Rupee crashes to new record closing low of 74.06 against US dollar

The rupee today touched a life-time low of 74.23 (intra-day) after the Reserve Bank of India (RBI) unexpectedly kept the policy rate unchanged. The Indian currency closed at 74.06 against its previous close (October 5) of 73.76. Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment.

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Data localisation: Jaitley meets RBI DG, IT Secy

Finance Minister Arun Jaitley Monday met RBI Deputy Governor B P Kanungo to discuss RBI’s data localisation norm for global financial technology comp

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Federal Bank gets RBI nod to sell 45% Fedfina stake to True North

Federal Bank on Monday said the Reserve Bank has approved the proposal to sell up to 45 per cent stake in NBFC arm Fedfina to private equity firm Tru

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RBI wants public data to be stored in India: What it means, how it will impact mobile wallet companies

With nearly USD 3 billion being transacted through digital payments alone in India, it is estimated that by 2022, the digital economy is likely to contribute nearly 20% of the GDP of India.

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IL&FS effect: NBFCs brace for tighter regulation

Borrowing rates in India’s money markets climbed to a four-year high this month following IL&FS’s defaults. Stricter rules at a juncture when funding is becoming difficult may force smaller non-bank finance companies (NBFCs) to shut.

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