Business

DAINIK NATION BUREAU The Indian central bank’s first interest rate rise since Prime Minister Narendra Modi came to power could not have come at a worse time for a government grappling with spending constraints, voter discontent in the rural heartlands and rising oil prices. The rate increase, the first in more than four years, is likely to be followed by ...

DAINIK NATION BUREAU The Reserve Bank of India (RBI) on Wednesday hiked the key lending or repo rate by 25 basis points to 6.25 per cent as it announced its second bi-monthly monetary policy statement for 2018-19. The repo (or repurchase) rate is the rate of interest which the RBI charges to lend short-term loans to the commercial banks. The ...

DAINIK NATION BUREAU Chief Minister Trivendra Singh Rawat has said that benefit of the banking facilities should reach remote areas and weaker sections. For this, banks will have to work like a mission. He said that in rural areas, focus on the financial inclusion and financial literacy. Chief Minister was addressing the 65th meeting of the State Level Bankers Committee. ...

DAINIK NATION BUREAU The board of ICICI Bank has begun looking for a new chairman as the term of the incumbent, MK Sharma, expires at the end of this month and he may not want a second term. Veteran banker and former Bank of Baroda chairman and managing director MD Mallya is the frontrunner to succeed Sharma, two people aware ...

DAINIK NATION BUREAU It is a first from a conservative central bank that usually prefers to play it safe. But in a break from the past, the Monetary Policy Committee (MPC) is meeting a day ahead of schedule and for three days (June 4-6), instead of the usual two. Indeed, even as you read this, MPC is meeting to wrestle ...

Country’s largest lender SBI, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion, a top official has said. “We are a public institution and investments in startups are generally considered very risky. We understand that traditional way of investing will not work,” chairman Rajnish Kumar told ...

A day after petrol and diesel prices were slashed by 1 paise per litre, the oil companies on Thursday reduced the prices further by 7 paise per litre for petrol and 5 paise per litre for diesel. The reduction in fuel prices on the second consecutive day comes after 16 days of incessant rise by oil firms. There was confusion ...

The two-day nationwide strike called by employees and officers of various state-run banks from May 30 (Wednesday) to May 31 (Thursday) is likely to hit banking operations. The strike may hit ATM services badly as monthly salary credits are expected on Thursday. Though online transaction will not be impacted, ATM closures could affect cash withdrawals. The Bank Union have called ...

Gold rallied by Rs 120 to Rs 32,000 per ten gram on increased buying by local jewellers amid strong overseas trend. Silver also strengthened by Rs 300 to Rs 41,400 per kg due to increased offtake by industrial units and coin makers. Traders said increased buying by local jewellers to meet retailers’ demand at domestic spot market and a depreciating ...

State Bank of India (SBI) reported a loss of Rs. 7,718 crore ($1.1 billion) – its biggest ever – in the January-March quarter, as the country’s biggest lender set aside more provisions for bad loans after a change in banking regulation. The loss for the three months to March 31 was deeper than what the market had expected. Analysts on ...