Finance News

Coinbase reports $1.1 billion in net loss, revenue drops 60% in Q2 Largest cryptocurrency exchange Coinbase has reported a massive loss in both revenue and profit in the June quarter — logging $1.1 billion in net loss as revenue declined from $2.033 billion to $803 million from a year-ago quarter which is a sharp drop of nearly 60 per ...

Rupee rises by 11 paise to 79.52 against US dollar in early trade The rupee appreciated by 11 paise to 79.52 against the US dollar in opening trade on Wednesday, tracking easing crude oil prices and foreign fund inflows. Forex traders said sideways USD/INR trades are likely ahead of crucial US inflation data. At the interbank ...

Banks wrote off Rs 10 trillion in last five financial years: Centre A recent Parliament reply disclosed that scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years. According to a reply by the Finance Ministry, during 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 ...

PSBs recover Rs 6.42 trn NPAs, written off loans since from FY15 to FY22 The public sector banks (PSBs) since FY2014-15 have recovered Rs 6.42 trillion of non-performing loans and written-off loans and have filed suits against 98.5 per cent of wilful defaulters, The Economic Times (ET) reported on Monday quoting government data.   From FY16 to FY21, the central ...

HDFC Bank, IDFC First hike MCLR post repo rate hike by Reserve Bank HDFC Bank, the largest private sector lender in the country, has raised its marginal cost of funds-based lending rate (MCLR) by 5 – 10 basis points (bps) across loan tenors, with effect from August 8. The interest rate hike comes after the six-member monetary policy committee (MPC) ...

PNB Housing revamps ‘Unnati’ to offer Rs 9-12 lakh as affordable loans: MD&CEO Prasad PNB Housing Finance is revamping its ‘Unnati’ loan portfolio to go deeper into the affordable housing segment eyeing customers who need loans of Rs 9-12 lakh, MD & CEO Hardayal Prasad said.   PNB Housing has created a small vertical under Unnati which will be different ...

Rupee falls 40 paise to close at 79.6 against USD as risk appetite declines The rupee fell 40 paise to close at 79.64 (provisional) against the US dollar on Monday amid waning risk appetite among investors. Lower global crude prices and a rally in domestic equities restricted the losses to some extent, forex dealers said. At the interbank foreign exchange ...

RBI imposes fine on 8 urban co-operative banks for breach of various norms The RBI on Monday said it has imposed penalties on eight cooperative banks, including a fine of Rs 40 lakh on the Mehsana Urban Co-operative Bank, Gujarat, for non-compliance with various norms. Penalty has been imposed on Mehsana Urban Co-operative Bank for non-compliance with certain provisions of ...

HDFC hikes retail prime lending rate on housing loans by 25 bps from Aug 9 Following the RBI monetary policy committee’s (MPC) decision to raise the benchmark policy rate, mortgage lender HDFC Ltd has increased its home loan rates by 25 basis points, effective August 9, the firm said in a late-night exchange notification on Monday. This is the second ...

RBI prescribes norms for small finance banks looking to deal in Forex   The Reserve Bank on Monday said small finance banks which have completed two years of operations and have a minimum net worth of Rs 500 crore can deal in foreign exchange.   In a circular, the RBI said this is being permitted with the objective of giving ...