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ICICI Bank has introduced modifications to airport lounge access benefits and reward points rules for 21 credit cards. Commencing on April 1, 2024, cardholders can enjoy a complimentary airport lounge access by spending Rs. 35,000 in the preceding calendar quarter. A 1% DCC fee will be applied to all international transactions conducted in Indian currency using ICICI Bank credit cards. Additionally, as of February 1, 2024, reward points will no longer be earned on rent payments and e-wallet loading, excluding the Amazon Pay ICICI Bank credit card.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/aC3iQ2v
FD rates: Analysts predict that deposit rates in India will stay elevated due to strong credit growth, tight liquidity, and fierce competition for funds. State Bank of India and Kotak Mahindra Bank have raised their fixed deposit rates, while DCB Bank has increased rates on certain tenures. Banks are compelled to increase deposit rates due to tightened liquidity and increased competition for deposits.
The Reserve Bank of India (RBI) on Monday said that nearly 97.38 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,330 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. Starting October 8, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI.
Ashok Vaswani replaced Dipak Gupta as the managing director and CEO of Kotak Mahindra Bank, succeeding Uday Kotak. The Reserve Bank of India approved Vaswani's appointment for a three-year term. Vaswani, an alumnus of Sydenham College of Commerce and Economics, is a qualified chartered accountant and company secretary. Prior to joining Kotak Mahindra Bank, Vaswani worked with Barclays. Additionally, CS Rajan assumes the role of chairman following the retirement of Prakash Apte, while Eli Leenaars becomes an Independent Director of the Bank.
With public sector banks losing share of current and savings account business, finance minister Nirmala Sitharaman has asked state-run bank chiefs to focus on innovative deposit instruments so that they can raise lower-cost resources to meet their financing requirements. The minister once again flagged the issue at a meeting with public sector bank chiefs on Saturday with sources saying that she wanted the lenders to focus on their "core activity". Some of the new generation private banks, for instance, are offering over 9% on certain tenures of term deposits.
Indian Overseas Bank introduces savings account portability online for customers, making account transfer more efficient and easier. Customers can initiate the transfer by logging into the bank's website and providing their account number. A one-time password is sent to the registered mobile number for verification. Customers can specify the desired branch for the transfer of funds. The successful transfer is confirmed with the account number and destination branch code.
While Reliance Industries, HDFC Bank, ICICI Bank, Hindustan Unilever, Bharti Airtel, ITC, State Bank of India and Life Insurance Corporation of India (LIC) were the gainers, Tata Consultancy Services (TCS) and Infosys were the laggards. The market valuation of HDFC Bank jumped Rs 29,828.84 crore to Rs 12,97,972.04 crore. Reliance Industries continued to retain the title of the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Bharti Airtel, ITC, State Bank of India and LIC.
India's foreign exchange reserves reached a 21-month high of $620.441 billion in the week ending December 22, 2023, with the Reserve Bank of India adding about $58 billion to its foreign exchange kitty in 2023. The country's foreign currency assets rose to $549.747 billion, while gold reserves declined to $474.74 billion. The decline in forex reserves since October 2021 can be attributed to a rise in imported goods' cost in 2022 and RBI's intervention to defend the rupee against the US dollar's surge.
