Finance News

ESAF Bank, V-Guard partners to finance solar rooftop power systems ESAF Small Finance Bank and electric equipment manufacturer V-Guard Industries signed an agreement to provide financing options to customers looking to install solar rooftop power systems. Under the agreement, ESAF Bank will provide various financing options, including loans and attractive installment payment plans, a statement ...

SBI raises $1 bn under 5-year syndicated social loan for ESG funding The country’s largest lender, State Bank of India, has raised $1 billion in its largest syndicated social loan for onward lending to ESG projects, affordable housing and self-help groups (SHGs). The deal was the largest Environmental, Social, and Governance (ESG) loan by a ...

HDFC hikes home loan rates by 25 bps, takes minimum borrowing cost to 9.2% Mortgage lender HDFC Ltd has hiked its home loan rates by 25 basis points effective March 1, the company said in a statement on Tuesday. With this, the home loan rates offered by HDFC will start at 9.20 per cent. However, ...

Indian banks unprepared for RBI’s ESG push, survey shows: Report Indian banks are not prepared to adopt environmental, social and governance (ESG) norms as part of their lending models due to reasons including a lack of clarity on how they apply to lenders, a survey conducted by an industry body on behalf of the central bank showed, ...

SBI raises $1 billion via syndicated social loan for further lending The State Bank of India , the country’s top lender, on Tuesday said it raised $1 billion via a syndicated social loan from global banks for further lending to certain kinds of socially impactful businesses in India. The funds will be used to further ...

Indian banks well placed to transit to Expected Credit Loss regime: S&P Standard and Poor’s on Tuesday said that Indian Banks rated by it are largely well placed to transition to the Expected Credit Loss (ECL) approach under International Financial Reporting Standard 9 (IFRS 9). This transition is not expected to change ratings on these ...

Cars on highways to be offered insurance cover using Fastag soon: Report The Centre is discussing a plan to change the way auto insurance is offered in India. According to a report in Mint, vehicles travelling on highways may be offered on-the-spot insurance cover using the Fastag account. Currently, 40-50 per cent of all vehicles in India ...

First time in many years, fixed deposit rates turn positive at 8% As banks’ chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank top the chart offering a cool 8-8.50 per cent per annum. ...

Public sector banks improve business growth in Q3, shows RBI data Backed by robust demand and healthy financials, public sector banks (PSBs) improved their business — advances and deposits — during the third quarter ended December 2022 (Q3), according to RBI data. State-owned banks increased their credit portfolio by 15.7 per cent during the calendar ...

Rupee recovers from 82.95 per dollar on likely heavy USD sales by RBI After coming within touching distance of weakening past the 83 per dollar mark for the first time in four months, the rupee recouped losses on Monday as the Reserve Bank of India (RBI) likely stepped in to prevent excess volatility in the currency market ...