Finance News

Rupee likely to fall on weak Asia foreign exchange, waning momentum By Anushka Trivedi and Nimesh Vora MUMBAI (Reuters) – The Indian rupee was expected to open lower against the U.S. dollar on Tuesday, tracking losses in Asian peers and on dwindling upside momentum, traders said. The rupee was likely to open at around ...

Bank of Maharashtra Q3 PAT jumps two-fold to Rs 775 cr due to asset quality State-run Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its standalone profit after tax (PAT) at Rs 775 crore in the quarter ended December 2022 due improved asset quality. The Pune-based bank had posted a net profit of ...

Paytm bank gets RBI nod to operate as Bharat Bill Payment Operating Unit Paytm Payments Bank on Monday said it has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU). Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services ...

Rupee weakens amid thin volumes on FII outflow, greenback rebound The rupee weakened sharply against the US dollar on Monday amid sparse trading volumes as some foreign banks purchased the greenback, likely on account of overseas investors exiting the domestic market, dealers said. The domestic currency closed at 81.62 per US dollar versus 81.34 at ...

Increased provision on CET1 for loan loss to be phased out: RBI paper The increase in provisioning requirement on common equity tier-I (CET1) capital for loan loss, which will be incurred by scheduled commercial banks due to transition to expected credit loss (ECL) model, will be phased out in five years, the Reserve Bank of India (RBI) ...

RBI prior approval now a must for picking up over 5% stake in banks The Reserve Bank of India (RBI) on Monday said any person looking to acquire more than 5 per cent stake in a bank will need prior approval from the regulator. “Any person who intends to make an acquisition, which is likely ...

Securitisation volumes see over 40% YoY uptick in 9-month of FY23: Crisil Securitisation volumes have topped Rs 1.15 trillion in the first nine months of the current financial year (FY23), up 42 per cent year-on-year (YoY) from the year-ago period, as market activity in the October – December quarter continued with the momentum witnessed in the first ...

Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist Ahead of the Union Budget, the banking sector, through the Indian Banks’ Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source ...

Bank of Maharashtra Q3 profit more than doubles to Rs 775 cr, lender mulls 5% stake sale Bank of Maharashtra’s (BoM’s) net profit rose by 138.76 per cent year-on-year (YoY) to Rs 775.03 crore during the quarter ended December (Q3 of FY23). This was on the back of an improvement in net interest margin (NIM). ...

Insurers can classify green bond purchases as infra investments: Irdai MUMBAI (Reuters) – The Insurance Regulatory and Development Authority of India has said insurers will be allowed to classify their sovereign green bond purchases as infrastructure investments. The regulator, in a circular dated Jan. 13, said the move was made with the objective of “de-concentration and diversification” of ...