Finance News

Rupee sheds 53 paise on crude oil price spike; bond yields jump The rupee weakened sharply versus the US dollar on Monday as global crude oil prices surged on reports of a reduction in output by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, dealers said. The rupee closed at 81.88 per US dollar ...

Bank of Maharashtra’s advances grow 29% to Rs 1.48 trn in Q2FY23 Public sector lender Bank of Maharashtra (BoM) on Monday said its gross advances rose by 28.65 per cent to Rs 1,48,246 crore in the second quarter ended in September 2022. Total advances of the bank stood at Rs 1,15,236 crore at the end of the ...

RBI sells dollars as rising oil prices push rupee to near new low: Traders The Indian central bank likely sold dollars via state-run banks on Monday as rising oil prices and weak risk appetite pushed the rupee to within striking distance of record lows. The rupee was last trading at 81.90, down from 81.34 in the previous ...

Bank holiday: In October, banks will remain closed for total 21 days With Durga Puja, Dussehra, Diwali, Chhath Pooja and others, October is a month full of festivals. Due to these festivities, in the ongoing month, banks will be closed for a total of 21 days. These bank holidays also include the regular holidays like the second and fourth Saturdays, ...

Rupee depreciates 38 paise to 81.78 against US dollar in early trade The rupee depreciated 38 paise to 81.78 against the US dollar in early trade on Monday, tracking a muted trend in domestic equities and risk-off sentiment among investors. Besides, surging crude prices in the international market impacted the domestic unit, traders said. At the ...

Further interest rate hike to hit real estate sector badly: Credai A realtors’ body on Sunday said the rate increase was steeper than expected, but if any further rate hike is passed on to the home buyers, the employment-intensive real-estate sector will get adversely impacted. Reserve Bank of India raised the repo rate by 50 basis points ...

Gone with the loan: Indian travelphiles bank big on ‘travel now, pay later’ Maldivian blues or Rajasthan’s sand dunes? Keen on both, Rakesh Mandavaya had a budget for none. That’s when he learnt of the travel now pay later’ option offered by banks and fintech companies. And the rest, as they say, is his Maldives travel history he can’t ...

FinMin’s special campaign in seven districts to deepen financial inclusion To further deepen the financial inclusion (FI) framework, the Finance Ministry will organise a special campaign from October 15 to November 26 at the Gram Panchayat (GP) level in seven districts across India. The districts include Cuttack, Odisha; Aurangabad, Maharashtra; Pune, Maharashtra; Kakinada, AP; Kaushambi, UP; Datia, ...

RBI policy review LIVE: Inflation forecast for FY23 remains unchanged The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) announced a 50 basis points (bps) hike in the repo rate to 5.90 per cent on Friday in order to bring elevated inflation back to its target. CPI inflation for the current financial year is seen at 6.7 per cent, ...

RBI: India’s forex reserves fell the most among emerging economies: Report As the Reserve Bank of India (RBI) sold dollars to arrest the fall of the Indian Rupee, India’s forex reserves depleted the most among all emerging economies. Since the beginning of 2022, India’s reserves have fallen 13.88 per cent from $633.6 billion to $545.6 billion, according to a ...