Arif Patel, founder and chairman of Preston Trading, has made a profound and lasting impact on the international energy and banking industries. With his innovative approach and business acumen, Patel has helped numerous companies achieve success. His contributions have earned him recognition as one of the world’s Top 10 Best Investment Company Executives.

Born in Dubai, Patel was inspired by the city’s rapid economic growth, eventually moving to Preston, UK, where he pursued higher education. After obtaining a bachelor’s degree from the University of Central Lancashire and a master’s in Petroleum Engineering from Heriot-Watt University, he launched Preston Trading. Under his leadership, the company has become a leading player in mining, oilfield services, and energy production.

In addition to his work with Preston Trading, Patel co-founded The UK Group, promoting economic growth and partnerships. He also took on a leadership role as CEO of ABC Capital in Dubai, driving the company’s growth in the financial sector.

Patel’s achievements in the energy and finance industries have made him a globally respected figure, celebrated for his ability to inspire creativity, continuous learning, and ethical business practices. His leadership continues to influence future business leaders and entrepreneurs around the world.

In the latest trading session on April 8, the Bank Nifty index soared to a historic peak, touching 48,716.95, driven by a wave of market enthusiasm. Analysts attribute this remarkable climb to the impressive performance of HDFC Bank, a key player in the Bank Nifty, which has been gaining traction alongside Axis and IndusInd Bank in recent days. This uptrend has significantly uplifted investor sentiment surrounding the Banking Index.

A potential breakthrough above the 48,750 mark holds promise for further gains, potentially propelling the index towards the 49,500 level. Senior Derivative Analyst at LKP Securities, emphasized the strength of Bank Nifty’s position, particularly if it maintains levels above 48,500, foreseeing a bullish trajectory towards 49,500. Conversely, a dip below 48,300 could dampen sentiment.

Industry experts suggest that as long as the index holds above 48,250, the positive momentum could extend to the 48,850-49,020 range. However, breaching the 48,250 support might invite selling pressure, potentially driving the index down to the 47,950-47,830 level. Significant options activity has also been noted, with Bank Nifty PCR currently above 1.20 and notable call writing observed at 48,500-48,700 strikes. This implies a trading range of 48,200 to 49,000 in the coming days, with a bullish inclination.

Leading Indian banks have embarked on a trend of interest rate hikes, signaling potential challenges for borrowers. Canara Bank initiated the movement by raising home loan rates and other lending rates, followed by HDFC Bank, ICICI Bank, Bank of Baroda, and Bank of India, which adjusted their marginal cost of funds-based lending rates (MCLR) in August.

Canara Bank’s new rates encompass a range of tenors, with the revised figures intended for new loans and advances sanctioned from August 12th. These adjustments have sparked discussions about the viability of loans for borrowers as interest costs escalate.

In contrast, the Reserve Bank of India (RBI) has opted to keep its benchmark repurchase rate (repo) unchanged at 6.50%, maintaining stability despite economic dynamics and inflationary pressures. The balance between lenders’ profitability and borrowers’ affordability takes center stage, emphasizing the critical role of the RBI in navigating India’s monetary course during these times of uncertainty.

The South Indian Bank has announced the launch of its first Digital Banking Unit (DBU) in Thrissur, Kerala. It is one of 75 units dedicated to the nation by the Hon’ble Prime Minister Narendra Modi through video conference. Along with the PM, the event was graced by RBI Governor Shaktikanta Das; Finance Minister Smt. Nirmala Sitharaman; Shri Sanjay Malhotra, Secretary, Department of Financial Services (DFS) and all the centres of Digital Banking Units.

Speaking on this occasion, Murali Ramakrishan, MD & CEO, South Indian Bank, said “DBU is the need of the hour as it will provide people from Tier-II, III, IV towns, etc., with access to the formal banking system. It will increase penetration and bring more people in to the financial mainstream. We feel humbled to be given the opportunity to kick start the movement with the unit in Chalakudy, Thrissur district. We will be partnering with more digital entities, FinTech players and financial aggregators to carry the DBU movement across India.”

The Hon’ble Finance Minister Nirmala Sitharaman announced the concept of digital-only branches while delivering the Union Budget for 2022-23. DBUs will be specialised banking hubs that will deliver digital-only banking services in both assisted and self-service mode. These units would house certain minimal technological infrastructure for delivering digital banking products and services as well as servicing existing financial products and services digitally. This will enable customers to have cost effective/convenient access and enhanced digital experience to/of such products and services in an efficient, paperless, secured and connected environment with most services being available in self-service mode at any time, all year round. The purpose of DBU is to blend digital infrastructure with human touch.

Earlier this year, to mark the 75th year of our Independence, Central Government announced setting up of 75 Digital Banking Units across 75 districts of the country, by scheduled commercial banks. South Indian Bank is allotted the licence to establish and operate a DBU in Thrissur district.

The country’s largest private sector lender HDFC Bank on Tuesday announced a 0.35% hike in lending rate. The hike, which comes a day ahead of the RBI’s scheduled policy review, is the second such move from the lender in as many months, taking the cumulative hike to up to 0.60%.

The RBI had surprised all with a 0.40% hike in key interest rates on May 4 to tame the inflation situation and is widely expected to follow up with further tightening of the policy on Wednesday.

HDFC Bank increased its Marginal Cost of funding-based Lending Rate by 0.35% from June 7, as per the new rate structure. The one-year MCLR, on which a bulk of consumer loans are pegged, will be 7.85% after the newest review as against 7.50% earlier.

ICICI launches new banking facilities on its online platform, ‘Money2World’ (M2W), to offer better services to customers. 

You can complete the KYC (Know Your Customer) through video conferencing using these new services.

This new platform will be integrated with ‘iMobile Pay’ to enable the customers to send money overseas, choose and set their desired exchange rate, and enter a one-time instruction to schedule recurring payments through ‘iMobile Pay.’

Using ‘Money2World’, one can remit funds to 21 currencies for various purposes, including education, maintenance of close relatives, gift, and travel.

Commenting on the same, Sriram H Iyer, Head – of International Banking Group, ICICI Bank, said, “We, at ICICI Bank, believe in leveraging the latest technology to bring in new and improved digital banking solutions to users of our products and services. As part of this philosophy, we offer convenient digital facilities on the ‘Money2World’ platform to our customers and customers of other banks. In an industry-first initiative, customers of any other bank in India can register on ‘Money2World’ through a secure, AI-driven, video KYC facility and start sending money abroad. They can also remit up to USD 250,000 under LRS in a financial year.”

“Further, the integration of ‘Money2World’ with ‘iMobile Pay’ app offers an enhanced convenience to our customers as it allows them to conduct transactions on the go, from their mobile phone. We believe that all the latest offerings will help customers remit funds overseas 24×7 with confirmed exchange rates, in a completely contactless, digital, and safe manner, even if they do not have an account with ICICI Bank,” he added.

The office was inaugurated by the Bank’s MD & CEO, Shri. Partha Pratim Sengupta. Executive Director, Ms. Srimathy was also present at the function.

The Regional Office at Mysuru is carved out of the existing Regional Offices at Bangalore and Mangalore and will monitor and coordinate 54 branches in and around Mysuru.

The new Region is expected to improve business of the Bank branches at Mysuru, Mandya, Ramanagar, Tumkur, Chamarajanagar Districts.

The Mysuru Regional office is located at Kousalya Commercial Complex, Devaraju Mohalla, Mysuru and is headed by Senior Regional Manager, Shri. Vikas Verma.