The government and the Reserve Bank of India are looking at the entry of new banks and merge some of the existing public sector banks to create a financial system that can encourage risk-taking ability to support the pace of growth in a country that is slated to be the third largest economy by 2027-28.
The inflows follow a 50-basis-point interest rate cut by the Reserve Bank of India (RBI) at its most recent Monetary Policy Committee (MPC) meeting, a move aimed at spurring growth amid controlled inflation levels. Foreign portfolio investors (FPIs) pumped a net Rs 13,107.54 crore into Indian equity markets during the week of 23 to 27
Among NBFCs, Muthoot Capital Services Ltd. stands out with an annual interest rate of 8.95 per cent for a three-year deposit. In a decisive monetary policy move last week, the Reserve Bank of India (RBI) reduced the repo rate, prompting several banks and non-banking financial institutions (NBFCs) to lower both lending and deposit rates. The
Fintechs believe the provisioning variance is due to the differentiated interpretation of Ind-AS accounting standards, which allow for a ‘risk mitigant’ like Default Loss Guarantee to be considered while calculating the expected credit loss (ECL) provisions. Unified Fintech Forum and self-regulatory organisation Fintech Association for Consumer Empowerment (FACE), in their representiations to the Reserve Bank
Shares of Muthoot Finance Ltd. gained nearly 6% on Friday, May 30. The shares of its peers Manappuram Finance also gained. This comes after the Finance Ministry posted on social media platform X that the Department of Financial Services (DFS) is examining the draft directions on lending against collateral issued by the Reserve Bank of
The Reserve Bank of India’s aggressive fund infusion in the past few months is beginning to show results, as the banking system’s liquidity position turned surplus at the end of March — the first time in three months. The banking system’s liquidity stood at a surplus of Rs 89,399 crore on March 30. On March