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RBI deputy governor Swaminathan J countered the popular notion that a small entity like an Urban cooperative Bank (UCB) is not systemically important and underscored the importance of governance standards among others to strengthen them. “Some may argue that UCBs are not systemically important in view of their size and turnover” RBI deputy governor Swaminathan J.” However, if we consider the inter-connectedness that binds the entire spectrum of financial entities, it becomes evident that any vulnerable link has the potential to erode public trust and confidence” Mr Swaminathan J said in his speech titled “ Urban Co-operative Banks: Upholding Governance and Professionalism with Capacity Buidling and Technology Upgradation” delivered to the South based UCBs at Hyderabad last week. In an increasingly interwoven financial landscape, the ripples of even an apparently small disturbance can resonate far beyond its initial impact, said citing that the failure in 2001 of a Gujarat based UCB and more recently in 2019 to a Mumbai based UCB attest to the contagion risks posed by even relatively smaller banks. UCBs form a critical layer of the financial system of the country. Despite the sector's consistent 3-4% presence in the overall banking business, its significance should not be underestimated, he said.

Investing.com — Shares of American Express (NYSE:AXP) surged over 7% on Friday, reaching an all-time high. This rise came after the credit card company surpassed full-year profit expectations, even though it fell short of its Q4 EPS and revenue projections.

Indians now constitute one-tenth of all US visa applicants globally, with demand skyrocketing across all visa categories, witnessing a remarkable 60 per cent surge compared to the previous year. «In 2023, the US Embassy and Consulates in India processed a record-smashing 1.4 million US visas. Demand across all visa classes was unprecedented, with a 60 per cent increase in applications compared to 2022. Indians now represent one out of every ten US visa applicants around the world,» a statement by the US Embassy and Consulates in India said. Visitor visas (B1/B2) experienced a notable resurgence, representing the second-highest number of applications in the history of the US Mission, surpassing 700,000. The United States has ramped up staff in India whoch have led to a remarkable reduction of appointment wait times from an average of 1,000 days to a mere 250 days nationwide, across all visa categories. The US consular team in India achieved another milestone by issuing over 140,000 student visas in 2023, setting a record for the third consecutive year. Mumbai, New Delhi, Hyderabad, and Chennai emerged as the top four student visa processing posts globally, solidifying Indian students as the largest cohort of international graduate students in the United States, constituting over a quarter of the one million foreign students in the country.

India Meteorological Department (IMD) on Monday said heavy rain and snowfall are likely to occur over the western Himalayan region on January 31 and February 1 under the influence of two back-to-back western disturbances, that started on Sunday. The weather department said it is expecting more rainfall and snowfall activity over the western Himalayas than has been recorded in the past systems during this winter season. IMD scientist Soma Sen said, “We expect up to heavy rainfall and snowfall to occur over Jammu and Kashmir mainly, and Himachal Pradesh afterwards.

unclaimed investments, we will look into the use of technology, fees and the role of retrieval advisory platforms. In the first part, we looked into how to check your unclaimed deposits and investments, documents and the steps you need to take to make a claim. You can read it here: In this final instalment on unclaimed investments, we delve deep into the crucial aspects of technology's role, fee structures, and the pivotal function of recovery advisory platforms.

₹397.5 crore during Q3FY23 to ₹3,193.3 crore during the quarter ending December 2023. The revenue of the natural gas company declined 3.3% YoY from ₹35,940 crore to ₹34,767.8 crore during the period under review. GAIL's board also approved an interim dividend for the financial year 2023-24 at ₹5.50 per equity share on the paid-up equity share capital of the company.

FRANKFURT (Reuters) — The European Central Bank's next move will be a rate cut and it is more likely to come in June than April as inflation is going in the right direction but more data points are needed for an assessment, Slovak central bank chief Peter Kazimir said on Monday.

Shriram Finance jumped over 6 percent to their record high on Monday on the back of strong show in the quarter ended December (Q3FY24). Moreover, positive reviews by various brokerages post the results also aided the sentiment. The company's consolidated net profit rose 4 percent year-on-year (YoY) to ₹1,873.59 crore in the quarter under review versus ₹1,801.66 crore recorded in the same period of the previous year.

Mulltibagger stock: Shares of Mufin Green Finance Limited are one of the multibagger stocks that the Indian stock market has delivered in the last one year. This NBFC stock has surged from around ₹44.40 apiece level to ₹219.25 per share mark, logging around 400 per cent appreciation in the last six months. However, it seems that the NBFC stock still possesses some upside potential.

3:5 bonus shares, 1:10 stock split: A long-term stock market investor enjoys some extra benefits over a short-term investor or a trader. While short-term investors and traders earn from the stock movement only, a long-term investor gets various rewards that a listed company announces from its capital reserves. These rewards are announced in the form of dividends, bonus shares, stock split, buyback of shares, etc.

Delhi, the morning was characterized by moderate fog, contributing to a chilly atmosphere, with the minimum temperature recorded at 6.8 degrees Celsius—two notches below the seasonal average. The weather conditions reflected a continued wintry grip on the northern regions, impacting visibility and emphasizing the lower temperatures experienced in the affected areas. Also Read: Alerts issued for heavy rainfall, severe cold wave; Varanasi Vande Bharat among several trains delayed: See IMD forecast According to the India Meteorological Department (IMD), “Minimum Temperatures and their Departure over the Plains of North India." In recent temperature readings across various regions, Sabaur in Bihar reported a minimum temperature of 5.0°C.

BSE Sensex soared 896 points to 71,637.61 while the Nifty50 jumped 291 points to 21,429.60. The market exhibited a clear bullish bias, as 37 out of the Nifty stocks were trading in positive territory, while only 13 were in the negative zone. The top gainers were ONGC up over 7 percent followed by Adani Enterprises, Adani Ports, Reliance Industries, and Coal India.

₹19 lakh crore. Reliance shares rallied as much as 4.19% to a fresh high of ₹2,824.00 apiece on the BSE. On NSE, Reliance share price jumped 4.35% to a record high of ₹2,824.00 apiece.

DUBLIN (Reuters) — Ryanair on Monday trimmed its profit forecast for the year to the end of March after some online travel agents stopped selling its flights in December, forcing it to cut fares to fill seats.

By Tom Sims, Jesús Aguado and Valentina Za

Mahagathbandhan alliance with Lalu Prasad Yadav's Rashtriya Janata Dal (RJD), and Congress. The once front runner of INDIA bloc also quit the alliance and joined hands with Bhartiya Janata Party (BJP), a political alliance the Bihar CM had vowed never to look back upon a couple of years ago. Nitish Kumar took oath as the chief minister of Bihar on Sunday, after requesting the Bihar governor Rajendra Vishwanath Arlekar to dissolve the previous Mahagathbandhan government, which has Tejaswi Yadav as Deputy Chief Minister.

Maratha Quota demand of Manoj Jarange Patil. The agitation will begin on 1 February, with a Maharashtra yatra planned for 3 February. OBCs are calling on scheduled castes and scheduled tribes to join them in opposing the inclusion of Marathas in the OBC category.

Budget expectations: There can't be a more apt time for India's budget to show how to 'strike while the iron is hot' as its larger neighbour and fierce rival China's economy goes through testing times amid a property crisis. While China is suffering an economic plight largely with the failure of its biggest real estate developers that shows no sign of abatement in the downward spiral, India, which has emerged as the fastest growing major economy, is seeing adding many feathers even on the property sector ducking global woes. India is chasing ambitions to be the third largest economy by 2030 while it ramps up infrastructure and invests trillions.

FIFA-accredited stadium". The largest of the five, Asteroid 2008 OS7, was first spotted in 2008 by NASA. It will zoom past Earth on 2 February, 2024, at a distance of 1.77 million miles, which is relatively close in cosmic terms.

In the second place was Pawan Munjal, CMD of Hero Moto Corp, with a compensation of ₹99.55 crore in FY23, up from ₹84.35 crore in the previous year, according to a study of the BSE 200 companies conducted for ET by leading search firm EMA Partners India.

By Kevin Buckland