Mumbai | Kolkata: Non-banking finance companies (NBFCs) sought a higher external commercial borrowing (ECB) limit in their first meeting with Reserve Bank of India (RBI) governor Sanjay Malhotra on Thursday, along with easier asset classification for alternative vehicle financing, freer use of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) … Read more
New Income Tax bill 2025: Finance Minister Nirmala Sitharaman on Saturday announced that the New Income Tax bill will be presented in the Parliament next week, after which it will be reviewed by a parliamentary committee. She added that the Reserve Bank of India (RBI) and the government will collaborate closely on various economic matters, … Read more
RBI MPC repo rate: The Reserve Bank of India’s Monetary Policy Committee may go for an interest rate cut on February 7 for the first time in almost five years. During its December meeting, the RBI decided to keep the repo rate steady at 6.5% for the 11th consecutive time due to ongoing inflationary challenges. … Read more
One Mobikwik Systems Ltd. and Cred have recently initiated their individual e-rupee pilot programs in partnership with the Reserve Bank of India (RBI). This collaboration marks their distinction as the pioneering fintech platforms to join hands with the RBI for the implementation of the central bank digital currency (CBDC). Yes Bank has been selected as … Read more
A popular investment choice among non-resident Indians (NRIs) is fixed deposits (FDs). This investment option is user-friendly, offers guaranteed returns, and adheres to transparent regulations. During its December Monetary Policy Committee (MPC) meeting, the Reserve Bank of India raised the interest rate cap on Foreign Currency Non-Resident Account FCNR (B) deposits to overnight Alternative Reference … Read more
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