Latest Bank News | Top Bank News Headlines Today | Today India news | Breaking Bank News Today | English Bank News Headlines - TheDailyGuardian

December 2024 Bank Holidays: Banks To Be Closed On 17 Days | Check Here

November 30, 2024, 4:42 pm

India observes a variety of bank holidays annually, including national events, regional festivals, and other significant occasions.

The Reserve Bank of India (RBI) determines the schedule for bank holidays, which also includes closures for Real-Time Gross Settlement (RTGS) and specific limitations on account access for both public and private banks. Banks also follow mandatory closures on the second and fourth Saturdays, as well as Sundays.

On these holidays, while physical bank branches remain closed, all online and digital banking services continue to operate. This ensures that customers can seamlessly handle financial transactions without any interruptions during these days.

December 2024: Bank Holidays Announced

The RBI recently announced the state-wise bank holidays for December 2024. The month will witness a total of 17 non-working days, which include weekends, Christmas, and state-specific holidays as declared by various state governments.

S. No	Date	Day	Observance	State/UT
1	December 1	Sunday	Weekly Off	Pan India
2	December 3	Friday	Feast of St. Francis Xavier	Goa
3	December 8	Sunday	Weekly Off	Pan India
4	December 12	Tuesday	Pa-Togan Nengminja Sangma	Meghalaya
5	December 14	Saturday	Second Saturday	Pan India
6	December 15	Sunday	Weekly Off	Pan India
7	December 18	Wednesday	Death Anniversary of U SoSo Tham	Meghalaya
8	December 19	Thursday	Goa Liberation Day	Goa
9	December 22	Sunday	Weekly Off	Pan India
10	December 24	Tuesday	Christmas Eve	Mizoram, Nagaland, Meghalaya
11	December 25	Wednesday	Christmas	Pan India
12	December 26	Thursday	Christmas Celebration	Mizoram, Nagaland, Meghalaya
13	December 27	Friday	Christmas Celebration	Mizoram, Nagaland, Meghalaya
14	December 28	Saturday	Fourth Saturday	Pan India
15	December 29	Sunday	Weekly Off	Pan India
16	December 30	Monday	U Kiang Nangbah	Meghalaya
17	December 31	Tuesday	New Year’s Eve/Lossong/Namsoong	Mizoram, Nagaland, Meghalaya

November 2024 Bank Holidays: Check the Full List Across Indian States

November 2, 2024, 11:53 am

The Reserve Bank of India (RBI) has published the November 2024 bank holiday schedule, detailing 12 non-working days across various states for the month. These closures include regional festivals, events, and regular off-days that vary by location, encompassing all Sundays and the second and fourth Saturdays. Planning visits to the bank in advance is recommended.

November Bank Holiday Schedule

November 1 (Friday): Banks will be closed in states like Tripura, Karnataka, Uttarakhand, Jammu & Kashmir, Maharashtra, Meghalaya, Sikkim, and Manipur for festivals including Deepavali, Kut, and Kannada Rajyotsava.

November 2 (Saturday): Banks in states such as Gujarat, Maharashtra, Karnataka, Rajasthan, Sikkim, Uttarakhand, and Uttar Pradesh will be closed for Diwali, Laxmi Puja, and Govardhan Pooja. Note that this day is the first Saturday and is typically a working day.

November 3 (Sunday): All banks across Indian states and union territories will observe Sunday as a holiday.

November 7 (Thursday): In select states, including Bengal, Bihar, and Jharkhand, banks will close for Chhath (Evening Arghya).

November 8 (Friday): Some states, such as Bihar, Jharkhand, and Meghalaya, will observe bank closures for Chhath (Morning Arghya) and the Wangala Festival.

November 9 (Saturday): Second Saturday, a designated holiday nationwide.

November 10 (Sunday): Sunday, a national bank holiday.

November 15 (Friday): Banks will be closed in Mizoram, Maharashtra, Madhya Pradesh, Orissa, Chandigarh, Uttarakhand, Hyderabad (Telangana), Arunachal Pradesh, Rajasthan, Jammu, Uttar Pradesh, Nagaland, Bengal, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, and Srinagar in observance of Guru Nanak Jayanti, Karthika Purnima, or Rahas Purnima.

November 17 (Sunday): Sunday, a nationwide holiday.

November 18 (Monday): Banks across Karnataka will be closed for Kanakadasa Jayanti.

November 23 (Saturday): Banks will close in Meghalaya for Seng Kutsnem. Additionally, it is the fourth Saturday, observed as a holiday nationwide.

November 24 (Sunday): Sunday, observed as a holiday across all states.

The RBI classifies holidays into three main types: those under the Negotiable Instruments Act, Real-Time Gross Settlement (RTGS) Holidays, and Banks’ Closing of Accounts.

Tinder Scam: Mumbai Woman Loses Rs. 3.37 Lakh, What Happened Next…

September 22, 2024, 6:11 pm

A 43-year-old Mumbai woman was allegedly defrauded of ₹3.37 lakh by a man she met on a dating app, police reported on Friday. The victim, an art director, connected with someone named ‘Advait’ on Tinder in the previous month, and they began exchanging messages, according to a police official.

The man claimed he was abroad but would visit Mumbai on September 16 to meet her. On that date, she received a call from someone posing as a customs official from Delhi, who informed her that her friend Advait had been detained at the airport with a large sum of Euros.

The fake official instructed her to pay ₹3.37 lakh via UPI to secure Advait’s release, which she complied with, as mentioned in her complaint. Later, she was asked to transfer an additional ₹4.99 lakh to a bank account.

Upon visiting her bank to transfer the money, an attentive official inquired about the reason and, recognizing the situation as a scam, warned her. As a result, a case of fraud was filed at Versova police station, and an investigation is underway, the police official added.

In a similar case, a 33-year-old Malad resident was scammed out of ₹2.45 lakh by a man she met through a dating app. Posing as a UK-based doctor, he claimed to be detained at customs in India and promised to repay her once he was released.

September 2024 Bank Holidays: State-Wise List And Details

August 28, 2024, 2:23 pm

The Reserve Bank of India has released the schedule of bank holidays for September 2024. Banks will be closed on every second and fourth Saturday, as well as all Sundays. Additionally, financial institutions will observe approximately nine festival holidays this month.

While banks will be closed on these specific dates, online banking services, ATMs, and mobile banking apps will remain operational. The holidays are categorized into three types: Negotiable Instruments Act holidays, Real-Time Gross Settlement holidays, and Banks’ Closing of Accounts holidays.

National and Regional Bank Holidays

September 1 (Sunday): Closed nationwide due to the weekend.
September 4 (Wednesday): Closed in Guwahati for Tirubhav Tithi of Srimanta Sankardeva.
September 7 (Saturday): Closed in Ahmedabad, Belapur, Bengaluru, Odisha, Andhra Pradesh, Telangana, Bhubaneswar, Chennai, Mumbai, Nagpur, and Panaji for Ganesh Chaturthi.
September 8 (Sunday): Closed nationwide due to the weekend.
September 14 (Saturday): Closed in Kerala and Ranchi for Onam.
September 15 (Sunday): Closed nationwide due to the weekend.
September 16 (Monday): Closed in Ahmedabad, Aizawl, Belapur, Bengaluru, Chennai, Dehradun, Andhra Pradesh, Telangana, Imphal, Jammu, Kanpur, Kochi, Lucknow, Mumbai, Nagpur, New Delhi, Ranchi, Srinagar, and Thiruvananthapuram for Barawafat, Milad-un-Nabi, or Eid-e Milad.
September 17 (Tuesday): Closed in Gangtok and Raipur for Indrajatra/Eid-e-Milad (Milad-Un-Nabi).
September 18 (Wednesday): Closed in Gangtok for Pang-Lhabsol.
September 20 (Friday): Closed in Jammu and Srinagar for the Friday following Eid-i-Milad-ul-Nabi.
September 21 (Saturday): Closed in Kochi and Thiruvananthapuram for Sree Narayana Guru Samadhi Day.
September 22 (Sunday): Closed nationwide due to the weekend.
September 23 (Monday): Closed in Jammu and Srinagar for Maharaja Hari Singh’s birth anniversary.
September 28 (Saturday): Closed nationwide due to the fourth Saturday.
September 29 (Sunday): Closed nationwide due to the weekend.

Make sure to plan your bank visits accordingly, considering these closures.

Bank Strike Today: How Can It Impact Economy And Customers

August 28, 2024, 9:23 am

Banking services across India are expected to be significantly impacted today, August 28, as the All India Bank Employees Association (AIBEA) has called for a nationwide strike. The protest is in response to the Bank of India’s decision to charge-sheet all thirteen office bearers of the bank’s staff union, leading to widespread unrest among banking employees.

Economic Impact: A Looming Credit Crunch

Banks are crucial to the economy, managing the flow of liquidity within the financial system. They accept deposits, which are then partially lent out, creating a money multiplier effect. A nationwide strike halts this daily operation, potentially leading to a short-term credit crunch. This disruption could impact the stability of the banking system and lower productivity, resulting in reduced profits in the short term.

Additionally, the strike could delay the clearance of import and export bills, affecting the country’s efficiency on the global stage. This disruption in the banking sector may have far-reaching consequences for the economy, particularly if the strike persists.

Customer Impact: Financial Services on Hold

For customers, the strike brings a host of challenges. With banking operations coming to a standstill, issues with deposits, withdrawals, and fund transfers are likely. Those in urgent need of cash may face difficulties, as even ATMs could run out of money during the strike. This could lead to missed financial obligations, causing further complications for individuals and businesses alike.

The strike may also delay loan approvals, which could be particularly detrimental if the protest continues for an extended period. For instance, students applying for education loans might face delays that jeopardize their academic plans if loan disbursals are held up.

Net Banking: A Ray of Hope Amid the Disruption

Despite the challenges posed by the strike, many banks have a robust net banking infrastructure in place. As technology continues to advance, online banking services remain operational, providing some relief to customers during this period of disruption. However, the extent to which net banking can mitigate the impact of the strike remains to be seen.

The nationwide strike underscores the delicate balance between employee rights and the essential services banks provide to the economy and the public. As the strike unfolds, both the economy and customers brace for the potential fallout.

Vanuatu’s Prime Minister Urges Bank of China to Establish Branch in Port Vila

July 12, 2024, 3:51 pm

Vanuatu’s Prime Minister, Charlot Salwai, has urged the Bank of China to establish a branch in the Pacific Island nation, as per a statement from his office released on Friday. During a visit to China, Salwai conveyed this request to bank officials, aiming for the potential establishment of a Port Vila branch that could serve as a clearing bank for yuan.

In a recent development, the United States and Australia jointly hosted a meeting in Brisbane to tackle the issue of improving financial access in the region, where China is also actively seeking influence. The Vanuatu government highlighted that setting up a yuan clearing facility could lead to reduced prices of Chinese goods, currently being traded in U.S. dollars.

Bank of China, already present in New Zealand, Australia, and Papua New Guinea, has been exploring new avenues for growth. Recently, the bank signed a memorandum of understanding with Nauru to delve into potential banking solutions, showcasing its commitment to expanding its regional footprint.

Prime Minister Salwai’s diplomatic engagements have been noteworthy, from his visit to Shanghai to his upcoming participation in a Pacific Island leaders meeting in Japan. Notably, during his visit to China, he also visited tech giant Huawei in Shenzhen, underlining the diverse engagements in his itinerary.

Bank Fires Over a Dozen Employees for Faking Keyboard Activity To Simulate Work

June 14, 2024, 2:21 pm

Wells Fargo has fired more than a dozen employees for falsifying keyboard activity to deceive the bank into believing they were working. The terminated employees were all part of the firm’s wealth and investment management unit, as reported by Bloomberg on Thursday.

In its disclosure to the Financial Industry Regulatory Authority, the third-largest bank in America stated that the employees were “discharged after review of allegations involving simulation of keyboard activity creating an impression of active work.”

A spokesperson for Wells Fargo told Reuters, “Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior.”

The bank did not specify how it discovered the alleged keyboard simulation or whether it was related to remote work.

During the pandemic, many companies implemented sophisticated tools to monitor employees, tracking eye movement, keyboard activity, and taking screenshots of the web pages they visited. These tools became popular as remote work became more prevalent.

Employees have found ways to bypass these tracking tools, such as faking keyboard activity, which led to the termination of the Wells Fargo employees.

Devices and software known as “mouse movers” or “mouse jigglers” became popular during the pandemic, simulating keyboard activity to trick the system into thinking a person is working, even if they are away from their keyboards. These devices are available on Amazon for less than $10, according to BBC.

In early 2022, Wells Fargo instructed most of its employees, including those in customer-facing roles, to return to the office and work under a hybrid flexible model.

Congress receives interim relief, allowed to use frozen bank accounts with lien

February 16, 2024, 2:13 pm

Income Tax Appellate Tribunal (ITAT) has granted interim relief to the Congress party, allowing it to use its frozen bank accounts with a lien from the Income Tax department. Rajya Sabha MP Vivek Tankha, representing the Congress, expressed gratitude for the ITAT’s decision, stating that the accounts are not restricted but have a lien. Tankha emphasized the importance of an independent hearing before the ITAT and highlighted the impact of the frozen accounts on the party’s ability to participate in elections.

Tankha also mentioned that the Congress party’s bank accounts have been frozen, hindering its participation in upcoming elections. He argued that the taxation imposed on the party was disproportionate, given its financial details for the relevant year. Congress General Secretary Ajay Maken confirmed that the ITAT has marked Rs 115 crores as a lien in the party’s bank accounts, which exceeds the party’s available funds.

Congress Chief Mallikarjun Kharge criticized the central government for the alleged freezing of the party’s accounts, stating that the party will protest against the government’s actions. Former Karnataka Chief Minister HD Kumaraswamy expressed concern over the account freeze and questioned the reasons behind it. BJP leader CN Ashwath Narayan accused the Congress of attempting to politicize the issue and stated that the law applies to everyone, including the Congress party.

Banking system resilient, poised for growth amid global challenges

December 28, 2023, 2:48 am

Amidst a highly uncertain outlook for the global environment, the Indian banking system has been well positioned to improve further, with better asset quality, high capital adequacy and robust profitability supported by bright prospects for domestic economic activity. The consolidated balance sheet of scheduled commercial banks (SCBs) in 2022-23 expanded by 12.2 per cent, driven by credit to retail and services sectors while deposit growth also picked up, although it trailed credit growth.

The capital to risk weighted assets ratio (CRAR) of SCBs was 16.8 per cent at end-September 2023, with all bank groups meeting the regulatory minimum requirement and the common equity tier 1 (CET1) ratio requirement, states the Reserve Bank of India’s Report on Trend and Progress of Banking in India 2022-23 released on Wednesday.
The report notes that the improvement in asset quality of banks that began in 2018-19 continued during 2022-23 and first half of FY24, with gross non-performing assets (GNPA) ratio at 3.2 per cent at end-September 2023. Higher net interest income and lower provisioning boosted net interest margin (NIM) and profitability in 2022-23. Moreover, the combined balance sheet of urban co-operative banks (UCBs) expanded by 2.3 per cent in 2022-23, driven by loans and advances. Their capital buffers and profitability improved through 2022-23 and Q1:2023-24.

The consolidated balance sheet of non-banking financial companies (NBFCs) expanded by 14.8 per cent in 2022-23, led by double digit credit growth. Profitability and asset quality of the sector also improved in 2022-23 and in the first half of FY24 even as the sector remained well-capitalised. The exhaustive commentary suggests that financial indicators of NBFCs are also set to strengthen further, underpinned by adequate capital, increased provisions and improved asset quality. This financial stability is being underpinned by corporates’ stronger financials and deleveraging of their balance sheets. While the report highlights the resilience of the NBFCs backed by high capital ratios, improved asset quality and robust earnings growth, the RBI flags the need to sustain this improvement through further strengthening of governance and risk management practices and building up of additional buffers.

The Reserve Bank report observes several initiatives taken by the Central bank to bolster sound governance practices in urban cooperative banks, including the appointment of chief compliance officer, chief risk officer and head of internal audit. Harmonisation of guidelines on presentation and disclosures in financial statements issued in October 2022 has, to some extent, addressed the problem of divergence in audited financial statements and assessment made by the Reserve Bank. Guidelines on transfer to/appropriation from reserve funds and disclosures on concentration of deposits, advances, exposures and non-performing assets (NPAs) has brought transparency in financial statements of UCBs.

However, as the report points out, the progress made so far has remained limited as the UCBs face certain inherent challenges like long and continuous tenures of their directors, which needs to be discouraged in accordance with the provisions of the Banking Regulation Act, to avoid vested interests exercising undue influence over the functioning of the board and to facilitate infusion of fresh ideas and perspectives in the Board by induction of new directors. The absence of a comprehensive risk management policy, deficient compliance culture among certain UCBs and constraints in availability of skilled personnel to manage the core banking solution (CBS) and other critical information technology (IT) and database functions are other bottlenecks.

How to Trade Forex Using a Demo Account

December 20, 2023, 5:34 pm

Imagine being in an exotic foreign market where you buy a beautiful artifact using local currency. Later, due to favorable economic conditions, the value of the local currency decreases against your home currency. Now, if you were to sell that artifact back home, you’d make a profit purely based on the currency exchange rate. This, at its core, is what Forex trading is about – buying and selling currencies in the global marketplace with the objective to profit from the fluctuations in the value of one currency against another.

If you are new to Forex trading, diving straight into live trading can be akin to navigating a ship in turbulent waters without any prior experience. This is where a demo account comes in. A demo account is an essential tool for learning and practicing Forex trading. It allows you to trade in real market conditions, experiencing the ebb and flow of the currency market, all without risking real money.

Understanding Forex Trading Basics

Before diving into trading, it’s crucial to understand the basic terms used in Forex trading. These include ‘pips’, ‘lots’, and ‘leverage’. A pip is the smallest price move that a given exchange rate makes. Lots refer to the size of your trade, and leverage is the borrowed capital to increase the potential return of an investment.

Forex trading revolves around pairs of currencies, which are quoted in terms of one currency against another such as the EUR/USD and USD/JPY.

Setting Up a Demo Account

The first step towards practicing forex trading is setting up a demo account. You’ll need to choose a reliable Forex broker that offers demo accounts. Once you’ve chosen a broker, you can follow their instructions to create a demo account, which usually involves providing some basic personal information and selecting your preferred trading platform.

Navigating the Trading Platform

Once you have set up your demo account, familiarize yourself with the trading platform. This includes understanding the interface, which typically includes price charts, order forms, trade history, account balance, and other relevant information.

Different platforms offer various features and tools, including different types of charts such as candlestick, bar, and line charts. There are also technical indicators like Moving Averages, RSI, MACD, and fundamental analysis tools.

One such platform that offers these features is TradingView which is a cloud-based charting and social networking platform that provides both beginner and experienced traders with a comprehensive set of tools for charting and analysis. It allows users to display real-time data, create and share technical analysis strategies, and communicate with other traders. It’s known for its user-friendly interface and active community of traders.

Making Your First Demo Trade

Now that you’re familiar with the platform, it’s time to make your first demo trade. Start by choosing a currency pair to trade. Then, place a trade by setting the lot size, stop loss, and take profit levels.

A stop loss is a predetermined level at which the trade will be closed if the price moves against you, while a take profit level is where the trade will be closed if the price moves in your favor. Once you’ve placed your trade, monitor it closely to see how it performs.

Developing a Trading Strategy

Having a solid trading strategy is essential to successful forex trading. There are various strategies you can adopt, including scalping which involves making numerous trades for small profits. Day trading involves opening and closing trades within a day, and swing trading is holding trades for days to weeks.

Your demo account is the perfect place to test and tweak your strategy until you find what works best for you.

Managing Risks

Understanding and Managing Risks in Forex Trading

Forex trading, like any other form of investment, comes with its own set of risks. These risks can be magnified by the use of leverage, which allows traders to control large positions with a small amount of money. While this can lead to significant profits, it can also result in substantial losses if the market moves against the trader’s position. Therefore, understanding these risks and how to manage them effectively is an integral part of successful forex trading.

One of the most common risk management techniques in forex trading is setting stop losses. A stop loss is a predetermined level at which the trade will be closed if the price moves against you. This means if you’re buying a currency pair, your stop loss will be set at a level below the current market price. Conversely, if you’re selling, the stop loss will be above the current market price.
While leverage can be a double-edged sword in forex trading. On one hand, it can increase the potential for profit by allowing you to control a large position with a relatively small amount of money. On the other hand, it can also amplify potential losses if the market doesn’t move in your favor. You can avoid over-leveraging by carefully considering how much leverage to use in your trades.
Diversification is another key risk management technique in forex trading. This involves spreading your investment across different currency pairs to reduce exposure to any single currency.

Transitioning to a Live Account

After gaining confidence and experience with your demo account, you may consider transitioning to a live account. This should be done when you feel comfortable with your trading strategy and risk management techniques.

Bear in mind that trading with real money can evoke different emotions than a demo account. It’s important to manage these emotions and stick to your trading plan.

Conclusion

A demo account is an invaluable tool for anyone new to forex trading. It allows you to learn the ropes, develop a strategy, and understand risk management, all without risking real money. Remember, successful forex trading requires continuous learning and practice, so don’t rush the process.

About the Author:

Phyllis Wangui is a Senior Market Analyst and News Editor at TraderFactor with qualifications in accounting and economics. She has over 20 years of banking and accounting experience, during which she has gained extensive knowledge of the forex, stock news, stock market, forex analysis, cryptos, and foreign exchange industries. Phyllis is an avid commentator on these topics and loves to share her insights with others through financial publications and social media platforms. Currently she works as a senior market analyst at TraderFactor

Sitharaman reviews PSBs amid increased volatility in US finance industry

March 25, 2023, 4:53 pm

Union Finance Minister Nirmala Sitharaman presided over a meeting on Saturday to assess the performance of government-owned banks. The banking sector’s financial, efficiency, and health metrics were examined. This review meeting took place against the backdrop of increased volatility in the US financial industry as a result of the recent failure of Silicon Valley Bank and several other institutions in jeopardy.

For the record, the Silicon Valley Bank, a significant global lender in the world of technology companies, collapsed on 10 March after a run on the bank, requiring the US federal government to intervene.

Regulators closed the tech lender and transferred ownership to the US Federal Deposit Insurance Corporation(FDIC). The FDIC is currently serving as receiver, which means it will liquidate the bank’s assets to repay its clients, including depositors and creditors.

Union minister Rajeev Chandrasekhar has stated that startups should choose Indian banks as their preferred partners, citing the Indian banking sector’s resilience and strength in the face of the Silicon Valley Bank-led crisis in the US financial system. Union Electronics and IT Minister Chandrasekhar said that the special provisions available at Gift City in Gujarat can be a quick and effective support for Indian startups.

The MoS also said a transfer of bank deposits worth over USD 200 million was already made into GIFT City, Gujarat, which according to him was a sign of the Indian banking system’s growing prominence.