Finance News

SBI economists expect RBI to hit pause button on interest rate hike Economists at SBI on Monday said they expect the Reserve Bank of India (RBI) to hit the pause button on interest rate hike at its upcoming monetary policy review this week. The central bank’s Monetary Policy Committee (MPC), the six-member rate setting panel, ...

Marginal pressure on banks next fiscal, net interest margin may fall: Fitch Banks will face margin pressure next fiscal as they increase the deposit rates to attract funds to support sustained high loan growth, and the same will fall by 10 basis points to 3.45 per cent, a global rating agency said on Monday. “We ...

No provision to refund accumulated corpus under NPS to state govt: FinMin There is no provision in the Pension Fund Regulatory and Development Authority Act, 2013 under which the accumulated New Pension Scheme (NPS) corpus can be refunded to the state governments that have reverted to the old pension scheme (OPS), the minister of state for finance ...

Muthoot Finance December quarter profit beats estimates on high gold prices BENGALURU (Reuters) – Muthoot Finance Ltd reported a third-quarter profit on Monday that beat analysts’ estimates, as higher gold prices boosted demand during the festive season. The gold financing company reported a profit of 9.02 billion rupees ($109.14 million) for the three months ended ...

LIC Housing Finance December quarter profit declines 37% as costs weigh BENGALURU (Reuters) – India’s LIC Housing Finance Ltd reported a 37% decline in third-quarter profit on Monday, hit by higher financing costs and as impairment charges more than doubled. The company, a unit of Life Insurance Corp of India, said net profit fell to ...

Rupee falls 1% as robust US payroll data stokes Fed rate hike fears The rupee weakened 89 paise, or 1.08 per cent, vis-a-vis the US dollar on Monday, suffering its biggest single-day fall in four months on the back of unexpectedly strong US employment data, which stoked fears that the US Federal Reserve would hike rates for ...

RBI’s 3-day long MPC meeting starts amid expectations of lower rate hike RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) started its three-day meeting on Monday amid expectations of a smaller 25 basis points rate increase or a pause on the rate hiking spree that started in May last year to check inflation. The decision ...

Creditors of IL&FS Financial Services to get Rs 3,200 cr interim payout IL&FS Financial Services’ creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018. The IL&FS group would also pay back another Rs ...

Reserve Bank widely seen delivering final 25 bps hike, say economists By Swati Bhat MUMBAI (Reuters) – India’s central bank is widely expected to raise its policy interest rate by a quarter percentage point to mark its final increase in the current tightening cycle on Wednesday before pausing to assess the impact of its hikes, ...

Indian banks’ NIM to contract in FY24 as deposit costs rises: Fitch Indian banks’ net interest margin (NIM) will be under pressure in the next financial year ending March 2024 (FY24) as they increase deposit rates to get funds for supporting high loan growth, said Fitch Ratings on Monday. The Indian banking sector’s average NIM– ...