Finance News

Govt hikes interest rate on post office savings schemes by up to 1.1bps The government on Friday raised interest rates on most post office savings schemes that do not get income tax benefits in line with the firming of interest rates in the economy. While the interest rate for popular PPF and girl child savings ...

Over half dozen financial institutions to see new faces at the helm in 2023 Major financial-sector players like the country’s largest lender, State Bank of India (SBI), and the largest life insurer, Life Insurance Corporation (LIC), are likely to see a change of the guard at the top in 2023. The first quarter of calendar ...

Finance Ministry sharply raises small savings rates for March quarter The Centre on Friday sharply raised interest rates on eight out of 12 small savings schemes for the January-March quarter of FY23. Small savings deposit rates for one year, two years and three years were raised by 110 basis points (bps) to 6.6 per cent, 6.8 per ...

Govt hikes interest rate on NSC, senior citizen savings scheme from Jan 1 The government on Friday hiked the interest rates on small deposits — including post office term deposits, NSC and senior citizen savings scheme — by up to 1.1 percentage points from January 1, in line with firming interest rates in the economy. ...

RBI to extensively use AI, MI driven tools for info creation, data analysis Artificial Intelligence (AI) and Machine Learning (ML) driven tools for data analysis and information creation will be integral part of Reserve Bank’s Medium-term Strategy Framework Utkarsh 2.0′ for the period 2023-2025 launched on Friday by Governor Shaktikanta Das. The first strategy framework ...

Religare Finvest signs settlement agreement with all its lenders for OTS Debt-ridden Religare Finvest Ltd (RFL) on Friday said it has signed a settlement agreement with all its lenders for a one-time settlement, clearing the deck for the NBFC to exit from the Corrective Action Plan imposed by the RBI. Religare Enterprises, the parent company ...

Indian rupee ends 2022 as worst-performing Asian currency, falls 11.3% By Anushka Trivedi MUMBAI (Reuters) – The Indian rupee ended 2022 as the worst-performing Asian currency with a fall of 11.3%, its biggest annual decline since 2013, as the dollar rocketed on the U.S. Federal Reserve’s aggressive monetary policy stance to tame inflation. The ...

What is Chanda Kochhar loan fraud case? Banking sector, meanwhile, turned the corner in 2022 and its stocks clocked maximum gains in the last five years. But this year will also be known for the arrest of sector giant Chanda Kochhar — who was one of the founding members of ICICI Bank. In this podcast, we explain what is the ...

RBI working on alternate arrangements for banks hit by EU oversight rule The Reserve Bank of India is working on alternate arrangements for banks whose local operations will get hit if Europe’s markets regulator withdraws recognition to Indian central counterparties. The RBI and European Securities and Markets Authority are clashing over ESMA’s demand to join ...

Shriram Finance gets $100 mn funding from ADB for inclusive financing Shriram Finance (SFL), India’s largest retail NBFC and a part of the Shriram Group, has secured a long-term funding of $100 million from the Asian Development Bank (ADB). The five-year external commercial borrowing (ECB) loan is under SFL’s social finance framework. The fund will ...