Banking industry
TIME's list of 100 Most Influential Companies 2023 has seen the inclusion of two Indian companies, National Payments Corporation of India (NPCI) and Meesho. The list celebrates companies that have made a significant impact globally. NPCI, founded in 2008, has revolutionized digital payments in India, with its United
Banking industry
HDFC Bank has received clarifications from the Reserve Bank of India to hold commercial papers issued by HDFC Ltd until their maturity, but has been asked not to roll over or re-issue them after the effective merger date. Meanwhile, Bharti Airtel is planning an offshore bond issue to raise up
Banking industry
The Congress party, led by communications chief Jairam Ramesh, has raised questions about the Reserve Bank of India's (RBI) decision to allow wilful defaulters and fraudsters to take fresh loans. Ramesh stated that the RBI must reveal if there was any pressure from the Modi government to issue
Banking industry
Bank deposit returns have seen a surge over the past six years, as interest rates on deposits rise due to the Reserve Bank of India's (RBI) Repo rate hike. The increase has led to a significant shift in bank deposit dynamics, with customers increasingly opting for fixed deposits
Banking industry
The Reserve Bank of India (RBI) has announced a new policy that will allow Authorized Dealer Category-I banks to offer non-deliverable derivative contracts (NDDCs) in rupees for hedging purposes. This move is aimed at developing the onshore INR NDDC market and providing residents with the flexibility to efficiently design their
Banking industry
The Small Industries Development Bank of India (SIDBI) has announced the launch of mission EVOLVE, a collaborative initiative with NITI Aayog, World Bank, and the Korean-World Bank and the Korean Economic Development Cooperation Fund (EDCF), to provide affordable commercial financing for MSMEs in the Electric Vehicle (EV) sector. The program
Banking industry
Reserve Bank of India (RBI) Governor Shaktikanta Das has raised concerns over banks adopting innovative methods to conceal the real status of stressed loans, a practice known as evergreening. This has been exacerbated by the accommodative monetary policy implemented since March 2020, creating an enabling environment for weak banks to
Banking industry
The Reserve Bank of India's (RBI) efforts to boost foreign exchange reserves through its NRI deposit schemes have paid off, with fresh inflows more than doubling to $7.9 billion in FY23 from $3.2 billion in FY22. The schemes, which exempted cash reserve ratio (CRR) and statutory
Banking industry
The Reserve Bank of India's recent identification of the centralised Know Your Customer Registry (c-KYCR) as a high-risk source for data validation has sparked a growing interest in a decentralized, blockchain-powered database for enhancing data quality in the emerging fintech industry. Industry insiders point out that maintaining a
Banking industry
The Reserve Bank of India (RBI) sold $25.52 billion on a net basis in the spot foreign exchange market in FY2023 to curb the volatility in the rupee, which had depreciated by nearly 8% to 82 levels against the dollar. The sale was aimed at propping up the rupee,
Banking industry
A day after the Reserve Bank of India announced the withdrawal of Rs 2,000 notes from circulation, traders in Pune are experiencing a cautious approach. Gold traders have decided to accept the notes but demand indemnification forms from customers, citing potential scrutiny from government departments. Grain traders, on the
Banking industry
The Reserve Bank of India has long encouraged banks to use India's domestic derivatives infrastructure to manage interest rate risk from government bond positions. In 2015, the Clearing Corporation of India established a derivatives trading platform, which has played a crucial role in bringing public sector banks into
