Tag: March

Bank Holidays in March 2024: Banks to remain closed for 14 days, check full list

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As March approaches, it’s essential to mark your calendars for the upcoming bank holidays. The banks will remain closed for at least 14 days in March. These include public holidays, some regional holidays, second and fourth Saturdays and all Sundays. The Reserve Bank of India (RBI) and the corresponding state governments determine the holidays.

The RBI has set aside March 1, 8, 22, 25, 26, 27, and 29 as holidays in accordance with the Negotiable Instruments Act. Apart from this, there are five Sundays in the month falling on March 3, 10, 17, 24, and 31, and second and fourth Saturdays on March 9 and 23.

March 1: Chapchar Kut

Banks will remain closed on Wednesday, March 1, in observance of Chapchar Kut in Mizoram.

March 8: Mahashivratri

Banks will remain closed, except for some states such as Tripura, Mizoram, Tamil Nadu, Sikkim, Assam, Manipur, Itanagar, Rajasthan, Nagaland, West Bengal, New Delhi, Goa, Bihar, and Meghalaya.

March 9: Second Saturday of the month

March 22: Bihar Diwas

On the occasion of Bihar Diwas, banks will remain closed in Bihar.

March 23: Fourth Saturday of the month

March 25: Holi (Second Day)–Dol Jatra/Dhuleti/Dhulandi

Banks across the country will remain closed on the occasion of Holi, Dhuleti, Dol Jatra or Dhulandi, except in Karnataka, Odisha, Tamil Nadu, Manipur, Kerala, Nagaland, Bihar, and Srinagar.

March 26: Yaosang second day/Holi

Banks will remain closed in Odisha, Manipur and Bihar on the occasion of Yaosang second day or Holi.

March 27: Holi

Banks will remain closed in Bihar on March 27.

March 29: Good Friday

On Good Friday, banks will remain closed, except in Tripura, Assam, Rajasthan, Jammu & Kashmir, and Himachal Pradesh.

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Banks to remain closed for 12 days in March: Complete list

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The list of bank holidays for March was released by the Reserve Bank of India (RBI). There will be 12 holidays, including the second and fourth Saturdays, and four Sundays. Banks will remain closed on regional holidays in different states as decided by the respective state governments.

To avoid any inconvenience, it is advisable to plan all upcoming bank-related tasks next month as per the holiday calendar.

Here is the full list of bank holidays in the upcoming month of March.

March 3, Friday – Banks in Manipur will remain closed on Chapchar Kut.

March 5, Sunday – All banks will remain closed

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March 7, Tuesday – Banks in several states will remain closed on Holi/ Holika Dahan/ Dhulandi/ Dol Jatra.

March 8, Wednesday – Banks will remain closed in several states on Dhuleti/ Dolyatra/ Holi/ Yaosang.

March 9, Thursday: Banks will remain closed in the state of Bihar on Holi.

March 11, Second Saturday – All banks will remain closed

March 12, Sunday – All banks will remain closed

March 19, Sunday – All banks will remain closed

March 22, Wednesday – Banks will remain closed in several states on Gudi Padwa/Ugadi Festival/Bihar Diwas/Sajibu Nongmapanba (Cheiraoba)/Telugu New Year’s Day/first Navratra.

March 25, Fourth Saturday – All banks remain closed.

March 26, Sunday – All banks will remain closed.

March 30, Thursday – Banks will remain closed in several states for Ram Navami.

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All online, net banking and ATM services will remain functional on all bank holidays.

The RBI categorises bank holidays under three categories, which are- ‘Holidays under the Negotiable Instruments Act’, ‘Real-Time Gross Settlement Holidays,’ and ‘Banks’ Closing of Accounts’ as per the RBI website.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China exports rise at robust pace in March, imports growth highest in four years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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China’s exports grew at a robust pace in March in yet another boost to the nation’s economic recovery as global demand picks up amid progress in worldwide COVID-19 vaccination, while import growth surged to the highest in four years. The data reinforces signs of gathering momentum for the world’s second-largest economy as it emerges from the COVID-19-led slump in early 2020.

Exports in dollar terms soared 30.6 percent in March from a year earlier, but at a slower pace from a record 154.9 percent growth in February. The analysts polled by Reuters have forecast a 35.5 percent jump in shipments. Imports increased 38.1 percent year-on-year last month, the highest since February 2017, beating a 23.3 percent forecast and compared with 17.3 percent growth in February.

China posted a trade surplus of USD 13.8 billion last month, versus analysts expectations for the surplus to rise to USD 52.05 billion from USD 37.88 billion in February. Despite sporadic COVID-19 cases in China’s border cities, authorities have been able to largely contain the virus in a boost to factory activity as production has gradually picked up to pre-pandemic levels.

Beijing managed to largely bring the COVID-19 pandemic under control much earlier than many countries thanks to stringent anti-virus curbs and lockdowns at the initial phase of the outbreak last year. That has helped its economy mount a rapid turnaround after a slump at the start of 2020, led by resurgent exports growth as factories raced to fill overseas orders.

Global demand for Chinese goods have remained strong as the world economic recovery has continued to gather pace helped in part by stepped-up vaccination efforts. China’s gross domestic product expanded 2.3 percent last year, the only major economy to post growth in 2020, underpinned by solid demand for goods such as medical and work-from-home equipment. Still, the massive initial hit from the COVID-19 crisis meant China’s growth in 2020 was still its weakest in 44 years.

This year, China has set a modest growth target of at least 6 percent, as authorities plotted a careful course out of a year disrupted by COVID-19 and amid heightened tensions with the United States.

China’s trade surplus with the United States slipped to USD 21.37 billion in March from a USD 23.01 billion in February. President Joe Biden said last month that the United States was not seeking confrontation with China over differences on trade.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s services sector activities ease in March on COVID woes: Survey

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s services sector activities eased in March as growth was hit by the detrimental impact of the coronavirus pandemic and input costs remained elevated, a monthly survey said on Wednesday. The seasonally-adjusted India Services Business Activity Index fell from 55.3 in February to 54.6 in March. Though the rates of expansion softened, it indicated growth for the sixth consecutive month.

In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction. ”The elections supported the uptick in demand but the COVID-19 pandemic and reduced footfall restricted the upturn,” Pollyanna De Lima, Economics Associate Director at IHS Markit, said.

Further, Lima cautioned that ”the escalation of the pandemic and the reinstatement of restrictions could cause a notable slowdown in growth during April”. Moreover, external demand for Indian services continued to worsen, with new orders from abroad decreasing for the thirteenth straight month, the survey said.

As per the survey, growth was curbed by the detrimental impact of the COVID-19 pandemic on footfall. On the prices front, the survey participants reported a sharp increase in input costs, the second-fastest since February 2013. Selling prices rose only fractionally as the vast majority of companies left their fees unchanged due to competitive pressures.

With respect to employment, services companies posted another decline in payroll numbers during March. Looking ahead, the survey said companies expect business activity to increase over the course of the coming 12 months.

”Service providers hope for an improvement in vaccine availability, which would curb the spread of the disease and support the economy. Optimism towards the year-ahead outlook for business activity was sustained but the overall level of confidence was unchanged from February and remained below its long-run average,” Lima said. Meanwhile, growth of Indian private sector output eased in March. The Composite PMI Output Index, which measures combined services and manufacturing output, was at 56 in March down from 57.3 in February.

Transport and Storage was the key source of strength during March, with the sector recording sharp and accelerated increases in sales and business activity. Consumer Services and Finance and Insurance remained in an expansion mode while contractions were evident in Information and Communication and Real Estate and Business Services, Lima noted.

On Wednesday, Reserve Bank of India (RBI) kept key policy repo rate unchanged at 4 percent but warned that the recent surge in COVID-19 infections has created uncertainty over economic growth recovery.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RBL Bank gross advances up 5% at Rs 60,012 cr as of Mar’21

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private sector lender RBL Bank has registered a 5 percent rise in its gross advances at Rs 60,012 crore as of March-end 2021. RBL Bank’s gross advances by the end of March 2020 was Rs 58,966 crore, the lender has said in a regulatory filing.

Total deposits were up by 9 percent to Rs 73,123 crore in the period under review, as against Rs 57,812 crore a year ago. Disclosing the data in accordance with SEBI disclosure and fair practices norms, the lender said the data is provisional and subject to approval.

The CASA (current account and savings account) deposits moved up by 11 percent to Rs 23,264 crore as of March 31, 2021 from Rs 17,116 crore by March 31, 2020, RBL Bank said in a late-night filing on Monday. CASA ratio stood at 31.8 percent, higher than 29.6 percent a year ago.

The liquidity coverage ratio (average for the quarter) was 154 percent as of March 2021, as against 155 percent in the year-ago period. ”Retail advances grew 14 percent year-on-year and 6 percent quarter-on-quarter (QoQ) for the quarter ended March 31, 2021, with the mix of retail: wholesale advances at approximately 59:41,” said the lender.

The information is provisional and being released ahead of the official announcement of the financial results for the quarter ended March 31, 2021 which is subject to approval by the audit committee of the Board of Directors, the Board of Directors and audit by the statutory auditors of the bank, it said. Shares of RBL Bank were trading 1.53 percent higher at Rs 209.50 apiece on BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China’s industrial firms’ profits contract in March but at slower pace

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Profits at China’s industrial firms fell in March although at a slower pace than in the first two months, with many sectors seeing significant declines, suggesting the economy is still struggling to resume production after the coronavirus outbreak.

The world’s No.2 economy is limping back after weeks of near paralysis caused by the health crisis and tough containment measures, but recovery has been patchy with worries about a second wave of infections and a global recession adding to the challenges for policymakers.

China’s industrial firms earned 370.66 billion yuan (USD 52.43 billion) in March, down 34.9 percent from a year earlier, data from the National Bureau of Statistics showed. This follows a 38.3 percent slump in January-February, the steepest drop since at least 2010.

For the quarter ended March, industrial firms’ profits fell 36.7 percent on an annual basis to 781.45 billion yuan.

Electronics and drinks manufacturers saw some recoveries in profits from the first two months, the data showed. Eight out of 41 sectors surveyed marked profit increases in March, better than only four in January-February.

The advanced manufacturing sector, as well as private, small-scale and foreign invested companies all saw narrower drops in profits in March compared with the first two months.

But we still cannot be optimistic about the profits situation, said Zhang Weihua, an official at the bureau.

Market demand has not recovered completely, and production costs remain relatively high, Zhang said in a statement published alongside the data.

The deep drop in industrial firms’ profits comes as China’s economy shrank for the first time since at least 1992 in the first three months. Factory gate prices, a key barometer for industrial demand, posted the deepest deflation in five months in March.

“China has faced a continued fall in demand for goods from foreign economies due to COVID-19’s impact on those economies’ job markets and wages growth,” said Iris Pang, chief economist, Greater China for ING.

“Industrial profits will have to rely more on domestic demand. But conditions are not much better in China.”

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Beijing has stepped up tax and credit relief for virus-hit firms since February, including cuts in borrowing costs.

However, top policy advisers are still calling for stronger fiscal stimulus as soon as possible.

Beijing’s policies are less aggressive than the quantitative easing of other major central banks and it balances the need for stimulus against high household and corporate debt

Chinese President Xi Jinping has said Beijing will step up investment in traditional industries such as transportation and energy as well as new infrastructure areas including 5G and artificial intelligence to boost the economy.

Earnings at China’s state-owned industrial firms were down 45.5% on an annual basis for January-March, versus a 32.9 percent fall in the first two months, the statistics bureau data showed.

Liabilities at industrial firms rose 5.4 percent on year at end-March, versus a 5.3 percent increase as of end-February.

Private sector profits fell 29.5 percent in the first three months, improving from January-February’s 36.6 percent slump.

The industrial profit data covers large firms whose annual revenue exceeds 20 million yuan from their main operations.

($1 = 7.0700 yuan)

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow