Finance News

More than two-thirds of Rs 2,000 notes returned within one month: Das Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the Rs 2,000 currency notes have returned to the system. In a surprise move, but as part of the clean note policy, the Reserve Bank had on ...

SBI to revamp Wealth Management biz, rope in consultant to firm up roadmap The country’s largest lender, State Bank of India (SBI), is planning to revamp its wealth management business which currently manages assets of about Rs 2.95 trillion. The plan is to rope in a consultant that will help craft a strategy on premier banking services for ...

India’s forex reserves rise to $596.10 billion in week to June 16 BENGALURU (Reuters) – India’s foreign exchange reserves rose to $596.10 billion as of June 16, the Reserve Bank of India’s (RBI) data showed on Friday. That was an increase of $2.35 billion from the previous week. Reserves had fallen by $1.3 billion in the week to ...

Add-on options can save your vehicle from monsoon damage It is that time of the year when standard, comprehensive car insurance would not be enough to fully protect your vehicle against monsoon-related damages.Excessive rainfall brings along monsoon-related problems like waterlogging, traffic congestions, vehicles breaking down etc and motor vehicles are the biggest victims of the downpour. Depending on the insurance ...

RBI imposes penalty on J&K Bank, Bank of Maharashtra, Axis Bank Reserve Bank of India (Photo: Bloomberg) The Reserve Bank on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions, including one related to ‘time-bound implementation and strengthening of SWIFT-related operational controls’. A penalty of Rs ...

Regulator IRDAI approves transfer of HDFC Life shares to HDFC Bank An Indian regulator has approved HDFC Ltd’s move to transfer its near 49% stake in its life insurance unit to HDFC Bank, clearing a key step ahead of their merger. HDFC announced a $40 billion deal last year to merge with the top private lender. As part ...

Moody’s affirms Yes Bank’s ratings, financial performance to remain stable Moody’s Investors Service on Friday said it has affirmed Yes Bank’s ratings on the back of expectation that its financial performance will remain stable over the next 12-18 months. The long-term foreign and local currency bank deposit ratings and foreign currency issuer rating has been affirmed at ‘Ba3’, ...

Inflation is slowing down personal consumption expenditure: RBI paper Inflation is slowing down personal consumption expenditure, which in turn is moderating corporate sales and holding back private investment in capacity creation, said a Reserve Bank paper on Friday. The paper, authored by a team led by RBI Deputy Governor Michael Debabrata Patra, underlined the need for lowering inflation ...

Apple to launch credit card in India, in talks with NPCI for Apple Pay Cupertino-based Apple is gearing up to launch its credit card, dubbed “Apple Card”, in India soon. Apple’s CEO Tim Cook met HDFC Bank CEO and Managing Director Sashidhar Jagdishan during his recent trip to India in April, according to a report in Moneycontrol on Friday. ...

Rate hikes depend on India’s inflation, not Fed, say external MPC members A narrower interest rate differential with the U.S. is unlikely to prompt India’s monetary policy committee (MPC) to raise rates, but a rebound in inflation certainly could, three external members of the MPC said in separate interviews. While internal members of the Reserve Bank of India’s ...