Finance News

Govt to launch first surety bonds for road contractors on December 19 The road transport and highways ministry will launch the maiden surety bonds insurance product by general insurance companies for highway contractors on December 19, Union Minister Nitin Gadkari said on Thursday. The announcement comes two years after the ministry had requested the Insurance Regulatory and ...

New business premium of life insurance companies rises 30% in November Life insurance companies reported a 30 per cent year-on-year (YoY) growth in new business premiums (NBP) in November due to a stellar show by state-owned Life Insurance Corporation (LIC), even as private insurers saw their premium growth moderating. Data released by the Insurance Regulatory and Development ...

IndusInd Bank enters into Rs 500 crore co-lending pact with SV Credit Line Private sector IndusInd Bank announced its tie-up with non-banking finance company SV Credit Line for a co-lending agreement for Rs 500 crore loan exclusively to women borrowers. The agreement will help rural women access to affordable loans which they could use for a wide ...

Rupee gains 3 paise to close at 82.44 against dollar on positive equities The rupee consolidated in a narrow range and settled 3 paise higher at 82.44 (provisional) against the US dollar on Thursday, supported by positive domestic equities. At the interbank foreign exchange market, the local unit opened at 82.34 and touched an intra-day high of ...

ADB approves $780 mn loan to expand Chennai’s metro rail network The Asian Development Bank (ADB) on Thursday approved financing of $780 million to build new lines for Chennai’s metro rail and improve the network’s connectivity with bus and feeder services. The project will construct 10.1 km of an elevated section between Sholinganallur to State Industries Promotion ...

Curb on securitising short-term maturity loans may hurt micro loan biz The Reserve Bank of India’s curb on securitising loans having residual maturity of less than 365 days may hit the sale of short-term advances like micro-finance, personal loans and gold loans for a while, rating agencies said on Thursday. The change could make a certain portion ...

Does sticky core inflation mean more rate hikes by RBI? On Wednesday, the RBI’s Monetary Policy Committee announced its fifth consecutive rate increase this year. The RBI also lowered its India GDP growth forecast for the current financial year to 6.8 per cent. According to the RBI governor, persistent and sticky core inflation remains a cause for concern. Do ...

RBI MPC meet LIVE: No difference between paper currency and CBDC, says Das Catch all the latest updates on the RBI’s bi-monthly monetary policy announcement today

SC reserves verdict on demonetisation, asks govt, RBI for submissions The Supreme Court on Wednesday directed the Centre and the Reserve Bank of India (RBI) to make their submissions till Saturday related to the Union government’s 2016 decision to demonetise currency notes of Rs 1,000 and Rs 500. The apex court reserved its verdict on a batch ...

UPI to now allow blocking money for multiple debits, paves way for ASBA The Reserve Bank of India (RBI) on Wednesday enhanced the capabilities of the Unified Payments Interface (UPI) by introducing a ‘single-block-and-multiple debits’ functionality, which allows a customer to enable a payment mandate against a merchant by blocking funds for specific purposes in his/her bank account which ...