Kotak Mahindra Bank's loan and deposit growth are likely to be affected after the Reserve Bank of India (RBI) asked the private-sector lender not to take on board new customers through the bank's online and mobile banking channels and not to issue any new credit cards, according to analysts. The bank's share price fell 10.85 per cent on Thursday to close the day at Rs 1,643 on the BSE. The RBI's action came after market hours on Wednesday.
The mobile banking app of the largest private sector lender HDFC Bank, which has been under the regulatory lens for network outages, was down for an hour on Tuesday due to unspecified issues. The city headquartered bank said the issues were faced for an hour late in the morning on Tuesday and the same was resolved in an hour. It urged customers to use the net banking alternative to transact in the interim.
More than one million cybersecurity incidents were flagged within 10 days.
'You cannot have only one product or one market or one customer segment.'
Many high-profile IPOs in India since 2021 have destroyed investor wealth due to overvaluation, weak business models, and post-listing disinterest, turning 1 lakh investments into as little as 3,500.
An hour-long disruption could affect around 40 million UPI transactions.
The foreign degree no longer sells itself, families are doing the math, and for many, the numbers just don't add up.
The health of Indian banks continued to improve in 2021-22 with their balance sheet growing at double digits after a gap of seven years and their asset quality and capital position bettering, the Reserve Bank of India (RBI) said in its annual report on trend and progress of banking in India. At the same time, the banking regulator flagged the issue of slippages from restructured accounts. "Going forward, it is imperative that banks ensure due diligence and robust credit appraisal to limit credit risk," the report said.
'We continue to view India as a standout within EM.'
For FY26, the company has adopted a cautious outlook, anticipating domestic growth to broadly track the industry's low single-digit estimated growth amid ongoing economic headwinds.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Shobha Warrier/Rediff.com travels to Pullampara to discover how it became India's first digital literate village.
UPI topped Rs 24 trillion in value of transactions and 19 billion in volume for the first time after becoming operational in April 2016.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
With 90% of the inventories sold out, JioStar expects to ring in more than a 58% increase over last year's IPL, when it clocked Rs 3,900 crore.
With the rise of wellness tourism and experiential travel, specialised jobs are being created in spa management, event planning and local experience curation, besides social media management.
Traders in Karnataka are raising concerns over GST demand notices based on UPI transaction data. A tax official defends the action, stating it's within the law and recipients can respond with documentation.
'I don't know how long cinema will survive.'
'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
PayPal Payments Pvt Ltd (PayPal), the Indian subsidiary of PayPal Holdings Inc, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregatorross Borderxports (PA-CB-E). This marks a key milestone in PayPal's operations in India and its continued support for Indian small businesses, enabling secure cross-border payments to approximately 200 markets, the company said in a statement.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
'That way you're not hostage just to US sort of exports to India.'
HDFC Bank on Tuesday said the Reserve Bank of India (RBI) has appointed an external IT firm for carrying out a special audit of its IT infrastructure in the aftermath of repeated service outages at the country's largest private sector lender over the past two years. "RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the bank under Section 30 (1-B) of the Banking Regulation Act, 1949..., at the cost of the Bank under Section 30 (1-C) of the Act.
Bank account holders are no longer required to visit their bank branches to update 'know your customer' (KYC) details provided they have already submitted valid documents and not changed their address, the RBI has said. Instead, if there is no change in KYC information, they can submit a self-declaration through email-id, registered mobile number, ATMs, or any other digital channels. Following up on Reserve Bank Governor Shaktikanta Das stating that banks should not insist on branch visits for KYC updation, the central bank on Thursday issued guidelines for the same.
The World Bank on Tuesday raised the growth forecast for the Indian economy to 7 per cent for the current fiscal year on the back of recovery in agri sector and rural demand. World Bank had in June projected India to grow at 6.6 per cent for FY24. According to the World Bank Report released on Tuesday, India's growth continues to be strong despite a challenging global environment.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
'The only solution is for the government to allow us to charge a low controlled MDR of 25 bps on UPI P2M transactions only for merchants with more than a Rs 40 lakh turnover.'
'It is for the first time in Independent India that collection of information on caste is being done.'
India's Sports Minister Mansukh Mandaviya launched the Digilocker facility for athletes, making it mandatory for national federations to digitise certificates and other essential documents of sportspersons within the next year. The initiative, launched in the presence of representatives from 40 National Sports Federations, aims to ensure hassle-free record-keeping and prevent exploitation of athletes. The cloud-based platform, developed by Digital India Corporation (DIC), allows for storage and verification of documents. The ministry has also announced that physical certificates will no longer be considered valid after one year.
'We have seen something do very well when the times are good but maybe not as well when the times are bad.'
Ritika Gupta, a study abroad expert and founder of Aaera Consultants, explains how Germany's new visa rules will affect international students and working professionals.
India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around $34 billion annually.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
rediffGURU Major Inderpaul Singh (retd) offers career guidance and helps students and individuals handle challenges in their professional lives.
'This helps the consumers secure more favourable terms from CIs.'
Analysts expect Nifty to rise up by to 6 per cent in six months, with intermittent corrections likely due to global factors.
Foreign investment in bonds issued by Indian corporates touched a 10-year high in May at 20,996 crore, driven by $3.35 billion fundraise by the Shapoorji Pallonji (SP) group, which saw infusion from Deutsche Bank, BlackRock, Morgan Stanley, Davidson Kempner, and Cerberus Capital, among others. The SP group sold three-year bonds, offering 19.75 per cent yield compounded annually and payable at maturity.
One of every four people in the 27-37-year age group, the most prolific in using digital banking apps, reported a fraud in the past year
