The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee slid below 82 to a record low against the dollar on concerns over the U.S. Federal Reserve rate outlook, traders told Reuters. The rupee was last trading at 82.2675, down from 81.88 in the previous session, but off the … Read more
As the stock market tumbles under the weight of the US Fed’s hawkish monetary policy, fund managers and analysts are advising investors to deploy cash in a staggered manner. They are selectively bullish on bank and IT stocks in the large-cap space. Within debt, mutual fund schemes that bet on medium- to long-term bonds could … Read more
Mumbai: The ₹20,557-crore initial public offering of Life Insurance Corporation (LIC) was fully subscribed on Thursday – the second day of the offer. The country’s largest-ever IPO received bids for 16.68 crore shares against the 16.21 crore on offer, according to subscription details on the bourses at 8 PM. The insurer’s policyholders and employees were … Read more
Mumbai: HDFC Bank is expected to sharpen its digital play for both potential and existing relationships after the central bank eased all curbs on the lender, potentially shortening the rerating odds on the country’s most valued financier. The stock, India’s third-biggest, surged on Monday. The bank is now expected to gain market share across most … Read more
Oversea-Chinese Banking Corp. is considering whether to set up a crypto exchange as Southeast Asia’s second-largest lender seeks to respond to customer needs, Chief Executive Officer Helen Wong said. “We are looking at it and seriously there are some work being done in the bank,” Wong told Haslinda Amin in a Bloomberg Television interview Friday, … Read more
NEW DELHI: ‘s September quarter numbers beat Street estimates on all key metrics. Asset quality for the bank improved and fresh provisions also fell. Net interest margin (NIM) improved to 4 per cent while disbursements of personal loans and auto loans were close to March quarter levels. Besides, SME loans soared 44 per cent on … Read more
The World Bank has said India’s GDP is expected to further contract by 9.6% this fiscal as a reflection of the economic slump the country has suffered due to the national lockdown induced by the coronavirus pandemic. The World Bank on Thursday said that the nationwide lockdown and the stoppage put on income household as … Read more
The Enforcement Directorate on Tuesday arrested Anil Khandelwal, the chief financial officer of the travel company Cox & Kings in connection with the Yes Bank scam. the probe agency has also arrested the company’s internal auditor Naresh Jain. The two have been arrested under section 19 of the Prevention of Money Laundering Act. The Cox … Read more
(This story originally appeared in on Sep 04, 2020) MUMBAI: The government has asked banks to obtain board approval for restructuring of corporate loans by September 15 after the K V Kamath-led committee submits its report in the first week. This was communicated to bank chiefs in their review meeting with finance minister Nirmala Sitharaman. … Read more
Mumbai: Four years after it was first suggested, the proposal of a reverse merger between IDFC First Bank and IDFC Ltd has been revived, two top industry sources told ET. This will involve the holding company being absorbed by the bank, which will seek regulatory approval for such a move on the grounds that it … Read more