Finance News

Reserve Bank of India removes informal NDF restrictions on banks: Report India’s central bank has lifted informal restrictions placed on banks for trading in the non-deliverable forward market (NDF), four bankers told Reuters on Tuesday. The Reserve Bank of India had placed these restrictions in October to manage the volatility on the Indian rupee.. The rupee in ...

SBI FD rates: State Bank of India hikes term deposit rates by 15-100 basis points With rising competition for mobilising resources amongst banks, the State Bank of India has raised interest rates by 15-100 basis points on domestic term deposits, including bulk deposits, effective today. For bulk deposits (amounts Rs two crore and above), the maximum increase is in ...

ICICI Bank raises Rs 5,000 crore through bonds to fund business growth Private sector ICICI Bank on Monday said it has raised Rs 5,000 crore through bonds to fund business growth. The bank has allotted 50,000 senior unsecured redeemable long term bonds in the nature of debentures aggregating to Rs 5,000 crore on private placement basis, the ...

RBI circular permits resident entities to hedge gold price risks at IFSC The Reserve Bank on Monday permitted resident entities to hedge their exposure to price risk of gold on exchanges in the International Financial Services Centre (IFSC). Resident entities in India are currently not permitted to hedge their exposure to price risk of gold in overseas ...

RBI imposes penalty on 13 cooperative banks for breaching regulatory norms The Reserve Bank of India on Monday announced penalties on 13 cooperative banks for contravention of various regulatory norms. The penalties range between Rs 50,000 and Rs 4 lakh. The maximum penalty of Rs 4 lakh has been imposed on Shri Kanyaka Nagari Sahakari Bank, ...

In a first: Bajaj Allianz set to launch surety bonds on December 19 At least three insurance companies are looking to launch a surety insurance product, of which Bajaj Allianz General is set to be the first company to launch the product on December 19. This will make it the first general insurance company to launch the ...

Govt not to make RBI report on MPC’s first-ever inflation failure public The government will not make the Reserve Bank of India’s report on failure to achieve its inflation mandate public, Pankaj Chaudhary, minister of state in the finance ministry said in Parliament on Monday. “RBI has furnished a report to the central government, as mandated under ...

Digital lending apps: RBI received 13,000 complaints against banks, NBFCs The Reserve Bank of India (RBI) has received about 13,000 complaints against banks and non-banking finance companies (NBFCs) about their digital lending applications and harassment by recovery agents. The grievances were filed under the banking regulator’s integrated ombudsman scheme of 2021 during the past 19 months (April 2021-November 2022), ...

Rupee sheds 26 paise to dollar as firm US data leads to Fed hike jitters The rupee started the fresh week on a poor note, shedding 26 paise against the dollar, as a stronger-than-expected US data set stoked fears of the Federal Reserve continuing with an aggressive pace of rate hikes, dealers said. The domestic currency settled ...

Retail CBDC could revolutionise digital subscriptions using micropayments The internet offers us a myriad of digital goods and services: music and content streaming services, articles on various news and media platforms, online games, online journals, and various software tools that help us edit, share, design and proofread. Most of these platforms require a time-bound monthly or annual subscription which ...