Finance News

Finance: Credit card spends drop sequentially as festive season draws to close Credit card spending dropped 11 per cent sequentially in November at Rs 1.15 trillion, but topped Rs 1 trillion for the ninth month straight, data from the Reserve Bank of India (RBI) showed as the festive season ends and consumption activity slows down. ...

Rupee tracks positive domestic equities, gains 17 paise against dollar The rupee appreciated 17 paise to close at 82.65 (provisional) against the US dollar on Monday, tracking positive domestic equities and the weakening of the American currency in the overseas market. At the interbank foreign exchange market, the local unit opened at 82.79 and touched ...

Bank Interest Rate: IDBI Bank to offer 7.6% on 700-day term deposits for limited period As the competition to garner deposits intensifies amid tight liquidity and high credit growth, private sector lender IDBI Bank has come out with a limited period offer on its term deposits, and is offering an interest rate of 7.6 per cent for ...

Missed inflation target, digital currency pilot mark RBI’s 2022 map The Reserve Bank of India failed to deliver on its contracted inflation target for the first time, started fiat digital currency pilot and finally saw its efforts to improve bank balance sheets see fruition in 2022, making it a mixed year for the central bank. ...

Rupee opens flat at 82.79 against US dollar as crude oil prices rise The rupee on Monday started the session on a flat note against the US dollar amid rising crude oil prices and persistent foreign capital outflows. At the interbank foreign exchange, the rupee opened at 82.79 against the dollar and lost ground to ...

LIC may look at composite licence post amendment in Insurance Laws The country’s largest insurer LIC may take a call on composite licence clause after the passage of Insurance Laws (Amendment) Bill in Parliament, sources said. As per the proposed Bill, an applicant may apply for registration of one or more classes/sub-classes of insurance business ...

ICICI Bank’s ex-CEO Chanda Kochhar, husband sent to CBI custody till Dec 26 A special court in Mumbai on Saturday remanded ICICI Bank’s former CEO and MD Chanda Kochhar and her husband Deepak Kochhar in the custody of the Central Bureau of Investigation (CBI) till December 26 in connection with alleged cheating and irregularities in loans sanctioned ...

Higher claims pushed up non-life insurers’ underwriting losses: Report General and health insurers’ underwriting losses widened in FY22 when their incurred claims ratio worsened on account of higher claims paid because of Covid-19. Insurers reported underwriting losses of Rs 31,810 crore, an increase of 59 per cent from the year-ago period. The incurred claims ratio ...

Union Bank of India raises Rs 663 cr from AT-1 bonds under Basel-III norms State-owned Union Bank of India on Friday said it has raised Rs 663 crore from Tier I bonds to fund business growth. “…the bank has allotted unsecured, subordinated, non-convertible, perpetual, taxable, fully paid-up Basel III compliant Additional Tier 1 bonds (AT-1) ...

Bandhan Bank to sell stressed loans to ARC for the first time: Source Bandhan Bank’s announcement of sale of stressed loans to an asset reconstruction company (ARC) will be the first such instance for the private lender, a source in the bank said. The lender had on Wednesday said it will sell stressed loans to ...