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<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div> Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. <div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div> Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day. Do you have insights or personal experience to share on your personal finances or money? Contact us at <a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a>.

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

Over the past few months, there’s been a lot of brouhaha about the lagging pace of bank deposits in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialization of household savings in the country, or the rising preference of Indians towards mutual funds and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian equity markets through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by <keyword id="20250971" type="General" weightage="20" keywordseo="franklin-templeton" source="keywords">Franklin Templeton</keyword>, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are <keyword id="4000333" type="General" weightage="100" keywordseo="household-deposits" source="Orion">household deposits</keyword> really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. Also, we can’t forego the fact that the share of Indian <keyword id="20319599" type="General" weightage="20" keywordseo="households" source="keywords">households</keyword> in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and savings account deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (<keyword id="19942037" type="General" weightage="20" keywordseo="central-board-of-direct-taxes" source="keywords">Central Board of Direct Taxes</keyword>) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of <keyword id="20930760" type="General" weightage="20" keywordseo="securities-transaction-tax" source="keywords">Securities Transaction Tax</keyword> (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell equity mutual funds, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by equities can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in deposit growth we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next <keyword id="19918491" type="General" weightage="20" keywordseo="mpc" source="keywords">MPC</keyword> (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day.

A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

Big banks promised to protect the planet. Now they're doing an about-face.

<ul><li><keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword>’s share price was down by nearly 5% during morning trade. </li><li>After shareholders ousted seven directors from the board, red flags over the <keyword id="3660661" type="PERSON" weightage="20" keywordseo="Clix-Capital">Clix Capital</keyword> merger have risen. </li><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has reportedly informed the public-sector <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB) to be prepared to take over in case the Lakshmi Vilas-Clix merger does not materialise. </li></ul>The share price of Lakshmi Vilas Bank is in the red today, plummeting by nearly 5%, which is a further indication of shareholders losing their confidence in the bank. <div type="image" title="Lakshmi Vilas Bank share price" msid="78399788" hostid="261" caption="&amp;lt;p&amp;gt;Lakshmi Vilas Bank share price over the month of September&amp;lt;/p&amp;gt;"></div> The Reserve Bank of India (RBI) has reportedly sought out Punjab National Bank (PNB). According to the <a href="https://www.business-standard.com/article/finance/rbi-sounds-out-pnb-on-acquisition-of-beleaguered-lakshmi-vilas-bank-120092901633_1.html">Business Standard</a>, RBI told the public sector bank to be ready to take over Lakshmi Vilas Bank in case the proposed deal with Clix Capital doesn’t materialise. The crisis at Lakshmi Vilas Bank On Monday, they threw out seven of the bank’s ten directors. According to the Investor Advisory Services (IIAS), these directors lacked accountability. Now, its day-to-day operations are being looked after by a panel of three independent directors approved by the Reserve Bank of India (RBI). “With Liquidity Coverage Ratio (LCR) of about 262% as on 27th September 2020, against minimum 100 % required by RBI, the deposit-holders, bond-holders, account-holders and creditors are well safe guarded,” the bank said in its filing on Sunday. What the bank didn’t mention in its press release and why its shareholders are being angsty is because, as of last quarter, its Tier I capital-to-risky asset ratio (CRAR) is a negative 0.88% and its non-performing assets (NPAs) account for a quarter of its advances. Ousting the Lakshmi Vilas Bank’s directors During the annual general meeting (AGM) the week before, on Friday, shareholders voted against the appointment of S Sundar as Lakshmi Vilas’ CEO, a candidate approved by the RBI. Sundar took over as interim CEO on January 1 after Parthasarthi Mukherjee’s resignation a few months earlier. Before taking up the post, he served as the bank’s CFO. The shareholders also voted against the reappointment of six other directors — including N Saiprasad and KR Pradeep, who are also promoters within Lakshmi Vilas. “What we see in smaller, community-driven, private banks is promoters dominating the show. That isn’t desirable of a banking institution handling public money,” sources told <a href="https://www.moneycontrol.com/news/business/lakshmi-vilas-bank-agm-section-of-shareholders-vote-against-re-appointment-of-7-directors-and-auditors-5889341.html">MoneyControl</a> after the dramatic AGM on the condition of anonymity. What’s next for Lakshmi Vilas Bank? Institutional investors <a href="https://www.moneycontrol.com/news/business/lakshmi-vilas-bank-to-raise-rs-1500-crore-to-fund-business-growth-increase-foreign-shareholding-5805231.html">estimate</a> that the bank will need at least ₹1,500 crore of immediate capital to get back on its feet. If it doesn’t happen, the RBI will likely have to step in. It could either accelerate the ongoing Clix-Lakshmi Vilas deal or appoint its representatives to the bank’s board to oversee the day-to-day operations until a solution emerges. It wouldn’t be the first time that the central bank has pushed for the merger of a weaker banking institution with a strong candidate, like ICICI Bank and Bank of Rajasthan merger in 2013. However, Lakshmi Vilas’ did try to merge with Indiabulls and another NBFC in the past. Both deals never got a nod from the RBI. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-retail-seals-its-third-deal-this-month-general-atlantic-to-invest-3675-crore/articleshow/78397878.cms">Reliance Retail seals its third deal this month – General Atlantic to invest ₹3,675 crore</a>

Lakshmi Vilas Bank is down nearly 5% as concerns over Clix Capital merger deepen

<ul class="summary-list"><li>Warren Buffett is a famed investor, one of the richest people alive, and the CEO of a huge company.</li><li>Buffett's Berkshire Hathaway owns scores of businesses and massive stakes in Apple and Coca-Cola.</li></ul>Warren Buffett is a business icon, a world-famous investor, and one of the wealthiest men alive. Here's a quick introduction to the legendary stock picker ahead of <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a>'s annual meeting.<h2>Who is Warren Buffett?</h2>Warren Buffett is the chairman and CEO of Berkshire Hathaway, one of the world's largest public companies with a market value of about $700 billion.Buffett's nearly 16% stake in the conglomerate accounts for the vast majority of his personal fortune of about $110 billion. His net worth ranks him among the top 10 individuals on the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index</a>.Berkshire owns scores of businesses including <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-dream-business-is-sees-candies-2019-7-1029916323">See's Candies</a>, Dairy Queen, Duracell, Geico, Fruit of the Loom, the BNSF Railway, and Berkshire Hathaway Energy. It also boasts a roughly $300 billion stock portfolio, which includes multibillion-dollar stakes in Apple, Bank of America, Coca-Cola, Kraft Heinz, and American Express.Buffett, who turned 92 in August 2022, acquired Berkshire Hathaway when it was a failing textile mill in 1965. He specializes in spotting undervalued businesses, and has leveraged that skill to buy high-quality stocks and companies on the cheap, and turn Berkshire into a hugely diversified conglomerate.Buffett's nose for bargains has allowed him to grow Berkshire's value per share by <a href="https://berkshirehathaway.com/letters/2022ltr.pdf" target="_blank" rel="noopener">almost 3,800,000%</a>, or nearly 20% a year, since 1965.The investor and his business partner, 99-year-old Charlie Munger, pioneered a corporate structure of decentralized, autonomous subsidiaries. Berkshire's businesses employ more than 400,000 people, but only around 25 work in its headquarters, as its subsidiaries operate independently with minimal oversight.Buffett and Munger focus on taking the profits from their businesses, allocating the capital where it's needed within Berkshire, and using some of the spare cash to acquire more businesses and buy shares in public companies.Notably, they invest the "float" — the money left over after premiums are collected and claims are paid out — from their insurance businesses, which saves them from having to raise outside capital or use debt.The investor has closed numerous high-profile deals during his career. For example, he made critical investments in <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-goldman-sachs-sale-billions-return-bailout-2020-5-1029212109">Goldman Sachs</a>, <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-invested-3-billion-general-electric-ge-2008-crisis-2020-6-1029327040">General Electric</a>, and <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-loaned-300-million-harley-davidson-2009-financial-crisis-2020-6-1029306090">other companies</a> during the financial crisis.Buffett preaches an honest, straightforward approach to business based on trust. He also emphasizes a long-term, ownership mentality among Berkshire's subsidiary CEOs and directors.Moreover, he puts a great onus on financial prudence — Berkshire always maintains at least $30 billion in cash and cash equivalents so it can weather any surprises or catastrophes.In 2006, Buffett embraced philanthropy by signing the Giving Pledge, a commitment to donate the majority of his wealth to good causes. He plans to give away more than 99% of his fortune, and has <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-stock-gifts-philanthropy-charity-sherwood-novo-2022-11">already gifted</a> more than half of his Berkshire shares to the Gates Foundation and four family foundations.Beyond his investing prowess, business interests, and charitable giving, Buffett is known for his <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-diet-mcdonalds-coke-junk-food-soda-ice-cream-2023-4">child-like diet</a>. The billionaire eats McDonald's for breakfast, guzzles five cans of Coke daily, and subsists on hamburgers, hot dogs, cookies, ice cream, and other indulgent foods.Buffett is also famous for his yearly letter to Berkshire shareholders, and his annual shareholder meeting. He uses both to not only trumpet Berkshire's success, but also to teach people how to make smart financial decisions, and to call out bad behavior across the corporate world.The Berkshire chief is hugely influential as well. He's mentored everyone from Airbnb CEO Brian Chesky to GameStop chairman Ryan Cohen, and rapper Jay-Z to retired baseball star A-Rod.Moreover, business leaders ranging from Google cofounders Larry Page and Sergey Brin to SoftBank CEO Masayoshi Son have studied Berkshire and emulated its structure at their companies.

Who is Warren Buffett? Here's an intro to the business icon ahead of Berkshire Hathaway's annual meeting

New Delhi, Jun 15 () The board of Lakshmi Vilas Bank (LVB) on Monday considered a proposal for capital infusion by Clix Capital. The bank routinely evaluates capital raising options and proposals which are in its best interest, it said in a regulatory filing. "The bank has received preliminary, non-binding letter of intent (LoI) from Clix Capital Services and Clix Finance India dated June 12, 2020, which the Board of Directors of the Bank has considered for further processing in their meeting held today," it said. Under the non-binding LoI, the proposed transaction is subject to completion of due diligence, which the bank and the intending parties will be carrying out and will be subject to regulatory and other customary approvals, it added. "In the event, the discussions between the contracting parties in relation to the proposed transactions are successful and definitive agreements are executed, we will make appropriate disclosures as required under the provisions of applicable law," it said further. The bank has been placed under the prompt corrective action (PCA) framework of RBI since August last year for low capital buffer and higher NPAs coupled with mounting losses. Following LVB's failure to get RBI nod for merger with IndiaBulls Housing Finance and being placed under PCA framework, there were rumours of the bank being shuttered. Clix Finance India is a non-banking financial company and offers various products in commercial and retail lending. LVB stock closed 4.94 per cent higher at Rs 15.30 on BSE. KPM ANU ANU

Clix Capital eyes stake in Lakshmi Vilas Bank

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Take extra care to pick the right outfit today, because it could affect your mood. It's called "<a target="_blank" href="https://www.businessinsider.com/dopamine-dressing-how-to-feel-happier-with-clothes-2024-3">dopamine dressing</a>," and it's all about feeling better by wearing your favorite styles.In today's big story, we're looking at the people <a target="_blank" href="https://www.businessinsider.com/economy-stock-market-crash-inflation-debt-jobs-economic-collapse-reddit-2024-5">preparing for the collapse of the financial system</a>.What's on deck:<ul><li>Markets: Why America <a target="_blank" href="https://www.businessinsider.com/high-prices-inflation-sticking-interest-rate-hikes-stock-market-2024-5">can't seem to quit inflation</a>.</li><li>Tech: How Mark Zuckerberg <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-turned-against-news-2024-5">turned against the news industry</a>.</li><li>Business: The man leading the fight to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/mdma-therapy-maps-lykos-rick-doblin-fda-legalization-trials-2024-5">legalize MDMA therapy</a>.</li></ul>But first, it's the end of the world and they know it (and they feel fine).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">Preparing for the worst</h2><div type="image" title="first aid kit with gold around it" height="890" width="1190" msid="110090802" hostid="261" sizebytes="95882"></div>Opinions fluctuate on the economy, but one group has a decidedly strong take.In the subreddit r/economiccollapse, users are preparing for a <a target="_blank" href="https://www.businessinsider.com/economy-stock-market-crash-inflation-debt-jobs-economic-collapse-reddit-2024-5">Soviet Union-type fall of the US economy</a>, writes Business Insider's Jennifer Sor. From investing in defense stocks to refusing to hold any savings in cash, the economic glass isn't half empty in the eyes of these users — it's almost dry.The movement is gaining popularity, with the subreddit's membership growing 80% from the end of 2021 to the end of 2023.Even passing interest in the potential downfall of the economy is on the rise. Searches for "stock market crash" and "economic crash" rose 17% and 15%, respectively, according to data Jennifer obtained.There's an element of alarmism here, but the general pessimism mirrors how many Americans feel about the economy.The middle class believes <a target="_blank" href="https://www.businessinsider.com/inflation-cost-of-living-what-is-middle-class-housing-market-2024-4">the life they aspired to is no longer possible</a>. Further down the economic totem pole, ALICEs (asset limited, income constrained, employed) are <a target="_blank" href="https://www.businessinsider.com/meet-the-typical-alice-middle-class-poverty-housing-food-benefits-2024-4">struggling to make ends meet</a>. Even <a target="_blank" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">those entering retirement</a> aren't financially prepared.<div type="image" title="stock market crash" height="644" width="1224" msid="110090804" hostid="261" sizebytes="16694"></div>Economic doomsayers do make you wonder about cracks in the economy.The housing market's sky-high mortgage rates have been a problem for a while. But now, with supply on the rise, it's sellers, not buyers, <a target="_blank" href="https://www.businessinsider.com/home-sellers-summer-disappointment-mortgage-rates-house-prices-real-estate-2024-5">who could be in trouble</a>. To make matters worse, more and more houses in the US are <a target="_blank" href="https://www.businessinsider.com/mortgage-rates-seriously-underwater-home-prices-south-midwest-housing-market-2024-5">worth significantly less than the mortgages financing them</a>.The stock market's been relatively strong, but there are some caveats. We have to thank AI for a good chunk of that. And considering the <a target="_blank" href="https://www.businessinsider.com/generative-ai-exaggeration-openai-nvidia-microsoft-chatgpt-jobs-investors-markets-2024-3">healthy amount of exaggerating</a> companies have done to get on the AI bandwagon, it's easy to see how it could all come crashing down.Ok, but jobs are still good, right? The unemployment rate is incredibly low!Yes and no. Job growth slowed a lot in April, and it's hard for certain demographics, like high earners, <a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">to switch jobs</a>.Well, at least interest-rate cuts will provide some relief!So… <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-powell-fomc-inflation-relief-2024-4">about that</a>.The number of <a target="_blank" href="https://www.businessinsider.com/us-economy-corporate-bankruptcies-fed-interest-rate-cuts-inflation-yields-2024-5">companies filing for bankruptcy is spiking</a>, cuts continue to get delayed. In fact, some experts speculate the economy <a target="_blank" href="https://www.businessinsider.com/recession-outlook-fed-rate-cuts-delay-crash-economy-inflation-2024-5">will need to crash</a> before cuts come.<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" href="https://www.businessinsider.com/trumps-multitasking-defense-hush-money-trial-falls-apart-book-checks-2024-5">Trump's 'multi-tasking' defense is falling apart in court</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ukraines-international-legion-is-still-fighting-but-not-many-left-2024-5">Ukraine was a magnet for foreign fighters. After 2 bruising years, many are disillusioned or dead</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/putin-replaces-defense-minister-with-an-economist-2024-5">Putin axes defense minister, replaces him with an economist</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/doctor-who-ncuti-gatwa-responds-fans-boycotting-new-episodes-diversity-2024-5">Ncuti Gatwa says he feels 'sad' for those tuning out of the new season of 'Doctor Who' because of its push for diversity</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="dollar sign american flag" height="1000" width="2000" msid="110090805" hostid="261" sizebytes="202192"></div><ol><li>Yes, inflation is back. But there's still a path toward "economic nirvana." Neil Dutta, head of economics at Renaissance Macro Research, argues concerns over inflation are overdone. In fact, his reading of the data is that a soft landing <a target="_blank" href="https://www.businessinsider.com/high-prices-inflation-sticking-interest-rate-hikes-stock-market-2024-5">is still in the cards</a>.</li><li>An investing legend dies. Billionaire hedge fund manager Jim Simons <a target="_blank" href="https://www.businessinsider.com/jim-simons-dead-obituary-founder-renaissance-technologies-hedge-fund-2024-5">died Friday at the age of 86</a>. Renaissance Technologies, the fund he founded in 1982, is one of the most successful hedge funds in history with 66% in annualized returns (before fees) over a 30-year period.</li><li>The US-China rivalry could be a game changer for Big Tech. Sources told BI that <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-china-relations-tech-stocks-earnings-magnificent-7-chips-ai-2024-5">mega-cap earnings growth will likely come under pressure</a> from tensions between Washington and Beijing. Apple and Tesla are among the firms that could be particularly vulnerable.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="How Mark Zuckerberg turned against the news." height="1500" width="2000" msid="110090807" hostid="261" sizebytes="487594"></div><ol><li>How Mark Zuckerberg turned against the news. After the 2016 election, Zuckerberg held regular discussions about how to make news on Facebook more trustworthy and reliable. There was talk of buying a news outlet, or Facebook starting its own. But <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-turned-against-news-2024-5">the CEO has since turned on the industry</a> — thanks in part to cost, personal animosities, and Rupert Murdoch, insiders say.</li><li>A new crop of startups wants you to make friends — IRL. In an attempt to solve Gen Z and millennial loneliness, a new wave of companies is trying to help people make friends the old-fashioned way: <a target="_blank" href="https://www.businessinsider.com/irl-social-startups-combat-loneliness-among-millennials-gen-z-2024-5">through in-person events and meetups</a>.</li><li>OpenAI is teasing something big. CEO Sam Altman promised last week that<a target="_blank" href="https://www.businessinsider.com/openai-gpt-4-update-monday-feels-like-magic-sam-altman-2024-5"> the ChatGPT developer will announce "new stuff" that "feels like magic"</a> today. He shot down rumors that OpenAI is poised to release a search engine of its own, but didn't deny that the company is working on a search product.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="card machine gif" height="900" width="1200" msid="110090809" hostid="261" sizebytes="50968"></div><ol><li>Credit cards are getting smarter. Credit-card fraud protection is still far from perfect, but banks are getting much better at <a target="_blank" href="https://www.businessinsider.com/credit-card-travel-alert-fraud-detection-american-express-visa-chase-2024-5">discerning which payments are fraudulent and which are legit</a>. That's thanks to the astounding amount of data companies have collected on their customers.</li><li>One man's mission to legalize MDMA. For decades, Rick Doblin and MAPS, the nonprofit he founded, have been pushing to legalize medical MDMA. Now, the FDA could issue its approval as soon as this summer. However, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/mdma-therapy-maps-lykos-rick-doblin-fda-legalization-trials-2024-5">insiders have begun voicing concerns</a> about possible ethical lapses in clinical trials and questioning whether MAPS can effectively lead the movement into the future.</li><li>These people beat the millennial odds. The unique economic circumstances of the past few years have helped some members of the generation to surge ahead financially. Millennials that <a target="_blank" href="https://www.businessinsider.com/real-estate-investments-stocks-millennial-wealth-doubled-in-pandemic-economy-2024-5">managed to buy real estate before the start of the pandemic</a> have tended to be the big winners.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/racism-alleged-at-multiple-globe-life-affiliates-2024-5">Senior managers at Globe Life division traded racist memes</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/netflix-nfl-christmas-games-2024-5/">Netflix said it didn't want to be in sports. Now it could be streaming two NFL games on Christmas</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/trump-voter-proved-my-pillow-mike-lindell-wrong-election-hacking-2024-5">A Trump voter proved Mike Lindell wrong. Now he wants his $5 million</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/mcdonalds-5-dollar-meal-promotion-inflation-cheaper-burger-chicken-fries-2024-5">The $5 McDonald's meal may be making a grand comeback</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Today's earnings: BuzzFeed and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li><li>FOX will host its annual upfront presentation, unveiling its 2024-25 program lineup.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/grace-lett">Grace Lett</a>, associate editor, in Chicago.

Meet the group preparing for a Soviet Union-type collapse of the US economy

<ul><li>The Central government on Tuesday brought <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> under <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> for 30 days, restricting deposit/withdrawal not exceeding ₹25,000.</li><li>The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020. </li></ul>Following an application submitted by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), the Central government on Tuesday brought Lakshmi Vilas Bank under moratorium for 30 days, restricting deposit/withdrawal not exceeding Rs 25,000. The Centre issued the moratorium notification under Section 45 (2) of the Banking Regulation Act, 1949. The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020. The notification also stays the commencement or continuance of all actions and proceedings against Lakshmi Vilas Bank. During the period of moratorium, subject to the condition that such stay shall not in any manner prejudice the exercise by the Central government of its powers under Clause (b) of Sub-section (4) of Section 35 of the said Act or the exercise by the Reserve Bank of India of its powers under Section 38 of the said Act. As per the notification, Lakshmi Vilas shall not without the permission in writing of RBI: * Make payment to a depositor an aggregate sum exceeding Rs 25,000 lying to his credit in any kind of deposit including multiple deposit. * Wherever such depositor is having dues payable to the bank in any manner, either as a borrower or surety, the amount payable to such depositor shall be made after adjusting the relevant borrowal accounts. * Payment to bank creditor cannot exceed Rs 25,000, subject to following exceptions: (i) making of payment of amounts towards any drafts or pay orders issued by the Lakshmi Vilas Bank and remaining unpaid on the date on which the order of moratorium comes into force; (ii) paying the proceeds of the bills received for collection on or before the 17th day of November, 2020; (iii) making payment towards existing liabilities for call money or inter-bank borrowing (iv) trades effected prior to the date of moratorium for which settlement is yet to take place. * Grant any loans or advances or make investments in any credit instruments. According to the notification, the RBI may by a general or special order permit Lakshmi Vilas Bank to allow pay to its depositors an amount in excess of Rs 25,000 to meet unforeseen expenses towards (a) medical treatment of the depositor or any person actually dependent on him (b) towards the cost of higher education of the depositor or any person actually dependent on him for education in India or outside India; (c) to pay obligatory expenses in connection with marriage or other ceremonies of the depositor or his children or of any other person actually dependent upon him (d) in connection with any other unavoidable emergency if there is sufficient credit in his account. However, the sum such paid shall not exceed Rs 5 lakh or the actual balance lying to the credit of the account of such depositor, whichever is less. The Central government also directed Lakshmi Vilas Bank to pay for repaying loans or advances granted against government securities or other securities to it by the RBI or the State Bank of India or by any other bank and remaining unpaid on the date on which this order comes into force. Lakshmi Vilas Bank is permitted to operate its accounts with the RBI or with any other bank for the purpose of making the payments aforesaid. The bank may release or deliver goods or securities which have been pledged, hypothecated or mortgaged or otherwise charged to it against any loan, cash credit or overdraft: (i) In any case in which full payment towards all the amounts due from the borrower or borrowers, as the case may be, has been received by it, unconditionally. (ii) In any other case, to such an extent as may be necessary or possible, without reducing the proportions of the margins on the said goods or securities below the stipulated proportions or the proportions which were maintained before this Order came into force, whichever may be higher. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-race-for-covid-19-vaccine-heres-how-moderna-pfizer-and-sputnik-v-vaccines-stack-up-against-each-other/articleshow/79263801.cms">The race for COVID-19 vaccine: Here’s how Moderna, Pfizer and Sputnik V vaccines stack up against each other</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-race-for-covid-19-vaccine-heres-how-moderna-pfizer-and-sputnik-v-vaccines-stack-up-against-each-other/articleshow/79263801.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/billionaire-tesla-ceo-elon-musk-set-to-become-the-worlds-third-richest-person/articleshow/79261388.cms">Elon Musk gets richer by $15 billion on Tesla’s S&amp;P inclusion — set to become the world’s third-richest person, leapfrogging Mark Zuckerberg</a>

Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000

<ul><li>At 7:40 am, the SGX Nifty was down 0.53%, indicating a negative start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in negative territory on Thursday, on the back of subdued cues from the global peers. At 7:40 am, the SGX Nifty was down 0.53%, indicating a weak start for Nifty50. US stocks also tumbled during the afternoon trade as new lockdown restrictions erased morning optimism about Pfizer’s coronavirus vaccine news. The Dow Jones Industrial Average closed 344 points lower, and the S&amp;P 500 was down 1.16%. These are the stocks to watch out for during the trading session today: Pfizer Global drugmakers Pfizer and BioNTech concluded phase 3 study of COVID-19 vaccine candidates and said their COVID-19 vaccine candidate is<a href="https://www.businessinsider.in/science/health/news/pfizers-new-covid-19-vaccine-is-95-effective-and-the-only-severe-side-effect-to-worry-about-is-fatigue-according-to-the-final-results/articleshow/79284286.cms"> 95% effective</a>, including in people over 65 years of age. Based on current projections, the companies expect to produce globally up to 50 million vaccine doses in 2020 and up to 1.3 billion doses by the end of 2021. The shares of Pfizer ended 0.92% lower on Wednesday. TCS The shareholders of Tata Consultancy Services (TCS) said its shareholders have approved its up to ₹16,000 crore share buyback plan.Last month the board of TCS approved a proposal to buyback upto 5.33 crore equity shares at a price of ₹3,000 for an aggregate amount not exceeding ₹16,000 crore. The shares of TCS ended 1.50% lower on Wednesday. Wipro IT services giant Wipro has fixed December 11 as the record date for its ₹9,500 crore share buyback programme. Its board and shareholders have already approved its proposal to buy back upto 23.75 crore equity shares of the company at ₹400 per share. The shares of Wipro ended 0.92% lower on Wednesday. Hero MotoCorp Two-wheeler market leader Hero MotoCorp said it sold more than 14 lakh units of motorcycles and scooters in retail sales during the festive season. Despite severe disruptions due to COVID-19 this year, the good retail off-take during the 32-day festival period — spread between the first day of Navratri and the concluding day after Bhai Duj — was 98% of the festive season volumes sold by the company in 2019 and 103% compared to the same period in 2018. The shares of Hero MotoCorp ended 1.40% lower on Wednesday. Punjab &amp; Sind Bank State-owned Punjab &amp; Sind Bank on Wednesday said the board of the bank would meet later this week to consider raising up to ₹5,500 crore by issuing shares on a preferential basis. The shares of Punjab &amp; Sind Bank ended 0.88% higher on Wednesday. GPT Infra GPT Infraprojects Limited (GPT) has bagged an order valued at ₹162.83 crore from the Hooghly River Bridge Commissioners (HRBC), Transport Department, Government of West Bengal, Kolkata. The contract is for repair and rehabilitation of the second Hooghly Bridge, including replacement of Stay and Holding Down Cables and Bearings etc. The shares of GPT Infra ended 2.09% higher on Wednesday. Lakshmi Vilas Bank Capri Global Holdings sold more than 20 lakh shares of Lakshmi Vilas Bank through an open market transaction. According to the bulk deal data available on the BSE, Capri Global Holdings offloaded a total of 20,55,161 shares at an average price of ₹12.40 apiece. This took the total deal value to ₹2.54 crore. The shares of Lakshmi Vilas Bank ended 20% lower on Wednesday. IndiGo According to the air regulator DGCA data, IndiGo passenger load has increased from 65.4% in September to 68.2% in October. IndiGo holds 55.5% market share in Indian skies. The shares of IndiGo ended 5% higher on Wednesday. SpiceJet According to the air regulator DGCA data, SpiceJet passenger load has increased from 73% in September to 74% in October. SpiceJet holds 13.4% market share in Indian skies. The shares of SpiceJet ended 13% higher on Wednesday. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-tumbles-345-points-as-fresh-lockdown-measures-overshadow-vaccine-progress/articleshow/79292917.cms" data-type="tilCustomLink"> Dow tumbles 345 points as fresh lockdown measures overshadow vaccine progress</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-new-covid-19-vaccine-is-95-effective-and-the-only-severe-side-effect-to-worry-about-is-fatigue-according-to-the-final-results/articleshow/79284286.cms" data-type="tilCustomLink">Pfizer's new COVID-19 vaccine is 95% effective and the only severe side-effect to worry about is fatigue, according to the final results</a>

Top stocks to watch — Pfizer, TCS, Wipro, Hero Moto, Lakshmi Vilas Bank, SpiceJet, IndiGo, and others

<ul><li>The 30-share BSE index was trading 18 points higher, and the broader NSE Nifty was trading flat on Wednesday at 10:02 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian indices were trading flat on Wednesday after hitting a record high on Tuesday led by the losses in heavyweights HDFC, HUL, TCS and RIL. The 30-share BSE index was trading 18 points higher, and the broader NSE Nifty was trading flat on Wednesday at 10:02 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of November 18, 10:00 am These are the top stocks in news today. Lakshmi Vilas Bank hits 20% lower circuit The shares of Lakshmi Vilas Bank were locked in a 20% lower circuit a day after the government placed the bank under a one-month moratorium and capped withdrawals at ₹25,000 per depositor. The step was taken by the government, on the advice of the Reserve Bank, in view of the declining financial health of the private sector lender. Meanwhile, the RBI has also placed in the public domain a draft scheme of amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank. DHFL locked in 5% upper circuit The shares of cash strapped Dewan Housing Finance Corp (DHFL) were locked in a 5% upper circuit <a href="https://www.livemint.com/companies/news/adani-surprise-sparks-new-auction-for-dhfl-11605571146578.html">after news reports surfaced</a> that lenders are likely to call for fresh bids as the Adani Group unexpectedly offered a higher price for the company’s assets. Wipro sheds 1% The shares of IT giant Wipro shed nearly a percent after its shareholders have approved its up to ₹9,500 crore share buyback plan. The board of directors had last month approved a buyback proposal for purchase of up to 23.75 crore equity shares at ₹400 per share, aggregating to an amount of up to ₹9,500 crore. Tata Motors shares soar ahead of Tata vs Mistry case hearing The shares of Tata Motors soared over 4% ahead of Tata vs Mistry case hearing scheduled today. Tata Motors also recorded a strong festive boost during the Diwali season. DLF opens 3% higher The shares of DLF soared 3% after the company was recognised to be listed on Dow Jones Sustainability Indices (DJSI), becoming the only Indian realty firm to be included in the DJSI index. The index recognised DLF based on its record for its governance, social and environmental initiatives. IIFL Securities up over 6% The shares of IIFL Securities gained over 6% after the company announced that its board would meet on November 20 to consider the share buyback proposal. Mahanagar Gas gains 3% The shares of Mahanagar Gas were up 3% after brokerages reiterated ‘buy’ rating for its stocks. CLSA has raised its target to ₹1,310 per share from ₹1,299 earlier. Nirmal Bang has set the target price at ₹1,072. SEE ALSO:<a href="https://www.businessinsider.in/business/news/indiamart-and-justdial-in-legal-battle-over-copyright-violations/articleshow/79275178.cms" data-type="tilCustomLink"> IndiaMart and JD Mart gear up for a legal battle over copyright infringement — even as Justdial calls IndiaMart’s allegations ‘baseless’</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-vaccine-updates-and-news-india-in-talks-with-moderna-for-94-5-effected-covid-19-vaccine/articleshow/79255463.cms" data-type="tilCustomLink">COVID-19 vaccine latest updates: Sinovac’s CoronaVac safe, early trial results show that vaccine triggers immune response</a>

Top stock movers — Lakshmi Vilas Bank, Tata Motors, DHFL, Wipro, Mahanagar Gas, IIFL Securities, and others

<ul><li>At 7:42 am, the SGX Nifty was down 0.34%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in negative territory on Wednesday, on the back of subdued cues from the global peers. At 7:42 am, the SGX Nifty was down 0.34%, indicating a tepid start for Nifty50. US stocks slipped on Tuesday, with the S&amp;P 500 and the Dow Jones industrial average trading lower after closing at record highs on Monday, as traders baulk at spiking virus cases. The Dow Jones Industrial Average closed 167 points lower, and the S&amp;P 500 was down 0.48%. These are the stocks to watch out for during the trading session today: Lakshmi Vilas Bank On Tuesday evening, the government placed Lakshmi Vilas Bank under a one-month moratorium, superseded its board and capped withdrawals at ₹25,000 per depositor. The step was taken by the government, on the advice of the Reserve Bank, in view of the declining financial health of the private sector lender. Meanwhile, the RBI has also placed in the public domain a draft scheme of amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank. The shares of Lakshmi Vilas Bank ended 0.32% lower on Tuesday. DLF DLF gets listed on Dow Jones Sustainability Indices (DJSI), becoming the only Indian realty firm to be included in the DJSI index. The index recognised DLF based on its record for its governance, social and environmental initiatives. DJSI Emerging Markets Index in 2020 recognised 100 companies across industries in emerging markets like China, Brazil, Hong Kong, Mexico, Chile, Thailand, Taiwan, Colombia, amongst others besides India. The shares of DLF ended 1.4% higher on Tuesday. Tata Steel HDFC Mutual Funds reduced its stake in Tata Steel from 5.02% to 2.96% on November 12. The shares of Tata Steel ended 6% higher on Tuesday. Oil and Natural Gas Corp ONGC has signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector. The shares of ONGC ended 2% lower on Tuesday. IIFL Securities The board of IIFL Securities will meet on November 20 to consider the share buyback proposal. The shares of IIFL Securities ended 20% higher on Tuesday. PTC India Aditya Birla Sun Life Mutual Fund reduced its stake in PTC India from 5.46% to 3.42% on November 12. The shares of PTC India ended 1.3% higher on Tuesday. IRCTC The Indian Railways operator IRCTC cancelled running of two Tejas Express trains due to low occupancy levels owing to Covid-19. The shares of IRCTC India ended 1.04% lower on Tuesday. Just Dial In a BSE filing, Just Dial informed investors that the company is pursuing all legal remedies in the Court to counter the allegations filed by Indiamart Intermesh pertaining to the launch of its proposed B2B project – JD Mart. The company also said that JD Mart platform’s development is running as per the planned schedule, and the product demo is already available on the company’s platforms, which will be launched in due course of time after seeking legal recourse, as may be necessary. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/lakshmi-vilas-bank-under-moratorium-rbi-caps-maximum-deposit-or-withdrawal-at-25000/articleshow/79267116.cms" data-type="tilCustomLink">Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000</a> <a href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms" data-type="tilCustomLink">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a>

Top stocks to watch — Lakshmi Vilas Bank, ​Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others

<ul><li>The 30-share BSE index was trading 62 points lower, and the NSE Nifty slipped 0.12% at 10:05 am.</li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices, Sensex and Nifty turned choppy on Wednesday after trading in green territory for a brief while. Financial stocks led the fall amid mixed cues from global markets as investors remained cautious after the first US presidential debate. The 30-share BSE index was trading 62 points lower, and the NSE Nifty slipped 0.12% at 10:05 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr. Reddy's Laboratories </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Petroleum </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">United Phosphorus Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharmaceutical Industries </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Laboratories </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td></tr></tbody></table>*as of September 30, 10:00 am These are the top stocks in news today. VA Tech Wabag up over 6% The shares of VA Tech Wabag gained 6% in an otherwise volatile market after its board approved allotment of 75 lakh equity shares at a price of ₹160 apiece aggregating ₹120 crore by way of the preferential issue. The list of proposed investors includes Rekha Rakesh Jhunjhunwala, Basera Home Finance, Sushma Anand Jain, and Anand Jaikumar Jain. Reliance Industries (RIL) open 1% higher The shares of Mukesh Ambani owned RIL opened 1% higher after its Retail venture, Reliance Retail <a href="https://www.businessinsider.in/business/news/reliance-retail-seals-its-third-deal-this-month-general-atlantic-to-invest-3675-crore/articleshow/78397878.cms">sealed its third deal</a> this month. The American growth equity firm, General Atlantic has invested ₹3,675 crore into Reliance Retail for a 0.84% stake in the company. Future Enterprises down 3% The shares of Future Enterprises lost nearly 3% value after the Kishore Biyani-led company reported a fresh default on interest payment of non-convertible debentures (NCDs). Future Enterprises said it had defaulted on interest payment of ₹16.11 crore for a gross principal amount of ₹332 crore. This also dragged other Future Group stock such as — Future Retail and Future Lifestyle Fashions down 3%, among others. Housing Development Finance Corp (HDFC) trades higher after amalgamation nod The shares of Housing Development Finance Corp (HDFC) was trading nearly a percent higher after National Company Law Tribunal (NCLT), Mumbai sanctioned the scheme of amalgamation for the merger of HDFC ERGO Health Insurance into HDFC ERGO. Indiabulls Housing Finance surges 4% The shares of the leading private sector mortgage lender Indiabulls Housing Finance gained 4% after it raised another ₹630 crore by selling a part of its stake in UK-based bank Oak North to Toscafund Asset Management. Punjab National Bank and Lakshmi Vilas Bank trade lower The shares of Punjab National Bank was trading 2% lower after <a href="https://www.business-standard.com/article/finance/rbi-sounds-out-pnb-on-acquisition-of-beleaguered-lakshmi-vilas-bank-120092901633_1.html">reports surfaced that RBI has asked Punjab National Bank to take over</a> Lakshmi Vilas Bank (LVB) in case the beleaguered lender’s proposed transaction with Clix Capital does not materialise. Lakshmi Vilas Bank was also trading 5% lower during the early trading hours. PVR soars 3% The shares of cinema giant PVR Limited soared 3% ahead of the board meeting on October 5 to consider the proposal of raising funds via non-convertible debentures. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-retail-seals-its-third-deal-this-month-general-atlantic-to-invest-3675-crore/articleshow/78397878.cms" data-type="tilCustomLink" style="">Reliance Retail seals its third deal this month – General Atlantic to invest ₹3,675 crore</a> <a href="https://www.businessinsider.in/science/space/news/after-the-moon-mars-is-getting-laser-reflecting-mirror-to-help-future-landings-on-the-red-planet/articleshow/78385935.cms" data-type="tilCustomLink">After the Moon, Mars is getting laser-reflecting mirror to help future landings on the Red Planet</a>

You Searched For "lakshmi vilas bank annual general meeting" and got 12 results

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

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A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

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Big banks promised to protect the planet. Now they're doing an about-face.

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Lakshmi Vilas Bank is down nearly 5% as concerns over Clix Capital merger deepen

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Who is Warren Buffett? Here's an intro to the business icon ahead of Berkshire Hathaway's annual meeting

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Clix Capital eyes stake in Lakshmi Vilas Bank

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Meet the group preparing for a Soviet Union-type collapse of the US economy

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Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000

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Top stocks to watch — Pfizer, TCS, Wipro, Hero Moto, Lakshmi Vilas Bank, SpiceJet, IndiGo, and others

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Top stock movers — Lakshmi Vilas Bank, Tata Motors, DHFL, Wipro, Mahanagar Gas, IIFL Securities, and others

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Top stocks to watch — Lakshmi Vilas Bank, Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others

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You Searched For "lakshmi vilas bank annual general meeting" and got 12 results

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

Ira Alok Puranik

A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

Ira Alok Puranik

Big banks promised to protect the planet. Now they're doing an about-face.

Catherine Boudreau

Lakshmi Vilas Bank is down nearly 5% as concerns over Clix Capital merger deepen

Prabhjote Gill

Who is Warren Buffett? Here's an intro to the business icon ahead of Berkshire Hathaway's annual meeting

Theron Mohamed

Clix Capital eyes stake in Lakshmi Vilas Bank

PTI

Meet the group preparing for a Soviet Union-type collapse of the US economy

Dan DeFrancesco

Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000

IANS

Top stocks to watch — Pfizer, TCS, Wipro, Hero Moto, Lakshmi Vilas Bank, SpiceJet, IndiGo, and others

Navdeep Yadav

Top stock movers — Lakshmi Vilas Bank, Tata Motors, DHFL, Wipro, Mahanagar Gas, IIFL Securities, and others

Navdeep Yadav

Top stocks to watch — Lakshmi Vilas Bank, ​Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others

Navdeep Yadav

Top stock movers — RIL, Future Group companies, VA Tech Wabag, PNB, HDFC, and more

Navdeep Yadav

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Top stocks to watch — Lakshmi Vilas Bank, Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others