Microsoft co-founder Bill Gates on Tuesday met Reserve Bank of India Governor Shaktikanta Das and discussed various issues including financial inclusion, payment systems, microfinance and digital lending among others. "Mr.@BillGates visited RBI Mumbai today and held wide ranging discussions with Governor @DasShaktikanta #RBI #rbitoday #rbigovernor #shaktikantadas #BillGates," RBI said in a tweet. Gates Foundation pursues a lot of activity in India including promotion of financial inclusion, health sector and climate change.
The State Bank of India SBI has raised the benchmark lending rate by 50 basis points to 12.25 per cent.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC's home loan customers to external benchmark linked lending rate (EBLR), top sources in the bank told Business Standard. Almost half of HDFC's 5.4 million customers are home loan customers. It is mandatory for banks to link retail loans and loans to micro, medium and small enterprises to an external benchmark. Non-banking financial companies do not have such a mandate.
Former captain Sunil Gavaskar said all-rounder Stuart Binny would lend much needed balance to the Indian team which is keen to bounce back after an embarrassing defeat in the first Test against Sri Lanka.
HDFC Bank slashes base rate by 0.35 per cent to 9.35 per cent, effective Tuesday.
Interest rates on fixed rate home loans have been increased by 0.75 per cent to 8.50 per cent from the current level of 7.75 per cent with effect from November 17, 2004.
Companies don't have to be in the field to nudge people to return money they owe lenders.
CLSA has downgraded select real estate stocks and expects most counters from this sector to consolidate in the months ahead after the sharp run seen in them in the last few months. Most positive factors in terms of a pick-up in housing demand and office space absorption, it said, are already priced in. "We expect housing industry demand to grow around 12 per cent in 2024 and for large developers to outpace industry to grow at 15 - 20 per cent.
Leaving behind the luxe life and dapper suits of foreign banks, Puri and his team at the upstart venture shared fizz drinks, wore a footwear brand popular among the middle class, shared a rat-infested space in a yet-to-be gentrified work space to plan and execute it.
The RBI, in its third quarter monetary policy review, raised by 75 basis points (to 5.75 per cent) the mandatory deposits banks need to park with the apex bank to tame inflation. The move is likely to suck Rs 36,000 crore (Rs 360 billion) out from the system.
The 'Pesta Demokrasi' is a cause for celebration not only for Indonesia but also for democracy and forces for peace all over the globe, notes Sandeep Chakravorty, India's Ambassador to Indonesia.
After a sharp fall in the share prices of HDFC Bank and other private sector lenders in the past three days, the BFSI (banking, financial services and insurance) sector weighting in the Nifty50 has slipped to a seven-year low of 32.03 per cent, down from nearly 36.6 per cent at the end of March 2023 and 34.5 per cent at the end of December 2023.
In a move that could infuse more liquidity in the markets and make it more dynamic, the Securities and Exchange Board of India on Wednesday extended the tenure of contracts in securities lending and borrowing to 12 months from one month.
'You cannot have only one product or one market or one customer segment.'
Pandya has spent a considerable amount of time on his fitness over the last 18 months after recurring injuries
Asks banks to settle for lower margins, boost efficiency.
Banks are likely to see their net interest margins (NIM) - broadly the difference between interest earned on loans and paid on deposits - shrink by another 30 basis points (bps) over the next few quarters. After hitting a peak of 3.3 per cent in the third quarter (Q3) of the financial year ended March 31, 2023 (FY23), NIMs have been on a downward trajectory, touching 3.13 per cent in Q2FY24 on higher cost of funds, according to capital markets firm CARE Ratings. Banks are still grappling with the Reserve Bank of India's policy rate increases - that have made deposits costlier as the interest payable to customers has increased - and the regulatory actions on unsecured lending.
The State Bank of India (SBI) on Wednesday said that it was examining the possibility of another round of reduction in its benchmark prime lending rate (BPLR), while adding that it was offering the cheapest rates across loan categories.
Announcing the reduction in interest rate, SBI managing director and group executive (national banking) A Krishna Kumar said the base rate will also remain unchanged at 10 per cent.
India's banks rely on overnight borrowings to fund longer-term lending.
Country's largest lender, State Bank of India, on Wednesday said it does not plan any hike in its lending or deposit rates in the near-term as the liquidity situation was evolving in the right direction.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Ficci's Business Confidence Survey continued to show a robust rise in the second quarter of the ongoing financial year 2010-11 as all three confidence indices -- current conditions index, expectations index and overall business confidence index -- saw an increase in their values.
Recently, Slice, a payment app, acquired a 5 per cent stake in North East Small Finance (NESF) for $3.42 million - the first such deal by a fintech in a small finance bank. Slice (valued at $1.5 billion, and backed by Tiger Global, Blume Ventures and Axis Bank) will technically get a toehold in a scheduled commercial bank if NESF were to get a licence to morph into one down the line Such a transition is well within the banking regulator's declared framework. The transaction has to be seen in a larger context.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
The country's largest lender SBI on Saturday reported a 9.13 per cent rise in consolidated net profit to Rs 16,099.58 crore for the September quarter, weighed down by money it had to set aside for employees' impending wage and pension revisions. On a standalone basis, the State Bank of India (SBI) had a 8.03 per cent increase in the profit after tax for the reporting quarter at Rs 14,330 crore. However, the same was down 15.13 per cent compared to Rs 16,884 crore in the June quarter.
The Congress expressed its 'whole-hearted' support to the 'Bharat bandh' called by farmer unions against the new agri-marketing laws and announced that it will hold protests that day at all district and state headquarters in solidarity with the demands of the farmers. TRS president and Chief Minister K Chandrasekhar Rao said the party rank and file would actively participate in the bandh to ensure it was a success.
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
Benefiting from higher credit off-take and loan repricing, listed commercial banks are expected to post 43.9 per cent year-on-year (YoY) growth in their net profit in the quarter ended June 30 (Q1FY24), analysts have said. Controlled credit costs due to a healthy asset quality profile and a steady treasury book will also support a strong bottom line for the lenders in the first quarter. However, net profit may shrink sequentially, according to analysts' estimates for 13 banks sourced from Bloomberg data.
'If 99.99 per cent of these micro borrowers are good at repaying their loans, why can't we look at the SMEs and MSMEs and replicate the same model for them with our stringent risk management system,' Chandra Shekhar Ghosh, chairman and managing director of India's newest private sector bank, tells Prasanna D Zore/Rediff.com.
SBI and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code. The money lent by banks will help the PSBs to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Banks led by SBI and others had earlier made claims of over Rs 12,146 crore against Ruchi Soya after the company failed to repay its loans.
The temple, you realise, is true to hype and is stunning in its beauty.
A marvel in white, it's simply eye-catching, and every inch a temple for the new India, notes Saisuresh Sivaswamy/Rediff.com after a visit to the new shrine.
'In our Indian content, you always see the mother is presented a bit differently.' 'But in this show, the mother is the one who's most glamorous and she is the bombshell of the show.'
Not scoring quickly certainly became India's undoing.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
The Adani group has exited the financial services business by selling its entire 90 per cent stake in Adani Capital and Adani Housing to private equity (PE) firm Bain Capital for Rs 1,440 crore. The total valuation of the Adani financial services business stands at Rs 1,600 crore. Gaurav Gupta, managing director (MD) and chief executive officer (CEO) of the Adani firms will hold the rest of the stake.
Get a new QR code from an alternative provider. PhonePe, Google Pay, Pine Labs, etc are some of the other service providers.
Electing to bat, India's batting line-up came undone against South Africa's pace battery on a bouncy Perth wicket as they were reduced to 49/5 before Suryakumar Yadav played the rescue act.
Close on the heels of a cut in the interest rate on long term domestic deposits, State Bank of India is now contemplating a downward revision in its prime lending rates.
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