Finance News

FinMin mulls changes in insurance laws to boost penetration: Report The finance ministry is contemplating changes in insurance laws, including reduction in minimum capital requirement, with a view to increasing the insurance penetration in the country. Insurance penetration in India increased from 3.76 per cent in 2019-20 to 4.20 per cent in 2020-21, registering a growth of ...

Indian banks' loans rose 15.5% YoY in two weeks to Aug 26, says RBI Bank deposits rose 455.09 billion rupees to 169.94 trillion rupees in the two weeks to Aug 26

Bank credit growth hits near nine-year high of 15.5%, shows RBI data Credit growth of commercial banks is at a near nine-year high of 15.5 per cent year-on-year for the week ended August 26, latest data released by the Reserve Bank of India showed. The credit growth is the highest since November 1, 2013, when it was 16.1 per ...

BoI net profit down at Rs 2,221cr for FY22 on divergence in provisioning State-owned Bank of India (BoI) on Friday reported divergence in its asset classification for FY22, resulting in lowering of net profit for the year to Rs 2,221 crore. The lender had reported a net profit of Rs 3,404.70 crore for 2021-22. According to ...

IOB, Bank of Baroda raise MCLR rates by up to 0.10%, makes loan costly Bank of Baroda and Indian Overseas Bank have raised their MCLR rates by up to 0.10 per cent, which will make most loans costlier for the customers. Indian Overseas Bank has revised upwards the MCLR rates by 0.10 per cent across tenors, making ...

YES Bank NPA sale challenge: Arcil-Cerberus backs out of the race Asset Reconstruction Company (India) Ltd (Arcil) & Cerberus Capital, which was planning to challenge JC Flower’s Rs 11,183-crore bid for YES Bank non-performing asset (NPA) portfolio under Swiss Challenge method, has decided not to submit bids, sources aware of the development said. This could pave the way for ...

Retail investors’ returns lowest in equity markets in 2003-22: Report Even as markets have grown manifold during the past two decades and so have mutual funds, retail investors made the least compared to fund houses in all asset classes as they have been churning their portfolios too fast when markets turned choppy, according to a report. According ...

India’s forex reserves fall $8 billion in a week as RBI defends rupee The Reserve Bank of India’s (RBI’s) headline foreign exchange reserves declined by $7.9 billion to $553.11 billion in the week ended September 2, the latest central bank data showed. The reserves are at their lowest since October 9, 2020, the RBI data showed. ...

Two years after YES Bank fiasco, AT-1 bonds rekindle investor interest Just about two years ago, additional tier-1 bonds, which are a means of augmenting core equity for banks, were a pariah in Indian financial markets as a crisis in YES Bank caused enormous losses for those who had invested in these debt instruments. If the aggressive ...

Rupee appreciates 8 paise against US dollar to 79.61 in early trade The rupee appreciated 8 paise to 79.61 against the US dollar in opening trade on Friday, tracking the dollar’s decline versus its major peers and foreign fund inflows. At the interbank foreign exchange, the domestic unit opened at 79.66 against the dollar, then touched 79.61 ...