Subrata Panda

All stories by Subrata Panda

June credit card spends remain above Rs 1 trn

June credit card spends remain above Rs 1 trn

Rediff.com3 Aug 2022

Credit card spends in June, although down marginally month-on-month (MoM), remained above the Rs 1-trillion mark for the fourth consecutive month. In June, credit card spends topped Rs 1.09 trillion, down 4.34 per cent MoM, revealed the data released by the Reserve Bank of India (RBI). However, on a year-on-year basis, spends were up 73 per cent. In May, credit card spends hit an all-time high, reaching Rs 1.14 trillion.

July records 6 billion UPI transactions, highest ever

July records 6 billion UPI transactions, highest ever

Rediff.com2 Aug 2022

Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India's flagship digital payments platform since its inception in 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent.

Card data storage: RBI relaxes rules for checkout on guest transactions

Card data storage: RBI relaxes rules for checkout on guest transactions

Rediff.com29 Jul 2022

The Reserve Bank of India (RBI) has relaxed card-on-file data storage norms pertaining to guest transactions checkout, whereby now, apart from the card issuer and the card network, the merchant or its payment aggregator involved in the settlement of the transactions can save the data for a maximum of T+4 days or till the settlement date, whichever is earlier. And, acquiring banks have been permitted to store the card-on-file data until January 2023 for handing other post-transactions activities. The industry reached out to the RBI on the issue and sought a solution.

'LIC's investment decisions won't change'

'LIC's investment decisions won't change'

Rediff.com19 Jul 2022

'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'

How credit card route to UPI may come at a price for merchants

How credit card route to UPI may come at a price for merchants

Rediff.com20 Jun 2022

The Reserve Bank of India's (RBI's) recent decision to allow credit cards for payments through the Unified Payments Interface (UPI) is likely to attract a merchant discount rate (MDR), said a top payment industry source. For smaller merchants, a subsidy for MDR could be provided. "With credit card-UPI linkage, UPI will not only be a payment instrument but also a lending platform. "How can banks lend without a commercial model? Also, the government has said MDR will be zero for payment products but not for lending products," the source said, indicating the MDR regime for credit card-linked UPI payments.

Banks' gross NPAs drop to 6-year low of below 6% in March

Banks' gross NPAs drop to 6-year low of below 6% in March

Rediff.com17 Jun 2022

This indicates that the sector has remained largely unscathed from the ill-effects of the Covid-19 pandemic so far, M Rajeshwar Rao, RBI deputy governor, said.

Loans to get more expensive as banks hike lending rates

Loans to get more expensive as banks hike lending rates

Rediff.com10 Jun 2022

A day after the Reserve Bank of India's (RBI's) Monetary Policy Committee hiked the policy repo rate by 50 basis points (bps), several commercial banks, including ICICI Bank and Bank of Baroda, raised their external benchmark-linked loan rates by an equal amount on Thursday. HDFC, the country's largest mortgage lender, too, increased its interest rates on housing loans by another 50 bps. In total, it has raised rates by 85 bps since May 4, when the RBI had increased the repo rate by 40 bps in an off-cycle meeting.

Credit card spend jumps 48% to top Rs 1 trillion in March

Credit card spend jumps 48% to top Rs 1 trillion in March

Rediff.com24 May 2022

Spending through the credit card in March 2022 jumped 48 per cent year-on-year to top Rs 1 trillion -- five months after it had hit the same figure for the first time in October 2021, buoyed by festive season expenditure. The jump has been driven by the pickup in consumption as the pandemic recedes. Expenditure in March, at Rs 1.07 trillion, was up 24.5 per cent over February, the data put out by the Reserve Bank of India (RBI) showed.

Apple to stop storing card information on file for Indian customers

Apple to stop storing card information on file for Indian customers

Rediff.com20 May 2022

Technology giant Apple has informed its customers in India that it will no longer store their card information on file and will not be accepting payments made by debit cards and credit cards for purchases or subscriptions on the App store or other Apple services. The decision has been taken by the US-based company in view of the Reserve Bank of India's (RBI's) card data storage guidelines, which will kick in from July 1. The deadline for implementing these norms was extended twice.

'How Long Should I Wait For An IPO?'

'How Long Should I Wait For An IPO?'

Rediff.com28 Apr 2022

'Had there been no war, maybe, we would come out with a 7.5 per cent stake sale.' 'At this point in time, a 3.5 per cent stake sale looked good.'

HDFC Bank shifts tack to focus on wholesale loans

HDFC Bank shifts tack to focus on wholesale loans

Rediff.com27 Apr 2022

Defying trends, the country's largest private sector lender, HDFC Bank, has shifted its asset mix significantly towards high-rated segments. As a result, its wholesale-to-retail mix has tilted heavily in favour of wholesale, even at the cost of margins. Further, it is even looking to ramp up its branch network, with an aim to service clients within a 1-2 km radius rather than the current 5-6 km radius.

Light at the end of the tunnel for PMC depositors?

Light at the end of the tunnel for PMC depositors?

Rediff.com26 Apr 2022

'The money is readily available to the depositors.'

Fall in HDFC-HDFC Bank share prices is short term: Keki Mistry

Fall in HDFC-HDFC Bank share prices is short term: Keki Mistry

Rediff.com23 Apr 2022

We have not been able to communicate in a very articulate manner and clear manner on the merger as earnings were due, says HDFC CEO.

RBI caps lending limits of NBFCs to bring them on par with banks

RBI caps lending limits of NBFCs to bring them on par with banks

Rediff.com20 Apr 2022

In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.

Insurance: Rs 100 cr entry cap for new players may be removed

Insurance: Rs 100 cr entry cap for new players may be removed

Rediff.com8 Apr 2022

The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players. Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.

How Policybazaar-LIC Tie-Up Is Working Out

How Policybazaar-LIC Tie-Up Is Working Out

Rediff.com6 Apr 2022

'From our perspective, it will bring additional customers and from their perspective, it will get them younger customers.'

Citi credit card business losing steam in India

Citi credit card business losing steam in India

Rediff.com1 Apr 2022

At a time when banks are engaged in a fierce battle to gain market share in the credit card segment, Citibank India has been losing its share, both in terms of outstanding cards and spends in the last few years. Still, average spends on Citi cards are higher than any other Indian bank. Last year, the global banking behemoth announced exit from its consumer banking franchises in 13 markets across Europe, Middle East and Asia, including India, citing lack of scale.

Ahead of IPO, LIC's Q3 net profit zooms on surplus model change

Ahead of IPO, LIC's Q3 net profit zooms on surplus model change

Rediff.com12 Mar 2022

Under the new model, the surplus distribution in the participating policyholders' fund has been modified to 90:10 in a phased manner, wherein 90 per cent will go to policyholders and 10 per cent to shareholders. Further, 100 per cent of the surplus generated out of the non-participating business will be available for distribution to all shareholders.

Sebi asks Indiabulls to take a few corrective measures

Sebi asks Indiabulls to take a few corrective measures

Rediff.com5 Mar 2022

Market regulator Securities and Exchange Board of India (Sebi) in its investigation against Indiabulls Housing Finance has found the mortgage financier non-compliant with regards to unavailability of certain information on its website as well as its internal policy. Thereby, it has directed the company to take corrective measures and inform the stock exchanges in a months' time. Several public interest litigations (PILs) and FIRs were filed against Indiabulls Housing Finance back in 2019, alleging irregularities, siphoning of funds, and other violations committed by the promoters of the company.

Explained: Why RBI kept key rates unchanged

Explained: Why RBI kept key rates unchanged

Rediff.com25 Feb 2022

Members of the Monetary Policy Committee (MPC) felt that though the Indian economy was resilient in the third wave, it, however, lost some momentum and with inflation likely to soften, there is room to continue with the accommodative stance and support revival, the minutes of the MPC meeting released on Thursday revealed. The six-member MPC voted to keep the policy rate unchanged and continued with the accommodative stance at its meeting on February 10. However, external member Jayanth Verma voted against the stance because he felt a switch to neutral was long overdue and the current stance has become counterproductive and deflects focus away from addressing recessionary trends that date back to at least 2019.

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