Finance News

‘India to be 6th largest insurance market by 2032; premiums to grow at 14%’ India to become sixth largest insurance market in the world in the next 10 years supported by regulatory push and rapid economic expansion, a report said. Total insurance premiums in India will grow by an average 14 per cent per annum in nominal ...

RBI unlikely to accept NBFCs’ requests for bad-loan exemptions: Report India’s central bank is unlikely to give “shadow banks” exemptions from stricter bad-loan rules coming into force, sources told Reuters, essentially ending an advantage the non-bank financial firms have had over standard banks. Non-banking financial companies (NBFCs) have asked the Reserve Bank of India to exempt smaller ...

Rupee avoids sell-off against a rampant USD, closes flat on oil price drop The Indian rupee held its ground on Thursday, as weakening oil prices and exporters selling dollars shielded it from a selloff in global risk assets. The partially convertible rupee eased 0.1% to 79.5550 per U.S. dollar, having firmed up to a more than two-week ...

HDFC Bank to open 207 branches in Maharashtra, hire more than 3,000 HDFC Bank will open 207 branches and 80 smart banking lobbies in Maharashtra this financial year. It plans to hire more than 3,000 employees across the state. The new branches will be spread across Maharashtra and will cover all 34 districts. As many as 90 ...

Rupee expected to trade in Rs 79.75-80.0/$ range in the near-term: Report The Indian rupee is expected to trade in the range of 79.75-80.00 against the US dollar in the near term because the US Federal Reserve Chair has clearly signalled higher rates are likely to stay, the dollar index may see a further uptick, according to a Bank ...

SBI Card ready with card tokenization mandate: MD & CEO Rama Mohan Rao Amara The pure-play credit card issuer SBI Card has prepared the ground for moving towards card tokenization, which is set to kick-in from October, a move aimed at protecting against fraud as well as data theft. “In terms of our preparation, readiness wise, technology ...

ICICI Bank, Bandhan Bank, Karnataka Bank increase MCLR across tenors ICICI Bank and Bandhan Bank are among lenders that on Thursday increased their marginal cost of funds-based lending rate (MCLR), almost a month after the rate-setting committee of the Reserve Bank of India (RBI) hiked the benchmark policy rate by 50 basis points (bps). ICICI Bank, India’s ...

SBI to sell Anamika Conductors’ bad loan account to recover Rs 102 cr Country’s largest lender SBI will sell non-performing loan account of Anamika Conductors through e-bidding in late September to recover dues of Rs 102 crore. Anamika Conductors has an outstanding of Rs 102.30 crore. SBI has put the reserve price for the e-auction, scheduled to ...

Punjab National Bank to hike MCLR by 0.05% across tenors from Sep 1 Punjab National Bank has raised the marginal cost of funds-based lending rate (MCLR) by 0.05 per cent across tenors from September 1, making most of the consumer loans costlier. The benchmark one-year tenor MCLR, which is used to price most consumer loans such as ...

Rupee outperforms most EM peers as dollar surges to a 20-year high If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, ...