ATMs cash withdrawals are coming back steadily, and so is deployment

Cash withdrawals from automated teller machines (ATMs), which took a hit during the past one-and-a-half years due to the Covid-19 pandemic, have gained momentum once again as normalcy in economic activity is returning with infections ebbing. Cash withdrawals from ATM through debit cards were close to Rs 2.5 trillion in March 2020.

After the nationwide lockdown was imposed on March 25, 2020 withdrawals almost halved to around Rs 1.3 trillion. They started to pick up in the later part of 2020, and reached a peak in March 2021, touching Rs 2.84 trillion. 

Source : Business Standard

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Yes Bank revises fixed deposit rates

Yes Bank offers multiple fixed deposit (FD) schemes to both regular and senior citizens. The bank provides fixed deposit schemes for a tenure starting from a period of 7 days (short term) to 10 years (long-term). The Bank has revised the interest rate on its term deposits effective 3 November 2021. After the latest revision, Yes Bank offers an interest rate of 3.25% on deposits maturing in seven to fourteen days, 3.5% on 15 to 45 days, and 4% on 46 to 90 days FDs. 

Yes Bank gives 4.5%, 5% on term deposits maturing in 3 months to less than 6 months and 6 months to less than 9 months respectively.

For FDs with a maturity period of 9 months to less than 1 year, the Bank gives an interest rate of 5.25%.

Term deposits maturing in 1 year to less than 3 years will fetch an interest rate of 6%. FDs maturing in 3 years to less than or equal to 10 years will give 6.25%.

Yes Bank latest FD rates (below ₹2 crores) for the general public effective 3 November 2021:

7 to 14 days 3.25%

15 to 45 days 3.50%

46 to 90 days 4%

3 months to < 6 months 4.50%

6 months to < 9 months 5%

9 months to < 1 Year 5.25%

1 Year to < 3 years 6.00%

3 Years to <= 10 years 6.25%

Yes Bank latest FD rates (below ₹2 crore) for senior citizens-

Senior citizens continue to get 50 basis points higher interest rates than the general public. The bank offers interest rates from 3.75% to 7.% on FDs maturing in 7 days to 10 years.

Earlier, the Bank had revised the interest rate on its term deposits on 3 June 2021.

Advantages of FD: 

A Fixed Deposit is a good investment option for those who wish to set aside a fixed sum of money for the future and don’t need to use the same at present.

Fixed deposits offer better interest rates v/s Saving Accounts and are safe (no – risk investment) when compared to market linked investments.

Interest rates on fixed deposits increase with longer tenures and higher deposit amounts.

Source : livemint.com

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ESAF Bank join hands with Nabard for local economic development

Esaf Small Finance Bank has joined hands with Nabard for local economic development. K. Rajan, the State Revenue Minister inaugurated the state-level Local Sustainable Economic Development Training Program organized by the bank in this regard.

Speaking on the occasion, the Minister said ESAF Small Finance Bank's state wide initiative on Local Sustainable Economic Development Training Program in collaboration with Nabard is a step towards building financial literacy at grass root levels.

K. Paul Thomas, MD and CEO, ESAF Small Finance Bank, presided over the function. The project is aimed at bringing financial empowerment and economic independence at the local level through training and enabling the elected representatives of the Panchayati Raj Institutions to meaningfully intervene and build the well-being of the people in the constituencies they represent. Initially, this project will benefit 300 panchayats across Kerala.

P Balachandran, Chief General Manager, NABARD released a handbook to enable the elected representatives to equip the citizens with skills and knowledge for their long-term financial needs, in turn fostering local sustainable economic development. Three videos on Intelligent Borrowing, Credit Discipline, and Debt Distress Management were released at the function.

Source : The Hindubusiness Line

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Banks, HFCs on hiring spree amidst rising home loan demand

Banks, housing finance companies and NBFCs are on a hiring spree amidst rising demand for home loans.

Industry experts and players say that hiring for home loan departments is up by at least 20 per cent to 25 per cent in recent months as players look to expand their home loan portfolios in smaller towns and attract more customers through lower home loan rates.

“Hiring has gone up by 22 per cent to 25 per cent by banks, NBFCs and HFCs. This is especially the case in the last three to four months, especially after the second wave of the pandemic. A small portion seasonal in nature but we expect it to be largely sustained for the next few years. The requirement for additional staff is equally in urban and rural markets,” said Amit Vadera, Vice President – Staffing, TeamLease Services.

About 90 per cent of the requirement is in the sales function with starting salaries in the range of ₹15,000 to ₹20,000 along with attractive variable incentives.

Amidst the pandemic and work from home, many people are now looking at their own homes as well as larger homes, leading to the demand for home loans. Banks, HFCs and NBFCs consider the home loan portfolio to perform better as typically borrowers do their best not to default on home loans. They have been offering interest rates as low as 6.4 per cent (such as Union Bank) and are also charting out aggressive expansion plans.

“There has been increased hiring as most small finance banks, HFCs and NBFCs in different segments are expanding their reach to newer locations and need people,” said the head of a housing finance company.

However, he noted that many employees as are moving from one company to leading to higher manpower costs.

“Every company is in a hiring spree. Everybody feels that there will be a huge uptick in housing and other credit demand,” he, however, noted.

Shriram Housing Finance had in September announced that it plans to hire 350 employees in Andhra Pradesh and Telangana as part of its expansion plans in the region. ICICI Home Finance had also announced in September that it would hire over 600 people by the end of this calendar year to meet the demand for home loans.

Source : The Hindubusiness Line

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