Finance News

In a first, micro insurance premium in life segment tops Rs 10k cr in FY24

Private life insurers dominate the segment, accounting for over Rs 10,708.4 crore, while the state-owned Life Insurance Corporation of India (LIC) contributed nearly Rs 152 crore

PPI wallets register 20% drop to 1.14 bn in November, says RBI data

But prepaid payment instrument cards grow on a smaller base

Banks' average daily reserves fall after FIT framework: RBI report

RBI introduced ASISO facility in August 2020 to offer greater flexibility in managing day-end cash reserve ratio balances

Rupee's Real Effective Exchange Rate climbs to 108.14 in Nov: RBI report

REER represents the inflation-adjusted, trade-weighted average value of a currency against its trading partners

Outward remittances under LRS rise 10.6% in October, shows RBI data

In the August-October quarter of financial year 2024, Indians remitted $8.37 billion overseas, compared to $9.05 billion during the same period last year

NRI deposits see $12 bn inflows in April-October FY25, shows RBI data

The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits

RBI net sells $9.2 bn in October, highest monthly sale since September 2022

The rupee had breached the 84 per dollar mark on October 11 of the current year

Rupee hits new low for sixth straight session; settles at Rs 85.20

Liquidity deficit widens to 7 month high

Fintech disbursements rise 21.3% in H1FY25, disbursal value grows 40%

Disbursals were also higher by 9.5 per cent from 51.5 million in H2FY24, according to data by the first self-regulatory organisation in fintechs

GST on old used cars only when sale price higher than depreciated value

In any other cases, GST is payable only on the value that represents the margin of the supplier i.e. the difference between selling price and the purchase price. Again, where such margin is negative

States' sops may divert resources away from infra development: RBI article

The report said that several states have announced sops in their 2024-25 Budgets; such spending may divert resources away from critical social and economic infra development

India's small businesses drive jobs growth, wage gains curbed by inflation

The number of small manufacturing businesses, mainly family- owned units such as garment makers, auto component makers and food processing enterprises, grew to 20.15 million

UPI QR transactions jump 33% at retail stores this year: PayNearby

UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report.

Finance ministry weighs phasing out customs duty exemptions in Budget 2025

Exemptions under review include bulk drugs used in insulin production, raw materials for lab-grown diamonds, plastics used in optical fiber production, and more

Rupee falls 9 paise to close at fresh record low of 85.20 against dollar

Increased demand of dollar due to month-end payment obligation and the fear of an aggressive import tariff by the Donald Trump administration in the US strengthened the greenback

Rupee depreciates 5 paise to hit all-time low of 85.16 against US dollar

At the interbank foreign exchange, the rupee opened at 85.10 and slid further to hit a fresh all-time low of 85.16 against the greenback, registering a loss of 5 paise from its previous closing level

B2B payments firm Infibeam Avenues to roll out RediffPay after NPCI nod

This is the first step in the company's foray into consumer facing businesses

Mid-Year Review: Govt sets focus on public spending, social security net

Targets fiscal deficit 'lower than 4.5% of GDP'

Banks lobby RBI to approve new benchmark for overnight indexed swaps

The move is intended to improve price discovery in the interest-rate swap market

Rupee fails to recover, remains flat at 85.04 against dollar in early trade

Forex traders said the rupee stayed weak due to significant dollar demand amid higher crude oil prices