RBI tightening: Bankers blame ‘high’ NBFC exposure to small unsecured loans | Business News

[ad_1] The Reserve Bank of India’s (RBI) decision to increase risk weights on the unsecured consumer credit and credit card dues is driven primarily by concerns over a sharp rise in such loans offered by non-banking financial companies (NBFCs), and onward lending by them through fintechs, bankers said. The RBI’s worry is mostly in the … Read more

IMF, FSB, FATF to update G20 nations, others on implementing roadmap for crypto assets, says FM | Business News

[ad_1] The International Monetary Fund (IMF), Financial Stability Board (FSB) and the Financial Action Task Force (FATF) will provide regular updates to G20 member nations and other countries about the progress related to implementation of the G20 roadmap for crypto assets, Finance Minister Nirmala Sitharaman said on Wednesday. Speaking after the virtual G20 Leaders’ Summit, … Read more

Benefits of joining IPEF’s trade pillar unclear: Official | Business News

[ad_1] With the scheduled seven rounds of Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations drawing to a close this month, New Delhi continues to be skeptical of joining the trade pillar citing the lack of “tangible benefits”, said a senior government official with direct knowledge of the matter. The trade pillar is one of the … Read more

Will increase interest rates if cost of funds rises: SBI Chairman | Business News

[ad_1] State Bank of India (SBI) chairman Dinesh Khara on Wednesday said the RBI’s move to raise risk weights on consumer credit, credit card dues and lending to NBFCs may result in an increase in the interest rates by the bank. “If at all my costs of funds are going up, I will certainly increase … Read more

GDP growth may decline marginally to 6.3% in 2024: Goldman Sachs | Business News

[ad_1] India’s real GDP growth rate is likely to moderate marginally to 6.3 per cent in 2024 from estimated 6.4 per cent growth for 2023, according to a report from Goldman Sachs. However, it is likely to be a tale of two halves, the report said. “Subsidies and transfer payments as we head into the … Read more

AI Engineering Services in talks with four foreign airlines for MRO works | Business News

[ad_1] AI Engineering Services Ltd (AIESL) is in discussions with three to four foreign carriers for MRO works as the state-owned company seeks to strengthen its presence in the fast-growing Indian civil aviation space. The leading player in the maintenance, repair and overhaul (MRO) segment is also in talks with a leading domestic carrier for … Read more

Rural workers in MP, Gujarat get the lowest daily wages: RBI data | Business News

[ad_1] Rural agricultural workers in Madhya Pradesh (MP), which had gone for Assembly polls on Friday, get the lowest daily wages in the country, much below the national average. According to data compiled by the Reserve Bank of India (RBI), in MP, male agricultural workers in rural areas got a daily wage of just Rs … Read more

Former RBI Governor S Venkitaramanan passes away | Business News

[ad_1] Former Governor of the Reserve Bank of India (RBI), S Venkitaramanan, who managed the affairs at the central bank when the country faced two major crisis – balance of payment crisis that led to the pledging of gold and the securities scam triggered by Harshad Mehta – in the 1990-92 period passed away on … Read more

4G subscriber additions in Aug highest in 2 years | Business News

[ad_1] The 4G subscriber additions for telecom operators — Jio, Airtel and Vodafone Idea — rose to a two-year high at 7.1 million in August, data from the Telecom Regulatory Authority of India (Trai) showed. The increase in the 4G susbcriber base can be attributed to an uptick in migration from 2G to 4G, adoption … Read more

P&W weighs MRO unit in India after prod from regulator | Business News

[ad_1] With more and more aircraft with Pratt and Whitney (P&W) engines being grounded by domestic carriers, the aerospace manufacturer is considering setting up a maintenance, repair and overhaul (MRO) facility in India. Sources said the Directorate General of Civil Aviation (DGCA) has asked P&W  to set up a local MRO facility in the light … Read more