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India’s central bank relaxes certain norms for urban co-operative banks

24 Feb 2025

MUMBAI (Reuters) – India’s central bank on Monday revised certain norms for urban co-operative banks (UCBs), with a view of providing them with greater operational flexibility, while meeting regulatory objectives. UCBs are financial institutions operating in urban and semi-urban areas, offering banking services to small borrowers, micro-businesses, and lower-income groups. UCBs can now classify loans …

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India’s RBI allows New India Co-op Bank depositors to withdraw up to 25,000 rupees

24 Feb 2025

(Reuters) – India’s central bank said on Monday it would allow depositors of troubled New India Co-operative Bank to withdraw up to 25,000 rupees (about $290) from their accounts. The RBI on Feb. 13 barred the lender from issuing new loans, suspended deposit withdrawals for six months and appointed an administrator, citing supervisory concerns and …

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India’s annual palm oil imports to fall behind soft oils for first time, industry official says

24 Feb 2025

By Rajendra Jadhav and Ashley Tang KUALA LUMPUR (Reuters) -Palm oil’s share of India’s annual edible oil imports is set to drop below soft oils for the first time as its rising premium over soyoil and sunflower oil pushes refiners toward more affordable alternatives, the head of an industry body said. Lower palm oil imports …

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Nestle India considering price hikes to counter commodity inflation, executive says

24 Feb 2025

By Haripriya Suresh MUMBAI (Reuters) – Nestle India will consider raising prices of its products by a small margin to counter inflation in coffee, cocoa and edible oil while aiming to keep sales coming in, a top executive said on Monday. Profits at Corporate India came under pressure in the October-December quarter due to the …

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India GDP growth likely rebounded in Oct-Dec on government spending push: Reuters poll

24 Feb 2025

By Vivek Mishra BENGALURU (Reuters) – India’s economy likely rebounded last quarter, expanding 6.3%, driven by increased government spending that helped offset weak household demand, according to a Reuters poll of economists who forecast relatively modest growth ahead. A national election in April-June last year forced the government to curb infrastructure spending, a key driver …

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India’s IT sector should overhaul business, create own language models, HCLTech CEO says

24 Feb 2025

By Haripriya Suresh and Akash Sriram MUMBAI (Reuters) – Indian IT firms need to rethink how they operate and the country needs to create its own language models as artificial intelligence technologies disrupt the sector, according to HCLTech CEO C Vijayakumar. The generative AI boom has threatened to disrupt business models for Indian IT companies …

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Indian shares slide as US growth concerns, foreign sell-off weigh

24 Feb 2025

By Vivek Kumar M and Indranil Sarkar (Reuters) – India’s benchmark indexes closed lower on Monday, extending their losing streak to a fifth straight session, as concerns over slowing growth in the U.S. and persistent selling by foreign investors rattled domestic investors. The Nifty 50 fell 1.06% to 22,553.35, while the BSE Sensex lost 1.14% …

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Naming ex-India central bank chief Das as key aide highlights Modi’s economic focus

24 Feb 2025

By Swati Bhat and Sarita Chaganti Singh MUMBAI/NEW DELHI (Reuters) – India’s appointment of former central bank governor Shaktikanta Das as a key aide to Prime Minister Narendra Modi reinforces his focus on the country’s economy at a time when it is facing domestic and external challenges. On Saturday, the government appointed Das, who served …

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India non-bank lender IIFL Finance may see a drop in annual earnings, Fitch says

24 Feb 2025

(Reuters) – Indian non-bank lender IIFL Finance will likely see its annual earnings fall from a year earlier due to reduced net interest margins and higher credit costs, Fitch Ratings said on Monday. Earlier this month, IIFL Finance reported an 8% fall in loan assets under management to 714.10 billion rupees ($8.24 billion) for the …

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India’s crude oil imports in January rise to highest in eight months

24 Feb 2025

(Reuters) – India’s crude oil imports rose 3.2% month-on-month to 20.85 million metric tons in January, the highest since May 2024, government data showed on Monday. WHY IT’S IMPORTANT India is the world’s third-biggest oil importer and consumer and the data is a proxy for the country’s oil demand. BY THE NUMBERS On a yearly …

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