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Shriram City Union Finance has hiked deposit rates by 5-25 basis points across tenures starting October 14, reports Our Bureau. The highest increase of 25 bps is on deposits for 12, 18 and 24 months, which tranlates to 7%, 7.3% and 7.5%, respectively. The 60-month deposits earn 8.3%. The company has introduced an additional 10 bps benefit for women depositors and 50 bps for senior citizens.

Big Wall Street banks kick off third-quarter reporting season on Friday, with investors awaiting to see how a high interest-rate environment affects their profits. Walgreens Boots Alliance Inc rose following better-than-estimated fourth-quarter results.

U.S. data overnight showed core inflation - which excludes food and fuel prices - came in above forecasts at 6.6%, the biggest annual increase in 40 years, driven by large price gains in the services sector. Wall Street had a volatile session, after initial sell-off on the data proved short-lived with technical support and short-position covering helping stocks stage a strong rebound.

Bajaj Auto, Shree Cement, Tata Elxsi, Oberoi Realty, Federal Bank, Just Dial, Spandana Sphoorty Financial, PLastiblends and Moneyboxx Finance are among the companies that will announce their results for September 2022 quarter today.

The board meeting of Sukhjit Starch and Chemicals is also scheduled for Friday to consider and approve the sale/transfer of land, buildings and other fixed assets at Phagwara. Moreover, the RR Metalmakers will consider a preferential issue of shares.

Yet trading volume has also slumped. Daily readings are hovering around $47 billion right now, down from more than $100 billion at the start of the year, according to data tracker CoinMarketCap.com.

This decision was taken "to facilitate the industry to respond faster to the emerging market needs in terms of designing and pricing of general products and to promote efficiency in the conduct of general insurance business,," the IRDAI said.

"All financial sector players are very strongly regulated and when it comes to fintech they are the other extreme; so there has to be some middle path," Khara said. "As a banker we will consume the solutions offered by them. So, a partnership between the two can go a long way. They have also acknowledged this reality and now they are becoming part of this ecosystem. But, I believe, there should be adequate appreciation of the regulatory regime in which they operate."

It will also have to communicate the same to its clients within 15 days of the order or the request. It should not take any fresh mandates and allow its clients to withdraw any assignment given to it, without any additional cost to such clients. The rating agency should facilitate an orderly migration of assignments as desired by clients to other credit rating agencies (CRA).

“The pressure on the Fed is high,” said Diane Swonk, chief economist at KPMG LLP. The report likely means the Fed will raise by three-quarters of a percentage point at the year’s final two meetings, she said, which would mark five straight increases of that magnitude.