Finance News

Rupee falls 11 paise to 82.60 against US dollar, oil advances 0.04% The rupee depreciated 11 paise to 82.60 against the US dollar in early trade on Thursday, weighed down by strength of the American currency in the overseas market. Sustained foreign fund outflows further dented investor sentiments, according to forex traders. At the ...

UPI, PayNow tie-up: In payments, like geopolitics, India seeks a third way Last week, the Singaporean and Indian central banks unveiled a new system for cross-border cash transfers that, in New Delhi at least, was celebrated as something much more: the first step toward establishing an entirely new global payments system geared to the needs of the ...

ICICI hikes MLCR, Suryoday Small Finance Bank revises FD rates Private lender ICICI Bank has raised its marginal cost-based lending rates (MCRL) 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 ...

HDFC Bank MD & CEO Sashidhar Jagdishan is BS Banker of the Year 2022 Sashidhar Jagdishan, managing director (MD) and chief executive officer (CEO) of HDFC Bank, has been chosen as the Business Standard Banker of the Year 2022, as the lender continued its strong performance under his leadership while successfully navigating through technology-related challenges. ...

Credit rated Indian banks can move over to IFRS 9: S&P Global Ratings Credit rated banks in India are well placed to transition to the expected credit loss approach under the International Financial Reporting Standard 9 (IFRS 9) which is more forward looking, said S&P Global Ratings. “We believe IFRS 9’s more forward-looking approach to ...

Rupee appreciates 22 paise to 82.36 against US dollar in early trade The rupee gained 22 paise to 82.36 against the US dollar in early trade on Wednesday amid a positive trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on the local unit and restricted the appreciation bias. At the ...

Axis Bank completes acquisition of Citibank India’s consumer business India’s third-largest private sector lender, Axis Bank, has completed the acquisition of Citibank India’s consumer business and the consumer business of its non-banking finance arm, Citicorp Finance (India) Ltd, for Rs 11,603 crore instead of Rs 12,325 crore estimated earlier. In a notification to the exchanges, ...

Bharti AXA-Unity Bank in bancassurance tie-up to tap 1.5 mn customers Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and global insurance firm AXA, has entered into a bancassurance tie up with Unity Small Finance Bank (Unity Bank) in order to sell its life insurance products through the lender’s network of 111 branches and 206 ...

HFCs to face headwinds amid rising interest rates, says India Ratings Housing finance companies (HFCs) are in for some headwinds, given the rising interest rates and property prices and the resultant moderation in home affordability, which will lead to a marginal dip in their loan sales growth to 12.3 per cent next fiscal year, says a report. ...

Indian Bank ties up with Toyota Kirloskar Motor to offer vehicle financing Public sector Indian Bank has inked a pact with automaker Toyota Kirloskar Motor to offer vehicle financial options to its customers, the bank said on Tuesday. The tie-up would offer various initiatives including 90 per cent on-road funding with no processing fee, foreclosure ...