Finance News

RBI doing it right on rate hikes, need more: IMF economist Luis Breuer IMF senior representative to India Luis Breuer on Wednesday said the RBI was doing the right thing on rate hikes, and added that there was need for more. “We believe that the tightening stance is appropriate for India in the medium-term, to ...

RBI, UAE central bank sign MoU on interoperability of their CBDCs The central banks of India and the United Arab Emirates have signed a memorandum of understanding (MoU) to explore interoperability between their respective central bank digital currencies, among other things. In a statement on Wednesday, Reserve Bank of India (RBI) said, “RBI and the ...

HDFC Bank, Flipkart Wholesale launch co-branded card for latter’s members HDFC Bank and Flipkart Wholesale, the omnichannel B2B platform of the Flipkart Group, launched a co-branded credit card exclusively for Flipkart Wholesale members on Wednesday . The credit card will offer users five per cent cashback on Flipkart Wholesale online spending. The launch of co-branded ...

Amid unabated fund outflow, rupee falls 25 paise to 82.62 against US dollar The rupee declined by 25 paise to 82.62 (provisional) against the US dollar on Wednesday amid a strong greenback against major currencies overseas and unabated foreign fund outflows. Traders said negative sentiment in the domestic equity market also hit the domestic currency. ...

Rupee rises 4 paise to 82.33 against US dollar on positive domestic equity The rupee appreciated by 4 paise to 82.33 against the US dollar in early trade on Wednesday, tracking positive sentiments in the domestic equity market and relatively weaker dollar against major currencies. At the interbank foreign exchange, the domestic unit opened stronger ...

Paytm UPI LITE crosses 2 mn users with over half million daily transactions Homegrown Paytm Payments Bank on Wednesday announced it now has over 2 million users on Paytm UPI LITE. The Bank recorded over half a million daily transactions for Paytm UPI LITE through the Paytm app, it said in a statement. “We ...

No contagion seen on Indian bonds, forex from SVB collapse: DBS Bank Indian fixed-income and foreign-exchange markets are unlikely to see any major fallout after the collapse of a U.S. lender dented risk sentiment, a senior treasury executive at DBS Bank said on Tuesday. “We generally have an FX fallout if there is a change ...

BofA gets more than $15 bn in deposits after Silicon Valley Bank collapse Bank of America Corp. mopped up more than $15 billion in new deposits in a matter of days, emerging as one of the big winners after the collapse of three smaller banks dented confidence in the safety of regional lenders. The inflows ...

MCLR Hike: Banks may hike MCLR by 150 bps in FY24 amid tight liquidity: Report Commercial banks are likely to increase the marginal cost of funds based lending rate (MCLR) by 100-150 basis points (bp) in the next financial year (FY24) amid a rise in the cost of money and tight liquidity. The transmission of monetary policy ...

Most APAC fin institutions immune to US bank failure, rising rates: Moody’s Most Asia Pacific financial institutions are not exposed to the failed US banks and are not as susceptible to large losses from debt security holdings as Silicon Valley Bank was, Moody’s said on Tuesday. On March 12, US regulators closed Signature Bank, just ...