IMF retains India's FY25 growth forecast at 6.5%

The IMF maintains India's growth forecast for 2024-25 at 6.5% despite a sharper-than-expected deceleration in industrial activity. Calls for measures to boost consumption persist amid global uncertainty. The IMF aligns with the World Bank's estimate, recognizing India's tag as the fastest-growing major economy. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/iI2Po...

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India's foreign exchange reserves drop by $8.714 billion

India's foreign exchange reserves have seen a significant decline of USD 8.714 billion, dropping to USD 625.871 billion for the week ended January 10. The reduction is attributed to revaluation and the Reserve Bank of India's efforts to stabilize rupee fluctuations, with foreign currency assets reducing by USD 9.469 billion. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/OHShV...

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Foreigners can open rupee a/c in overseas Indian banks

The Reserve Bank of India has implemented new rules to facilitate the use of the rupee in international trade and investment. These regulations allow overseas branches of authorised banks to open rupee accounts for non-residents, simplifying cross-border transactions. This initiative aims to mitigate exchange rate risks, ease foreign exchange pressure, and enhance India's current account balance. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News...

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US could cut interest rates 3 or 4 times this year: Fed official

The US Federal Reserve could cut rates three or four times this year if inflation data cooperates, with a first cut possible before July, a senior bank official said Thursday. Asked about the timing of cuts, Waller said if the data came in as he expected, it was "reasonable" to think rate cuts could come in the first half of the year. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YO7ID...

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Amazon to acquire fintech startup Axio for about $160 million

Amazon agrees to acquire Bengaluru-based digital lending startup Axio, formerly known as Capital Float, for an estimated enterprise value of $150-160 million. Axio, which provides pay-later and credit offers, is awaiting Reserve Bank of India approval. Amazon aims to expand its financial services in India through this acquisition. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/DWUmZ...

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JPMorgan's net income jumps 50% to more than $14 billion in the final quarter of 2024

JPMorgan's net income rose 50% to over $14 billion in Q4, with EPS at $4.81, surpassing Wall Street's forecasts. Revenue increased to $43.7 billion. Wells Fargo also reported strong earnings, with net income nearly doubling to $5.1 billion. Both banks exceeded profit expectations despite challenges. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Mjsxa...

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Bank of Maharashtra Q3 profit rises 36% to Rs 1,406 crore

Bank of Maharashtra (BoM) reported a 36% increase in net profit for Q3 ending December 2024 to Rs 1,406 crore, driven by higher interest income. Gross NPAs reduced to 1.80%, and PCR stood at 98.28%. The bank raised Rs 3,500 crore through Qualified Institutional Placements. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/dGcA9...

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Govt plans to pare stakes in 5 state-run banks including UCO

from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/SXalA...

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Essar’s EET Fuels secures $350 million fresh funding

EET Fuels, operating as Essar Oil (UK), secures $350 million in new bank and upsized trade credit financing, including $150 million from Afreximbank. This fund aims to reduce carbon emissions by 95% and develop Stanlow as an energy transition hub, focusing on industrial carbon capture and low carbon hydrogen production. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/DAVzS...

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Small finance banks' growth to slow down to 18-20 % in FY2025: ICRA

Small finance banks (SFBs) are projected to experience slower growth of 18-20% in FY2025, down from 24% in FY2024, due to rising delinquencies and asset quality issues. The GNPA ratio in the microfinance segment is expected to increase, and funding pressures with higher deposit competition may affect profitability. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/v1K24...

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Banks raise FD rates to boost deposit growth

Banks are offering better deposit rates to attract customers amid liquidity shortages. IDBI Bank launched a scheme for individuals aged 80 and above, with higher interest rates. Similarly, Bank of Baroda introduced a liquid fixed deposit scheme allowing withdrawals in units of Rs 1,000, with extra benefits for seniors. from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/MDjtW...

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