Finance News

Insurers juggle surge in claims in aftermath of Bengaluru floods By Nandan Mandayam BENGALURU (Reuters) – India’s insurance providers are bracing for a massive rise in claims for damaged cars and property as floodwaters start receding in India’s tech hub Bengaluru, with initial estimates showing losses running into millions of rupees. Three days of heavy rainfall ...

Govt to soon invite bids for IDBI Bank privatisation: DIPAM Secretary DIPAM Secretary Tuhin Kanta Pandey on Wednesday said the department is working on the Expression of Interest (EoI) and would soon invite preliminary bids from investors for the privatisation of IDBI Bank. The Cabinet Committee on Economic Affairs gave in-principle approval for strategic disinvestment and transfer ...

Bank of Baroda raises interest rates on deposits below Rs 2 cr by 0.20% Bank of Baroda has raised the interest rates on retail term deposits of below Rs 2 crore by up to 0.20 per cent. The new rates have come to effect from September 13, 2022. The one-year tenor domestic and NRO (Non-Resident Ordinary) term ...

Rupee falls 30 paise against US dollar to 79.44 on hawkish Fed outlook The Indian rupee declined versus the dollar on Wednesday after an unexpected increase in U.S. inflation spurred bets of super-sized rate hikes in coming months. The rupee closed at 79.44 per U.S. dollar, down from 79.1475 in the previous session. The local ...

SBI hits Rs 5 trillion market capitalisation; shares touch record high State-owned lender, State Bank of India (SBI) hit the Rs 5 lakh crore market capitalisation on Wednesday after its shares touched a record high of Rs 564.45.

Investors snap up Indian govt bonds ahead of inclusion in global indexes (Corrects spelling to Ashish Agrawal from Ashish Agarwal in paragraphs 3, 4 and 14) By Dharamraj Lalit Dhutia MUMBAI (Reuters) -Foreign investors have stepped up purchases in a clutch of Indian government bonds that have no limits on foreign investments ahead of an anticipated ...

Rupee depreciates 43 paise to 79.60 against US dollar in early trade The rupee depreciated by 43 paise to 79.60 against the US dollar in opening trade on Wednesday, as higher-than-expected US CPI print resulted in massive risk-off sentiments. At the interbank foreign exchange market, the rupee opened at 79.58 against the greenback, then fell to 79.60, ...

RBI may hike repo rates by 50 bps with inflation accelerating: Analysts MUMBAI (Reuters) – The Reserve Bank of India may raise interest rates by another 50 basis points this month after data showed inflation rose further above the central bank’s tolerance limit in August, analysts said. India’s retail inflation rate rose to 7.0% in August from ...

Irdai reduces number of returns to be filed for health insurance Easing compliance burden for insurers, regulator Irdai on Tuesday rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed in a year. Insurance Regulatory and Development Authority of India (Irdai) said the move is part of promoting ease ...

Rupee doesn’t need defending, it can take care of itself: CEA Nageswaran India is not defending the rupee and the Reserve Bank of India (RBI) is only taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends, Chief Economic Adviser (CEA) V Anantha Nageswaran said on Tuesday. “I ...