Finance News

Commercial loan origination volumes dip 4.3% in FY22; avg ticket sizes jump Commercial lending origination volumes declined by 4.3 per cent to 22.2 lakh loans in the COVID-affected FY22, a credit information company said on Wednesday. If one has to look at the originations by value, there was a 73 per cent jump to Rs ...

EnKash gets RBI’s in-principle nod to operate as online payment aggregator Spending management platform EnKash on Wednesday received an in-principle approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The payment aggregators facilitate e-commerce sites and merchants to accept payment instruments from customers. They help merchants to connect with ...

Financial bids for IDBI Bank expected to come in by Sept: DIPAM Secy The government is expecting to get financial bids for IDBI Bank’s strategic sale by September, DIPAM Secretary Tuhin Kanta Pandey said. Several global and domestic institutions have expressed interest in buying about 61 per cent of the government and Life Insurance Corporation’s ...

Rupee gains 13 paise to 81.61 against US dollar as crude prices ease The rupee rose 13 paise to 81.61 against the US dollar in early trade on Wednesday supported by easing crude oil prices. Forex traders said sustained foreign fund outflows and a weak trend in domestic equities weighed on investor sentiments and restricted the appreciation bias. ...

NRE/NRO accounts with international mobile numbers can now use UPI The National Payments Corporation of India (NPCI) has instructed members of the Unified Payments Interface (UPI) ecosystem to allow non-resident account types such as non-resident external (NRE)/ non-resident ordinary (NRO) accounts having international mobile numbers to get onboarded and transact through UPI. This is subject ...

Rupee closes at 81.78 against dollar; biggest single-day gain since Nov The rupee gained 57 paise to close at 81.78 (provisional) against the US dollar on Tuesday, the biggest single-day gain since November. Forex traders said the rupee was the best performer among Asian currencies and now has the support of 81.70. At the ...

Axis Bank complies with IRDAI order; to buy more 7% stake in Max Fin Axis Bank on Tuesday said it has entered into a revised agreement with Max Financial Services to acquire an additional 7 per cent stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in agreement ...

Bank of Maharashtra employees’ union for term deposit rate hike At a time when banks are aggressively raising interest rates on term deposits due to widening gap between credit and deposit growth, the interest rate differential on the maximum rate by Bank of Maharashtra and other public sector lenders is about 75 basis points (bps). ...

Rupee gains nearly 100 paise in two days to below 82 against dollar The rupee strengthened significantly against the US dollar on Tuesday, marking its biggest single-day gain since November 11, amid overseas investment flows and a sharp decline in the greenback’s demand from state-owned banks on behalf of oil importers, dealers said. The domestic currency settled at ...

Axis Bank to pick residual stake in Max Life at fair market value After receiving a rap from insurance regulator Insurance Regulatory and Development Authority of India (Irdai), Axis Bank on Tuesday said it has entered into revised agreements with Max Financial Services. Under these pacts, Axis will acquire the balance 7 per cent equity in Max ...