Finance News

Forex reserves at a three-month high; $11 billion added in a week The Reserve Bank of India’s foreign exchange reserves rose $11.02 billion to $561.16 billion in the week ended December 2, marking their highest levels since August 26. The sharp increase in the foreign exchange reserves was primarily on account of a jump in the RBI’s ...

State Bank’s board to take call on raising capital via tier I bonds State Bank of India (SBI) said its board will meet on December 14 to decide on raising capital through Tier I bonds. As per a regulatory filing, SBI said it will seek “approval for raising of Additional Tier 1 (AT 1) capital by way ...

ADB approves $250 mn policy-based loan to strengthen logistics sector The ADB on Friday said it has approved a USD 250 million policy-based loan to support India’s wide-ranging reforms that aim to strengthen and modernise the country’s logistics infrastructure, improve efficiency, and lower costs. The loan will finance the first sub-program of the strengthening multimodal and integrated ...

Rupee gains 10 paise to close at 82.28 against US dollar as it weakens The rupee appreciated by 10 paise to close at 82.28 (provisional) against the US dollar on Friday, tracking the weakening of the American currency in the overseas market. Forex traders said muted domestic equities and foreign fund outflows weighed on investor sentiments and ...

Banks need to scale up investments in technology, says RBI’s MK Jain Indian banks and financial institutions should increase investments in technology as their legacy systems may not be suited to rapid changes in product design and computation, said MK Jain, deputy governor of the Reserve Bank of India. Banks and financial institutions should foster continuous innovation, ...

Govt may extend bid submission deadline for stake sale in IDBI Bank The government may extend until early January 2023 the deadline for submitting bids for the strategic disinvestment of IDBI bank, said an official. The last date for expression of interest (EOI) submission is December 16. The deadline could be extended after the Department of Investment ...

Rupee appreciates 19 paise to 82.19 against US dollar in early trade The rupee appreciated 19 paise to 82.19 against the US dollar in early trade on Friday on broad dollar weakness and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At ...

HDFC Bank files petition for NCLT approval to the proposed merger HDFC Bank has filed a joint scheme company petition with the National Company Law Tribunal (NCLT) in accordance with Section 230-232 of the Companies Act seeking sanction of the tribunal for the merger proposed between HDFC Bank and HDFC Ltd. The bank has already received the ...

Give us money to burn, we can build a UPI-like product: Axis Bank’s Amitabh After being chided by RBI brass for missing the UPI bus by not investing early, a top executive of Axis Bank on Thursday said banks do not have money to burn for building such businesses. “We didn’t have Rs 3,000 crore of money ...

ICICI Bank raises Rs 5,000 crore via infrastructure bonds to fund projects Private sector lender ICICI Bank has raised Rs 5,000 crore through infrastructure bonds for funding projects in segments like power, roads etc. The coupon for seven-year paper was fixed at 7.63 per cent, about 25 basis points above yield on government benchmark bonds with similar ...