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The Reserve Bank of India (RBI) fined Citibank NA, JM Financial, and Asirvad Micro Finance for regulatory non-compliance. Citibank was penalized Rs 39 lakh for credit data breaches, JM Financial fined Rs 1.5 lakh for non-disclosure of interest rate rationale, and Asirvad Micro Finance fined Rs 6.2 lakh for failing to report borrower income and other omissions.from Business News: Budget 2025, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/H4Dpv7X
Bank credit and deposit growth in India slowed in the October-December quarter of 2024. Notably, personal loans and credit to key sectors saw a decline, while public sector lending picked up. Term deposits grew significantly, driven by higher interest rates and large-value deposits.
NSDL aims to launch its Rs 3,000-crore IPO by next month, racing against a nearing deadline for approvals. The IPO, set to expire in September, sees support from NSE, SBI, and HDFC Bank offloading their shares. Despite market volatility, NSDL reports a 30% increase in net profit for the December quarter, signaling strong financial performance.
Google Pay has begun implementing a convenience fee on utility bill payments made using credit and debit cards, charging between 0.5% and 1% plus GST. This move signifies a trend towards monetising UPI transactions to recover payment processing costs. UPI-linked bank account payments remain fee-free.
Top stock market recommendations: Aakash K Hindocha from Nuvama Professional Clients Group recommends buying Axis Bank, Bajaj Finance, and JSW Steel stocks today. Nifty and Bank Nifty have shown signs of recovery after recent lows.
