Business

MUMBAI: RBI has asked the National Payments Corporation of India to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds.All banks that are direct members or sub-members of RTGS and NEFT …

Cocoa futures surged on renewed supply fears as concerns over crops in West Africa persist, resuming a rally that has made the chocolate ingredient one of the hottest commodities of the year. The most-active cocoa contract in New York climbed as much as 14% – the biggest intraday jump since May. Futures partly offset losses from last week, when market …

MUMBAI: India’s financial sector is entering 2025 on a strong footing, buoyed by robust earnings, low impaired assets, and strong capital buffers, RBI governor Sanjay Malhotra said. In his first communication as governor in RBI’s financial stability report, Malhotra said that India’s financial system remained resilient despite uncertainties from geopolitical conflicts, market volatility, and climate risks. “Prospects for the Indian …

CHENNAI: It’s discounts season in the electric vehicle market. Stock pile-ups, cheaper components and the pressure of CAFE norms have combined to bring big discounts to not only electric passenger vehicles but also electric two-wheelers. According to EV dealers, best-selling electric PVs like Nexon EV and XUV400 EV are offering discounts in the region of Rs 3 lakh. Electric two-wheelers …

NEW DELHI: Industry bodies on Monday demanded special focus on generating demand through income tax cuts, higher public spending and job creation by providing a thrust to small businesses in the budget.During the pre-budget consultations with FM Nirmala Sitharaman, CII president Sanjiv Puri suggested that the marginal rate of personal tax on income up to Rs 20 lakh be reduced …

MUMBAI: The loans sanctioned by non-bank finance companies in the second qurater of FY25 shrunk both sequentially and year-on-year. While the quarterly decline was largely driven by a sharp fall in gold loans, loans against shares and unsecured business loans, the annual drop was because of a decline in term loans and loans against shares.Overall, industry-wide sanctions in Q2 FY25 …

MUMBAI: Indian banks‘ gross non-performing assets remained at a 12-year low of 2.6% of total assets as of September 2024. However, RBI’s stress test projects the figure could rise to 3% by March 2026 under the baseline scenario. It has also expressed concern that a sharp rise in write-offs, particularly among private sector banks, could signal worsening asset quality.The stress …

MUMBAI: After touching record highs several times in 2024, the sensex and Nifty are about 10% off peak levels as several global and domestic factors weigh on investor sentiment. Debt and precious metals – gold and silver – markets too have been volatile. The markets’ direction is not clear – so investors should beware of giving in to impulse while …

MUMBAI: In a deal that will release capital for the Adani Group, the Ahmedabad-based conglomerate led by Gautam Adani is selling the staples business, Adani Wilmar, to Wilmar International of Singapore for $2 billion. This fund inflow is expected to address the group’s liquidity requirements for its core infrastructure business.The group, through flagship Adani Enterprises and its wholly-owned subsidiary Adani …

The HS2 project is in a “very serious situation” and needs a “fundamental reset”, the new boss of the the high-speed railway company has warned. Mark Wild, chief executive of HS2 Ltd, said he is committed to ensuring the railway opens “safely and efficiently”. His comments come after HS2 Ltd published an update outlining the progress in building the 140-mile …