Finance News

LIC Housing Finance hikes prime lending rate by 50 basis point to 8% LIC Housing Finance increased its Prime Lending Rate by 50 basis points on Monday. With this the new interest rates on home loans will now start from 8 per cent as against 7.50 per cent earlier. The new rates will be effective from Monday. ...

State funds to popularise digital payment appropriated by banks: PCI chief Payment aggregators popularised the Unified Payments Interface (UPI) but they have hardly earned any money from it, said an industry representative on Monday in response to a finance ministry statement that the government has no plans to “levy any charges” for the service. “The concerns of ...

Rupee at fair value despite balance of payment problems: JPMorgan analyst The Indian rupee’s fair value is around 80 against the U.S. dollar, given the country’s balance of payment challenges and the Reserve Bank of India’s interventions, JPMorgan’s head of emerging Asia local markets strategy said. India’s balance of payments, a measure of how much the country ...

RBI likely to set 7.23% cutoff yield on new 10-year bond: Reuters poll The Reserve Bank of India will likely set a cutoff yield of 7.23 per cent on 130 billion rupees ($1.63 billion) of the new 10-year bond being auctioned on Friday, according to the median estimates in a Reuters poll of 11 traders. India’s federal ...

DICGC to make payments to depositors of 17 co-op banks in October The Deposit Insurance and Credit Guarantee Corporation (DICGC) will be making payments to the eligible depositors of 17 cooperative banks, including eight from Maharashtra, in October. The Reserve Bank of India (RBI) had imposed several restrictions, including on withdrawals, by depositors of these 17 banks ...

RBI’s net forward book shrinks $34.94 bn in first 3 months of FY23 The Reserve Bank of India’s outstanding net forward purchases of US dollars declined by a massive $18.33 billion in June as the central bank intervened in both the forwards and the spot market in order to protect the rupee from excessive depreciation in the face of ...

MPC minutes suggest further repo rate hikes to tackle rising inflation The minutes of the monetary policy committee (MPC) deliberation for the August monetary policy review indicated more interest rate hikes in the coming months as the retail inflation remained elevated, even as panel members noted that it may have peaked. The six-member monetary policy committee of ...

I-T dept allows taxpayers more time to claim credit for taxes paid abroad The income tax department on Friday said taxpayers can claim credit for taxes paid outside India before the end of the assessment year if the I-T return is filed within the stipulated deadline. So far, Foreign Tax Credit (FTC) could have been claimed only ...

Foreign exchange reserves decline to $570 bn on back of decline in FCA The country’s foreign exchange reserves fell USD 2.238 billion to USD 570.74 billion in the week ended August 12, according to the Reserve Bank of India (RBI) data. In the previous week ended August 5, the foreign exchange reserves declined USD 897 million to ...

Sebi urges intermediaries to join accounts aggregator framework The Securities and Exchange Board of India (Sebi) has directed stock market intermediaries such as asset management companies (AMCs) and depositories to join the account aggregator framework introduced by the Reserve Bank of India (RBI). The market regulator also set rules that will specifically be applicable to players in ...