Finance

As fraudsters get smarter, RBI, banks get busy plugging loopholes [see how]

The RBI has also issued Master Directions for classification and reporting of frauds by commercial banks and select financial institutions.

Aug 28, 2022

Finance Minister Nirmala Sitharaman meets US Deputy Treasury Secretary Wally Adeyemo

Finance Minister Nirmala Sitharaman on Friday met visiting US Deputy Secretary of Treasury Wally Adeyemo and discussed India's upcoming G-20 Presidency in 2023 and issues related to the global financial sector.

Aug 27, 2022

RBI lifts business curbs imposed on American Express Bank

The Reserve Bank of India (RBI) has lifted the business restrictions imposed on American Express Banking Corp due to the satisfactory compliance demonstrated by the entity to RBI rules, the central bank said in a release.

Aug 25, 2022

Parliamentary panel on finance to submit report on competitive laws in Digital Market

The Standing Committee on Finance headed by BJP MP and former Union minister Jayant Sinha will submit its report to the Parliament in September on how competition laws that regulate competitive conduct should evolve to deal with competitive behavioural issues in digital markets.

Aug 24, 2022

No service charge on UPI transactions, clarifies Centre [Details]

The Union Finance Ministry has clarified that no service charge would be levied on UPI transactions.

Aug 22, 2022

Most banks hike deposit rates ahead of festive season

Most banks are increasing their deposit rates for boosting deposit to support rising credit off-take as liquidity in the banking system has narrowed.

Aug 17, 2022

Are cryptocurrencies making a comeback?

Bitcoin prices have stabilised around the $23,000 to $24,000 level after plunging below $20,000 in June, media reports said.

Aug 11, 2022

Future is 'Made in America': Biden after signing $280 bn CHIPS & Science Act

US President Joe Biden on Tuesday signed the historic $280 billion CHIPS and Science Act into law that includes $52 billion to boost domestic semiconductor manufacturing.

Aug 10, 2022

Economy: Bank of Baroda to raise Rs 1,000 cr via infrastructure & affordable housing bonds

Bank of Baroda, the second largest state-owned bank, is planning to raise Rs 1,000 crore through issuance of infrastructure and affordable housing bonds on August 12, a source close to the development told IANS.

Aug 6, 2022

ITR Filing Deadline: Taxpayers demand extension as technical glitches on portal continue

The Institute of Chartered Accountants of India (ICAI), the top organisation for CAs, has stated that it will not appeal to the Finance Ministry for a deadline extension despite pleas for one.

Jul 27, 2022

Razorpay gets RBI approval for Payment Aggregator license

The central bank issued a payment aggregator framework in March 2020, stating that payment gateways will be mandated to have a license in order to acquire merchants and provide them with digital payments acceptance solutions.

Jul 11, 2022

RBI's measures to boost forex inflows may not increase inflows: Emkay report

The Reserve Bank of India's (RBI) move to relax regulations to boost foreign exchange inflows will not have any material change in receipts, but certainly helpful in directional forex signalling to speculators, said Emkay Global Financial Services Ltd.

Jul 7, 2022

Large borrowers' loan accounts and bad loans decline: RBI's Financial Stability Report

The share of large borrowers for scheduled commercial banks (SCB) has declined in the recent times while their share in the gross non-performing assets (GNPA) also went down, said the Reserve Bank of India (RBI).

Jul 2, 2022

RBI hits hard on Bitcoin, DeFi, crypto trading platforms

The Reserve Bank of India (RBI) has slammed unbacked crypto assets (such as Bitcoin), stablecoins and decentralised finance (DeFi) and crypto asset trading platforms, underscoring the need for regulatory guardrails to ensure financial stability and consumer and investor protection.