Freo secures corporate agent license from IRDAI; CEO sees 100% growth in biz

Freo has got its Corporate Agent license from IRDAI and is now adding insurance products to its existing services. The company aims to offer a diverse...

Bank deposit, credit growth convergence likely by FY25-end; to ease liquidity pressure on lenders

Bank credit growth has moderated significantly in recent months, slowing to 14.1% year-on-year as of October 4, from around 16.0-16.5% at the end of M...

Explainer: What is UPI Switch? How is it benefiting businesses?

India's digital payment landscape has witnessed a significant innovation with the launch of UPI Switch, a middleware solution streamlining UPI transac...

RBI action against Navi Finserv, others puts spotlight on excessive pricing by NBFCs

As the microfinance sector faces persistent challenges, analysts anticipate that NBFC MFIs will continue to experience difficulties.

Finmin considers proposal to raise posts of Chief General Managers in state-owned banks

The finance ministry considers raising Chief General Manager posts in public sector banks due to rising business and profitability. Existing guideline...

UCO Bank Q2FY'24 recovery in bad loans through NCLT improves

UCO Bank has recovered Rs 414 crore from 26 accounts through the NCLT mechanism during the second quarter of the current fiscal, an official said on S...

HDFC Bank Q2 profit up 5% to Rs 16,821 cr

HDFC Bank reported a 5% rise in standalone profit to Rs 16,821 crore for Q2 FY24. Total income increased to Rs 85,500 crore, and net interest income i...

RBL Bank Q2 Results: Standalone profit falls 24% YoY to Rs 223 crore, but NII grows 9%

RBL Bank Q2 Results: The company's NII for the quarter was Rs 1,615 crore, with net interest margins (NIMs) at 5.04%. Operating profit rose 24% YoY to...

Kotak Mahindra Bank's profit increase 5% in Q2 FY25

Kotak Mahindra Bank reported a 5% increase in standalone profit for Q2 ended September 2024, with a total profit of Rs 3,344 crore. The bank's total i...

Indian Overseas Bank launches Mahila Shaksham Scheme to empower women entrepreneurs

Indian Overseas Bank launched the 'Mahila Shaksham' scheme to provide financing for women in Self-Help Groups under the Deendayal Antyodaya Yojana. Ai...

Savings account interest rate up to 7.25%: SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, IDFC FIRST Bank

Savings account interest rates: Compared with fixed deposits, a savings account usually lacks a maturity period. It is designed for regular savings an...

GoM suggests higher GST rates for premium products, relief for senior citizens' health insurance

A group of ministers examining Goods and Services Tax (GST) rates has proposed moving certain premium shoes and watches into the 28% tax bracket from ...

Senior citizen health cover, term insurance likely to be GST-free

A group of state finance ministers is leaning towards exempting GST on term insurance plans and health insurance for seniors. They are also considerin...

Gold NBFCs will benefit from potential rate cuts and prices surge: Jefferies

The non-banking financial companies (NBFCs) that focus on gold loans are poised to gain from the dual tailwinds of rising gold prices and potential ra...

India's HDB Financial to raise up to $1.5 billion in IPO

Parent HDFC Bank, which holds a 94.6% stake in HDB Financial, will sell shares worth 100 billion rupees, the lender said, adding that the price and ot...

L&T Finance Q2 Results: Net profit rises 17%; expects challenging six months ahead

Non-bank lender L&T Finance reported a 17% rise in consolidated profit after tax, reaching Rs 696 crore. The company's assets grew by 18%, with retail...

EPFO net new member additions rise 9.07% to 18.53 lakh in August

EPFO's net new member additions rose by 9.07% to 18.53 lakh in August compared to last year. The 18-25 age group made up most new members. Maharashtra...