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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?

Just ahead of its mega <keyword id="20008249" type="General" weightage="20" keywordseo="FPO" source="keywords">FPO</keyword> opening to <keyword id="21332860" type="General" weightage="20" keywordseo="public-investors" source="keywords">public investors</keyword>, <keyword id="19899016" type="General" weightage="20" keywordseo="Vodafone-Idea" source="keywords">Vodafone Idea</keyword> (<keyword id="20062540" type="General" weightage="20" keywordseo="vil" source="keywords">VIL</keyword>) has announced closure of its anchor book allocation, raising about Rs 5,400 crore from marquee global as well as domestic investors, according to a statutory filing by the <keyword id="20132985" type="General" weightage="20" keywordseo="telco" source="keywords">telco</keyword>. This could be the third-largest anchor book after One 97 Communications and Life Insurance Corporation (LIC). One 97 Communications and LIC had raised Rs 8,235 crore and Rs 5,627 crore in the anchor round, respectively. In a notification to the exchanges on Wednesday, VIL said it has allotted 490.9 crore shares to 74 funds at Rs 11 apiece, which is also the upper end of the price band. This translated into a transaction size to Rs 5,400 crore. Of the total allocation to <keyword id="21330641" type="General" weightage="20" keywordseo="anchor-investors" source="keywords">anchor investors</keyword>, 79.52 crore stocks, or 16.2 per cent of the total, were allocated to five domestic mutual fund through a total of 11 schemes. Those who were allotted shares include GQG Partners Emerging Markets Equity Fund, Fidelity, UBS Fund Management, Abu Dhabi Investment Authority, Australian Super, Troo Capital, Morgan Stanley, Citigroup Global Markets Mauritius, and Jupiter Fund Management. Additionally, domestic investors, including Motilal Oswal Mutual Fund, HDFC Mutual Fund, SBI General Insurance and Quant Mutual Fund, were allocated shares in the anchor round. The Rs 18,000-crore FPO of Vodafone Idea will open for public subscription on April 18 and conclude on April 22, marking the biggest FPO in the country. The price band has been set at Rs 10-11 per share. Prior to this, the largest FPO in the Indian market was a Rs 15,000 crore share-sale by YES Bank in 2020. The fundraise would give the ailing telco the firepower to improve its positioning in the Indian telecom market, where it currently trails larger rivals such as Reliance Jio and Bharti Airtel, by a wide margin. The funds will also help VIL shore up finances for the much-delayed <keyword id="20366727" type="General" weightage="20" keywordseo="5G-rollout" source="keywords">5G rollout</keyword> and strengthening 4G services, and payment of vendor dues. On April 6, the VIL Board approved raising Rs 2,075 crore from promoter Aditya Birla Group and increasing its authorised share capital to Rs 1 lakh crore. Earlier this year, Vodafone Idea had outlined plans to raise Rs 45,000 crore through a mix of equity and debt as it looked to match services offered by rivals Reliance Jio and Bharti Airtel and arrest an alarming and prolonged subscriber churn. VIL has also been fighting a desperate battle for survival, saddled with debt of Rs 2.1 lakh crore and quarterly losses. According to Trai data, Vodafone Idea continued to bleed on the subscriber front. VIL lost 15.2 lakh wireless subscribers, plunging its mobile subscriber base to 22.15 crore in January, in sharp contrast to subscriber gains by Jio and Airtel.

Ahead of FPO, Vodafone Idea garners Rs 5,400 cr from anchor investors

It turns out the <a target="_blank" href="https://www.businessinsider.com/millennials-investing-covid-pandemic-new-easy-apps-2020-9">Robinhood</a> crowd was onto something when they piled into the stock market during the pandemic. Americans between the ages of 18 and 40 — so, largely millennials — <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-wealth-balloon-pandemic-stimulus-savings-investing-2024-2">saw their wealth surge</a> by 80% from early 2019 to late 2023, according to a new report from the Federal Reserve Bank of New York. The explanation: an explosion in the value of their financial assets and, more specifically, their stock-market portfolios. Young investors are likelier to invest in equities and riskier assets than older adults, who are closer to retirement and tend to have their money parked in safer places, like bonds. Millennials’ gamble on stocks paid off: The S&amp;P 500 rose roughly 90% from 2019 through 2023, and, according to the New York Fed, the younger generation’s <a target="_blank" href="https://www.businessinsider.com/esg-investing-strategies-millennials-gen-z-baby-boomers-compabnies-funds-2024-1">higher allocation to equities</a> even helped to slightly close their wealth gap with older Americans. “The under-40 group experienced a much greater increase in equity portfolio share than the older groups did; this increased exposure to equities — the fastest-growing financial asset class during the period — enabled younger adults to record higher growth in both financial assets and overall wealth,” the report’s authors wrote. The researchers weren’t able to parse what drove the jump in portfolio growth —the increase was a combination of both new investments and the growth of existing investments. <a target="_blank" href="https://www.businessinsider.com/personal-finance/smart-ways-spend-stimulus-check-build-wealth-2021-1">Government stimulus checks</a> probably played a role in driving more millennials to invest, especially since younger Americans generally have lower incomes than baby boomers and were therefore likelier to receive the checks. That government support gave <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-financial-futures-jobs-economy-money-pandemic-recession-2023-4">millennials some money to play with</a>, and they decided to play it on stocks. While these gains are clearly a good thing for millennials and older Gen Zers, they’re not a total panacea for the yawning wealth gap between younger Americans and their older counterparts. Yes, as the New York Fed reported, the stock-market gains “led to a limited narrowing of age-based wealth disparities over the past four years,” but that gap remains. As of 2019, people under 40 held 4.9% of total US wealth even though they’re 37% of the population. People over 54, who make up a similar share of the population, held 71.6% of total wealth. Nearing the end of 2023, under-40s controlled 6.7% of total wealth, while those over 54 had 72.8%. In other words, it’s still OK to have a grudge against boomers. Nick Colas, the cofounder of DataTrek Research, told me that the surge in wealth for young people also reflects a simple function of math. “Starting points matter. Older cohorts had more assets in 2020, so their growth is slower. Younger ones had less, so it has been much easier for them,” he said. Put another way, it’s easier for the value of a $1,000 stock portfolio to double than the value of a $300,000 house to grow by a similar percentage. Colas also noted that it looks like the youngest investors were perhaps not great at staying invested and hopped out of the market when things started to get rocky instead of riding it out. Research from Ernst &amp; Young, reported by <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-04-24/stock-market-investing-mistakes-millennials-shifted-to-cash-in-timing-blunder">Bloomberg</a>, came to a similar conclusion: Millennials were likelier than Gen X and baby boomers to quit the stock market when it fell in 2022. <a target="_blank" href="https://www.businessinsider.com/millennials-versus-boomers-wealth-gap-2020-10">Wealth inequality</a> is, of course, still a major problem in America. And while being young is fun life-wise, it is not so fun money-wise. It’s also worth noting that wealth inequality<a target="_blank" href="https://libertystreeteconomics.newyorkfed.org/2024/02/racial-and-ethnic-wealth-inequality-in-the-post-pandemic-era/"> got worse</a> by race during the time period in question. Still, if you want to build wealth, investing is a good idea — and after <a target="_blank" href="https://www.businessinsider.com/how-stimulus-will-help-millennials-student-debt-unemployment-generational-inequality-2021-3">years of being a little bit of financial screwups</a>, millennials started to take that wealth-building seriously during the pandemic. Now, the challenge is to try to keep at it, get some more luck in the stock market and, God willing, their own homes.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Millennials are crushing it as investors

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! We're fully in the holiday season, and I've got the perfect place. This <a style="text-decoration: underline;" href="https://businessinsider.com/airbnb-christmas-decorations-all-year-long-lake-placid-new-york-2023-11">year-round Christmas Airbnb</a> is a dream destination for holiday fanatics.Speaking of the holidays, today is Cyber Monday, so check out all the great deals <a style="text-decoration: underline;" href="https://www.businessinsider.com/guides/deals/best-cyber-monday-deals-and-sales-2023" target="_blank" rel="noopener">Business Insider's Reviews team uncovered</a>. By the way, we're still running our <a style="text-decoration: underline;" href="https://www.businessinsider.com/subscription?blackfriday2023&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=2023-Q4-Subscriptions&amp;utm_content=InsiderToday&amp;term_utm=BF">biggest sale of the year</a> for a Business Insider subscription. In today's big story, we're looking at why the rate cuts investors have been praying for <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">might not be the godsend they imagined</a>.What's on deck: <ul><li>Markets: Here's how six HENRYs — high earners, not rich yet — <a style="text-decoration: underline;" href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11">handle their finances</a>.</li><li>Tech: Meet the women <a style="text-decoration: underline;" href="https://www.businessinsider.com/meet-18-women-who-made-partner-vc-firms-in-2023-2023-11">who made partner or higher this year</a> at top venture capital firms. </li><li>Business: Many Americans who left big cities during the pandemic <a style="text-decoration: underline;" href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11">have some regrets</a>.</li></ul>But first, this might not be the relief you're hoping for.<h2>The big story</h2><a href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11"></a><div type="image" title="Federal Reserve Building" height="1666" width="2222" msid="105539231" hostid="261" sizebytes="329142"></div>Rate cuts' double-edged sword<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a>Start cutting rates, they said.It will be fun, they said.The <a style="text-decoration: underline;" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">Federal Reserve's fight against inflation is taking hold</a>, and that could mean central bankers finally lower rates next year. But rate cuts won't necessarily be the win markets are hoping for, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">Business Insider's Jennifer Sor writes</a>. Investors have been begging the Fed to consider cutting rates for the better part of a year. Even as <a style="text-decoration: underline;" href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3">banks failed</a>, the Fed held firm on its war against sticky inflation.A <a style="text-decoration: underline;" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">cooler-than-expected inflation report</a> was enough for <a style="text-decoration: underline;" href="https://www.businessinsider.com/cpi-inflation-october-outlook-economy-markets-fed-rate-hike-bofa-2023-11">banks</a> and <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-forecast-2024-october-inflation-drop-cpi-gamechanger-2023-11">market experts</a> to declare an end to the Fed's tightening policy. But <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stocks-house-prices-commercial-real-estate-fed-economists-mortgages-outlook-2023-11">minutes released from the Fed's most recent meeting</a> didn't indicate cuts were imminent. The notes stated central bankers were comfortable <a style="text-decoration: underline;" href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20231101.pdf" target="_blank" rel="noopener">keeping their monetary policy "restrictive" to clamp down on inflation</a>.Still, some interest rate traders are predicting rate cuts coming as soon as this March, <a style="text-decoration: underline;" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">according to CME's FedWatch Tool</a>. But it's important to remember why central bankers cut rates. It's not simply to let the market off the leash. A rate cut is likely in response to a slowing economy, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">Jennifer writes</a>. And if the Fed were to get as aggressive as UBS suggests it might — <a style="text-decoration: underline;" href="https://www.businessinsider.com/fed-rate-cuts-forecast-2024-full-accommodation-economic-contraction-unemployment-2023-11">lowering rates nearly three percentage points by the end of 2024</a> — that could be because we're already experiencing a full-blown recession.Another key piece of the economy facing headwinds complicates the case for rate cuts being a boon for investors. The Fed has long touted its <a style="text-decoration: underline;" href="https://www.businessinsider.com/america-greased-pig-economy-higher-inflation-stock-market-crash-recession-2023-9">goal of a soft landing</a>: lower inflation while not cratering the economy. It's primarily made good on that promise. The process hasn't always been smooth (see: <a style="text-decoration: underline;" href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3">SVB</a>,<a style="text-decoration: underline;" href="https://www.businessinsider.com/why-big-tech-companies-laying-off-spoiled-workers-perks-2023-2"> Big Tech layoffs</a>, etc.), but the wheels haven't ultimately come off. However, a key factor in keeping the economy afloat — consumers — is losing steam.Retail giants Walmart and Target noted during recent earnings calls they <a style="text-decoration: underline;" href="https://www.businessinsider.com/walmart-target-signal-consumer-spending-shift-amid-economic-pressures-2023-11">were seeing consumer spending dip</a>, Business Insider's Dominick Reuter writes. It's another sign that US consumers have blown through most of the savings they <a style="text-decoration: underline;" href="https://www.businessinsider.com/economy-consumer-spending-credit-card-debt-delinquencies-retail-hiring-2023-11">accumulated during the pandemic</a> and are wracking up debt. And now the pullback comes on the cusp of the biggest season for consumer spending: the holidays.So yes, rates will ultimately be a win for the market. But it'll take plenty of sacrifice to get there.<h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a href="https://www.businessinsider.com/george-santos-expulsion-badge-honor-drunk-colleagues-michael-guest-2023-11">George Santos says he'll treat expulsion as a 'badge of honor' as he claims his colleagues are drunkenly having sex with lobbyists 'every night'</a></li><li><a href="https://www.businessinsider.com/congress-fights-confrontations-2023-mccarthy-mullin-gaetz-2023-11">'We're not here to talk about fights': Drama in Congress is starting to spill over</a></li><li><a href="https://www.businessinsider.com/trump-pardon-kushner-drug-smuggler-jonathan-braun-doj-predatory-lending-2023-11">Trump's pardoning of a Kushner-linked drug smuggler undercut a larger DOJ investigation</a></li></ul><h2>3 things in markets</h2><a href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11"></a><div type="image" title="Miles Goodloe (left), Domenic Boresta (middle), and Robert Oszust Jr. (right) are all HENRYs." height="612" width="816" msid="105539233" hostid="261" sizebytes="33658"></div><ul><li>How HENRYs save and invest. High earners, not rich yet have plenty of financial concerns despite making over $100,000. Six HENRYs from across the country detailed their approach to saving — <a style="text-decoration: underline;" href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11">with some socking away as much as 70% of their income</a> — and how they approach short-term investing. </li><li>Hedge funds come up short, literally. Funds have lost roughly $43 billion <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stock-market-rally-short-sellers-hedge-funds-sp500-november-performance-2023-11">trying to short the market in recent days</a>, according to the Financial Times. Their bet against stocks comes as the S&amp;P 500 is on track for its best month since July 2022.</li><li>You know what they say about one person's trash... Junk bonds have become a hot investment with rising optimism that the Fed is done raising rates. In the month leading up to November 20, bond funds saw inflows of more than $16 billion, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/bonds/junk-bonds-high-yield-corporate-debt-fed-pivot-interest-cuts-2023-11">the vast majority of which went to junk bonds</a>.</li></ul><h2>3 things in tech</h2><a href="https://www.businessinsider.com/guides/deals/amazon-cyber-monday-deals-2023-11"></a><div type="image" title="A PS5, a cake mixer, an Echo dot, and Bose earphones on a blue gradient background." height="900" width="1200" msid="105539234" hostid="261" sizebytes="31458"></div><ul><li>Amazon is rolling out some big Cyber Monday deals. Some of the <a style="text-decoration: underline;" href="https://www.businessinsider.com/guides/deals/amazon-cyber-monday-deals-2023-11" target="_blank" rel="noopener">best discounts right now</a> include savings on Echo speakers, PS5 bundles, and kitchen appliances. Our deal hunters have organized discounts by product category to make them easier for you to browse.</li><li>These 20 women in venture capital made partner or higher this year. In an overwhelmingly male industry, these women <a style="text-decoration: underline; color: #000000;" href="https://www.businessinsider.com/meet-18-women-who-made-partner-vc-firms-in-2023-2023-11">claimed a seat at the table this year</a>. The list includes Khosla Ventures' Alice Brooks and Founders Fund's Jennifer Campbell. </li><li>Meet the founder of the Failure Museum. Sean Jacobsohn started collecting objects from failed businesses a year ago. Since then, he's collected more than 500 items that sit in glass display cases in his office. Plus, Jacobsohn said it <a style="text-decoration: underline;" href="https://www.businessinsider.com/failure-museum-vc-norwest-venture-partners-startups-sean-jacobsohn">helped him understand why businesses and startups fail</a>.</li></ul><h2>3 things in business</h2><a href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11"></a><div type="image" title="A keychain containing a house, sad face and covid virus." height="1000" width="1333" msid="105539236" hostid="261" sizebytes="98868"></div><ul><li>Americans ditched big cities during the pandemic. Many are now regretting it. They're further away from the communities and social network they spent years cultivating. Some have struggled to assimilate to their new communities. And <a style="text-decoration: underline;" href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11">many feel cut off</a> from their identities, hobbies, and the friends they left behind. </li><li>Bet your career on these five trends. Generative AI is fueling <a style="text-decoration: underline;" href="https://www.businessinsider.com/5-trends-fueling-great-careers-include-infrastructure-experiential-and-artificial-intelligence-2023-11">a lot of job changes</a>, but it's not the only factor. Legislation, for example, is fostering a boom in infrastructure roles. And creators are a $250 billion industry. </li><li>The latest workplace request from Gen Z: legal services. More young workers say they want <a style="text-decoration: underline;" href="https://www.businessinsider.com/gen-z-legal-advice-workplace-benefit-financial-help-2023-11">legal help as a workplace benefit</a>, according to a new survey. This desire comes as more Gen Zers are stressed about finances — and they expect to use the services within a year.</li></ul><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/whats-it-like-to-work-for-mrbeast-biggest-youtuber-world-2023-11">What's it like to work for MrBeast, the biggest YouTuber in the world, according to five former staffers</a>.</li><li><a href="https://businessinsider.com/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11">People are leaving Texas over rising costs, partisan politics, and a sense of disenchantment</a>.</li><li><a href="https://www.businessinsider.com/book-reading-recommendations-break-into-hollywood-wme-agent-bradley-singer-2023-11">These five essential books and articles are required reading for Hollywood up-and-comers, according to a top WME TV agent</a>.</li><li><a href="https://www.businessinsider.com/amazon-hr-performance-improvement-plans-pip-pivot-had-to-quit-2023-11">I worked in HR at Amazon and put people on Pivot. Then I got put on a PIP myself</a>.</li></ul><h2>What's happening today</h2><ul><li>It's Cyber Monday. Many online companies have <a href="https://www.businessinsider.com/guides/deals/best-cyber-monday-deals-and-sales-2023" target="_blank" rel="noopener">special promotions and discounts</a> on their products.</li><li>The Gotham Awards for independent filmmaking is tonight. Honorees for the 33rd annual celebration include Bradley Cooper, Ben Affleck, and Greta Gerwig.</li><li>Bill, Bill, Bill, Bill — happy birthday to Bill Nye the Science Guy. Manolo Blahnik, Jimi Hendrix, Steve Bannon, and Bruce Lee were also born on this day.</li></ul>The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Rate cuts are likely coming next year, but investors shouldn't bank on them saving the market

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! We're fully in the holiday season, and I've got the perfect place. This <a style="text-decoration: underline;" href="https://businessinsider.com/airbnb-christmas-decorations-all-year-long-lake-placid-new-york-2023-11">year-round Christmas Airbnb</a> is a dream destination for holiday fanatics.Speaking of the holidays, today is Cyber Monday, so check out all the great deals <a style="text-decoration: underline;" href="https://www.businessinsider.com/guides/deals/best-cyber-monday-deals-and-sales-2023" target="_blank" rel="noopener">Business Insider's Reviews team uncovered</a>. By the way, we're still running our <a style="text-decoration: underline;" href="https://www.businessinsider.com/subscription?blackfriday2023&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=2023-Q4-Subscriptions&amp;utm_content=InsiderToday&amp;term_utm=BF">biggest sale of the year</a> for a Business Insider subscription. In today's big story, we're looking at why the rate cuts investors have been praying for <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">might not be the godsend they imagined</a>.What's on deck: <ul><li>Markets: Here's how six HENRYs — high earners, not rich yet — <a style="text-decoration: underline;" href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11">handle their finances</a>.</li><li>Tech: Meet the women <a style="text-decoration: underline;" href="https://www.businessinsider.com/meet-18-women-who-made-partner-vc-firms-in-2023-2023-11">who made partner or higher this year</a> at top venture capital firms. </li><li>Business: Many Americans who left big cities during the pandemic <a style="text-decoration: underline;" href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11">have some regrets</a>.</li></ul>But first, this might not be the relief you're hoping for.<h2>The big story</h2><a href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11"></a><div type="image" title="Federal Reserve Building" height="1666" width="2222" msid="105544734" hostid="261" sizebytes="329142"></div>Rate cuts' double-edged sword<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a>Start cutting rates, they said.It will be fun, they said.The <a style="text-decoration: underline;" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">Federal Reserve's fight against inflation is taking hold</a>, and that could mean central bankers finally lower rates next year. But rate cuts won't necessarily be the win markets are hoping for, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">Business Insider's Jennifer Sor writes</a>. Investors have been begging the Fed to consider cutting rates for the better part of a year. Even as <a style="text-decoration: underline;" href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3">banks failed</a>, the Fed held firm on its war against sticky inflation.A <a style="text-decoration: underline;" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">cooler-than-expected inflation report</a> was enough for <a style="text-decoration: underline;" href="https://www.businessinsider.com/cpi-inflation-october-outlook-economy-markets-fed-rate-hike-bofa-2023-11">banks</a> and <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-forecast-2024-october-inflation-drop-cpi-gamechanger-2023-11">market experts</a> to declare an end to the Fed's tightening policy. But <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stocks-house-prices-commercial-real-estate-fed-economists-mortgages-outlook-2023-11">minutes released from the Fed's most recent meeting</a> didn't indicate cuts were imminent. The notes stated central bankers were comfortable <a style="text-decoration: underline;" href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20231101.pdf" target="_blank" rel="noopener">keeping their monetary policy "restrictive" to clamp down on inflation</a>.Still, some interest rate traders are predicting rate cuts coming as soon as this March, <a style="text-decoration: underline;" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">according to CME's FedWatch Tool</a>. But it's important to remember why central bankers cut rates. It's not simply to let the market off the leash. A rate cut is likely in response to a slowing economy, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">Jennifer writes</a>. And if the Fed were to get as aggressive as UBS suggests it might — <a style="text-decoration: underline;" href="https://www.businessinsider.com/fed-rate-cuts-forecast-2024-full-accommodation-economic-contraction-unemployment-2023-11">lowering rates nearly three percentage points by the end of 2024</a> — that could be because we're already experiencing a full-blown recession.Another key piece of the economy facing headwinds complicates the case for rate cuts being a boon for investors. The Fed has long touted its <a style="text-decoration: underline;" href="https://www.businessinsider.com/america-greased-pig-economy-higher-inflation-stock-market-crash-recession-2023-9">goal of a soft landing</a>: lower inflation while not cratering the economy. It's primarily made good on that promise. The process hasn't always been smooth (see: <a style="text-decoration: underline;" href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3">SVB</a>,<a style="text-decoration: underline;" href="https://www.businessinsider.com/why-big-tech-companies-laying-off-spoiled-workers-perks-2023-2"> Big Tech layoffs</a>, etc.), but the wheels haven't ultimately come off. However, a key factor in keeping the economy afloat — consumers — is losing steam.Retail giants Walmart and Target noted during recent earnings calls they <a style="text-decoration: underline;" href="https://www.businessinsider.com/walmart-target-signal-consumer-spending-shift-amid-economic-pressures-2023-11">were seeing consumer spending dip</a>, Business Insider's Dominick Reuter writes. It's another sign that US consumers have blown through most of the savings they <a style="text-decoration: underline;" href="https://www.businessinsider.com/economy-consumer-spending-credit-card-debt-delinquencies-retail-hiring-2023-11">accumulated during the pandemic</a> and are wracking up debt. And now the pullback comes on the cusp of the biggest season for consumer spending: the holidays.So yes, rates will ultimately be a win for the market. But it'll take plenty of sacrifice to get there.<h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a href="https://www.businessinsider.com/george-santos-expulsion-badge-honor-drunk-colleagues-michael-guest-2023-11">George Santos says he'll treat expulsion as a 'badge of honor' as he claims his colleagues are drunkenly having sex with lobbyists 'every night'</a></li><li><a href="https://www.businessinsider.com/congress-fights-confrontations-2023-mccarthy-mullin-gaetz-2023-11">'We're not here to talk about fights': Drama in Congress is starting to spill over</a></li><li><a href="https://www.businessinsider.com/trump-pardon-kushner-drug-smuggler-jonathan-braun-doj-predatory-lending-2023-11">Trump's pardoning of a Kushner-linked drug smuggler undercut a larger DOJ investigation</a></li></ul><h2>3 things in markets</h2><a href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11"></a><div type="image" title="Miles Goodloe (left), Domenic Boresta (middle), and Robert Oszust Jr. (right) are all HENRYs." height="612" width="816" msid="105544735" hostid="261" sizebytes="33658"></div><ul><li>How HENRYs save and invest. High earners, not rich yet have plenty of financial concerns despite making over $100,000. Six HENRYs from across the country detailed their approach to saving — <a style="text-decoration: underline;" href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11">with some socking away as much as 70% of their income</a> — and how they approach short-term investing. </li><li>Hedge funds come up short, literally. Funds have lost roughly $43 billion <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stock-market-rally-short-sellers-hedge-funds-sp500-november-performance-2023-11">trying to short the market in recent days</a>, according to the Financial Times. Their bet against stocks comes as the S&amp;P 500 is on track for its best month since July 2022.</li><li>You know what they say about one person's trash... Junk bonds have become a hot investment with rising optimism that the Fed is done raising rates. In the month leading up to November 20, bond funds saw inflows of more than $16 billion, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/bonds/junk-bonds-high-yield-corporate-debt-fed-pivot-interest-cuts-2023-11">the vast majority of which went to junk bonds</a>.</li></ul><h2>3 things in tech</h2><a href="https://www.businessinsider.com/guides/deals/amazon-cyber-monday-deals-2023-11"></a><div type="image" title="A PS5, a cake mixer, an Echo dot, and Bose earphones on a blue gradient background." height="900" width="1200" msid="105544736" hostid="261" sizebytes="31458"></div><ul><li>Amazon is rolling out some big Cyber Monday deals. Some of the <a style="text-decoration: underline;" href="https://www.businessinsider.com/guides/deals/amazon-cyber-monday-deals-2023-11" target="_blank" rel="noopener">best discounts right now</a> include savings on Echo speakers, PS5 bundles, and kitchen appliances. Our deal hunters have organized discounts by product category to make them easier for you to browse.</li><li>These 20 women in venture capital made partner or higher this year. In an overwhelmingly male industry, these women <a style="text-decoration: underline; color: #000000;" href="https://www.businessinsider.com/meet-18-women-who-made-partner-vc-firms-in-2023-2023-11">claimed a seat at the table this year</a>. The list includes Khosla Ventures' Alice Brooks and Founders Fund's Jennifer Campbell. </li><li>Meet the founder of the Failure Museum. Sean Jacobsohn started collecting objects from failed businesses a year ago. Since then, he's collected more than 500 items that sit in glass display cases in his office. Plus, Jacobsohn said it <a style="text-decoration: underline;" href="https://www.businessinsider.com/failure-museum-vc-norwest-venture-partners-startups-sean-jacobsohn">helped him understand why businesses and startups fail</a>.</li></ul><h2>3 things in business</h2><a href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11"></a><div type="image" title="A keychain containing a house, sad face and covid virus." height="1000" width="1333" msid="105544738" hostid="261" sizebytes="98868"></div><ul><li>Americans ditched big cities during the pandemic. Many are now regretting it. They're further away from the communities and social network they spent years cultivating. Some have struggled to assimilate to their new communities. And <a style="text-decoration: underline;" href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11">many feel cut off</a> from their identities, hobbies, and the friends they left behind. </li><li>Bet your career on these five trends. Generative AI is fueling <a style="text-decoration: underline;" href="https://www.businessinsider.com/5-trends-fueling-great-careers-include-infrastructure-experiential-and-artificial-intelligence-2023-11">a lot of job changes</a>, but it's not the only factor. Legislation, for example, is fostering a boom in infrastructure roles. And creators are a $250 billion industry. </li><li>The latest workplace request from Gen Z: legal services. More young workers say they want <a style="text-decoration: underline;" href="https://www.businessinsider.com/gen-z-legal-advice-workplace-benefit-financial-help-2023-11">legal help as a workplace benefit</a>, according to a new survey. This desire comes as more Gen Zers are stressed about finances — and they expect to use the services within a year.</li></ul><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/whats-it-like-to-work-for-mrbeast-biggest-youtuber-world-2023-11">What's it like to work for MrBeast, the biggest YouTuber in the world, according to five former staffers</a>.</li><li><a href="https://businessinsider.com/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11">People are leaving Texas over rising costs, partisan politics, and a sense of disenchantment</a>.</li><li><a href="https://www.businessinsider.com/book-reading-recommendations-break-into-hollywood-wme-agent-bradley-singer-2023-11">These five essential books and articles are required reading for Hollywood up-and-comers, according to a top WME TV agent</a>.</li><li><a href="https://www.businessinsider.com/amazon-hr-performance-improvement-plans-pip-pivot-had-to-quit-2023-11">I worked in HR at Amazon and put people on Pivot. Then I got put on a PIP myself</a>.</li></ul><h2>What's happening today</h2><ul><li>It's Cyber Monday. Many online companies have <a href="https://www.businessinsider.com/guides/deals/best-cyber-monday-deals-and-sales-2023" target="_blank" rel="noopener">special promotions and discounts</a> on their products.</li><li>The Gotham Awards for independent filmmaking is tonight. Honorees for the 33rd annual celebration include Bradley Cooper, Ben Affleck, and Greta Gerwig.</li><li>Bill, Bill, Bill, Bill — happy birthday to Bill Nye the Science Guy. Manolo Blahnik, Jimi Hendrix, Steve Bannon, and Bruce Lee were also born on this day.</li></ul>The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

<ul><li><keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">YES Bank</keyword> has reported its highest quarterly net <keyword id="6362247" type="UNKNOWN" weightage="20" keywordseo="Profit">profit</keyword> ever since December 2018 at ₹207 crore.</li><li>Shares of YES Bank surged 5% as investors are cheering the company’s highest profit mark in recent times.</li><li>However, analysts remain disappointed with the company on high stress loans and recommend a ‘sell’ rating on the stock.</li></ul>Shares of YES Bank surged 5% on July 26 as the private bank reported a four-fold jump in its net profit to ₹207 crore in June quarter compared to a profit of ₹45 crore the same time last year. This is the highest profit for the private bank since December 2018. While investors cheered YES Bank’s good profit growth in recent years, some analysts remain disappointed with the company on high stress loans and recommend a sell rating on the stock. At 11:36 a.m., on July 26, shares of YES bank were trading 4.98% higher at 13.70 rupees. <div type="image" title="yes banks shares" height="900" width="1200" msid="84751111" hostid="261"></div> The sudden jump in the lender’s profit is because of the lower provisions made for bad loans held with the bank. It has lowered provisions by 88% to ₹644 crore in June. The bank also expects the provision requirement to go down going ahead. However, analysts studying the bank’s fundamentals and financials do not feel the same. “While there is a significant improvement in <keyword id="6357061" type="SPONSORED" weightage="20" keywordseo="earnings">earnings</keyword> in Q1, profitability remains low with return on assets of 0.3%, and stress loans remain uncomfortably high at 29%... We expect credit cost to rise to 2.1% in FY23E [expected] as ageing provisions catch up,” said a report by Elara Capital while recommending a ‘sell’ rating on the stock. Meanwhile, analysts at Kotak Institutional Equities believe that earnings are far too volatile given the impact slippages have on interest income (NII) and provisions. The bank’s capital position is above regulatory requirements, but the flexibility to make higher provisions is quite limited, said the report while maintaining a ‘sell’ rating on the stock. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/yes-bank-has-reported-its-highest-net-profit-since-december-2018-at-207-crore/articleshow/84678691.cms">YES Bank’s net profit grows four fold as provision for bad loans shrink </a> <a href="https://www.businessinsider.in/science/health/news/healthcare-startup-veera-raises-3-million-to-reach-more-pcos-patients/articleshow/84749847.cms">A Wharton MBA grad and a former GSK exec’s healthcare startup raises $3 million to reach more PCOS patients </a>

YES Bank shares surge 5% as investors see a ray of hope after bank reported four fold growth in profit

IDFC First Bank on Sunday said it will make an equity investment of Rs 250 crore in beleaguered Yes Bank to acquire 25 crore equity shares. "...duly authorized committee of the Board of Directors of IDFC FIRST Bank Ltd had at its meeting held on March 14, 2020 accorded approval for an equity investment of upto Rs 250 crores comprising upto 25 crore equity shares at a price of Rs 10 each and face value of Rs 2 each, under the proposed Scheme of Reconstruction of Yes Bank Ltd under the Banking Regulation Act, 1949, subject to regulatory and government approval(s), if any," the bank said in a BSE filing. Earlier on Saturday, Federal Bank had committed to investing Rs 300 crore in Yes Bank for subscription of its 30 crore shares. The Centre on Saturday notified the YES Bank Limited Reconstruction Scheme, 2020, a day after the Union Cabinet approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Finance Minister Nirmala Sitharaman said on Friday. As per the reconstruction scheme, moratorium on the troubled lender will be lifted on March 18. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden bank and take 49 per cent equity. As per the rescue plan, ICICI Bank will invest Rs 1,000 crore, mortgage lender HDFC Rs 1,000 crore, Axis Bank Rs 600 crore, Kotak Mahindra Bank Rs 500 crore, Bandhan Bank and Federal Bank Rs 300 crore each. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only for 26 per cent of shareholding. It would be 75 per cent in case of other investors. KKS RVK

You Searched For "yes bank investors" and got 7 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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Ahead of FPO, Vodafone Idea garners Rs 5,400 cr from anchor investors

PTI

Millennials are crushing it as investors

Emily Stewart

Rate cuts are likely coming next year, but investors shouldn't bank on them saving the market

Dan DeFrancesco

Rate cuts are likely coming next year, but investors shouldn't bank on them saving the market

Dan DeFrancesco

YES Bank shares surge 5% as investors see a ray of hope after bank reported four fold growth in profit

Bhakti Makwana

Yes Bank gets Rs 250 crore from IDFC First Bank

PTI

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