Economy

Mumbai:  The share of the Unified Payments Interface (UPI) in India’s digital payments has surged from 34 per cent in 2019 to an impressive 83 per cent in 2024, with a remarkable CAGR (cumulative average growth rate) of 74 per cent over the last five years, according the RBI’s payment system report. In contrast, share

New Delhi:  Retail digital payments in India have grown from 162 crore transactions in the financial year 2012-13 to over 16,416 crore transactions in the financial year 2023-24 —- approximately 100-fold increase over 12 years, a new RBI report has revealed. The remarkable growth in payment infrastructure and payment performance is also apparent in the

Mumbai: The domestic benchmark indices opened higher on Tuesday after ending over seven-month low in the previous trading session. As of 9.33 a.m., the Sensex was 303 points or 0.41 per cent higher at 75,694 while the Nifty 50 went up 70 points or 0.30 per cent at 22,898. HDFC Bank, ICICI Bank, Infosys,

New Delhi: The number of credit cards has more than doubled to around 10.80 crore at the end of December 2024, compared to December 2019 when there were 5.53 crore cards in circulation, according to a new RBI report. In contrast, number of debit cards have remained relatively stable, with a marginal increase from 80.53

New Delhi: Credit card usage in India grew at 34 per cent in the September quarter of 2024, compared to 26 per cent in the same period in 2023, as consumers increased spending on their existing credit cards to finance their consumption needs, according to a report on Monday. India’s retail credit growth moderated a

Mumbai: Tata Steel on Monday reported a 43 per cent drop in net profit for the third quarter ended December 31 (Q3 FY25). The company’s net profit stood at Rs 295.49 crore compared to Rs 522.14 crore in the same period a year ago. Sequentially, the decline was sharper, with net profit falling 61.1 per

Mumbai: The Reserve Bank of India (RBI) on Monday announced that it would inject another Rs 110,000 crore liquidity into the banking system through open market purchase auctions of Government securities and carrying out a variable rate repo auction. Besides, a $5 billion dollar-rupee swap auction would also be held to provide more liquidity in

New Delhi:  Indian Oil Corporation (IOC) on Monday announced a net profit of Rs 2,873.53 crore for the October-December quarter of the current financial year, which represents a sharp recovery from the mere Rs 180 crore net profit recorded by the company in the preceding quarter. The jump in company’s revenues during the third quarter

Mumbai:  Cement and building materials leader ACC Limited, part of the diversified Adani Group, on Monday, reported a significant 103 per cent year-on-year jump in its net profit for the December quarter (Q3) of FY25. The cement major posted a net profit of Rs 1,092 crore for the quarter ending December 31, compared to Rs

New Delhi:  Canara Bank on Monday reported a 12 per cent increase in its net profit to Rs 4,104 crore for the October-December quarter of the current financial year compared to the corresponding figure of Rs 3,656.12 crore during the same quarter of 2023-24. However, while the bank’s interest income rose to Rs 30,311.61 crore