Finance News

Axis Bank hikes MCLR by 5 bps across tenors, follows other lenders Axis Bank has increased its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across tenors from August 18. The private lender revised its lending rate after the central bank’s monetary policy committee (MPC) on August 5 increased benchmark policy rates by ...

We expect rupee to trade in 79.25-79.75 per dollar range: BoB report The Indian rupee is expected to trade in the 79.25-79.75 per US dollar range in the coming days due to easing crude oil prices and continued inflows by foreign investors, the Bank of Baroda said in a research report. “The global oil price has come down ...

UPI charges may partially offset loss on credit card MDR: RBI paper There is a possibility that fees levied on credit card transactions may eventually come down, either through central bank intervention or otherwise. And the reintroduction of charges on Unified Payments Interface (UPI) may, perhaps, offset the impact of fee reduction in cards for banks, industry participants said. ...

Inflation still elevated, may warrant policy response: RBI article The fall in consumer price index-based inflation in July to 6.7% in July from 7% in June was a heartening development and the trajectory is projected to hit 5% by the first quarter of the next financial year before hitting the target of 4%, the Reserve Bank of India’s ...

UPI expands; Indian flyers to UK to enjoy hassle-free digital transactions Expanding further outside India, the indigenously developed real-time payments solution UPI will foray into the UK market starting with QR code-based transactions. The NPCI International Payments Ltd (NIPL) has forged a partnership with payments solutions provider PayXpert to internationalise the acceptance of its payment solutions in ...

Rupee falls 19 paise to close at 79.64 as Fed minutes prop dollar The rupee depreciated 19 paise to close at 79.64 (provisional) against the US dollar on Thursday, following the strength of the American currency in the overseas market. At the interbank foreign exchange market, the local currency opened at 79.60 and moved in a range ...

Rupee depreciates 23 paise to 79.68 against US dollar in early trade The rupee depreciated 23 paise to 79.68 against the US dollar in opening trade on Thursday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities. At the interbank foreign exchange, the rupee opened at 79.60 against ...

RBI seeks public feedback on charges in payment systems by Oct 3 The Reserve Bank on Wednesday sought views from the public on fees and charges in payment systems, with an aim to make such transactions affordable as well as economically remunerative for the entities involved. The payment systems include Immediate Payment Service (IMPS), National Electronic Funds ...

Bank of Baroda launches special deposit schemes offering interest up to 6% Bank of Baroda has launched a new deposit scheme offering interest rates of up to 6 per cent on domestic retail term deposits. The ‘Baroda Tiranga Deposit Scheme’ marks the 75th Independence Day of India, which is a special term deposit scheme offering higher interest ...

Gujarat: Japanese lender MUFG Bank commences operations from GIFT City Japanese lender MUFG Bank on Wednesday announced the beginning of operations from Gujarat International Finance Tec-City (GIFT City) in India. Earlier in May, MUFG had received approval from the International Financial Services Centres Authority in India and the Financial Services Agency of Japan for the opening of ...