Non-Banking Financial Companies (NBFCs) have demonstrated a remarkable ability to attract deposits, surpassing traditional banks in recent years. According to the Reserve Bank of India (RBI), NBFCs collectively achieved a 21% increase in deposits during the financial year 2024 (FY24), while banks struggled with a more modest 13.5% year-on-year (YoY) growth. The allure of NBFCs …
The Reserve Bank of India (RBI) continues to drive India’s digital payment revolution by increasing the transaction limits for UPI 123Pay and UPI Lite. During the Monetary Policy Committee (MPC) 2024 meeting, Governor Shaktikanta Das announced this update aimed to enhance digital payments, especially for feature phone users. As part of the RBI’s ongoing efforts …
As India’s economy continues to demonstrate resilience, the Reserve Bank of India (RBI) is poised to announce its monetary policy decision on October 9, 2024. Despite mounting pressure to ease interest rates, the central bank is widely expected to maintain the status quo, reflecting concerns about inflation and global economic uncertainties. Check out what to …
International crude oil prices increased in the last session, marking their largest weekly rise in over a year due to the growing risk of a regional war between Israel and Iran. However, the gains were somewhat restrained after U.S. President Joe Biden advised Israel not to target Iranian oil facilities. Brent crude futures went up …
Banks saw higher year-on-year (Y-o-Y) growth in raising deposits during the second quarter of FY25 (Q2FY25) compared to the first quarter (Q1FY25), thanks to efforts to attract more deposits by offering higher interest rates and new schemes. 4 out of 5 banks experienced a 2-3% faster growth rate compared to the quarter ending June 2024. …
On September 30, 2024, the Reserve Bank of India (RBI) highlighted problems in gold-lending practices, including issues with using third-party agencies, insufficient checks on borrowers, and poor tracking of how funds are used. The RBI has instructed gold lenders to examine their policies and make necessary improvements within the next 3 months. Gold loans are …
The SEBI board is set to meet today, September 30, 2024. This meeting comes amid allegations of a conflict of interest against SEBI Chairperson Madhabi Puri Buch by US-based Hindenburg Research. In addition, India’s Congress party has accused the SEBI Chairperson of using unpublished price-sensitive information to gain financial benefits by trading in listed securities …
The Indian mining sector has maintained its robust momentum in the current fiscal year, FY 2024-25, following a record-breaking performance in FY 2023-24. Iron ore, accounting for approximately 70% of the total mineral production value, has continued to drive this growth. Preliminary data reveals a significant increase in iron ore production from 108 million metric …
On September 25, 2024, the Asian Development Bank (ADB) announced that India’s growth is expected to pick up starting in the July-September quarter, driven by better agricultural performance and higher government spending. ADB has kept its GDP growth forecast for the 2024-25 financial year (FY25) at 7%. At the same time, the Organisation for Economic …
The Indian government is poised to invest a substantial ₹9.15 lakh crore in bolstering its central and state transmission systems by 2032, as outlined in the revised National Electricity Plan (NEP). This significant investment is part of a broader strategy to meet the nation’s growing energy demands and facilitate the integration of renewable energy sources. …
