Finance News

CBDC to bring down time, cost for cross-border transactions: RBI Deputy Guv Central bank digital currency (CBDC), to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T Rabi Sankar said on Wednesday. The RBI has proposed to launch on a pilot basis this year, as ...

Rupee declines 13 paise to 79.95 against US dollar on rate hike worries The rupee declined by 13 paise to close at 79.95 against the US currency on Wednesday as growing expectations of aggressive interest rate hikes by the US Fed drove the greenback to multi-year highs against major global currencies. Forex inflows into equities and weak ...

Dematerialisation: Irdai urges industry to open e-insurance accounts The insurance regulator on Wednesday urged the companies to open e-insurance accounts (e-IA) for their customers, which would act as the first step towards dematerialisation of insurance policies. The regulator is also keen on developing Bima Sugam, a digital platform for selling, servicing, and settling claims. e-IAs serve as ...

SBI sells largest AT-1 tranche at lowest rate for any bank so far this year India’s largest lender State Bank of India on Wednesday issued additional tier-1 (AT1) bonds worth a total of Rs 6,872 crore at a cut-off of 7.75 per cent, the lowest rate set for such debt issuances by any bank so far in the current ...

RBI releases ‘alert list’ of 34 entities barred from forex trades After receiving repeated enquiries on the authorisation status of certain electronic trading platforms for foreign exchange transactions, the Reserve Bank of India has released a list of entities that are not authorised to undertake such trades. The list, which will be referred to as an ‘alert ...

Bank of Maharashtra raises Rs 710 cr via Basel III Additional Tier 1 bonds State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised Rs 710 crore from bonds to fund business growth. The fund raised via Basel III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including green shoe option of Rs 610 crore) is at ...

Axis Bank ties up with PayNearby, aims to boost priority sector lending Announcing a partnership with branchless banking network PayNearby, a senior executive of Axis Bank said on Wednesday that such tie-ups would aid the private lender in achieving priority sector lending aims. “The priority sector targets that we have in our own business, if we have ...

HDFC Bank hikes MCLR by 10 bps across loan tenures, effective Sep 7 The country’s largest private sector lender, HDFC Bank, has increased its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps), with effect from September 7. This is the second rate hike in two months by the private sector lender after the ...

Digital currency to be launched as pilot project this year: RBI Deputy Guv Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar on Wednesday said that the central bank will launch its digital currency as a pilot project this year. Addressing the India Ideas Summit, he said that Central Bank Digital Currency (CBDC) is the most ...

India’s overall forex reserves to shrink further this year: Deutsche Bank India’s overall foreign exchange reserves will deplete further this year due to a ballooning current account deficit and interventions by the central bank to support the rupee, Deutsche Bank said on Wednesday. The country’s trade deficit could rise to as much as $300 billion in 2022-23 ...