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Amid questions on the depleting <keyword id="20776807" type="General" weightage="100" keywordseo="loan-to-deposit-ratio" source="keywords">loan-to-deposit ratio</keyword> in <keyword id="19895091" type="General" weightage="20" keywordseo="Indian-banks" source="keywords">Indian banks</keyword>, a recent report by <keyword id="19896146" type="General" weightage="20" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="269" meta.entityid="Motilal Oswal">Motilal Oswal</keyword> suggests that the loan-to-deposit (LD) ratio is likely to subside on its own in the coming months. The debate on loan-to-deposit ratio (LD), particularly concerning sluggish <keyword id="19998084" type="General" weightage="20" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> and potential risks to <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">financial stability</keyword> is raised by even the finance minister and the <keyword id="20151998" type="General" weightage="20" keywordseo="RBI-governor" source="keywords">RBI governor</keyword>. However, the report notes that on closer examination, the situation may not be as alarming as it seems. As of 9th August, 2024 the Indian <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>'s loan-to-deposit (LD) ratio stood at 77.2 %, which is slightly below its recent peak of 78.2 % on 22nd March 2024, and its all-time high of 78.8 % in September 2013. The report stated that typically a rising LD ratio is indicative of a tightness in the banking sector, potentially indicating overheating. A lower LD indicates that the bank is aggressive in its credit disbursement practises, which could be risky. It highlighted that an analysis of the sector's transactions with the Reserve Bank of India (RBI) through the liquidity adjustment facility (LAF), along with recent trends in the weighted average call rate (WACR), suggests that the current rise in the LD ratio does not indicate tightness, which is why there is no immediate cause of concern. In fact, the report added that the concern over weak deposit growth may be overstated. Historical data show that bank deposits grew at an average rate of 9.5 % during the pre-COVID period (January 2015 to February 2020) and 10.4 % in the post-COVID period (March 2020 to August 2024). Earlier, Finance Minister Nirmala Sitharaman also urged state-run banks to enhance deposit mobilization through attractive offers and focusing on Tier-2 and Tier-3 cities. Loan-to-deposit ratio pegs the total deposits received by the bank against the loans it has offered. It helps in understanding how liquid the bank is. The loan-to-deposit ratio (LDR) is a financial metric that compares a bank's total loans to its total deposits. It's used to assess a bank's liquidity and credit risk, and to inform lending and deposit-taking decisions The report said while the exact measures are unclear, the deposit growth could potentially be increased by making other asset classes less attractive through taxation or interest rates, or by boosting fiscal spending to increase net credit to the government. In its forecast, the report noted that private banks will witness a moderation in their <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>, while public sector banks will maintain a healthy credit growth rate. "Our analysis suggests that deposit growth could be raised by either making other asset classes unattractive (through taxation and/or interest rate) or increasing the growth in net credit to the government by pushing fiscal spending higher" the report added. Alternatively, policymakers might consider curtailing loan growth to lower the LD ratio. However, this could slow deposit growth, particularly if corporate credit growth remains weak. Encouraging savers to shift investments from other assets to bank deposits could also be an option, but this carries risks of overreach and potential damage to economic confidence. Das had also flagged the excessive growth, or froth developing in the personal loan space. Notably, while credit growth in unsecured personal loans like credit cards continues to decline, it remains elevated at 23.3% as of June 2024. However, this is a significant reduction from 34.2% witnessed in November 2023. As fiscal spending increases, bank credit to the government is likely to grow, which should elevate deposits and broad money supply. The report said "However, the extent of foreign capital inflows and the RBI's policy for managing these inflows remain uncertain". Last month, RBI governor Shaktikanta Das had also addressed this issue in the 50th meeting of MPC (Monetary Policy Committee). Per him, deposit mobilisation has been lagging credit growth for some time now. This may potentially expose the system to structural liquidity issues. "While there could be a debate regarding ‘deposits funding loans’ vis-à-vis ‘loans funding deposits’, the current regulatory concern stems from the fact that there could be structural changes happening which banks need to recognise and, accordingly, devise their strategies. Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to capital markets and other financial intermediaries", Das said. Per him, while bank deposits continue to remain dominant as a percentage of financial assets owned by households, their share has been declining consistently, since households are now increasingly allocating their savings to mutual funds, insurance funds, pension funds and other avenues.

Loan-to-deposit ratio will subside on its own in coming months, notes Motilal Oswal report

A research report by the <keyword id="19934368" type="General" weightage="100" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI) highlights the continuous upward trend in credit growth in Indian <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword>, which is outpacing the growth of deposits. This trend persists even as Indian households have substantially increased their investments in <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and equities. For the last several months, investments of over Rs 21,000 crore are being done in mutual funds. Last month, during an event, <keyword id="20151998" type="General" weightage="20" keywordseo="RBI-Governor" source="keywords">RBI Governor</keyword> <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> noted that households are opting for capital markets over banks to invest or park their savings. However, the <keyword id="20352499" type="General" weightage="20" keywordseo="SBI-report" source="keywords">SBI report</keyword> states, "Latest fortnightly credit and deposit growth number shows credit growth continues to outpace deposit, though moderated from last year growth of 16.2 percent (June'23 YoY)." Specifically, for the fortnight ending July 12, 2024 the report noted that the credit growth for All Scheduled Commercial Banks stood at 14 per cent on a year-on-year basis, while deposit growth was reported at 11.3 per cent. Furthermore, the report also served a significant increase in credit to the industrial sector, which rose from 5.1 percent in March 2023 to 8.4 percent in March 2024, and recorded 8.1 percent growth in June 2024 year-on-year. This indicates a robust demand for credit within the industrial sector. Despite big savings going towards the capital markets, banks have managed to gather an incremental deposit of Rs 7.02 lakh crore in the year-to-date (YTD) period ending July 12, 2024. In comparison, the incremental credit extended by the banks amounted to Rs 3.80 lakh crore during the same period. This discrepancy illustrates that while credit growth is substantial, deposit growth remains essential to maintain balance. Additionally, the report highlighted that banks' reliance on high-cost deposits, such as Certificates of Deposit (CDs), has more than tripled. This increase is a response to the need to match the rising credit demand, showing how banks are adjusting their funding strategies to accommodate the growing demand for loans. <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> Governor stated last month, "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."

Credit growth in banks continues to exceed deposits, says new SBI report

<ul class="summary-list"><li>Chinese state-owned banks have been buying up the yuan and selling the dollar, Reuters reported.</li><li>That comes as China's central bank lowers the dollar-yuan daily fixing rate to a three and half month low.</li></ul>Big banks in China are buying up yuan and selling the dollar in an effort to prop up the Chinese currency.This week, major state-owned banks have been helping boost the yuan by swapping it for dollars in the onshore market and selling those dollars in the spot currency market, Reuters reported on Tuesday.The move also comes as The People's Bank of China has lowered the dollar-yuan daily fixing rate to a three and a half month low of 7.1406 per dollar as of Tuesday.But that banks have been active in the currency market this week came as a surprise to sources who spoke to Reuters, given the yuan's recent rally.The yuan has gained 2% in the past week to its highest level in nearly four months, notching levels of around 7.13 to the dollar. The selling of US dollars by big state banks briefly pushed onshore spot yuan to 7.1296 per dollar.The yuan's gains also come as the dollar has been weakening since last week, counting on the growing conviction that the Federal Reserve is done hiking interest rates. Still, the <a href="https://markets.businessinsider.com/news/currencies/stock-market-outlook-china-economy-dollar-vs-yuan-dedollarization-currencies-2023-9">Chinese currency is down</a> more than 3% against the dollar this year. Chinese banks have frequently sold dollars in the currency market this year to slow the <a href="https://markets.businessinsider.com/news/currencies/china-economy-woes-yuan-falls-lowest-against-dollar-16-years-2023-9">yuan's decline</a>. While a strong US dollar has been a part of the problem, the <a href="https://www.businessinsider.com/china-economy-slowdown-debt-property-crisis-population-recession-balance-sheet-2023-10">Chinese economy is also plagued</a> with problems including a cratering real estate sector, shrinking trade, and long-term pandemic-related disruptions.The economic malaise spurred the PBOC to <a href="https://www.businessinsider.com/china-economy-recession-growth-stimulus-package-inflation-xi-jinping-politburo-2023-7">launch a stimulus package</a> issuing extra sovereign bonds to ease debt burdens of the country's local governments.

Chinese state-owned banks are propping up the yuan while the central bank signals currency weakness

The festive season is here and with it, you are likely to make several purchases from e-commerce platforms, be it for yourself or for your friends and family. Choosing the right credit card for <keyword id="19957108" type="General" weightage="20" keywordseo="online-shopping" source="keywords">online shopping</keyword> can make a significant difference in how much you save and earn from your purchases. <keyword id="19953671" type="General" weightage="20" keywordseo="credit-cards" source="keywords">Credit cards</keyword> not only allow you to easily get products on credit, they can also make them cheaper thanks to cashback and reward points. You also get access to airport lounges, railway lounges, dining offers and more. In this post, we look at some of the <keyword id="23600028" type="General" weightage="100" keywordseo="best-credit-cards-for-online-shopping" source="Orion">best credit cards for online shopping</keyword> in India. <h2><keyword id="3294523" type="General" weightage="20" keywordseo="best-credit-cards" source="Orion">Best credit cards</keyword> for online shopping in India</h2><h3><keyword id="23600026" type="General" weightage="20" keywordseo="Amazon-Pay-ICICI" source="keywords">Amazon Pay ICICI</keyword> credit card</h3> <div type="image" title="Amazon Pay ICICI credit card" msid="114354421" hostid="261" caption="&amp;lt;p&amp;gt;Amazon Pay ICICI credit card&amp;lt;/p&amp;gt;"></div> The Amazon Pay ICICI Credit card is among the most popular co-branded credit cards, offered by ICICI Bank in partnership with e-commerce giant Amazon India. It’s great for those who regularly shop on Amazon, as it offers a 5% cashback on all purchases on the platform. Key Features: <ul><li>Cashback: Up to 5% cashback on Amazon purchases, and 2% cashback on other online shopping.</li><li>Additional cashback: Earn 2% cashback at partner stores, and 1% on all other spends.</li><li>No annual fee: Lifetime free credit card.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li></ul> <div type="Article" hostid="261" msid="113123752" title="Here are the benefits you get with India’s most expensive credit card with a ₹3.54 lakh annual fee" mstype="2" mssubtype="0"></div> <h3>HDFC Millenia credit card</h3> <div type="image" title="HDFC Millenia credit card" msid="114354433" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Millenia credit card&amp;lt;/p&amp;gt;"></div> The HDFC Millenia is a popular credit card from HDFC Bank and is among the most sought-after cards from the bank. This card offers good rewards on Amazon, Flipkart, Myntra and other online platforms. It is also good for utility bills and fuel spending. Key Features: <ul><li>Cashback: 5% cashback on Amazon, BookMyShow, Swiggy, Flipkart, Myntra and more. It offers 1% cashback on all other spends.</li><li>Lounge access: 1 complimentary lounge access per quarter.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li></ul><h3>Flipkart Axis Bank credit card</h3> <div type="image" title="Flipkart Axis Bank credit card" msid="114354438" hostid="261" caption="&amp;lt;p&amp;gt;Flipkart Axis Bank credit card&amp;lt;/p&amp;gt;"></div> With Amazon partnering with ICICI Bank, Flipkart joined the race and partnered with Axis Bank to launch the Flipkart Axis Bank credit card. The card offers 5% cashback on Flipkart and Cleartrip. Key Features: <ul><li>Cashback: 5% cashback on Flipkart and Cleartrip, 4% on preferred partners and 1% on other spends. </li><li>Lounge access: 4 complimentary lounge access per year on spending ₹50,000 during the previous 3 months.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li></ul> <div type="Article" hostid="261" msid="98090488" title="How to use credit card to make UPI payments" mstype="2" mssubtype="0"></div> <h3>Cashback SBI Card</h3> <div type="image" title="Cashback SBI credit card" msid="114354449" hostid="261" caption="&amp;lt;p&amp;gt;Cashback SBI credit card&amp;lt;/p&amp;gt;"></div> The Cashback SBI Card has quickly emerged as one of the most popular cards from the state-owned bank, beating its SimplyClick card, which was one of the preferred cards for online spending. The USP of this card is that it offers a flat 5% cashback on all online spending. Key Features: <ul><li>Cashback: 5% cashback on all online spends, without any merchant restrictions. It also offers 1% cashback on all offline transactions.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li><li>Annual fee waiver: Fee waiver on spending ₹2 lakh in the preceding year.</li></ul><h3><keyword id="23600027" type="General" weightage="20" keywordseo="Axis-Bank-Ace" source="keywords">Axis Bank Ace</keyword> credit card</h3> <div type="image" title="Axis Bank Ace credit card" msid="114354458" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank Ace credit card&amp;lt;/p&amp;gt;"></div> The Axis Bank Ace credit card is another excellent card, especially for those looking for a card for bill payments, utility spending and more. It is also one of the few credit cards that can be added to Google Pay. Key Features: <ul><li>Cashback: 5% cashback on all bill payments, mobile recharges and DTH recharges via Google Pay. It also offers 4% Swiggy, Zomato and Ola.</li><li>Lounge access: 4 complimentary lounge access per year on spending ₹50,000 during the previous 3 months.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li></ul> <div type="Article" hostid="261" msid="102133212" title="HDFC Bank and Swiggy launch co-branded credit card – cashback, offers and more" mstype="2" mssubtype="0"></div> <h3>American Express SmartEarn credit card</h3> <div type="image" title="American Express SmartEarn credit card" msid="114354467" hostid="261" caption="&amp;lt;p&amp;gt;American Express SmartEarn credit card&amp;lt;/p&amp;gt;"></div> While it is more challenging to get American Express cards than other cards on the list, getting your hands on the SmartEarn credit card is relatively easy compared to other cards offered by American Express. Key Features: <ul><li>Reward points: 10X membership reward points on Flipkart, Zomato, Myntra, Uber, Ajio and more. 5X membership reward points on every ₹50 spent on Amazon.</li><li>Monthly spends: Earn 500 membership reward points on spending ₹2,500 in a month on 10X reward point partners.</li><li>Annual fee waiver: Fee waiver on spending ₹40,000 in the preceding year.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/finance/news/here-are-the-benefits-you-get-with-indias-most-expensive-credit-card-with-a-3-54-lakh-annual-fee/articleshow/113123752.cms">Here are the benefits you get with India’s most expensive credit card with a ₹3.54 lakh annual fee</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a> <a href="https://www.businessinsider.in/business/news/hdfc-bank-and-swiggy-launch-co-branded-credit-card-to-offer-discount-to-customers/articleshow/102133212.cms">HDFC Bank and Swiggy launch co-branded credit card – cashback, offers and more</a>

Best credit cards for online shopping this festive season

<ul class="summary-list"><li>Russia is hosting a BRICS summit this week, showing the limits of attempts to isolate it.</li><li>The grouping is buoyant after ballooning from five members to nine.</li></ul>Russia is flexing its muscles at the center of the BRICS economic bloc which seeks to rival the West.The nation is hosting a meeting of the grouping this week, the first since the group almost doubled its membership.The larger grouping gives them more weight — and is a rebuke to Western-led attempts to isolate Russia economically.It also complicates the grouping, introducing new competing interests and rivalries.Geopolitical analysts say it could dilute the group's ability to take action, and reduce it to a talking shop.Iran, Egypt, Ethiopia, and the United Arab Emirates are the new BRICs entrants, joining earlier members Russia, India, China, Brazil, and South Africa. Saudi Arabia has been invited to join but has not formally done so yet.Russian President Vladimir Putin <a target="_blank" class="" href="https://brics-russia2024.ru/en/">touted</a> the expansion as proof of the group's "growing authority" and role in international affairs.Yet geopolitical tensions and competing interests among the group are dragging down Russia's efforts to use it to chip away at the dominance of the West, particularly the US dollar."BRICS expansion is no easy task," said Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto."It risks creating rival camps within the group," he told Business Insider.<h2 id="a422f5a1-a2fa-40bb-898f-89b58f30e598">A 'raw' grouping</h2>Since its founding in 2006 — with Brazil, Russia, India, and China as members, before South Africa joined in 2010 — the bloc has tried to challenge Western economic dominance.Over the past two decades, its members experienced significant economic growth. After the recent expansion, its member states represent almost 46% of the world's population and about 25% of global exports.Last year, more than 40 countries <a target="_blank" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">expressed interest</a> in joining the bloc.But Anton Barbashin, cofounder and editorial director at Riddle Russia, an online journal on Russian affairs, described the group as a "raw collection" of countries.They have "no chance" of political unity due to competing interests and starkly differing attitudes, he said.Members have grappled with <a target="_blank" class="" href=" https://www.cfr.org/backgrounder/what-brics-group-and-why-it-expanding">internal disagreements</a> over relations with the West, territorial claims, and Russia's invasion of Ukraine.Others are engaged in internal standoffs. India and China have clashed over disputed territory along their border, though they <a target="_blank" class="" href="https://www.youtube.com/live/QiqK0eIJn8E">announced a deal</a> on patrolling arrangements this week.Some countries — notably India and South Africa — also have a tricky balancing act to do, engaging with the group without alienating their partners in the West.<h2 id="1875563d-1228-4de5-a7cc-5b63106239c1">Talking shop</h2>Barbashin told BI that the BRICS Summit is important for Russia because it has been cut out from other international platforms.It's a way to communicate and possibly strike "some deals in the future that we don't necessarily foresee," he said.In total, representatives of 32 countries are set to attend the summit this week, according to Moscow.Barbashin said that the group's size masks its relative impotence."It's just a nice facade," he said, "and it falls within the idea that economic growth should translate into a greater political setting."Leaders are expected to discuss how far members are willing to commit to the group.Una Aleksandra Berzina-Cerenkova, director at Riga Stradins University's China Studies Center, told Politico that "China uses BRICS to give it a mandate to push global visions and post-Western vision."During a press briefing held by the Center for European Policy Analysis on Monday, one analyst foresaw major hurdles for the group to move past its status as a "debating club."Evgeny Roshchin, a visiting scholar at Johns Hopkins University's Henry A. Kissinger Center for Global Affairs, said the group would need to choose how to distribute power between its members should more join."Behind the rhetoric, there's a huge concern — even within Russia — whether the new members will become their equals," he said, noting that Russia could lose its leverage and decision-making among a large group of notionally equal members.<h2 id="ab0780f6-acfd-427a-bc7c-109fb06111f1">Taking on the dollar</h2>Another challenge BRIC members like Russia and China face is trying to change the fundamentals of global <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/russia-economy-commodities-trading-centers-brics-us-dominated-global-finance-2024-10">financial trading systems</a> that rely overwhelmingly on the US dollar.During a <a target="_blank" rel="noopener noreferrer" class="c-link" href="http://en.kremlin.ru/events/president/news/75349">BRICS Business Forum</a> in Moscow last week, Putin said group members were working on alternative payment systems, as a rival to SWIFT.The alternative systems would aid cross-border payments between members, according to a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.yakovpartners.com/publications/imfs/">report</a> by Russia's finance ministry, its central bank, and consultancy Yakov &amp; Partners.It envisioned a network of payments using local currencies rather than a default reserve currency like the dollar.Russia already has a model it can look to for transactions among central banks: the mBridge system under the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements</a>.BRICS members are also toying with alternative currencies, spanning Chin'a digital yuan and Moscow's interest in crypto.The greenback, though, will be <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">hard to dethrone</a> — even without competing priorities and rivalry among BRICS members."Russia wants to create an alternative to Western financial infrastructures," Barbashin said.But "there's no chance of making anything like a union or an alliance," he said.BRICS members are united in that they want to see change, he said "but there's no real strategy within BRICS aside from fancy phrases to make it work."

Putin's expanded BRICS summit proves he has friends — but risks buckling under its own contradictions

<ul class="summary-list"><li>The biggest money managers on Wall Street are shedding billions in stocks for this one tax strategy.</li><li>Tax-loss harvesting allows investors to offset capital gains taxes by selling securities at a loss.</li></ul>It's officially stock-selling season, according to Bank of America.Institutional investors usually increase their selling activity towards the end of the year, and this year was no exception. Bank of America's clients alone sold $1.3 billion in US equities last week. The bank reported that institutional selling activity was 80% higher this October than the historical average.What's the reason behind these elevated levels of security selling? The answer is <a target="_blank" class="" href="https://www.businessinsider.com/tax-savings-strategy-offset-gains-income-loss-harvesting-morgan-stanley-2024-10">tax-loss harvesting</a>.Tax-loss harvesting has long been a strategy of Wall Street and the wealthy to reduce their tax bills. They do this by selling underperforming investments for a loss to offset capital gains taxes on other investments sold at a profit. As a result, taxes are only paid on the net profit.You can replicate this strategy in your own portfolio, too. Below are some tips and tricks on how to use it to reduce your taxes, according to Jere Doyle, estate planning strategist at BNY Wealth.<h2 id="68a94438-775f-431a-954e-0e5b2d8dcb75">How tax-loss harvesting works</h2>Investors might look to rebalance some portfolio positions as the end of the year approaches. For example, after this year's incredible runup in tech stocks, some investors might be looking to sell their positions to realize their gains and diversify their holdings.That's where tax-loss harvesting comes in. If you're selling Nvidia stock with a $10,000 gain, you can pair that with a sale of another asset with a $10,000 loss to avoid paying capital gains taxes.You can also front-load your losses, according to Doyle. If you sell one asset at a $10,000 gain and another at a $15,000 loss, you can use up to $3,000 of the loss to offset other ordinary income — and carry forward the remaining $2,000 to subsequent years.Tax-loss harvesting can be especially advantageous in today's environment, according to Doyle.The market has been experiencing heightened volatility from factors such as mega-cap earnings and the election.This environment creates big winners and losers, giving investors plenty of opportunity to recognize losses. Investors shouldn't be scared of pullbacks in a volatile market. Instead, take advantage of price dips in the market to sell losing securities and lower your tax bill.<h2 id="c83964ce-4da2-4126-a044-a3769347944b">Tax-loss harvesting tips and tricks</h2>There are a few things to consider before using a tax-loss harvesting strategy.First, investors should be aware of the wash-sale rule. The wash-sale rule states that if you sell a security at a loss and buy the same or "substantially identical" security in a 30-day timeframe before or after the sale, you cannot use the loss for income tax purposes.Sometimes, people forget about this rule. "They made the mistake of repurchasing those same assets within that 61-day period, and they lose the deductibility of loss," Doyle said.If you want to sell a security at a loss but still want exposure to a specific area of the market, you can use the proceeds of the sale to purchase a similar, but not substantially identical, asset. However, the IRS hasn't provided a clear definition of what constitutes a substantially identical asset, so investors should approach this with caution. Or, you could double down on the asset more than 30 days before selling at a loss.Another piece of advice Doyle: try to match your gains and losses.It might be tempting to record a larger loss than gain to carry it over in subsequent years, but it might not be worth taking the loss if you don't plan to use it for tax-harvesting purposes in the near future."Given the time value of money, those long-term capital gain losses lose their value over a period of time," Doyle said. A $2,000 loss today will be worth less carried over many years in the future — in that case, it would be more advantageous to just record the loss in the future. In other words, don't incur excessive losses today just to be able to use them in the future.Lastly, Doyle recommends thinking through this strategy carefully to make sure it's a good fit for your current portfolio."From an investment point of view, it may not make sense. Maybe the securities you have at a loss are going to bounce back later on. Maybe the securities you're selling at a gain have future appreciation left," Doyle said.Investors should keep in mind that tax-loss harvesting isn't a one-size-fits-all strategy — but if you do have gains and the losses to offset them, the end of the tax year might be a good time to think about implementing this plan.

Bank of America's clients are selling stocks 80% more than normal to use this strategy that allows you to avoid capital gains taxes on big returns

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

Ravichandran <keyword id="20035994" type="General" weightage="20" keywordseo="Ashwin" source="keywords">Ashwin</keyword> doesn't like "latching on to people" and that's one reason why he has never warmed up to the idea of banking on <keyword id="20134692" type="General" weightage="20" keywordseo="coaches" source="keywords">coaches</keyword> in the traditional sense as he believes that such <keyword id="20902120" type="General" weightage="20" keywordseo="dependence" source="keywords">dependence</keyword> makes players dogmatic. In his 14-year international <keyword id="19919646" type="General" weightage="20" keywordseo="cricket" source="keywords">cricket</keyword> career, spanning 281 games and 744 wickets across formats, Ashwin's sense of agency and his ability to time and again rediscover himself, have helped him survive the grind. "A lot of players are heavily dependent on coaches or mentors, or one person which I think is a very dangerous trend because latching on to people and over-dependency can cause you to not be able to open to new ideas," the 37-year-old off-spinner told PTI in a telephonic interview recently. It is not that Ashwin never had a sounding board. His first state team coach WV Raman, one of the respected names in Indian cricket, and Tamil Nadu legend and former India batter S Badrinath, have been guiding forces for him. But his equation with them never turned into the kind of dependence that would take away his own ability to search for solutions. "See very often the challenge of a coach is to be able to offer you several solutions. This is because what works for one (particular player) might not work for the other," he explained. "One modern-day coaching philosophy which I totally disagree with is the fact that they try to copy-paste the same technique (solution) that's worked for another cricketer," Ashwin, who recently made his debut as an author with 'I Have The Streets: A Kutti Cricket Story', added. While he is completely aware that some players get results by surrendering to the vision of their coaches, he also feels that such dependence can lead to a closed mind. "Because as a cricketer, you constantly are thrown up with new challenges, so you must be able to find your own answers," the tweaker, who is behind only the legendary Anil Kumble in the list of India's highest Test wicket-takers, pointed out. To Ashwin, Raman has been that catalyst, who helped him focus his intuitive mind. "People can give you a helping hand. But they cannot guide you through in your career, you will have to be open to fresh ideas. "For me, WV allowed me the freedom to express, and, you know, try new things. He also taught me how and on what path I need to travel, but he never said, 'This is the path you need to travel upon'. "So in a way, in my early days, guidance from WV ensured that I was never really over-reliant on anybody." Ashwin said getting a second opinion is never a bad idea but cricket primarily is a self-taught sport. "If you don't have awareness of your own game and if you can't teach yourself, I think you are always going to be dependent on someone which I think is a very dangerous part. "I am not saying people with coaches or people who are dependent don't do well in life but there is a chance of selling yourself short," he asserted. He is gearing up for a big 10-Test season and the Bangladesh series next month will be his first under new head coach <keyword id="19914485" type="General" weightage="20" keywordseo="Gautam-Gambhir" source="keywords">Gautam Gambhir</keyword>, someone with whom he has also played a lot. Ashwin also admires him as one of the "heroes" of Indian cricket. "Gautam is someone I still share a very, very good relationship with. Because of the fact that he is a very straightforward and an honest guy. "I think Gautam is also one of those guys that we should always be backing. He's a hero of Indian cricket," he said of the new coach, who took charge in the recent tour of Sri Lanka. It took me 2-3 years to perfect 'Carrom Ball' ============================= The best in the world have struggled to read his signature 'carrom ball' but Ashwin, who first saw Ajantha Mendis bowl it during an age-group camp in Chennai, said that it took him nearly three years before he was satisfied with its execution. For the uninitiated, a carrom ball is a delivery which turns the other way and is released with a flick of the middle finger. In case of a right hander, it will turn away from the bat. "I started bowling those balls in the nets 2006 or 2007 onwards, which was probably the second season for me in first-class cricket. "It took me a good two years before I implemented it in the south zone leg matches of the Vijay Hazare Trophy (KS Subbaiah Pillai Trophy) in 2008. By 2010, I was probably pretty confident about the pace at which I bowled. "So, it took about two to three years for me to gain confidence." Priority should always be playing for India ============================ The IPL has changed the lives of young Indian cricketers and has been "tremendous" for country's cricketing ecosystem but Ashwin believes that for an aspiring cricketer, the ultimate goal should forever be playing for the country. "I am very glad that a lot of young kids are coming now and making a good amount of money. It is changing their livelihood, changing the status of their families. It's unbelievable for India, for the Indian cricketing ecosystem," he said. "But I still feel there must be some incentive and some motivation for all these kids to want to play for India, and that's absolutely in the hands of the stakeholders and the decision makers."

Over-reliance on coaches can stop players from finding own solutions: Ashwin

<ul class="summary-list"><li>Russia's yuan reserves are nearly depleted due to Chinese banks' fear of US sanctions.</li><li>Russian banks urged the country's central bank to address the yuan liquidity deficit, causing the ruble to drop.</li></ul>Russia's banks have practically emptied their stash of yuan, largely because Chinese financial firms are spooked from doing business with the nation.<a target="_blank" class="" href="https://www.reuters.com/markets/currencies/major-russian-lenders-say-yuan-coffers-empty-urge-central-bank-action-2024-09-05/">According to Reuters</a>, lenders ured Russia's central bank to address a yuan liquidity shortage in the nation, with insiders stating that access to the Chinese currency was running dry. Russia's ruble dropped nearly 5% against the yuan earlier this week, Retuers noted. The drop came shortly after Russia's finance ministry suggested the Central Bank of Russia would shrink its daily yuan sales, with central bankers selling just $200 million a day, down from the $7.3 billion sold daily in the last month.Sberbank, a large state-owned lender in Russia, told Reuters it could no longer lend in yuan due to having "nothing to cover" the trade.VTB, the second-largest lender in Russia, said it urged the central bank to counter the yuan liquidity shortage through currency drops, and added that exporters to the nation should sell yuan to Russia as well.The shortage has stemmed from Chinese banks, who are more hesitant to trade currency in Russia after the US threatened to impose secondary sanctions on those doing business with Russia while it continues its war against Ukraine. Payment scuffles between Russian companies and Chinese banks have escalated in recent weeks, with nearly all Chinese banks <a target="_blank" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">stopping transactions with Russia.</a> Some banks have even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-banks-return-payments-shipped-goods-exports-sanctions-2024-8">returned payments for goods</a> that had already been sent to Russia, out of fear of being targeted by sanctions, a Russian media outlet reported.Russian businesses, meanwhile, have been <a target="_blank" href="https://www.businessinsider.com/russian-economy-china-banks-payment-transfers-western-sanctions-ukraine-war-2024-8">locked out of billions</a> in recent months, mainly due to payment issues at foreign banks, according to data from Russia's central bank.The payment difficulties are a problem for Russia's economy, which has grown more isolated from global markets, and consequently, more reliant on China's yuan after being targeted by Western sanction in 2022. Russia's central bank said the <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-china-yuan-ruble-exchange-rate-benchmark-new-sanctions-2024-6">yuan had become its main exchange currency this year</a>, accounting for more than half of all currency trades in the nation.

Russian banks say they're run out of yuan as Chinese firms pull away from the nation

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

At 24, David Nuñez still <a target="_blank" href="https://www.businessinsider.com/gen-z-living-with-parents-save-money-housing-crisis-cost-2024-2">lives at home with his parents</a> in Tampa, Florida. He chips in his share of the phone bill, the Netflix subscription, and the groceries, but thanks to his parents' generosity, he doesn't pay any rent. Contrary to what some might think, Nuñez isn't an unemployed freeloader — he has a full-time job in marketing. But his $33,000 annual salary barely makes a dent in local rent prices; downtown, a one-bedroom costs more than $2,000 a month. He simply can't afford it."I'm fortunate enough to have a family that understands that it's kind of a rough time right now," he told me.Despite a strong job market, many <a target="_blank" href="https://www.businessinsider.com/adult-moved-back-home-with-parents-who-pay-bills-rent-2024-7">Gen Zers are still relying on the bank of Mom and Dad</a> to make ends meet. In a survey conducted by the Pew Research Center last fall, only 16% of 18- to 24-year-olds said they were completely financially independent, whereas in 1980, 32% of 22-year-olds could say the same. In the past decade, <a target="_blank" href="https://www.businessinsider.com/most-parents-give-gen-z-millennial-kids-financial-assistance-pew-2024-1">the share of parents who say they have supported an adult child</a> has doubled, to about 60% in 2023 from about 30% in 2013, according to Pew. Some parents have reported spending <a target="_blank" href="https://www.savings.com/insights/financial-support-for-adult-children-study">an average of $1,400 a month</a> helping their adult kids with groceries, tuition, and more."You're told throughout your life that you move out at 18 or 19 years old and you're kind of expected to have your own life already," Nuñez said. "But I only know one person in my friendship group who is not living with their parents anymore."This new norm is leaving parents frazzled. Paying for college tuition is one thing, but many aren't sure how to handle their <a target="_blank" href="https://www.businessinsider.com/adult-kids-live-at-home-hard-expensive-but-worth-it-2024-5">children remaining comfortably in the nest</a> and relying on them for food, rent, and other expenses well beyond college. Nuñez's mother lived with her aunt before moving to America, so she's happy to let her son live with her. "I would rather you be here and know that you are OK," she told him. But for others, the aid comes with a question: At what point should parents cut the financial umbilical cord?Despite being better educated than older generations and <a target="_blank" href="https://www.axios.com/2023/11/22/gen-z-boomers-work-census-data">increasingly likely to be employed full time</a>, Gen Zers have faced significant financial hurdles.For one, modest wage increases have been overshadowed by substantial student-loan debt. Over the past 20 years, the average student debt has more than doubled, to just over $37,000 per borrower. "More and more young people are seeking higher education," Monica Kirkpatrick Johnson, a professor of sociology at Washington State University, said. "They're staying in school longer, and while they're doing that, they are delaying their earning capacity."The rising cost of housing is another barrier. <a target="_blank" href="https://www.businessinsider.com/housing-market-affordability-homebuyer-earnings-income-price-trends-covid-comparison-2024-2">Zillow estimated this year that people needed 80% more income </a>to comfortably afford to buy a home than they did four years ago. And rent is taking up more and more of the budget: Zillow found that the average rent in America had gone up by 60% since 2015.Wages, meanwhile, haven't kept up with inflation, meaning people are more strapped for cash. All told, Kirkpatrick Johnson said, many young adults are "entering jobs that do not allow them to be self-sufficient." In this perfect storm, many are opting to <a target="_blank" href="https://www.businessinsider.com/adult-daughter-lives-at-home-pros-cons-2024-7">take shelter in their childhood homes</a>. The share of 25- to 34-year-olds <a target="_blank" href="https://www.businessinsider.com/gen-z-living-with-parents-save-money-housing-crisis-cost-2024-2">living with their parents</a> in the US has climbed by 87% over the past two decades. Other milestones, like getting married and starting a family, are happening later and later.In his book "The Oxford Handbook of Emerging Adulthood," Jeffrey Jensen Arnett, a psychology professor at Clark University, defined adulthood as taking responsibility, making independent decisions, and becoming financially independent. But increasingly, people aren't meeting that definition until they're closer to 30. He decided that, in the modern economy and culture, the time between 18 and 29 when young adults are still getting their footing needed its own name, calling it "<a target="_blank" href="https://www.businessinsider.com/pandemic-gen-z-effects-emerging-adulthood-psychology-2020-5">emerging adulthood</a>."Not everyone is on board with that. In a 2019 Pew Research survey, 64% of Americans said they believed <a target="_blank" href="https://www.businessinsider.com/adults-financially-independent-boomers-gen-z-parents-support-adult-kids-2023-4">young adults should be financially independent by 22</a>. "Our institutions haven't totally caught up yet," Kirkpatrick Johnson said, adding that, without the kinds of social safety nets that other countries have, like subsidized student loans and publicly funded healthcare, American parents are often left to provide cover.Some <a target="_blank" href="https://www.businessinsider.com/inflation-high-rent-gen-z-living-at-home-permanently-2022-7">parents are happy to provide a backstop</a>. Jo Clark, 50, always knew she'd keep providing for her two daughters after college. "My mindset was always to support my daughters wherever possible," she told me. Clark's older daughter, 26, lived at home briefly, and now her youngest daughter, who's 24, lives in the extension Clark built on her Surrey, England, home for this very purpose. She didn't expect her daughter to contribute anything to the household costs, but her daughter insisted and now contributes £150 a month. "I wanted them to have the opportunity to be able to save for their future," Clark said. "My aim is that they could save for a deposit for their own house."Clark says that even if her daughter moves out in the future, the door will always be open for her to come back. "I'm not terribly financially affluent myself," she said, "so this is my way that I can give my children the stepping stone to be able to buy their own place."Teresa Bailey, a senior wealth strategist at Waddell &amp; Associates, argued that Gen X parents were among the earliest to demonstrate an openness to providing so much financial support. "This generation of parents went through 2008, 2009, 2010 as relatively young adults, and they really experienced financial hardship," she told me. "They are in many ways the product of that mindset and want things to be different for their children." Ali Lupo, a millennial with a 10-month-old daughter in upstate New York, agreed that part of the trend toward extra support comes down to a shift in parenting styles. "Every generation tries to improve and do better than the last," she said. "My grandparents' generation, you threw the kids out of the house in the summer and passed them a sandwich through the door. My parents' generation were more protective and wanted to do more to help. I think now we are even more like that, sometimes to a fault."She and her husband plan to contribute to the costs of their daughter's education, health insurance, and wedding — and they don't foresee ever charging her rent. "When you sign up as a parent," Lupo said, "you're a parent for life."Some parents might be more willing to provide financial support because they want to feel like a good parent. In the Pew survey last fall, 71% of parents of young adults said their children's successes and failures reflected on the job they'd done as parents — a sentiment that was particularly strong among upper-income parents. But the support doesn't always come easy; some parents are sacrificing their own financial security by dipping into their retirement or emergency savings to help their adult children. In a Bankrate survey last year, 31% of parents with adult children said they had made what they considered significant financial sacrifices to help their kids."Parents have the least amount of time to financially recover. The young adult has their entire life ahead of them," Bailey said. "There's not always consideration given to that."Some are concerned that parents are enabling their children to delay milestones by providing so much support. A 2019 report from the Urban Institute found that in a sample of young adults who were 25 to 34 between 1999 and 2005, only about 68% of those who lived with their parents at those ages had achieved independent living a decade later, compared with nearly all those who rented or owned a home.On the flip side, JP Krahel, the chair of the accounting department at Loyola University Maryland, told me it's better for young people to save up and limit their expenses if possible: "Technically, if you're living out of your car on the side of the street, are you financially independent? Maybe, but you don't have a great trajectory."It can be a tough act to balance. The Lupos plan to leave some expenses, such as college tuition, to their daughter when she reaches an appropriate age. "For us," Lupo said, "it's about setting her up for success, giving her love and support, and empowering her to make the best choices possible — but not enabling her."Cody and Erika Archie took a different approach. The Texas couple began charging their daughter $200 a month in rent the month after she graduated from high school in 2022. "It's not so much rent that she couldn't afford it, but it also was enough that it kind of stung when she had to pay it," Cody Archie said. "If you're going to live under our roof as an adult, you can pay for the long showers you take, the food you eat, and help contribute to the household." Archie said that if their daughter had attended college while living at home, they wouldn't have charged rent and would have helped with her tuition. But she decided to skip college and now works as an insurance sales representative. "When you're working a 40-hour-a-week job, you're an adult," Archie said. "That's when you need to be off your mom and dad's bank account."He said he and Erika, both of whom are in their mid-40s, believe that coddling adult children does them a disservice and fails to teach them important lessons in financial responsibility. "If you don't kick them out of the nest and force them to get into the world and start fending for themselves, there's really no need for them to," Archie said. "They've got to go on their own, or you have to force them out to help them."When India Anderson turned 20 and decided to move in with her boyfriend, her mother cut off most financial support. As a full-time student in Orlando, Anderson needed to find a way to pay her bills, so she <a target="_blank" href="https://www.businessinsider.com/gen-z-business-startups-entrepreneurship-digital-era-branding-social-media-2024-3">started a hair-braiding business</a> on campus. Now, at 22, she has graduated and grown her business. She still lives with her boyfriend in Orlando, splitting rent and bills. The only bill her mother still covers is her phone."I wasn't raised with the proper financial literacy to be thrust into the real world," she said. "That transition, at least for me, wasn't that smooth." Anderson struggled to save money and dealt with some unexpected expenses she had to put on her credit card. She's also worried about getting kicked off her family's health-insurance plan when she turns 26. At the same time, she valued <a target="_blank" href="https://www.businessinsider.com/millennial-retired-early-financial-independence-fire-strategies-six-figure-income-2024-5">financial independence</a>. "It's an expensive sacrifice," she said.Anderson's 20-year-old brother still lives at home with their mother and 9-year-old sister, something Anderson sees as putting a strain on their mother. "He has a job, but he spends his money on computer games and Uber Eats every day," she said. Still, she doesn't wish him the abrupt exit she experienced. "Some independence would do him good," she said, "but at what cost?"Most parents seem to want what's best for their kids, but navigating what that actually looks like in a shifting economy isn't easy. When Nuñez told his parents he wanted to move in with his girlfriend later this year, they were nervous. "They're less like, 'Get out of my house,'" he said, "and more like, 'We don't want you leaving if you're just going to have to come back.'"<a target="_blank" rel="" href="https://www.businessinsider.com/author/eve-upton-clark">Eve Upton-Clark</a> is a features writer covering culture and society.

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