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The US inflation measure most closely watched by the Federal Reserve accelerated in April, official figures showed Friday, reversing a recent slowdown and raising the chance of another interest rate hike in June.Fed Chair Jerome Powell has said the US central bank is taking a "data-dependent approach" to its next decision, where it will mull if another rate hike is needed to bring inflation back down to its long-term target of two percent.
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Indian economy is expected to grow at over 7% in Fiscal Year 2023 driven by manufacturing, according to a report by the State Bank of India. The report states that India's GDP growth in the fourth quarter of FY23 will likely be approximately 5.5%, leading to a 7.1% growth for the year ended March 31, 2023.
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The merger between HDFC and HDFC Bank is expected to occur within the next 4-5 weeks, resulting in a lower net interest margin (NIM) for the bank. The bank expects to maintain a return on assets of 1.9% to 2.1% and intends to add over 1,500 branches annually for the next 4-5 years, a significant proportion of these in rural and semi-urban areas.
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Broadly, public sector banks did not insist on mandatory identity documents while exchanging the notes for smaller denominations. However, leading private lenders sought identity documents from those who did not have banking relationships with these lenders, but were exchanging notes at branches of these banks.
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And as it did through 2022, banks were quick to charge retail borrowers more on loans for buying cars, homes or vacations. By contrast, the pace of transmission was positively more circumspect for corporates seeking credit, which is more often than not priced in line with a lender's internal weighted average cost of capital.
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Paytm's UPI SDK is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement.
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No great rush was witnessed for exchange when branches opened. Outlets of private sector banks in metro cities in the early hours had business as usual. According to a senior official of a public sector bank, not much rush is seen so far because there is a window of four months for exchange.
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The users can now link their RuPay credit cards with Google Pay to pay at all online and offline merchants where RuPay credit cards are accepted. The feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India, the company aid in a statement.
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The Reserve Bank of India (RBI) had announced on May 19 the withdrawal of Rs 2,000 currency notes but gave the public until September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.
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Banks are gearing up to manage the reverse flow of Rs 2,000 banknotes from Tuesday. The Reserve Bank of India (RBI) estimates that most of the Rs 3. 6 lakh crore of this high-denomination banknote in circulation will be turned in over the next four months. The RBI has asked banks to maintain separate daily records of the value of notes submitted for exchange and those deposited. The central bank said it would call for this data when required.
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The bank's retail loan book is currently about ₹10,000 crore, which is roughly about 20% of the bank's total advances of ₹50,000 crore. Almost half of retail is gold loans, followed by mortgages (20%) and unsecured (10%). The corporate loan book is about ₹35,000 crore while loans to SMEs are about ₹5,000 crore.
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The Rs 2,000 was introduced with the primary purpose of quickly replenishing the value of money that was being taken out of the system, Das said.
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With UPI being allowed on RuPay credit cards, NPCI is hoping to attract more lenders as it could be a major source of attraction for consumers.
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State Bank of India (SBI) was slow in procuring goods and services from the government-owned GeM portal in 2022-23, while Canara Bank became the largest buyer, followed by Punjab National Bank and Indian Overseas Bank, according to government data. SBI was fourth on the list and purchased Rs 158.22 crore from the portal. The GeM portal was launched in 2016 for online purchasing of goods and services by central government ministries and departments, and currently has over 63,000 government buyer organisations and six crore sellers and service providers.
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People reacted differently on Saturday following the announcement of Rs 2,000 note withdrwal. Some hoarders tried to buy gold at a premium, others tried target forex and donations but most avoided bank deposits.
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