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 *Financial News Bulletin Dt.3rd January ,2024*

17 cooperative banks closed down, highest in nine years. Of these, half a dozen banks were urban cooperative banks (UCBs), which otherwise fare better than their rural counterparts.

-Economic Times

The SC will pronounce the verdict on Wednesday on the batch of petitions seeking an investigation into allegations of fraud by Hindenburg against the Adani Group. 

-Business Today

Canara Bank to open cyber security wing, stepping up AI adoption to predict online frauds & loan defaults. The wing will be headed by a general manager and monitor digital transactions on a real time basis and trigger alerts if a fraudster is trying to break into a customer’s account.

-Economic Times

To promote the Reserve Bank of India's digital rupee, state-owned Union Bank of India is planning to transfer claims related to various employee benefit schemes directly to the Central Bank Digital Currency (CBDC) wallet instead of employees' salary accounts. Initially, the bank plans to credit specific allowances directly to the digital wallet, yet encounters resistance from some employees, prompting a protest from the All India Union Bank Employees Federation. They advocate for management to consult staff before enforcing this initiative.

-Economic Times

RBI plans to tighten dividend declaration criteria for banks.Banks will have to meet the “applicable” regulatory capital requirement for each of the last three financial years.

-Business Line.

A female central government employee or pensioner can nominate her child as pension recipient in case divorce, dowry, or domestic violence case is filed against her husband.The Government has amended Central Civil Services (Pension) rules and accordingly prescribed a mechanism.

-Business Line

WhatsApp has revealed that it banned 71 lakh accounts in India in the month of November 2023. The rise in online scams, especially via WhatsApp, can be one of the contributing factors that led to the banning of over 71 lakh accounts by the messaging platform in India during November. This action was taken in compliance with the new IT Rules 2021. The company also proactively banned 19,54,000 accounts from November 1 to 30, even before any user reports were received. Being the largest messaging platform in India with over 500 million users, WhatsApp received 8,841 complaint reports in November.

-Business Today

BSE's Sensex dropped 379.46 points, or 0.53 per cent, to settle at 71,892.48. NSE's Nifty50 shed 76.10 points, or 0.35 per cent, to end the day at 21,665.80 for the day.

-Business Today

The rupee depreciated by 11 paise to 83.32 (provisional) against the US dollar on Tuesday, amid a muted trend in domestic equities and dollar demand from importers.

-Business Line

2,000 petrol pumps run dry in western and northern India as truck drivers protest against new hit-and-run law.Essential supplies such as vegetables, fruits, and milk may also be affected if the strike is extended or launches nationwide.

What does the Bharatiya Nyay Sanhita say.Whoever causes death of any person by doing any rash or negligent act not amounting to culpable homicide, shall be punished with imprisonment of either description for a term which may extend to five years, and shall also be liable to fine.

-Business Today

BRICS bloc expands to include Egypt, Ethiopia, Iran, Saudi Arabia, UAE.This expansion comes amidst a backdrop of Western dominance in global affairs. Russian President Vladimir Putin, as the presiding head of BRICS, confirmed the development.

-Business Today

LIC gets Rs 806 crore GST demand notice; to appeal against order.LIC said that it will file an appeal against the GST demand for Rs 806 crore in the FY2017-18 period.

-Business Today

RBI deputy governor flags rise in customer complaints at meeting with CIC chiefs.The deputy governor asked CICs to improve the data quality, timely redressal of customer complaints, strengthening of internal ombudsman framework and streamlining the process for handling data correction requests.

-Money Control

The Reserve Bank of India has eased the process to reactivate the dormant accounts and at the same time tightened norms to ensure that frauds are limited in the inoperative accounts where funds remain unclaimed. The Reserve Bank of India (RBI) has relaxed the process for reactivating dormant accounts and increased norms to limit fraud in inoperative accounts. Activation can be done through KYC details or video-customer identification processes. Banks are not allowed to charge fees for inoperative account activation or penalize non-maintenance of minimum balances.

-Economic Times

The first tsunami waves hit Japan after an earthquake of 7.4 magnitude struck the island country earlier today. A tsunami around one metre high struck parts of the west coast along the Sea of Japan, with a larger wave expected, reported Japan's public broadcaster NHK.

-Business Today

British Prime Minister Rishi Sunak on Monday said that from today, the majority of foreign university students cannot bring family members to the UK. "In 2024, we're already delivering for the British people," he said while sharing a post from the Home Office. The Home Office said that it was fully committed to seeing a decisive cut in migration. Postgraduate research or government-funded scholarships students will be exempt.

-Business Today

Sensex, Nifty kick-off 2024 on a flat note. BSE's Sensex added 31.68 points, or 0.04 per cent, to settle at 72,271.94, while NSE's Nifty50 edged up 10.50 points, or 0.05 per cent, to end the day at 21,741.90 for the day.

-Business Today

Adani Group hires global team for Dharavi overhaul project.Dharavi Redevelopment Project said on Monday it was partnering with architect Hafeez Contractor who has done many social housing projects, US design firm Sasaki, and consultancy firm Buro Happold from the UK for the redevelopment.

-Business Today

The income tax department has sent out a slew of advisories to non-resident Indians (NRIs), requiring them to confirm high-value transactions effected in 2022-23, and for non-filing of returns.NRIs receiving such communication in the past few days include those that have opened FCNR (foreign currency non-resident account) and/or NRE/NRO deposits.

-Business Line

The rupee started the new year on a weak note, depreciating by 6 paise to 83.22 against the US dollar amid a muted trend in domestic equities and dollar demand from importers.

-Business Line 

                                              

S&P BSE Sensex  71892.48

 NIFTY 50                21665.80

 NIFTY Bank           47761.65

 BSE Bankex           53723.03

 USD/INR                        83.32