Finance News

RBI Policy: Repo rate up by 50 bps to 5.9%; accommodative stance withdrawn The Reserve Bak of India (RBI) raised the policy repo rate by 50 basis points (bsp) to 5.9 per cent in its monetary policy review. This is the fourth hike in repo rate in the current financial year. In its Monetary Policy Committee meeting (MPC), the ...

PSBs asked to expedite recruitment, fill vacancies in time-bound manner The finance ministry has asked public sector banks (PSBs) to expedite the process of filling pending vacancies, sources said. The ministry had reviewed the vacancies in PSBs earlier this month and advised them to take action to fill them. Finance Minister Nirmala Sitharaman on Tuesday had ...

Banks increase interest rates on bulk deposits as liquidity tightens With surplus liquidity in the system shrinking and deposit growth trailing credit growth by a large margin, banks have hiked interest rates on bulk deposits, suggesting that they are looking for such deposits to meet the credit demand. Rates on three-month corporate deposits are in the range ...

Fall in forex reserves due to rupee depreciation not worrying, say experts The decline in foreign exchange reserves of the country due to the depreciation of the rupee is not a worrying factor, and there is coverage for nine months of imports, experts said here on Thursday. The country’s forex kitty continued its southward journey, with the ...

Rupee closes marginally higher against US dollar, RBI intervention seen The Indian rupee closed slightly higher against the US currency on Thursday, after a choppy session in which the Reserve Bank of India likely sold dollars to support the local currency. The rupee ended at 81.86 per US dollar, a tad higher than the new low of ...

RBI policy: How inflation, repo rate and demand are linked to each other The Reserve Bank of India (RBI) announces its monetary policy at least four times a year, once each quarter. Currently, it announces its policy once every two months. Through its monetary policy intervention, the central bank controls the “demand” side of the economy to keep inflation ...

Rupee trade: Understanding difference between Nostro and Vostro accounts The Reserve Bank of India (RBI) has approved two Russian banks, Sberbank and JSC VTB, to open special Vostro accounts for rupee trade. The approval came months after India’s central bank announced its norms for rupee trade. In early September, UCO Bank had also received RBI’s approval to ...

Rupee appreciates 35 paise to 81.58 against US dollar in early trade The rupee appreciated 35 paise to 81.58 against the US dollar in early trade on Thursday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 81.60 against the dollar, then touched 81.58, registering a gain ...

Public sector banks plan to establish verticals for big data, analytics With an aim to move toward more data-driven decision-making, public sector banks (PSBs) will create specialised verticals for big data and analytics, reported The Economic Times. The move is in response to the government’s order for financial institutions to improve data-driven, integrated, and inclusive banking. Public ...

RBI unlikely to extend card tokenisation deadline despite merchants’ demand India’s central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers’ credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. Despite a demand by smaller merchants to ...