India govt switches bonds maturing in 2024 with RBI in cash-neutral deal MUMBAI (Reuters) – The Indian government bought back bonds maturing in 2024 from the Reserve Bank of India on Tuesday, while also issuing bonds maturing in 2032 worth a similar quantum, the central bank said on Wednesday. “The transaction involved buying back a security maturing in ...

SBI raises Rs 9,718 cr via second tranche of infrastructure bonds at 7.70% State Bank of India (SBI), the country’s largest lender, raised Rs 9,718 crore through the issuance of 15-year infrastructure debt on Wednesday, with the bonds bearing a coupon of 7.70 per cent. The coupon is the rate of interest that is periodically paid out ...

ICICI Prudential Life Insurance confident to cross FY23 VNB target by March ICICI Prudential Life Insurance is “very confident of crossing doubling the VNB target” by March on the back of a record jump in its high-margin protection business share and the resultant highest-ever margin it has booked in the just-concluded December quarter. The company reported a 23.2 ...

Rupee snaps 3-day declining streak, rises 28 paise to 81.41 against dollar Snapping a three-day declining streak, the rupee rebounded 28 paise to close at 81.41 against the US dollar on Wednesday, tracking a weak greenback overseas and a firm trend in domestic equities. However, rising crude oil prices capped the gains, traders said. At the interbank foreign ...

IndusInd Bank posts bigger-than-expected Q3 net jump of 68% to Rs 1,959 cr BENGALURU (Reuters) – Indian private lender IndusInd Bank reported a bigger-than-expected jump in third-quarter profit on Wednesday, lifted by strong loan growth and a drop in provisions for bad loans. The company’s standalone profit, which excludes results of unit Bharat Financial Inclusion, jumped ...

Central Bank Q3 net rises 64.16% at Rs 458 cr on improved margins Central Bank of India’s (Central Bank) net profit rose by 64.16 per cent year-on-year (YoY) to Rs 458 crore in the quarter ended December (Q3 of FY23). This was on the back of an improvement in net interest margin (NIM). The Mumbai-based ...

ING planning return to India by buying controlling stake in IDBI Bank Dutch banking group ING is planning to return to India by buying a controlling stake in the state-owned lender IDBI Bank, The Economic Times reported On Wednesday. Citing two people familiar with the development, the publication reported that ING top brass were in New Delhi ...

Rupee falls 13 paise to 81.82 against US dollar as crude oil price rise The rupee depreciated 13 paise to 81.82 against the US dollar in early trade on Wednesday, as a strengthening American currency and firm crude oil prices weighed on investor sentiments. At the interbank foreign exchange, the domestic unit opened weak at 81.80 against the ...

After hitting road bump in Dec, bank credit growth to regain pace in Q4 After experiencing moderation in YoY growth by the end of December 2022, bank credit in India is expected to regain pace in the fourth quarter of FY23. The bank credit will need to expand by Rs 6.1 trillion in absolute terms ...

Default rate in microfinance sector declining, post-pandemic: Report The microfinance sector is coming out of Covid-induced stress, with the default rate for microfinance institutions (MFIs) declining from 16.7 per cent in June 2021 to 5.3 per cent in March 2022, according to the Inclusive Finance India Report by ACCESS Development Services. With some seasonal and ...