Finance News

Bajaj Finance hikes FD rates by up to 40 bps, duration 36-60 months Bajaj Finance, the lending arm of Bajaj Finserv, on Wednesday increased its fixed deposit (FD) rates by up to 40 basis points. Following the hike, 44 months special tenure for senior citizens will invite an interest rate of 8.60 per cent per annum. The ...

G20 DRRWG to discuss ways of managing disaster risk, financing in Mumbai The second meeting of the G20 Disaster Risk Reduction Working Group (DRRWG) will explore innovative ways of managing disaster risk and financing for sustainable development, officials said here. The meeting, scheduled between May 23-25 in the country’s commercial capital, will attract top government officials, industry experts, ...

Bad loan firms call for rule change to open up sector to new players Urban Co-op Bank profiles improve on bad loan dip, better profitability SBI personal banking loan book up Rs-5 trn mark, helped by digital push ‘Historical’ changes: Here is what the NCERT has dropped from text books Yes Bank completes transfer of $5.81 bn worth bad loans ...

Private sector banks post 9.7% decline in net profit Private sector banks reported a robust profile with healthy growth in net interest income (NII), credit offtake and reduction in provision burden for the fourth quarter ended March 2023 (Q4 of FY23). However, as a pack, their net profit declined by 9.7 per cent year-on-year (YoY) at Rs 25,317 crore ...

RBI asks citizens to settle fee, charges on forex prepaid cards in rupee The Reserve Bank of India (RBI) on Tuesday directed to settle fees and charges payable in India on forex prepaid cards, store value cards, and travel cards in the local currency, ie. Rupee. The central bank also stated, “The use of such cards is limited to ...

Increase in premium amount of life insurance a big concern for customers ‘Company does not keep in touch’ is cited as the potential reason for customers leaving, according to 22 per cent of the people, suggests the report

India’s economic growth prospects have brightened, says Fitch Ratings Global ratings agency Fitch reiterated its BBB- rating with a stable outlook on India’s long-term sovereign debt, saying that growth prospects have brightened as the private sector appears poised for stronger investment growth. This is on the back of improvement in corporate and bank balance sheets in the past few ...

Pension scheme returns ‘exceedingly good’ versus benchmarks: PFRDA By Ira Dugal and Aftab Ahmed India’s national pension scheme offers “exceedingly good” returns of 9-12%, compared to most benchmarks, a top official at the pension fund regulator said on Tuesday. The National Pension Scheme, adopted in 2004, has recently come under criticism for inadequate returns, leading to a few state ...

Reserve Bank of India imposes penalty worth Rs 1.75 crore on HSBC RBI hikes repo rate by 35 bps to 6.25%, cuts FY23 GDP forecast to 6.8% RBI MPC: Here is what experts have to say about the policy announcement MPC lowers projection for inflation, raises growth outlook a bit in FY24 RBI Monetary Policy: Repo rate up by 25 ...

FSDC pitches for a special drive to settle unclaimed deposits in banks High-powered Financial Stability and Development Council (FSDC) headed by Finance Minister Nirmala Sitharaman on Monday asked the regulators to initiate a special drive to settle unclaimed deposits in banks and financial institutions. Briefing reporters about the discussions in the meeting, Economic Affairs Secretary Ajay Seth it was ...