Page 268 - Finance News

Karnataka Bank announces net profit of Rs 370.70 crore for June quarter

Karnataka Bank has posted a net profit of Rs 370.70 crore during the first quarter of the current financial year as against Rs 114.18 crore

Rupee hits over two month low tracking Asian peers; RBI caps losses

The rupee ended at 82.7225 against the dollar, down 0.2% compared with 82.5825 on Wednesday

Rupee falls 5 paise to 82.72 against dollar amid negative trend in equities

Sustained foreign fund outflows, strength of the American currency in the overseas market further dented sentiments, forex traders said

RBI intervention to keep rupee in tight range, analysts say: Poll

Expected volatility in the rupee over the next three months was at its lowest in two decades as the Indian central bank continued to buy dollars, adding to its FX reserves of over $600 billion

Banks' profitability may have reached peak, set to fall: Mckinsey

Dalmia said in the next 24-30 month period, he expects the return on assets - which is at a multi-year high of 1.1 per cent at present for the system -- to slip to 0.8-1 per cent

Fitch downgrades US credit rating to AA+, Treasury calls it 'arbitrary'

Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations

RBI approved 34 applications from Russian banks for vostro accounts: Govt

The Reserve Bank of India (RBI) has approved 34 applications from different Russian banks for opening special rupee vostro accounts in 14 Indian commercial lenders

Standard Chartered sees senior banker exits in India as rivals circle

Standard Chartered Plc is losing several senior long-serving executives in its India operations, with some heading for new opportunities at rival local banks

US ratings downgrade puts focus on remaining nations with top credit grade

Countries with highest credit rating at S&P Global Ratings, Fitch and Moody's Investors Service include Germany, Denmark, Netherlands, Sweden, Norway, Switzerland, Luxembourg, Singapore and Australia

UPI transaction value up 4% in July; inches closer to 10 billion in volume

In July 2023, the Immediate Payment Service (IMPS) transactions were seen at 490 million up 5 per cent from 468.1 million in volume

Sharp rise in unsecured loans may push credit costs: India Ratings

The unsecured loan book saw higher credit losses during the pandemic, however on a steady state basis, the losses can range between 4-8%

KredX to disburse Rs 2,000 cr in working capital for MSME sector

Tier-two cities expected to have 35% growth in demand for such financing compared to last year, says firm

Franklin Templeton planning to enter private credit industry in India

The firm will soon file with the Securities and Exchange Board of India for a license for a category II Alternative Investment Fund, which will allow it to begin preparing for the private credit fund

Amit Mitra highlights countrywide GST frauds, urges FM to call Council meet

Mitra, former state finance minister, referred to the central government's admission in the Lok Sabha that Rs 1.15 lakh crore of fraud have been detected from GST invoices between 2018-19 and 2022-22

Credit cards in force hit new high in June; spends decline over May

HDFC Bank maintained its leadership position with 18.35 million cards, followed by SBI Card at 17.34 million, ICICI Bank at 14.8 million, and Axis Bank at 12.5 million

Rupee continues to remain stable in July, ends flat at 82.25 a dollar

For the week ended July 21, foreign exchange reserves were at $607 billion as compared to $562 billion on December 30, 2022

Loan granted to credit card holder is exempt from IGST: Calcutta HC

Interest on loans exempt from IGST but provision is not available to credit card services, says government notification

Record 65 mn ITRs for 2022-23 filed, filing to go on till midnight

Tax experts said that the rise in ITR filing is a reflection of a broadening taxpayer base, improved compliance and the efforts taken by the revenue department to check tax evasion

Don't agree with a tax notice? You should respond through I-T portal

Act promptly or else the tax department could confirm the tax due and impose an additional penalty

Improved detection, reporting bring down bank fraud cases: MoS Finance

Replying to another question, Karad said the government is making all efforts for the promotion of digital payments across the country, including in remote areas