Category: BUSINESS

The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business. In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to focus on technology and data analytics to push their lending. The ministry also urged the heads of the public sector lenders to strengthen IT security systems and cybersecurity to check fraud. According to the sources, banks were asked to sanction loans for productive sectors to accelerate the revival of the economy facing headwinds,…

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Equity benchmarks fell for the third day running on Tuesday, with the Sensex tumbling 375 points in early trade, tracking weak global markets as investors remained cautious ahead of the Federal Reserve meeting outcome. Unabated foreign fund outflows continued to weigh on the domestic equity markets. The 30-share BSE benchmark was trading 374.72 points lower at 52,471.98. The Nifty declined by 100.15 points to 15,674.25. From the Sensex pack, Asian Paints, Tech Mahindra, IndusInd Bank, HDFC Bank, Titan and HDFC were the major laggards in early trade. On the other…

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The market capitalisation (m-cap) of the top-10 most valued companies eroded by over Rs 2.29 lakh crore last week, with Life Insurance Corporation taking the biggest hit. On a weekly basis, the domestic equity benchmarks witnessed heavy selling. The Sensex tumbled 1,465.79 points or 2.63 per cent, while the Nifty lost 382.50 points or 2.31 per cent as investors rushed to safer assets because elevated crude oil prices triggered inflation fears. Corporate major Reliance Industries’ m-cap fell by Rs 44,311.19 crore to Rs 18,36,039.28 crore. IT bellwethers TCS and Infosys…

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The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform. At present, UPI facilitates transactions by linking savings or current accounts through users’ debit cards. ” it is proposed to allow linking of credit cards to UPI,” RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review. He said that to start with Rupay credit cards issued by the RBI-promoted National Payments Corporation of India…

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 Home, auto and other loan EMIs will rise after Reserve Bank of India on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in rise in prices that it saw continuing to hurt consumers in the near term. With inflation persistently hovering above the upper tolerance limit of 6 per cent, the RBI’s six-member rate-setting panel voted unanimously to raise the lending rate of the repurchase (repo) rate by 50 basis points to 4.90 per cent, Governor Shaktikanta Das said. The…

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 Union Minister Nirmala Sitharaman on Tuesday said regulators and other entities should be well advanced and ahead of the curve in understanding digitisation to ensure that there is no misuse of technologies. Sitharaman, who is in charge of finance and corporate affairs ministries, also emphasised the need to have firewall mechanisms in the context of digitisation. The decade from 2020 and upwards will be infused with digital methods, she added. Sitharaman was speaking at the event to flag off Iconic Day celebrations of the corporate affairs ministry as part of…

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Benchmark indices continued to fall on Monday, with the Sensex declining 227 points in early trade as investors remained cautious amid unabated selling by foreign funds and elevated crude oil prices. The 30-share BSE Sensex was trading 226.7 points lower at 55,542.53 points. The broader NSE Nifty fell by 67.05 points to 16,517.25 points. From the Sensex pack, Tech Mahindra, Asian Paints, Wipro, Hindustan Unilever Limited, Bajaj Finserv, Infosys, Tata Steel and Titan were the biggest laggards. In contrast, M&M and Axis Bank were the gainers. Elsewhere in Asia, markets…

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EV maker Omega Seiki Mobility has formed a strategic partnership with Grip Invest for lease financing to retail investors, in a bid to cater to the growing demand of electric vehicles in the last-mile delivery segment. Under the collaboration, Grip Invest, which is a digital platform for facilitating new-age investments, will finance 1,000 Rage+ Rapid e-three-wheelers of the company, with plans to expand to a minimum of 5,000 EVs by the end of the next year, Omega Seiki said. The EV maker claims it has an existing order book of…

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Asian shares rose Friday amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. Trading was closed in China for the Dragon Boat Festival, a national holiday. Benchmarks in the rest of the region edged higher, cheered by a rally overnight on Wall Street. Market players are closely watching for US non-farm employment data later in the day, as well as a slew of economic data on Japan next week. The OPEC meeting, in which oil-producing nations decided to boost some output, failed to…

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Benchmarks bounced back on Thursday after a two-day fall, with the Sensex jumping 437 points amid heavy buying in index heavyweight Reliance Industries and positive trends from European markets. The 30-share BSE Sensex jumped 436.94 points or 0.79 per cent to settle at 55,818.11. During the day, it gained 510.75 points or 0.92 per cent to 55,891.92. The broader NSE Nifty climbed 105.25 points or 0.64 per cent to finish at 16,628. From the Sensex pack, Reliance Industries, Bajaj Finserv, Sun Pharma, HCL Technologies, TCS, Asian Paints, Infosys and IndusInd…

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