Bank holiday today: Are banks in Mizoram closed for Remna Ni? Check here
There are a total of seven listed bank holidays in July this year. Besides this, all banks in India, public and private, have the second and fourth Saturdays as a holiday and all Sundays in the month are weekly offs.
The RBI and state governments create a list of holidays for banks, taking into account national and local occasions, operational requirements, religious celebrations and other cultural observances. The central bank makes the announcement through its official website and notifications to banks and other financial institutions.
June 30 (Monday) — Remna Ni — Banks closed in Mizoram.
July 3 (Thursday) — Kharchi Puja — Banks will be closed in Agartala to celebrate Kharchi Puja, a Hindu festival in Tripura dedicated to fourteen deities called Chaturdasha Devata.
July 5 (Saturday) — Guru Hargobind's Birthday — Banks will be closed in Jammu and Srinagar to mark Guru Hargobind's Birthday, the sixth of the ten Sikh Gurus.
July 6 (Sunday) — Banks closed pan-India.
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News18
an hour ago
- News18
SC recalls verdict ordering liquidation of Bhushan Power and Steel
Agency: PTI New Delhi, Jul 31 (PTI) In a significant development, the Supreme Court on Thursday recalled its controversial May 2 verdict that had ordered liquidation of Bhushan Power & Steel Limited (BPSL) while setting aside a resolution plan of JSW Steel Limited for the ailing firm. A bench comprising Chief Justice B R Gavai and Justice Satish Chandra Sharma observed that the May 2 judgment, authored by Justice Bela M Trivedi, since retired, did not 'correctly consider the legal position as has been laid down in the catena of judgments". Earlier, a bench of Justice Trivedi and Justice Satish Chandra Sharma had set aside a resolution plan of applicant JSW Steel Limited for BPSL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). The verdict had criticised the conduct of all key stakeholders in the resolution process, the resolution professional, the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT) for enabling what it termed a 'flagrant violation" of the IBC. On Thursday, a CJI-led bench said it was inclined to review the earlier judgment, which had quashed JSW Steel's resolution plan for the debt-ridden company. 'We are of the view that the impugned judgment does not correctly consider the legal position as has been laid down in the catena of judgments. Apart from that, it is submitted that various factual aspects have been taken into consideration, arguments which were not advanced were also considered though this position is disputed. 'This is a fit case wherein judgment under review needs to be recalled and the matter is to be considered afresh," the bench ordered and fixed the pleas for hearing on next Thursday. The court added that certain factual aspects were considered and arguments not advanced were also factored into the verdict, raising grounds for reconsideration. In an open court hearing, the CJI expressed shock after he was intimated that there were as many as 25,000 workers presently working in the BPSL which has been revived by JSW Steel by infusing Rs 30,000 crore. Emphasising the human impact of the impugned judgment, the bench said, 'We should also look at the larger picture. 25,000 people cannot be thrown on the road." Solicitor General Tushar Mehta argued that the May 2 judgment interfered with the commercial wisdom of the CoC, something courts are generally barred from doing under the IBC. 'Liquidation is not part of the preamble of the IBC… the main aim of the IBC is to ensure that the company gets revived," the law officer said. 'No question of law arises in this case. Findings were rendered merely on the basis of doubt," he said. The law officer also pointed out that JSW has been running the company since 2021 and has taken loans to revitalise operations. 'This company was once part of the RBI-identified 'dirty dozen'. It is now a healthy, operational entity employing 25,000 people," he added. Senior advocate Neeraj Kishan Kaul, appearing for JSW, said that 97.75% of creditors had approved the resolution plan and that it had been upheld by both the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). 'The plan has been fully implemented. Fresh capital expenditure has been infused, and all creditors have been paid. The turnover has increased," Kaul said. The senior lawyer assailed the impugned judgment for setting a 'dangerous precedent" and noted that the Enforcement Directorate's provisional attachment came only after the plan was approved, leading to prolonged litigation. He also contended that promoters, who had delayed the process, were now attempting to derail the plan and push for liquidation. 'The very object of IBC is being frustrated," he said. The lawyers questioned the apex court's invocation of Article 142 of the Constitution. Article 142 grants the top court the power to pass any order necessary to ensure 'complete justice" in any matter pending before it. 'Power under Article 142 has been used to do complete justice. Not to do injustice to 25,000 people," the CJI said. Authoring a 105-page judgment for the bench, Justice Trivedi had criticised multiple stakeholders, including successful resolution applicant (SRA) JSW Steel Limited, for procedural lapses and failure to uphold the objectives of the IBC. The bench had held that the CoC failed to exercise its commercial wisdom while approving JSW's resolution plan, which was in absolute contravention of the mandatory provisions of the IBC and CIRP regulations. The impugned verdict declared the NCLT orders of September 5, 2019 and the NCLAT judgment of February 17, 2022 as 'perverse" and lacking jurisdiction, and consequently, set those aside. The bench had rejected the resolution plan of JSW, as approved by the CoC, for being non-compliant with the IBC. The NCLT was subsequently directed to initiate liquidation proceedings against BPSL under section 33(1) of the IBC, exercising the court's powers under Article 142 of the Constitution. The top court had said the CoC should not have accepted the resolution plan. In exercise of the powers under section 33(1) of the IBC and Article 142 of the Constitution, the bench had directed the NCLT to initiate liquidation proceedings against the corporate debtor. PTI SJK SJK KSS KSS (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 31, 2025, 16:45 IST News agency-feeds SC recalls verdict ordering liquidation of Bhushan Power and Steel Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
an hour ago
- News18
Rupee recovers 22 paise from all-time low to close at 87.58 against US dollar
Mumbai, Jul 31 (PTI) The rupee recovered 22 paise from its all-time low to 87.58 (provisional) against the US dollar on Thursday, amid lower crude prices and suspected RBI interventions, after US President Donald Trump's announcement of 25 per cent tariffs on Indian imports and a penalty for buying Russian Crude. Forex traders said the rupee, after plunging 89 paise, logging its steepest single-day fall in over three years on Wednesday, recovered some lost ground but the broader outlook remains cautious. At the interbank foreign exchange, the domestic unit opened at 87.66 against the greenback, touched an intra-day low of 87.74 and a high of 87.51 against the American currency. At the end of Thursday's trading session, the local unit settled at 87.58 (provisional), down 22 paise over its previous closing price. Forex traders said following the US' imposition of a 25 per cent tariff on Indian exports triggered risk-off sentiment and heightened concerns regarding further rupee depreciation. Till there is clarity on the tariff front, pressure on the rupee is likely to persist, CR Forex Advisors MD Amit Pabari said, adding that a meaningful reversal can only be expected if the pair breaks below 87.20, which currently acts as a key support level. On Wednesday, the rupee closed at an all-time low of 87.80 against the US dollar after America announced a sweeping 25 per cent tariff on Indian imports in the absence of a trade deal ahead of the August 1 deadline. It was not clear if the 25 per cent duty will be imposed in addition to the existing 10 per cent baseline tariff. The 10 per cent tariff, which currently applies to most Indian goods barring a few, was announced by Trump on all countries on April 2. Also, the exact quantum of the penalty is unclear. Meanwhile, negotiations for the proposed bilateral trade agreement are on as a US team is visiting New Delhi on August 25 for the sixth round of talks. The top officials of the two countries concluded the fifth round recently in Washington. 'While the RBI may also intervene in the spot market to control volatility, the broader outlook remains cautious. If the rupee continues to face downward pressure then could potentially test the resistance level of 88 should trade tensions escalate further," said Harsimran Sahni, EVP & Head – Treasury, Anand Rathi Global Finance. In the domestic equity market, the 30-share BSE Sensex declined 296.28 points, or 0.36 per cent, to close at 81,185.58, while the Nifty fell 86.70 points, or 0.35 per cent, to settle at 24,768.35. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.03 per cent to 99.84. Brent oil prices fell 0.67 per cent to USD 72.75 per barrel. Meanwhile, the US Fed held interest rates steady and signalled it is too early to consider rate cuts, which has supported the dollar throughout the month of July. Foreign institutional investors (FIIs) offloaded equities worth Rs 850.04 crore on a net basis on Wednesday, according to exchange data. PTI DRR HVA view comments First Published: July 31, 2025, 16:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
2 hours ago
- Mint
Indira Rajaraman: Consider turfing out short-term equity derivatives
Jane Street. When the name surfaced in the financial press, it looked like a new designer clothing label. I discovered it was a trading house which had come into focus at the Securities and Exchange Board of India (Sebi), the equity market watchdog, for alleged manipulation. In focus was something called a Bank Nifty weekly options index (now closed), but there remain other weekly indices, run by the National Stock Exchange and Bombay Stock Exchange. Having never engaged with the stock market, either financially or academically, I had never peered at those instruments. But the compelling reason for not neglecting them now is that index options have entered the pages of the half-yearly Financial Stability Report (FSR) issued by the Reserve Bank of India (RBI), including the latest June 2025 issue. Financial Stability Reports are an outcome of the global financial crisis of 2008. The G-20, as a wider group of countries than the G-7, also emerged as an outcome of that crisis. The International Monetary Fund (IMF) exhorted member countries to issue periodic reports on their internal financial stability. In India, this responsibility fell to RBI. The FSRs of RBI are very well-written, and should be compulsory reading for all students of economics at any level. My sense, though, is that they are not very widely read (I hope I am wrong on this). Also Read: Somnath Mukherjee: Sebi's Jane Street order was the canary our market needed The FSR has to be optimistic overall, since any alarm bells could by themselves be triggers for financial instability. Wisely, RBI collects opinions by circulating a questionnaire among an anonymous panel of (unpaid) respondents as part of a Systemic Risk Survey, tabulated in an Annex of every FSR. This makes the FSR more broad-based than a document driven solely by analysis done within RBI. The FSR must necessarily do a wide-angle surveillance of financial markets and regulatory agencies, including Sebi. But RBI, as the banking regulator itself, must tread a thin line between advising what other regulators like Sebi could do to improve financial stability, while at the same time refraining from overt criticism. Also Read: The bumpy road of derivatives: Take a close look at Jane Street's potholed path to market riches The latest June 2025 report praises Sebi for its prompt action on a number of fronts. But some paragraphs are so important that they need to be quoted at length, like No. 1.38 of the report: 'The growing participation of individual investors and associated risks in the equity derivatives segment were highlighted in (the) June 2024 FSR. Since then, the SEBI has taken several important measures to strengthen this market segment, including but not limited to, rationalization of weekly index derivatives products, increase in tail risk coverage on the day of options expiry, ensuring expiry of all index derivatives products on single day of the week, increase in contract sizes, upfront collection of option premium from buyers, removal of calendar spread treatment on the expiry day and intraday monitoring of position limits. Consequently, between December 2024 and March 2025, the average daily traded value by individuals and number of individuals trading per month declined by 14.4 per cent and 12.4 per cent, respectively, compared to an increase of 47.6 per cent and 101.8 per cent, respectively, between December 2023 and March 2024." Also Read: Andy Mukherjee: Jane Street's secret sauce for Indian markets should be tested out While Sebi certainly deserves to be commended for its corrective actions, why allow weekly index derivatives at all, and especially open to retail participation? These complex financial instruments might be comprehended by enough individuals in New York or London to give depth to those derivatives markets, but here in India, do we really have enough individuals who know what they are plunging into? Most seem to be engaging in a market they don't understand, a blind gamble. It should not be surprising that mountains of losses have been suffered by individuals in the equity derivatives market. In currency markets, it makes sense to have derivatives, to iron out the volatility inherent in freely tradable currencies, about which we first learned from the work of Rudiger Dornbusch. But in equity markets, do weekly index derivatives do anything to reduce volatility? Do they not actually enhance volatility? Surely, we can have long-term equity futures (a horizon of one year or more) without weekly derivatives. Also Read: Jane Street: Gaming an outdated system is not necessarily illegal in India If, as the Sebi report of 2024 reported, the majority of losses are suffered by young participants from small towns, it is no surprise that real growth in the Indian economy is being held back by sluggish consumer demand. Equity derivatives, with that kind of participation, are a self-inflicted wound to the real economy. They distort choices among young earners in small-town India. After the seminal work of Daniel Kahneman, these kinds of policy mistakes should not have been made. Purchasing power has been diverted from current consumption, which could then have kick-started real investment by the domestic manufacturing sector. The Bank Nifty index covered a very small number of stocks and was therefore particularly vulnerable to manipulation. But the case for banning all weekly index derivatives is strong. Particularly at a time of falling interest rates, those options will become even more attractive. Equity markets are meant to encourage informed risk taking, not misinformed plunges into short-term derivatives of the kind still on offer on Indian exchanges. The author is an economist.
