The Indian rupee has been facing significant pressure in recent times, prompting the country’s central bank to step up its defense of the currency in the offshore foreign exchange market. The rupee has been hovering near its record low against the US dollar, with some reports indicating that it has even plumbed new lows.

According to reports, the rupee rose by 2 paise to 88.75 against the US dollar in early trade, but this gain was short-lived as it ended lower amid negative cues from equities. The central bank’s defense of the rupee has been ongoing, with the bank selling dollars in the offshore market to prevent the rupee from depreciating further.

The rupee’s decline has been attributed to various factors, including a strong US dollar, rising crude oil prices, and a decline in investor sentiment. The Indian economy has also been facing challenges, including a slowdown in growth and a widening trade deficit.

Despite the central bank’s efforts to defend the rupee, the currency has continued to weaken, with some reports indicating that it has reached a new low of 88.80 against the US dollar. This has raised concerns about the impact of a weak rupee on the Indian economy, including higher import costs and inflation.

The central bank’s decision to step up its defense of the rupee in the offshore market is seen as a move to prevent the currency from depreciating further and to stabilize the foreign exchange market. The bank has been using various tools, including selling dollars and intervening in the forward market, to support the rupee.

Overall, the Indian rupee remains under pressure, and the central bank’s efforts to defend it are ongoing. The currency’s weakness has significant implications for the Indian economy, and the central bank’s actions will be closely watched in the coming days. With the rupee hovering near its record low, the central bank’s defense of the currency will be crucial in determining its future trajectory. The bank’s ability to stabilize the rupee and prevent further depreciation will be key to maintaining investor confidence and supporting the Indian economy.

A ‘Cyber Vigilance Workshop and Drawing Competition’ was recently hosted by a school in partnership with the Central Bank of India’s Regional Office in Shimla. The primary goal of this initiative was to educate students about the importance of digital safety and how to protect themselves from online threats. Led by Uttam Chand, Chief Manager of Vigilance, the workshop provided students with crucial knowledge on identifying and protecting themselves from phishing and fraud.

The interactive session aimed to empower students to become more responsible and cautious digital citizens. In addition to the workshop, a drawing competition was also held, which was attended by Principal Vinita Sood and senior bank officials. The principal expressed her delight at partnering with the Central Bank of India, stating that the event provided students with vital lessons on cyber safety. She emphasized the importance of empowering youth with such knowledge for a safer future.

Representatives from the Central Bank of India, including Nishant Basra and Mohit Sharma, also attended the event and underscored the bank’s commitment to community welfare and education beyond traditional banking services. They highlighted the bank’s dedication to promoting digital safety and financial literacy among students. The officials from the Central Bank of India extended their gratitude to the school for their cooperation and support in making the event a success.

The partnership between the school and the Central Bank of India demonstrates a collaborative effort to promote digital safety and financial literacy among students. By hosting such events, the school and the bank aim to empower students with the knowledge and skills necessary to navigate the digital world safely and responsibly. The event served as a valuable opportunity for students to learn about cyber safety and its importance in today’s digital age. Overall, the ‘Cyber Vigilance Workshop and Drawing Competition’ was a successful event that promoted digital safety and responsible digital citizenship among students.

VinFast Auto India, a subsidiary of the global EV brand VinFast, has partnered with Central Bank of India (CBI) to provide retail car financing solutions to customers across India. The Memorandum of Understanding (MoU) was signed between the two companies, aiming to offer a seamless suite of credit solutions to make electric vehicle (EV) ownership more accessible and convenient for Indian consumers.

Under the agreement, customers will enjoy tailored financing solutions, including attractive interest rates, flexible repayment options, and zero processing charges. Dedicated CBI representatives will be available at all VinFast showrooms to provide on-site support. This partnership will enable VinFast to extend its reach into both urban centers and emerging markets, leveraging CBI’s vast network of 4,552 branches and over 21,000 touchpoints nationwide.

The partnership aligns with VinFast’s mission to accelerate the adoption of sustainable mobility solutions in India, one of the fastest-growing EV markets globally. VinFast aims to simplify the path to electric mobility for Indian consumers through competitive financing options and seamless support. The company has recently inaugurated its EV assembly plant in Tamil Nadu, marking a significant milestone in its long-term growth strategy.

VinFast’s CEO, Pham Sanh Chau, stated that the collaboration with CBI is a significant step in building a strong foundation for VinFast’s growth in India. CBI’s Executive Director, Vivek Wahi, emphasized the bank’s commitment to environmental-friendly clean energy initiatives, with a green portfolio of Rs. 4,200 crore as of June 2025. The alliance is expected to contribute to India’s Net Zero Emission vision and expand the adoption of eco-friendly electric cars.

As VinFast launches its VF 6 and VF 7 models, this agreement highlights the company’s ongoing efforts to establish a strong and customer-focused footprint in India. With its product lineup of electric SUVs, e-scooters, and e-buses, VinFast is poised to make EVs accessible to everyone. The company is currently expanding its distribution and dealership network globally, with a focus on key markets across North America, Europe, and Asia.

Federal Reserve Bank of Dallas President Lorie Logan has suggested that the central bank modernize its approach to managing money market conditions. Logan proposes that the Fed shift its focus from targeting the federal funds lending market to managing liquidity to control the tri-party general collateral rate (TGCR). This change is technical and does not have implications for monetary policy broadly speaking. Logan believes that targeting the TGCR is the best option because it is a vibrant and active market, and the Fed’s existing tools already provide effective control of the rate.

The current system, which targets the federal funds rate, has become fragile and could break suddenly. The Fed’s balance sheet reduction and upcoming liquidity tightening at the end of the month may cause unexpected turbulence in money markets. Logan argues that the Fed should take this risk off the table by targeting the TGCR. This approach would allow for some movement in the rate and would not require pinpoint control.

Logan also rejects the idea of targeting the Fed’s administered rates, which guide the federal funds rate, as they will always be exactly what the Fed wants them to be, regardless of market conditions. She also notes that managing a rate based on a constellation of other money market rates is problematic. Instead, targeting the TGCR would provide a more effective and efficient way to achieve the Fed’s monetary policy objectives.

The proposed change is driven by the evolving nature of money market conditions, which are likely to force a shift at some point. Logan believes that it would be better to be ahead of the curve rather than being forced into action. She suggests that the best time for a change would be when markets are functioning smoothly and market participants can have plenty of advance notice. Overall, Logan’s proposal aims to improve the Fed’s ability to manage money market conditions and achieve its monetary policy objectives.

According to a recent report by Reuters, Logan, a key figure at the Federal Reserve, has expressed the need for a significant overhaul of the central bank’s toolkit for controlling interest rates. This statement comes at a time when the Fed is navigating a complex economic landscape, marked by high inflation and a slowing economy.

The current toolkit, which has been in place for several decades, relies heavily on traditional monetary policy instruments such as federal funds rate targeting and quantitative easing. However, Logan argues that these tools are no longer sufficient to effectively manage the economy, particularly in times of crisis.

Logan’s call for an overhaul is based on the idea that the current system is too rigid and inflexible, making it difficult for the Fed to respond quickly and effectively to changing economic conditions. He suggests that the Fed needs to develop new and more innovative tools to better manage interest rates and stabilize the financial system.

Some of the potential new tools that Logan has suggested include the use of digital currencies, such as central bank digital currencies (CBDCs), and the development of new monetary policy frameworks that take into account the unique characteristics of the digital economy. He also emphasizes the need for greater collaboration and coordination between central banks and other financial regulatory agencies to ensure a more cohesive and effective response to economic challenges.

The implications of Logan’s proposal are significant, as it could potentially lead to a fundamental shift in the way that central banks operate and interact with the financial system. If implemented, it could provide the Fed with greater flexibility and agility in responding to economic crises, and potentially help to reduce the risk of future financial instability.

However, the proposal is not without its challenges and controversies. Some critics argue that the development of new tools and frameworks could be complex and time-consuming, and may require significant investments in infrastructure and personnel. Others have raised concerns about the potential risks and unintended consequences of introducing new and untested monetary policy instruments.

Overall, Logan’s call for an overhaul of the Fed’s rate control toolkit reflects a growing recognition that the current system is in need of reform and modernization. As the global economy continues to evolve and become increasingly complex, it is likely that central banks will need to adapt and innovate in order to remain effective and relevant.

Federal Reserve Chair Jerome Powell stated that the central bank is facing a challenging situation due to the risk of faster-than-expected inflation and weak job growth. In a speech to the Greater Providence Chamber of Commerce, Powell noted that there are dangers to both cutting interest rates too quickly, which could lead to a new surge of inflation, and reducing rates too slowly, which could cause unemployment to rise unnecessarily. The current interest rate, ranging from 4% to 4.25%, is considered high enough to mitigate price pressures in the economy, but Powell emphasized that the Fed’s policy is not on a preset course and is prepared to respond to potential economic developments.

Powell’s comments come amid strong opinions from regional Reserve Bank presidents and Fed governors, with some calling for caution in further cuts due to concerns about inflation, while others warn that policy is too tight and more cuts are needed to protect the job market. The Fed policymakers anticipate quarter-point reductions at the October and December meetings, and investors expect these cuts to be implemented. However, Powell cautioned that easing too aggressively could lead to unfinished work on inflation, while maintaining restrictive policy too long could cause unnecessary softening of the labor market.

The job market is a concern, with recent job growth averaging around 25,000 for the past three months, which is below the rate needed to hold the unemployment rate constant. However, other job indicators are broadly stable. Inflation remains somewhat elevated, driven by tariffs, but Powell expects this impact to fade over time. The Fed’s goal is to ensure that this one-time increase in prices does not become an ongoing inflation problem.

Powell’s speech also addressed the intense pressure from the Trump administration to cut rates, with the president attempting to fire Governor Lisa Cook and challenging the wisdom of Fed emergency programs during the pandemic and the 2007-2009 economic crisis. Powell defended the Fed’s actions, stating that they likely helped the economy avoid worse outcomes. He also emphasized the importance of public trust in economic and political institutions, which has been challenged by the recent crises. Despite these challenges, Powell noted that the US economy has performed well compared to other large, advanced economies around the world.

The Federal Reserve, the central bank of the United States, has decided to continue its easing path, lowering interest rates to stimulate economic growth. This decision comes as other major central banks, such as the European Central Bank and the Bank of Japan, have chosen to keep their monetary policies unchanged.

The Federal Reserve’s decision to ease monetary policy is a response to the ongoing economic uncertainty and the impact of the COVID-19 pandemic on the global economy. By lowering interest rates, the Fed aims to encourage borrowing, spending, and investment, which can help to boost economic growth and reduce unemployment.

In contrast, other major central banks have taken a more cautious approach, choosing to keep their monetary policies on hold. The European Central Bank, for example, has kept its interest rates unchanged, citing concerns about inflation and the need to maintain price stability. The Bank of Japan has also kept its monetary policy unchanged, despite the country’s ongoing economic struggles.

The diverging approaches of the major central banks reflect the different economic conditions and challenges facing each region. The United States is experiencing a relatively strong economic recovery, with low unemployment and steady growth. In contrast, the Eurozone is facing a more sluggish recovery, with high unemployment and low inflation. Japan is struggling with deflation and low economic growth.

The Federal Reserve’s easing path is likely to have significant implications for the global economy. Lower interest rates in the United States can lead to a stronger dollar, which can make exports more expensive for other countries. This can have a negative impact on the economies of countries that rely heavily on exports, such as China and Germany.

Furthermore, the Federal Reserve’s decision to ease monetary policy can also lead to increased investment in emerging markets, as investors seek higher returns in countries with faster-growing economies. This can lead to increased economic growth and development in these countries, but also increases the risk of economic instability and volatility.

Overall, the Federal Reserve’s decision to continue its easing path, while other major central banks remain on hold, reflects the complex and uncertain state of the global economy. As the economy continues to evolve, it is likely that central banks will need to adapt their monetary policies to respond to changing economic conditions and challenges.

The US Senate has confirmed Christopher Waller, a former Trump administration adviser, to a top role at the Federal Reserve. Waller, who served as the executive vice president and director of research at the Federal Reserve Bank of St. Louis, was nominated by President Trump in January 2019. His confirmation was met with bipartisan support, with a vote of 85-5 in favor of his appointment.

As a member of the Federal Reserve Board of Governors, Waller will play a key role in shaping the country’s monetary policy. The Federal Reserve, also known as the “Fed,” is responsible for setting interest rates, regulating banks, and maintaining the stability of the financial system. Waller’s term will last for 14 years, making him a long-term influencer of the nation’s economic policy.

Waller’s background and experience make him a strong candidate for the role. He has a Ph.D. in economics from the University of Washington and has taught at several universities, including the University of Kentucky and the University of Notre Dame. He has also worked at the Federal Reserve Bank of St. Louis, where he conducted research on monetary policy and the economy.

During his confirmation hearing, Waller emphasized the importance of maintaining the independence of the Federal Reserve and ensuring that monetary policy decisions are based on data and analysis, rather than politics. He also expressed his commitment to supporting the Fed’s dual mandate of maximum employment and price stability.

Waller’s confirmation comes at a critical time for the US economy, which is facing challenges such as slow growth, low inflation, and rising debt levels. The Federal Reserve has been taking steps to address these issues, including cutting interest rates and implementing other measures to stimulate economic growth.

Waller’s appointment is seen as a positive development by many economists and market watchers, who believe that his expertise and experience will be valuable assets to the Federal Reserve. His confirmation also reflects the bipartisan support for the Fed’s independence and the importance of having highly qualified individuals in key roles at the central bank.

Overall, the confirmation of Christopher Waller to the Federal Reserve Board of Governors is a significant development that is expected to have a lasting impact on the nation’s economic policy. With his strong background and experience, Waller is well-positioned to make important contributions to the Fed’s decision-making process and help shape the future of the US economy.

This week is expected to be significant for the US economy, with several key events and releases scheduled. The Federal Reserve is set to make an interest rate decision on Wednesday, which could potentially be the first rate cut of the year. Investors are anticipating this decision, and the subsequent remarks from Fed Chair Jerome Powell, as they will provide insight into the central bank’s views on the economy and monetary policy.

The interest rate decision comes at a time when the labor market is showing signs of weakening, but inflation remains elevated. Recent job reports have indicated a slowing labor market, with increasing layoffs, while consumer spending has remained relatively strong despite tariffs. The US retail sales data for August, to be released on Tuesday, will provide further insight into the state of consumer spending.

In addition to the Fed’s decision, several companies are scheduled to report earnings, including FedEx, General Mills, and Bullish. Meta CEO Mark Zuckerberg will also deliver a keynote at the company’s annual Meta Connect event, where he is expected to focus on product offerings such as AI glasses.

Other key economic releases this week include data on August housing starts, initial jobless claims, and the Philadelphia Fed manufacturing survey. These releases will provide further insight into the state of the US economy and could potentially impact market movements.

Investors will be closely watching these events and releases, as they will provide important signals about the direction of the economy and the potential for future interest rate changes. The Fed’s decision and Powell’s remarks are particularly significant, as they will provide insight into the central bank’s views on inflation, employment, and economic growth.

Overall, this week is expected to be a significant one for the US economy, with several key events and releases scheduled. Investors will be closely watching these events, as they will provide important signals about the direction of the economy and the potential for future interest rate changes. The Fed’s decision and Powell’s remarks are particularly significant, and could potentially impact market movements.

Stephen Miran, President Donald Trump’s nominee for the vacant Federal Reserve Governor role, has pledged to uphold the central bank’s independence and dual mandate of price stability and maximum employment. Miran, who is currently the chairman of the Council of Economic Advisers, made the remarks in his opening statement to the Senate Banking Committee ahead of his confirmation hearing. He emphasized the importance of preventing depressions and hyperinflations, and noted that independence of monetary policy is crucial for the central bank’s success.

Miran’s appointment comes amid speculation that Trump would seek to nominate a “shadow chair” to act as a gadfly on the board. However, Trump has stated that Miran’s nomination is temporary, and that he will serve out the remaining term of Fed Governor Adriana Kugler, which expires on January 31, 2026. Miran has been critical of the Fed’s aggressive stimulus during the Covid crisis, but has pledged to carry out his role in accordance with the mandates assigned by Congress.

In his statement, Miran also raised questions about oversight of the Fed’s activities outside of its dual mandate, including its balance sheet. He noted that the Fed oversees important global financial institutions and sets prices for borrowers and lenders, and that the composition of its balance sheet is an open-ended question. Miran’s confirmation hearing is scheduled to take place on Thursday, and his appointment could have significant implications for the Fed’s decision on interest rates, which is set to take place on September 17.

Miran’s pledge to uphold the Fed’s independence is notable, given Trump’s history of criticizing the central bank and its chairman, Jerome Powell. Trump has pushed for sharply lower borrowing costs, and Miran’s appointment could be seen as an attempt to influence the Fed’s decision-making process. However, Miran’s statement suggests that he is committed to carrying out his role in a non-partisan manner, and to prioritizing the long-term health of the economy.

Overall, Miran’s nomination and confirmation hearing are likely to be closely watched, given the significant implications for the Fed and the economy. His pledge to uphold the Fed’s independence and dual mandate is a positive sign, but his criticism of the Fed’s past actions and his questions about oversight of its activities outside of its mandate suggest that his appointment could also be controversial.

The concept of central bank independence has been a long-standing myth, and recent events have exposed the Fed’s vulnerability to political pressure. The Federal Reserve, the United States’ central bank, has been subject to criticism and scrutiny from President Donald Trump, who has repeatedly attacked the institution and its chairman, Jerome Powell. Trump’s tweets and public statements have created a spectacle, with many interpreting his actions as an attempt to exert influence over the Fed’s monetary policy decisions.

The Fed’s independence is a crucial aspect of its ability to make decisions based on economic data and long-term goals, rather than short-term political considerations. However, Trump’s behavior has raised concerns that the Fed’s independence is being eroded. The president’s tweets have been seen as an attempt to bully the Fed into cutting interest rates, which would provide a short-term economic boost but potentially jeopardize the country’s long-term economic stability.

The Fed’s response to Trump’s criticism has been muted, with Powell and other officials attempting to maintain a neutral tone. However, the situation has sparked a wider debate about the Fed’s independence and its relationship with the executive branch. Some have argued that the Fed’s independence is essential to its ability to make effective monetary policy decisions, while others have suggested that the institution is already too politicized.

The controversy surrounding Trump’s attacks on the Fed has also drawn attention to the role of the central bank in the economy. The Fed’s dual mandate to promote maximum employment and price stability is often at odds with the president’s economic agenda, which prioritizes short-term growth over long-term stability. The situation has highlighted the tension between the Fed’s independence and the political pressures it faces.

In this context, alternative forms of currency, such as Bitcoin, have gained attention as a potential solution to the problems associated with central banks. Bitcoin’s decentralized nature and lack of government control have made it an attractive option for those seeking to escape the influence of central banks and governments. The cryptocurrency’s price has been affected by the controversy surrounding the Fed, with some investors seeking safe-haven assets in response to the uncertainty.

Ultimately, the theatrics surrounding Trump’s attacks on the Fed have exposed the myth of central bank independence. The situation has highlighted the need for a more nuanced understanding of the relationship between central banks, governments, and the economy. As the debate continues, it is likely that alternative forms of currency, such as Bitcoin, will play an increasingly important role in the discussion. The future of monetary policy and the role of central banks will depend on the ability of institutions to balance their independence with the need for effective economic governance.

The Central Bank of India Samajik Utthan Avam Prashikshan Sansthan (CBI-SUAPS) has announced a contract recruitment for six positions at Rural Self Employment Training Institutes (RSETIs) in Coochbehar and Alipurduar, West Bengal. The recruitment is for the positions of Faculty, Office Assistants, and Attendant, with the application procedure available exclusively offline. The deadline for applications is September 15, 2025.

The vacancy details are as follows: Alipurduar RSETI has 2 Faculty, 2 Office Assistants, and 1 Attendant position available, while Coochbehar RSETI has 1 Faculty position available. The salary structure for the positions is: Rs 30,000 per month for Faculty, Rs 20,000 per month for Office Assistant, and Rs 14,000 per month for Attendant. No further allowances or perks will be granted.

To be eligible for the positions, applicants must meet the following criteria: Faculty must have a graduate or postgraduate degree in any discipline, with priority given to MSW, MA Rural Development, Sociology, Psychology, B.Sc. Agriculture, etc., and have computer skills and teaching abilities. Retired bank officers with relevant experience will be given priority. Office Assistant must have a BSW/BA/B.Com degree with computer skills and knowledge of accounting and record-keeping. Attendant must have a minimum of Class 10 (Matriculation) and the ability to read and write in the native language. Applicants must be between the ages of 22 and 40 and live in or near the same district.

To apply, suitable applicants should submit their applications in the appropriate format to the Regional Manager/Co-Chairman of the District Level RSETI Advisory Committee (DLRAC) at the Central Bank of India’s Regional Office in Coochbehar, West Bengal – 736101. The selection process will involve shortlisting applicants based on their qualifications and inviting them to a personal interview, with the Trust deciding on the final pick. Applicants are advised to submit their applications before the deadline to be considered for the positions.

The Central Bank of India has announced a recruitment drive for the year 2025, with vacancies for the posts of Faculty and Office Assistant. Eligible candidates can apply offline through the bank’s official website, centralbankofindia.co.in, until the last date of submission, which is 12th September 2025, by 5:00 pm.

The recruitment notification was released on 29th August 2025, and it provides detailed information about the vacancies, eligibility criteria, age limit, application fees, selection process, and step-by-step application guidelines. Candidates must be between 21 and 40 years old to apply, although age relaxation is permissible as per the rules.

In terms of qualifications, candidates should possess a graduate degree, such as B.A, B.Com, B.Ed, BSW, M.A, or MSW, in relevant fields. The selected candidates will be paid a salary of Rs. 30,000/- per month, along with allowances, for the Faculty position at RSETI Chhindwara, and Rs. 20,000/- per month, along with allowances, for the Office Assistant position at RSETI Chhindwara.

To apply, candidates need to visit the official website and follow the application guidelines. The application process is offline only, and candidates must ensure that they submit their forms before the deadline. The official website for more information and to apply is centralbankofindia.co.in.

It is essential for interested candidates to carefully review the recruitment notification and eligibility criteria before applying for the positions. The Central Bank of India’s recruitment drive provides an excellent opportunity for eligible candidates to join the bank and contribute to its growth and development. With the application deadline approaching, candidates should act quickly to submit their applications and take the first step towards a potential career with the Central Bank of India.

US President Donald Trump has announced his intention to immediately remove Federal Reserve official Lisa Cook from her position, citing “sufficient reason” to believe she made false statements on mortgage agreements. Cook, who is the first African American woman to serve on the Fed’s board of governors, has responded by saying Trump has no authority to fire her and she will not resign. The move is seen as a major escalation in Trump’s battle against the US central bank, which he has been pressuring to lower interest rates.

The issue surrounding Cook’s removal centers on allegations of mortgage fraud, which were first made by a Trump ally, Bill Pulte, in a public letter to Attorney General Pam Bondi. According to Trump, Cook signed two documents attesting that different properties would be her primary residence, which he claims is inconceivable. Cook has denied any wrongdoing, stating that the matter stemmed from a mortgage loan application she made four years ago before joining the central bank.

The Federal Reserve has not yet commented on Trump’s announcement, but experts suggest that the White House will need to demonstrate sufficient reason to fire Cook, potentially in court. Cook’s lawyer has stated that they will take whatever actions are needed to prevent Trump’s “attempted illegal action.” The situation has raised concerns about the independence of the Federal Reserve, which gained autonomy from the US government in 1951.

Trump’s decision to remove Cook has also sparked fears about the potential impact on the US economy and the Fed’s composition. Investors are betting that Cook’s replacement would be likely to push for more interest rate cuts, which has weakened the US dollar against major world currencies. The move has also raised questions about the potential for Trump to reshape the Fed’s leadership and how that would impact the market’s perception of US investibility.

The situation is seen as a standoff between the central bank and the White House, with Cook and the Fed resisting Trump’s decision to oust her. Trump has expressed increasing animosity towards Fed Chair Jerome Powell, calling him a “numbskull” and a “stubborn moron” for not supporting his calls for rapid interest rate cuts. However, Powell has boosted expectations of an interest rate cut in September, which has eased some tensions. The situation remains uncertain, with experts warning that the pressure Trump is putting on the Fed could have significant implications for the US economy and financial markets.

The Central Bank of India’s Regional Office in Amritsar, along with its 47 branches, recently celebrated Founder’s Day to commemorate the birth anniversary of the bank’s founder, Sorabji Pochkhanawala. The event was held to honor Pochkhanawala’s ideals, vision, values, and significant contributions to the banking sector. The celebrations began at the Regional Office, where regional head Saqib Ahmed Khan paid floral tributes to the founder and lit a ceremonial lamp in front of his portrait.

As part of the celebrations, employees of the Regional Office and all 47 branches undertook a tree plantation drive under the campaign “One Tree in Mother’s Name”. This initiative aimed to promote environmental sustainability and pay tribute to the mothers of the bank’s employees. Each staff member planted a sapling in honor of their mother, demonstrating the bank’s commitment to social responsibility and community engagement.

The tree plantation drive was a unique and thoughtful way to celebrate Founder’s Day, as it not only honored Pochkhanawala’s legacy but also promoted a sense of community and environmental stewardship among employees. By planting trees, the bank’s employees were able to give back to the community and contribute to a cleaner and greener environment.

The Founder’s Day celebrations were a significant event for the Central Bank of India, as they provided an opportunity for employees to come together and reflect on the bank’s history and values. The event also served as a reminder of the importance of community involvement and social responsibility in the banking sector. By honoring its founder’s legacy and promoting environmental sustainability, the Central Bank of India demonstrated its commitment to making a positive impact on the community. Overall, the Founder’s Day celebrations were a meaningful and impactful event that promoted teamwork, community engagement, and environmental sustainability.

The Madras High Court has dismissed a petition against the Central Bank of India, challenging the e-auction of a property in Tuticorin. The petitioner, Nathu K. Patel, had argued that the Recovery Officer did not have jurisdiction to conduct the auction as the property was situated outside of Chennai, where the Debt Recovery Tribunal (DRT) was located. However, the court held that the DRT was not bound by the Code of Civil Procedure (CPC) and had the power to regulate its own procedure under Section 22 of the Recovery of Debts and Bankruptcy Act, 1993.

The court observed that the DRT had already passed a decree that included the property in question and that the Recovery Officer had the authority to conduct the e-auction. The petitioner’s argument that the Recovery Officer lacked jurisdiction was rejected, as the court held that the property was part of the original application decided by the DRT in Chennai.

The court also relied on a previous Supreme Court judgment in Celir LLP Vs. Bafna Motors (Mumbai) Private Limited, which held that High Courts should not exercise writ jurisdiction under Article 226 of the Constitution of India when an efficacious alternative remedy was available under the SARFAESI Act. The court noted that the RDDB & FI Act was introduced to provide a speedy remedy for the recovery of debts and that the DRT had been established to provide expeditious adjudication of recovery of debts due to banks and financial institutions.

The petitioner had argued that the use of the word “may” in Section 39(1) of the CPC meant that the court which passed a decree could send it for execution to another court of competent jurisdiction, but the court rejected this argument, holding that the legislative intent was to provide a special remedy for the recovery of debts. The court concluded that the contentions raised by the petitioner had no force and that the findings of the DRAT Mumbai were just, proper, and sustainable in law. The petition was therefore dismissed.

The decision underscores the independence of the DRT and its ability to regulate its own procedure, free from the constraints of the CPC. It also highlights the importance of the RDDB & FI Act in providing a speedy and effective remedy for the recovery of debts due to banks and financial institutions. By upholding the authority of the DRT and the Recovery Officer, the court has reinforced the integrity of the debt recovery process and ensured that banks and financial institutions can recover their debts in a timely and efficient manner.

In conclusion, the Madras High Court’s decision is a significant one, as it clarifies the role and powers of the DRT and the Recovery Officer in the debt recovery process. It also reinforces the importance of the RDDB & FI Act in providing a speedy and effective remedy for the recovery of debts due to banks and financial institutions. The decision is expected to have a positive impact on the banking and financial sector, as it will facilitate the recovery of debts and reduce the burden of non-performing assets on banks and financial institutions.

Generali, the Italian insurance giant, has announced a significant expansion of its presence in the Indian market through a joint venture partnership with the Central Bank of India (CBI). As part of the agreement, Generali will maintain a majority stake of 74% in the venture, while CBI will hold up to 26%. This partnership is expected to bolster Generali’s brand positioning and distribution capabilities in both the life and property and casualty (P&C) sectors.

The Central Bank of India, founded in 1911, is one of the oldest public sector banks in India, with a market capitalization of 461 billion rupees ($5.39 billion). The bank has an extensive network of over 4,500 branches, serving more than 80 million customers across the country. This vast network and customer base will provide Generali with a significant opportunity to expand its reach and customer base in India.

Through this joint venture, Generali aims to leverage CBI’s vast distribution network and customer base to promote its insurance products and services. The partnership will enable Generali to offer its range of life and P&C insurance products to CBI’s customers, providing them with access to a comprehensive range of insurance solutions. The joint venture will also enable Generali to tap into the growing demand for insurance products in India, which is driven by the country’s rapidly growing middle class and increasing awareness of the importance of insurance.

The partnership between Generali and CBI marks a significant milestone in Generali’s expansion strategy in India. The company has been present in the Indian market for several years and has been seeking to expand its presence through strategic partnerships and acquisitions. The joint venture with CBI is expected to provide Generali with a strong platform to achieve its growth objectives in India and reinforce its position as a leading global insurance player. Overall, the partnership between Generali and CBI is expected to be a win-win for both parties, enabling them to leverage each other’s strengths and expertise to drive growth and expansion in the Indian insurance market.

The Cabinet Sub-Committee on Land Allotments in Vijayawada has made significant decisions to accelerate institutional development in Amaravati, the capital city of Andhra Pradesh. On Monday, the committee allotted land to six new institutions, revised the allotments of four previously approved institutions, and cancelled the allotments of two institutions. Minister for Municipal Administration P Narayana announced the decisions to the media, stating that the lack of clarity and direction under the previous government’s ‘three capitals’ proposal had led to confusion and uncertainty, causing several organizations to withdraw from investing in Amaravati.

The committee allotted land to the following institutions: the Central Bureau of Investigation (CBI), Geological Survey of India, State Forensic Science Laboratory, and Andhra Pradesh Cooperative Bank Ltd. Additionally, new land allotments were made to six institutions, including the Income Tax Department, Andhra Pradesh Grameen Bank, Central Bank of India, Intelligence Bureau, Bureau of Immigration, and the BJP office.

The minister reported that a total of 884 acres of land has been allotted to 74 institutions so far. He expressed hope that the organizations that have been allotted land will commence construction activities as soon as possible. Currently, over 10,000 workers are engaged in construction activities in Amaravati, and this number is expected to increase to 20,000 once the monsoon season recedes.

The decisions made by the Cabinet Sub-Committee are aimed at revitalizing the development of Amaravati, which had been stalled due to the uncertainty surrounding the ‘three capitals’ proposal. With the new land allotments and revised allocations, the government is sending a positive signal to investors and organizations, indicating that Amaravati is open for business and development. The minister’s announcement is expected to boost confidence among investors and pave the way for accelerated growth and development in the capital city.

The Andhra Pradesh High Court has ruled in favor of the Central Bank of India, upholding its right to recover secured debts by selling mortgaged assets under the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act). The court held that this right assumes priority over the claims of the State Government for recovery of dues under the Andhra Pradesh Value Added Tax Act, 2005 (AP VAT Act). The judgment was made in a case where the Central Bank of India had advanced loans to a firm, M/s Sri Rajarajeswari Raw and Boiled Rice Mill, against certain security documents and mortgage deeds.

When the firm failed to repay the loan, the bank initiated recovery proceedings before the Debts Recovery Tribunal, Hyderabad, under the RDB Act. A decree was passed in favor of the bank, and a recovery certificate was issued for the recovery of an amount of Rs.79,74,57,988.09. The Recovery Officer then issued an order of attachment, attaching the secured properties. However, some of the mortgaged properties were sought to be sold by an order issued under the AP VAT Act, with the Commercial Tax Officer levying a demand of Rs.15,02,102 for assessment year 2015-16 and Rs.13,91,168 for 2016-17.

The bank submitted that it had priority over all other debts and Government dues, revenues, taxes due to the Government in terms of Section 31-B of the RDB Act. The court relied on Section 34 of the RDB Act, which states that the provisions of the RDB Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force. The court also considered Section 26 of the AP VAT Act, which prescribes that any amount of tax, including deferred tax, penalty, interest, and any other sum payable by a VAT dealer or TOT dealer, shall be the first charge on the property of the VAT dealer or TOT dealer.

The core issue before the court was whether the bank’s secured interest under Section 31B of the RDB Act had priority over the tax claim made by the respondent under Section 26 of the AP VAT Act. The court relied on an earlier judgment of the Supreme Court in Central Bank of India v. State of Kerala, which held that in the presence of a specific provision providing for priority in favor of the secured creditors to realize the secured debts, the right of the bank to recover its dues would assume priority over recovery of arrears of Government due payable to the State under the AP VAT Act. The court allowed the petition, upholding the bank’s right to recover its secured debts by selling the mortgaged assets. The judgment has significant implications for the recovery of debts by banks and other financial institutions in India.

Vedanta Aluminium, India’s leading aluminium producer, has partnered with the Central Bank of India to provide collateral-free loans to its customers, particularly Micro, Small and Medium Enterprises (MSMEs), through its subsidiary, BALCO. The partnership aims to support original equipment manufacturers (OEMs) by offering accessible financing with minimal paperwork and competitive interest rates. Over 60% of Vedanta Aluminium’s downstream clients are MSMEs, and this initiative is expected to simplify financing access and promote industry self-reliance.

The loan facility will be integrated into Vedanta Metal Bazaar, the company’s digital aluminium marketplace, which will enable rapid disbursals, digital documentation, and real-time invoice updates. Loan amounts will range from ₹10 lakh to ₹10 crore per customer, with competitive interest rates, a 90-day repayment window, and a 15-day grace period. This partnership reflects Vedanta’s efforts to strengthen the domestic aluminium supply chain and drive broader economic impact through jobs and industrial growth.

Vedanta Metal Bazaar is an e-commerce platform that lists over 750 product variations, including ingots, billets, wire rods, rolled products, and India’s first low-carbon aluminium brand, Restora. The platform features AI-based price discovery and is accessible through a dedicated website and mobile app, offering tailored solutions for a wide customer base. With over 100 customers already using financial services via the platform’s partner banks, the addition of Central Bank of India is expected to further enhance access to working capital nationwide.

Rajiv Kumar, CEO of Vedanta Aluminium, stated that this partnership improves capital access for MSMEs, who are vital to India’s manufacturing base. The company produced 2.42 million tonnes of aluminium in FY25, accounting for over half of India’s total output, and ranks second globally in the S&P Global Sustainability Assessment 2024 for the aluminium sector. Through this initiative and its broader product ecosystem, Vedanta Aluminium continues to drive industrial innovation and support India’s clean manufacturing ambitions. The partnership is expected to have a positive impact on the domestic aluminium industry and the economy as a whole.

The Federal Reserve is facing a significant challenge with its balance sheet, reporting a whopping $1.06 trillion in unrealized losses. The New York Federal Reserve Bank, which handles the Fed’s bond transactions, disclosed the losses, attributing them to the central bank’s tight monetary stance. The Fed’s bonds are losing value due to the bank’s decision to maintain higher interest rates for an extended period to combat inflation.

The unrealized losses are a result of the Fed’s bond portfolio declining in value as interest rates rise. However, the Fed has assured that these losses will not affect its bottom line or cash transfers to the Treasury. According to the agency, unrealized gains or losses have no impact on net income or Federal Reserve remittances to the Treasury unless assets are sold and gains or losses are realized. This means that the losses will only become realized if the Fed decides to sell the bonds, which it has not done yet.

The New York Fed also noted that the unrealized losses were partially offset as the central bank allowed some bonds to mature without reinvesting. The Fed’s bond portfolio has been experiencing significant unrealized losses over the past two years, with $1.08 trillion in losses reported in 2022 and $948.4 billion in 2023. In contrast, the portfolio saw unrealized gains of $354 billion in 2020 and $127.9 billion in 2021.

The Fed’s tight monetary stance is expected to continue, which may lead to further unrealized losses on its balance sheet. However, the central bank has maintained that the losses will not affect its ability to conduct monetary policy. The Fed’s priority remains to bring inflation under control, and it is willing to maintain higher interest rates for an extended period to achieve this goal. As the Fed navigates this challenging economic environment, it will be closely watched by investors and economists to see how it manages its balance sheet and the impact on the broader economy.

The National Company Law Appellate Tribunal (NCLAT) has overturned the National Company Law Tribunal’s (NCLT) orders regarding the forensic audit and change of resolution professional for Golden Tobacco, a debt-ridden cigarette manufacturer. The NCLAT has set aside the directions for a forensic audit by KPMG and the replacement of the resolution professional. The appellate tribunal has also extended the timeline for completing the Corporate Insolvency Resolution Process (CIRP) of Golden Tobacco until October 17, 2025.

The NCLAT was hearing a batch of petitions filed against an NCLT order passed on May 13, 2024, which had directed several actions, including the forensic audit and change of resolution professional. The appellate tribunal has directed the NCLT to decide on the claims of financial creditors, including Central Bank of India, Arrow Engineering, and others, and then reconstitute the Committee of Creditors (CoC).

The NCLAT has also dismissed a petition filed by Suraksha Realty and Sheth Developers, which sought to be recognized as secured financial creditors of Golden Tobacco. However, it has provided partial relief to Arrow Engineering, whose claim was restricted to Rs 40.75 crore. The appellate tribunal has also partly allowed the Central Bank of India’s plea, deleting an observation that the resolution professional had inflated its claim.

The NCLAT has directed the resolution professional to reconstitute the CoC and convene a meeting to consider resolution plans after the NCLT decides on the claims of financial creditors. The appellate tribunal has also extended the CIRP period, excluding the time from May 21, 2024, until the present date, during which the interim order had operated. The CIRP process is now expected to be completed by October 17, 2025.

Golden Tobacco, a Dalmia Group-owned company, owns popular cigarette brands such as Panama, Chancellor, Golden’s Gold Flake, and Taj Chhap. The company’s CIRP was initiated on June 7, 2022, by the NCLT after admitting a Section 7 application filed by Arrow Engineering. The NCLAT’s order provides a new timeline for the completion of the CIRP process, and the company’s fate will be decided after the NCLT’s decision on the claims of financial creditors.

Sampath Bank has demonstrated a strong performance in the first quarter of 2025, as evidenced by its recent financial results. The bank’s impressive growth is a testament to its strategic initiatives and commitment to delivering value to its customers and stakeholders. One of the key highlights of the quarter is the bank’s recognition as a Domestic Systemically Important Bank (D-SIB) by the Central Bank of Sri Lanka.

This prestigious status is awarded to banks that are considered too big to fail, and it reflects Sampath Bank’s significant contribution to the Sri Lankan economy. As a D-SIB, Sampath Bank will be subject to enhanced regulatory requirements and capital buffers, which will further strengthen its resilience and stability.

The bank’s financial performance in Q1 2025 was characterized by significant growth in key areas. Its net interest income increased substantially, driven by a combination of factors including the expansion of its loan book and an improvement in its net interest margins. The bank’s non-interest income also saw a notable increase, driven by fee-based activities such as credit card and electronic banking services.

Sampath Bank’s loan book expanded by a significant percentage during the quarter, driven by growth in key segments such as personal loans, home loans, and small and medium-sized enterprise (SME) loans. The bank’s deposit base also grew substantially, with a notable increase in its low-cost deposit base. This growth in deposits has helped to reduce the bank’s cost of funds and improve its overall liquidity position.

The bank’s asset quality also remained stable, with a low non-performing loan (NPL) ratio. The bank’s NPL ratio has been consistently lower than the industry average, reflecting its prudent lending practices and effective risk management strategies.

In terms of its financial ratios, Sampath Bank’s return on equity (ROE) and return on assets (ROA) both improved during the quarter, reflecting the bank’s ability to generate strong profits from its operations. The bank’s capital adequacy ratio also remained strong, with a significant cushion above the regulatory minimum.

Overall, Sampath Bank’s strong performance in Q1 2025 is a reflection of its commitment to delivering value to its customers and stakeholders. The bank’s recognition as a D-SIB is a testament to its significant contribution to the Sri Lankan economy, and its financial performance during the quarter demonstrates its ability to generate strong profits and maintain a stable financial position. As the bank continues to grow and expand its operations, it is well-positioned to remain a leader in the Sri Lankan banking sector.

The Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC) has taken a significant step towards promoting industrial growth in the state by signing a Memorandum of Understanding (MoU) with the Central Bank of India. The MoU, signed by HSIIDC Managing Director Shri Sushil Sarwan and Central Bank of India’s Zonal Head Shri Arvind Kumar, aims to facilitate financing for entrepreneurs and businesspersons who have purchased industrial plots in the state.

The collaboration is designed to support the Micro, Small & Medium Enterprises (MSME) sector in Haryana by providing easier access to finance for HSIIDC plot allottees. This will enable them to establish their enterprises quickly and efficiently. The partnership will offer comprehensive financing solutions to support the setting up of manufacturing and service sector units by MSMEs, which are the backbone of the Indian economy.

The MoU is a significant move towards strengthening the industrial ecosystem in Haryana, which has been a key focus area for the state government. By providing financial support to MSMEs, the state aims to promote entrepreneurship, create employment opportunities, and drive economic growth. The partnership between HSIIDC and Central Bank of India will play a crucial role in achieving this objective.

The agreement will enable plot allottees to access a range of financial services, including loans and credit facilities, at competitive interest rates. This will help reduce the financial burden on entrepreneurs and allow them to focus on setting up and running their businesses. The partnership will also facilitate the development of infrastructure and utilities in industrial areas, which will further support the growth of MSMEs in the state.

Overall, the MoU between HSIIDC and Central Bank of India is a positive development for the industrial sector in Haryana. It is expected to have a significant impact on the state’s economy and will help establish Haryana as a preferred destination for entrepreneurs and businesses. With this collaboration, the state is poised to witness significant growth and development in the coming years, driven by the vibrant MSME sector.

The Central Bureau of Investigation (CBI) has arrested a bank officer, Prince Kumar Jha, for accepting a bribe of ₹15,000 in connection with the disbursement of a ₹5 lakh Mudra loan. The arrest was made outside the Central Bank of India’s Bangra Bazar branch in Deoria, Uttar Pradesh, after a trap was laid by the CBI’s Anti-Corruption Branch. The accused officer had demanded a ₹20,000 bribe from a local businessman, Meraj Alam, to release a loan that had already been sanctioned for his family-run business.

The complaint was filed by Alam, who alleged that the officer demanded the bribe when his brother visited the bank to withdraw the funds. Alam approached the CBI, which conducted a verification exercise and found the allegations to be credible. A team was dispatched to Deoria, and the accused was caught red-handed accepting the bribe. The arrest marks another successful action in the CBI’s drive to root out corruption in government-linked financial services.

The investigation will continue, and further evidence, including digital and transaction records, will be examined. The CBI will also probe whether other staff members or intermediaries were involved in facilitating such demands from loan applicants. The case highlights the challenges facing transparency in grassroots banking systems, particularly with regards to the Pradhan Mantri Mudra Yojana (PMMY) scheme, which aims to provide financial support to small entrepreneurs and businesses.

Local residents and businessmen have expressed support for Alam’s decision to expose corruption, calling for stricter monitoring of loan disbursement processes and swift justice for those abusing their authority. The CBI’s action is seen as a positive step towards rooting out corruption and ensuring that financial services are delivered transparently and fairly. The accused officer will be produced before the CBI Special Court in Lucknow on Saturday, and further action will be taken based on the outcome of the investigation.

The case serves as a reminder of the need for vigilance and accountability in the banking sector, particularly when it comes to government-backed schemes like the PMMY. The CBI’s efforts to tackle corruption and ensure transparency in financial services are crucial in maintaining public trust and promoting economic growth. As the investigation continues, it is likely that more details will emerge about the extent of corruption in the banking sector and the measures being taken to address it.

The Federal Reserve is expected to keep its benchmark interest rate steady at a range of 4.25% to 4.5% at its May 6-7 meeting. This decision is largely due to the uncertainty surrounding the impact of the Trump administration’s economic agenda, particularly the trade war and tariffs. The Fed is monitoring labor market conditions and inflation pressures before making any changes to interest rates.

The central bank’s primary goal is to balance price stability and maximum employment. With tariffs expected to unleash inflationary pressures, the Fed is holding interest rates high to assess the situation. Economists predict that the Fed will maintain a “wait and see” approach until later this year, while others anticipate a rate cut this summer.

The Fed’s decision has a significant impact on markets, and any talk of risk or uncertainty can spook investors and cause a chain reaction in the economy. The central bank’s tone and messaging will be closely watched, as it can influence the economy and markets.

The impact of interest rate changes on personal finances is significant. When the Fed increases interest rates, borrowing costs become more expensive, but savings yields increase. Conversely, when the Fed lowers rates, borrowing costs decrease, but savings yields also decrease. The Fed’s decisions can affect credit card APRs, mortgage rates, and savings rates.

For consumers, the Fed’s decision means that credit card APRs may remain high, making it essential to pay off balances in full or make more than the minimum payment each month. Mortgage rates may fluctuate in response to economic data, but a significant decline is unlikely without a substantial economic downturn. Savings rates may decrease following future rate cuts, but savers can still maximize their earnings by locking in high CD rates or taking advantage of high savings rates.

Overall, the Fed’s decision to hold interest rates steady reflects the uncertainty surrounding the economy and the need for caution in navigating the impact of tariffs and other economic factors. As the central bank continues to monitor the situation, consumers should be aware of how interest rate changes can affect their personal finances and plan accordingly.