Finance News

Rupee hits new low vs USD on hawkish Fed; poll shows currency at 81 by Dec The rupee on Thursday hurtled to a new low against the dollar, weakening 1.1 per cent, as the Federal Reserve (Fed) on Wednesday not only raised interest rates but signalled a longer monetary tightening cycle than was expected earlier. After suffering ...

ICICI Bank launches ‘Festive Bonanza’, announces offers on home, auto loans ICICI Bank on Thursday launched special offers under a ‘Festive Bonanza’ scheme for several categories of loans including home loans, personal loans, automobile loans, tractor loans, gold and two-wheeler loans. For home loans, the private sector bank is offering a 50 per cent discount on processing ...

Axis Bank starts giving loans through account aggregator framework Axis Bank on Thursday said it has started disbursing loans through the Account Aggregator (AA) framework, which enables easy and instant access to financial information of customers in a secure manner. The country’s third largest private sector lender has already gone live on multiple Account Aggregators like Anumati-AA, ...

RBI orders M&M Financial to stop loan recovery via third party The Reserve Bank of India on Thursday directed Mahindra and Mahindra Financial Services (MMFSL) to stop using third-party services for loan recovery until further orders, citing “material supervisory concerns”. “The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the ...

IDBI Bank completes sale of entire stake of Ageas Federal Life Insurance Belgium-based Ageas Insurance International has completed the acquisition of a majority stake in its Indian joint venture Ageas Federal Life Insurance (AFLIC), picking up 25 per cent stake of IDBI Bank for Rs 580 crore. With this, it has become the first foreign partner in ...

Solapur-based Laxmi Co-op Bank loses licence after failing RBI norms Solapur-based Laxmi Co-operative Bank ceased operations from Thursday after the Reserve Bank of India (RBI) cancelled its licence for not having adequate capital and earning prospects. The RBI has requested the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra, to issue an order for winding up ...

Microfinance disbursements slowed in Q1 FY23 after new regulations: MFIN Microfinance loan disbursement by non-banking companies and micro finance institutions (NBFC-MFIs) slowed down sequentially to Rs 22,745 crore in April-June 2022 from Rs 30,731 crore in January-March 2022 as lenders adapted to new regulatory norms. Yet, NBFC-MFIs were able to grow their gross loan portfolio (GLP) by ...

Rupee hits new low against US dollar as Asian peers tumble on Fed rate view The Indian rupee dropped to a record low versus the U.S. dollar on Thursday, as Asian currencies declined on concerns over the pace and quantum of U.S. Federal Reserve’s policy tightening ahead. The rupee closed at a record low of 80.86 to ...

SBI least efficient in Asia-Pacific due to high cost-to-income ratio: Study State Bank of India (SBI) was the least efficient among its Asia-Pacific peers in the June quarter due to its high cost-to-income ratio and mark-to-market losses on its investment book, according to S&P Global Market Intelligence. SBI had the highest cost-to-income ratio of 71.06 per cent, ...

Dollar hits new 24-year peak to yen as Bank of Japan stays dovish By Kevin Buckland TOKYO (Reuters) – The U.S. dollar surged to a new 24-year high against the yen after the Bank of Japan stuck to ultra-easing stimulus on Thursday, just hours after the Federal Reserve surprised markets with hawkish interest-rate projections. The greenback ...