[ad_1] NEW DELHI: IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank has initiated the process for the appointment of auditors. The Reserve Bank has floated two separate tenders for the appointment of auditors for special audits of these two…
[ad_1] MUMBAI: India’s foreign exchange reserves have surged to a new peak, reaching $642.49 billion as of March 15, 2024. The milestone was achieved even as the rupee closed at a new low of 83.43 against the dollar – 28 paise lower than its previous close.Bankers said there was no irony in the reserves gaining…
[ad_1] MUMBAI: RBI is yet to achieve its target inflation rate of 4% despite bringing down core inflation driven by frequent food price hikes, the central bank’s State of the Economy report said.It said that inflation readings for Jan and Feb show that the easing of vegetable prices in the winter was short-lived. Meanwhile, meat…
[ad_1] NEW DELHI: Foreign exchange reserves surged by $10.470 billion to reach $636.095 billion by the end of the week ending on March 8, according to the latest data released by the Reserve Bank of India (RBI). This marks the third consecutive week of growth to hit a two-year high.. The data prior to the…
[ad_1] MUMBAI: India’s forex kitty jumped by USD 10.47 billion to USD 636.095 billion for the week ended March 8, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 6.55 billion to USD 625.626 billion. In October 2021, the country’s forex kitty had reached an all-time…
[ad_1] NEW DELHI: AU Small Finance Bank, which received RBI‘s approval to merge Fincare Small Finance Bank with itself last week, aims to become a universal bank or full-scale bank in the next 3-5 years. “This year we want to stabilise the merger first and really want to showcase to the world that the team…
[ad_1] MUMBAI: RBI governor Shaktikanta Das said the central bank has approved a platform that will facilitate online merchants to receive payments from any bank via internet banking, without signing up for every bank.Bharat Bill Payment System, an arm of the National Payments Corporation of India, will implement a new system of interoperable netbanking payments….
[ad_1] NEW DELHI: The Reserve Bank on Monday barred IIFL Finance with immediate effect from sanctioning or disbursing gold loans after certain material supervisory concerns were observed in its gold loan portfolio. The company is also barred from assigning, securitizing, or selling any of its existing gold loans. IIFL Finance can, however, continue to service…
[ad_1] MUMBAI: The Indian central bank is likely to take delivery of a $5 billion forex swap maturing next week in the wake of adequate dollar inflows and rupee liquidity staying on the tighter side, a source and four bankers said on Monday.The Reserve Bank of India undertook a dollar/rupee sell-buy swap in March 2022…
[ad_1] MUMBAI: Banks are reducing credit to NBFCs after RBI increased the risk weightage on some of these loans even as credit cards outstanding, which are primarily consumer-driven, continue to grow, RBI data showed. According to data released on Thursday, bank credit to NBFCs fell to a little over Rs 15 lakh crore in Jan…