Finance News

Saw many threats from crypto; CBDC was the way forward: RBI DG Sankar After observing an environment in which the evolution of private currencies posed a threat to investors, systems, and the economy, the Reserve Bank of India felt that the manner to deal with it was to provide a digital currency, Deputy Governor T. Rabi Sankar said. ...

Bank of Baroda approves Rs 134 crore agri-loans to farmers in Tamil Nadu Public sector Bank of Baroda has sanctioned over Rs 100 crore worth of agricultural loans in Tamil Nadu during its 15-day farmer outreach programme held here recently. At the fifth edition of ‘Baroda Kisan Pakhwada’ held between November 15 and 30, as many as ...

Core activities of a bank should not be outsourced, says RBI’s AK Choudhary In order to maintain stability in the banking system, banks’ senior management and board members have to ensure that none of the core banking activities of a bank are outsourced to any third party at any point in time, said Ajay Kumar Choudhary, executive director, Reserve ...

Assocham asks RBI to moderate rate hikes to avoid impact on recovery Industry body Assocham on Friday asked the Reserve Bank, which has hiked the key policy rate by 190 basis points since May, to moderate the interest rate hikes so that it does not have adverse impact on nascent economic recovery. Reserve Bank of India (RBI) ...

SBI’s maiden infra bond issue for Rs 10,000 cr oversubscribed 3.27 times The country’s largest lender, State Bank of India, has raised Rs 10,000 crore through its maiden issue of infrastructure bonds, for funding projects in segments such as power and roads. The coupon on the 10-year paper was fixed at 7.51 per cent, or about 17 basis points ...

Forex reserves rise for third week in a row; up $2.9 bn to $550.14 bn The Reserve Bank of India’s (RBI’s) foreign exchange reserves rose by $2.9 billion to $550.14 billion in the week ended November 25, the latest central bank data showed. The data marks the third consecutive week in which the RBI’s reserves have increased. ...

HDFC Bank revises credit card rewards points programme for customers India’s largest credit card issuer — HDFC Bank — has revised its reward points programme and fees structure for its credit card customers, effective January 1, 2023. The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have ...

Retail CBDC a game-changer, should improve monetary transmission: SBI chief The central bank digital currency for the retail customers could be a game-changer and should ensure better monetary transmission, Dinesh Khara, chairman, State Bank of India, said on Friday. On Thursday, the central bank launched the first phase of the pilot for CBDC- retail with four banks ...

Bank credit grows 17.2% YoY to Rs 129.48 trn in fortnight to Nov 18 Bank credit grew by 17.2 per cent year-on-year to Rs 129.48 trillion as on November 18, 2022, reflecting firm demand for loans, latest Reserve Bank of India data showed. The credit growth was slightly higher than 17 per cent as on November 4. ...

Rupee premiums close to bottoming, RBI key moving part, says report The premiums on the Indian rupee are unlikely to fall much further, with current levels almost fully incorporating the U.S. and India interest rate differentials, analysts said. The USD/INR 1-year implied forward premium plunged almost 50 basis points (bps) in November to 1.88% – its lowest ...