Rupee strengthened in early trade on Monday, rising 22 paise to 89.45 against the US dollar, extending its recovery after hitting record lows in recent weeks.Earlier this month, rupee slid to a series of lifetime lows, even weakening beyond the 91-per-US-dollar mark. The currency, however, later healed in recovery attributed to likely intervention by the…
Public procurement portal GeM has enabled government departments and entities to raise ₹2,200 crore over the last about four years through the disposal of assets such as scrap, e-waste, old vehicles, machinery, and leasehold properties, an official statement said on Sunday. The government e-marketplace (GeM) operates as a digital platform through which ministries,…
Indian banks find themselves in a delicate position following the Reserve Bank of India’s (RBI) 25-basis point rate cut. While they need to lower deposit rates to protect net interest margins (NIMs), they also have to mobilise deposits to fund credit growth, which is picking up in the economy and is expected to remain…
After the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points last week, several major banks have moved to pass on the benefit to borrowers. Latest addition to the wave is the State Bank of India (SBI), which announced cuts across its lending rate benchmarks, in a move aimed at easing…