Finance News

TVS Credit Services raises Rs 480 crore capital from Premji Invest TVS Credit Services, a leading non-banking financial company, on Friday announced that it has successfully raised equity capital of Rs 480 crore from Premji Invest. As part of the transaction, Premji Invest will acquire a 9.7 per cent equity stake in TVS Credit for Rs 737 crore, via a ...

EV financing platform Revfin raises $5 million in investment from DFC As govt cuts down subsidy, EV two-wheelers may get costlier from June 1 EV push, pent-up demand: Why auto exports fell in April amid healthy sales? 40% of all vehicles sold will be electric by 2030, says Bain & Co report Govt catching up, plans to develop infra to ...

RBI notifies 4 key measures to strengthen 1,514 urban co-operative banks Aiming to strengthen 1,514 urban co-operative banks, the Centre on Friday said the Reserve Bank has notified four key measures, including giving them two years more to meet the priority sector lending targets. The Ministry of Cooperation in a statement said that four important initiatives have been ...

Go Digit Life Insurance gets Irdai nod to carry life insurance business Regulator Irdai on Friday said it has given permission to Go Digit Life Insurance Limited to carry the life insurance business in India. Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business. With the latest addition, the number ...

Clarification on applicability of TCS on overseas credit card spends soon The tax department will soon come out with a clarification in the form of FAQs to distinguish between expenses incurred on personal visits and business trips for levy of 20 per cent TCS on overseas credit card spends from July 1, a senior official said on Friday. ...

IIFL Finance keen to raise more funds through bond market, says CFO Banks tier II bond issuance surges 3.5 times in FY23, shows data Bludgeoned bond markets hope peak inflation to bring revival: Analysis No word from RBI yet on regulatory leeway for HDFC twins’ merger IIFL Finance Q4 profit rises 16% to Rs 269 cr, total income at Rs ...

India’s forex reserves snap 2-week decline, jump $5.9 bn to $595 bn India’s forex kitty jumped $5.929 billion to $595.067 billion for the week ended June 2, the Reserve Bank said on Friday. The reserves had dropped for two consecutive weeks and declined by $4.34 billion to $589.14 billion in the previous reporting week. It can be ...

Should you opt for one large fixed deposit or multiple smaller FDs? With the RBI pausing the rate hike cycle, and deposit rates nearing their peak,  several financial institutions are offering 7-8% interest rates on  fixed deposits now and some small finance banks are even offering 8.5% interest. Many investors are now considering investing their surplus funds into FDs. But ...

SBI to raise up to Rs 50,000 crore in FY24 by issuing debt instruments BENGALURU (Reuters) -State Bank of India, the country’s largest lender, said on Friday it plans to raise up to 500 billion rupees ($6.06 billion) this financial year by issuing debt instruments, as lenders look to meet rising demand for credit. SBI will raise the ...

Going to the bank with Rs 2,000 notes? Things you should keep in mind According to the Reserve Bank of India (RBI) estimates, more than Rs 1.50 trillion of Rs 2,000 notes have been deposited in banks across the country. In the wake of this development, it is important to take note of the Rule 114E of Income Tax Rules ...