The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
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.
After a turnaround in performance by Indian equity markets since July that has seen the S&P BSE Sensex and the Nifty50 wipe out the year-to-date losses, analysts suggest investors start nibbling into stocks that are focused on the domestic economy. While they say intermittent corrections, led by policies of global central banks and other economic data, cannot be ruled out, analysts expect India's relative outperformance among global equity markets to continue as it looks better placed with a healthy economic recovery, and remains one of the fastest growing major economies. In this backdrop, Neeraj Chadawar, head of quantitative equity strategy at Axis Securities, believes that amid global slowdown, aggressive tightening by the central banks, and preference for domestic interests first (by the local government), export-oriented themes are likely to be muted or will deliver conservative returns in the near-term.
In a shocking incident, a 20-year-old woman died after her scooty was hit by a car and her body was dragged for around four kilometres in outer Delhi's Sultanpuri on Sunday, police said.
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as automated teller machines and cheque books.
The home loan scheme offers a discount in the interest rate for the first three years. The interest rate structure of the scheme remains unchanged, said a top SBI official.
Wait for some days, as other lenders are likely to follow suit. You can also negotiate for a lower rate before deciding on a change of bankers.
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
'The overall stress on asset quality is indeed coming down.'
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Report holds Hitachi responsible for debit card data theft. When the data theft came to light, Hitachi had denied that its systems were compromised.
They also warned that banks will start reporting higher non-performing assets after September, once the six-month moratorium on loan repayment ends.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Do you often miss payments? Do you exceed your credit limit? You are just the kind of customer credit card companies are looking out for!
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
The 'SBI -- Mother Dairy SmartChange Card' is first-of-a-kind initiative in the dairy industry and the service is presently available at 76 outlets in NCR region.
Union Bank of India, Canara Bank, Andhra Bank, Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank fund transfers through debit cards.
Some banks might charge you a nominal amount of Rs 100-150 for issuing the card.
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
The quarter also saw exits worth $1.9 billion across 37 deals, 59 per cent higher YoY. This was driven by one of India's largest PE-backed IPO exit, the $1-billion partial exit by Carlyle in the SBI Cards IPO.
With retail inflation surprising on the upside, the six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) is expected to increase the repo rate by 35-50 basis points (bps) in the review scheduled for September 28-30. According to economists, the central bank will continue to focus on bringing inflation down even though economic growth has remained sluggish. Data released by the government on Monday showed that the consumer price index (CPI)-based inflation increased by 7 per cent year-on-year (YoY) in August, thus, staying above the upper tolerance limit of the central bank for all the eight months of 2022.
Former HDFC Bank CEO Aditya Puri will be guiding global Carlyle on investment opportunities across Asia as a senior advisor, the global private equity major said on Monday.
State Bank of India is keen to encourage women to take home loans.
Balance transfer is a facility in which you can transfer outstanding balance from one credit card to another. It works well if you have multiple cards.
.jpg)
The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
'Oh, this is printed material which is sent to everyone along with the ATM card,' the bank manager told me. 'It won't work because the system has changed.' A Ganesh Nadar encounters the Indian banking system.
Country's largest lender State Bank of India on Wednesday said it has selected US-based Elavon Incorporation and Visa International as its joint venture partners for merchant acquiring business. Merchant acquiring business is facilitation of payment through debit or credit card at the retail outlets.
SBI had a tough journey in the last 40 years.
According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
SBI home loans will now be available under two slabs -- under Rs 75 lakh (Rs 7.5 million) and above Rs 75 lakh.
You can gift your sister a Women Special Credit Card, which is not only loaded with exciting rewards for women, but they are also your sister's first step towards a better credit management.
A pan-India 'fraud-to-phone' network has been busted by security agencies, which have also arrested eight people and seized nearly 300 new mobile phones bought with stolen funds, officials said on Tuesday. Moreover, 900 mobile phones, 1,000 bank accounts and hundreds of unified payment interface (UPI) and e-commerce IDs of this gang have been identified and are under investigation. Nearly 100 bank accounts, and debit and credit cards have been frozen by the security agencies so far, officials said.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Paytm app users will continue to use all services like mobile and DTH recharges except for Paytm Payments Bank's offerings including wallet funds, Fastag and bank accounts, according to the company hit by RBI restrictions. Paytm Payments Bank users will not be able to add any funds to their wallet and bank accounts but will be able to use the balance until it is exhausted, according to the RBI order. "The RBI has issued a directive restricting Paytm Payments Bank account/wallet from accepting new deposits or allowing credit transactions after March 15, 2024.
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.
The telecom regulator on Friday released a list of 40 "defaulter" principal entities, including large banks like HDFC Bank, SBI and ICICI Bank, that are not fulfilling the regulatory norms on bulk commercial messages despite repeated reminders. Hardening its stance on the issue, the Telecom Regulatory Authority of India (TRAI) warned that defaulting entities should comply with the stipulated requirements by March 31, 2021 "to avoid any disruption in the communication with customers" from April 1, 2021. "As sufficient opportunity has been given to principal entities/ telemarketers to comply with the regulatory requirements and that the consumers cannot be deprived of the benefits of the regulatory provisions any further, therefore it has been decided that from April 1, 2021, any message failing in the scrubbing process due to non-compliance of regulatory requirements will be rejected" by the system, TRAI said in a statement.
