Finance News

IndusInd Bank and RBL Bank increase MCLR days ahead of MPC meeting IndusInd Bank and RBL Bank have increased their marginal cost of funds-based lending rates (MCLR) effective Thursday, announcing their decision days ahead of the monetary policy meeting’s (MPC) meeting on repo rate. IndusInd Bank hiked its MCLR by 5 to10 basis points across tenors. The ...

Rupee slumps to new low as Fed hikes rates, signals longer tightening cycle The rupee weakened sharply against the US dollar, hitting a fresh low, as the greenback surged following a 75-basis-point rate hike by the Federal Reserve. The dollar’s strength was also amplified by indications from the Fed that its rate hike cycle would continue for longer than ...

Indian rupee tipped to fall further after reaching record low: Analysts The Indian rupee is likely to fall further after hitting a record low to the dollar on Thursday as the U.S. Federal Reserve hinted at more aggressive rate hikes to tame inflation. The rupee opened at a record low of 80.2850 per U.S. dollar, down from ...

Banking system liquidity may remain in deficit in second half: Analysts Liquidity in India’s banking system is likely to remain in deficit in the second half of this financial year as credit growth picks up and the circulation of currency notes rises, analysts said. The country’s banking liquidity slipped into deficit on Tuesday for the first time ...

Why are government and regulators uneasy about fintech’s rise? Taking note of a host of complaints, the Reserve Bank of India had come out with the first leg of the digital lending norms in August. It allowed loan disbursals only by entities regulated by the banking regulator. The government too recently launched a cracked down on several illegal ...

Rupee sheds 0.3% as US dollar soars ahead of Fed’s policy statement The rupee weakened 0.3 per cent versus the US dollar on Wednesday as the greenback strengthened globally ahead of a likely 75-basis-point rate hike by the US Federal Reserve, dealers said. The rupee settled at 79.98 per US dollar as against 79.76 per dollar at ...

Idea is to generally link credit cards with UPI: RBI executive director While the Reserve Bank of India (RBI) has started linking credit cards with Unified Payments Interface (UPI) and RuPay credit cards, in all probability the central bank will allow the same for other card networks such as Visa and Mastercard, too. Speaking at the Global ...

SBI raises Rs 4,000 crore via tier-2 bonds at cutoff rate of 7.57% The country’s largest lender, State Bank of India, announced on Wednesday that it has raised an amount of Rs 4,000 crore through tier-2 bonds at a cutoff rate of 7.57 per cent. “The issue attracted an overwhelming response from investors with bids of Rs ...

TMB stock ends flat as RBI rejection of proposed chairman has little impact The stock of Tamilnad Mercantile Bank (TMB) closed flat today, perhaps taking in its stride the Reserve Bank of India’s rejection of the private lender’s proposal to appoint board member B Vijayadurai as its chairman. The bank said in filing with BSE last night ...

Govt norms ensure no one makes money in payments space: Axis Bank head Private sector lender Axis Bank on Wednesday said government mandates on the payments space ensure that no one can make money in the segment. The bank’s chief executive and managing director Amitabh Chaudhry feared that smaller entities will not be able to survive amid ...