Finance News

Irdai eases firm registration process from 8 to 2 months: Chairman The registration process of new companies has been eased by substantially reducing the time taken to process new applications from 6-8 months to two, Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai) said on Wednesday. The regulator has created a facilitation cell consisting ...

Banking sector at enormous risk of asset-liability mismatch: Pronab Sen India’s banking sector is faced with the predicament of a “massive asset-liability mismatch” that could explode anytime, renowned economist Pronab Sen said, adding that there is a need to reassess laws governing the industry. Sen said “that explosion” has not yet happened as most of the banks ...

RBI lifts restrictions on American Express onboarding new customers RBI had on April 23, 2021, imposed restrictions on American Express Banking Corp from onboarding new domestic customers onto its card network from May 1, 2021 for non-compliance

What is an e-way bill? Led by Kerala’s Finance Minister KN Balagopal, a ministerial panel had recommended implementation of a mandatory e-way bill system on movement of gold and other precious stones between the states. The aim was to curb tax evasion. The GST council meeting, which was held during June as the tax regime marked five years ...

FSIB recommends 14 GMs for position of EDs in state-owned banks The Financial Services Institutions Bureau, the headhunter for directors of state-owned banks and financial institutions, on Tuesday recommended the elevation of 14 general managers for the post of executive directors in various banks. The Financial Services Institutions Bureau (FSIB) interviewed 57 candidates between August 19-23 for ...

RBI aims to bring down inflation to 4% in two years: Shaktikanta Das The Reserve Bank of India (RBI) aims to reduce inflation to its medium-term target of 4 per cent in the next two years and its rate actions will be data dependent, said governor Shaktikanta Das on Tuesday. Consumer Price Index-based inflation—the central bank’s monetary ...

RBI set to hike interest rates by another 50-60 bps, inflation key concern The minutes of the August 22 Monetary Policy Committee of the RBI highlights that inflation continues to remain the key concern for the MPC members despite a deceleration in the overall price momentum after a peak of 7.8 per cent recorded in April, Acuite Ratings said ...

Banks must ensure credit schemes reach eligible citizens: FM Sitharaman Finance Minister Nirmala Sitharaman on Tuesday asked banks to serve eligible beneficiaries of government credit-related schemes. Sitharaman, who was at a credit outreach programme in Nagaland, said the trouble phone banking had caused lenders now appeared over. “Indian banks have come out of a very troubled five ...

Rupee worries force India’s importers to hedge extra: An analysis Worried about India’s precarious external accounts and the weakening rupee, domestic importers are hedging a lot more of their currency exposures than they are required to. The rupee is down about 7.5% versus the U.S. dollar this year, and headed for what could be its worst year in four. ...

Rupee seen firming to 78.5-79.5 against dollar by FY23-end: HDFC Bank By Anushka Trivedi MUMBAI (Reuters) – The Indian rupee is likely to strengthen to 78.50-79.50 against the dollar by March 2023, as commodity prices stabilise globally and improving domestic fundamentals lure back foreign portfolio inflows, the country’s top private lender HDFC Bank said. The rupee has ...