Press "Enter" to skip to content

RBI

  • Economic stimulus policies must reorient from ‘revive’ to ‘thrive’ July 27, 2021 11:33 pm With the second wave of infections in India having largely subsided, despite some persistence in a few states, economic activity in many sectors and geographies has recovered to pre-second-wave levels, with some segments doing better than even in February …
  • How this new law can help small businesses monetize receivables July 27, 2021 8:18 pm Micro, small and medium enterprises (MSMEs) persistently face payment delays from large clients, a hurdle somewhat smoothed by factoring businesses. On Monday, the Lok Sabha cleared the Factoring Regulation (Amendment) Bill that aims to support this sector …
  • NPAs decline marginally in FY21 to Rs 8.34 lakh cr July 27, 2021 7:28 pm Non-performing assets (NPAs) of the scheduled commercial banks declined marginally to Rs 8.34 lakh crore as on March 31, 2021, Parliament was informed on Tuesday. Citing data from the Reserve Bank of India, Minister of State for Finance Bhagwat Karad told …
  • IMF expects SA economy to grow 4% in 2021 July 27, 2021 6:31 pm The International Monetary Fund has upwardly revised South Africa's growth outlook for 2021 from 3.1% to 4%. This is off the back of a "positive surprise" in the first quarter's performance. The IMF on Tuesday released its latest World …
  • IMF warns of growing poverty, unrest and geopolitical tensions July 27, 2021 6:02 pm The global economic recovery continues, but with a widening gap between advanced economies and many emerging market and developing economies thanks to vaccine inequity and a lack of fiscal support, the International Monetary Fund (IMF) warned on Tuesday …
  • India’s Kotak Mahindra Bank Q1 Profit After Tax Up By 32 Percent At $220 Million July 27, 2021 5:29 pm NEW DELHI — Indian private sector lender Kotak Mahindra Bank, on July 26, reported a 32 percent jump in its Profit After Tax for its first quarter ended June 30 to INR 1,642 crore ($220.4 million). The Profit After Tax was INR 1,244 crore ($167 million) in …
  • Wall Street comes off record highs ahead of big tech earnings July 27, 2021 5:10 pm U.S. stock indexes retreated from record highs on Tuesday ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting. More than one-third of the S&P 500 is set to report quarterly …
  • RBI's communication key to handling excess liquidity, says StanChart's Sahay July 27, 2021 5:10 pm NEW DELHI: Over the last few weeks, a conundrum has resurfaced for the Reserve Bank of India -- how to keep the liquidity surplus in the banking system from ballooning past a point that would be difficult to tackle in the future. Standard Chartered Bank…
  • Why the U.S. and Europe trail China in central bank currency race July 27, 2021 4:40 pm Proponents of central bank digital currencies are under pressure to demonstrate the economic benefits of their projects before they can counter China's digital yuan. Both the EU and U.S. face pressure to digitize their currency because of China's …
  • Wall Street comes off record highs ahead of big tech earnings July 27, 2021 3:25 pm U.S. stock indexes retreated from record highs on Tuesday ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting. More than one-third of the S&P 500 is set to report quarterly …
  • Nearly Rs 49,000 crore lying unclaimed with banks, insurers: Karad July 27, 2021 3:01 pm An estimated Rs 49,000 crore is lying unclaimed with banks and insurance companies, the Minister of State for Finance Bhagwat Karad informed the Rajya Sabha on Tuesday. The data on the unclaimed amount is till December 31, 2020. Giving the details in a …
  • Gold reserves with RBI surged over 12 times in 20 years: Govt data July 27, 2021 2:22 pm Gold reserves with the Reserve Bank of India surged over 12 times in 20 years, data presented by the Finance Ministry in Rajya Sabha on Tuesday showed. The Ministry also informed the Upper House that around ₹50,000 crore was lying as unclaimed deposit with …
  • RBI plans digital currency pilots soon July 27, 2021 2:11 pm CBDC will help cut the cost of currency management while expediting real-time payments: Sankar The Reserve Bank of India is likely to soon kick off pilot projects to assess the viability of using digital currency to make wholesale and retail payments to …
  • IMF slashes India's economic growth forecast for FY22 to 9.5% July 27, 2021 2:06 pm The International Monetary Fund (IMF) has sharply scaled down India’s economic growth projection by 300 basis points to 9.5 per cent for the current financial year from 12.5 per cent estimated earlier in April. IMF said the downward revision is owing to “ …
  • SBI, Kotak, Axis, HDFC & ICICI Bank pick up stake in blockchain platform IBBIC July 27, 2021 1:49 pm Kotak Mahindra Bank, Axis Bank, HDFC bank and ICICI bank on Tuesday said that they have picked up stake in a newly incorporated fintech firm IBBIC Pvt Ltd (IBBIC). ICICI bank picked up 5.44% whereas KMB, HDFC bank and Axis Bank have each picked up 5.55% …
  • Sensex closes 274 points lower, pharma stocks crack July 27, 2021 12:10 pm Mumbai (Maharashtra) [India], July 27 (ANI): Equity benchmark indices shaved early gains and closed half a per cent lower on Tuesday with pharma stocks being the worst sufferers. At the closing bell, the BSE SP Sensex was lower by 274 points or 0.52 per …
  • FDI in food processing sector falls 57% to $393 million in FY21 July 27, 2021 11:57 am Foreign Direct Investment (FDI) in food processing sector declined 57 per cent to USD 393.4 million (around Rs 2,926 crore) in 2020-21 as compared to the previous year, the government said on Tuesday. In a written reply to the Lok Sabha, Minister of State …
  • Global stock markets decline ahead of US Fed update on economy July 27, 2021 11:50 am Global stock markets declined Tuesday as investors looked ahead to a Federal Reserve report for an update on when US stimulus might start winding down. London and Frankfurt opened lower while Shanghai and Hong Kong declined. Tokyo advanced. On Monday, Wall …
  • Bill passed by LS to resolve unpaid dues to SMEs July 27, 2021 10:55 am The Factoring Amendment Bill which was introduced in the Lok Sabha last year was passed on Monday. The Bill seeks to amend the Act of 2011 and widen the scope of entities which can engage in factoring business. This Bill is aimed at increasing the traction …
  • Centralization of even state subjects is not conducive for a diverse country like India: YV Reddy July 27, 2021 9:23 am B.S. Yediyurappa hangs his boots as BJP Govt completes 2 years in Karnataka Expressing his concern on the highly centralized functioning of the Union government under Narendra Modi, the chairman of the 14th Finance Commission, Y.V Reddy said that the idea …
  • Nikkei closes below 28,000 level for second day despite Wall Street boost July 27, 2021 8:45 am TOKYO: Japanese equities rose on Tuesday, tracking overnight gains on Wall Street as investors cheered upbeat corporate earnings, but the benchmark Nikkei 225 failed to close above the 28,000 key psychological level for a second straight session. Like …
  • Global growth to stay strong but virus variants the top risk, economists say July 27, 2021 7:26 am BENGALURU, India – Global economic growth prospects are holding strong for this year and next, despite a significant majority of economists in Reuters polls warning that new variants of the coronavirus pose the biggest risk to that outlook. A global survey …
  • What sparked a rally in Equitas Holdings and Equitas SFB today July 27, 2021 7:17 am NEW DELHI: Shares of and Equitas Small Finance Bank (SFB) jumped as much as 9 per cent each during early trade on Tuesday after it announced an amalgamation scheme. The share exchange ratio would result into each shareholder of the transferor company, …
  • Sri Lanka pays off USD 01 billion bond debt before deadline July 27, 2021 7:09 am Sri Lanka has settled the scheduled debt of USD 01 billion International Sovereign Bond Issue yesterday (July 26), State Minister Ajith Nivard Cabraal said. Sri Lanka has transferred funds to repay the $1 billion bond by the Tuesday (July 27) deadline, …
  • Congress leader Subodh Kant Sahai comment July 27, 2021 6:20 am Ranchi (Jharkhand) [India], July 27 (ANI): Days after the Ranchi police arrested three people over the alleged plot to topple the Jharkhand Government, Congress leader Subodh Kant Sahai on Monday claimed that it is an attempt by the BJP to bring the …
  • Equitas Holdings, Equitas SFB rally on amalgamation scheme approval July 27, 2021 5:55 am Shares of Equitas Holdings (Rs 135.70) and Equitas Small Finance Bank (Rs 68.70) surged 9 per cent each on the BSE in the intra-day trade on Tuesday after their respective boards approved the amalgamation scheme of the two companies. The stock of Equitas …
  • Banking, metal stocks lead rally at bourses July 27, 2021 5:41 am Mumbai (Maharashtra) [India], July 27 (ANI): Equity benchmark indices gained marginally during early hours on Tuesday with banking and metal scrips clocking handsome gains. At 10:15 am, the BSE SP Sensex was trading higher by 137 points or 0.26 per cent at …
  • Gold holds below key $1,800 level as investors eye Fed meet July 27, 2021 4:25 am Gold prices were steady on Tuesday, pinned below the key $1,800 per-ounce level, as investors turned cautious ahead of this week's US Federal Reserve meeting outcome for clues on when the central bank might rein in its easy monetary policies. …
  • Global growth to stay strong but virus the top risk, say economists July 27, 2021 12:23 am By Shrutee Sarkar BENGALURU (Reuters) - Global economic growth prospects are holding strong for this year and next, despite a significant majority of economists in Reuters polls warning new variants of the coronavirus pose the biggest risk to that outlook. …
  • Sri Lanka expects to receive US $ 2.65 billion forex inflows over next 3 months - State Minister Ajith Nivard Cabraal July 26, 2021 11:28 pm * Sri Lanka expects to receive US $ 2.65 billion forex inflows over next 3 months - State Minister Ajith Nivard Cabraal Mon, Jul 26, 2021, 09:58 pm SL Time, ColomboPage News Desk, Sri Lanka. July 26, Colombo: Ajith Nivard Cabraal, State Minister of Money …
  • Beware the risks of the unicorn IPO party July 26, 2021 10:37 pm Imagine you are one of the ultra high net worth persons in India. You are among those who have at least $30 million each in wealth. There are about 11,198 of them, as estimated by property consultant Knight-Frank. This number is predicted to grow by 63% …
  • FirstFT: China says it is in a dangerous “stalemate” with the United States July 26, 2021 10:25 pm Good morning.This article is our live version First FT communication.Register our Asia, Europe/Africa Either America A version sent directly to your inbox every working day morning China accuses the U.S. of seeing it as “imaginary enemy” He also stated …
  • Equitas Holdings, Equitas SFB get board, shareholders nod for amalgamation July 26, 2021 8:01 pm The board of directors and shareholders of Equitas Holdings Ltd (EHL) and Equitas Small Finance Bank (ESFB) on Monday approved the amalgamation scheme of the two companies. The share exchange ratio would result into each shareholder of the transferor …
  • The forex bonanza is not a cause for celebration July 26, 2021 6:58 pm On July 16, 2021 India’s foreign exchange reserves stood at $612.7 billion. That was almost 30 per cent higher than its level of $475.6 billion at the end of March 2020, when the effects of the pandemic began to be felt. It also reflected a $95 billion …
  • Here Are Some Cost-Effective Ways To Invest In Gold July 26, 2021 6:40 pm To invest in Gold Exchange-Traded Funds, one must have a Demat account with a bank Indians' obsession with gold is no secret. For weddings, religious occasions, as well as festivals, buying gold, has always been a popular ritual. But it is much more …
  • Wall Street hovers near record highs before tech earnings, Fed meeting July 26, 2021 5:47 pm Wall Street indexes hovered near record highs on Monday in a week packed with heavyweight technology earnings, with investors staying away from big bets in the runup to a policy meeting by the Federal Reserve. All three major indexes hit a record high …
  • Biggest gainers & losers of the day: Caplin Points zooms 19%, Seshasayee Paper tanks 10% July 26, 2021 5:47 pm NEW DELHI: Domestic equity markets kicked off the new week with losses, thanks to selling in banking stocks that dragged the indices lower. However, pharma and metal shares showed some strength. Poor global sentiments dampened D-Street’s mood. The 30-share …
  • Co-operative solution July 26, 2021 5:16 pm The Supreme Court’s ruling last week on cooperatives restricts the operation of the 97th Amendment to the Constitution, passed by Parliament in 2011, to multi-State cooperative societies. This Amendment had sought to spell out a set of governance norms to …
  • Axis Bank sees 17-18% hit on card issuances from Mastercard ban July 26, 2021 5:11 pm Sumit Bali, president and head (retail lending and payments) at Axis Bank said on Monday that the only impact it currently sees is in the Flipkart co-branded credit card. Launched in July 2019, there are about 1.2 million such co-branded credit cards in …
  • Kotak Mahindra Bank Q1 PAT up 32 pc at Rs 1,642 crore July 26, 2021 2:18 pm Mumbai (Maharashtra) [India], July 26 (ANI): Private sector lender Kotak Mahindra Bank on Monday reported 32 per cent jump in its profit after tax for the April to June quarter to Rs 1,642 crore from Rs 1,244 crore in the same period of last year. Net …
  • India, Nigeria to Launch CBDCs July 26, 2021 1:49 pm Central bank digital currencies (CBDCs) are the digital form of fiat money, giving holders a direct claim on the central bank and allowing them to make instant electronic payments. CBDCs differ from digital money like cryptocurrencies, which are private …
  • Lok Sabha passes Factoring Regulation (Amendment) Bill 2020 July 26, 2021 11:55 am The Lok Sabha on Monday passed the Factoring Regulation (Amendment) Bill 2020 that seeks to widen the scope of entities that can engage in factoring business. The Bill will pave the way for non-NBFC factors and other entities to undertake factoring …
  • View: Powell, whatever you do, don't say the "T" word July 26, 2021 10:50 am It's pretty unusual for a central banker in a consequential economy to get outflanked by politicians. That is the risk confronting Federal Reserve Chair Jerome Powell when it comes to the pace of rising prices, with potentially significant implications …
  • Kotak Mahindra Bank Q1 consolidated net profit falls 2.5% to Rs 1,806 cr July 26, 2021 10:50 am Private sector lender Kotak Mahindra Bank on Monday reported a 2.5 per cent drop in consolidated net profit in the June quarter (Q1) at Rs 1,806 crore compared to Rs 1,853 crore in the year-ago quarter. The drop is largely on account of Kotak Mahindra Life …
  • No plan to print currency notes to tide over economic crisis: FM Nirmala Sitharaman July 26, 2021 8:39 am By PTI NEW DELHI: The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday. To a question on whether there …
  • Mastercard ban: RBI seeks action plan from banks July 26, 2021 8:28 am India’s central bank has asked lenders to put in place business continuity plans (BCP) after it ordered operational curbs, effective last week, on Mastercard. It has also sought details on their preparedness to regularise the issuance of credit and debit …
  • ‘Raising loans against FRBM norms warrants special audit by CAG’ July 26, 2021 6:22 am BJP Rajya Sabha member G.V.L. Narasimha Rao has alleged that the Andhra Pradesh government is raising loans over and above the Fiscal Responsibility and Budget Management (FRBM) limits in blatant violation of norms for implementing the promises made during …
  • SBI Card gains 4% on strong June quarter results July 26, 2021 5:27 am Shares of SBI Cards and Payment Services (SBI Card) rose 4 per cent to Rs 991.95 on the BSE in Monday's intra-day trade on asset quality improvement in the June 2021 quarter (Q1FY22), with gross non-performing assets (GNPA) at 3.91 per cent as against …
  • India’s banks need to wean off their dependence on retail loans July 25, 2021 7:52 pm With India’s best-managed big bank feeling some heat, the question is how the second covid wave will impact other banks on the bad-loans front. While dud loans remain a worry, there is a structural problem at the heart of Indian banking. This might limit …
  • Can the finance minister pull it off? July 25, 2021 7:52 pm Sitharaman is the first economist in charge in the North Block after Manmohan Singh. She earlier assisted Arun Jaitley, as he piloted many of the Narendra Modi-led Union government’s big-ticket proposals such as the goods and services tax (GST), the one …
  • RBI intensifies scrutiny on lenders and shadow  banks July 25, 2021 7:01 pm When the Reserve Bank of India (RBI) barred Mastercard from issuing new cards over its failure to comply with data-localization norms this month, it was the latest in a series of such actions where RBI has cracked down hard on a regulated entity. Over the …
  • Reserve Bank of India's central board short of 9 non-official directors July 25, 2021 9:29 am The central board of the Reserve Bank of India (RBI) is facing shortage of nine non-official directors, including seven from the category of people of eminence from various fields. The central board is the highest decision making body of the apex bank …
  • I see 10-yr yield nearing 6.5% by fiscal end: Mahendra Jajoo of Mirae July 24, 2021 4:49 pm The RBI is doing all it can to keep bond yields under check in the backdrop of the government’s large borrowing programme. The rising retail inflation isn’t helping matters but is creating a conundrum. Mahendra Jajoo, CIO, Fixed Income, Mirae Asset …
  • Office Of The SME Chamber Of India Was Inaugurated By Hon’ble Shri Subhash Desai Minister of Industries July 24, 2021 4:02 pm The new office of SME Chamber of India Maharashtra Industrial & Economic Development Association Federation of India SME Associations was inaugurated today. MUMBAI, MAHARASHTRA, INDIA, July 24, 2021 /⁨EINPresswire.com⁩/ -- The new office of …
  • ICICI bank Q1 net profit rises, asset quality worsens July 24, 2021 2:34 pm ICICI bank reported a 78% increase year-on-year in standalone net profit to ₹4,616 crore for the quarter ended June 30, 2021 owing to higher net interest come and lower provisions. The net profit stood at ₹2,599 crore in the corresponding quarter last …
  • India’s forex reserves rise by over $800... July 24, 2021 2:22 pm India’s foreign exchange reserves rose by $835 million during the week ended July 16. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $612.730 billion from $611.895 billion reported for the week ended …
  • Amazon Prime Day sale starts July 26: Bank discounts; what buyers of smartphones can look for and free bundled offers July 24, 2021 10:08 am Amazon Prime Day Sale 2021 starts July 26. Amazon Prime Day 2021 sale will run for two days July 26 and July 27. As with all Prime Day sales, the sale is exclusive for Amazon Prime members. The company calls Amazon Prime Day sale as the biggest shopping …
  • Linguistic Test And The Question Of Inclusivity In Manipur July 24, 2021 9:38 am The recruitment notification of Public Sector Banks, Regional Rural Banks and Reserve Bank of India, and other few financial institutions for the post of Junior Associates/ Assistants/Clerks have a clause that mandates the knowledge of local …
  • Zim Is Facing A Pandemic Of Corruption: Biti July 24, 2021 6:11 am Zim Is Facing A Pandemic Of Corruption: Biti HARARE – Zimbabwe is facing a “pandemic of corruption” which is now a “huge threat to the existence of the country as a nation state,” former finance minister and MDC Alliance vice president Tendai Biti said on …
  • Unprecedented flow of easy money keeps Indian stocks on bull run July 24, 2021 5:28 am Traders are betting India’s record-breaking stock rally still has legs, fueled by expectations of continued dovish monetary policy even as inflation fears deepen. The nation’s NSE Nifty 50 Index has more than doubled from a March 2020 low -- one of the …
  • Unprecedented flow of easy money keeps India stocks on bull run July 24, 2021 4:52 am Traders are betting India’s record-breaking stock rally still has legs, fueled by expectations of continued dovish monetary policy even as inflation fears deepen. The nation’s NSE Nifty 50 Index has more than doubled from a March 2020 low -- one of the …
  • Reserve Bank of India official suggests country may soon have a digital currency pilot July 24, 2021 1:45 am India may be launching a digital currency, an official from the Reserve Bank of India (RBI) said today. Speaking at a panel discussion held by the Vidhi Centre for Legal Policy think tank, RBI deputy governor T Rabi Shankar described the potential Central …
  • India becomes the latest to look at launching a digital currency July 23, 2021 5:06 pm India has become the latest country to consider issuing a central bank digital currency (CBDC), the country's reserve bank deputy chief announced on Thursday. T. Rabi Shankar, the deputy governor of the Reserve Bank of India, said the bank was …
  • RBI eases norms for loans given by banks to directors of other banks July 23, 2021 5:04 pm The Reserve Bank of India (RBI) on Friday said banks without their boards' approval can sanction personal loans up to Rs 5 crore to directors of other banks. The earlier limit was Rs 25 lakh. "On a review, it has been decided that... for personal …
  • RBI increases loan limit of bank directors to Rs 5 cr from Rs 25 lakh July 23, 2021 5:04 pm The Reserve Bank of India on Friday increased the limit of personal loans given to any director of a bank to Rs 5 crore, from Rs 25 lakh earlier. The central bank amended the master circular for this, and said unless sanctioned by the board of directors or …
  • FINVASIA Group Announces Acquisition of ActTrader - cadillacnews.com July 23, 2021 3:12 pm NEW YORK--(BUSINESS WIRE)--Jul 19, 2021-- FINVASIA Group announced today that it has acquired ActTrader Technologies (formerly ActForex) , a pioneer in building financial technology products for over 20 years. ActTrader was among the world's first …
  • Forex reserves zoom to record high of $612.73 billion July 23, 2021 3:07 pm Mumbai: The country's foreign exchange reserves rose by $835 million to touch a record high of $612.73 billion in the week ended July 16, 2021, RBI data showed. In the previous week ended July 9, 2021, the reserves had surged by $1.883 billion to $611. …
  • Yes Bank sees retail stress build up due to second wave July 23, 2021 2:12 pm As compared to the previous quarter (January-March), the bank’s retail gross non-performing assets (NPA) ratio rose 40 basis points (bps) to 3.3% of retail assets. That apart, retail loans that were overdue between 61-90 days rose to ₹790 crore in the June …
  • RBI revises limit for extending personal loans to directors of other banks July 23, 2021 1:30 pm The Reserve Bank of India has raised the limit on loans to be sanctioned to directors or associates without board approval for the first time in 26 years to Rs. 5 crore from Rs. 25 lakhs last set in 1996. This revision in threshold will be applicable to …
  • Indian central bank looking at phased launch of its own digital currency July 23, 2021 12:33 pm Business The Reserve Bank of India is considering a phased introduction of its own central bank digital currency (CBDC), deputy governor T. Rabi Shankar said, and is examining various issues including the underlying technology and issuance method. 23 Jul …
  • Fed seen speeding taper of MBS in early-2022 start to pullback July 23, 2021 12:05 pm By Steve Matthews and Sarina Yoo The Federal Reserve will start scaling back asset purchases next year with an emphasis on mortgage-backed securities, according to economists surveyed by Bloomberg, who see the central bank raising interest rates at a …
  • India's economic rebound faces rising risk from Covid variants: Poll July 23, 2021 10:53 am India's economic rebound, already weakened in recent months, could lose further momentum as coronavirus variants pose the greatest threat and inflation rises, a Reuters poll of economists found. The latest survey results suggest difficult policy …
  • India’s economic rebound faces rising risk from virus variants: Reuters poll July 23, 2021 9:34 am BENGALURU: India's economic rebound, already weakened in recent months, could lose further momentum as coronavirus variants pose the greatest threat and inflation rises, a Reuters poll of economists found. The latest survey results suggest difficult …
  • BUSINESS MAVERICK: Inflation watch: SA Reserve Bank keeps rates on hold and laments toll of civil unrest on economic growth July 23, 2021 6:37 am Lesetja Kganyago, governor of South Africa's central bank. (Photo: Waldo Swiegers / Bloomberg via Getty Images) The South African Reserve Bank (Sarb) kept lending rates unchanged in a unanimous decision at its July policy meeting on Thursday, which …
  • University of Illinois OKs India offices July 22, 2021 8:10 pm July 22, 2021Updated: July 22, 2021 12:53 p.m. The main shopping street in Bangalore, India.Getty Images The University of Illinois Board of Trustees voted Thursday to establish a U of I System liaison office in New Delhi, India, and a branch office in …
  • India's inflation situation 'alarming': Kaushik Basu July 22, 2021 6:20 pm India's wholesale price-based inflation is at a 30-year high, leading to a "very alarming" situation for the country, former World Bank chief economist Kaushik Basu said on Thursday. He, however, doesn't see any risk of hyperinflation, …
  • Kishore Biyani’s Future Retail says missed payment of interest due on 2025, due to Covid-19 July 22, 2021 5:09 pm Kishor Biyani owned has missed the service of payment of interest on dollar-denominated notes. The company in an exchange filing informed that it has proposed to make the interest payment within 30 days. The company said due to the covid-19-induced …
  • RBI to introduce Central Bank Digital Currency in phases: deputy governor July 22, 2021 4:24 pm The Reserve Bank of India (RBI) will introduce its own version of Central Bank Digital Currency (CBDC) in a phased manner and after carefully weighing its impact on various issues, including how it could hamper the deposit mobilisation abilities of banks, …
  • RBI eyeing 'phased introduction' of digital currency: Deputy Governor July 22, 2021 2:37 pm The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. He said the idea of …
  • RBI working towards 'phased introduction' of digital rupee July 22, 2021 2:17 pm The Reserve Bank of India is working toward a “phased implementation strategy” of a Central Bank Digital Currency (CBDC), RBI deputy governor T Rabi Sankar said on Thursday. A pilot to test a general-purpose digital currency is a possibility in the near …
  • IDFC soars 19% as RBI allows company to exit as promoter of IDFC First Bank July 22, 2021 6:32 am Shares of IDFC soared 19 per cent to its 52-week high of Rs 62.60 on the BSE in intra-day trade on Thursday after the company said the Reserve Bank of India (RBI) has allowed it to exit as the promoter of IDFC First Bank as the five-year lock-in period …
  • IDFC soars 19% after RBI gives nod to exit IDFC First Bank as promoter July 22, 2021 6:23 am New Delhi: Shares of IDFC jumped as much as 19 per cent during the trading session on Thursday after the Reserve Bank of India (RBI) allowed it to exit as the promoter of IDFC First Bank. In a regulatory filing made to the BSE, IDFC said that the RBI on …
  • No one expected this surprise at the end of the bankrup .... July 21, 2021 10:26 pm This is expected to offer relief to the government, which decided to lift the suspension on 25 March amid concerns about widespread financial stress. The corporate affairs ministry assessed that an increase in the payment default threshold from ₹1 lakh to …
  • RBI clarifies IDFC can exit bank as a promoter as lock-in period ends July 21, 2021 8:24 pm IDFC Ltd said on Wednesday the Reserve Bank of India (RBI) has clarified that the company can exit IDFC First Bank as a promoter after the completion of five years. However, this is a clarification given by the central bank and not a formal nod. IDFC will …
  • RBI allows IDFC to exit IDFC First Bank as five-year lock-in period ends July 21, 2021 5:36 pm The Reserve Bank of India had allowed IDFC to exit the IDFC First Bank. In a regulatory filing made to the BSE, IDFC said that the RBI on July 20 clarified that "after the expiry of lock-in period of 5 years, IDFC Limited can exit as the promoter of …
  • IDFC can exit as promoter of IDFC First Bank, clarifies RBI July 21, 2021 4:13 pm The Reserve Bank of India (RBI) has clarified that IDFC Limited can exit as the promoter of IDFC First Bank Limited as the five year lock-in period comes to an end, the bank said in a statement to exchanges on Wednesday. This could pave the way for a …
  • RBI allows IDFC to exit IDFC First Bank July 21, 2021 3:39 pm The Reserve Bank of India had allowed IDFC to exit the IDFC First Bank. In a regulatory filing made to the BSE, IDFC said that the RBI on July 20 clarified that “after the expiry of lock-in period of 5 years, IDFC Limited can exit as the promoter of ‘IDFC …
  • Will comply with data localisation norms, says American Express Banking Corp India July 21, 2021 2:56 pm American Express Banking Corp India told the Reserve Bank of India that it will comply with the data localisation norms. The RBI, in April this year, had restricted American Express from on-boarding new domestic customers onto their card networks from May …
  • Bank of Baroda, U GRO Capital join hands for co-lending to MSMEs July 21, 2021 7:27 am Mumbai: U GRO Capital, a non-bank financier, and state-owned Bank of Baroda have partnered for co-lending to the micro, small and medium enterprise (MSME) sector. Called ‘Pratham’, loan disbursements under this association have commenced on Bank of Baroda’ …
  • U GRO Capital launches Pratham, a MSME co-lending program with Bank of Baroda July 21, 2021 6:30 am U GRO Capital, a BSE listed, technology enabled small business NBFC, announced on Wedenesday the launch of a co-lending partnership for micro, small and medium enterprises (MSME) with . Termed as ‘Pratham’, the loan disbursements have commenced on the …
  • Patchy monsoon rain raises growth and inflation worries for India July 20, 2021 5:44 pm Poor monsoon showers are threatening India’s nascent economic recovery and could make food even more expensive in a country where more than half of the population depends on rain for farming. The weather pattern, which usually begins its four-month journey …
  • CCI approves acquisition of Mukand by Bajaj Group entities July 20, 2021 5:05 pm The Competition Commission of India (CCI) has approved the acquisition of Mukand Ltd (target company) by Bajaj Sevashram Private Limited (BSPL), Bachhraj & Company Private Limited (BCOPL), Bachhraj Factories Private Limited (BFPL) and Sanraj Nayan …
  • US proposes extraditing Tahawwur Rana to India July 20, 2021 9:46 am The Biden administration has urged a federal court in Los Angeles to extradite Pakistani-origin Canadian businessman Tahawwur Rana to India where he is sought for his involvement in the 2008 Mumbai terror attack. Rana, 59, has been declared a fugitive by …
  • Rising fuel prices further dent stressed sectors of India's economy July 20, 2021 4:48 am The Baddi-Barotiwala-Nalagarh industrial hub in Himachal Pradesh, surrounded by a panoramic view of the Shivalik hills, is home to Asia's largest pharmaceutical manufacturing hub. It is serviced by a fleet of 13,000 trucks from small- and medium-sized …
  • Making sense of BharatPe's banking foray July 20, 2021 4:43 am Mumbai | Bengaluru: BharatPe’s proposed joint venture with non-banking financial company Centrum Finance to set up a small finance bank and acquire troubled Punjab and Maharashtra Co-operative (PMC) Bank is a landmark event for fintech players harbouring …
  • Ban on Mastercard may see a huge chunk of new business going to Visa July 20, 2021 1:37 am Most banks have both Mastercard and Visa and in some cases RuPay as their payment platform for cards. While homegrown platforms are expected to gain modestly, Visa’s superior reward offerings to merchants and the government’s zero Merchant Discount Rate ( …
  • HDFC Bank to work for both India and Bharat, creates a segment: Chairman July 19, 2021 4:43 pm HDFC Bank, largest lender by market capital, has created a new business segment of commercial and rural banking to capture the next wave of growth, said Atanu Chakraborty, the bank’s non-executive chairman, in the annual general meeting held on July 17. “ …
  • Cryptocurrency bank plans India operations, takes cooperative route to get around RBI rules July 18, 2021 11:44 pm AT A time when the Reserve Bank of India (RBI) frowns on private virtual currencies, the proposal of cryptocurrency bank Cashaa to launch banking operations in India for customers of virtual currencies like Bitcoin from August, through the credit co- …
  • Central Bank of India to seek shareholders' nod to set off accumulated loss of Rs 18,724 cr July 16, 2021 7:04 pm State-owned will seek shareholders' approval in its ensuing annual general meeting (AGM) next month to set off accumulated loss of over Rs 18,724 crore from the share premium account of the bank. The next AGM is scheduled for August 10, 2021 through …
  • Reserve Bank of India Decides to Indefinitely Prevent Mastercard from Providing New Debit, Credit Cards to Locals July 16, 2021 12:34 am July 15, 2021 @ 7:50 pm By Omar Faridi The Reserve Bank of India (RBI) revealed on Wednesday (July 14, 2021) that it has decided to indefinitely ban Mastercard Inc (NYSE: MA) from providing any new debit or credit cards to local clients for allegedly …