Finance News

MFIs set for better days, as collection improves, loan sales jump Microfinance players have already come out of the massive hit they took during the pandemic and are likely to report lower credit cost by the end of this fiscal, as growth momentum is on an upswing, says a report. India Ratings has revised the ...

Over 50 entities get in-principle approval for PA license; 28 under review The Reserve Bank of India (RBI) has granted in-principle approval to over 50 entities for a payment aggregator’s license so far, while 28 applications are still under review, the central bank said on Wednesday, when it published the list of entities that applied for the ...

Government focusing on public expenditure to propel growth, says FM Finance minister Nirmala Sitharaman on Wednesday said that the effort of the government over the years has been to increase public expenditure with a view to promote growth. Speaking at the Post-Budget interactive session with the members of the industry chamber PHDCCI, the minister said ...

Several banks open special vostro accounts for overseas trade in rupee Several banks, including HDFC Bank and UCO Bank, have opened special vostro accounts to facilitate overseas trade in the rupee and many countries have expressed interest to have this arrangement for the local currency trade, a top government official said on Wednesday. Director General ...

Indian lender HDFC’s biggest-ever bond issue to see strong demand: Bankers By Dharamraj Dhutia MUMBAI (Reuters) – The biggest-ever bond issue by India’s Housing Development Finance Corp is expected to go smoothly without any major increase in interest costs for the financier as long-term investors will likely absorb the sale, bankers said. HDFC aims ...

SBI raises MCLR by 10 bps; increases deposit rates in some buckets State Bank of India (SBI) has raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps), effective February 15. The country’s largest lender announced the decision after the Reserve Bank of India’s monetary policy committee (MPC) last week raised ...

Rupee to weaken on bets of more Fed Reserve rate hikes, RBI in focus By Anushka Trivedi and Nimesh Vora MUMBAI (Reuters) – The Indian rupee is expected to decline against the dollar at open on Wednesday after the U.S. inflation reading underscored bets of more Federal Reserve rate hikes. The non-deliverable forwards indicate ...

SBI loans to get costlier as bank hikes key lending rate; Details here The State Bank of India (SBI) announced a hike in the marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) across tenures. The new rates will be effective from February 15. MCLR is the minimum rate at which a bank can ...

Kotak Bank arm raises $590 mn fund for data centre investments in India A Kotak Mahindra Bank arm on Tuesday announced that it has raised $590 million (about Rs 4,885 crore) for investments in the data centres in the country. Kotak Investment Advisors (KIA) said it plans to raise $800 million under the Kotak Data ...

Loans on debit cards to be governed by digital lending guidelines: RBI Loans offered on debit cards, including equated monthly instalment (EMI) programmes, would be governed under the digital lending guidelines of the Reserve Bank of India, the central bank clarified on Tuesday. EMI programmes on credit cards would continue to be governed by rules ...