Finance News

Finance Ministry to review credit flow in meeting with PSBs today Finance Ministry to review credit flow in meeting with PSBs today The department will also take stock of public sector banks’ asset quality and focus on large bad loans, implementation of the Centre’s various schemes, and the lenders’ plan to raise capital The ...

Govt likely to invite preliminary bids for IDBI Bank stake sale next month The government is likely to invite preliminary bids for selling a stake in IDBI Bank next month and the discussions with the RBI are at the final stages, an official said. “There are still some pending issues that need to be discussed with the ...

Reserve Bank can hike repo rate to 6% by December, say economists Economists see India’s central bank raising interest rates through December, taking the repurchase rate to 6% by the end of this year, the latest Bloomberg survey shows. After cumulative hikes of 140 basis points in three moves since May, economists pencil in another 35 basis-point ...

Centre may revamp framework for setting state-owned banks’ targets The Centre may revamp the target-setting mechanism for public sector banks (PSBs) and is looking to come up with a fresh framework to monitor the performance of state-owned lenders. The new framework could be on the lines of ‘Statement of Intent’ (SoI) the government used to sign with PSBs to ...

FICCI-IBA survey: Banks say NPAs may rise in MSME sector in next 6 months The pressure on asset quality of loans to micro small and medium enterprises (MSMEs) is set to increase, leading to a rise in non-performing assets (NPAs) in this segment in the next six months, according to a survey by the Federation of Indian Chambers of ...

Bitcoin hovers around $20k as Fed chief’s hawkish comments weigh on crypto Bitcoin is seeing sustained trading below $20,000 for the first time since mid-July, as risk appetite wavers after Federal Reserve Chair Jerome Powell stressed that interest rates may have to stay elevated to stamp out inflation. The largest token fell as much as 2.3% on ...

Gap between slippage and recovery has narrowed: City Union Bank CEO Kumbakonam-based private sector lender, City Union Bank, has said slippages to the non-performing asset category have slowed down during the past two quarters, and are now tracking the pre-covid numbers. The lender added that the gap between slippage and recovery has also become thinner. Speaking to Business Standard ...

RBI to set up fraud registry to check banking frauds: Executive Director The Reserve Bank of India (RBI) is considering setting up a fraud registry to create a database of fraudulent websites and phone numbers with locations as part of its efforts to strengthen customer protection and check digital frauds. Speaking with reporters, RBI Executive Director Anil ...

RBI support pulls rupee up from fresh lows, helps currency recoup losses After weakening to a new low against the US dollar on Monday, the rupee recouped most losses as market interventions by the Reserve Bank of India (RBI) in the form of dollar sales reined in depreciation in the domestic currency, dealers said. The rupee touched ...

Rupee recovers some losses, falls 10 paise to close at 79.94 against dollar After hitting all-time low, the rupee recovered some of its losses to settle 10 paise down at 79.94 (provisional) against the US dollar on Monday, tracking the strength of the American currency and firm crude oil prices. At the interbank foreign exchange market, the ...