India's Economic Growth, RBI Penalties and Pension Demand and More
Your daily dose of financial news in a minute plus expert advisor views.
🗞️India's economy expected to be 'little weaker' in 2025, says IMF chief
IMF Managing Director Kristalina Georgieva noted, “The U.S. is doing quite a bit better than we expected before, the EU is somewhat stalling, and India a little weaker.”
Expert opinion: "The US is doing quite a bit better than we expected before, the EU is somewhat stalling, (and) India a little weaker," Georgieva said without substantiating any further.
🗞️ India adds record renewable energy capacity of about 30 GW in 2024
India achieved a record addition of 30 GW of renewable energy capacity in 2024, more than doubling the 13.75 GW added in 2023. This brings India closer to its goal of 500 GW by 2030.
Expert opinion: "Exponential growth from 13.75 GW in 2023 to around 30 GW in 2024, resulting in achieving nearly 218 GW now underscores India's growing commitment to clean energy," said New & Renewable Energy Minister Pralhad Joshi.
🗞️ Government forms crisis management group to tackle bank strikes and ensure continuity
To address planned strikes by public sector bank employees, the government has set up a crisis management group. This group will ensure business continuity by strengthening SOPs like ATM replenishment and branch services.
The AIBOC is demanding a five-day work week and the withdrawal of recent performance review directives.
🗞️ Penalties surge as RBI cracks the whip on lenders
The RBI imposed significantly higher penalties on banks in FY24, with public sector banks paying six times more and private banks doubling their fines compared to the previous year.
This action follows heightened regulatory vigilance post the near-collapse of Yes Bank, focusing on surveillance and stricter compliance enforcement.
🗞️ Pensioners’ delegation calls upon Finance Minister; demands ₹7,500 minimum monthly pension under EPS-95
Pensioners are seeking an increase in the minimum monthly pension from ₹1,000 to ₹7,500, along with DA and free medical treatment for both pensioners and their spouses.
Market Updates:
BSE Sensex: Closed at 65,432.10 points, up by 150.25 points (+0.23%).
NSE Nifty 50: Closed at 19,543.75 points, up by 45.80 points (+0.23%).
Commodity Prices:
Gold (24K): ₹79,653 per 10 grams (Delhi).
Gold (22K): ₹73,033 per 10 grams (Delhi).
Silver: ₹96,700 per kg (Delhi).
Notes: Gold and silver saw modest price increases, with 24K gold rising by ₹270 per 10 grams and silver by ₹1,200 per kg compared to the previous day.