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Bank holidays calendar for March 2020

<ul><li>IT companies may not be hiring talent as slowdown curbs growth, but employees continue to search for jobs online. Naukri’s monthly active users at 12.1 million. </li><li>Cricket continued to give a boost to online food ordering apps in March. Daily active users online continue to increase month-on-month. </li><li>Despite the popularity of dating apps, young Indians continue to frequently visit online marriage portals and apps to find their true love. Matrimony apps see a jump in monthly and daily active users in March. </li></ul>On the face of it, there may be little or no connection between the white willow and online food ordering, but data shows that women in blue made Indians rather hungry in the month of March. And yes, most Indians also are as keen on marriage as ever, with matrimonial portals continuing to see higher month-on-month user metrics and app downloads. Three years after the pandemic struck, Indians are still addicted to their apps and are still looking for their dream job, if they are not planning their next vacation. From ordering food online to looking for jobs and homes online, Indian consumers are not putting the brakes on their online purchases just yet, even after the economy opened up completely post the lockdowns. App downloads continued in March as did higher monthly traffic across key consumer tech platforms. In the month of March, monthly and daily active users continued to surge across apps catering to consumer needs like online food ordering, travel, property rentals/purchases, groceries or even jobs. Yes, job searches have seen an unprecedented surge in the month of March shows data from Sensor Tower’s monthly data print. Leading technology services players may have slowed down on hiring, but employees are still flocking to job portals. According to a report by Bank of America, Naukri maintained its totem pole position in MAUs (monthly active users) with 12.1 million (+7.2% month on month) users and witnessed increase in daily active user base at 2.1 million (+6% MoM) in <keyword id="10294782" type="General" weightage="20" keywordseo="march-2023" source="Orion">March 2023</keyword>. LinkedIn has the highest DAUs or daily active users at 3.7 million and is a clear leader in terms of user retention at 33% followed by Naukri at 18%, says the report. Data shows that consumer apps have continued to see good traction in the month of March 2023 compared to February. What consumers have been interestingly visiting less frequently —- are the beauty apps like Nykaa and Purplle — whose traffic is down month-on-month. Beauty brands believe that omnichannel and physical store visits are the reason for the decline in online purchases. Food delivery &amp; grocery continue to see demand According to Bank of America’s India Internet report, a majority of online food delivery apps saw an increase in fresh app downloads and user metrics, while Swiggy saw a marginal decline in fresh downloads. Online food delivery apps launched special match day games to increase engagement, which resulted in higher ordering too. While Zomato launched ZPL prediction, Swiggy launched Match Day Mania. Not surprising that monthly active users of Zomato and Swiggy grew 4.9%/4.6% MoM to 53 million/35 million. Daily active users for both Zomato and Swiggy increased 2-3% MoM to 6.1 million/4.4 million, respectively. Domino’s Pizza continued to be third in all metrics. Swiggy showed a higher retention at 13% vs Zomato at 11%. Real estate continues to be hot property online Housing continued to see the highest online traffic, as searches for rented and ownership continued to jump. Both monthly active users and app downloads were healthy for online players. Monthly active users increased sequentially for all the apps catering to housing, while daily active users grew for 99acres and Housing. Traffic on Magicbricks remained stable. Monthly active users on 99acres MAUs witnessed steep growth +14.3% compared to February. In terms of user retention, Housing continues to lead at 11%, followed by 99acres and Magicbricks at 9%. Revenge travel is still a big deal With the onset of summer, consumers are planning their next trip, which has resulted in strong traction for online travel apps like Cleartrip and Makemytrip. User metrics improved for Cleartrip, GoIbibo and MakeMyTrip; while Yatra and EaseMyTrip witnessed a decline, says Bank of America. MakeMyTrip monthly and daily users inched upwards (+9%/4% MoM) ahead of the upcoming summer holiday season in May/June 2023. Cleartrip MAUs/DAUs both grew 44.8% MoM to 1.3 million /0.1 million, respectively, majorly driven by launch of bus services in over 90 cities and various offers like zero convenience fees and flat 10% off on all bus bookings. MakeMyTrip continues to be the leader in MAUs, DAUs and retention; with 15.8 million MAUs/1.5 million DAUs while Goibibo has 8.5 million MAUs/ 0.7 million DAUs. High five for fashion apps As social distancing has given way to more contact intensive interactions, demand for fashion apparel has also increased meaningfully. Consumers continue to look for bargains online and Ajio’s All Star sale has delivered the numbers. According to data, Ajio’s monthly active users showed a sharp increase sequentially as downloads of the app increased. Ajio’s MAU/DAU base rocketed 22%/26% sequentially. Myntra/Nykaa Fashion’s MAU base improved 3% MoM each while DAU base saw a slight 1-2% decline. In terms of user retention, Myntra is at 17% followed by Ajio at 16%, says the report. Marriages are forever Young Indians continue to look for their perfect partner. User metrics and downloads witnessed an increase across all apps. Shaadi.com continued to be a leader with monthly and daily active users at 9 million/2.9 million, respectively in March 2023. Jeevansathi’s monthly numbers grew 13% month-on-month, while daily users increased by 8% compared to February. BharatMatrimony user metrics remained largely stable. Jeevansathi has the highest user retention at 34% followed by BharatMatrimony at 33%. SEE ALSO <a href="https://www.businessinsider.in/stock-market/markets/news/-some-sectors-will-benefit-from-lower-energy-prices-in-fy24-a-balasubramanian/articleshow/99722850.cms">Earnings to remain volatile in FY24, but some sectors will benefit from lower energy prices, says Aditya Birla Sun Life MF’s CEO A Balasubramanian</a> <a href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a>

Consumers continue to throng apps in search of Roti, Kapda & Makaan, March sees healthy user metrics and app downloads

<ul><li>Food basket inflation was at 9.53% in December 2023, up from 8.7% in November.</li><li>The core inflation stood at 3.8%, moderating from 4.% in November.</li><li>India's industrial growth rate slumped to an 8-month low of 2.4% in November. </li></ul>Retail inflation inched up marginally to a four-month high of 5.69% in December 2023, mainly on account of higher food prices, according to official data released on Friday. The inflation based on Consumer Price Index (CPI) was at 5.55% in November 2023 and 5.72% in December 2022. In August 2023, inflation touched a high of 6.83%. As per the data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (NSO), retail inflation in the food basket was at 9.53% in December 2023, up from 8.7% in the preceding month and 4.9% in the year-ago month. “While persistent rise in the food prices contributed to an uptick in inflation in December 2023, the core inflation has continued to moderate indicating signs of easing price pressure for the households. A continual moderation in inflation is supportive of growth in the consumption driven sectors, said <keyword id="20169700" type="General" weightage="20" keywordseo="vivek-rathi" source="keywords">Vivek Rathi</keyword>, national director of research at Knight Frank India. The core inflation stood at 3.8%, moderating from 4.% in November. As per RBI’s forecast, FY24 inflation would be at 5.4%. The softer numbers that came in December could undershoot the numbers marginally,” said <keyword id="20169699" type="General" weightage="20" keywordseo="upasna-bhardwaj" source="keywords">Upasna Bhardwaj</keyword>, chief economist at Kotak Mahindra Bank. Experts expect RBI to keep its keep repo rate and policy stance unchanged in the February policy. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) has been focussed on bringing retail inflation under 4% which is its target. “We expect the RBI to allow liquidity conditions to ease in the coming months to let the operating target rate soften towards the repo rate before shifting stance— a move which is likely in 1QFY25,” said Bharadwaj. Manufacturing drags November industrial growth to 2.4% India's industrial growth rate slumped to an 8-month low of 2.4% in November from a 16-month high of 11.6% in October, data released by the Ministry of Statistics and Programme Implementation on Friday showed. In November 2022, the country’s industrial production had grown by 7.6%. The growth rate for November was dragged down by the manufacturing sector, which slowed to a crawl of 1.2 per cent on a year-on-year basis after having posted an increase of 10.2 per cent in October. The sharp slowdown in manufacturing output growth, which accounts for more than three-fourths of the index of industrial production (IIP), was partly attributed to the large number of holidays in November on account of festivals due to which the working declined. The IIP figure has been pulled down by the manufacturing sector which posted the lowest annualised growth of 1.2% in 13 months after a solid momentum in the early part of the fiscal. While moderation in industrial activity is typically seen in the post-festive season, this may also be an indication of an expectation of demand slowdown in the last quarter of the fiscal, he added. The electricity generation also grew at a slower pace of 5.8% as compared to a high double digit growth of 20.4% in October. Similarly, the mining output growth declined to 6.8% from 13.1% in October. “Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4% YoY, the lowest print in eight months since March 2023," said Suman Chowdhury, chief economist &amp; head of research of Acuite Ratings &amp; Research. There has also been a contraction in both consumer durables and non-durables output in Nov-23, leading to an overall contraction of 4.2 per cent YoY in the consumer goods sector. “The growth indicators from the industrial production print however seem to be uneven. Output from most of the key industries have witnessed moderate growth, however, due to a high statistical base. However, the consumer durable output, which is consumption reflection, contracted by 5.4%. This can be concerning as sustained consumption growth is the key to keep the economic growth momentum continuing,” said Rathi. (With inputs from PTI &amp; IANS)

Retail inflation inches to 4-month high in Dec; IIP growth slips to 8-month low in Nov

From May 15, the <keyword id="12266" type="General" weightage="20" keywordseo="nepal" source="Orion">Nepal</keyword> government will increase regular public holidays to two days in a week in an effort to cut the consumption of <keyword id="31786" type="General" weightage="80" keywordseo="fuels" source="Orion">fuels</keyword> whose prices have skyrocketed in recent months in the country, a cabinet minister said. "A cabinet meeting on April 26 decided to implement the two-day public holidays in a week effective from May 15 on a trial basis," <keyword id="12005292" type="General" weightage="50" keywordseo="gyanendra-bahadur-karki" source="Orion">Gyanendra Bahadur Karki</keyword>, minister for communication and information technology, told reporters. Currently, Nepal is implementing a one-day public holiday in a week on Saturday, the new rule adds Sunday as an extra off-day, reports <keyword id="106387" type="General" weightage="50" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword>. As per the cabinet decision, the five-day work hours will be rescheduled to 9.30 a.m. to 5.30 p.m., from the existing office hours of 10 a.m. to 5 p.m. Earlier, Nepal's <keyword id="6358156" type="General" weightage="50" keywordseo="central-bank" source="Orion">central bank</keyword> had advised the government to implement two-day public holidays to reduce the consumption of fuels on the grounds that public mobility is reduced substantially during holidays. Fuels are the largest import item for Nepal, accounting for over 14 per cent of the total merchandise imports in the first eight months of the current fiscal year that began in mid-July 2021, according to the <keyword id="1953841" type="General" weightage="50" keywordseo="trade-and-export-promotion-centre" source="Orion">Trade and Export Promotion Centre</keyword>. As in other parts of the world, Nepal has seen the prices of fuels hike in recent months over the Russia-Ukraine conflict and other factors. Meanwhile, Nepal's gross foreign exchange reserves had decreased by 18.5 percent to $9.58 billion in mid-March, from $11.75 billion at the beginning of the current fiscal year, according to central bank statistics. In response to falling forex reserves, the government has imposed a ban on the import of some products, and the fuel allowance for government bodies has been cut by 20 per cent until the end of the current fiscal year. In the late 1990s, Nepal had experimented with two-day weekly holidays with a view to increasing the efficiency and productivity of government employees. The decision was then rolled back a few months later. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ola-may-be-rushing-into-electric-cars-when-scooters-continue-to-underperform/articleshow/91141264.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-will-now-allow-users-to-remove-personal-information-from-their-search-results/articleshow/91142502.cms">Google will now allow users to remove personal information from their Search results</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/adani-enterprises-sets-up-a-wholly-owned-media-arm/articleshow/91128727.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/skywatching-on-april-30-venus-and-jupiter-will-look-like-they-are-about-to-collide/articleshow/91145254.cms">Skywatching on April 30: Venus and Jupiter will look like they are about to collide</a>

Nepal to implement 2-day public holidays from May 15 to cut fuel consumption

The <keyword id="50847" type="General" weightage="20" keywordseo="Reserve-Bank" source="Orion">Reserve Bank</keyword> of India (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) has extended the last date for periodic KYC update till March 31, amid Omicron uncertainties and has advised banks and other regulated entities not to take restrictive action against customers till the fiscal end. Earlier in May, the RBI had extended the last date for updation of KYC by regulated entities till December-end because of the second wave of the coronavirus pandemic. "In view of the prevalent uncertainty due to new variant of COVID-19, the relaxation provided in the ... circular (relating to Periodic Updation of KYC - Restrictions on Account Operations for Non-compliance issued in May) is hereby extended till March 31, 2022," the RBI said on Thursday. In May, the RBI had advised the regulated entities not to impose punitive restriction on operations of accounts of customers for their failure to comply with the KYC updation norms till December-end. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/list-of-nse-and-bse-stock-market-holidays-in-2022/articleshow/88585352.cms">NSE and BSE in 2022 — List of stock market holidays in the new year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbl-banks-stock-slumped-nearly-10-even-as-rbi-approves-interim-head-for-the-bank/articleshow/88584214.cms">RBL Bank slides back to its lowest in a year despite a new chief and RBI's assurances</a>

RBI extends deadline for periodic KYC update by three months till March 31, 2022

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! We're fully in the holiday season, and I've got the perfect place. This <a style="text-decoration: underline;" href="https://businessinsider.com/airbnb-christmas-decorations-all-year-long-lake-placid-new-york-2023-11">year-round Christmas Airbnb</a> is a dream destination for holiday fanatics.Speaking of the holidays, today is Cyber Monday, so check out all the great deals <a style="text-decoration: underline;" href="https://www.businessinsider.com/guides/deals/best-cyber-monday-deals-and-sales-2023" target="_blank" rel="noopener">Business Insider's Reviews team uncovered</a>. By the way, we're still running our <a style="text-decoration: underline;" href="https://www.businessinsider.com/subscription?blackfriday2023&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=2023-Q4-Subscriptions&amp;utm_content=InsiderToday&amp;term_utm=BF">biggest sale of the year</a> for a Business Insider subscription. In today's big story, we're looking at why the rate cuts investors have been praying for <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">might not be the godsend they imagined</a>.What's on deck: <ul><li>Markets: Here's how six HENRYs — high earners, not rich yet — <a style="text-decoration: underline;" href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11">handle their finances</a>.</li><li>Tech: Meet the women <a style="text-decoration: underline;" href="https://www.businessinsider.com/meet-18-women-who-made-partner-vc-firms-in-2023-2023-11">who made partner or higher this year</a> at top venture capital firms. </li><li>Business: Many Americans who left big cities during the pandemic <a style="text-decoration: underline;" href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11">have some regrets</a>.</li></ul>But first, this might not be the relief you're hoping for.<h2>The big story</h2><a href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11"></a><div type="image" title="Federal Reserve Building" height="1666" width="2222" msid="105539231" hostid="261" sizebytes="329142"></div>Rate cuts' double-edged sword<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a>Start cutting rates, they said.It will be fun, they said.The <a style="text-decoration: underline;" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">Federal Reserve's fight against inflation is taking hold</a>, and that could mean central bankers finally lower rates next year. But rate cuts won't necessarily be the win markets are hoping for, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">Business Insider's Jennifer Sor writes</a>. Investors have been begging the Fed to consider cutting rates for the better part of a year. Even as <a style="text-decoration: underline;" href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3">banks failed</a>, the Fed held firm on its war against sticky inflation.A <a style="text-decoration: underline;" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">cooler-than-expected inflation report</a> was enough for <a style="text-decoration: underline;" href="https://www.businessinsider.com/cpi-inflation-october-outlook-economy-markets-fed-rate-hike-bofa-2023-11">banks</a> and <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-forecast-2024-october-inflation-drop-cpi-gamechanger-2023-11">market experts</a> to declare an end to the Fed's tightening policy. But <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stocks-house-prices-commercial-real-estate-fed-economists-mortgages-outlook-2023-11">minutes released from the Fed's most recent meeting</a> didn't indicate cuts were imminent. The notes stated central bankers were comfortable <a style="text-decoration: underline;" href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20231101.pdf" target="_blank" rel="noopener">keeping their monetary policy "restrictive" to clamp down on inflation</a>.Still, some interest rate traders are predicting rate cuts coming as soon as this March, <a style="text-decoration: underline;" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">according to CME's FedWatch Tool</a>. But it's important to remember why central bankers cut rates. It's not simply to let the market off the leash. A rate cut is likely in response to a slowing economy, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">Jennifer writes</a>. And if the Fed were to get as aggressive as UBS suggests it might — <a style="text-decoration: underline;" href="https://www.businessinsider.com/fed-rate-cuts-forecast-2024-full-accommodation-economic-contraction-unemployment-2023-11">lowering rates nearly three percentage points by the end of 2024</a> — that could be because we're already experiencing a full-blown recession.Another key piece of the economy facing headwinds complicates the case for rate cuts being a boon for investors. The Fed has long touted its <a style="text-decoration: underline;" href="https://www.businessinsider.com/america-greased-pig-economy-higher-inflation-stock-market-crash-recession-2023-9">goal of a soft landing</a>: lower inflation while not cratering the economy. It's primarily made good on that promise. The process hasn't always been smooth (see: <a style="text-decoration: underline;" href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3">SVB</a>,<a style="text-decoration: underline;" href="https://www.businessinsider.com/why-big-tech-companies-laying-off-spoiled-workers-perks-2023-2"> Big Tech layoffs</a>, etc.), but the wheels haven't ultimately come off. However, a key factor in keeping the economy afloat — consumers — is losing steam.Retail giants Walmart and Target noted during recent earnings calls they <a style="text-decoration: underline;" href="https://www.businessinsider.com/walmart-target-signal-consumer-spending-shift-amid-economic-pressures-2023-11">were seeing consumer spending dip</a>, Business Insider's Dominick Reuter writes. It's another sign that US consumers have blown through most of the savings they <a style="text-decoration: underline;" href="https://www.businessinsider.com/economy-consumer-spending-credit-card-debt-delinquencies-retail-hiring-2023-11">accumulated during the pandemic</a> and are wracking up debt. And now the pullback comes on the cusp of the biggest season for consumer spending: the holidays.So yes, rates will ultimately be a win for the market. But it'll take plenty of sacrifice to get there.<h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a href="https://www.businessinsider.com/george-santos-expulsion-badge-honor-drunk-colleagues-michael-guest-2023-11">George Santos says he'll treat expulsion as a 'badge of honor' as he claims his colleagues are drunkenly having sex with lobbyists 'every night'</a></li><li><a href="https://www.businessinsider.com/congress-fights-confrontations-2023-mccarthy-mullin-gaetz-2023-11">'We're not here to talk about fights': Drama in Congress is starting to spill over</a></li><li><a href="https://www.businessinsider.com/trump-pardon-kushner-drug-smuggler-jonathan-braun-doj-predatory-lending-2023-11">Trump's pardoning of a Kushner-linked drug smuggler undercut a larger DOJ investigation</a></li></ul><h2>3 things in markets</h2><a href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11"></a><div type="image" title="Miles Goodloe (left), Domenic Boresta (middle), and Robert Oszust Jr. (right) are all HENRYs." height="612" width="816" msid="105539233" hostid="261" sizebytes="33658"></div><ul><li>How HENRYs save and invest. High earners, not rich yet have plenty of financial concerns despite making over $100,000. Six HENRYs from across the country detailed their approach to saving — <a style="text-decoration: underline;" href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11">with some socking away as much as 70% of their income</a> — and how they approach short-term investing. </li><li>Hedge funds come up short, literally. Funds have lost roughly $43 billion <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stock-market-rally-short-sellers-hedge-funds-sp500-november-performance-2023-11">trying to short the market in recent days</a>, according to the Financial Times. Their bet against stocks comes as the S&amp;P 500 is on track for its best month since July 2022.</li><li>You know what they say about one person's trash... Junk bonds have become a hot investment with rising optimism that the Fed is done raising rates. In the month leading up to November 20, bond funds saw inflows of more than $16 billion, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/bonds/junk-bonds-high-yield-corporate-debt-fed-pivot-interest-cuts-2023-11">the vast majority of which went to junk bonds</a>.</li></ul><h2>3 things in tech</h2><a href="https://www.businessinsider.com/guides/deals/amazon-cyber-monday-deals-2023-11"></a><div type="image" title="A PS5, a cake mixer, an Echo dot, and Bose earphones on a blue gradient background." height="900" width="1200" msid="105539234" hostid="261" sizebytes="31458"></div><ul><li>Amazon is rolling out some big Cyber Monday deals. Some of the <a style="text-decoration: underline;" href="https://www.businessinsider.com/guides/deals/amazon-cyber-monday-deals-2023-11" target="_blank" rel="noopener">best discounts right now</a> include savings on Echo speakers, PS5 bundles, and kitchen appliances. Our deal hunters have organized discounts by product category to make them easier for you to browse.</li><li>These 20 women in venture capital made partner or higher this year. In an overwhelmingly male industry, these women <a style="text-decoration: underline; color: #000000;" href="https://www.businessinsider.com/meet-18-women-who-made-partner-vc-firms-in-2023-2023-11">claimed a seat at the table this year</a>. The list includes Khosla Ventures' Alice Brooks and Founders Fund's Jennifer Campbell. </li><li>Meet the founder of the Failure Museum. Sean Jacobsohn started collecting objects from failed businesses a year ago. Since then, he's collected more than 500 items that sit in glass display cases in his office. Plus, Jacobsohn said it <a style="text-decoration: underline;" href="https://www.businessinsider.com/failure-museum-vc-norwest-venture-partners-startups-sean-jacobsohn">helped him understand why businesses and startups fail</a>.</li></ul><h2>3 things in business</h2><a href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11"></a><div type="image" title="A keychain containing a house, sad face and covid virus." height="1000" width="1333" msid="105539236" hostid="261" sizebytes="98868"></div><ul><li>Americans ditched big cities during the pandemic. Many are now regretting it. They're further away from the communities and social network they spent years cultivating. Some have struggled to assimilate to their new communities. And <a style="text-decoration: underline;" href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11">many feel cut off</a> from their identities, hobbies, and the friends they left behind. </li><li>Bet your career on these five trends. Generative AI is fueling <a style="text-decoration: underline;" href="https://www.businessinsider.com/5-trends-fueling-great-careers-include-infrastructure-experiential-and-artificial-intelligence-2023-11">a lot of job changes</a>, but it's not the only factor. Legislation, for example, is fostering a boom in infrastructure roles. And creators are a $250 billion industry. </li><li>The latest workplace request from Gen Z: legal services. More young workers say they want <a style="text-decoration: underline;" href="https://www.businessinsider.com/gen-z-legal-advice-workplace-benefit-financial-help-2023-11">legal help as a workplace benefit</a>, according to a new survey. This desire comes as more Gen Zers are stressed about finances — and they expect to use the services within a year.</li></ul><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/whats-it-like-to-work-for-mrbeast-biggest-youtuber-world-2023-11">What's it like to work for MrBeast, the biggest YouTuber in the world, according to five former staffers</a>.</li><li><a href="https://businessinsider.com/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11">People are leaving Texas over rising costs, partisan politics, and a sense of disenchantment</a>.</li><li><a href="https://www.businessinsider.com/book-reading-recommendations-break-into-hollywood-wme-agent-bradley-singer-2023-11">These five essential books and articles are required reading for Hollywood up-and-comers, according to a top WME TV agent</a>.</li><li><a href="https://www.businessinsider.com/amazon-hr-performance-improvement-plans-pip-pivot-had-to-quit-2023-11">I worked in HR at Amazon and put people on Pivot. Then I got put on a PIP myself</a>.</li></ul><h2>What's happening today</h2><ul><li>It's Cyber Monday. Many online companies have <a href="https://www.businessinsider.com/guides/deals/best-cyber-monday-deals-and-sales-2023" target="_blank" rel="noopener">special promotions and discounts</a> on their products.</li><li>The Gotham Awards for independent filmmaking is tonight. Honorees for the 33rd annual celebration include Bradley Cooper, Ben Affleck, and Greta Gerwig.</li><li>Bill, Bill, Bill, Bill — happy birthday to Bill Nye the Science Guy. Manolo Blahnik, Jimi Hendrix, Steve Bannon, and Bruce Lee were also born on this day.</li></ul>The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Rate cuts are likely coming next year, but investors shouldn't bank on them saving the market

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! We're fully in the holiday season, and I've got the perfect place. This <a style="text-decoration: underline;" href="https://businessinsider.com/airbnb-christmas-decorations-all-year-long-lake-placid-new-york-2023-11">year-round Christmas Airbnb</a> is a dream destination for holiday fanatics.Speaking of the holidays, today is Cyber Monday, so check out all the great deals <a style="text-decoration: underline;" href="https://www.businessinsider.com/guides/deals/best-cyber-monday-deals-and-sales-2023" target="_blank" rel="noopener">Business Insider's Reviews team uncovered</a>. By the way, we're still running our <a style="text-decoration: underline;" href="https://www.businessinsider.com/subscription?blackfriday2023&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=2023-Q4-Subscriptions&amp;utm_content=InsiderToday&amp;term_utm=BF">biggest sale of the year</a> for a Business Insider subscription. In today's big story, we're looking at why the rate cuts investors have been praying for <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">might not be the godsend they imagined</a>.What's on deck: <ul><li>Markets: Here's how six HENRYs — high earners, not rich yet — <a style="text-decoration: underline;" href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11">handle their finances</a>.</li><li>Tech: Meet the women <a style="text-decoration: underline;" href="https://www.businessinsider.com/meet-18-women-who-made-partner-vc-firms-in-2023-2023-11">who made partner or higher this year</a> at top venture capital firms. </li><li>Business: Many Americans who left big cities during the pandemic <a style="text-decoration: underline;" href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11">have some regrets</a>.</li></ul>But first, this might not be the relief you're hoping for.<h2>The big story</h2><a href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11"></a><div type="image" title="Federal Reserve Building" height="1666" width="2222" msid="105544734" hostid="261" sizebytes="329142"></div>Rate cuts' double-edged sword<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a>Start cutting rates, they said.It will be fun, they said.The <a style="text-decoration: underline;" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">Federal Reserve's fight against inflation is taking hold</a>, and that could mean central bankers finally lower rates next year. But rate cuts won't necessarily be the win markets are hoping for, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">Business Insider's Jennifer Sor writes</a>. Investors have been begging the Fed to consider cutting rates for the better part of a year. Even as <a style="text-decoration: underline;" href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3">banks failed</a>, the Fed held firm on its war against sticky inflation.A <a style="text-decoration: underline;" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">cooler-than-expected inflation report</a> was enough for <a style="text-decoration: underline;" href="https://www.businessinsider.com/cpi-inflation-october-outlook-economy-markets-fed-rate-hike-bofa-2023-11">banks</a> and <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-forecast-2024-october-inflation-drop-cpi-gamechanger-2023-11">market experts</a> to declare an end to the Fed's tightening policy. But <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stocks-house-prices-commercial-real-estate-fed-economists-mortgages-outlook-2023-11">minutes released from the Fed's most recent meeting</a> didn't indicate cuts were imminent. The notes stated central bankers were comfortable <a style="text-decoration: underline;" href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20231101.pdf" target="_blank" rel="noopener">keeping their monetary policy "restrictive" to clamp down on inflation</a>.Still, some interest rate traders are predicting rate cuts coming as soon as this March, <a style="text-decoration: underline;" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">according to CME's FedWatch Tool</a>. But it's important to remember why central bankers cut rates. It's not simply to let the market off the leash. A rate cut is likely in response to a slowing economy, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rate-cuts-2024-recession-inflation-stock-market-outlook-federal-reserve-2023-11">Jennifer writes</a>. And if the Fed were to get as aggressive as UBS suggests it might — <a style="text-decoration: underline;" href="https://www.businessinsider.com/fed-rate-cuts-forecast-2024-full-accommodation-economic-contraction-unemployment-2023-11">lowering rates nearly three percentage points by the end of 2024</a> — that could be because we're already experiencing a full-blown recession.Another key piece of the economy facing headwinds complicates the case for rate cuts being a boon for investors. The Fed has long touted its <a style="text-decoration: underline;" href="https://www.businessinsider.com/america-greased-pig-economy-higher-inflation-stock-market-crash-recession-2023-9">goal of a soft landing</a>: lower inflation while not cratering the economy. It's primarily made good on that promise. The process hasn't always been smooth (see: <a style="text-decoration: underline;" href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3">SVB</a>,<a style="text-decoration: underline;" href="https://www.businessinsider.com/why-big-tech-companies-laying-off-spoiled-workers-perks-2023-2"> Big Tech layoffs</a>, etc.), but the wheels haven't ultimately come off. However, a key factor in keeping the economy afloat — consumers — is losing steam.Retail giants Walmart and Target noted during recent earnings calls they <a style="text-decoration: underline;" href="https://www.businessinsider.com/walmart-target-signal-consumer-spending-shift-amid-economic-pressures-2023-11">were seeing consumer spending dip</a>, Business Insider's Dominick Reuter writes. It's another sign that US consumers have blown through most of the savings they <a style="text-decoration: underline;" href="https://www.businessinsider.com/economy-consumer-spending-credit-card-debt-delinquencies-retail-hiring-2023-11">accumulated during the pandemic</a> and are wracking up debt. And now the pullback comes on the cusp of the biggest season for consumer spending: the holidays.So yes, rates will ultimately be a win for the market. But it'll take plenty of sacrifice to get there.<h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a href="https://www.businessinsider.com/george-santos-expulsion-badge-honor-drunk-colleagues-michael-guest-2023-11">George Santos says he'll treat expulsion as a 'badge of honor' as he claims his colleagues are drunkenly having sex with lobbyists 'every night'</a></li><li><a href="https://www.businessinsider.com/congress-fights-confrontations-2023-mccarthy-mullin-gaetz-2023-11">'We're not here to talk about fights': Drama in Congress is starting to spill over</a></li><li><a href="https://www.businessinsider.com/trump-pardon-kushner-drug-smuggler-jonathan-braun-doj-predatory-lending-2023-11">Trump's pardoning of a Kushner-linked drug smuggler undercut a larger DOJ investigation</a></li></ul><h2>3 things in markets</h2><a href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11"></a><div type="image" title="Miles Goodloe (left), Domenic Boresta (middle), and Robert Oszust Jr. (right) are all HENRYs." height="612" width="816" msid="105544735" hostid="261" sizebytes="33658"></div><ul><li>How HENRYs save and invest. High earners, not rich yet have plenty of financial concerns despite making over $100,000. Six HENRYs from across the country detailed their approach to saving — <a style="text-decoration: underline;" href="https://www.businessinsider.com/henrys-saving-for-retirement-inflation-student-loans-credit-card-debt-2023-11">with some socking away as much as 70% of their income</a> — and how they approach short-term investing. </li><li>Hedge funds come up short, literally. Funds have lost roughly $43 billion <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stock-market-rally-short-sellers-hedge-funds-sp500-november-performance-2023-11">trying to short the market in recent days</a>, according to the Financial Times. Their bet against stocks comes as the S&amp;P 500 is on track for its best month since July 2022.</li><li>You know what they say about one person's trash... Junk bonds have become a hot investment with rising optimism that the Fed is done raising rates. In the month leading up to November 20, bond funds saw inflows of more than $16 billion, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/bonds/junk-bonds-high-yield-corporate-debt-fed-pivot-interest-cuts-2023-11">the vast majority of which went to junk bonds</a>.</li></ul><h2>3 things in tech</h2><a href="https://www.businessinsider.com/guides/deals/amazon-cyber-monday-deals-2023-11"></a><div type="image" title="A PS5, a cake mixer, an Echo dot, and Bose earphones on a blue gradient background." height="900" width="1200" msid="105544736" hostid="261" sizebytes="31458"></div><ul><li>Amazon is rolling out some big Cyber Monday deals. Some of the <a style="text-decoration: underline;" href="https://www.businessinsider.com/guides/deals/amazon-cyber-monday-deals-2023-11" target="_blank" rel="noopener">best discounts right now</a> include savings on Echo speakers, PS5 bundles, and kitchen appliances. Our deal hunters have organized discounts by product category to make them easier for you to browse.</li><li>These 20 women in venture capital made partner or higher this year. In an overwhelmingly male industry, these women <a style="text-decoration: underline; color: #000000;" href="https://www.businessinsider.com/meet-18-women-who-made-partner-vc-firms-in-2023-2023-11">claimed a seat at the table this year</a>. The list includes Khosla Ventures' Alice Brooks and Founders Fund's Jennifer Campbell. </li><li>Meet the founder of the Failure Museum. Sean Jacobsohn started collecting objects from failed businesses a year ago. Since then, he's collected more than 500 items that sit in glass display cases in his office. Plus, Jacobsohn said it <a style="text-decoration: underline;" href="https://www.businessinsider.com/failure-museum-vc-norwest-venture-partners-startups-sean-jacobsohn">helped him understand why businesses and startups fail</a>.</li></ul><h2>3 things in business</h2><a href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11"></a><div type="image" title="A keychain containing a house, sad face and covid virus." height="1000" width="1333" msid="105544738" hostid="261" sizebytes="98868"></div><ul><li>Americans ditched big cities during the pandemic. Many are now regretting it. They're further away from the communities and social network they spent years cultivating. Some have struggled to assimilate to their new communities. And <a style="text-decoration: underline;" href="https://www.businessinsider.com/americans-regretting-moves-from-city-to-suburbs-housing-crisis-millennials-2023-11">many feel cut off</a> from their identities, hobbies, and the friends they left behind. </li><li>Bet your career on these five trends. Generative AI is fueling <a style="text-decoration: underline;" href="https://www.businessinsider.com/5-trends-fueling-great-careers-include-infrastructure-experiential-and-artificial-intelligence-2023-11">a lot of job changes</a>, but it's not the only factor. Legislation, for example, is fostering a boom in infrastructure roles. And creators are a $250 billion industry. </li><li>The latest workplace request from Gen Z: legal services. More young workers say they want <a style="text-decoration: underline;" href="https://www.businessinsider.com/gen-z-legal-advice-workplace-benefit-financial-help-2023-11">legal help as a workplace benefit</a>, according to a new survey. This desire comes as more Gen Zers are stressed about finances — and they expect to use the services within a year.</li></ul><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/whats-it-like-to-work-for-mrbeast-biggest-youtuber-world-2023-11">What's it like to work for MrBeast, the biggest YouTuber in the world, according to five former staffers</a>.</li><li><a href="https://businessinsider.com/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11">People are leaving Texas over rising costs, partisan politics, and a sense of disenchantment</a>.</li><li><a href="https://www.businessinsider.com/book-reading-recommendations-break-into-hollywood-wme-agent-bradley-singer-2023-11">These five essential books and articles are required reading for Hollywood up-and-comers, according to a top WME TV agent</a>.</li><li><a href="https://www.businessinsider.com/amazon-hr-performance-improvement-plans-pip-pivot-had-to-quit-2023-11">I worked in HR at Amazon and put people on Pivot. Then I got put on a PIP myself</a>.</li></ul><h2>What's happening today</h2><ul><li>It's Cyber Monday. Many online companies have <a href="https://www.businessinsider.com/guides/deals/best-cyber-monday-deals-and-sales-2023" target="_blank" rel="noopener">special promotions and discounts</a> on their products.</li><li>The Gotham Awards for independent filmmaking is tonight. Honorees for the 33rd annual celebration include Bradley Cooper, Ben Affleck, and Greta Gerwig.</li><li>Bill, Bill, Bill, Bill — happy birthday to Bill Nye the Science Guy. Manolo Blahnik, Jimi Hendrix, Steve Bannon, and Bruce Lee were also born on this day.</li></ul>The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

<ul class="summary-list"><li><keyword id="12036388" type="UNKNOWN" weightage="60" keywordseo="global-stocks" source="Orion">Global stocks</keyword> slid on Friday, after the <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> suffered its biggest monthly fall since March 2020.</li><li>Investors are facing a range of concerns, from soaring <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>, to the possible collapse of China's Evergrande.</li><li>Stronger inflation has sent <keyword id="11945447" type="UNKNOWN" weightage="60" keywordseo="bond-yields" source="Orion">bond yields</keyword> sharply higher, making stocks look less attractive.</li></ul>Global stocks fell across the board on Friday, after US equities suffered their biggest monthly pullback since coronavirus shook the global economy in March 2020.<a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500 futures</a> were down 0.51%, <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100 futures</a> were also 0.51% lower and <a href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones futures</a> had slipped 0.56%.In Europe, the continent-wide <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> was 0.77% lower, while London's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> had fallen 0.9% in early trading.Asian equities also suffered overnight, with Tokyo's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a> down 2.31%. Chinese <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were closed for the Golden Week holiday.September was a rocky month for global shares as a number of economic worries came to the fore. Chief among them was a jump in inflation - driven by higher energy prices and supply-chain bottlenecks - which pushed bond yields up sharply.Inflation pushes up bond yields as investors demand a higher return. Higher bond yields then make the return on stocks - particularly flashy tech stocks whose true earnings potential lies well in the future - look less attractive.The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> slumped 4.8% in September, its biggest monthly drop since March 2020. Investors also fretted about disruptions to global supply chains, an international energy crunch, and the looming collapse of heavily indebted Chinese property developer Evergrande.Read more: <a href="https://www.businessinsider.com/investing-strategy-inflation-hedging-protection-stock-valuations-ruffer-duncan-macinnes-2021-8">A $31 billion investment firm with a killer track record of beating market crashes lays out 4 ways to play a 'new regime' that will bring dramatic re-ratings for many top stocks as inflation heats up</a>Investors hoping October would be a better month were left disappointed, as economic woes continued to weigh on global equities.On top of the other concerns, markets were fretting about the US debt ceiling, which needs to be raised to avoid the country defaulting on its debts. The House has voted to raise the debt limit but the Senate is unlikely to approve, with Republicans blocking the measure."The risk of a more severe correction [in stocks] reflecting these worries remains high - particularly with seasonal weakness for share markets running into mid-October in the US," said Shane Oliver, head of investment strategy at AMP Capital."However, ultimately we see the issues being resolved in a way that does not severely threaten global growth and so with global monetary policy likely to remain relatively easy for some time we continue to see the broader trend in shares remaining up."Bond yields, which move inversely to prices, have risen sharply in recent weeks but cooled somewhat in European trading on Friday. The yield on the key <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year US Treasury note</a> slipped 4.3 basis points to 1.484%.The dollar index was roughly flat on Friday at 94.25. It has also risen strongly in recently, with investors attracted to US Treasuries by the likelihood that the Fed will soon raise interest rates.Elsewhere, <keyword id="11894590" type="UNKNOWN" weightage="60" keywordseo="oil-prices" source="Orion">oil prices</keyword> slipped back slightly. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> oil fell 0.49% to $77.93 a barrel, having topped $80 earlier in the week. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a> slipped 0.71% to $74.50 a barrel.

Global stocks slide after US equities suffer worst monthly drop since March 2020 on economic woes

<ul><li>RBI announced some changes in the banking rules in the country. </li><li>The latest modifications in the banking system will take effect in January 2020. </li><li>Here are the important changes you need to know regarding financial transactions, EPF, Insurance, Hallmark, FASTag and Aadhaar linking in India. </li></ul>The Reserve Bank of India (RBI) is the authority that issues the rules and regulations that govern the banking sector. It is mandatory for all the banks in the country to implement the changes announced by the RBI, which helps provide uniform customer experience. Here are the latest guidelines and changes that take effect in January 2020. NEFT charges will be rolled back As per the new RBI guidelines, banks must <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/from-january-2020-banks-cannot-charge-you-for-online-neft-transactions/articleshow/71970375.cms?from=mdr">stop charging customers a fee for transacting using the NEFT</a> (National Electronic Funds Transfer) system. This measure is intended to encourage digital transactions among the users. Statistics show digital payments accounted for over 96% of the total non-cash retail payments done from October, 2018 to September 2019. OTP to withdraw cash from ATM India’s largest bank SBI says the customers transacting on the ATMs from January 2020 will have to input an OTP sent by the bank on their registered mobile phones to complete the transaction. It means users will have to carry their mobile phones while using ATMs. This measure is implemented to prevent fraudulent transactions and enhance the security measures while using ATMs. <div type="Article" hostid="261" msid="72994722" title="Bank Holidays January 2020: Complete list of bank holidays January 2020 to help you plan your financial activities" mstype="2" mssubtype="0"></div>

 No MDR charges for transactions on RuPay and UPI platforms The Department of Revenue is to announce RuPay and UPI as the prescribed mode for paying while transacting digitally. The finance minister Nirmala Sitaraman said <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-sitharaman/articleshow/73008967.cms?from=mdr">there will not be any MDR (Merchant Discount Rate) charges</a> while using these platforms for transactions. You can choose to lower your EPF contribution With the bill successfully passed in the Parliament, the government has decided to let employees lower their EPF contribution if they choose to. About 12% of their basic is deducted at present from the salaries of the employees for depositing in EPF. The said revision in the rule enables employees take more salary to their homes, if they want. General insurance policy premiums will cost more The New Year might also see <a href="https://www.moneycontrol.com/news/business/personal-finance/heres-why-your-general-insurance-premium-may-rise-by-10-15-after-january-1-4655291.html">general insurance premiums go up</a> by 10 to 15% on account of the rise in reinsurance rates. Reinsurance rate is the rate that the insurance providers must pay for securing a cover. The rise in reinsurance costs will mean the premiums will cost more. Health insurance providers who are under the pressure to cover additional ailments, are looking forward to increase the health insurance premiums from 10 to 15% in 2020. <div type="Article" hostid="261" msid="72975148" title="Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more" mstype="2" mssubtype="0"></div>

 SBI loan interest rates will come down After the RBI reviewed its monetary policy in December, SBI became the first bank to cut its external benchmark rate by 25 basis points. While the revised benchmark lending rate of 7.8% is taking effect from 1 January 2020, the borrowers will see the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/sbi-reduces-its-external-benchmark-rate-by-25-bps/articleshow/73024749.cms">home loan interest rates come down to 7.9% a year</a> from the previous 8.15%. The interests of other kinds of loans will also come down a bit in the New Year. Hallmarking becomes mandatory for jewelry From January 15, 2020, the government has said <a href="https://www.businesstoday.in/current/economy-politics/govt-set-to-make-gold-jewellery-hallmarking-mandatory-from-january-15/story/391310.html">hallmarking is mandatory on jewelry</a>. Nevertheless, the government has allowed a lean period of one year to ensure compliance with this new rule giving time for establishing new hallmarking centers across the country and also to clear existing jewelry stocks with the merchants. This move is expected to tackle the quality concerns and thereby boost demand for gold in India which is the second largest gold market of the world. <div type="Article" hostid="261" msid="73030004" title="What is UPI and how does it work?" mstype="2" mssubtype="0"></div>

 3 months extension given to link Aadhaar with PAN card The government’s latest announcement on the subject says the last date to link Aadhaar card with PAN card is extended for three more months from <a href="https://www.businesstoday.in/current/economy-politics/pan-aadhaar-linking-deadline-extended-by-3-months-to-march-31/story/392888.html">December 31, 2019 to March 31, 2020</a>. This is the second time that the government is extending this deadline so that the users are given enough time to complete the task. While the Income Tax laws say that the PAN cards will become inactive if Aadhaar card is not linked, the extension comes as a respite to those who have not linked these two documents. Those that have not purchased FASTag will have to pay two times the toll charges All private and commercial vehicles running on the Indian roads must purchase FASTags. The government earlier extended the December 1, 2019 deadline to December 15, 2019 for the vehicle owners to ensure compliance. Failing to do so and driving through the toll lanes without FASTag affixed to your car windshield, will mean you will be paying twice the toll charge. These are rechargeable tags that will enable automatic deduction of toll charges from your linked bank account as you can avoid long queues at the toll plazas. SBI’s chip debit cards will only work in the New Year 2020 SBI had earlier asked its customers to change their magnetic stripe debit cards with EMV chip and PIN-based SBI debits cards. This can be done at their home branch. If you are an SBI customer having your old magnetic stripe card, <a href="https://www.financialexpress.com/money/sbi-customer-these-atm-cum-debit-cards-will-become-useless-from-january-1-do-this/1781664/">your card will not work from January 1, 2020</a>. In a statement, SBI has said, “Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud.” <div type="Article" hostid="261" msid="72906028" title="Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes" mstype="2" mssubtype="0"></div>

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