Finance News

Less cash society more achievable than a cashless society: BFSI panelists While digital payments have skyrocketed in the last five years, with the pandemic providing a fillip, the aim to be a cashless society is still a far-fetched dream for India. However, being a less-cash society is something that the country can achieve in the ...

Privatisation of PSBs via divestment of wider base of investors: Bankers Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider ...

NBFCs are not dying to become banks: Industry leaders at BS BFSI summit The non-banking financial company (NBFC) sector has been under the scanner since the 2018 Infrastructure Leasing & Financial Services (IL&FS) crisis when the industry lost some of the market share to banks in recent years. But the industry’s chief executives remain confident of the ...

Revenue ‘sufficient enough’ to fund extra expenditure of Rs 3.26 trillion: Finance Minister Union Finance Minister Nirmala Sitharaman exuded confidence that tax revenue generation in the current fiscal year (FY23) would be sufficient to fund the additional spending of Rs 3.26 trillion, for which her ministry has sought Parliamentary approval. Replying to the debate on ...

RBI governor Shaktikanta Das against pausing rate hikes: MPC minutes Given the “uncertain outlook”, the Reserve Bank of India (RBI) governor Shaktikanta Das during the Monetary Policy Committee (MPC) meeting between December 5 and 7, was of the view that rate hikes should continue in India. “I am…of the view that a premature pause in ...

UPI should continue to be free in India: Paytm’s Sharma at BS BFSI summit United Payments Interface (UPI) transactions in India should be kept free for customers in India until the majority of the population starts making digital payments, chief executive officer (CEO) of Paytm Vijay Shekhar Sharma said on Wednesday. “This country should keep ...

BFSI summit 2022| All entities providing banking service subject to same rules: RBI Dy Governor Any entity providing banking services needs to follow regulations meant for banks, said T Rabi Sankar, deputy governor of Reserve Bank of India (RBI), on Thursday. Non-bank entities outside the regulatory purview cannot be allowed to undermine the banking system, ...

Shadow lender Trucap Finance buys out retail MSME book of EZ Capital MSME-focused shadow lender Trucap Finance has announced two deals — buying out the retail MSME book of the Jalandhar-based EZ Capital in a share swap deal and a Rs 105 crore funding in a mix of equity and debt from the Mauritius-based fund Zeal Global. ...

Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) dipped 28 per cent month-on-month (MoM) in October to $1.92 billion, which is generally the festive month, latest data showed. However, on a year-on-year (YoY) basis, it was ...

In a U-turn, outstanding NRI deposits rise in October, shows RBI data Breaking the streak of continuous fall in outstanding amounts, non-resident Indian (NRI) deposits rose for the first time in the financial year to $134.54 billion in October 2022. The figure was $133.67 billion in September. Reserve Bank of India (RBI) data showed that NRI deposits ...