Mumbai :The Indian rupee weakened slightly Wednesday but closed at another record low on New Years’ Day, pressured by dollar bids from importers. The rupee closed at 85.645 against the US dollar, down from its close of 85.615/$1 in the previous session, LSEG data showed. The currency closed at record low levels for the seventh … Read more
Fixed Depsit rates: In December 2024, several banks, including Federal Bank, Karnataka Bank, Equitas Small Finance Bank, RBL Bank, and Bank of Maharashtra, changed their fixed deposit interest rates. These changes have implications for the general public’s and senior citizens’ savings. One of the most widely chosen investment options is a fixed deposit, where an individual deposits … Read more
The rupee Friday saw its steepest intraday decline since March 2023 to 85.80 per US dollar before erasing some losses to close at another all-time low of 85.53/$1. The local unit, which hit fresh lows on 8 straight trading days, retreated on domestic factors amid what some analysts described as its estimated ‘overvaluation’ relative to … Read more
The Reserve Bank of India (RBI) announced on Friday that users of Prepaid Payment Instruments (PPI) are now permitted to conduct UPI payments through third-party UPI applications. While UPI payments between bank accounts can be done using the bank’s own UPI app or any third-party provider’s app, UPI transactions involving PPIs must currently be completed … Read more
New Delhi | Mumbai: The government appointed Indian Administrative Services (IAS) officer Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI) for a three-year term, succeeding Shaktikanta Das, whose tenure ends Tuesday. Malhotra takes over at a time of high inflation and slowing growth amid calls for rate cuts to bolster … Read more
Mumbai: The central bank’s rate-setting panel on Friday kept policy rates unchanged for its 11th straight review meeting, but slashed the cash reserve requirement, which could ease borrowing costs and opens a window to begin the easing cycle in its next meeting. It temporarily lifted the cap on interest rates on US dollar deposits, amid … Read more
UPI Lite transaction limit: The Reserve Bank of India (RBI) has increased the transaction limit for offline digital payments via UPI Lite. This change is expected to benefit a wide range of individuals, particularly those residing in regions with limited internet connectivity. Offline UPI Lite transactions do not require entry of a UPI PIN, making them … Read more
Indian government bond yields declined in early deals on Wednesday, with the 10-year benchmark yield falling to its lowest level in nearly three years, on growing optimism over the domestic central bank easing interest rates this week. The benchmark 10-year yield was at 6.6928%, as of 10:00 a.m. IST, compared with its previous close of … Read more
The Reserve Bank of India (RBI) announced on Monday, December 2, that it has lifted the restrictions imposed on Navi Finserv Limited, a non-banking financial company (NBFC) led by Sachin Bansal. The decision comes after the company demonstrated significant reforms in its practices and adherence to regulatory guidelines. “The Reserve Bank has decided to lift … Read more
SGB premature redemption: The Sovereign Gold Bond (SGB) Series VIII (2017-18) is scheduled for premature redemption on November 19, 2024, in accordance with the guidelines set by the Reserve Bank of India (RBI). The redemption amount has been determined at Rs 7,460 per unit, determined by the average gold price of 999 purity recorded over … Read more