Finance News

RBI asks banks, regulated entities to prevent harassment by recovery agents The Reserve Bank of India (RBI) on Friday asked banks, non-banking financial institutions, and other regulated entities to ensure that they and their loan recovery agents do not harass people. A RBI circular said the central bank has observed that recovery agents are deviating from instructions ...

MCLR more effective in policy transmission than base rate regime: RBI paper The newer marginal cost of funding based lending rate (MCLR) system is more effective than the erstwhile base rate method, a paper by the Reserve Bank of India said on Friday. The paper said that for every 1 percentage point increase by the RBI in ...

India’s foreign exchange reserves falls $897 million to $572.978 billion The country’s foreign exchange reserves declined USD 897 million to USD 572.978 billion in the week ended August 5, according to the Reserve Bank of India (RBI). In the previous week ended July 29, the reserves had risen USD 2.315 billion to USD 573.875 billion. In ...

Rupee down by 9 paise to 79.71 against US dollar in early trade today The rupee depreciated 9 paise to 79.71 against the US dollar in opening trade on Friday, tracking the strength of the American currency in the overseas market and rising crude oil prices. At the interbank foreign exchange, the rupee opened at 79.67 against ...

Lower bad loans push PSU banks’ profitability in June quarter: Analysis Public sector banks have raked in more profits in the three months ended June on the back of a persistent decline in bad loans and the trend may have a positive bearing on their balance sheets in the coming quarters. In the June quarter, Bank of ...

‘Worst likely over’ for emerging Asian currencies as US Fed hike bets ease The worst may be over for emerging Asian currencies as slower-than-expected US inflation eases pressure on the Federal Reserve to aggressively raise interest rates, according to DBS Group Holdings Ltd. and Malayan Banking Bhd. Currencies across the region jumped Thursday, following their developing-nation peers in ...

J&K Bank aims to achieve business of Rs 4 lakh cr in next 5 yrs: MD & CEO Baldev Prakash Jammu and Kashmir Bank has set a long-term goal of achieving Rs 4,00,000 crore business in the next five years with annual profit of Rs 4,000 crore, a top company official has said. J&K Bank MD & ...

Loan EMIs to rise as RBI increases repo rate by 50 bps to curb inflation The EMIs on the loan will rise as the Reserve Bank of India (RBI) on Friday hiked the repo rate by 50 basis points to 5.40 per cent to contain inflation. Several banks have already raised their borrowing rates and some will ...

Six merchant bankers in fray for HZL stake sale; presentation on Friday As many as six merchant bankers are vying to handle and manage the sale of the government’s 29.53 per cent residual stake in Hindustan Zinc Ltd (HZL), according to an official notice. ICICI Securities, SBI Capital Markets, HDFC Bank, IIFL Securities, Axis Capital and Citigroup ...

Rupee gains sharply as slowing US inflation softens Fed hike fears The rupee strengthened sharply against the dollar on Thursday as a lower-than-expected rise in US consumer inflation raised hopes of the Federal Reserve slowing down the pace of rate hikes, dealers said. At 0930 am IST, the rupee was trading at 79.27 per US dollar as ...