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.
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.
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.
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.
'People try to repay the BIGGEST LOAN first. Actually, you should repay the most expensive loan first.'
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.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
Stopping SIPs during a downturn undermines the benefit of rupee-cost averaging.
The stocks are largely from sectors such as chemicals, finance and cement, which struggled earlier but the worse seems to be behind them.
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
While quite challenging it is not impossible to overcome emotional spending. Here's how
If you are planning to buy a house in the near future, make sure you start exploring pre-conditions you will need to satisfy to apply for home loan and be prepared about the same.
Applying for a home loan requires preparation on various fronts.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Mayank Goyal, founder and CEO, moneyHOP, will answer queries related to how to best manage your money while travelling internationally.
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).
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
If your total EMI payments exceed 35-40 per cent of your monthly income, use these strategies to avoid a Squid Game like debt trap, suggests Bindisha Sarang.
Its debit card holders can now withdraw cash from any ATM without charges till June 30.
Gone are the days when banks would treat payment delays as part of life. Instead, they are taking measures to minimise chances of any kind of payment default by doing rigorous background checks.
The SC has ruled that banks cannot employ goondas and must take legal action to recover their dues. Tell us what you think.
Villarreal fought back to shock Barcelona 3-2 on Sunday, handing the LaLiga champions their first league defeat since late December.
Follow these if you want to enjoy credit happiness and easy access to finance in the New Year by maintaining a healthy credit report and high credit score
Few right moves and you can improve your credit score real fast
The April-June quarter (Q1) of the current financial year (FY25) may be soft for banks with loan growth moderation, net interest margin (NIM) pressures, and higher staff and credit costs inching up, according to analysts. Credit growth could ease due to the lagged impact of the Reserve Bank of India (RBI) tightening and deposit growth has weakened, and the current account and savings account (CASA) ratio has declined 10-370 basis points (bps) quarter-on-quarter (Q-o-Q) for many banks.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
Can you run a business by taking personal loans or structured loans? What are the drawbacks of doing business on such terms? Personal loan expert Harsh Roongta gives his advice on such tricky finance issues.
The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row but changed its stance to 'neutral' that may lead to a cut in the forthcoming policies. RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month.
The market capitalisation of BSE-listed companies jumped to a lifetime peak of Rs 404.18 lakh crore on Thursday helped by a five-day rally in benchmark indices, making investors richer by Rs 11.29 lakh crore. Recovering after a sell-off in early trade, the 30-share BSE Sensex climbed 486.50 points or 0.66 per cent to settle at 74,339.44 on Thursday. During the day, it surged 718.31 points or 0.97 per cent to 74,571.25.
Close to 29 per cent of all complaints received from customers is related to ATM, debit card and credit card payments
Find out how banks and lending institutions decide if you are worth their money based on your CIBIL TransUnion Score and Credit Information Report.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
The mystery over missing actor Gurucharan Singh, who played Roshan Singh Sodhi's character in TV serial Taarak Mehta Ka Ooltah Chashmah, has deepened as the Delhi police has found that the actor was using 27 separate email accounts in the fear of being "surveillanced" by someone.
Some leading private and foreign banks in the country have started checking scores of credit information companies such as Credit Information Bureau Ltd as part of their pre-employment screening process.
This is not for the first time that the customers of the bank have faced service outage. In fact, the bank has been penalised by the Reserve bank of India (RBI) for two major outages in the past. In December, the RBI temporarily barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the lender over the last two years.
'With NPA under control, we should be able to post better profits.'
It takes a longer time to avail of these loans, owing to tight due-diligence process of banks.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
