Finance News

Kotak Mahindra Bank to create vertical for mid-market firms Kotak Mahindra Bank is set to create a separate vertical for mid-market companies having turnover between Rs 500-1,500 crore to increase its focus on the segment. The private sector lender is also keen to increase its focus on high-margin structured finance, a top official has said. ...

BoB cuts interest rates on home and MSME loans taken till month end With competition turning intense ahead of the year end, Bank of Baroda cut the interest rate on housing loans by 40 basis points (bps) on Sunday, to 8.5 per cent, linked to the borrower’s credit profile. The interest rate rebate is applicable on loans ...

RBI puts restrictions on Musiri Urban Co-operative Bank; caps withdrawal The Reserve Bank of India on Friday imposed a Rs 5,000 cap on withdrawals by individual customers from Tamil Nadu-based Musiri Urban Co-operative Bank as part of several restrictions slapped on the lender due to its deteriorating financial condition. The restrictions on the lender will ...

Axis Mutual Fund aim for Rs 50 cr from new fund in primary subscription Axis Mutual Fund aims to collect around Rs 50 crore from the new fund it is launching next Monday during the primary subscription period. The fund offer — Nifty G-Sec September 2032 index fund — is an open-ended target maturity debt ...

Rupee vs Dollar: Rupee records best one-day rise against US dollar in nearly 4 months The rupee strengthened sharply against the US dollar on Friday, registering its sharpest single-day rise since November 11, as overseas investors sold the greenback, largely for investment in Adani group shares, dealers said. An easing in the US dollar index ...

Foreign exchange reserves fall $325 million in a week to $560.94 billion The Reserve Bank of India’s (RBI’s) foreign exchange reserves declined by $325 million to $560.94 billion in the week ended February 24, latest central bank data showed. The slight fall in the reserves — for the fourth week in a row — was ...

PNB makes Positive Pay System must for cheques worth more than Rs 5 lakh In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) has made the Positive Pay System (PPS) compulsory for cheque payments worth Rs 5 lakh and above. This will come into effect from April 5, ...

Rupee rises 36 paise to 82.24 against US dollar on foreign fund inflows The rupee gained 36 paise to 82.24 against the US dollar in early trade on Friday as fresh foreign fund inflows and a positive trend in domestic equities strengthened investor sentiments. At the interbank foreign exchange, the domestic unit opened at 82.28 ...

ICICI hikes MCLR, Suryoday Small Finance Bank revises FD rates Private lender ICICI Bank has raised its marginal cost-based lending rates (MCLR) by ten basis points across tenures, effective from March 1. Overnight and one-month MCLR rates are now at 8.50 per cent, while the MCLR for three months is at 8.55 per cent, ICICI ...

State Bank of India completes first commercial trade in Sri Lankan rupees COLOMBO (Reuters) – Indian lender State Bank of India on Thursday said it completed its first non-dollar transaction with Sri Lanka, by paying for exports in Sri Lankan rupees as India looks to bring countries that are short of U.S. dollars into the trade mechanism. ...