The need to maintain people's confidence in digital banking resulted in the action against HDFC Bank for service outages, RBI Governor Shaktikanta Das said on Friday and exhorted lenders to invest more on the technology front.
GST will now apply to mutual funds, loan instalments and credit card dues.
Zomato's mega initial public offering (IPO) ended with a bumper 38 times oversubscription on Friday as institutional investors poured money to get a pie of the hottest online food delivery platform. Zomato got bids for 2,751.25 crore shares against 71.92 crore shares on offer, stock exchange data showed. The IPO is India's biggest since March 2020. Institutional investors, who shied away in the first two days of the IPO, bid several times over the number of shares reserved for them.
Apart from fulfilling banking services, one can access more than 100 e-commerce sites, book tickets, and even pay for small value groceries through the app. The bank is now proposing to allow other banks to use this to serve their own customers.
Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
Brokerages are expanding the universe of stocks they cover amid a boom in the market. Several stocks in the mid-cap universe are now tracked by more analysts than they were a year ago. For instance, SBI Cards and Payment Services is now tracked by 17 brokerages, compared to just four a year ago.
Nokia has tied up with Citibank, HDFC Bank, Axis Bank, Standard Chartered, HSBC, ICICI Bank and SBI Cards for the EMI scheme and the offer will be available to consumers with credit cards from any of these banks.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. As part of risk mitigation measures, RBI announced this step to bolster safety and security of card transactions.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
Here's why VCCs are the best options for credit and debit card holders for avoiding phishing and frauds
Food delivery platform Zomato's initial public offering was oversubscribed on the opening day on Wednesday with retail investors bidding for 2.7 times the number of shares reserved for them. The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid by 1700 hours.
Some banks might charge you a nominal amount of Rs 100-150 for issuing the card.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
'The overall stress on asset quality is indeed coming down.'
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs.
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
In a note to customers, the country's largest lender State Bank of India said, 'Interest shall continue to accrue on the outstanding portion of the term Loan during the moratorium period'. The accrued interest will be collected by the lender in the form of additional EMIs from those borrowers who opt for the three-month moratorium.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
The NITI Aayog may want us to believe this is one of the easiest payment systems in the world, but Tinesh Bhasin decodes the many unanswered queries and concerns involving the United Payments Interface.
Your nearest grocery shop might soon become a one-stop shop for depositing and withdrawing money.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Shine Jacob & Karan Choudhury highlight the red flags raised by the Controller General of Accounts.
If you are have an account with State Bank of India, HDFC Bank or Axis Bank you will have to pay higher charges for using ATM more than five times a month.
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SBI will hold 30 per cent in RIL joint venture
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
In the start-up world, hitting the $1-billion mark, which accords the "Unicorn" tag, is a milestone. Enterprises typically reach the milestone only by series C or series D, or three to four funding rounds later. Zeta achieved it at the first one. On May 25, the six-year-old banking tech firm raised $250 million from Japanese conglomerate SoftBank, at a post-money valuation of $1.45 billion. "This is the first time we have raised institutional money," Zeta co-founder Bhavin Turakhia beamed on the conference call. This trajectory is uncommon in start-ups.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Customers using e-commerce websites are young and techno-savvy.
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Banking as we know it will stand on its head in the next 10 years.
Reliance, Birla Group, Airtel eye small finance banks.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'Completely disregarding ground reports of starvation deaths owing to Aadhaar and potentially disguising these deaths to look like accidents appears brutal,' says Rajendran Narayanan.
The preference for digital banking now cuts across all customer segments.
Jaitley's Budget has the potential to change the face of Modi's Bharat
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