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Depositors of domestic, non-resident external would receive interest rates up to 7.30 per cent by opening a term deposit with a tenure of 444 days and up to 7.25 per cent for a period of three years and above, Indian Overseas Bank said in a statement.
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Indian banks have raised $2 billion through infrastructure bonds over the last two weeks, anticipating a revival in private capital expenditure and increased government spending, analysts said.
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Since foreign investment bankers would not be working due to year-end holidays, the deadline would be extended, the official said.
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This comes after the Indian government said it will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank. The current guidelines of the Reserve Bank of India restrict foreign ownership in new private banks. The central bank's residency criteria for promoters applies only for newly set up banks and would not apply to an existing entity like IDBI Bank, the Department of Investment and Public Asset Management said in a response to interested bidders' queries.
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"Traders are trying to discover a new comfort level after the Reserve Bank of India's (RBI) policy, and the first auction will provide clarity about future trading range," a trader with a state-run bank said.
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Several banks, along with industry bodies representing money and currency market dealers, met on Wednesday to discuss the probable fallout on financial markets if the RBI and the European Securities and Markets Authority (ESMA) fail to sort out their disagreement.
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Guide on liquid funds and its functioning and why you should consider investing in one
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A guide to understand the term SIP better and distinguishing it from mutual funds
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The Mumbai bench of the National Company Law Tribunal (NCLT) has also allowed the resolution professional's plea to exclude the period during which the application for extension was pending before the tribunal.
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Private sector HDFC Bank has hiked its marginal cost of funds-based lending rate (MCLR) effective Wednesday.
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The Reserve Bank of India is ready to inject additional cash through Liquidity Adjustment Facility (LAF) operations if need arises, governor Shaktikanta Das said on Wednesday.
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Indices had a muted open on Wednesday, ahead of a widely expected interest rate hike by the Reserve Bank of India, though investors will focus on the outlook the central bank provides on its fight against domestic inflation. The Nifty 50 index was down 0.04% at 18,635.50, as of 9.16am, and the sensex fell 0.03% to 62,606.41.
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The Reserve Bank of India (RBI) is widely seen raising its key lending rate by 35 basis points on Wednesday as inflation continues to stay above its tolerance band but markets will be looking to its outlook on growth and prices for direction. A strong two-thirds majority in a Reuters poll said it was still too soon for the central bank to take its eye off inflation.
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The National Asset Reconstruction Company's (NARCL) bid to take over the debt of the twin Srei Group NBFCs is being questioned by some bankers who believe the government-backed bad-loan aggregator, instead of competing with other funds to take over companies, should focus on its mandate: Consolidate bad loans from banks.
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Last month the regulator announced a slew of changes in products, distribution, capital requirements, giving insurance companies the option to make their own choices, many of which required regulatory approvals before. India’s new business premium growth has been in double digits for the better part of the last decade and IRDAI’s easing of guidelines could extend the run, the consultancy said without quantifying how much it fasten growth by.
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The Indian government and the RBI would also consider relaxing the five-year lock-in period for shares if a non-banking financial company is merged into IDBI Bank, it said.
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The World Bank on Tuesday upgraded India's gross domestic product (GDP) forecast for the financial year 2022-23 to 6.9% from 6.5% earlier.In its latest India Development Update, the World Bank said the revision was due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.
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There was a growth of 25 per cent and 14 per cent in value and volume, respectively, in assisted financial transactions across semi-urban and rural retail counters in the country in 2022. The unified payments interface (UPI) transactions witnessed a meteoric 650 per cent rise at the semi-urban and rural stores in India this year, a report showed
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At home, traders and investors waited for the RBI's monetary policy decision due on Wednesday, where the central bank is expected to hike rates by 35 basis points.
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Debenture holders of the company led by ICICI Prudential and Beacon Trusteeship had approached NCLT with a plea to turn down Adani Good Homes' offer for Radius Estates claiming the company had violated the bidding conditions.
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"A series of tactical measures and digital initiatives undertaken over the past few years played a crucial role in our journey to the Rs 5 lakh-crore mark under personal banking advances," the bank's chairman Dinesh Kumar Khara said.
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The conventional home loan application process is seen as tedious, with multiple visits to the branch. The documentation process also involves stacks of papers, such as third party agreements, home loan agreements, etc.
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Reserve Bank of India (RBI) rules restrict Indian banks from lending to companies for takeovers. The Indian central bank always viewed lending against shares as a risky activity because a sudden collapse in stock prices could leave banks holding worthless paper. They can lend only up to Rs 20 lakh, a rule that was set after the so-called Harshad Mehta scam of 1992.
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The National Payments Corporation of India (NPCI) recently extended the deadline by two years for existing third-party apps to comply with its market share guidelines for the UPI network.
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Centrum Housing will acquire the housing finance business including the loan portfolio, branches and employees, the Centrum group said in a regulatory filing to stock exchanges. Natrust's loan book was over Rs 300 crore.
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