Finance News

Sitharaman nudges fintech players to have more engagement with govt Finance Minister Nirmala Sitharaman on Tuesday nudged the fintech industry to break the distance barrier and have more engagements with the government and its agencies to enhance trust. Sitharaman was replying to a question by Kris Gopalakrishnan, Chairman, Global Fintech Fest (GFF) 2022 Advisory Board, who wanted ...

Other nations showing interest in India’s payment ecosystem: FM Sitharaman India’s success in popularising digital payments through the Unified Payments Interface (UPI) and RuPay cards has led to other countries getting interested in the indigenously built payment stack, said Finance Minister Nirmala Sitharaman on Tuesday. “Countries today such as Singapore, Bhutan, France’s Lyra, and also many others ...

Centre seeks hiring plan after public banks see dip in staff strength After several Public Sector Banks (PSBs) acknowledged the shortage of staff, especially clerical, the finance ministry has reportedly asked bank chiefs to take stock of the employment situation in these entities. The ministry has sought a monthly hiring plan from the banks, a report in the Times ...

Rupee gains in-line with equities, rises 16 paise to 79.65 against dollar The rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.65, registering a gain ...

Ahead of IDBI privatisation, Centre working on tightening disclosure rules As the Centre gears up to privatise banks including the IDBI Bank, it is tightening disclosure norms for bidders. Bidders will have to share the details of legal proceedings against them, if any, until the completion of sale transactions, a report in Economic Times (ET) stated. The ...

Govt’s intervention to protect rupee takes large bite from record reserves India’s intervention to protect the rupee is running down currency reserves at a rate that’s poised to eclipse the drawdown during turmoil a decade ago. While economists and the Reserve Bank of India aren’t ringing any alarm bells just yet, investors are watching closely given the ...

FinMin calls meeting of PSB chiefs on Sep 21 to take stock of vacancies The finance ministry would review vacant positions and monthly recruitment plan of public sector banks (PSBs) and financial institutions in a meeting on Wednesday, sources said. The meeting would also review the procurement of banks and financial institutions through the Government e-Marketplace (GeM) portal. The meeting, ...

Currency internationalisation: India pushes for rupee trade with Cuba The Centre is pushing for bilateral trade with Cuba and its settlement in rupee as a part of its strategy to internationalise the domestic currency. A delegation from Cuba, including officials from its central bank, met Indian government officials and banks last month to discuss bilateral trade and ...

Surplus liquidity slumps to Rs 3K cr on tax outflows, shows RBI data Surplus liquidity in the banking system as measured by absorption of excess funds by the Reserve Bank of India (RBI) fell sharply at the end of the last week due to outflows on account of advance tax payments. According to the RBI data, the ...

RBI introduces compliance function for UCBs in Tier-3 and 4 categories To further strengthen the corporate governance framework of urban co-operative banks (UCBs), the Reserve Bank of India (RBI) on Monday said it is introducing certain principles, standards and procedures for compliance function in such entities under Tier-3 & 4 categories. “The compliance function is an integral ...