Finance News

Rupee rises by 14 paise to 79.64 against US dollar in opening trade The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 79.70 against ...

Insurance industry will continue to see M&A deals, new entrants Merger and acquisitions will continue to be a part and parcel of the insurance sector, which is a highly capital intensive sector and can accommodate new entrants with specialised skill sets having long-term vision. The past developments in this sector and recent decision of the Mumbai National ...

Former RBI Governor Rangarajan bats for maintaining hawkish stance on rates Former RBI Governor C Rangarajan advocated maintaining the ongoing hawkish stance by the Reserve Bank of India to tame inflation and expected that the rupee will strengthen with resumption of capital inflow. He also said the country has to clock an 8-9 per cent year-on-year growth ...

PSU banks give digital lending a push as part of EASE reform agenda Public sector banks are fast adapting to digital means as they have cleared digital lending of Rs 83,091 crore in the financial year ending March 2022. As part of EASE 4.0 reforms, state-owned banks were asked to focus on digital lending, co-lending with non-banking ...

Card-on-file tokenisation kicks in from Oct 1: Here’s all you need to know The Reserve Bank of India’s (RBI’s) card-on-file tokenisation rule is all set to kick in from October 1. Under the new norm, the central bank has made it mandatory for all credit and debit card data used in online, point-of-sale, and in-app transactions to be replaced ...

RBI net-sold $19.05 billion in forex market in July to protect rupee The Reserve Bank of India (RBI) net sold $19.05 billion in the foreign exchange market in July as it sought to defend the rupee from excessive volatility. The central bank’s net sales of the US dollar in July were the highest since March 2022, when the sales were ...

India’s foreign exchange reserves down $2.23 billion to $550.87 billion The country’s foreign exchange reserves declined by USD 2.234 billion to stand at USD 550.871 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the reserves had dropped by USD 7.941 billion to USD 553.105 ...

Be ready to meet the credit demand: FM Nirmala Sitharaman to banks Indian banks have to be ready to meet the credit demand in the economy, which is expected to further pick up in the wake of the festive season and immediately after it as people are willing to spend money and businesses are willing to expand capacity and ...

Banks ensure their systems speak to each other for customer service: FM Finance minister Nirmala Sitharaman on Friday urged banks to ensure that their systems speak to each other so that they are able to serve customers in a better way. The minister, while delivering the keynote address at the 75th annual meeting of the Indian Banks ...

Eldeco partners HDFC Capital to form Rs 350 cr fund for housing projects Realty firm Eldeco group on Friday said it has partnered with HDFC Capital to set up Rs 350 crore fund to develop residential projects across many cities. Eldeco Infrastructure and Properties Ltd (EIPL), a privately held company of the Eldeco Group has “partnered with ...