Finance News

Realistic approach: Budget 2023 likely to steer clear of populist measures Top policymakers comfortable with 6-6.5% growth in FY24

Govt may not announce capital infusion for PSU banks in Budget: Sources The government is unlikely to announce capital infusion for public sector banks (PSBs) in the upcoming Budget as their financial health has improved significantly and they are on track to earn a combined profit of Rs 1 lakh crore, sources said. Their capital ...

Private sector insurer HDFC Life expects margins to improve in Mar quarter Leading private sector life insurer HDFC Life expects its margins to improve further in the fourth quarter, having already neutralised the hit it had taken from the merger of Exide Life three quarters earlier than expected. The company closed the December quarter with ...

Rupee up briefly, searches for direction around familiar resistance level By Nimesh Vora MUMBAI (Reuters) – The Indian rupee briefly rose against the dollar above a level that’s being closely watched by traders, but was unable to pierce it convincingly. The rupee was trading at 81.25 per U.S. dollar by 10:32 a.m. IST compared with ...

Bandhan Bank Q3 profit slumps 66% to Rs 291 crore on higher provisions Private lender Bandhan Bank Ltd on Friday reported a 66% slump in third-quarter profit, hurt by higher provisions and lower interest income. Net profit for the quarter-ended Dec.31, 2022, fell to 2.91 billion rupees ($35.85 million) from 8.59 billion rupees a year ...

Indian banks’ switch to IFRS norms unlikely to drive rating changes: Fitch MUMBAI (Reuters) – The benefits of Indian banks’ switching to the International Financial Reporting Standards (IFRS) accounting rules will outweigh any short-term impact on capital levels and is unlikely to drive rating changes, said credit rating agency Fitch. While the Reserve Bank of ...

Raise credit penetration in 112 aspirational dists, FinMin tells banks The Finance Ministry on Friday asked banks to further increase credit penetration in aspirational districts and ensure availability of at least one banking outlet within 5 km of all inhabited villages. Progress of 112 Aspirational Districts under Targeted Financial Inclusion Intervention Programme (TFIIP) was discussed ...

Canara Bank to sell its stake in Russian joint venture to SBI for Rs 114 cr Canara Bank on Friday said it plans to sell its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 114 crore. CIBL, incorporated in 2003, ...

Bombay HC sets aside YES Bank’s Rs 8,000-crore AT1 bond write-off The Bombay High Court on Friday set aside YES Bank’s erstwhile administrator’s decision to write down additional tier 1 (AT1) bonds worth over Rs 8,000 crore held by bondholders and retail investors. The court, however, stayed the order for six weeks, which the bank ...

Rupee closes at 81.18 against US dollar amid surge in crude oil prices The rupee appreciated 18 paise to close at 81.18 (provisional) against the US dollar on Friday on broad dollar weakness. However, weak domestic equities and a surge in crude oil prices capped sharp gains for the local currency, forex traders said. ...