Finance News

Bank of Baroda plans to divest 49% stake in credit card subsidiary Public sector lender Bank of Baroda (BoB) is planning to rope in a strategic investor for its credit card subsidiary, BOB Financial Solutions (BFSL), by divesting 49 per cent stake. At present, BoB holds 100 per cent in the entity. While ...

RBI: ICICI Bank given time till Sept 2024 to pare stake in ICICI Lombard The Reserve Bank of India (RBI) has approved private sector lender ICICI Bank’s request seeking extension of time till September 9, 2024 for divesting its shareholding in its general insurance subsidiary, ICICI Lombard General Insurance, below 30 per cent. In a ...

Bank credit grows 15.5% YoY in Feb 24 fortnight to Rs 134.5 trillion Credit growth in the banking system has moderated further, growing at 15.5 per cent year-on-year (YoY) in the fortnight ended February 24, to Rs 134.50 trillion, latest data released by Reserve Bank of India (RBI) showed. While credit growth has moderated from ...

Self-regulation useful tool for setting rules for fintechs: RBI’s M K Jain The country’s fintech sector should attempt to organise itself under a self-regulatory organisation (SRO) that monitors the conduct of member fintech entities. This approach can help protect consumer interest and improve governance standards in fintech entities, said M K Jain, Deputy Governor, Reserve Bank of ...

NPS, APY subscribers rise 23% in FY23; over 1 crore customers added to APY The number of subscribers under the National Pension Scheme (NPS) and Atal Pension Yojana (APY) increased 23 per cent to over 6.24 crore as of March 4, the Finance Ministry said on Friday. Of this, there was over 28 per cent ...

Rupee depreciates 8 paise to 82.14 against US dollar in early trade The rupee depreciated by 8 paise to 82.14 against the US dollar in early trade on Friday, weighed down foreign fund outflows and losses in domestic equities. At the interbank foreign exchange, the domestic unit opened weak at 82.12 against the dollar fell ...

REC board okays Rs 1.2 trillion market borrowing programme for 2023-24 State-owned non-banking finance firm REC Ltd board on Thursday approved Rs 1,20,000 crore market borrowing programme for 2023-24 in its meeting. “Board of Directors of REC Ltd in its meeting held on March 9, 2023, inter-alia approved the market borrowing programme under different debt ...

Consumers optimistic towards retirement: ICICI Pru Life Insurance study Consumers in the country consider retirement as a phase of maintenance, upgradation and growth, found an ICICI Prudential Life Insurance study. The study titled “Is India prepared for retirement?” surveyed over 1,100 individuals across various cities in the country and revealed that consumers now have an ...

Citi appoints Bhanu Vohra as head for commercial banking in India Citi on Thursday named Bhanu Vohra as the head of commercial banking in India, saying he would be in charge of the Citi Commercial Bank (CCB) business here. Vohra, who will be based in Mumbai, will report to Citi India CEO Ashu Khullar and ...

Dollar holds near three-month highs on rates outlook by Jerome Powell By Rae Wee and Joice Alves SINGAPORE/LONDON (Reuters) – The dollar held near a three-month high on Thursday, underpinned by Federal Reserve Chair Jerome Powell’s message that interest rates would have to go higher and possibly faster. The yuan weakened after the government ...