024-election-2024-4">Supreme Court</a> on Thursday to give presidents sweeping immunity for their actions in office.

Trump's team wants to restructure the Fed and let him have a say on interest rate decisions: WSJ

<ul><li>100% UHNIs in India expect their wealth to grow in 2023, compared to 69% globally. </li><li>15% Indian UHNIs held residential property abroad as compared to 28% globally. </li><li>For UHNIs, the top segments for wealth allocation were equities, direct commercial property, bonds and private equity. </li><li>For the first time, private investment surpassed institutional investment in global commercial real estate. </li></ul>Last year was good for Indian ultra high networth individuals or UHNIs – as 88% of them reported growth in their wealth. Globally, only 40% of the <keyword id="469040" type="General" weightage="20" keywordseo="super-rich" source="Orion">super rich</keyword> could make the same claim as per a report by property consultant <keyword id="6363605" type="General" weightage="100" keywordseo="knight-frank" source="Orion">Knight Frank</keyword>. It hence comes as no surprise that all of them – 100% of Indian UHNIs — expect their wealth to grow even in 2023, says The Wealth Report 2023. Globally, 69% of them expect good tidings this year. In India, 19% of Indian super rich are self-made and under 40 years, while globally they account for 23%. UHNIs or the super-rich are defined as those who have an investable surplus of ₹25 crore or more. <cmsannotation type="cmsannotation" annotationid="A bad year for global wealth" comment="subhead2" text="A bad year for global wealth">A bad year for global wealth</cmsannotation> The year of 2022 however was a wealth destroyer, the aggregate global wealth fell by 10%. The most hit was Europe which was on the receiving end of the Russia-Ukraine war – whose wealth fell by 17%. In Asia and Middle East regions, it fell by 7% each, and 10% in the Americas. Globally, in 2022, private investors were the most active buyers in global commercial real estate investment. They invested $455 billion accounting for 41% of the total. “This represents private investors’ highest share of global commercial real estate on record and is the first-time private investment has surpassed institutional investment,” Knight Frank said. <cmsannotation type="cmsannotation" annotationid="More wealth to secondary homes" comment="subhead2" text="More wealth to secondary homes">More wealth to secondary homes</cmsannotation> The report also revealed interesting insights regarding home ownership of Indian UHNIs. On average, they own an average of 5.1 homes, while the global number is 4.1. The wealth allocation to primary and secondary homes was 37% for Indians, and 32% globally. Only 15% Indian UHNWIs held residential property abroad as compared to 28% globally. Interestingly, the top favoured countries for home purchase for Indian super rich in 2022 were UK (47%), UAE (41%), USA (29%) and Canada (18%). As many as 21% of Indian UHNIs considered making commercial property investments, and slightly higher than the global average. <cmsannotation type="cmsannotation" annotationid="Bags, not classic cars" comment="subhead2" text="Bags, not classic cars">Bags, not classic cars</cmsannotation> Most UHNIs allocate most of their wealth into equity markets — at 34%. Next comes direct commercial property (17%), bond market (16%) and private equity (10%). Art, watches and luxury handbags were the top three investments of passion for Indians. Globally, art, classic cars and jewelry were the top three. <cmsannotation type="cmsannotation" annotationid="Capital appreciation vs preservation" comment="subhead2" text="Capital appreciation vs preservation">Capital appreciation vs preservation</cmsannotation> In 2023, 31% UHNIs said that capital appreciation was their biggest goal for wealth, while 25% said that their biggest goal was capital preservation. Income generation (25%) and diversification(14%) were the next biggest goals. Also, one-third of the respondents said that they want to expand property holdings while 29% said that they want to deleverage. When it came to the safest asset class, residential property was considered the safest, followed by gold, bonds, commercial property and equity markets. Cryptocurrencies were considered as the most volatile asset. The report also revealed that 77% UHNIs feel that environmental considerations impact their investment decision to some extent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-completes-acquisition-of-citibanks-consumer-business-heres-everything-to-know/articleshow/98337170.cms">Axis Bank completes acquisition of Citibank’s consumer business for ₹11,603 crore – here’s everything to know</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/this-is-how-big-your-1-million-home-would-be-in-top-cities/slidelist/98335765.cms">This is how big your $1 million home would be in top cities</a>

India's super-rich gear up for a better year ahead: Knight Frank

The handsome credit growth witnessed at present will taper down next year if deposit growth continues to lag behind, <keyword id="6355975" type="General" weightage="100" keywordseo="axis-bank" source="Orion">Axis Bank</keyword> chief executive and managing director <keyword id="247960" type="General" weightage="50" keywordseo="amitabh-chaudhry" source="Orion">Amitabh Chaudhry</keyword> said on Friday. <keyword id="263188" type="General" weightage="80" keywordseo="chaudhry" source="Orion">Chaudhry</keyword> also advised some caution to be exercised by the system as it witnesses a high growth at present, saying decisions made today should not haunt 5-7 years down the line. "... If the deposit growth does not continue, our projection says that credit growth can taper down in the next year," Chaudhry said, speaking at Business Today's Banking and Economic Summit here. The bank's economists are projecting that credit growth will come down to somewhere around 12-13 per cent unless something happens on the deposit side, he added. It can be noted that at present, the system is witnessing a credit growth of around 17 per cent, as against a 9 per cent growth in deposits, which has triggered what some bankers refer to as a 'war for deposits' in the system. Chaudhry said the next 5-7 years look great for India. "We have to play the role of a tiger in this aggressiveness and be willing to crouch when certain opportunities come with inherent risks," he said, hinting that under him, the bank wishes to displace larger rival ICICI Bank from the number two spot and also go ahead of HDFC Bank in the future. Recalling a comment made by him when he took charge over three years ago, Chaudhry named ICICI Bank and said, "... I said I have not joined to remain number 3. I have joined Axis Bank to take this institution to a different level. Otherwise what is the point?" <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> had recently explained that the two numbers look divergent because of base effects, pointing out that last year the deposit growth was higher than the credit growth, and maintained that the higher rise in loans cannot be termed as exuberant. Apart from the base effects, Chaudhry attributed the higher credit growth to refinance and a shift to bank credit from other sources, and rued that corporations continue to be cautious. "... that sense of gung-ho feeling which the media seems to be talking about, or people are saying 'oh, India ... great things will happen', I am not seeing it yet. I think the corporates are still being very careful," he said. Acknowledging that a more diverse set of sectors are witnessing investments at present, he said much of the capital expenditure is directed towards acquisitions or acquiring market share, and is not aimed at greenfield expansion which is desirable from an economic growth perspective. "The tepid growth rate in wholesale (lending) has to take off at some stage, or the GDP growth will get impacted," he made it clear. Axis Bank has stayed away from some corporate loan bets because they were not coming at the right price point which the lender considers from a risk perspective, Chaudhry said, adding that there are five-seven banks, especially some state-run ones, which are willing to price the loans lower as they chase loan growth. "While we have cleaned up our act, in this desire and aspiration to grow all of us have to realize that today we might be making mistakes which would create not a new banking crisis, but create problems for banking going forward in the future," he said. He further added that "being a banker, we always look at risk all the time. In my mind, we need to add a dose of caution to this feeling of euphoria." SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mfs-add-hdfc-reliance-industries-kfin-tech-sula-vineyards-in-december/articleshow/96963841.cms">MFs add HDFC, Reliance Industries, KFin Tech, Sula Vineyards in December</a> <a href="https://www.businessinsider.in/finance/news/indian-inc-expects-budget-fy24-to-cushion-economy-from-global-risks-deloitte-survey/articleshow/96967472.cms">Indian Inc expects Budget FY24 to cushion economy from global risks; optimistic FY23 GDP growth will be above 6.5%: Deloitte survey</a> <a href="https://www.businessinsider.in/stock-market/news/nifty50-set-to-clock-10-increase-in-profit-in-q3-banks-likely-to-outperform/articleshow/96956814.cms">Nifty50 set to clock 10% increase in profit in Q3; banks likely to outperform</a>

Credit expansion will taper down next year if deposits growth doesn't rise: Axis Bank MD

<ul class="summary-list"><li>China's years-long property crisis could get worse.</li><li>There are concerns over Vanke amid reports the state-backed property developer was seeking debt maturity extensions.</li></ul>China's years-long real-estate debt crisis has already taken down property giant <a target="_blank" rel="" href="https://www.businessinsider.com/china-evergrande-property-real-estate-crisis-debts-collapse-what-happens-2024-2">Evergrande,</a> which is undergoing liquidation.<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-31/china-home-sales-slump-persists-after-evergrande-liquidation">Home sales</a> and <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-17/china-home-prices-fall-most-since-2015-as-downturn-persists">prices in the country</a> have also slumped.But <a target="_blank" href="https://www.businessinsider.com/country-garden-china-real-estate-problems-explainer-evergrande-2023-8">China's property crisis</a> could still get worse."I think, at the moment, there's an assumption in the market that the levels of activity have come down so much that things can't get much worse, but that's not really true," Charlene Chu, a senior analyst at Autonomous Research, told <a target="_blank" href="https://www.bloomberg.com/news/videos/2024-03-11/autonomous-research-s-chu-says-npc-has-underwhelmed-video">Bloomberg TV</a> on Monday.Chu — who issued warnings about <a target="_blank" href="https://www.wsj.com/articles/SB10001424127887323423804579025353329689102">China's debt</a> more than a decade ago — said China is still "very much in the middle of a collapse in the property sector and this could still get uglier than it already is."<h2>Concerns grow over another Chinese real-estate giant</h2>Chu's assessment of China's property market comes as concerns brew over Vanke, a state-backed developer and the country's <a target="_blank" href="https://www.reuters.com/world/china/chinas-state-owned-developers-dominate-sales-land-markets-2023-surveys-2024-01-02/">second-largest developer by sales</a> last year.Investors have been dumping Vanke's shares and bonds this month after reports that the company was seeking to <a target="_blank" href="https://www.reuters.com/markets/rates-bonds/china-vanke-assures-repayment-dollar-bond-amid-liquidity-worries-2024-03-05/">extend the maturity of its debt</a> with insurers — an indication it's in a cash crunch.<a target="_blank" href="https://www.vanke.com/upload/file/2024-03-11/fb636ac8-c68e-4387-8b1b-47dd78741e50.PDF">On Friday, Vanke</a> said it had deposited funds to repay $630 billion in notes due on Monday. Beijing has also asked banks to boost financing for Vanke and called on creditors to extend debt maturity, <a target="_blank" href="https://www.reuters.com/business/chinese-regulators-ask-large-banks-step-up-support-vanke-sources-say-2024-03-11/">Reuters</a> reported on Monday, citing two unnamed sources with knowledge of the matter.Authorities are coordinating Vanke's discussions with banks to help the developer avert a default, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-12/china-vanke-in-debt-swap-talks-with-banks-to-stave-off-default">Bloomberg</a> reported on Tuesday, citing unnamed people familiar with the matter.Beijing's intervention in Vanke underscores just how important the massive property firm is to China's economy. Last year, it sold 375.5 billion Chinese yuan, or $52.2 billion, worth of <a target="_blank" href="https://www.mingtiandi.com/real-estate/research-policy/country-garden-slips-to-6th-among-chinas-top-developers/">real estate.</a>But Vanke's importance is not merely about the number of apartments it sells — which is a lot, since it consistently ranked as one of China's top developers for at least the last decade. Instead, it's about the fact that it's a huge, state-backed company. State-owned Shenzhen Metro holds one-third stake in Vanke.Despite China's property downturn, Vanke was considered <a target="_blank" href="https://www.bondsupermart.com/bsm/article-detail/china-vanke-is-the-advancing-giant-in-chinese-real-estate-falling-down-RCMS_282041">a financially sound developer</a> and one of the few Chinese developers that still holds investment-grade credit ratings from S&amp;P Global and Fitch. <a target="_blank" href="https://www.moodys.com/credit-ratings/China-Vanke-Co-Ltd-credit-rating-820391194">Moody's downgraded Vanke</a> to junk on Monday.Notably, Beijing's move comes just days after Ni Hong, China's minister for housing and urban-rural development, said the country would not bail out distressed property developers."Real-estate companies that are seriously insolvent and have lost their operating capabilities must go bankrupt and be restructured in accordance with the principles of the rule of law and marketization," Ni <a target="_blank" rel=" nofollow" href="https://www.stcn.com/article/detail/1141912.html">said at a press briefing.</a>However, Vanke is different — because any default from the company would undermine confidence in state-owned developers, said Chu."I think that could really lead to a loss of confidence in almost every developer in the country if state-owned entities aren't safe," she told Bloomberg.There are also fears that China's property crisis could spill over into the broader domestic and cause contagion in the <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-xi-jinping-evergrande-debt-american-world-fallout-2021-10">global economy.</a>Vanke and China's State Council Information Office did not immediately respond to requests from Business Insider for comment.

You Searched For "axis bank one time restructuring" and got 8 results

RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

BI India Bureau

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

ANI

The Fed's interest-rate cut put Trump even more at odds with the central bank

Ayelet Sheffey,Brent D. Griff…

One year on, the Middle East is spiraling deeper into violence

Lloyd Lee,Joshua Nelken-Zitse…

Trump's team wants to restructure the Fed and let him have a say on interest rate decisions: WSJ

Ayelet Sheffey,Madison Hall

India's super-rich gear up for a better year ahead: Knight Frank

Anagh Pal

Credit expansion will taper down next year if deposits growth doesn't rise: Axis Bank MD

PTI

China's property crisis could get even uglier. This time, a state-backed developer is the one raising concerns.

Huileng Tan

Popular Keywords

Buying Guides