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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Summer vacation have you dreaming about giving it all up and moving abroad? Luckily, six European towns are <a target="_blank" rel="noopener" href="https://www.businessinsider.com/get-paid-to-move-to-europe-greece-spain-switzerland-italy-2024-7">offering cash to help you move there</a>.Speaking of money and vacations: In today's big story, summer vacation means financial stress for parents looking to keep their kids busy while school is out <a target="_blank" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">without breaking the bank</a>.What's on deck:<ul><li>Markets: The June jobs report is <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">good news for a potential rate cut</a>.</li><li>Tech: The founder of Gen Z's new favorite app details <a target="_blank" href="https://www.businessinsider.com/noplace-app-takes-over-apple-charts-myspace-twitter-for-genz-2024-7">how she plans to avoid being just a fad</a>.</li><li>Business: The three worst letters in real estate: <a target="_blank" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">HOA</a>.</li></ul>But first, hello campers!If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">The cost of summer</h2><div type="image" title="illustration of coin on swan" height="880" width="1168" msid="111587548" hostid="261" sizebytes="82826"></div>School's out for summer, but the relief for kids is causing financial pain for their parents.Summer can be a money pit for parents scrambling <a target="_blank" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">to keep their kids entertained in July and August</a>, write Business Insider's Juliana Kaplan and Madison Hoff.Summer childcare isn't cheap. Nearly a quarter of recently surveyed parents with kids in a summer program said they expect to pay more than $1,000 a month per child this summer. And those costs can balloon well beyond that, with one family spending $6,000 for a three-week sleepaway camp.Further complicating things is most camps don't cover the two-plus months parents need to fill for their kids. The result is sometimes a patchwork system of camps and part-time nannies that parents need to cobble together.Sometimes costs crop up before camp even starts. Parents spend hundreds, or even thousands, on <a target="_blank" href="https://www.businessinsider.com/parents-spend-hundreds-summer-camp-packing-services-kids-2024-6">packing and prepping their kids before shipping them off</a>.Just about everyone feels the squeeze on their wallets when the temperature rises.An Intuit Credit Karma survey found 61% of parents with children under 18 said it "feels even more expensive to raise kids in the summer months."It's a brutal reality check for parents who thought their days of high childcare costs were behind them when they became DIPS (<a target="_blank" href="https://www.businessinsider.com/parents-paying-preschool-childcare-costs-new-term-dinks-dips-henry-2024-2">dual income, public school</a>).Instead, some are even going into debt, despite sky-high credit card interest rates, to make it work.<div type="image" title="Illustration of a teddy bear with makeup in front of campgrounds and cabins." height="1500" width="3000" msid="111587547" hostid="261" sizebytes="1234734"></div>Things don't always get easier once kids are at camp, though.This year, skincare products proved to be <a target="_blank" href="https://www.businessinsider.com/sephora-kids-sleepaway-camps-ban-expensive-skincare-beauty-products-2024-6">a lightning rod for kids and parents at elite summer camps</a>, writes BI's Anna Silman. Outright bans or restrictions on luxury skincare products — because nine-year-olds need their daily lip oil — created chaos among their tweens.Of course, drama comes with the price of admission at these fancy establishments, which can run $16,000 for the summer.In 2021, Anna reported on how parents were <a target="_blank" href="https://www.businessinsider.com/sleepaway-camp-photo-drama-tyler-hill-2021-7">up in arms over the daily photos shown from camp</a>. Parents inundated camp employees with concerned or critical emails and calls as they tried to parent their children from hundreds of miles away.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/boeing-big-mea-culpa-just-dropped-does-not-look-pretty-2024-7">Boeing's big mea culpa just dropped and it doesn't look pretty.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">Modi's Russia visit shows India isn't worried about making the US mad.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/joe-biden-should-not-drop-out-election-prediction-allan-lichtman-2024-7">Kamala Harris won't save Democrats if she takes over for Biden, warns historian who correctly predicted 9 of the last 10 elections.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/france-election-results-new-popular-front-2024-7">France's left-wing alliance blocks a far-right majority, projection shows.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/russia-use-wwii-tactic-defend-against-ukrainian-drone-strikes-2024-7">Russia may resort to an old World War II tactic that had a key role in the D-Day landings to repel Ukrainian drone attacks.</a><a target="_blank" rel="noopener" href="https://www.businessinsider.com/mint-butterfield-teen-child-tech-founders-found-safely-police-2024-4">ded Slack and mom cofounded Flickr, found safe, police say</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="man walking by power plants" height="546" width="1102" msid="111587552" hostid="261" sizebytes="147554"></div><ol><li>How to get in on the AI infrastructure trade everyone's talking about. You've read a lot about the role data centers and utilities play in powering AI. But where should you invest? <a target="_blank" href="https://www.businessinsider.com/ai-stocks-companies-building-out-infrastructure-goldman-sachs-picks-2024-7">Goldman Sachs identified 89 stocks across 10 sectors</a> that are key to AI infrastructure.</li><li>The June jobs report included a couple surprises. The US labor market added more jobs last month than expected (206,000). But an unexpected uptick in unemployment to 4.1% is good news for <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">investors hoping for an interest-rate cut</a>.</li><li>An activist short-seller's Pyrrhic victory. Hindenburg Research wiped out $150 billion in market value from the Adani Group when it accused the Indian conglomerate of sweeping fraud. Meanwhile, Hindenburg's rewards were meager: The short-seller made just $4 million for its efforts. <a target="_blank" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">But its leader insists it's not about the money</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Phones with Noplace." height="553" width="738" msid="111587549" hostid="261" sizebytes="32544"></div><ol><li>Gen Z's new favorite social media is… MySpace 2.0? The app Noplace, which is going viral among young people, is a nod to the early days of social media before the "algos and ads" took over. <a target="_blank" href="https://www.businessinsider.com/noplace-app-takes-over-apple-charts-myspace-twitter-for-genz-2024-7">Its founder has a plan to keep it from fizzling out</a>.</li><li>How Andy Jassy secretly wooed Wall Street. After a rough start to his tenure as CEO, Jassy executed a stunning turnaround: He slashed costs, won over investors, and put a new stamp on Amazon's culture. More than a dozen employees, investors, and analysts explained <a target="_blank" href="https://www.businessinsider.com/amazon-andy-jassy-wooed-wall-street-overhauled-bloated-tech-giant-2024-7">how Jassy overhauled the tech giant for the better</a>.</li><li>Amazon laps Netflix in the race for TV ad dollars. Ad buyers told BI that <a target="_blank" href="https://www.businessinsider.com/amazon-beating-netflix-upfront-battle-for-tv-sports-dollars-2024-7">Amazon is leading streamers in the competition for advertisers</a>, thanks to its large sports footprint and lower prices. It also has a larger ad-supported audience, since it <a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-preview-shake-up-tv-ad-marketplace-2024-1">switched on ads for all Prime Video users</a> in January.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Nosy neighbor with binoculars peeking over shrubs, shocked at neighbor's 'NO HOA' sign" height="900" width="1200" msid="111587555" hostid="261" sizebytes="92110"></div><ol><li>Down with homeowner associations. Millions of Americans live in neighborhoods with HOAs that operate as private quasi-governments. While a new Florida law has made strides to limit HOAs' power, it will take more than some modest adjustments. <a target="_blank" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">We may need to break the system entirely</a>.</li><li>Stay greasy, McDonald's. Over the course of many years, McDonald's forays into healthy alternatives haven't panned out. That's probably because no one is going there to enjoy a salad. Customers know that. McDonald's does, too — <a target="_blank" href="https://www.businessinsider.com/mcdonalds-should-stick-to-unhealthy-food-burgers-chicken-2024-7">and it shouldn't forget it</a>.</li><li>Gen Z in Neverland. A growing share of young Americans are living with their parents way past college, and relying on the Bank of Mom and Dad for support. But it isn't all their fault. Lacking social safety nets, <a target="_blank" href="https://www.businessinsider.com/gen-z-living-at-home-relying-on-parents-safety-net-2024-7">American parents are often left to provide cover</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/when-to-quit-six-figure-job-for-mental-health">3 high-earners share when they knew it was time to quit their 6-figure jobs: 'It was literally driving me to the edge.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/samsung-apple-galaxy-iphone-battle-ai-intelligence-smartphones-2024-7">Samsung really wants to outsmart Apple in the Galaxy-iPhone battle</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-mocks-mark-zuckerberg-hydrofoil-video-2024-7">Elon Musk mocks Mark Zuckerberg's big hydrofoil swag moment and says he prefers to work instead of having fun on yachts</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-downgrade-ai-fully-valued-nvda-tech-2024-7">Why Nvidia just got a rare stock downgrade</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/hamptons-nightlife-clash-between-elite-clubs-and-angry-locals-2024-7">Elite nightclubs are forcing the Hamptons into an identity crisis</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/retire-early-expert-savings-advice-2024-7">I want to retire before 50, so I asked a financial planner for 3 ways to earn more on my savings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chase-warns-pay-free-services-checking-account-2024-7">Why your checking account may no longer be free</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tech-workers-real-winners-ai-talent-war-pay-2024-7">Tech workers look like the real winners of the AI talent war</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Samsung workers <a target="_blank" rel="noopener" href="https://www.reuters.com/technology/samsung-workers-union-south-korea-kicks-off-three-day-strike-2024-07-08/">began a three-day strike</a>.</li><li>Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Jack Sommers, deputy editor, in London. Annie Smith, producer, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York.

School's out, and parents' financial stress is in

<ul class="summary-list"><li>China is merging hundreds of small rural banks to stomp out bad loan conditions, Bloomberg reported.</li><li>In 2022, the bad-loan ratio of small banks was twice that of the whole sector.</li></ul>Beijing is tackling high-risk financial lenders by enacting a major consolidation wave that will merge hundreds of dealers across the $6.7 trillion sector, <a href="https://www.bloomberg.com/news/articles/2024-01-31/china-merges-hundreds-of-rural-banks-as-financial-risks-mount">Bloomberg reported</a>.These smaller, rural banks will eventually join together into massive regional institutions. The move aims to squash bad debt conditions that have proliferated among the 2,100 lenders under scrutiny.It's a concern Beijing desperately needs to tackle, as <a href="https://www.businessinsider.com/china-economy-shrinking-xi-jinping-debt-real-estate-american-world-2024-1">mounting domestic debt</a> has applied broad downside pressure on China's economy over the last few years. At the end of 2022, the bad-loan ratio in the rural cooperative bank system stood at 3.48%, more than double that of China's entire financial sector. That year, Beijing first began orchestrating mergers between risky lenders. Its efforts erased half of all such banks, with rural, village, and county operations making up 96% of the eliminated dealers.The group's issues stem from a lack of oversight and transparency, analysts told Bloomberg. For instance, these smaller cooperatives have been cited as putting profit ahead of their policy duties, such as by offering loans beyond their rural and agricultural areas.It also resulted in political turmoil. In 2022, four local banks in the Henan province colluded with a stakeholder to attract billions of yuan through online platforms, freezing hundreds of people out of their savings and triggering protests.But Beijing will have to be mindful of its approach, as its previous merger enforcement didn't necessarily lead to improved bad-loan ratios, Bloomberg noted. Additionally, internal management issues could crop up, with numerous banks now having to act as one.

China is merging hundreds of small banks to fend off financial stress

Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword> has asked the <keyword id="20677983" type="General" weightage="20" keywordseo="mutual-fund-industry" source="keywords">mutual fund industry</keyword> to proactively conduct stress tests, a key component of <keyword id="20383727" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk management</keyword> for the financial sector, which will help strengthen the ecosystem, its whole-time member Ananth Narayan Gopalakrishnan said on Friday. The regulator's stress testing emphasizes the need to assess and manage liquidity risks, especially in small and midcap equity schemes. Speaking at a mutual fund event, Gopalakrishnan highlighted the importance of modelling stress scenarios not just for individual schemes or fund houses, but for the entire mutual fund ecosystem. "It is also important to model stress scenarios for the entire composite mutual fund ecosystem. I would strongly encourage the industry and <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="153" meta.entityid="AMFI">AMFI</keyword> to take the lead and proactively conduct objective and credible industry wide stress tests. themselves," Gopalakrishnan said. He also emphasized the need to find better ways to communicate the risks associated with different mutual fund schemes. The SEBI official mentioned that while the current risk measurement system is straightforward and has had a significant impact, it doesn't fully capture the differences in risks among various investment schemes. According to him, many schemes are just labelled as high risk, even though they have different kinds of risks. The goal is to improve this system to better reflect those differences, while keeping it simple and easy to understand. One possible approach is to consider the portfolio's volatility and liquidity from stress tests to give a clearer picture. "While ensuring simplicity and ease of understanding remains a key objective, perhaps the underlying volatility of the portfolio along with the liquidity of the portfolio from stress tests could be used to provide better colour all around," he added. This comes at a time when the holdings of mutual funds by <keyword id="20234284" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) and individuals have risen from about 54.3% of free float of all mid cap and small cap companies, as of March 2020 to 60.6% as of March 2024. Several fund houses have proactively stopped lump sum investments in some small-cap schemes and also capped the amount that can be invested through <keyword id="20675888" type="General" weightage="20" keywordseo="systematic-investment-plan" source="keywords">Systematic Investment Plan</keyword> (SIP) into small-cap schemes. He also highlighted the potential mismatch between the demand for paper and the supply of fresh paper coming into the ecosystem. Gopalakrishnan said the industry can make more progress in streamlining operations and improving efficiency for investors. "At a time when instantaneous fund transfers have become ubiquitous in our country, perhaps we should look to improve our internal processes and the security settlement ecosystem, to ensure that funds are passed on to investors on the day of the settlement itself, rather than a day after or two days after," he added. Over the last few years, the mutual fund industry has made impressive strides, and is now playing a crucial role in channeling financial savings towards risk capital formation. This was driven by stable macros, increased formalization, robust corporate earnings, digitisation and user friendly access. Moreover, the number of mutual fund investors has grown significantly from about 2 crore as of March 2019 to nearly 4.7 crore as of June 2024, an impressive compounded annual growth rate of 18% during that period. Gopalakrishnan mentioned that several exciting initiatives are in the works, developed with input from all stakeholders. These include a proposed low-ticket SIP, further breaking down regular SIPs into smaller, more accessible units (sachetisation and tokenization), and the introduction of "mutual funds lite" regulations. These new regulations will simplify rules for passively managed funds, reducing the compliance burden and encouraging competition and innovation. Additionally, a new class of higher-risk schemes is proposed for investors with a greater capacity to handle risk.

SEBI asks mutual fund industry to proactively conduct stress test

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India to introduce UPI payment service in Maldives

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor <keyword id="19918795" type="General" weightage="20" keywordseo="Swaminathan" source="keywords">Swaminathan</keyword> J on Wednesday said implementation of <keyword id="22784242" type="General" weightage="100" keywordseo="risk-based-premium" source="keywords">risk-based premium</keyword> for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> merits consideration as it will ensure that institutions with higher risk profiles contribute more to the insurance fund. Speaking at a conference in Jaipur, he also said that as the financial sector becomes more digitised, deposit insurers must work closely with regulators and supervisors to strengthen oversight mechanisms. This includes regularly updating <keyword id="19946068" type="General" weightage="20" keywordseo="regulatory-frameworks" source="keywords">regulatory frameworks</keyword> to incorporate emerging risks associated with <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword>, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword>, and <keyword id="22180855" type="General" weightage="20" keywordseo="fintech-innovations" source="keywords">fintech innovations</keyword>. By adopting a proactive stance, deposit insurers can help ensure that <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> under their purview are adequately prepared to manage these risks, thereby safeguarding depositor confidence. Swaminathan was addressing the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC). He further said the implementation of risk-based premium for deposit insurance "merits consideration". "By tying insurance premiums to the level of risk posed by individual financial institutions, deposit insurers can incentivize banks to adopt stronger risk management practices. "This approach not only enhances the overall stability of the financial system but also ensures that institutions with higher risk profiles contribute more to the insurance fund," the deputy governor said. He also emphasised that deposit insurers can further mitigate technology risks by relying on supervisory rating assessments that incorporate evaluation of a financial institution's technological and operational resilience. By using these assessments as a basis for setting insurance premiums or determining intervention strategies, deposit insurers can ensure that their actions are informed by a comprehensive understanding of each institution's risk profile, Swaminathan added. The senior <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> official also asked deposit insurers to prioritise crisis preparedness and develop comprehensive contingency plans that account for technology-induced disruptions. This includes conducting regular stress tests and simulations to assess the potential impact of cyber incidents or fintech failures on financial institutions and the broader financial system, he said. The evolving technological landscape presents both significant challenges and opportunities for deposit insurers. By adopting a proactive, risk-based approach, including enhanced oversight, risk-based premiums, reliance on supervisory ratings, faster claim settlements, and industry collaboration, deposit insurers can effectively manage these risks, the deputy governor said.

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

The bad assets or gross <keyword id="19964545" type="General" weightage="20" keywordseo="NPAs" source="keywords">NPAs</keyword> of commercial <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> fell to a 12-year low of 2.8% in March 2024 and may go down further to 2.5% by the end of the current fiscal, said the <keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="269" meta.entityid="RBI">RBI</keyword>'s <keyword id="678734" type="General" weightage="20" keywordseo="Financial-Stability-Report" source="Orion">Financial Stability Report</keyword> (FSR) released on Thursday. <keyword id="19982351" type="General" weightage="20" keywordseo="Scheduled-Commercial-Banks" source="keywords" meta.keywordsubtype="org" meta.entityname="Scheduled Commercial Banks" meta.hostid="269" meta.entityid="Scheduled Commercial Banks">Scheduled Commercial Banks</keyword>' (SCBs) gross <keyword id="6401657" type="General" weightage="20" keywordseo="non-performing-assets" source="Orion">non-performing assets</keyword> (<keyword id="19982350" type="General" weightage="20" keywordseo="GNPA" source="keywords">GNPA</keyword>) ratio fell to 2.8%, and the net non-performing assets (NNPA) ratio to 0.6% at the end of March 2024. "The asset quality of SCBs recorded sustained improvement, and their GNPA ratio moderated to a 12-year low in March 2024. Their NNPA ratio too improved to a record low," said the June FSR. Among bank groups, public sector banks (<keyword id="20012926" type="General" weightage="20" keywordseo="PSBs" source="keywords">PSBs</keyword>) recorded a substantial reduction (76 bps) in their GNPA ratio during H2 2023-24. While the GNPA stock decreased across all bank groups, active and deep provisioning by PSBs and foreign banks (FBs) resulted in an improved provisioning coverage ratio (PCR) in March 2024, the report said. The half-yearly slippage ratio (viz, new NPA accretions as a share of standard advances) decreased across bank groups. Though the amount of write-offs declined during the year, the write-off ratio remained almost at the same level a year ago due to a reduction in GNPA stock, the FSR said. Overall, it added the sustained reduction in the GNPA ratio since March 2020 has been primarily due to a persistent fall in new NPA accretions and increased write-offs. The RBI said macro stress tests are performed to assess the resilience of SCBs' balance sheets to unforeseen shocks emanating from the macroeconomic environment. These tests attempt to assess capital ratios over a one-year horizon under a baseline and two adverse (medium and severe) scenarios. "The GNPA ratio of all SCBs may improve to 2.5% by March 2025 under the baseline scenario," the report said. However, if the macroeconomic environment worsens to a severe stress scenario, the ratio may rise to 3.4%. Under the severe stress scenario, the GNPA ratios of PSBs may increase from 3.7% in March 2024 to 4.1% in March 2025, whereas it may go up from 1.8% to 2.8% for private sector banks and from 1.2% to 1.3% for FBs. The <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">Financial Stability</keyword> Report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on the resilience of the Indian financial system and risks to financial stability. The report further said deposit mobilisation by SCBs gathered pace during 2023-24, with a large portion of new accretions in the form of term deposits. "Interest rates became more attractive as banks stepped up efforts to mobilise funds to match the rapid rise in credit demand. Growth in current account and savings account (CASA) accelerated across all bank groups," the RBI said. According to the report, bank credit accelerated during H2 2023-24 among public sector banks (PSBs) and foreign banks (FBs), whereas it moderated in respect of private sector banks (PVBs). The share of credit to the services sector and personal loans in the aggregate loan portfolio increased. Personal loans accounted for over half of PVBs' <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>. The expansion in personal loans was broad-based, led by housing loans and followed by other personal loans.

Banks' gross NPAs at 12-yr low, may fall further to 2.5%: RBI report

New Delhi [India], July 19 (ANI): Households are choosing the <keyword id="20033427" type="General" weightage="20" keywordseo="capital-markets" source="keywords">capital markets</keyword> over the <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> to park or invest their <keyword id="25450" type="General" weightage="20" keywordseo="savings" source="Orion">savings</keyword>, highlighted <keyword id="64190" type="General" weightage="20" keywordseo="RBI-Governor" source="Orion">RBI Governor</keyword> <keyword id="3083263" type="General" weightage="20" keywordseo="Shaktikant-Das" source="Orion">Shaktikant Das</keyword> during his address at FE Modern BFSI (Banking, Financial Services, and Insurance) Summit 2024 on Friday. Governor Das highlighted that traditionally, banks were the primary choice for households to invest their money. However, there has been a noticeable change in consumer behaviour, with a growing preference for capital markets and other <keyword id="5869841" type="General" weightage="20" keywordseo="financial-intermediaries" source="Orion">financial intermediaries</keyword>. He noted, "Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to the capital markets and other financial intermediaries." This trend indicates a broader diversification of <keyword id="22469312" type="General" weightage="20" keywordseo="household-investments" source="Orion">household investments</keyword> into <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and other savings tools, moving away from traditional investment tools. The Governor stated, "While bank deposits continue to remain dominant as a percentage of the financial assets owned by the households, their share has been declining, with households increasingly allocating their savings to Mutual Funds, Insurance Funds, and Pension Funds." Governor Das also pointed out that this shift in investment patterns has significant implications for the banking sector. Banks now need to explore alternative methods to bridge the gap between credit and deposits. He added, "On their part, banks have sought to fill the credit-deposit gap by increasing their reliance on other sources like short-term borrowings and certificates of deposit, etc. This increases their sensitivity to interest rate movements and poses challenges to liquidity management." The Governor further elaborated on the implications of the shift from CASA (Current Account Saving Account) deposits, stressing that banks must remain vigilant and adaptive. He stated that banks need to continuously focus on improving and refining their credit underwriting standards and the pricing of risks to maintain stability and profitability. Reflecting on recent global banking events, Governor Das drew attention to the banking crises in the US and Switzerland in 2023, which highlighted the risks and vulnerabilities inherent in certain business models. He emphasized the importance of learning from these crises to enhance the resilience of the banking sector. "The banking crisis in the US and Switzerland in 2023 has again brought into focus the risks to banking stability from certain business models and their inherent vulnerability," he added.

Household savings are choosing mutual funds over banks to invest savings: RBI Governor

<ul class="summary-list"><li>Moody's expects the bank crisis to be contained by the actions from policymakers.</li><li>But there's still a risk it produces spillover effects that go beyond the bank sector, it added. </li></ul>Fallout from the bank turmoil that began with Silicon Valley Bank earlier this month still carries the risk of spilling over, even though policymakers responded quickly to the crisis, according to Moody's. In a Thursday note, strategists from the ratings agency said they broadly expect the Federal Reserve and other regulators to be successful in containing ripple effects, but the potential for broader stress remains."[I]n an uncertain economic environment and with investor confidence remaining fragile, there is a risk that policymakers will be unable to curtail the current turmoil without longer-lasting and potentially severe repercussions within and beyond the banking sector," Moody's wrote.Even prior to the bank crisis, it had forecasted global credit conditions to weaken in 2023 as monetary policy tightening weighed on growth and caused recessions in some countries.But now, the longer that financial conditions remain tight, the odds grow that stresses expand beyond the bank sector, causing greater financial and economic damage than what Moody's anticipated.The note listed three main channels through which spillover could occur: exposure to troubled banks, increased risk aversion by market participants, and policy risk.A "retrenchment in credit by banks" and heightened risk aversion, Moody's said, would impact liquidity-constrained entities most directly, but it would also cause lenders and investors to be increasingly cautious. "In this environment, as the recent bank failures exemplify, there is a potential for shocks arising from interest rate risk, asset-liability mismatches, high asset or liability concentration, poor governance, low profitability, higher leverage and vulnerable business models," the note said, adding that banks aren't the only institutions with exposure to these shocks.Meanwhile, with the Fed hiking interest rates Wednesday by another 25 basis points, policymakers still face further challenges.The bank tumult complicates the Fed's year-long battle with inflation, and makes it harder to achieve a soft-landing, the strategists said."In our baseline forecasts, we expect policy responses to be rapid as risks emerge, thus preventing entity-level risks from becoming systemic," according to Moody's. "But calibrating policy remains challenging, which raises the risks that policy missteps, limitations or unintended consequences could result in a further deterioration of the credit environment."

The banking crisis risks severe spillover across the financial sector and beyond, Moody's says

<ul class="summary-list"><li>All eyes are on the US financial sector as shock waves from SVB's implosion hit the banking system.</li><li>The bank's collapse has raised questions about a 2008-style crisis and how the Fed will respond.</li></ul>The stunning collapse of Silicon Valley Bank has sent shock waves across the whole US financial system.The go-to lender for startups was shut down Friday by regulators and put under the control of the Financial Deposit Insurance Corporation, marking the biggest bank failure since 2008. That capped a turbulent week that saw a <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-sale-stock-price-bank-run-peter-thiel-2023-3?_gl=1*vs9hja*_ga*MTkxNzQzNjc2Mi4xNjYxNDU2MDU1*_ga_E21CV80ZCZ*MTY3ODQ2NzUzNC44MjIuMS4xNjc4NDY3NTUwLjAuMC4w&amp;utm_medium=ingest&amp;utm_source=markets" rel="">botched fundraising attempt by Silicon Valley Bank (SVB)</a> and a $1.8 billion loss on its bond holdings, which ultimately triggered an old-fashioned bank run.SVB's meltdown was quickly followed by the implosion of New York-based Signature Bank and a crash in the share prices of regional US lenders including First Republic and Western Alliance. <a href="https://markets.businessinsider.com/news/stocks/svb-crisis-silicon-valley-bank-wall-street-fear-gauge-vix-2023-3">Stock market volatility surged</a> while <a href="https://markets.businessinsider.com/news/bonds/svb-collapse-silicon-valley-bank-bond-yields-2008-financial-crisis-2023-3">bond yields plunged on expectations the Federal Reserve will halt its interest-rate increases</a> in view of the risk to financial stability.As ripple effects from SVB's collapse spread across the world of finance, investors are frantically searching for answers to what it all means for the key pillars of the economy - from the stock market to the banking sector and the Federal Reserve's interest-rate policy.Here's everything we know about these critical questions as of now.<h2>How will SVB's collapse affect the banking sector?</h2>Silicon Valley Bank's collapse exposed a serious risk many banks face in their business portfolios – the dependence on uninsured deposits.Thanks to the tech boom over recent years, SVB's deposits <a href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3" target="_blank" rel="noopener">ballooned</a>. A bank might normally use such funds for lending, but SVB decided to park the cash in long-dated bonds. That proved a bad bet as a surge in interest rates over the past year saw the debt holdings plunge in value, leaving a gaping hole in the lender's balance sheet.Analysts are worried SVB isn't the only bank that's sitting on billions of dollars of bond losses. William Isaac, the former chairman of the FDIC, has warned of the risk of a <a href="https://www.businessinsider.com/fdic-more-banks-will-fail-after-silicon-valley-bank-implosion-2023-3" target="_blank" rel="noopener">string of lender collapses</a> in what could lead to a 1980s-style banking crisis.Such fears have fueled a tumble in the share prices of regional US banks including <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-stock-price-falls-fears-svb-turmoil-spread-2023-3">First Republic</a>, <a href="https://markets.businessinsider.com/news/stocks/western-alliance-stock-silicon-valley-bank-failure-fears-contagion-liquidity-2023-3" target="_blank" rel="noopener">Western Alliance</a> and <a href="https://markets.businessinsider.com/stocks/pacw-stock?utm_medium=ingest&amp;utm_source=markets" rel="">PacWest Bancorp</a>.However, former Treasury chief <a href="https://twitter.com/LHSummers/status/1634565947053813760" target="_blank" rel="noopener">Larry Summers</a> took a less pessimistic view, saying SVB's collapse was "unlikely to be a broadly systemic problem." Meanwhile, the CEO of Capra Bank has said SVB's failure could actually <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-signature-explained-ceo-contagion-trust-fed-2023-3" target="_blank" rel="noopener">boost Americans' confidence in the financial system. </a><h2>Does this raise the risk of another financial crisis?</h2>SVB's downfall is a big deal, no doubt. The size of its failure has only been exceeded once in American history – by <a href="https://www.nytimes.com/interactive/2023/03/10/business/bank-failures-silicon-valley-collapse.html" target="_blank" rel="noopener nofollow">Washington Mutual</a> when it collapsed in 2008. But as bad as it is, it's unlikely to trigger a repeat of the 2008 global financial crisis that set the stage for the <a href="https://www.businessinsider.com/how-the-great-recession-affected-millennials-2019-8" rel="">Great Recession</a>, according to analysts. That's because the current financial landscape has evolved a lot since then. Today, the US has more stringent banking regulations meant to protect the industry should it face more turmoil. This includes <a href="https://markets.businessinsider.com/news/stocks/treasury-sec-mnuchin-open-to-relaxing-financial-crisis-bank-laws-2019-10-1028641183" rel="">increased capital requirements</a>, which ensure banks have sufficient reserve levels in times of crisis. While those regulations didn't cover SVB – in part due to a law passed by the Trump administration – they still apply to the 12 largest US banks."SVB isn't Lehman, and 2023 isn't 2008. We probably aren't looking at a systemic financial crisis. And while the government has <a href="https://www.nytimes.com/2023/03/12/business/janet-yellen-silicon-valley-bank.html" target="_blank" rel="noopener noreferrer">stepped in</a> to stabilize the situation, taxpayers probably won't be on the hook for large sums of money," Nobel Prize-winning economist Paul Krugman <a href="https://www.nytimes.com/2023/03/13/opinion/silicon-valley-bank-lehman-bailout.html?smtyp=cur&amp;smid=tw-nytimes" target="_blank" rel="noopener">wrote in a New York Times column</a>.Mike Coop, chief investment officer for EMEA at Morningstar Investment Management, also suggested that the demise of SVB is unlikely to trigger anything like the financial crisis the world faced 15 years ago.But of course, not everyone agrees. Economist Nouriel Roubini, who earned his nickname, "Dr. Doom" for predicting the 2008 financial crisis, has said SVB's collapse poses the risk of "global contagion," <a href="https://www.newsweek.com/us-bank-collapse-could-spark-global-crisis-dr-doom-economist-1787443" target="_blank" rel="noopener">per Newsweek</a>. <h2>What does it mean for the stock market?</h2>The SVB turmoil spooked the stock market over the past week, with financial shares leading a broader selloff. Wall Street's so-called "fear gauge" - Chicago Board Options Exchange's <a href="https://markets.businessinsider.com/index/vix?utm_medium=ingest&amp;utm_source=markets" rel="">Volatility Index</a> or VIX - hit a four-month high Monday as a wave of uncertainty engulfed financial markets.However, the market has regained much of its poise since then, as the view that the lender's collapse is unlikely to spiral into a systemic crunch gains credence. The VIX has fallen back and the S&amp;P 500 of US stocks has bounced off Monday's lows.It's still early to say whether the crisis has blown over, but there are those who think this could turn into a positive for the stock market.Threats to financial stability raised by SVB's demise could force the Fed to halt its most aggressive monetary-tightening campaign since the 1980s, or even reverse course, according to some experts.Given that the central bank's interest-rate increases were a key reason for declines in risk assets over the past year, the Fed pivoting away from that policy could be a <a href="https://markets.businessinsider.com/news/stocks/why-silicon-valley-bank-collapse-good-for-stock-market-rates-2023-3">good thing for stocks</a>. Lower rates tend to cut funding costs for companies, boosting their finances and in turn, their stock-market valuations.Fundstrat's head of research Tom Lee said that while SVB's failure could hit stocks in the near term, US equities could experience <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-stock-market-outlook-fed-interest-rates-fundstrat-2023-3">double-digit gains this year</a>.<h2>How will the SVB fiasco affect the economy?</h2>While a 2008-style crisis may be off the table, SVB's downfall could still have implications for the US economy. It could hurt the confidence of investors and depositors. And that could weigh on stocks and subsequently economic performance, given capital-market buoyancy is key to economic growth.Also, increased risk aversion among banks may slow lending, which could also hamper economic activity, analysts have said, <a href="https://www.marketwatch.com/story/svb-doom-not-seen-causing-big-ripple-effect-on-economy-8103ea" target="_blank" rel="noopener">per MarketWatch</a>. Still, the mood among experts on US economic prospects remains generally optimistic even after SVB's failure."I will not be surprised to see a few more victims before the dust settles, but there is no particular reason that this turmoil necessarily has to result in a sharp economic hit," chief economist Stephen Stanley of Santander Capital Markets told the outlet. <h2>What impact will it have on interest rates?</h2>When Jerome Powell warned earlier this month the Fed was prepared to deliver bigger interest-rate increases, policymakers were likely unaware of how vulnerable some US banks were.As of last week, investors were pricing in a 50-basis-point rate hike at the Fed's March 21-22 meeting, but those expectations are fading away in the wake of the SVB debacle. Wall Street banks including Goldman Sachs have already predicted a pause in rate hikes following the developments concerning SVB. "In light of recent stress in the banking system, we no longer expect the FOMC to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March," <a href="https://markets.businessinsider.com/news/stocks/svb-failure-goldman-sachs-fed-interest-rate-hike-march-powell-2023-3?_gl=1*1n2i34t*_ga*MTkxNzQzNjc2Mi4xNjYxNDU2MDU1*_ga_E21CV80ZCZ*MTY3ODcyNDE0My44MzQuMS4xNjc4NzI2MDE1LjAuMC4w&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Goldman's chief global economist Jan Hatzius said</a> in a note to clients.Market experts including <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-fed-rate-hikes-mohamed-el-erian-2023-3">Mohamed El-Erian</a> and <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-crisis-fed-rate-cuts-bank-run-contagion-2023-3" target="_blank" rel="noopener">Larry McDonald</a> have echoed the view. While El-Erian said the Fed will be forced to surrender its monetary-tightening campaign, McDonald said the central bank could even cut rates by 100 basis points.

SVB: What the worst bank failure since 2008 means for markets, the financial sector, and interest rates

Mumbai, <keyword id="192432" type="General" weightage="20" keywordseo="reserve-bank-governor" source="Orion">Reserve Bank Governor</keyword> <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said India is one of the fastest growing major economies in the world with a rising potential growth profile, and stressed that the central bank remains committed to act early and decisively to prevent any build-up of risks. In his foreword to the <keyword id="19899808" type="General" weightage="80" keywordseo="rbi" source="keywords">RBI</keyword>'s 28th issue of the <keyword id="19984045" type="General" weightage="50" keywordseo="financial-stability-report" source="keywords">Financial Stability Report</keyword> (FSR), Das said achieving durable price stability, ensuring medium-term debt sustainability, further strengthening financial sector resilience, creating new growth opportunities and promoting inclusive and green growth remain key policy priorities. The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the Indian financial system. Observing that the global economy is facing multiple challenges, Das said the Indian economy exhibits macroeconomic resilience, with a robust financial system that is supporting its growth dynamics. "We remain alert and committed to act early and decisively to prevent any build-up of risks," he said. He also said that recent macroprudential measures taken by the central bank to curb lenders' exuberance towards certain segments of retail loans underline its commitment to preserve financial stability without compromising availability of funds for productive requirements of the economy. "India is one of the fastest growing major economies in the world with a rising potential growth profile," the governor said, and added the sharp rebound in growth is underpinned by sound macroeconomic fundamentals, robust domestic demand and prudent public policies. Even as India confronts global headwinds and emerging challenges from technological disruptions, cyber risks and climate change, he said RBI's endeavour will be to continue to fortify the financial system, promote responsible innovation and invigorate inclusive growth. The <keyword id="19922074" type="General" weightage="80" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> and the other financial regulators remain invested in preserving financial stability and fostering a financial system that is resilient to shocks and supportive of growth, he added.

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