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RBI allows invoicing, payments for international trade in Indian Rupee

Reserve Bank of India (RBI) has allowed invoicing and payments for international trade in the Indian Rupee, Union Minister of State for Finance Bhagwat Kisanrao Karad informed the Rajya Sabha on Tuesday. In a written reply to a question in Rajya Sabha, Karad said the central bank has allowed payments for international trade in the …

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Banks in India Reported 248 Data Breaches in the last 4 Years

Indian banks reported 248 successful data breaches by hackers and fraudsters between June 2018 and March 2022, the government told the Parliament. Union Minister of State for Finance Bhagwat Karad told Parliament that most of these data breaches were related to card data breaches and theft of business and non-business data. The minister said that …

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Account Aggregator ecosystem gets a boost as all PSU banks go live

The Account Aggregator (AA) ecosystem has got a major boost as all the public sector banks (PSU banks) in the country have onboarded the platform, according to a tweet by Sahamati, a non-profit collective of the framework, bringing over 1 billion accounts on the AA framework. While many private sector and some public sector banks …

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Bank of India’s Q1 profit declines 22% to Rs 561 cr as provisions rise

Bank of India’s net profit declined 22.08 per cent year-on-year (YoY) to Rs 561 crore in the first quarter of financial year 2022-23 (Q1FY23) on fall in non-interest income and rise in provisions for bad loans. The Mumbai-based public sector lender had posted a net profit of Rs 720 crore during the year-ago period (Q1FY22). …

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Foreign banks make biggest India bond purchase in two-and-half years

Foreign banks bought a net ₹14,700 crore worth of India government debt in July, their biggest such purchase since February 2020, according to Reuters. India’s 10-year benchmark bond yield fell 13 basis points in July as bets of aggressive rate hikes from the U.S. Federal Reserve as well as the Reserve Bank of India eased …

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FM Sitharaman reveals how the govt will build its way to economic revival

Finance Minister Nirmala Sitharaman says, present growth momentum to continue in medium-term. Citizens are working with Centre and states towards recovery This cooperation will put India on growth trajectory, she says. Speaking to Business Standard’s Shrimi Choudhary and Arup Roychoudhury, Union Finance Minister Nirmala Sitharaman on Friday showed confidence in the robustness of the Indian …

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