8:02 AM
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Broadly, public sector banks did not insist on mandatory identity documents while exchanging the notes for smaller denominations. However, leading private lenders sought identity documents from those who did not have banking relationships with these lenders, but were exchanging notes at branches of these banks.
2:03 AM
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And as it did through 2022, banks were quick to charge retail borrowers more on loans for buying cars, homes or vacations. By contrast, the pace of transmission was positively more circumspect for corporates seeking credit, which is more often than not priced in line with a lender's internal weighted average cost of capital.
3:03 PM
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Paytm's UPI SDK is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement.
1:03 PM
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The users can now link their RuPay credit cards with Google Pay to pay at all online and offline merchants where RuPay credit cards are accepted. The feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India, the company aid in a statement.
12:02 PM
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The Reserve Bank of India (RBI) had announced on May 19 the withdrawal of Rs 2,000 currency notes but gave the public until September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.
2:04 AM
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The bank's retail loan book is currently about ₹10,000 crore, which is roughly about 20% of the bank's total advances of ₹50,000 crore. Almost half of retail is gold loans, followed by mortgages (20%) and unsecured (10%). The corporate loan book is about ₹35,000 crore while loans to SMEs are about ₹5,000 crore.
12:03 PM
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The Rs 2,000 was introduced with the primary purpose of quickly replenishing the value of money that was being taken out of the system, Das said.
9:03 AM
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With UPI being allowed on RuPay credit cards, NPCI is hoping to attract more lenders as it could be a major source of attraction for consumers.
1:03 PM
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State Bank of India (SBI) was slow in procuring goods and services from the government-owned GeM portal in 2022-23, while Canara Bank became the largest buyer, followed by Punjab National Bank and Indian Overseas Bank, according to government data. SBI was fourth on the list and purchased Rs 158.22 crore from the portal. The GeM portal was launched in 2016 for online purchasing of goods and services by central government ministries and departments, and currently has over 63,000 government buyer organisations and six crore sellers and service providers.
8:02 AM
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People reacted differently on Saturday following the announcement of Rs 2,000 note withdrwal. Some hoarders tried to buy gold at a premium, others tried target forex and donations but most avoided bank deposits.
2:03 AM
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The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ₹256.4 crore resolution plan of Innova Captab for Sharon Bio Medicine in its order on May 17. Innova Captab resolution plan was approved by 79.28% voting share of the members of the committee of creditors (CoC), according to the NCLT order. Innova Captab and Tirupati Medicare have submitted their resolution plans to the CoC in September 2022. Tirupati's resolution plan was 25% lower than Innova Captab.
1:03 AM
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In 2018, Infibeam Avenues Ltd. acquired UAE-based Vavian International Ltd., an online digital payment processing company, for AED 4.32 million. And since 2020, Avenues World FZ LLC, based in the UAE, has operated as a subsidiary of Vavian International Ltd.
12:04 AM
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The transaction entails UBS' proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity, according to CCI.
7:03 PM
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Given that such spending would be outside the LRS limit, it won’t be subject to a 20% tax collected at source from July 1, as stipulated in the Finance Bill 2023.
3:03 PM
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One97 Communications Limited (OCL)-owned Paytm has partnered with NPCI and SBI Card to launch Paytm SBI Card on the RuPay network, the company said in a stock exchange filing on Thursday. Cardholders receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on Paytm App, and 1% cashback on spends elsewhere
2:02 AM
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VRL, headquartered in London, aims to borrow the money through its Zinc International unit. Following delays in securing funds from Farallon Capital Management, VRL has resumed discussions with banks to explore alternative financing options.
8:02 PM
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Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit.
7:03 AM
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Indian banks have urged the Reserve Bank of India (RBI) to find a more even-handed way to distribute liquidity and narrow the gap between overnight rates and the benchmark policy rate. Due to 24/7 banking, banks have held on to cash at the RBI's Standing Deposit Facility (SDF), increasing the call rate in the call money market, where banks can make overnight financing arrangements. For around a month, the weighted average call rate (WACR) has been around 25 basis points higher than the benchmark policy repo rate, which is currently at 6.50%. The WACR peaked at 6.78% on 15 June.
1:03 AM
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Today, we are growing our retail loans organically at 27%, which is faster than probably any private sector bank. We have also been able to attract talent from almost every bank, retain it, and also use it in terms of key functions to upgrade ourselves, says Sanjiv Chadha.
12:03 AM
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"We are still debating about how to infuse capital into the housing finance company. The debate is whether we should infuse capital or we should unlock the value by diluting 10-20% of our holding, or go for an initial public offer. We are not yet clear about the path we want to take," Shriram Finance Managing Director YS Chakravarti told ET.
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