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…
NEW DELHI: India is considering cutting income tax for individuals making up to Rs 15 lakh a year in February’s budget to provide relief to the middle class and boost consumption as the economy slows, two government sources told Reuters. The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high…
NEW DELHI: The Indian rupee slid to a record low of 85.24 against the US dollar in early trade on Thursday, weighed down by rising US Treasury yields and a decline in most Asian currencies. The rupee, which had closed at 85.20 on Tuesday, opened lower after a mid-week holiday in Indian financial markets.The 10-year…
