Finance News

Shriram Finance turns India’s largest retail NBFC after merger: Group Shriram Transport Finance Company (STFC), India’s largest financier of commercial vehicles, and Shriram City Union Finance, the largest two-wheeler financer, have been merged to form Shriram Finance. Shriram Finance will be India’s largest retail-focused non-banking financial company, said the Shriram Group on Monday. Shriram Finance will be a diversified player ...

Will RBI devise rules to regulate public sector banks amid rising scams This has obviously made things lopsided when it comes to governance of Indian banks. For instance the Reserve Bank of India (RBI) can issue guidelines to private banks or foreign banks, but not to the PSBs. This anomalous duality may well be under review now with a ...

SBI’s personal banking advances excluding home loans cross Rs 5 trn mark SBI on Monday announced that its personal banking advances excluding high value home loans have crossed the Rs 5 lakh-crore mark. The largest lender in the country took a year to book the last Rs 1 lakh crore of advances, as against over 15 months ...

South Indian Bank’s move on tier-2 bond won’t disrupt sector: Fitch South Indian Bank’s recent decision to not redeem its tier-2 bonds before maturity is unlikely to have significant long-term market implications for the banking sector, Fitch Ratings said on Monday. “We believe the action is bank-specific and not necessarily representative of the broader market, given the ...

Digital payments in India touch Rs 38.3 trn at over 23 bn transactions The Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged 23.06 billion transactions amounting Rs 38.3 lakh crore in the third quarter this year, a new report showed on Monday. At the top, the UPI ...

RBI’s MPC starts deliberations amid expectations of moderate rate hike The Reserve Bank’s rate-setting panel on Monday started brainstorming for the next round of monetary policy amid expectations of a moderate interest rate hike of 25-35 basis points as inflation has started showing signs of easing and economic growth tapering. The RBI has hiked key benchmark lending ...

SBI personal banking loan book up Rs-5 trn mark, helped by digital push State Bank of India’s portfolio of personal loans crossed the Rs 5-trillion mark at the end of November 30 this year, said the country’s largest lender on Monday. The bank gave loans worth Rs 1 trillion in 12 months in the portfolio that includes ...

Rupee gains 8 paise to 81.25 against US dollar ahead of MPC review The rupee appreciated 8 paise to 81.25 against the US dollar in early trade on Monday supported by a weak dollar in the overseas market. Forex traders said weak domestic equities weighed on the local unit and restricted the appreciation bias. At the ...

Punjab & Sind Bank aims at CASA ratio of 35 pc by March Punjab & Sind Bank managing director Swarup Kumar Saha has said that the lender is targeting a Current Account Savings Account (CASA) ratio of 35 per cent by the end of the ongoing fiscal and the bank has undertaken various efforts to achieve the goal. ...

Nirmala Sitharaman to address revenue intelligence officers on Monday Finance Minister Nirmala Sitharaman will on Monday address Revenue Intelligence officers at the DRI foundation day event in the national capital. The Directorate of Revenue Intelligence (DRI) is celebrating its 65th Founding Day on December 5-6 this year, a finance ministry statement said on Sunday. A meeting ...