Bank holiday: Are banks across India open or closed tomorrow, June 6?
According to the official website of RBI, May 6 is a declared holiday under Negotiable Instruments Act. Banks only in Kochi and Thiruvananthapuram will remain closed tomorrow. Banks across all other states will remain open for customers.
While on May 6 only some banks will observe a closure, for May 7 banks in several states will remain closed. Only banks in Ahmedabad, Gangtok, Itanagar, Kochi and Thiruvananthapuram will remain open. On June 7, banks in all other states will remain closed.
Eid ul-Adha, also known as Bakrid, will be celebrated on Saturday, June 07, 2025. Its origins can be traced back to the story of Prophet Ibrahim who received a divine command to sacrifice his son as a test of his devotion to Allah. It is a day when people reflect on spiritual renewal, devotion and submission to Allah.
During the bank holiday, customers will not be able to conduct any cheque transactions or transactions related to promissory notes. However they can access their accounts through net banking, mobile applications and ATM, that will remain in service.
RBI has declared a total of 5 holidays in Junes including on June 6, 7, 11, 27 and on June 30. Additionally, bank holidays are also observed every second and fourth Saturdays.
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Economic Times
3 minutes ago
- Economic Times
Disinflation is going to be the big theme for India; CPI may fall to 1.3%, below RBI target: Sonal Varma, Nomura
Sonal Varma, Managing Director and Chief Economist (India and Asia ex-Japan), Nomura, anticipates moderation in India's CPI, potentially falling below RBI's target. Food inflation might enter the deflation stage, with core inflation also easing. RBI's FY26 inflation projection could be overshot. Global trade tensions impact inflation differently, with disinflation expected in India. US inflation data is also keenly awaited, especially core CPI, amidst tariff pressures and labor market concerns. ADVERTISEMENT What is your own outlook on today's (August 12, 2025) CPI release? What would be the factors in play and would we see an easing off from the previous month too? Sonal Varma: Yes, absolutely. We think it is going to be an across-the-board moderation. On headline CPI, we are expecting a moderation to 1.3% from 2.1%, going below the RBI's 2% to 6% tolerance band. We think it will be driven by a combination of both food inflation getting into a deflationary territory plus a moderation in core inflation. Core inflation had popped up to 4.5% in June, and that was partly because of the impact of gold prices, some of which has reversed. So, we are also expecting core inflation to moderate to 4% from 4.5%. What do you make of the upcoming projections for the inflation print because during the RBI meeting, they have stuck to that 4% mark, but they are also hopeful that going ahead, we might see an inch up. When do you think we can see a jump up? Sonal Varma: On average, in FY26 RBI did lower its projection to 3.1% from 3.7%. In our estimate, inflation is likely to undershoot even this revised estimate of the RBI. So, for FY26, we are projecting 2.7% on average. On the quarterly projections, we think we will continue to see further downside surprises. As for why, I think the food moderation is exaggerated because of vegetable deflation, but it is a more broad-based moderation in food prices across pulses and cereals as well and the outlook on growth looks less rosy compared to two weeks back. Indian bonds muted ahead of domestic, US CPI data If there is a negative demand shock, then underlying core inflation in our view is going to stay benign. So yes, base effects will push up CPI inflation early 2026 but I would underline its base effect, the momentum measures in inflation suggest underlying inflation is below the 4% midpoint target of the RBI. Since everything around our lives right now is being run by trade wars and geopolitical tensions, does it have any bearing on inflation in India as well as globally in the near term? Sonal Varma: It definitely does have some impact. For instance, in the US, the question is whether tariffs are going to be inflationary or not and to what degree. For instance, the US core CPI reading we are getting tonight will be an important aspect to make that judgment. But on the other side of the equation, a lot of these exporters that are exporting to the US and in a number of product categories, the exporters are taking a profit margin hit. In India for instance, if this penalty of 25% on Russian oil stays and the announced tariff rate of 50% sticks, then the negative impact on growth will mean there is an excess supply of a number of potential categories. So, while tariffs are inflationary in the US, they are disinflationary in the rest of the world including in India partly because of this tariff impact and what it does to China's over capacity and some of that hitting other shores as well. So, it is important but for India, we think disinflation is going to be the big theme. ADVERTISEMENT Let us talk about food inflation in particular. We are expecting to see a year-on-year decline and given the healthy monsoons this year, what is your outlook on vegetable prices, pulses, food grains, cereals? Where are we headed on the food inflation front? Sonal Varma: Right now, we are going through a trough in terms of food inflation. So, the negative readings are likely to continue for some time. It is important to bifurcate the volatile components of food such as vegetable prices where you can have extreme highs and extreme lows. Currently, we are going through the lows vis-à-vis the more durable components of food inflation, the likes of cereals, pulses, and some of the other items and the favourable monsoon season plus the carry forward stock we have on some cereal does suggest that the more durable component of food inflation should also stay benign. Unlock 500+ Stock Recos on App So, on the whole, we are going through the lows on food inflation which is an exaggeration but the durable components are also looking favourable. So, food inflation should not be a challenge in FY26 in our view. ADVERTISEMENT The markets are waiting for the India inflation print, but today, of course, all eyes will be on the US inflation print as well. What number can the markets really see on that front? Sonal Varma: For us the focus is primarily on the core CPI and consensus expectations are for core CPI to be up 0.3% on a month-on-month basis. We do see signs that goods inflation likely increased because of the tariff induced price pressures plus some of the more volatile components of services inflation like dropping airfares. We are also expecting some increase there and going forward, as the effective tariff rate in the US increases, there will be more evidence of goods prices moving higher in the US. In the next three-four months, we are expecting above target inflation to sustain in the US which is going to complicate the Fed's decision given the weak labour market report. (You can now subscribe to our ETMarkets WhatsApp channel)
Indian Express
3 minutes ago
- Indian Express
Small Finance Bank transition to Universal Bank: A must-know for the UPSC Exam
Take a look at the essential events, concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your UPSC Current Affairs knowledge nugget for today on transition from a small finance bank (SFB) to a universal bank. (Relevance: The topic of banking forms an important part of the UPSC CSE syllabus. Previously, questions have been asked on various dimensions of it; thus, knowing about the small finance banks becomes important.) The Reserve Bank of India has decided to grant 'in-principle' approval to AU Small Finance Bank Ltd. (AUSFB) for transitioning from a small finance bank (SFB) to a universal bank. The universal bank status will allow AU Bank to offer a wide range of financial services and products under one roof without many restrictions, unlike a small finance bank. In this context, let's understand what SFBs are and the criteria for transitioning into a universal bank. 1. The banking sector plays a key role in the function of the economy. Apart from commercial banks, the Indian economy has witnessed the rollout of some new banking models like payments and SFBs under the regulation of the Reserve Bank of India (RBI). 2. SFBs in India are a specific segment of banking created by RBI, under the guidance of the Government of India. The objective of setting up SFBs is to further financial inclusion by extending banking services to unserved and underserved sections of the population and supplying credit to small business units, small & marginal farmers, micro and small industries and other unorganised sector entities through high technology & low-cost operations. 3. The scope of activities of an SFB is primarily to undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections. In the Union Budget 2014-2015 presented on July 10, 2014, the Finance Minister announced that: 'RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interests, local area banks, payment banks etc., are contemplated to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force'. Following the announcement, the RBI issued following guidelines for SFBs in November 2014: a. The minimum paid-up equity capital for small finance banks shall be Rs. 100 crore. b. SFBs are required to open at least 25% of their branches in unbanked rural centres. c. At least 50 per cent of its loan portfolio should constitute loans and advances of upto Rs. 25 lakh. d. Further, these banks are required to extend 75% of their adjusted net bank credit to the priority sector. According to the RBI, 'If the small finance bank aspires to transit into a universal bank, such transition will not be automatic but will be subject to fulfilling the minimum paid-up capital/net worth requirement as applicable to universal banks, its satisfactory track record of performance as a small finance bank, and the outcome of the Reserve Bank's due diligence exercise.' The eligibility criteria for an SFB to transition into a universal bank include: 1. Scheduled status with a satisfactory track record of performance for a minimum period of five years. 2. Listing on a recognised stock exchange and minimum net worth of Rs 1,000 crore as at the end of the previous quarter (audited). 3. Having a net profit in the last two financial years and gross Non-Performing Asset (NPA) and net NPA of less than or equal to 3 per cent and 1 per cent respectively in the last two financial years. 4. They should also meet the prescribed CRAR requirements for SFBs. 1. NBFC is a company registered under the Companies Act, 1956 or Companies Act, 2013, and engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, etc., as their principal business, but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property. 2. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company). 3. Notably, banks and NBFCs are different entities subject to different statutory and regulatory requirements. However, NBFCs lend and make investments and hence these activities are akin to that of banks. The major differences between banks and NBFCs are given below: i. NBFCs cannot accept demand deposits; ii. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself; iii. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation (DICGC) is not available to depositors of deposit taking NBFCs. Capital to risk weighted assets ratio is arrived at by dividing the capital of the bank with aggregated risk weighted assets for credit risk, market risk and operational risk. The higher the CRAR of a bank the better capitalized it is. NBFCs can accept deposits from NRIs subject to compliance with Foreign Exchange Management (Deposit) Regulations 2016 (as amended from time to time) and also subject to the condition that the rate of interest on these deposits shall not exceed the rate specified by the Reserve Bank for such deposits with scheduled commercial banks What is/are the eligibility criteria for an SFB to transition into a universal bank according to the RBI? 1. Scheduled status with a satisfactory track record of performance for a minimum period of three years. 2. Listing on a recognised stock exchange and minimum net worth of Rs 1,000 crore as at the end of the previous quarter (audited). 3. Meet the prescribed CRAR requirements for SFBs. 4. Having a net profit in the last two financial years and gross NPA and net NPA of less than or equal to 3 per cent and 1 per cent respectively in the last two financial years. Select the correct answer using the codes given below: (a) 1 and 4 only (b) 1, 2 and 4 (c) 2 and 3 only (d) 2, 3 and 4 (Sources: AU Small Finance Bank gets RBI nod to become universal bank) You are invited to the next Express with Uttam Kumar Sinha, Senior Fellow at Manohar Parrikar-IDSA and Managing Editor of Strategic Analysis in conversation with Amitabh Sinha, Editor, Climate and Science, The Indian Express. Date:- June 13, 2025 l Time:- 6:00 P.M.|Place:- Zoom Topic- Indus Waters Treaty Join Now: Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – Indian Express UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for July 2025. Share your views and suggestions in the comment box or at Roshni Yadav is a Deputy Copy Editor with The Indian Express. She is an alumna of the University of Delhi and Jawaharlal Nehru University, where she pursued her graduation and post-graduation in Political Science. She has over five years of work experience in ed-tech and media. At The Indian Express, she writes for the UPSC section. Her interests lie in national and international affairs, governance, economy, and social issues. You can contact her via email: ... Read More
Time of India
10 minutes ago
- Time of India
Disinflation is going to be the big theme for India; CPI may fall to 1.3%, below RBI target: Sonal Varma, Nomura
Sonal Varma , Managing Director and Chief Economist (India and Asia ex-Japan), Nomura , anticipates moderation in India's CPI, potentially falling below RBI's target. Food inflation might enter the deflation stage, with core inflation also easing. RBI's FY26 inflation projection could be overshot. Global trade tensions impact inflation differently, with disinflation expected in India. US inflation data is also keenly awaited, especially core CPI, amidst tariff pressures and labor market concerns. What is your own outlook on today's (August 12, 2025) CPI release? What would be the factors in play and would we see an easing off from the previous month too? Sonal Varma: Yes, absolutely. We think it is going to be an across-the-board moderation. On headline CPI, we are expecting a moderation to 1.3% from 2.1%, going below the RBI's 2% to 6% tolerance band. We think it will be driven by a combination of both food inflation getting into a deflationary territory plus a moderation in core inflation. Core inflation had popped up to 4.5% in June, and that was partly because of the impact of gold prices, some of which has reversed. So, we are also expecting core inflation to moderate to 4% from 4.5%. Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Seniors Are Snapping Up This TV Box, We Explain! Techno Mag Learn More Undo What do you make of the upcoming projections for the inflation print because during the RBI meeting, they have stuck to that 4% mark, but they are also hopeful that going ahead, we might see an inch up. When do you think we can see a jump up? Sonal Varma: On average, in FY26 RBI did lower its projection to 3.1% from 3.7%. In our estimate, inflation is likely to undershoot even this revised estimate of the RBI. So, for FY26, we are projecting 2.7% on average. On the quarterly projections, we think we will continue to see further downside surprises. As for why, I think the food moderation is exaggerated because of vegetable deflation, but it is a more broad-based moderation in food prices across pulses and cereals as well and the outlook on growth looks less rosy compared to two weeks back. If there is a negative demand shock, then underlying core inflation in our view is going to stay benign. So yes, base effects will push up CPI inflation early 2026 but I would underline its base effect, the momentum measures in inflation suggest underlying inflation is below the 4% midpoint target of the RBI. Since everything around our lives right now is being run by trade wars and geopolitical tensions, does it have any bearing on inflation in India as well as globally in the near term? Sonal Varma: It definitely does have some impact. For instance, in the US, the question is whether tariffs are going to be inflationary or not and to what degree. For instance, the US core CPI reading we are getting tonight will be an important aspect to make that judgment. But on the other side of the equation, a lot of these exporters that are exporting to the US and in a number of product categories, the exporters are taking a profit margin hit. Live Events You Might Also Like: Indian bonds muted ahead of domestic, US CPI data In India for instance, if this penalty of 25% on Russian oil stays and the announced tariff rate of 50% sticks, then the negative impact on growth will mean there is an excess supply of a number of potential categories. So, while tariffs are inflationary in the US, they are disinflationary in the rest of the world including in India partly because of this tariff impact and what it does to China's over capacity and some of that hitting other shores as well. So, it is important but for India, we think disinflation is going to be the big theme. Let us talk about food inflation in particular. We are expecting to see a year-on-year decline and given the healthy monsoons this year, what is your outlook on vegetable prices, pulses, food grains, cereals? Where are we headed on the food inflation front? Sonal Varma: Right now, we are going through a trough in terms of food inflation. So, the negative readings are likely to continue for some time. It is important to bifurcate the volatile components of food such as vegetable prices where you can have extreme highs and extreme lows. Currently, we are going through the lows vis-à-vis the more durable components of food inflation, the likes of cereals, pulses, and some of the other items and the favourable monsoon season plus the carry forward stock we have on some cereal does suggest that the more durable component of food inflation should also stay benign. So, on the whole, we are going through the lows on food inflation which is an exaggeration but the durable components are also looking favourable. So, food inflation should not be a challenge in FY26 in our view. The markets are waiting for the India inflation print, but today, of course, all eyes will be on the US inflation print as well. What number can the markets really see on that front? Sonal Varma: For us the focus is primarily on the core CPI and consensus expectations are for core CPI to be up 0.3% on a month-on-month basis. We do see signs that goods inflation likely increased because of the tariff induced price pressures plus some of the more volatile components of services inflation like dropping airfares. We are also expecting some increase there and going forward, as the effective tariff rate in the US increases, there will be more evidence of goods prices moving higher in the US. In the next three-four months, we are expecting above target inflation to sustain in the US which is going to complicate the Fed's decision given the weak labour market report. You Might Also Like: MoSPI proposes new base years for IIP, GDP & CPI
