Finance News

Rupee breaches 81 vs USD before RBI steps in; FX reserves at near 2-yr low The rupee closed at a new low against the dollar on Friday, even as market interventions by the Reserve Bank of India (RBI) helped the local currency recoup much of the hefty losses suffered in the course of the trade when it breached the ...

Customers must report unauthorised transactions immediately: SBI chief Warning against mounting cyber crime cases across the country, State Bank of India (SBI) Chairman Dinesh Kumar Khara said customers should be informed to report any unauthorised transaction immediately so that it can be checked timely. Khara asserted that customer service should be given the utmost priority and urged ...

UPI Lite: A payment method that allows you to pay without PIN or internet Reserve Bank of India Governor Shaktikanta Das launched Unified Payments Interface (UPI) Lite on September 20, in a bid to make low-value UPI payments faster. What is UPI Lite? It is an on-device wallet feature that will allow users to make small-value ...

At 16.2%, credit growth in banking system fastest in 9 years: RBI data Credit growth in the banking system was at a multi-year high of 16.2 per cent year-on-year (YoY), for the fortnight ended September 9, the latest data released by the Reserve Bank of India (RBI) showed. Last time, credit growth touched 16 per cent was in November ...

India’s forex reserves fall by $5.22 bn to near two-year low: RBI data MUMBAI (Reuters) – India’s foreign exchange reserves fell for a seventh straight week, dropping to $545.652 billion in the week to Sept 16, its lowest level since Oct. 2, 2020, Reserve Bank of India’s weekly statistical supplement showed on Friday. Reserves stood at $550.871 ...

Non-life insurers see 12% rise in gross direct premium income in Aug: Irdai Non-life insurers registered a 12 per cent yearly growth in their gross direct premium income during August this fiscal at Rs 24,471.95 crore, data from insurance sector regulator Irdai showed. In the same month a year ago, all the 31 non-life insurance companies in ...

India OIS curve may steepen on overcooked rate hike bets: BofA Securities A part of India’s overnight indexed swaps curve, a gauge for future policy rates, may steepen as investors are pricing in a more hawkish-than-expected central bank stance, BofA Securities said on Friday. BofA expects the Reserve Bank of India to raise rates by 25-35 basis ...

Rupee falls to fresh low on relentless strength in dollar after Fed hike The rupee depreciated to a fresh low against the US dollar on Friday as sentiment for the domestic currency remained weak in the face of a rapidly strengthening greenback. The dollar has surged globally over the last couple of days as the Federal Reserve has signalled ...

UCO Bank becomes first lender to get RBI’s approval for rupee trade Public sector lender UCO Bank has received the Reserve Bank of India’s (RBI’s) approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees. The Kolkata-based lender is the first bank to receive regulator’s approval following the RBI’s decision to allow ...

RBI cancels licence of Solapur-based Laxmi Co-operative Bank The Reserve Bank of India on Thursday said it has cancelled the licence of Solapur (Maharashtra) based The Laxmi Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. As per the data submitted by the cooperative bank, more than 99 per cent of the ...