Finance News

FinMin to meet heads of PSBs; to review progress of various schemes The finance ministry has called a meeting of heads of public sector banks and financial institutions to review the progress of various social sector schemes, including Jan Dhan, Mudra, KCC, and PM SVANidhi. The meeting with managing director and CEOs of public sector banks ...

ICICI Lombard’s net profit rises 11% in Q3 on strong premium income ICICI Lombard General Insurance’s net profit for the December quarter Q3) of FY23 increased 11 per cent year-on-year (YoY) to Rs 353 crore, aided by a healthy rise in gross premiums underwritten. Meanwhile, gross premiums earned by the insurer rose 17 per cent YoY to ...

Financial sector exposed to risks of low-carbon transition, shows study India’s financial sector is highly exposed to the risks of a low-carbon transition, but only one in six finance professionals have experience in identifying and managing those risks, says a new paper published in a leading peer-reviewed journal. In 2021, Prime Minister Narendra Modi committed India to ...

NCLT sanctions amalgamation of Equitas Holdings and Equitas SFB The National Company Law Tribunal has sanctioned the scheme of amalgamation of Equitas Holdings Limited and Equitas Small Finance Bank, the small finance lender told exchanges on Tuesday. The appointed date for the amalgamation is January 1, 2023 and the scheme shall be effective upon the filing of ...

Yen perched near 7-mth high as investors wait for policy shift at BOJ By Tom Westbrook SINGAPORE (Reuters) – The dollar drifted above multi-month lows on Tuesday, while the yen was perched near seven-month highs as investors held their breath for a potential policy shift at the Bank of Japan. The euro, which reached ...

Indian importers use rupee’s recovery to increase hedging, data shows Indian importers last week took advantage of the rupee’s recovery against the dollar to hedge their future foreign currency obligations, data showed. Average dollar purchases by importers, beyond the spot date, rose to $1.64 billion last week from $1.14 billion the week before, latest data ...

RBI’s expected credit loss approach may impact capital positions of banks The Reserve Bank of India (RBI)’s discussion paper suggesting banks move to an expected credit loss (ECL) approach for provisioning of bad assets from the current incurred loss approach is likely to have a bearing on the capital position of some banks, if not all, analysts reckon. ...

Cryptoverse: Bitcoin on the charge in 2023, clocks a 26% gain in January By Medha Singh and Lisa Pauline Mattackal (Reuters) – Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin. The No.1 cryptocurrency has clocked a 26% gain in January, leaping ...

Bank of Maharashtra raises rates on term deposits after union appeal State-owned Bank of Maharashtra has hiked interest rates on its special rupee term deposits from January 16. The lender made the decision after the united forum of MahaBank Unions urged management to raise interest on fixed deposits. The forum said some branches were losing ...

RBI proposal on loan loss provisions to raise bank capital needs: Analysts MUMBAI (Reuters) – The Indian central bank’s discussion paper suggesting banks make provisions on bad loans using an expected credit loss (ECL) method could raise capital requirements for lenders, analysts said. On Monday evening, the Reserve Bank of India released the paper proposing ...