Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
The One97 Communications stock saw a surge in interest as the company's operating performance update for August was considered positive by the Street. In addition, there was a news buzz as the company released a new hitech soundbox, which has longer battery life and processes all major cards. The performance indicates that the company, which is better known by its Paytm brandname, is still on course to achieve its guidance of going cashflow positive by the end of the 2023-24 financial year (FY24).
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
What should you do if you have too many loans on you and you are unable to service them? Financial planning expert Vetapalem Sridhar has the answers.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
The growth in personal loans for fintech major Paytm may remain muted in the future and not replicate a three-digit year-on-year (Y-o-Y) growth that it recorded in the previous years, a person familiar with the matter said. Sources said the personal loans book may grow in the range of 30 to 40 per cent Y-o-Y on its current base. On a quarter-on-quarter (Q-o-Q) basis, the number of personal loans the Noida-based fintech company disbursed has dropped 20 per cent from 0.3 million in the first quarter of this financial year (Q1FY24) to 0.24 million in Q2FY24, according to regulatory filings.
The mother of a six-year-old boy who fled to India from the US in March this year has been indicted by a grand jury on several new charges including capital murder.
The Reserve Bank India's (RBI's) decision to ban the onboarding of new accounts on the "bob World" mobile digital platform led to a selloff in the Bank of Baroda (BoB) stock. The stock of the public sector bank dropped by around 3 per cent. The central bank cited "material supervisory concerns"; news reports claimed mobile numbers were randomly linked to accounts to purportedly inflate registrations on bob World.
The second quarter results of banks show that net profits for the industry increased 57 per cent annually. The private sector banks recorded a 64 per cent rise in profits, whereas the net profits of public sector banks jumped 50 per cent in this period. A significant portion of this increase can be attributed to the rise in credit costs and a decline in non-performing assets (NPAs).
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
WhatsApp on Wednesday announced the expansion of its payments service in India to make it easier for people transacting with businesses to pay for purchases directly in the chat, with a choice of UPI apps, including rival digital payment options, as well as credit and debit cards. Meta founder and CEO Mark Zuckerberg asserted that India is leading the world in people and businesses embracing messaging. WhatsApp said it is working with partners Razorpay and PayU "to make paying for something as simple as sending a message", as the Meta-owned platform unveiled a host of new features to woo businesses in India's booming commerce market.
Unlike our past generations, spending has taken priority over saving. And a major contributor to this trend has been the increasing use of plastic money aka credit cards. Here are eight things you could do to ensure that you use your credit card wisely.
The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. "The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of public have revealed several instances of unreasonable elongation of tenor of floating rate loans by lenders without proper consent and communication to the borrowers," he said.
The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC's home loan customers to external benchmark linked lending rate (EBLR), top sources in the bank told Business Standard. Almost half of HDFC's 5.4 million customers are home loan customers. It is mandatory for banks to link retail loans and loans to micro, medium and small enterprises to an external benchmark. Non-banking financial companies do not have such a mandate.
E-commerce major Amazon will host Prime Day - its annual sale event - in India on July 15-16. The company will launch over 45,000 products from over 400 Indian and global brands. The announcement of the Prime Day event in India comes at a time when 900 workers at Amazon UK plan to strike for three days (July 11-13).
If the credit card limit is exceeded, it is your problem. And, that is true even if the card is stolen.
Every defaulter is not a wilful defaulter who has the capability of paying back and is yet not servicing the bank loan, observes Tamal Bandyopadhyay.
'If you wish to make a big-ticket purchase on EMI without having to pay additional charges, no-cost EMI would be the right choice for you.'
Technology giant Apple has informed its customers in India that it will no longer store their card information on file and will not be accepting payments made by debit cards and credit cards for purchases or subscriptions on the App store or other Apple services. The decision has been taken by the US-based company in view of the Reserve Bank of India's (RBI's) card data storage guidelines, which will kick in from July 1. The deadline for implementing these norms was extended twice.
Four indian banks are offering cards with a credit limit of 80-90 per cent of the fixed deposit.
A court in Canada has ordered the seizure of amounts collected by the International Air Transport Association (IATA) on behalf of Air India and the Airports Authority of India (AAI). Separate orders were passed on November 24 and December 21 on pleas by shareholders of Devas Multimedia Private Limited who have filed multiple petitions to enforce arbitration awards against the Indian government. According to a Devas spokesperson, more than $30 million has been seized to date under the IATA action.
In yet another case of international bank cards fraud, customers at a petrol pump in the city of Leicester last week found that their card details were used to withdraw money from various places across the world, including India.
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.
Being driven to abandon Indian middle-class values, asks Ajit Balakrishnan.
Consumer finance schemes and credit card purchases are gradually enjoying a greater share in the sale of consumer durables.
Here are ten questions to test your knowledge of personal loans. Take this quiz to understand why individuals should take special care while opting for personal loans.
Now borrowers will compensate for higher provisioning on personal loans/credit cards.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
Air India said on Monday that it has processed passengers refunds of more than Rs 150 crore during the first few months after its privatisation. After winning the bid for Air India on October 8 last year, the Tata Group took charge of the airline on January 27. Since then, the airline has been taking multiple steps to address the legacy issues such as stuck refunds.
Following Ranaut's "tweet", fake news against him is circulating on social media, Sarnaik alleged.
A strong business update for the April-June quarter of the 2023-24 financial year Q1FY24 has led to a big jump of over 7 per cent in the share price of Bajaj Finance on Tuesday (July 4). The non-banking financial company's (NBFC's) new loan book grew 34 per cent with 9.9 million new loans booked in Q1FY24 from 7.2 million loans booked in Q1FY23. The company's total customer franchise rose to 72.98 million (as on June 30, 2023), compared to 60.30 million year-on-year (YoY) with the highest-ever quarterly increase of 3.84 million in Q1FY24. Assets under management (AUM) grew by 32 per cent to about Rs. 270,050 crore in Q1FY24 from Rs. 204,018 crore in Q1FY23.
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
The RBI on Friday asked Paytm Payments Bank to stop opening new accounts amid "material supervisory concerns" observed in the bank. "Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers," the central bank said in a statement. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
With the banking regulator lifting restrictions on HDFC Bank's digital initiatives, the largest private sector lender is now girding up to launch a clutch of customer-facing applications (apps), which will act as stepping stones in its journey to morph into a technology (tech)-led bank from a conventional one. Following repeated outages in its digital offerings, the Reserve Bank of India (RBI) had barred HDFC Bank from issuing new credit cards in December 2020 and prevented it from going ahead with its digital launches. The embargo on issuing credit cards was lifted in August 2021 and the ban on digital launches was lifted last week.
Companies don't have to be in the field to nudge people to return money they owe lenders.
A massive data breach that has implications for national security was unearthed by the Cyberabad Police in Hyderabad, who arrested seven people of a gang allegedly involved in the theft and sale of sensitive data of the government and important organisations, including details of defence personnel as well as the personal and confidential data of about 16.8 crore citizens.
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