4:10 PM
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India's credit card spending surged by 19% in July year-on-year to Rs 1.7 trillion, with transaction volumes increasing by 39%, indicating growing adoption. HDFC Bank led in transaction volumes and value, followed by ICICI Bank and SBI. This trend reflects higher consumer confidence and a shift towards credit card transactions.
8:10 AM
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SBI chairman C S Setty reported robust private capital expenditure as corporates utilize the bank's Rs 4-lakh-crore sanctioned credit pipeline. He revealed a 15-16% corporate credit growth last quarter and assured that the bank’s credit-deposit ratio remains comfortable, indicating sufficient funds for lending.
10:10 AM
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The finance ministry announced that LGBTQ individuals face no restrictions in opening joint bank accounts or nominating their partners as beneficiaries. The advisory was posted by department of financial services, which comes under the finance ministry, on its X (formerly Twitter) account.
8:10 AM
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SBI Managing Director Ashwini Tewari foresees a correction in equity markets aiding banks in regaining deposits. He notes that SBI is emphasizing small-ticket Jan Dhan Yojana accounts to bolster deposit growth. The rally in capital markets has resulted in a shift of funds away from banks to higher-yielding alternatives, affecting deposit growth.
7:10 PM
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Senior citizens can earn higher interest on bank fixed deposits. These deposits provide flexibility, laddering technique benefits, and tax-saving advantages under Section 80C with a five-year lock-in period.
2:10 PM
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Prime Minister Narendra Modi celebrated the 10th anniversary of the Jan Dhan Yojana, emphasizing its impact on financial inclusion. Since its 2014 launch, the scheme has opened over 53 crore bank accounts and enabled Rs. 39 lakh crore in direct transfers.
6:10 AM
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5:10 PM
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The Reserve Bank of India has announced early redemptions for 30 series of Sovereign Gold Bonds maturing between October 2024 and March 2025. Investors can opt for premature withdrawal as detailed in the RBI's redemption calendar.
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