EPFO members will soon withdraw provident fund money directly using UPI. Testing is complete, and funds will transfer to linked bank accounts. This move simplifies access for over seven crore members. EPFO is also enhancing services through WhatsApp and has significantly reduced litigation cases. These initiatives aim to improve service delivery and member convenience.
India’s enduring love for gold spans centuries, evolving from tradition to modern investment. Women hold vast reserves, and the market is set for significant growth. Digital gold and ETFs are gaining traction alongside traditional jewellery. Gold remains a symbol of prosperity, security, and auspiciousness for Indians across generations.
The Indian rupee hit an all-time low against the US dollar on Wednesday, pressured by soaring oil prices and rising US Treasury yields. Geopolitical tensions and potential global rate hikes further weakened emerging market currencies. Analysts warn of continued pressure on the rupee, with forecasts revised upwards. Reserve Bank of India interventions helped curb the
Milma milk prices in Kerala will increase by Rs 4 per litre from June 1. This hike aims to support dairy farmers, who will receive the majority of the additional revenue to offset rising production, procurement, and distribution costs. Factors like drought, fuel prices, and packaging expenses necessitate this revision.
US stocks edged higher, nearing record highs as easing bond market pressure and strong corporate earnings bolstered investor sentiment. Treasury yields slightly retreated, offering relief from rising borrowing costs. Oil prices also declined, though gasoline prices continued to climb. Investor focus now shifts to Nvidia’s upcoming earnings report.
The Reserve Bank of India is injecting $5 billion into the banking system through a USD/INR buy-sell swap auction on May 26. This move aims to boost long-term liquidity amidst a weakening rupee and global uncertainties. Banks will sell dollars to the RBI and buy them back in three years, with bids based on premium
Indian bank branches see most frequent visits from entrepreneurs, rural customers, and the affluent, driven by cash transactions and advisory needs. Younger, digital-native users are least likely to visit, preferring online services. Despite rising mobile adoption, demand for enhanced digital support and continued branch relevance for complex interactions is evident.
