Rising Covid cases may prompt RBI to maintain status quo on rates: Experts
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A sudden surge in Covid cases is likely to prompt the Reserve Bank to maintain status quo on policy rates at its first bi-monthly monetary policy review for the current fiscal, according to experts
SC order on interest waiver: PSU Banks may have to take Rs 2,000 cr hit
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Public sector banks may have to bear a burden of Rs 1,800-2,000 crore due to SC judgement on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020
NBFCs seek easing of rules on NACH mandate cancellation
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NBFC industry body says this facility should work on «best effort» basis and not be made mandatory as most customers are not tech-savvy and are not comfortable with electronic platforms
HDFC increases rates on FD with different maturities up to 25 bps
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Mortgage lender HDFC Ltd has increased interest rates on its various fixed deposit products having different maturities by up to 25 basis points (bps) with effect from March 30.
Govt-owned Indian Bank declares 8 loan accounts as fraud, including IL&FS
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Government-owned Indian Bank has declared bad loans amounting Rs 202.32 crore to seven domestic borrowers and $5.289 million lent to a foreign company as fraud
RBI gives payment firms 6-month breather to comply with new framework
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Earlier, the RBI had asked the payment aggregators to stop storing card details within their database as per its March 2020 guidelines that were to take effect from July this year
Rupee falls 20 paise to 73.58 against the US dollar in early trade
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The Indian rupee slumped 20 paise to 73.58 against the US dollar in opening trade on Wednesday, weighed down by the strength of the greenback and weak domestic equities
Biggest rupee bear sees Asia's top performing currency hitting one-year low
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Rupee is a surprise winner in Asia this year as expectations of an economic recovery, a rare current-account surplus and massive foreign inflows have shielded it from the impact of rising US yields
Banks start canceling services for auto-debit to duck RBI penalty
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RBI to fine Rs 5 lakh per instance of lapse. Given that millions of bank customers use the auto-debit facility, banks were staring at hundreds of crores in fines
Rupee slumps 34 paise to 72.85 against the US dollar in early trade
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The Indian rupee slumped 34 paise to 72.85 against the US dollar in opening trade on Tuesday as rising crude oil prices and a strong American currency weighed on investor sentiment
FDI in insurance may shorten break-even period by 3 years: IIM Indore study
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Currently, operating and commission expenses of private insurers are said to be thrice those of public counterparts. It is here that a hike in FDI limit will give the former a level-playing field
Manappuram Finance looks to take MFI arm Asirwad Microfinance public
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Manappuram Finance, the second largest gold loan company in the country, is toying with the idea of hiving off and taking its microfinance arm Asirwad Microfinance public within a year, a top company official said.
With a loan portfolio of over Rs 5,360 cror
Banks to conduct special clearing operations for closure of govt accounts
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Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said.
Govt infuses Rs 5,500-crore equity capital into Punjab and Sind Bank
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The government has infused Rs 5,500 crore equity capital into Punjab & Sind Bank in lieu of allotment of over 335 crore preference shares to it.
The lender on Thursday allotted 3,35,16,14,868 equity shares of the bank at an issue price of Rs 16.41 per equit
Asia Pacific banks to face portfolio valuation losses as yields rise: Fitch
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A rise in yields for long-dated sovereign bonds will result in near-term losses for the A-Pac banks as they recognise valuation changes on their available-for-sale bond portfolios, according to Fitch
Investors turn bearish on Asian currencies for 1st time in a year: Report
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Investors were bearish on all Asian currencies for the first time in a year as US economic outperformance and new lockdowns elsewhere muddy the outlook for risk assets
Regulation should not constrain innovation in fintech space: RBI Guv Das
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Underlining the need for innovation in the financial sector for effective service delivery, RBI Governor Shaktikanta Das called for effective regulation that should help innovation
Rupee widens loss by 7 paise to 72.62 against US dollar in early trade
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The Indian rupee furthered its loss by another 7 paise to 72.62 against the US dollar in early trade on Thursday amid growing concerns over surging coronavirus cases globally
ICICI Bank enables customers to break high-value transactions into EMIs
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ICICI Bank customers can break their high value transactions of over Rs 50,000 into suitable EMIs directly on its internet banking platform to make their purchases more affordable, the lender said on Wednesday.
The facility is the first in the industry, the
Rupee falls 10 paise to Rs 72.53 against US dollar in early trade
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The rupee depreciated by 10 paise to 72.53 against the US dollar in opening trade on Wednesday, following a heavy selloff in domestic equities and strong American currency in the overseas market
