Finance News

IDFC Ltd to invest Rs 2,200 crore in IDFC First Bank, up its stake to 40% IDFC Ltd said on Wednesday that it is investing Rs 2,200 crore in IDFC First Bank to increase its stake in the bank to 40 per cent from 36.38 per cent currently. This is expected to provide growth capital ...

Budget proposals don’t seek privatisation of state-owned banks: DEA Secy The Budget’s proposed banking amendments will improve governance and protect investors and they must not be seen as efforts for the privatisation of public sector lenders, said a senior civil servant on Wednesday. “These are the different sets of measures as over time, things have ...

Insurance policies where premium is above Rs 5 lakh no more tax exempt Insurance policies where the premium is over Rs 5 lakh will no longer be tax exempt, as per the provisions in the Union Budget 2023-24.   Kapil Mehta, Co-founder, SecureNow Insurance Broker said the income from traditional insurances where the premium ...

Currencies take a breather as investors await US Fed interest rate decision The dollar was broadly flat against major currencies on Wednesday ahead of an eagerly-awaited Federal Reserve policy decision that investors hope will signal the end of the U. S. central bank’s interest rate hiking cycle. After a series of jumbo rate hikes in 2022 ...

Rupee gains 12 paise to 81.76 against US dollar ahead of Union Budget The rupee opened on a positive note and gained 12 paise to 81.76 against the US dollar in early trade on Wednesday ahead of the Union Budget presentation. At the interbank foreign exchange, the domestic unit opened at 81.76 against the dollar, ...

Rupee poised to inch up on fall in US yields; budget, Fed outcome eyed By Nimesh Vora MUMBAI (Reuters) – The Indian rupee is likely to open higher versus the dollar on Wednesday, helped by the decline in Treasury yields following weak U.S. economic data. The rupee is expected at around 81.75-81.80 per U.S. ...

Rupee depreciates by 41 paise to close at 81.93 against US dollar The rupee depreciated by 41 paise to close at 81.93 (provisional) against the US dollar on Tuesday after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of current account deficit. ...

Eco Survey: FDI, IPOs, simplified rules may accelerate M&As in insurance Additional foreign direct investment inflows, initial public offerings, simplified rules, and improved corporate valuations will likely accelerate mergers and acquisitions (M&As) in the insurance sector, the Economic Survey of 2022-23 noted. The Survey points out that the highly competitive sector is already witnessing M&As ...

Bank credit for services up three-fold in Apr-Dec 22 as economy picks up Bank loans to the services sector grew three-fold to Rs 4.87 trillion in April-December 2022 from Rs 1.55 trillion in the same period last year, matching the uptick in economic activity. Credit to Non-Banking Finance Companies (NBFCs) and trade (wholesale and retail) ...

RBI partially eases curbs on SBM Bank till Mar 15 for customers’ relief The Reserve Bank of India has partially relaxed restrictions on SBM Bank India by allowing ATM/POS transactions under Liberalised Remittance Scheme (LRS) through its KYC compliant internationally active debit cards. This relaxation, available only till March 15, has been made to provide relief to ...