Banking industry
India's Digital Public Infrastructure (DPI), also known as India Stack, has been a game-changer for small and medium enterprises (SMEs), enabling them to access credit and markets more easily. Addressing the Global SME Finance Forum 2023, Infosys co-founder Nandan Nilekani highlighted the benefits of DPI for SMEs, citing
Banking industry
Following a significant decline in vegetable prices, particularly tomatoes, India's retail inflation fell to 6.8% in August, lower than the expected 7% increase. Experts speculate that consumer prices will continue to decline in September, with the Reserve Bank of India's upper target band of 6%
Banking industry
India's credit card industry is witnessing significant growth, driven by the increasing adoption of digital payments and the rise of the affluent segment of customers. HDFC Bank, in partnership with Discover Financial Services, intends to capitalize on this trend by doubling the Diners Club card base and transactions
Banking industry
MSME credit deployment continues to grow, with scheduled commercial banks deploying Rs 8.43 lakh crore to retail and wholesale traders in July, a 17.1% increase from the same period last year. This growth is part of the overall non-food credit deployed across sectors, which stood at Rs 147.
Banking industry
The merger of Housing Development Finance Corporation into HDFC Bank has created a significant bank limit of around Rs 1.5 lakh crore available for other non-banking financial companies (NBFCs) and housing financiers. This development is seen as positive for NBFCs with a strong track record and reliable ownership, as
Banking industry
Axis Bank has become the latest addition to the growing list of banks embracing the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) initiative. The bank's introduction of UPI interoperability functionality on its CBDC app, Axis Mobile Digital Rupee, marks a significant step towards
Banking industry
The IIM Ahmedabad-incubated startup ecosystem CIIE.CO has partnered with the Reserve Bank of India's (RBI) innovation hub RBIH to support women entrepreneurs through the Swanari Techsprint 2023 programme. The annual programme aims to enhance access, usage, and quality of financial services for women in India. The selected
Banking industry
As global central banks and the Reserve Bank of India (RBI) weigh their decisions on policy interest rates for fiscal year 2024, economists are warning of a cautious approach due to persistent inflation concerns and a hawkish outlook from the US Federal Reserve. Despite some moderation in inflationary pressures, the
Banking industry
The retail inflation rate in India breached the Reserve Bank of India's upper tolerance limit, reaching a 15-month high of 7.44 per cent in July, driven by a surge in prices of vegetables, cereals, and pulses. Economists predict that this could prompt the central bank to increase
Banking industry
In a move to attract customers, Bank of Maharashtra has announced a reduction in its home and car loan rates, effective from August 14. This decision comes after the Reserve Bank of India (RBI) kept the repo rate unchanged for the third time in a row at 6.5%. The
Banking industry
The Reserve Bank of India (RBI) has decided to keep interest rates and monetary stance unchanged for the third straight review period despite accelerating inflation, led by soaring vegetable prices. The central bank raised the inflation forecast for the financial year to 5.4 percent, from 5.1 percent earlier,
Banking industry
Despite expectations that the Reserve Bank of India would hike interest rates to combat inflation, the central bank has chosen to maintain the benchmark repurchase rate at 6.50 percent. Bank governor Shaktikanta Das warned that higher food prices, caused in part by extreme weather, have impacted household budgets and
