For a deposit tenure between 12-to-18 months, the FD will offer a mark-up of 1.1% on the prevailing repo rate. At the current repo rate of 4.9%, this will fetch a rate of 6%. For a deposit maturing between 18 months to 3 years, the mark-up is 1.6%, bringing the rate of interest to 6.5%.

The ET Future of Money Summit, in its inaugural edition, will help India's transition to a truly digital and cashless economy. . The inaugural edition will be held as a fully virtual event on July 26 and 27, 2022 from 11:30 am onwards.

From the requirement to refinance about USD 3 billion at the start of the current fiscal year, Vedanta Resources' debt maturities for the rest of the fiscal are now about USD 1.3 billion.

Ajeet Kumar Singh, Founder Director, MD, and CEO of SAVE Solutions said in a statement, “We are focusing on areas where we can have a direct impact on job creation and job readiness because we feel a strong sense of obligation to give back to our country and propel financial inclusion.”

Microfinance loans overdue by over 30 days along with restructured loans are estimated to have declined 800 basis points to around 14% as of March 2022, after peaking at approximately 22% in September 2021, rating agency Crisil said. But it remains well above the pre-pandemic levels of 3%, Crisil said in May.

The high level of sticky loans has shortened the odds on more future write-off by lenders. Write-offs increased to 4.8% at the end of March from 4.4% of the total portfolio three months prior to that, according to the CRIF data, which was released Wednesday.

Banks continue to dominate the microfinance market with portfolio share of 37.7 per cent. This is followed by NBFC-MFIs with a share of 33.3 per cent and Small Finance Banks (SFBs) at 17.1 per cent, as of March 2022, according to a quarterly report released by CRIF High Mark, a credit information bureau, on Wednesday.

The collaboration will also allow RBL Bank to mitigate credit risks by leveraging IMGC’s expertise. One of the essential advantages is double authentication, as IMGC will also validate each loan before sanction, ensuring high quality of portfolios for RBL Bank. “The teams have collaborated to develop an enabling proposition,” said Mahesh Misra, CEO, IMGC. “This shall expand product offering and also mitigate risk.”

In a circular, the corporation said if the customer has already given consent to share the location initially while availing of the services and subsequently wants to revoke the consent, the provisions for the same must be available without any denial.