Transiting from "survival mode", which took most of the management time in FY21, the bank has been able to take a long-term view in terms of growth and preparing technology in the past 12 months.
Axis Bank has strengthened its positioning -- on both the assets and liability side -- and it may be set to deliver sustained improvement in performance. The valuation gap between Axis Bank (which trades at 1.4x core book value (or BV) and peers like ICICI Bank (valued at 2x BV) is expected to narrow.
More than 50 per cent of SIP accounts come from semi-urban and rural areas.
'The BJP has killed public anger. They have killed people's self-respect.'
Finance Minister Nirmala Sitharaman on Wednesday said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs (self help groups).
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
It is to be seen if SBI under Setty, who will have a three-year term, can ride the economic cycle to take SBI to new heights, navigating some of these challenges.
Ask the question "How much cash do you need?" and the most likely answer you'll get is "As much as I can lay my hands on." What we are looking at is the liquid funds deposited in savings bank accounts and stored in cupboards and bank lockers.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
According to experts, 'Lakshmi' and the logo 'Godesses Lakshmi' have a lot of value in India and are the biggest driver for the Bank. Retaining the Lakshmi name and logo will help DBS.
The idea is to save customers the inconvenience of opening and closing bank accounts or keeping multiple accounts if they have to shift to a new location or find their bank's services unsatisfactory.
In an attempt to acquire consumers, banks have been providing a lot of technology-enabled services, which used to be offered free.
Nobody is held accountable for lapses, no matter how badly it affects the person or business whose accounts are frozen. Nor is there compensation for losses. Most people get to know their accounts are blocked only when a cheque bounces, points out Debashis Basu.
They had also sought to be allowed to charge consumers for use of own-bank ATMs.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
IndusInd Bank on Monday announced the launch of Indus Easy Savings Account, a no-frills account with an allowed balance of Re 1.
Outgoing SBI chairman Dinesh Kumar Khara on Saturday said the country's largest lender's net profits in the past four years under him have been higher than the cumulative figures for 64 years before that. However, Khara rued that the bank having a huge network of over 22,000 branches, and ammunition in terms of reserves and product suite, is not getting the "right value".
Investors should view any bounce-back in bank stocks as an opportunity to exit the pack, analysts suggested, as the worst may not be over yet. The recent quarterly results of HDFC Bank and Axis Bank disappointed the Street, triggering a marketwide selloff by foreign institutional investors, especially in banking counters. While HDFC Bank, which was the anchor for the market correction during the past week, ended 2 per cent higher amid short covering on Wednesday, Axis Bank's shares settled 3 per cent lower.
The Indian Post Payments Bank will be a boon to Indians who live in rural areas. India has 154,000 post offices, of which 139,000 are rural.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
Indian Bank expects recoveries to be more than slippages in this financial year, which will result in improved asset quality.
The Budget should undertake further reductions in import tariffs and seriously consider an announcement of India's intention to join one or both of the two Asian mega-regional free trade agreements, suggests Shankar Acharya, former chief economic adviser to the Government of India.
The share of low-cost money in total deposits continued to take a knock at the close of FY23 as banks engaged in intense competition by offering higher interest rates on term money to garner funds amid tight liquidity conditions. The share of current accounts and saving accounts (CASA) in total deposits declined by 2-4 per cent by end of March 2023 from March 2022 figure, according to BSE filings by private banks. The ease of movement of funds on digital platforms and the deployment of money by businesses from current accounts also played a role in dwindling the share of CASA money.
'People can start making a safety net, and that safety net should be at least three months of your monthly salary.' 'If somebody is earning Rs 25,000 then s/he should have at least Rs 75,000 in her/his bank account, so that if anything like this (lockdowns) happens in the future, they are not struggling.'
The tech community, which was getting ready to use the ChatGPT fever and raise unlimited capital for their businesses, is going to face tougher obstacles now, predicts Ajit Balakrishnan.
We asked you, dear readers to share yours smart tips to save money. This is what Mahesh Kaushik, 45, from Ghaziabad had to share.
ICICI Bank has 317 branches in hitherto unbanked villages.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1 per cent with an upward bias and the Reserve Bank of India's 6.5 per cent estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5 per cent, basis the RBI estimate," a note said.
Union Finance Minister Nirmala Sitharaman on Tuesday commended Indian financial sector regulators for doing a "world-class job" and bringing greater transparency into the system. Underlining that she is not against questioning or critiquing regulators, Sitharaman said there is a need to be "extremely conscious" about contributions made by them as well. Speaking at the Financial Express Best Banks Awards, the finance minister said, "I strongly recommend that facts are taken on board before we discuss anything to do with the regulators, strictly speaking."
The ED also alleged that Karti had 'disposed' off a property in Gurugram and had 'closed certain bank accounts.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
ICICI Bank reported good results for the October-December 2023 quarter (Q3), with 24 per cent year-on-year (Y-o-Y) growth in profit after tax (PAT). Net interest margin (NIM) dropped 10 bps quarter-on-quarter (Q-o-Q) to 4.43 per cent. Credit growth was at 19 per cent Y-o-Y (4 per cent Q-o-Q), while deposit growth was at 19 per cent Y-o-Y (3 per cent Q-o-Q).
Do you have financial planning queries? Ask rediffGURU Kirtan A Shah.
Saving is not the same as investing as many people wrongly assume. But what's the difference between the two? How does each benefit you. Larissa Fernand has the answers
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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