RBI likely to tighten norms for unsecured lending portfolios of banks By Siddhi Nayak and Swati Bhat   The Reserve Bank of India (RBI) is looking to tighten scrutiny on the unsecured lending portfolios of banks amid the growing risk of potential defaults, four banking sources told Reuters.   Unsecured loans – mostly personal loans and credit cards – ...

RBI opens sub-office at Kohima, to increase presence in north east The Reserve Bank on Tuesday opened a sub-office at Kohima, and announced its aim to soon have an office in Itanagar to strengthen its presence in North East India. Deputy Governor Michael Debabrata Patra inaugurated the office in the capital of Nagaland, which will help expand the ...

Odisha hikes Dearness Allowance of govt employees, pensioners by 4% The Odisha government on Tuesday announced a four per cent hike in dearness allowance (DA) for its employees and pensioners. The DA for employees and pensioners has been increased to 42 per cent from the existing 38 per cent. A release issued by the CMO said the ...

India will be among fastest growing economies in 2023: RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday expressed confidence that India will be among fastest growing economies in the world in 2023 which would grow at the rate of 6.5 per cent in the current fiscal. “We expect real GDP to grow by 6.5 ...

Accenture plans to pump in $3 billion for data and AI in three years Accenture on Tuesday announced a $3-billion investment over three years in its data and artificial intelligence (AI) practice. This will help clients across all industries advance rapidly and responsibly and use AI to achieve higher growth, efficiency and resilience. The company, which consults and services ...

CBI files FIR against Gujarat firm for Rs 1,518L fraud against PNB The Central Bureau of Investigation (CBI) has filed an FIR against Gujarat-based Eternal Motors Private Limited, its promoter Shubodh Kumar Jain, Shalini Shubodh Jain, their son Namit Jain, and others for allegedly cheating the Punjab National Bank for an amount of Rs 1,518 lakh, an official said. ...

Fintech makes rapid strides with $39-billion funding in 2022: IIFL report Brokerage industry undergoing big transformation: IIFL Securities chairman IIFL Finance not looking to convert into bank at this point: MD Nirmal Jain Stocks to Watch: Infy, HCL Tech, Sah Polymers, Concor, IIFL Wealth, RailTel Mkts may outperform after clarity on Adani issue: IIFL Securities chairman Kauvery Hospitals gets $70 ...

Higher deposit pricing to compress net interest margins by 10-20 bps Banks are expected to see a 10-20 bps compression in their net interest margins (NIMs) to 3-3.1 per cent this fiscal as they price deposits higher to attract more funds, says a report. However, lower credit costs will offset this tailwind on account of continued benign asset ...

Microfinance loan portfolio rises by 22% to Rs 3.48 lakh cr in FY”23 Microfinance loan portfolio increased by 22 per cent to Rs 3.48 lakh crore during 2022-23, according to a report. Gross loan portfolio stood at Rs 2.85 lakh crore as on March 31, 2022. Microfinance loan disbursals during FY 2022-23 improved by 23 per cent ...

IMGC to focus on strengthening partnerships with finance institutions: CEO India Mortgage Guarantee Corporation (IMGC) would focus on strengthening partnerships with banks and financial institutions, a top official said on Tuesday. The company is backed by marquee investors — Enact MI, Sagen (Brookfield Group), National Housing Bank, IFC (World Bank Group), And Asian Development Bank. The mortgage ...