The Reserve Bank of India's (RBI's) move to ban Mastercard from issuing new cards for not complying with the local data storage guidelines may hit five private banks, a non-bank lender, and a major card-issuing company. The impact is expected to be felt for a few months as these players transition to other card networks. According to Nomura Research, RBL Bank, YES Bank, and Bajaj Finserv are the ones most impacted by the ban as all their credit card schemes are allied to Mastercard. Among others, IndusInd Bank, Axis Bank and ICICI Bank have 35-40 per cent of their credit card schemes tied to Mastercard, the report said.
Stop indulging in these before it derails your financial future
Do you think the 100-hour training and certificate course made mandatory by RBI for debt recovery agents sensitise them to the rights of borrowers? Will they stop using intimidating tactics to recover dues from defaulters? Will it lead to better debt collection practices? Tell us.
Outright fear and lack of awareness can harm your CIBIL score
The 'DPD' indicates how many days a payment on a respective account has been delayed. Simply put, it's trouble for the borrower
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
'Understand your financial goals. Next, categorise them by size. Then evaluate your investment options.'
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
'Mera plan hain aap logon ko itna daraungi, itna daraungi ki matlab bas band bajne wali hain.'
Sometimes being a good borrower and repaying your loans before time can also lead to a drop in your credit score
If you are wondering what all this is about and why should your wife need an independent score then read on to find out.
The Reserve Bank of India's (RBI's) State of the Economy report for October acknowledged a slowdown in some high-frequency indicators but expressed confidence in a recovery, aided by consumption demand during the festival season. "In India, aggregate demand is poised to shrug off the temporary slowdown in momentum in the second quarter of 2024-25 as festival demand picks up pace and consumer confidence improves," said the report released on Monday.
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.
Here are a few quick ways that can help you become debt free faster.
The United States government over the years has been spending more than what it earns. Like for the year 2011, the expected revenues for the US government stand at $2.17 trillion, whereas the expected expenditure is much higher at $3.82 trillion, leaving a difference of $1.65 trillion between what the government earns and spends.
Harshala Chandorkar of CIBIL answered queries on how borrowers can get errors in their credit reports rectified
A Rs 525-crore contingency provision during the July-September period led to a 19 per cent fall in IndusInd Bank's share price on Friday (October 25). Contingency provisions are generally made when a lender expects more bad loans in the coming quarters. Shares of the bank on Tuesday (October 29) declined 1.53 per cent to settle at Rs 1,038.2 apiece on the BSE.
Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, the largest private-sector lender of the country, has just completed his first term. The period October 2020-October 2023 was a roller coaster, and the second one, which started on October 27, could be more interesting as the lender absorbs the impact of the merger of HDFC, which was integrated on July 1, and moves to the next growth phase. Soon after he took over the reins from Aditya Puri on October 27, 2020, the Reserve Bank of India (RBI) debarred HDFC Bank from enrolling new credit card customers and launching new products under the Digital 2.0 programme due to repeated outages on its mobile-banking and internet-banking platforms.
The advice your mother gave you about choosing your friends wisely got a whole new meaning with lenders looking at your social media posts
Stopping SIPs during a downturn undermines the benefit of rupee-cost averaging.
Bihar Chief Minister Nitish Kumar on Sunday snubbed the Rashtriya Janata Dal, headed by his arch-rival Lalu Prasad Yadav, stating that he had forged alliances 'by mistake' with the opposition party which 'did nothing' while in power.
The stocks are largely from sectors such as chemicals, finance and cement, which struggled earlier but the worse seems to be behind them.
Private banks' net profit grew 26.3 per cent year-on-year (Y-o-Y) to Rs 48,982 crore in the first quarter ended June 2024 (Q1FY25) owing to healthy growth in credit and other income. The gross non-performing assets (GNPAs) increased with the end of dispensation granted during the pandemic, according to the data compiled by BS Research Bureau for listed 18 private banks.
Be it an e-commerce transaction, booking tickets online or availing a service, online transactions has its intrinsic advantages of saving time and convenience.
A study by Edgar, Dunn & Company and India Cards Council has revealed that unlike in the United Kingdom and Australia where 90 per cent cards are active, there are only 56 per cent active debit cards in India.
SBI Cards and Payment Services reported numbers that met Street expectations in the first quarter of the 2023-24 financial year (Q1FY24). The net profit came in at Rs 590 crore, while pre-provision operating profit grew 17 per cent year-on-year (YoY) (a little better than expectations). But provisions were hiked due to surprise stress from pre-Covid-19 period of 2018-19, and that dragged earnings.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Consumer activist Jehangir B Gai explains a RBI circular that says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part.
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.
If your answer is yes, this is just what your need to read today.
'People try to repay the BIGGEST LOAN first. Actually, you should repay the most expensive loan first.'
Villarreal fought back to shock Barcelona 3-2 on Sunday, handing the LaLiga champions their first league defeat since late December.
The popular National Electronic Funds Transfer (NEFT) system for online transfer of funds will remain unavailable for 14 hours from Saturday mid-night till Sunday afternoon due technical upgrade, the Reserve Bank of India said on Monday. National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
In FY24, loans given out by such firms had topped a whopping Rs 146,517 crore, up by 49 per cent year-on-year and spread over 10.19 million accounts (up 35 per cent).
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
Here's why it happens and how you should avoid it.
Here are some reasons you need to watch out for and guard yourself against to obtain a loan without any hassles.
If variation is over 50 points, write to the bank and bureau immediately to correct the discrepancy
