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PNB updated FD rates under Rs 2 crore, effective April 12, 2024, for regular citizens with slight decreases. Special rates for senior citizens, excluding NRO deposits, commemorate PNB's foundation day.
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RBI uncovers unfair loan interest practices, orders refunds, and KFS implementation by October 1, 2024 for transparent loan terms and fair borrower treatment.
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Avaada Energy has secured a Rs 1,190 crore loan from the State Bank of India for a 400 MWp utility-scale solar PV project in Gujarat's Surendra Nagar district. The 20-year project loan facility will support the project's development and procurement by Gujarat Urja Vikas Nigam Limited. This marks Avaada's first venture in developing a greenfield project under an existing Special Purpose Vehicle.
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The volume and value of UPI transactions decreased slightly in April compared to their all-time high level in March. However, the average daily transactions reached a new high, which indicates that the transition of UPI services from Paytm Payments Bank to its parent did not lead to any significant disruption.
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Banks like HDFC, ICICI, and Yes Bank implement changes in May 2024. HDFC extends Senior Citizen Care FD deadline. ICICI updates savings account charges, and Yes Bank revises fee schedules and ATM card charges.
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The Reserve Bank of India has come across instances of lenders resorting to certain unfair practices in charging of interest. What do RBI’s latest guidelines and instructions to banks and NBFCs mean for loan borrowers? We explain the math and answer your common questions:
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ICICI Bank, the second-largest private lender in India, saw its market capitalisation surpass 8 lakh crore on Monday as its shares surged to a new 52-week high of Rs 1,155.65 on the NSE.
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The yen sank to a new 34-year low past 160 per dollar on Monday after a forecast-beating US inflation reading dented expectations for US interest rate cuts this year. "Markets appear to be trying to push dollar-yen towards 160 in the absence of official intervention," said Vishnu Varathan, at Mizuho Bank.
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Private banks are experiencing a significant increase in information technology expenses as most transactions are now conducted digitally. Unlike the one-time capital expenses incurred when they migrated to core banking, IT is now becoming a recurring cost accounting for up to 10% of operating expenses. Bankers have responded to queries about their level of IT capabilities in light of the RBI action on Kotak Mahindra Bank freezing digital onboarding and issuing credit cards.
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ICICI Bank, the second-largest private lender, has reported a net profit of Rs 10,708 crore for the quarter ended March 2024, marking an increase of 17.4%, surpassing analyst forecasts. The bank’s board has recommended a dividend of Rs 10 per share. At the end of the quarter, the bank’s deposits stood at Rs 14,12,825 crore, up by 19.6% from March 2023.
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