Finance News

Microfinance loans grow 24% YoY in Q1 of FY23; credit quality stable The loan portfolio of micro-finance institutions (MFI) increased 24 per cent year-on-year (YoY) to Rs 2.75 trillion by end of this June from Rs 2.22 trillion a year ago. Sequentially, the loan book expanded from Rs 2.62 trillion at end of March 2022 (Q4Fy22), according ...

Rupee posts biggest intraday gain in over a week as equities rally By Anushka Trivedi MUMBAI (Reuters) – The Indian rupee closed higher on Wednesday marking its biggest single-day gain in more than one week spurred by dollar inflows, as improved risk appetite drove a rally in equities while the greenback posted losses. The partially convertible ...

Ujjivan Small Fin Bank raises interest rate on fixed deposits by up to 1.5% Ujjivan Small Finance Bank has raised interest rate on fixed deposits by up to 1.5 per cent. The new rates have come into effect from August 9, 2022. The bank said that on the occasion of the 75th year of India’s Independence, ...

Rupee seen stronger tracking oil price fall; US yields may cap gains The Indian rupee is expected to open higher versus the dollar on Wednesday tracking a fall in oil prices that dropped to their lowest level since mid-February amid concerns over global growth outlook. The rupee, which is set to resume trade after a four-day weekend, ...

ADR vs GDR: Know the difference . Depositary Receipt (DR) is an instrument used by domestic companies to raise money outside the country. Some of its examples are American Depositary Receipts (ADRs) and Global Depositary Receipts (GDR). . American Depositary Receipts (ADRs) is a type of stock that allows US people to invest in non- US corporations and receive ...

Life Insurance Corp launches special campaign to revive lapsed policies Insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday announced the launch of a campaign for revival of individual lapsed policies. This special drive, to be carried out from August 17 to October 21, 2022, is extended to all non-ULIP policies with very attractive concession in ...

SBI launches its first dedicated branch to support start-ups in Bengaluru State Bank of India (SBI) on Tuesday announced the launch of its first “state-of-the-art” dedicated branch for start-ups in the country here, to facilitate and support them. The branch launched by SBI Chairman Dinesh Khara is located in Koramangala, which alongside neighbouring HSR Layout and Indiranagar ...

Dollar firm vs Aussie, euro, Chinese yuan on heightened recession worries By Kevin Buckland SINGAPORE/TOKYO/HONG KONG (Reuters) -The safe-haven U.S. dollar hovered near a one-week high on Tuesday while the Aussie, euro and Chinese yuan remained under pressure as weak global economic data regnited recession fears. The dollar index, which measures the greenback against six major ...

What is a letter of comfort? . In April this year, the Union finance ministry had barred ministries and departments from issuing letter of comfort. The idea was to usher in transparency. And now, the Reserve Bank of India has disallowed such quasi bank guarantee instrument provided by a corporate. So what is this document? . A letter of comfort ...

Expecting to sustain loan growth of 15% in current fiscal: SBI chairman State Bank of India (SBI) has said it expects to sustain credit growth of about 15 per cent in the current fiscal with rising demand from retail and corporate borrowers despite hardening of lending rate. The country’s largest lender reported a 14.93 per cent rise ...