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BusinessIndian banks reduced their outstanding certificates of deposit (CD) by ₹1.3 lakh crore following a liquidity boost from the Reserve Bank of India's foreign currency deposit scheme. This decreased the need for short-term funding, leading to lower call rates. Although fresh CD issuance rose slightly, rates fell significantly, impacting overall funding costs for banks.
ET Markets·
BusinessElon Musk regained his trillionaire status on Monday, with a net worth of $1 trillion as of 8:15 pm EDT (5:45 am IST on October 6). His wealth increased by $65.3 billion, or 6.66%, from the previous trading day, according to Forbes' real-time billionaire data. This marks a significant rise in his fortune.
Mint Companies·
EntertainmentOn October 5, the Khan family celebrated Sipara, daughter of Arbaaz and Shura Khan, turning one year old. Salim Khan made a rare public appearance alongside his wife Salma at the birthday party. This was notable as Salim had been out of the public eye for months due to health concerns, making his presence at the family celebration special. Salman Khan and other family members were also present.
News18Hi Entertainment·
BusinessIndian banks are experiencing a surge in foreign-currency deposits (FCNR), providing ample liquidity to support strong credit growth. However, this surplus liquidity is expected to reduce net interest margins (NIMs) in the September quarter, especially for private banks. Analysts from Motilal Oswal and Nomura predict margin declines due to funds being held in lower-yielding assets before deployment into loans at normal spreads. The RBI's push for dollar inflows eases funding but pressures near-term profitability.
Mint Markets··Mumbai
BusinessThe Maharashtra Charity Commissioner has asked Sir Dorabji Tata Trust to respond by October 12 to complaints filed by vice-chairmen Venu Srinivasan and Vijay Singh. They allege the trust interfered in Tata Sons' affairs beyond its charitable mandate. The commissioner may hold a hearing or rule based on the complaints, which could impact Tata Group's governance.
TOI Business·
Mint Companies·
Elon Musk regained his trillionaire status on Monday, with a net worth of $1 trillion as of 8:15 pm EDT (5:45 am IST on October 6). His wealth increased by $65.3 billion, or 6.66%, from the previous trading day, according to Forbes' real-time billionaire data. This marks a significant rise in his fortune.
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