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Rising loan demand from companies and consumers has pushed annual credit growth to a decade high of 17.95% as of October, compared to a five-year average of 9.7%, data provided by the Reserve Bank of India shows. However, the deposit collection has failed to keep pace and is still staying close to its five-year average of 9.4%, pushing bankers to look for ways to lure deposits.
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Instead, the sources said, the lenders recommended the 'Black Box' approach, which means that the modalities of the Challenge Mechanism will be decided by the CoC but will be communicated to the bidders only at a later stage.
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From the sensex pack, Bajaj Finserv, Tata Steel, UltraTech Cement, State Bank of India, Reliance Industries, Asian Paints, Bajaj Finance and Wipro were among the winners.
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The benchmark one-year MCLR rate will be priced at 10.23 per cent from Saturday against the existing rate of 9.96 per cent. The one-year tenor MCLR is used to price most of the consumer loans, such as housing, auto and personal.
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Bluechip funds only invest in stocks of companies that are ranked between 1st to 100th in terms of market capitalization
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People investing in mutual funds early, via SIP are known to benefit from the power of compounding
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The Reserve Bank of India's monetary policy committee (MPC) is meeting on Thursday to discuss and prepare a report on why the central bank missed its inflation target.The off-cycle meeting of the central bank's rate-setting panel comes after the RBI failed to keep inflation within 2 percentage points on either side of its 4% target over the medium-term.
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A guide on ELSS and why it is a best option for investor to get ta benefits
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Announcing the equity raising Wednesday, the bank said it plans to use the funding to enhance its tech stack, strengthen its team, and deepen partnerships to boost its lending to small and medium size businesses. Noida-based Shivalik is the first small finance bank in India to have transitioned from an urban cooperative bank.
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From the sensex pack, Bharti Airtel, Maruti, Hindustan Unilever, Infosys, HCL Technologies, IndusInd Bank and Titan were the major laggards.
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What does ESG score mean for companies form investor funding point of view. Read to know more
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The Reserve Bank of India governor Das said on Wednesday a letter that will be sent to the government will not be made public after the Nov. 3 special meeting because the bank does not have the authority to release it.
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A guide on XIRR in mutual funds and how to calculate them
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Communication services stocks, retailers and other companies that rely on consumer spending also helped drag down the overall S&P 500, keeping gains in banks, energy firms and other sectors of the market in check.
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ICICI Bank and Indian Bank increased their benchmark lending rate by up to 35 basis points, making loans more expensive for the borrowers on Tuesday.
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State-owned Punjab National Bank on Tuesday reported a 63% decline in standalone net profit to Rs 411 crore for the September quarter on account of higher provisioning for bad loans. The bank had posted a net profit of Rs 1,105 crore in the year-ago period.
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"If you look at the real estate space, the pace started one and half years back and now we are just through the journey. So with the real estate boom coupled with economic activity in the country and high shortage of housing, opportunity is still very high. All these things put together, I feel that the demand is robust and we are witnessing this.
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Choksi had defrauded Punjab National Bank and in January 2018 fled the country. Currently he’s been proclaimed an offender by the government and several cases against him, by agencies like CBI, Enforcement Directorate and the Income Tax department, are pending.
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Banks are relative stragglers in the race for deposits. Average rates being offered in specific segments by some lenders are sometimes less than sovereign bond yields.
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The Reserve Bank said the first pilot of the Central Bank Digital Currency -- Digital Rupee (Wholesale segment) will be launched on Tuesday for transactions in government securities. The use case for the pilot is settlement of secondary market transactions in government securities, the RBI said in a statement on Monday.
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From the Sensex pack, UltraTech Cement, Mahindra & Mahindra, HDFC, Sun Pharma, HDFC Bank, Larsen & Toubro, Bajaj Finserv and Bajaj Finance were the major winners.
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A sense of relief has settled on trading floors over the past week following a report that the US central bank could take its foot off the accelerator in its push to rein in decades-high inflation.
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Suitors have raised concerns over the bidding process, including the introduction of 'challenge mechanism', as the resolution process of debt-ridden Reliance Capital Ltd (RCL) enters the final stage.
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The ministry has noted that "many of these illegal lending apps may not be regulated entities by RBI and are using bulk SMS, digital advertisement, chat messengers and mobile app stores on a massive scale".
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On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit."
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Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry.
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