Business
Growth of bank deposits slowed down in FY2022
The growth of bank deposits across the market have slowed down to 10 per cent year-on-year (YoY) as per the Reserve Bank of India’s (RBI) data, said Kotak Securities Ltd in a report.
According to the report, there is a perceptible slowdown in the bank deposit growth in metropolitan, semi-urban and rural India with household savings being relatively weak.
Further the bank branch expansion has slowed down mainly by the public sector banks.
The report said private banks continue to gain market share but their dominance is much more in urban markets as compared to rural and semi-urban markets.
The current account, savings account (CASA) deposits has slowed although the ratio has moved up higher to approximately 45 per cent led by higher savings ratio in recent years.
The private banks have increased their market share in current account and in the corporate segment while public banks have been losing share steadily in the household and government sectors, Kotak Securities said.
As per the report, the duration of term deposits continues to fall, especially post Covid and the share of non-individuals is quite high at 45 per cent of the overall term deposits.
Given the nature of deposits where non-individuals have a higher share in term deposits, the duration of these deposits has declined but it raises concern as it is likely to be sensitive as interest rate reverses, Kotak Securities said.
The growth of CASA deposits is at a much faster pace than term deposits partly driven by slower demand for deposits as loan growth has been slow or probably due to excess savings during the Covid period.
“As loan growth recovers, we are likely to see a greater push towards mobilising deposits, which implies that the competition would shift from CASA deposits to term,” Kotak Securities said.
The trend to save through CASA deposits is much higher post demonetization and has accelerated during Covid as well. Trends are showing a sign of reversal as the growth rate has started to slow across regions and banks.
Business
Air India to resume Delhi-Tel Aviv direct flights from March 2
New Delhi, Jan 29: Air India on Wednesday announced that it will restart its non-stop flights between Delhi and Tel Aviv, with the first flight scheduled to take off on March 2.
Resuming flights is part of the airline’s efforts to expand its international routes and improve travel options between India and Israel, it said in a statement.
The airline will operate five flights a week on this route, using its Boeing 787-8 Dreamliner aircraft.
These planes offer 18 flat-bed seats in Business Class and 238 spacious seats in Economy Class. The direct service is expected to make travel between Delhi and Tel Aviv more convenient.
According to Air India, flight AI139 will depart from Delhi on Monday, Tuesday, Wednesday, Thursday, and Sunday at 3.55 p.m. (IST) and arrive in Tel Aviv at 7.25 p.m. (local time).
The return flight, AI140, will leave Tel Aviv at 9.10 p.m. and land in Delhi at 6:10 a.m. the following morning.
“Bookings for the Delhi-Tel Aviv flights are now open. Passengers can reserve their seats through Air India’s website, mobile app, or travel agents,” said the national carrier.
Air India’s decision to resume this route came after receiving the necessary approvals. The airline aims to strengthen its global network, particularly in the Middle East and Europe.
The national carrier had halted flight operations to and from Tel Aviv last year amid growing tensions in parts of the Middle East, saying they were continuously monitoring the situation.
The revival of this service is expected to boost travel between India and Israel, further enhancing diplomatic and business ties between the two nations.
Meanwhile, the Tata group-owned airline announced earlier this month that the company will offer inflight Wi-Fi Internet connectivity services on domestic flights.
Business
Cabinet gives approval for launch of Rs 34,300 crore National Critical Mineral Mission
New Delhi, Jan 29: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the launch of the National Critical Mineral Mission with an outlay of Rs 16,300 crore and expected investment of Rs 18,000 crore by public sector undertakings (PSUs).
Briefing the media after the Cabinet meeting, Union Minister for Information and Broadcasting Ashwini Vaishnaw said that the mission aims to reduce the dependence on the import of critical minerals and ensure self-reliance.
The National Critical Mineral Mission, approved by the Union Cabinet, will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.
The mission will intensify the exploration of critical minerals within the country and in its offshore areas. It aims to create a fast-track regulatory approval process for critical mineral mining projects, according to an official statement.
Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.
As part of the Atmanirbhar Bharat initiative, and recognising the indispensable role of critical minerals in high-tech industries, clean energy, and defence, the Indian government has undertaken several initiatives over the past two years to address challenges in the critical minerals sector.
Finance Minister Nirmala Sitharaman announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on July 23, 2024, to establish an effective framework for India’s self-reliance in the critical mineral sector.
The mission aims to encourage Indian PSUs and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes the development of a stockpile of critical minerals within the country.
The mission includes provisions for setting up mineral processing parks and supporting the recycling of critical minerals.
It will also promote research in critical mineral technologies and proposes setting up a Centre of Excellence on critical minerals.
Adopting a whole-of-government approach, the Mission will work closely with relevant Ministries, PSUs, private companies, and research institutions to achieve its objectives.
Mines and Minerals (Development and Regulation) Act, 1957, has been amended in 2023 to increase the exploration and mining of critical minerals.
Consequently, the Ministry of Mines has auctioned 24 blocks of strategic minerals.
The Geological Survey of India (GSI) has undertaken 368 exploration projects for critical minerals over the past three years, with 195 projects currently underway in FS 2024-25.
For FY 2025-26, GSI is going to take up 227 projects for various critical minerals.
To foster innovation, the Ministry launched the Science and Technology — Promotion of Research and Innovation in Start-ups and MSMEs (S&T PRISM) program in 2023, funding start-ups and MSMEs to bridge the gap between R&D and commercialisation.
Moreover, KABIL, a Joint Venture of the Ministry of Mines, has acquired an area of about 15,703 hectares in the Catamarca province of Argentina, for exploration and mining of Lithium.
The Indian government has already eliminated customs duties on the majority of critical minerals in the Union budget 2024-25. This will increase the availability of critical minerals in the country and will encourage the industry to set up processing facilities in India. These initiatives highlight India’s commitment to securing critical mineral supplies, the statement added.
Business
Audi RS Q8 Performance Bookings Open At ₹5 Lakh; Launch On February 17; ₹1.6 Crore Anticipated Price
Audi has commenced pre-bookings for its high-performance SUV, the RS Q8 Performance, ahead of its official launch on February 17. Interested customers can reserve the vehicle through Audi’s official app or website with a booking amount of ₹5 lakh.
At the heart of the RS Q8 Performance lies a 4.0-litre twin-turbo V8 engine, delivering an impressive 640hp and 850Nm of torque. This powertrain enables the SUV to accelerate from 0 to 100 km/h in just 3.6 seconds.
With the optional dynamic package, it can achieve a top speed exceeding 305 km/h. The vehicle also features Audi’s renowned Quattro all-wheel-drive system, complemented by a sport differential for enhanced handling.
The RS Q8 Performance is set to compete with high-performance SUVs `such as the Lamborghini Urus SE and Porsche Cayenne GTS. While the standard Audi Q8 is priced at ₹1.17 crore (excluding options), the RS Q8 Performance is anticipated to be priced around ₹1.6 crore.
RS Q8: Fastest road legal production SUV around Nürburgring
Notably, the RS Q8 Performance holds the distinction of being the fastest production SUV around Germany’s Nürburgring circuit, underscoring its exceptional engineering and performance capabilities.
With its potent engine, advanced drivetrain, and competitive positioning, the Audi RS Q8 Performance is poised to make a significant impact in the luxury high-performance SUV segment upon its release.
-
Crime2 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra4 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra4 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra4 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News4 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Crime4 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra3 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News4 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface