Finance News

Loans worth Rs 10,09,511 written off in last 5 financial years: Sitharaman Scheduled commercial banks have written off loans amounting to Rs 10,09,511 crore in the last five financial years and the process of recovery of dues from the borrowers continues, Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday. Sitharaman said recovery ...

To woo more customers, HDFC aims to issue 1 mn credit cards every month India’s largest private bank HDFC Bank Ltd. is seeking to issue a million credit cards a month, a remarkable bounce-back for the lender after the country’s regulator banned it from taking on new card clients two years ago. The bank wants ...

Federal Bank increases interest rates on fixed deposits, effective Dec 18 The increased interest rates for fixed deposits below Rs 2 crore at the Federal Bank are now effective, reported LiveMint. The publication cited an update from the lender to say that the bank is now giving interest rates between 3 per cent and 6.30 ...

Banks look at possibility of rupee trade with Bangladesh, African nations Banks are looking at the possibility of initiating rupee trade with Bangladesh and African countries like Egypt as part of exercise to make rupee an international currency, sources said. The overseas trade in rupee would safeguard the external sector from fluctuation in the forex ...

IDFC First Bank announces waiver of charges on customer-centric services Private sector IDFC First Bank has announced waiver of charges on a number of customer-centric services such as cash deposits, withdrawals, demand drafts, IMPS and SMS alerts, among others ahead of its Foundation Day on Sunday. On the occasion of its Foundation Day on 18th ...

Yes Bank assigns Rs 48k cr stressed asset loan portfolio to JC Flowers ARC Yes Bank has concluded assignment of the Rs 48,000-crore stressed asset loan portfolio of the bank to JC Flowers Asset Reconstruction company. The bank had earlier declared JC Flowers Asset Reconstruction Private Limited (JC Flowers ARC) as the winner of the ...

Proposed changes to insurance laws may cause health claim disputes: Unions The proposed amendment to the definition of health insurance business is not exhaustive and may lead to disputes at the time of claims, said four unions in the Life Insurance Corporation of India (LIC).   The Unions also said the proposed amendments does ...

Govt had no outstanding loans from RBI in Dec 9 week, says central bank Dec 16 (Reuters) – The Indian government had no outstanding loans with the central bank under ways and means advances in the week ended Dec. 9, according to the Reserve Bank of India’s weekly statistical supplement released on Friday. The ...

Forex reserves swell by $2.91 billion to $564.06 billion as of Dec 9 India’s forex reserves rose by USD 2.908 billion to USD 564.06 billion for the week ended on December 9, according to the Reserve Bank data released on Friday. In the previous reporting week, the overall reserves had soared by USD 11 billion ...

Bank credit grows 17.5% in a fortnight; deposits up 10%: RBI data Bank credit grew by 17.5 per cent year-on-year (YoY) to Rs 131.06 trillion in the fortnight ended December 2, reflecting the continuation of firm demand for loans in the economy, latest Reserve Bank of India (RBI) data showed. Deposit mobilisation increased 9.9 per ...