Indian benchmark indices, Sensex and Nifty, opened higher on Friday, primarily driven by a significant surge in Bajaj Finance shares following its strong Q1 FY27 earnings report, coupled with continued foreign fund inflows and a dip in crude oil prices. Track Sensex, Nifty on July 31.
Zee founder Subhash Chandra has shifted his public statements from allegations against Mukesh Ambani to focusing on settling outstanding Essel Group debt, with borrowers reportedly agreeing to repay obligations.
Looking to regain lost ground in the credit cards segment, HDFC Bank on Monday announced a tie-up with leading payments company Paytm to start selling co-branded plastics before the onset of the festive season. The credit cards will be powered by Visa and will include offerings targeted at millennials, business owners and merchants, an official statement said. Paytm has a reach of over 330 million consumers and 21 million merchants, while HDFC Bank has over 5 million debit, credit and prepaid cards, and serves 2 million merchants through its offerings.
HDFC Bank will soon open 300 more ATMs in the country and it has placed an order with leading global technology firm NCR.
While HDFC Bank has vowed to recoup its lost market share in the credit card segment in three to four quarters by aggressively sourcing new cards, brokerages believe it is a little hard to come by, given how competitive the landscape has become, with other players in the market becoming equally aggressive to gain market share. Kotak Institutional Equities in its report on Monday said, "We would like to believe that the recovery in market share is likely to be gradual, if any. "All the key players, including Axis Bank, are now willing to expand their credit card portfolios as they have tested quite well against Covid-19."
State-owned Life Insurance Corporation of India (LIC) has reported a net profit of over Rs 23,400 crore for the January-March quarter, making it the highest profit-making firm in the Indian financial sector during this period, surpassing major banks like SBI and HDFC Bank.
Its debit card holders can now withdraw cash from any ATM without charges till June 30.
Under the partnership, IOC's rural petrol pump outlets -- Kisan Seva Kendras -- will act as the bank's Business Correspondents, HDFC Bank said in a statement.
HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.
HDFC Bank has announced a dividend of 45 per cent or Rs 4.50 per share for the year 2004-05.
The bank has decided to embark on a 'Technology Transformation agenda' to provide its customers smoother, faster, and better banking experience.
A special CBI court in Mumbai has sentenced four individuals to imprisonment for their involvement in a 2012 case where the Bank of India suffered a loss of over Rs 3 crore due to a forged Letter of Credit.
HDFC Bank has ensured that no bank will be able to match them in the near future without bleeding on margins.
After opening close to 1,500 branches in 2022-23, HDFC Bank, the country's largest private sector lender, will continue expanding its branch network at the same speed in the current financial year. The lender says branch expansion is crucial for deposit mobilisation. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.
HDFC Bank, which is set to overtake India's largest private sector bank ICICI in branch network by merging Centurion Bank of Punjab with itself, is now keen to expand overseas to tap the non-resident Indian market. "We have applied for licences in Bahrain and Hong Kong. We have a representative office in Dubai, while CBoP has one in Canada," HDFC Bank Managing Director Aditya Puri said.
The Supreme Court will decide whether banks can initiate insolvency proceedings while recovering dues from individual defaulters as private sector lender HDFC Bank has sought the apex court's intervention in this regard.
Shares of most European banks are down significantly.
Among the Sensex firms, IndusInd Bank was the biggest loser and fell 6.13 per cent, followed by SBI (3.99 pc), Hindustan Unilever (3.82 pc), Axis Bank (3.41 pc) and HDFC Bank (3.23 pc). In contrast, Sun Pharma, Bharti Airtel, ICICI Bank and PowerGrid defied the trend and closed with gains of up to 3.67 per cent. TCS and Bajaj Finserve were the other gainers.
Private sector lender HDFC Bank on Thursday said the Reserve Bank of India (RBI) has asked it temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre which impacted operations last month.
Five gunmen barged into a HDFC bank located at a busy junction in Borivali (West), a western Mumbai suburb, and got away with over Rs 26 lakh cash on Monday morning.
Private sector lender HDFC Bank has emerged as the country's most popular bank for the year 2010 in terms of online visits, says a BankingOnly.com report.
SBI shares were seen trading under pressure with a fall of nearly 2 per cent this afternoon, despite an overall uptrend in the market, while HDFC Bank shares gained by more than 3 per cent.
The FIPB on Friday cleared the long-pending proposal of HDFC Bank to hike foreign holding in the bank to 74 per cent.
Motorola has expanded its G-series lineup in India with the launch of the Moto G77 Power, a smartphone designed for users who prioritise battery life and reliable everyday performance.
With slippages increasing every quarter, any derailment on growth or change in customers' repayment behaviour after moratorium may impact the overall asset quality. Correction, though, presents attractive buying opportunities, given the bank's sustained leadership position.
The law firm had specifically named the bank's chief executive and managing director of over 25 years, Aditya Puri, his designated successor Sashidhar Jagdishan and company secretary Santosh Haldankar as defendants.
The country's two largest private sector banks ICICI Bank and HDFC Bank on Wednesday revised interest rates on fixed deposits by up to 0.50 per cent each, a week after State Bank of India reduced term deposits rates.
Indian benchmark indices Sensex and Nifty closed lower for the second consecutive day, driven by investor caution over conflicting geopolitical signals from West Asia and fresh foreign institutional investor (FII) outflows.
HDFC Bank on Tuesday ruled out merger with its parent HDFC or acquiring smaller banks in the near future, but said it has embarked on an aggressive organic growth path in India and abroad.\n\n
Valued at $71.2 billion, the bank's market capitalisation is more than that of global banks like Barclays, JP Morgan Chase and Credit Suisse.
HDFC Bank said that Maitra was quoted out of context and it has already written to the magazine. It also called it unfortunate that the comments had hurt ICICI Bank.
The unprecedented rally in artificial intelligence (AI)-linked stocks has led to Indian companies being excluded from the top 10 constituents of the MSCI Emerging Markets (EM) Index for the first time in over two decades, raising concerns about concentration risk.
State Bank of India has entered into an alliance with HDFC Bank for sharing ATM networks to be operationalised from February 3 this year.
More people are now comfortable using their debit cards.
Jagdishan, currently working as the 'change agent' of HDFC Bank and head of finance, has been with the bank since 1996.
