Scott Bessent also a contender to succeed Fed Chief Powell
Advisers are suggesting Treasury Secretary Scott Bessent as a potential successor to Jerome Powell as Federal Reserve chair. While Kevin Warsh, a former Fed official, is also under consideration, Bessent’s leadership in economic initiatives and trade negotiations positions him as a strong contender. Trump is expected to announce his decision soon.
RBI in talks with NBFCs to enable rate transmission
NBFCs play a crucial role in financial inclusion, as they extend credit to people, communities and small businesses that are often underserved by traditional banks. The RBI’s engagement signals a growing concern within the central bank over the lag in rate transmission by these institutions, even as banks have shown relatively better, albeit still partial, […]
Why did equity mutual fund inflows drop by 22% in May?
Equity mutual funds experienced a dip in inflows during May, falling to ₹19,013 crore as investors turned cautious amid high stock valuations. Despite this, SIP investments reached a record ₹26,688 crore. Debt funds saw outflows, while hybrid funds, particularly arbitrage funds, gained traction. Overall AUM for the mutual fund industry increased, driven by market gains.
Private sector banks slash FD rates following rate cut
Following the Reserve Bank of India’s policy rate cut, several banks including HDFC, ICICI, IDFC First, and Kotak Mahindra have decreased fixed deposit interest rates by 10-35 basis points. Public sector banks like Canara Bank and Indian Bank have also adjusted their rates downwards. These adjustments reflect lenders’ responses to the lower benchmark interest rates, […]