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Canara Bank has eliminated the average monthly balance requirement for all savings accounts, effective June 1, to attract deposits amid industry-wide challenges. The bank anticipates a revenue loss of a few hundred crores annually from waived penalties. However, it expects the move to encourage customers to invest in term and recurring deposits, providing an alternative to capital markets.
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News and Media
Stanley Fischer, a highly influential figure in macroeconomics, has passed away at 81. He shaped central banking in Israel and the US, mentored prominent economists like Bernanke and Draghi, and co-authored the widely used textbook "Macroeconomics." Fischer's impact on global macroeconomic policy is immeasurable, leaving behind a legacy of research, teaching, and policy decisions.
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News and Media
Economists anticipate the Reserve Bank of India will reduce interest rates this week. This decision comes amid decreasing inflation. Experts await the central bank's insights on inflation and economic growth. These insights will help determine the duration of the easing cycle. The goal is to stimulate demand in India's growing economy. The focus remains on consumption, investment, and global uncertainties.
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News and Media
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