India's net FDI rises to $5.5 billion in Q1FY25: RBI report
Sep 21, 2024, at 03:32 am
Mumbai: India's net foreign direct investment (FDI) rose to $5.5 billion during the April-July period of the current financial year (FY25), up from $3.8 billion in the same period last year, Business Standard reported citing the latest Reserve Bank of India (RBI) report.
US Fed rate cut to have little impact on India: CEA Nageswaran
Sep 20, 2024, at 05:57 am
New Delhi: The recent rate cut by the US Federal Reserve is unlikely to have a major impact on India, as much of the move was already factored into the market, said Chief Economic Advisor (CEA) V. Anantha Nageswaran on Thursday, media reports said.
RBI revokes restrictions on IIFL Finance gold loan business
Sep 20, 2024, at 05:23 am
Mumbai: Non-bank lender IIFL Finance said on Thursday that the Reserve Bank of India (RBI) lifted the earlier restrictions imposed on its gold loan operations.
India's wholesale inflation drops for second consecutive month to 1.31% in August
Sep 18, 2024, at 07:17 pm
New Delhi/IBNS: Wholesale inflation in India declined for the second consecutive month, reaching 1.31 percent in August, driven by lower prices for vegetables, food, and fuel, according to government data released on Tuesday.
UK-based fintech Revolut set to enter India by 2025: Report
Sep 17, 2024, at 10:58 pm
Mumbai: UK-based Revolut, one of Europe's leading fintech companies, is preparing to launch its services in India by 2025, targeting tens of millions of affluent consumers, according to a report by The Financial Times.
Old lending practices a constraint in catering to agriculture sector: RBI deputy governor
Sep 17, 2024, at 08:19 pm
Pune/IBNS: Traditional lending methods fall short in meeting the unique demands of the agricultural sector, necessitating innovative, flexible financial solutions tailored to farmers' needs, Reserve Bank of India's (RBI) deputy governor Swaminathan Janakiraman said.
India can achieve sustainable growth of up to 8% in the coming years: RBI Governor Shaktikanta Das
Sep 16, 2024, at 08:26 pm
Mumbai/IBNS: Reserve Bank of India (RBI) Governor Shaktikanta Das said India has the potential to achieve sustainable economic growth of up to 8 percent in the medium term.
Sep 13, 2024, at 07:44 pm
Singapore/IBNS: Even as consumer price index (CPI) inflation has softened to the 2-6 percent tolerance band, there is still a ‘distance to cover’, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday (Sept. 13), signaling the central bank is in no hurry to cut interest rates despite the inflation dip in the world’s fastest-growing major economy.
HDFC Bank negotiates with global lenders to offload $1 billion in loans
Sep 12, 2024, at 09:02 pm
Mumbai/IBNS: India's largest private sector lender, HDFC Bank, is negotiating with major global banks to offload loans totaling up to Rs 8,400 crore ($1 billion) as part of its strategy to reduce the size of its credit portfolio and improve its credit-to-deposit ratio, reports Bloomberg, citing its sources.
YES Bank's stake sale stalled due to RBI's concerns over majority foreign bank ownership
Sep 12, 2024, at 08:36 pm
Mumbai/IBNS: The stake sale of Indian private sector bank YES Bank is currently stalled as the Reserve Bank of India (RBI) is hesitant about allowing majority foreign bank ownership, reports Moneycontrol, citing sources familiar with the matter.
Aug 26, 2024, at 10:38 pm
Bengaluru/IBNS: The Governor of Reserve Bank of India (RBI), Shaktikanta Das, on Monday (August 26) announced that the central bank will introduce its ‘Unified Lending Interface’, or ULI, technology platform across the nation.
Tata Sons clears Rs 20,000 crore debt to avoid mandatory share market listing
Aug 26, 2024, at 06:28 pm
Mumbai/IBNS: Tata Sons, the $410-billion holding company of the Tata Group, has voluntarily surrendered its certificate of registration after repaying over Rs 20,000 crore in debt to remain an unlisted entity, according to a report by The Economic Times.
Govt to appoint new external members to RBI MPC ahead of crucial rate meeting in October: Report
Aug 23, 2024, at 09:09 pm
New Delhi/IBNS: The Government of India will appoint new external members to the Reserve Bank of India’s (RBI) monetary policy committee (MPC) by October at the latest ahead of a crucial meeting in which the MPC will face pressure to cut interest rates, Bloomberg reports, citing people familiar with the matter.
P2P lending industry stares at muted growth post RBI crackdown
Aug 21, 2024, at 06:25 pm
New Delhi/IBNS: The Peer-to-Peer (P2P) lending industry is staring at a potential decline in new investments and subdued growth following the tightening of regulations by the Reserve Bank of India (RBI), according to Financial Express.
Aug 21, 2024, at 05:29 am
Gandhinagar: Indian regulators have halted the approval of local family offices setting up investment funds in the country's new financial hub, due to concerns that these structures might be used to bypass taxes and capital controls, Bloomberg reported citing sources.
RBI Governor warns banks against growing gap between credit and deposit growth
Aug 21, 2024, at 04:36 am
Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das cautioned on Tuesday that Indian banks must closely monitor the widening gap between credit and deposit growth to prevent a potential structural liquidity issue.
EMIs on loans set to increase as SBI hikes lending rates by 10 bps across tenures
Aug 17, 2024, at 06:07 pm
New Delhi/IBNS: India's largest public sector lender State Bank of India (SBI) has announced a rise in its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (0.1 percent) across all tenures.
Reserve Bank tightens norms for NBFC P2Ps
Aug 17, 2024, at 07:09 am
Mumbai: The Reserve Bank tightened regulations for Non-Banking Financial Company - Peer to Peer Lending Platforms (NBFC-P2P) to enhance transparency and ensure better compliance.
India's retail inflation declines to near 5-year-low of 3.5% in July
Aug 13, 2024, at 06:34 pm
New Delhi/IBNS: India’s inflation fell to a 59-month low of 3.5 percent in July 2024 compared with 5.1 percent in the previous quarter, as a favourbale base helped contain pressures, according to data released on Monday (August 12).
Aug 10, 2024, at 10:42 pm
New Delhi/IBNS: Union Finance Minister Nirmala Sitharaman on Saturday (Aug 10) urged banks to focus on ‘core banking’ and to bring in innovative products to mobilise deposits during a meeting with members of the Reserve Bank of India’s (RBI) Central Board of Directors, reports said.
RBI keeps repo rate unchanged at 6.5% for ninth time in a row
Aug 08, 2024, at 06:55 pm
Mumbai/IBNS: The Reserve Bank of India (RBI) on Thursday (Aug 8) kept the repo rate — the central bank's rate for short-term loans to banks — unchanged at 6.5 percent by 4:2 majority, maintaining withdrawal of accommodation.
UPI transactions cross Rs 20 trillion for third straight month in July 2024
Aug 03, 2024, at 10:49 pm
New Delhi/IBNS: The Unified Payments Interface (UPI) transaction values surpassed Rs 20 trillion for the third successive month in July 2024, according to data released by the National Payments Corporation of India (NPCI) — a state-owned organization that operates retail payments and settlement systems in the country — on Thursday (Aug 1).
Ransomware attack on technology service provider hits 300 small banks across India: Report
Aug 01, 2024, at 07:37 pm
New Delhi/IBNS: A ransomware attack on an Indian technology service provider has forced payment systems across nearly 300 small local banks in the country to shut down temporarily, Reuters reported, citing two sources directly aware of the matter.
RBI proposes stricter LCR norms for banks, releases draft guidelines
Jul 26, 2024, at 07:31 pm
New Delhi/IBNS: The Reserve Bank of India (RBI), in view of the rising number of mobile and internet banking users, has proposed to tighten norms related to the liquidity coverage ratio (LCR) by increasing the run-off factor for retail deposits, reports said.
RBI changes regulatory framework for domestic money transfer services
Jul 25, 2024, at 05:02 am
Mumbai: The Reserve Bank of India (RBI) has updated the regulatory framework for domestic money transfer services, tightening Know Your Customer (KYC) requirements for regulated entities.
Jio Financial Services gets RBI approval to become a core investment company
Jul 12, 2024, at 07:14 pm
New Delhi/IBNS: Jio Financial Services on Thursday (July 11) received the Reserve Bank of India's (RBI) approval to become a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC), the company said in an exchange filing.
Reserve Bank of India allows resident Indians to open foreign currency accounts in GIFT City
Jul 12, 2024, at 06:16 pm
New Delhi/IBNS: The Reserve Bank of India (RBI) has allowed Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City (GIFT City), widening the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS).
RBI cautions banks against 'lakhs of accounts' used for fraudulent transactions, loan evergreening
Jul 11, 2024, at 06:47 pm
New Delhi/IBNS: The Reserve Bank of India (RBI) has cautioned banks against having "lakhs of accounts" used for fraudulent transactions and loan accounts' evergreening, media reports said.
Latest RBI job data reveals India's employment growth rate accelerates to 6% in FY24
Jul 10, 2024, at 07:18 pm
New Delhi/IBNS: A data released by the Reserve Bank of India (RBI) on Monday (July 8) showed that nearly 4.67 crore new jobs were created in India during the financial year 2023-24 taking the total number of employed persons in the country to 64.33 crore.
MobiKwik gains market share, becomes largest wallet player
Jul 10, 2024, at 06:54 am
Mumbai: MobiKwik, one of India's largest digital financial products and services platforms, has achieved the largest number of PPI Wallet transactions by value for the months of April and May 2024.