Finance News

IDBI Bank stake sale: Govt clarifies foreign funds can own over 51% The government on Tuesday said it will allow a consortium of foreign funds and investment companies to own over 51 per cent in IDBI bank, clarifying that foreign ownership criteria was for new private banks and were not applicable on existing ones. This comes ahead ...

Rupee at over 1-month low on renewed Federal Reserve rate hike fears The rupee plummeted against the dollar on Tuesday, shedding 1 per cent (82 paise), as stronger-than-expected economic data released in the US on Monday rekindled fears of aggressive Fed rate hikes. Also, relentless dollar purchases by corporates and oil companies dragged the local currency lower. ...

Govt to allow consortium of foreign funds to own over 51% in IDBI Bank The Indian government will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank Ltd, according to a government clarification on Tuesday. The current guidelines of the Reserve Bank of India restrict foreign ownership in new ...

Rupee falls 76 paise to close at 82.61 against dollar amid selling pressure The rupee declined by 76 paise to close at 82.61 against the US dollar on Tuesday due to heavy selling pressure in domestic equities and rising crude prices in the overseas markets. In addition, investors remained concerned over continued foreign capital outflows ahead of ...

RBI Monetary Policy: Expect 35 bps repo rate hike tomorrow, say experts The Reserve Bank of India (RBI) governor Shaktikanta Das will announce the bi-monthly monetary policy on December 7. It will be the last monetary policy committee (MPC) announcement in 2022. So far this calendar year, the repo rate has been hiked by 190 basis points from 4.4 ...

India’s benchmark bond yield seen at 7.5%, rupee at 84 by March: UBS India’s benchmark 10-year bond yields are expected to rise on the back of higher government borrowings, while the rupee could see steep depreciation by end of this financial year as pressure on emerging market currencies resurfaces, a rates strategist with UBS told Reuters on Tuesday. ...

GIEAIA asks Centre to send insurance amendment Bill to Parliamentary panel With the government announcing its intention to almost rewrite the insurance laws by proposing far-reaching amendments, the amendment Bill should be first sent to the Standing Committee of Finance in Parliament, demands the General Insurance Employees’ All India Association (GIEAIA). The GIEAIA is the major union ...

Rupee falls 24 paise to 82.09 against dollar in line with domestic equities The rupee declined 24 paise to 82.09 against the US dollar in early trade on Tuesday as heavy selling pressure in domestic equities and rising crude prices overseas weighed on investor sentiment. Besides, foreign fund outflows put pressure on the domestic unit, forex dealers ...

Cooling prices give Reserve Bank of India space to slow interest-rate hikes India’s central bank will probably start slowing the pace of interest-rate increases on Wednesday, signaling it’s near the end of its aggressive tightening cycle. After 190 basis points of rate increases this year, including three half-point moves, the six-member Monetary Policy Committee led by Governor Shaktikanta ...

Is it the end of WhatsApp's UPI ambition? The free run for PhonePe and Google Pay is likely to continue, as the 30% market cap mandate will not come into force for another two years. So, what does it mean for new players like WhatsApp?