5:10 PM
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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.
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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.
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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.
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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).
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