Finance News

New business premium of insurers drops 12% Contrary to expectations, the new business premium (NBP) of life insurance companies dropped 12.62 per cent year-on-year (YoY) in March 2023 due to an over 30 per cent drop in Life Insurance Corporation (LIC) of India’s premiums, albeit on a high base. Data released by the Life Insurance Council shows the industry ...

Members split on economic growth prospects All the external members of the Reserve Bank of India’s monetary policy committee (MPC) flagged risk of slowing growth, while the internal members seemed more sanguine about the growth prospects, the minutes of the monetary policy review meeting held earlier this month showed. All the members unanimously agreed to keep the repo rate ...

Indian banking system is stable, resilient: RBI governor Shaktikanta Das Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the country’s banking system continued to be resilient and stable, and the central bank had been engaging with domestic lenders on all fronts for the last few years to prepare them for any future risks. ...

India’s foreign exchange reserves fall $2.4 billion to $560 billion The Reserve Bank of India’s (RBI’s) foreign exchange reserves declined $2.4 billion to $560 billion in the week ended March 10, latest data showed. The decline in foreign exchange reserves was largely on account of a fall in the RBI’s foreign currency assets, which dropped ...

NBFC Moneyboxx Finance secures Rs 20 cr term loan from Maanaveeya NBFC Moneyboxx Finance on Friday said it has secured a Rs 20 crore term loan from Maanaveeya Development & Finance, and the funds will be used for onward lending to micro entrepreneurs. Maanaveeya is an Indian subsidiary of Oikocredit. Moneyboxx is supported by ...

Credit Suisse gets lifeline of $54 bn. Now it’s time to win back clients By Marion Halftermeyer, Chanyaporn Chanjaroen and Steven Arons The $54 billion lifeline won by Credit Suisse Group AG on Thursday gives it a fighting chance to rebuild its business. Some clients aren’t waiting around to find out how that goes. In ...

IDBI Bank privatisation on track as per strategic sale process: DIPAM The government on Friday said the disinvestment of IDBI Bank is on track as per the defined strategic sale process. Debunking media reports which indicated a possibility of deferment of IDBI Bank disinvestment, the Department of Investment and Public Asset Management (DIPAM) said the ...

Rupee appreciates 25 paise to 82.51 against US dollar in early trade The rupee reversed its four-day losing streak and rose 25 paise to 82.51 against the US dollar in early trade on Friday amid positive trends in the domestic as well as global equity markets. At the interbank foreign exchange, the domestic unit opened ...

WDRA, PNB ink MoU to for finance against negotiable warehouse receipt Warehousing Development Regulatory Authority (WDRA) has signed an MoU with PNB to facilitate loans to farmers and traders against negotiable warehouse receipts. According to an official statement, the Memorandum of Understanding (MoU) was exchanged in the presence of T K Manoj Kumar, Chairperson, WDRA; ...

Microfinance loan disbursal rise 19% to Rs 77,877 cr in Q3: MFIN Micrometer Loan disbursals by microfinance companies increased 19 per cent to Rs 77,877 crore during December quarter 2022-23, said the MFIN Micrometer. The total microfinance loan portfolio increased to Rs 3.21 lakh crore as on December 31, 2022, the report said. “Microfinance ...