Private and public sector banks will observe a holiday on May 23, 2024, in 18 states across India on account of Buddha Purnima. The holiday falls in line with the Reserve Bank of India’s (RBI) holiday list. However, digital banking services will remain accessible in these states despite the physical branches being closed.
Akshaya Tritiya, a significant Hindu festival, is observed across India on May 10th. This auspicious occasion is believed to bring prosperity and fortune, with many people considering it an ideal time to purchase gold. Consequently, private and public sector banks will remain closed on this day as per the Reserve Bank of India’s (RBI) holiday calendar for 2024.
The Madras High Court has directed the Reserve Bank of India (RBI) to reassess the shares and assets of Lakshmi Vilas Bank (LVB) and DBS Bank India Limited (DBIL) before the amalgamation and make a fresh decision on reducing share value and writing off Tier II bonds. The court emphasized the need for transparency in the merger process, highlighting that the RBI should not have rushed through it without disclosing reasons for rejecting objections.
The Reserve Bank of India (RBI) has released its April Bulletin, indicating that conditions are favorable for continued economic growth in India. However, extreme weather events and geopolitical tensions pose risks to inflation.
