Finance News

RBI’s MPC to start 3-day meet on Wednesday, another rate hike likely The Reserve Bank’s rate-setting panel will start its 3-day deliberations on Wednesday amid expectations of yet another rate hike of 50 basis points to check high inflation, in line with similar actions taken by other major central banks, including the US Fed. Based on the ...

Thrust on non-par products to yield desired results: LIC chief M R Kumar State-owned Life Insurance Corporation (LIC) is confident that its strategy to rejig the product portfolio by introducing more non-participating products and a sharper focus on the bancassurance channel will give it the desired results in terms of growth and market share. “We intend to ...

India Ratings upgrades non-bank lenders’ outlook to neutral from improving Domestic rating agency India Ratings on Tuesday upgraded its outlook on the non-bank lenders to “neutral” from “improving” on better collection efficiencies and asset growth in the sector. It, however, said that liability management is key for managing margins and loan growth for non-bank finance companies (NBFCs) ...

HDFC Bank launches festive scheme; home, personal, auto loans included India’s largest private lender HDFC Bank has launched a range of special schemes for the festive season, including offers for personal loans, business loans, home loans and automobile loans. The loans for these categories, which fall under a scheme titled ‘Festive Treats 4.0’, are applicable till October ...

Bank of India acquires over 5.5% stake in ONDC for Rs 10 crore State-owned Bank of India has acquired over 5.5 per cent stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore, the lender said on Tuesday. On September 27, 2022, the bank invested in the capacity of promoter shareholder of ONDC, an amount ...

Enhance coverage of scheduled castes in all schemes: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman on Tuesday advised public sector banks (PSBs) to enhance the coverage of scheduled castes (SCs) in all schemes. She also called for looking into their needs for capacity building and entrepreneurship development. She also asked banks to fill the remaining vacancies in ...

Axis Bank looks to buy near 10% stake in Go Digit Life Insurance Indian private lender Axis Bank Ltd said on Tuesday it has signed a non-binding term sheet to invest Rs 49.9-Rs 69.9 crore for a 9.94% stake in Go Digit Life Insurance. The development underscores private lenders’ growing interest in India’s lucrative and largely untapped ...

In-use credit cards drop 2.3 million in August over new RBI norms The outstanding credit card base dropped to 77.99 million in August from over 80 million in July, mainly on account of the new norms of the Reserve Bank of India (RBI) that warrant the deactivation of cards that are inactive for a year. While there was a 2.8 ...

‘India has fairly large forex reserve to deal with current situation’ Economic affairs secretary Ajay Seth on Tuesday dismissed the concerns over depletion of forex reserve as “overblown” and said India has fairly large reserve to tide over the current situation. Foreign exchange reserves were down for a seventh continuous week, dropping to USD 545.65 billion on ...

Rupee inches up, likely delay in bond index inclusion caps gains The Indian rupee snapped a four-day losing streak on Tuesday as the dollar eased and oil prices tumbled, but a report stating local bonds may not be considered for listing on a major global index this year capped gains. The partially convertible rupee ended up just ...