Business

New Delhi: The Reserve Bank of India (RBI) has taken a strict stance on banking charges, pushing for greater transparency in fees and service charges across all banks. In collaboration with banks, the RBI is working to introduce a uniform system that discloses all charges in a standardized format, including detailed break-ups for loan processing fees. According to reports, the move aims to eliminate hidden and overlapping charges, ensuring that banking services are straightforward and clear for customers. Following government intervention earlier this year, most public sector banks had already removed penalties for minimum balance requirements. Clearer Rules for CustomersSources say the RBI wants banking charges to be completely transparent and easy to understand. Currently, discussi...

New Delhi: In a significant move, the Pension Fund Regulatory and Development Authority (PFRDA) has broadened the investment scope for pension funds under the National Pension System (NPS). Pension funds can now invest in Gold and Silver Exchange-Traded Funds (ETFs), REITs, Alternative Investment Funds (AIFs), and the top 250 Nifty stocks by market capitalization, up from the earlier limit of Nifty 200. According to a circular issued by PFRDA, investments in the top 250 stocks cannot exceed 25% of the total pension fund corpus. Allocation Guidelines: For retail and high-net-worth individual investors under non-government schemes, Gold and Silver ETFs have been classified under the equity category (Asset Class E), along with REIT units and equity-focused AIFs. Pension funds’ to...

New Delhi: Despite continued foreign outflows from the Indian market over the past few months, domestic mutual fund investors have shown renewed confidence in equities in November. Investments in equity mutual funds surged by 21%, reaching approximately ₹29,911 crore, after three consecutive months of decline. However, inflows through Systematic Investment Plans (SIPs) saw a marginal dip. At the same time, debt funds witnessed significant outflows. Data released on Thursday by the industry body AMFI (Association of Mutual Funds in India) highlighted these trends. AMFI CEO Venkat N Chalasani said, “Steady inflows have helped equity schemes maintain momentum and deliver growth.” Gold ETFs See Reduced InterestInvestments in Gold ETFs fell sharply, from ₹7,743 crore in October to ₹3,7...

Rizwan Sajan, the founder and chairman of Dubai-based Danube Group, is a name synonymous with determination, grit, and success. Born in a small slum in Mumbai’s Ghatkopar area, Rizwan’s early life was marked by hardship. His father later moved the family to a chawl in Pantnagar, Ghatkopar, but fate struck hard when Rizwan lost his father at the tender age of 16. With his education incomplete, the responsibility of running the household fell squarely on his young shoulders. Yet, Rizwan never lost hope. Today, he is a celebrated entrepreneur in the Gulf region, leading one of the most prominent real estate and construction material businesses. Humble BeginningsRizwan was born in a modest slum in Ghatkopar, Mumbai. Despite his father’s limited income, the family’s aspirations were high. Ri...

New Delhi: Indian stock markets ended on a positive note on Thursday, breaking a four-day losing streak. The Sensex closed 426.86 points higher at 84,818.13, while the Nifty gained 140.55 points to finish at 25,898.55. Sectoral PerformanceThe rally was led by auto and metal stocks. Nifty Auto rose 1.11%, while Nifty Metal gained 1.06%. Other indices also closed in the green: Nifty IT (+0.81%), Nifty PSU Bank (+0.51%), Nifty Pharma (+0.98%), Nifty Realty (+0.75%), and Nifty Infra (+0.37%). Market BreadthBuying momentum was seen across large-cap, mid-cap, and small-cap stocks. The Nifty Midcap 100 Index climbed 570.30 points (+0.97%) to 59,578.05, and the Nifty Smallcap 100 Index rose 137.90 points (+0.81%) to 17,228.05. Top Gainers and LosersAmong Sensex stocks, key gainers include...

New Delhi/Mexico City: Mexico has announced tariffs of up to 50% on a range of goods imported from India, China, South Korea, Thailand, Indonesia, and Vietnam. The move, approved by Mexico’s Senate, targets countries with which it does not have free trade agreements and will come into effect from January 1, 2026. Most goods will see tariff hikes of around 35%, while select items could face tariffs as high as 50%. Reasons Behind the TariffThe Mexican government says the move is intended to protect domestic industries, safeguard jobs, and strengthen economic policy. President Claudia Sheinbaum’s administration highlighted intense competition in sectors such as automobiles, textiles, steel, plastics, footwear, and other consumer and intermediate goods. The tariffs aim to reduce import depe...

New Delhi: Precious metals witnessed a sharp rally on Thursday, with silver leading the charge. On the Multi Commodity Exchange (MCX), March-delivery silver surged over 4%, climbing past ₹1.96 lakh per kilogram—an increase of more than ₹8,000 in a single day. Gold prices also rose, with February-delivery gold gaining over ₹1,800 per 10 grams. According to the India Bullion & Jewellers Association (IBJA), 24-carat gold in Delhi rose by ₹808 to ₹1,28,596 per 10 grams. Meanwhile, 22-carat gold increased to ₹1,17,794 per 10 grams, and 18-carat gold rose from ₹95,841 to ₹96,447 per 10 grams. In comparison, silver showed an even sharper rise, climbing ₹2,793 in 24 hours to reach an all-time high of ₹1,88,281 per kilogram, up from ₹1,85,488 per kilogram. Reasons Behind the RallySeveral ...

New Delhi: Days after the United States imposed steep tariffs on several trading partners, its close ally Mexico has now approved up to 50% tariffs on imports from India, China and several other Asian nations. The Mexican Senate has cleared the bill despite resistance from domestic industry groups and objections from affected countries. The new tariff regime will come into effect from 2026. Mexico is currently America’s largest trading partner, and this move is being seen as a major protectionist push ahead of the crucial review of the US-Mexico-Canada Agreement (USMCA). According to a Reuters report, this is Mexico’s strongest attempt in years to shield local manufacturers from growing import competition. The tariffs apply specifically to countries that do not have a free trade agre...

Mumbai: The upcoming IPO of ICICI Prudential Asset Management Company (ICICI Prudential AMC), a subsidiary of ICICI Bank and one of India’s largest asset managers, is drawing massive interest from marquee investors. Even before the issue opens, several high-profile names — including the Jhunjhunwala family, Madhu Kela, Manish Chokhani and Prashant Jain — have already bought into the company. The IPO, valued at ₹10,602 crore, opens on December 12 and will close on December 16. Prudential Offloads 4.5% Stake Worth ₹4,900 Crore Ahead of the IPO, UK-based Prudential Corporation has sold its 4.5% stake in the company for approximately ₹4,900 crore. ICICI Bank, the co-promoter, along with several other domestic and global investors, has collectively invested ₹2,675 crore at the upper pr...

New Delhi: Gold and silver prices soared sharply on Wednesday after the US Federal Reserve announced its third consecutive interest rate cut. Though the reduction was smaller than widely expected, it triggered a strong rally in precious metals. Silver, in particular, climbed back to a fresh all-time high, reflecting robust global demand. Gold Jumps Over ₹700 on MCX On the Multi Commodity Exchange (MCX), gold futures for February 5 delivery opened at ₹1,30,250 per 10 grams, up from the previous close of ₹1,29,796. In early trade, prices touched an intraday high of ₹1,30,590. At 10:30 am, gold was trading ₹731 higher, rising 0.56% to ₹1,30,527 per 10 grams. Silver Hits Record Levels Again Silver witnessed another spectacular rise. Futures for March 5 delivery opened at ₹1,89,9...