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Macquarie launches Vertelo to accelerate EV adoption in India

Unique Times April 24, 2024 0

Macquarie, a leading financial services firm, has launched Vertelo, a new platform aimed at boosting the adoption of electric vehicles (EVs) in India. With the EV market valued at $2 billion and projected to reach $5 billion soon, Vertelo aims to accelerate this growth by offering a range of Continue Reading

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IMF sees India’s economy grow at 6.3% in current fiscal year

Unique Times December 19, 2023 0

The International Monetary Fund (IMF) has forecasted a 6.3% growth for India’s economy in the current fiscal year and the following one, citing support from macroeconomic and financial stability. According to the IMF’s Article IV consultation report, India’s growth will be sustained by its digital public infrastructure and a robust government Continue Reading

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RBI Tightens Norms For Personal Loans, Credit Cards Amid Demand Surge

Unique Times November 17, 2023 0

On 16th November, the Reserve Bank of India (RBI) implemented stricter regulations on personal loans and credit cards, increasing the risk of a slowdown in loan growth. These new rules, involving higher capital requirements, are expected to raise the cost of such loans, potentially restricting the growth in these sectors that has surpassed the overall […]Continue Reading

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RBI Fines ICICI Bank, Kotak Mahindra Bank For Failing To Report Fraud

Unique Times October 21, 2023 0

The Reserve Bank of India (RBI) has announced that ICICI Bank has been fined ₹ 12.19 crore for breaching regulations concerning the bank’s directors’ code of conduct and failure to report frauds within the stipulated timeframe. According to the RBI, its inspection reports revealed that ICICI Bank had granted loans to companies where two of […]Continue Reading

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RBI Permits Banks To Issue RuPay Prepaid Forex Cards

Unique Times June 12, 2023 0

The Reserve Bank of India (RBI) has decided to broaden payment choices for Indian travelers abroad by permitting Indian banks to issue RuPay Prepaid Forex cards. These cards can be used at overseas ATMs, point of sale (PoS) machines, and online merchants. Additionally, the RBI will enable the issuance of RuPay Debit, Credit, and Prepaid […]Continue Reading

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India’s Forex Reserves Fall Below $600 Billion, Lowest In a Year

Unique Times May 6, 2022 0

For the first time in a year, India’s foreign exchange reserves fell below $600 billion, weighed down by persistent capital outflows and rupee weakness fueled by the dollar’s recent broad surge. The Reserve Bank of India’s (RBI) latest data for the week ending April 29 showed the country’s foreign exchange reserves fell by $2.695 billion […]Continue Reading

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Need for flexibility in regulations

Unique Times November 13, 2014 0

In March 2012, the Reserve Bank of India (RBI) introduced new regulations rules to contain the rapid growth of the gold loan companies which was perceived as posing a risk to the stability of the financial system in India. The major change brought about was that gold loan NBFCs were required to observe a cap […]Continue Reading