Page 247 - Finance News

Jan-Dhan scheme biggest instrument of financial inclusion: FM Sitharaman

She also said when the scheme was launched, a certain section of people had made "snide" remarks saying public sector banks would be under pressure as these are zero balance accounts

Rupee depreciates 5 paise to 83.18 against US dollar in early trade

Negative equity market sentiment and a strong dollar also weighed on the Indian currency, forex traders said

Here are details of new IMPS money transfer rule: How will it work?

Users will soon be able to transfer money up to Rs 5 lakh through IMPS by deploying the mobile number and bank account name of the receiver

RBI likely selling US dollars to defend rupee from sliding to record low

MUMBAI (Reuters) - The Reserve Bank of India is likely selling U.S. dollars again to defend the rupee and keep it from sliding to a record low, three traders told Reuters on Thursday

Large banks preparing for maturity of RBI's $5 billion forex swap

The $5 billion dollar/rupee swap that the Reserve Bank of India undertook in April 2022 will mature on Monday, meaning $5 billion can potentially be taken out of the banking system

Adopt risk-based approach for periodic updation of KYC: RBI asks banks

The Reserve Bank on Tuesday tightened the customer due diligence (CDD) norms by asking banks and regulated entities to adopt a risk-based approach for periodic updation of KYC.

IRM Energy collects Rs 160 crore from anchor investors ahead of IPO

The company has decided to allot 31.75 lakh equity shares to 12 funds at Rs 505 apiece, which is also the upper end of the price band, aggregating the transaction size to Rs 160.35 crore

Motor Vehicles Act: DFS asks pvt insurance companies for compliance drive

The insurance companies were asked to encourage adoption of property/parametric covers to mitigate financial losses due to natural catastrophes

RBI revises its KYC rules to strengthen money laundering prevention

The revised norms clarify the standing of principal officers (PO) in regulated entities (RE) who are responsible for furnishing information

Rupee hits fresh closing low of Rs 83.28 due to rise in crude oil prices

Brent crude oil prices crossed $90 per barrel on Monday, a 6 per cent increase from Friday, amid escalating geopolitical tensions in West Asia

More entities get RBI's in-principle nod to operate as payment aggregator

65 entities application returned so far

India-Canada strife unlikely to hit education loans growth: CARE Ratings

CARE Ratings indicated that Indian students in Canada contribute nearly CAD 10 billion annually, a figure projected to rise in the long term

Sidbi announces growth programme for small NBFCs to help secure funding

Under the initiative, being carried out in association with the global alliance for mass entrepreneurship and national NBFC lobby FIDC

RBI's $5 billion USD/INR swap expiry fuels dollar shortage concern

The Reserve Bank of India (RBI) had conducted a $5 billion sell/buy dollar/rupee swap last year. Under this swap, the RBI sold $5 billion to banks on April 28, 2022

Rupee to rely on RBI's intervention amid surging oil prices: Traders

Non-deliverable forwards (NDFs) indicate rupee will open at around 83.25-83.26 to the U.S. dollar, barely changed from the previous session

Progressive and proactive: Crypto players all praise for IMF-FSB plan

Investments in resources, technology, and personnel would be necessary to ensure compliance

FM Sitharaman pitches for strong, quota-based and adequately resourced IMF

The 16th General Review of Quotas (GRQ) is expected to provide greater say to developing economies in the International Monetary Fund

G20 ministerial for swift implementation of roadmap to deal with crypto

The G20 Roadmap on Crypto Assets adopted by the G20 Finance Ministers was spelt out in a Synthesis Paper prepared jointly by the International Monetary Fund (IMF) and Financial Stability Board (FSB)

RBI slaps monetary penalties on RBL Bank, Union Bank, and Bajaj Finance

Union Bank of India has incurred a penalty of Rs 1 crore for its failure to comply with specific directions

Indian Bank partners with Tata Motors arms to offer supply-chain financing

As part of collaboration with Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility , Indian Bank would offer to authorised dealers for electric and passenger vehicles division