NEW DELHI: Indian benchmark indices BSE Sensex and Nifty50 closed on a positive note on Friday, with notable gains in banking and automobile sectors as the year drew to a close.BSE Sensex ended at 78,699.07, rising by 226.59 points or 0.29 per cent, whilst the NSE Nifty was up by 63.20 points or 0.27 per…
MUMBAI: RBI has formed a panel to guide ethical AI adoption in the financial sector. The committee on Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) will be chaired by Pushpak Bhattacharyya of IIT Bombay.Others in the panel include experts from academia, industry, govt, and regulatory bodies. Its mandate includes assessing AI adoption…
MUMBAI: There is scope for bank credit to outpace growth of the economy given the relatively low share of credit to GDP, according to RBI.“India’s total credit-to-GDP ratio (including credit extended by banks as well as NBFCs) at 90.1% in 2022 was below that of advanced economies and of emerging market economies (EMEs) as well…
MUMBAI: In 2023-24, banks reported the lowest amount involved in frauds in 10 years. The average amount per fraud was the lowest in 16 years. In the first half of FY25, however, there has been an 8x increase in the fraud amount to Rs 21,397 crore.The fraud numbers are based on the date of reporting….
MUMBAI: RBI has expressed concern over banks and finance companies setting high ceilings for unsecured loans, stating that it expects their boards to exercise prudence.Noting that there has been some moderation in unsecured lending after RBI tightened norms for this segment, it said, “While specific limits have been prescribed for unsecured lending by urban co-operative…
MUMBAI: The rupee continued its slide against the dollar on Thursday, closing at a record low for the third consecutive session as it ended at 85.26 – down six paise from its previous close. It hit an all-time intraday low of 85.28 as buyers for dollars outstripped sellers in weak year-end trades.“The rupee weakened marginally…
CHENNAI: After SAIC (which owns MG) , Sajjan Jindal’s steel-to-paints conglomerate JSW Group is in talks with multiple auto majors for more electric vehicle joint ventures. According to sources with direct knowledge of the matter, among the OEMs that JSW is in talks with is Chinese auto major Geely. JSW, say sources, is betting aggressively…
MUMBAI: Global supply chains are shifting in the favour of India as more weightage is given to resilience over efficiency, according to Tata Sons chairman N Chandrasekaran. He reiterated that the Tata Group will create five lakh manufacturing jobs in the next five years in facilities that produce batteries, semiconductors, electric vehicles, solar equipment, and…
MUMBAI: IndusInd Bank has decided to auction Rs 1,573 crore of non-performing microfinance loans in a bid to clean up its balance sheet. The bank has set a reserve price of Rs 85 crore, indicating that it has written down nearly 95% of the value of these loans.Meanwhile, IndusInd Bank promoters – IndusInd International Holdings…
NEW DELHI: The combination of monetary policy stance and macroprudential measures by the central bank, and structural factors, may have contributed to slowdown in demand, a finance ministry report said on Thursday in the latest sign of divergent views between North Block and the Reserve Bank of India (RBI) over growth and inflation. This is…
