6:10 AM
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The Madras HC has asked RBI to carry out a valuation of shares and assets of DBS Bank India and Lakshmi Vilas Bank as on the date before their amalgamation in Nov 2020. RBI has been asked to take a fresh decision on reduction of the value of shares and writing off the tier-2 bonds, based on the fresh valuation, within four months.
5:10 AM
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RBI has outlined the eligibility criteria for small finance banks (SFBs) to become a universal bank. This transition will enable them to provide loans to larger businesses and offer the full range of financial services and banking products.
8:10 PM
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RBI's restrictions on Kotak Mahindra Bank impact new customer onboarding and credit card issuance, with uncertainties for existing customers. The ban's duration depends on an external audit and corrective measures satisfaction, potentially lasting six to twelve months.
3:10 PM
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In April 2024, bank holidays impact operations with closures on specific Saturdays. ATMs and online services remain available. India's banks follow a distinctive schedule, open on select Saturdays and closed on national festivals.
6:10 AM
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Axis Bank overtook Kotak Mahindra Bank on Thursday to become India's third most valued private lender after a rout in the latter's stock. Kotak Bank's stock opened deep in the red on Thursday a day after RBI restricted the lender from onboarding customers digitally and issuing credit cards, citing repeated failures to fix "serious deficiencies" in its IT system.
4:10 PM
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Bank holidays on April 26, 2024, for Lok Sabha Election 2024. RBI classifies holidays; online banking services usable. Karnataka High Court declares public holidays for election days. Second phase details for Assam, Bihar included.
2:10 PM
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RBI restricts Paytm Payments Bank from receiving money post-March 15, 2024. Users must switch from '@paytm' UPI handles to new ones like '@ptsbi' for SBI. Paytm integrates with major banks under NPCI's approval.
10:10 AM
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Shares of Kotak Mahindra Bank dropped by 10% following RBI's temporary pause on new customer onboarding and credit card issuance. Brokerages lowered target prices as the bank's online customer acquisition is affected.
7:10 PM
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RBI waived NEFT charges from Jan 1, 2020, benefiting savings account holders. NEFT allows nationwide payments in batches, while RTGS settles large transactions continuously. SBI, HDFC, ICICI, PNB charge NEFT transactions.
5:10 PM
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The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to halt the issuance of new credit cards and onboarding of customers through online and mobile banking channels. This directive comes as a result of regulatory actions concerning compliance and risk management at the bank. Existing customers, including credit card holders, will not face service disruptions.
4:10 PM
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Short-term Fixed Deposits in India offer varying interest rates. HDFC Bank, ICICI Bank, and Yes Bank provide rates between 3% and 7.25% for terms under one year, as per an ET report.
6:11 PM
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Recent changes in savings account charges by major Indian banks, including ICICI Bank, Axis Bank, and Yes Bank, impact various services like cheque books, debit cards, and cash transactions. Effective from April 1 and May 1, 2024.
1:10 PM
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Recycled mobile phone numbers: According to regulations, telecom companies can reclaim a mobile number from a customer if it remains unused or not recharged for a period of six months. In the case of mobile number portability (MNP), if a customer has initiated a request to port but has not transitioned to another telco, the number will be withdrawn after two months.
1:10 PM
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The Reserve Bank of India has directed regulated payment companies to monitor high-value or suspicious transactions to prevent misuse during elections. This directive aims to curb influence on voters and indirect funding of candidates.
5:10 AM
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HDFC Bank CEO Sashidhar Jagdishan has urged investors to exercise patience during the bank's transition, likening it to the construction of Mumbai's coastal road. He assured that benefits would emerge in due course following this phase of transition. In an investor call following the bank's results, Jagdishan emphasized the bank's objective of securing the sustainability of its deposit franchise.
9:10 PM
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2:10 PM
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Banks are considering a proposal to integrate their systems with the National Cybercrime Reporting Portal (NCRP) to prevent swift fund transfers by cyber fraudsters during attacks. The initiative aims to streamline the process of freezing accounts and recovering funds in cases of digital crimes and phishing attacks.
4:10 AM
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2:10 PM
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Indian commercial banks are considering using iris scans for transaction verification, especially for senior citizens, due to reliability issues with fingerprints and thumb impressions. Discussions are ongoing with the Reserve Bank of India and other stakeholders regarding implementation challenges and cybersecurity concerns.
6:10 AM
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Jio Financial's March 2024 net profit was Rs 311 crore. They provide financing for phones, laptops, and EV batteries. Jio Payments Bank launched debit card and revamped savings account.
5:10 AM
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Banks compete for deposits as credit outpaces deposit growth by Rs 2 lakh crore in FY24. Highest credit growth was in FY07 at 27%. CareEdge predicts 16% credit growth in FY24.
6:10 PM
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Banks updated fixed deposit interest rates in April 2024. Fincare SFB, IDBI, Federal Bank, Bank of India, and Suryoday SFB revised rates. New rates apply to different deposit plans, affecting new deposits and renewals.
3:10 PM
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Banks like ICICI, HDFC, SBI, IDBI, PNB, Yes Bank, Bank of Baroda, Canara Bank updated MCLR rates in April 2024, impacting various consumer loans with adjustments for different tenures.
2:10 PM
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Lenders raised deposit rates by 96 basis points in FY 2024 to address credit demand surpassing deposit growth. The demand for credit exceeded the growth in deposits, leading lenders to increase rates.
4:10 AM
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NPCI-approved One97 Communications transitions users to partner PSP banks for seamless UPI payments, leveraging robust infrastructure for users and merchants. Stock price closes at Rs 391.
5:10 PM
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Lok Sabha Elections 2024 trigger bank closures in various cities, with states declaring holidays for voting days. Special provisions by Uttarakhand, Nagaland, and Tamil Nadu facilitate voting participation. Tripura banks close for Garia Puja celebrations.
3:10 PM
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Indian banks to close on April 17 for Ram Navami, with upcoming elections affecting banking operations in various states. ET report details additional holiday closures in different regions.
6:10 AM
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The Reserve Bank of India (RBI) has mandated banks and finance companies to provide borrowers with a comprehensive key facts statement starting from October 1. This statement will include information on all fees, the annual cost of credit, recovery agent policies, grievance contact details, and the likelihood of the loan being sold to others.
4:10 AM
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Senior citizens are increasingly relying on fixed deposits, with their share doubling to 30% according to an SBI study. To enhance their financial independence, the report suggests waiving tax on interest from these deposits and doubling the Atal Pension Yojana ceiling to Rs 10,000. The report also notes that despite tight liquidity conditions, banks raised deposit rates in the latter half of FY24 to attract fresh deposits.
3:10 AM
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5:10 PM
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Senior citizens can earn up to 8.1% interest on three-year FDs from various banks, but must consider tax implications and possible TDS deductions. It's essential to stay informed about market trends and investment details.
4:10 PM
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2:10 PM
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The RBI has increased gold purchases to diversify reserves, with gold value contributing to a $3 billion rise in forex reserves to $648.5 billion. RBI acquired 13.3 tonnes of gold in early 2024, aiming for diversification and inflation hedging.
6:10 AM
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The recent escalation in tensions, particularly following Iran’s drone offensive, is causing concern among finance ministers and central bank chiefs. The primary impact is expected on oil prices, which surged to $92.2 a barrel, posing risks to global economic stability. In India, while pump prices may not immediately rise due to elections, increased oil prices could strain government subsidies and impact inflation and deficits.
9:10 PM
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The report underscores the significant role played by new incremental factors, particularly the surge in accumulation by Central Banks in emerging markets (EM) and increased retail buying in Asian markets including India have led to an increase in gold prices worldwide. Despite expectations of fewer Federal Reserve rate cuts, strong growth trends, and record-breaking equity markets, gold has rallied by 17 percent over the past two months.
1:10 PM
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India's foreign exchange reserves rose for the seventh straight week to hit a fresh all-time high of USD 648.562 billion in the week ending on April 5, as per the latest data released by the Reserve Bank of India (RBI).
5:10 PM
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Pakistan repaid $1 billion Eurobonds before seeking IMF bailout. Finance Minister Aurangzeb headed to IMF-World Bank spring meeting for negotiations. Discussions ongoing for policy reforms, reserves buildup, and potential IMF follow-up program.
2:10 PM
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Fixed deposits like corporate FDs and bank FDs offer guaranteed returns and security. However, corporate FDs have higher interest rates but carry more risks. Bank FDs provide added security with enhanced deposit insurance cover, making them a safer investment option.
11:10 AM
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Credit score helps banks make informed decisions about extending credit cards and loans. Your credit history influences your CIBIL score, which is calculated using a special method.
7:10 AM
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Vodafone Idea plans Rs 18,000 crore FPO at Rs 10-11/share, surpassing Yes Bank's record. Aiming to boost market position, address debt, and prepare for 5G rollout amidst subscriber losses and quarterly challenges.
6:10 AM
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The Asian Development Bank increased India's growth forecast to 7 per cent, emphasizing the impact of FDI inflow, weather shocks, and global inflation risks. Central banks may tighten financial conditions in response to negative global shocks. It also estimated inflation to stay around 4.6 per cent in 2024. ADB had projected the Indian economy to grow 7.6 per cent last year.
5:10 AM
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73% of companies focus on women's development, leadership training, and DEI efforts. WeAce, DBS Bank, and DCM Shriram emphasize tailored programs, diversity, and inclusion, with a focus on emotional intelligence and negotiation skills.
6:10 AM
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2:10 PM
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Banks in certain states close for Ramzan-Id (Eid-Ul-Fitr) as per RBI. Eid al-Fitr starts with crescent moon sighting. Kerala, Ladakh, Jammu, and Kashmir celebrate Eid today. Exceptions include Chandigarh, Sikkim, Himachal Pradesh for April 11 bank holiday.
6:10 AM
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Paytm Payments Bank (PPBL) has announced that its MD and CEO, Surinder Chawla, has resigned. The CEO's resignation comes at a time when the RBI has restricted the payments bank from doing most banking-related activities due to noncompliance with its KYC rules, among other difficulties.
5:10 AM
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Gold and silver prices reached new highs on the Multi Commodity Exchange and local markets fueled by various factors including jeweler demand on an auspicious day, geopolitical risks, general elections, central bank purchases, and rupee depreciation.
5:10 AM
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Bain Capital to sell $429M stake in Axis Bank, exiting Nov 2017 holding. 33.4M shares at Rs 1,071-1,076/share with 0.5% discount. Previous sales in Dec 2022. BofA Securities bookrunner. No comments on transaction details or buyer.
5:10 PM
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Small-cap and mid-cap mutual fund schemes have excelled as top performers in actively-managed equity funds over the past year, outperforming benchmarks and maintaining a lead in returns over a five-year period. Value-oriented funds focusing on public sector companies in sectors like banks, railways, and defence have also shown strong performance.
10:10 AM
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Vishal Mega Mart is preparing for a share sale, potentially occurring in the fourth quarter of this year, with Kotak Mahindra Bank Ltd and ICICI Bank Ltd selected to facilitate the arrangement. Owned by private equity entities Partners Group Holding AG and Kedaara Capital, the IPO aims to allow these firms to reduce their stakes. Additional banking partners are expected to join the IPO process.
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