Bank Of India Announced Cut Interest Rates On Home And Vehicle Loan By 35

Continuing in the strides of the SBI and Bank of Baroda, the Bank of India on Sunday, October 17, reported a cut to its greatest advantage rates on home and vehicle credits by 35 premise focuses and 50 premise focuses, separately. With the most recent amendment in financing costs, the Bank of India is presently offering home credits beginning at simply a 6.50 percent loan fee. The most recent move is pointed toward making lodging reasonable for some. At 6.5%, the Bank of India is presently

Bank

Bank Of Maharashtra Launched Digital Lending Platform For Home And Car Loan Customers

State-possessed Bank of Maharashtra on Friday said it has dispatched an advanced loaning stage for its home and vehicle credit clients. The stage will empower planned retail advance searchers to get credits carefully through a paperless interaction at the comfort of their place and season of decision, the bank said in a delivery. The stage is fit for approving KYC, CIBIL, and financials of the candidate and give on a basic level endorsement in an issue-free way, it said.

Home Loan And Car Loan

Sensex Hit 60,000 For First Time, Nifty Crosses 17,900

Value benchmark Sensex mobilized more than 350 focuses to hit the 60,000-mark without precedent for opening exchange on Friday, driven by solid increases in record majors Infosys, HDFC Bank and TCS. The 30-share Sensex was exchanging 359.29 focuses or 0.60 per cent higher at its lifetime high of 60,244.65. Additionally, Nifty took off 100.40 focuses or 0.56 per cent to its intra-day record of 17,923.35 in starting deals. It required minimal more than 31 years for the Sensex to navigate from

Sensex

Axis Bank Update Fixed Deposit Interest Rates Today

Private sector lender Axis Bank has amended financing costs on fixed stores (FDs) and NRI fixed stores with impact from September 9. Hub Bank offers FDs across various residencies, going from 7 days to 10 years. On the off chance that one decides on the online mode, The bank has a base store measure of Rs 5,000 and on the off chance that one visits the branch, it is Rs 10,000. The new loan fees range from 2.50 percent to 5.75 percent is for everybody except this financing cost goes up for senior

Bank

Work With State Govts To Push ‘One Dist, One Product’ : FM To Banks

Finance Minister Nirmala Sitharaman on Wednesday said she has mentioned banks to work with all state governments to push the 'one locale, one item' plan. Banks have additionally been mentioned to have collaboration with trade advancement offices, offices of a business, and industry to comprehend and address the necessity of exporters in an opportune way,Sitharaman said while tending to media here on Wednesday.

Finance Minister

Finance Minister Nirmala Sitharaman Will Meet Heads Of Public Sector Banks

Finance Minister Nirmala Sitharaman will meet heads of public area banks (PSBs) on Wednesday to audit the monetary presentation of the loan specialists and progress made by them in supporting the pandemic-hit economy, sources said.The meeting with MD and CEOs of PSBs accepts importance given the significance of the financial area in creating request and boosting utilization. As of late, the Finance Minister had said the Government is prepared to do all that needed to resuscitate and uphold

Finance Minister

SBI Introduce Floating ATM On Houseboats On Srinagar's Dal Lake

The coasting ATM was initiated on August 16 by SBI Chairman Dinesh Khare. The bank said that the ATM, other than satisfying a long-standing need, will add fascination with the appeal of Srinagar. "SBI opened an ATM on a Houseboat, Srinagar for the comfort of local people and travelers. It was introduced by the Chairman, SBI, on August 16. The coasting ATM in the mainstream Dal Lake satisfies a long-standing need and will be an additional fascination with the appeal of Srinagar," SBI had tweeted.

ATM

HDFC Bank Outlines Forceful Play In Mastercards To Recover Lost Market Share In A Year

HDFC Bank on Monday said it intends to recover the two percent piece of the pie in the Mastercard market it surrendered to rivals during a new boycott, inside a year by forcefully taking advantage of its current contributor base. The bank will likewise zero in on fashioning new associations to sell more cards and won't veer off from its moderate methodology on assuming acknowledgment hazards as it goes forceful on the lookout, its gathering head for installments and customer finance, computerie.

Bank

India's Forex Reserves Increase To Lifetime High Of $621.5 Billion

The country's exchange reserves increased by $889 million to a lifetime high of $621.464 billion within the week ended Transfiguration 2021 RBI data showed on Friday within the previous week ended July 30 2021 the reserves had surged by $9.427 billion to succeed in $620.576 billion within the reporting week the rise within the forex kitty was thanks to an increase in foreign currency assets (FCAs) a serious component of the general reserves as per weekly data by the Federal Reserve Bank of India

Bank

The Retail Inflation Rate Fell To 5.5% In July To Stay Within The Limits Of The Reserve Bank Of India

Retail inflation readings are a key factor of monetary policy, which refers to the central bank’s decision to raise or lower interest rates. Higher inflation limits the space for the Reserve Bank of India to maintain low interest rates, which is necessary to promote growth. Retail inflation which measures household spending on daily necessities, slowed to 5.59% in July.

RBI

ATM Companies Are Cautious About RBI's 10,000 Rupees Fulfillment Penalty

The Reserve Bank of India the penalty of 10,000 rupees for each ATM machine without cash for 10 hours has been mixed. ATM operators (known in the industry as managed service providers, or MSPs) and cash-in-transit companies surrendered, stating that they would not be liable for fines. The RBI stated that they should monitor the availability of cash in ATMs and ensure that there is no cash withdrawal.

ATM

SBI, ICICI, Bob, HDFC Bank's Special FD Program For Senior Citizens

The State Bank of India (SBI), HDFC Bank and Bank of Baroda (BoB) have extended the special fixed deposit (FD) program for senior citizens to September 30, 2021. However, ICICI Bank has extended its Golden Year FD citizenship for senior citizens to October 7, 2021. In the context of falling interest rates, these banks launched a special FD plan for the elderly last year for 5 years or more.

Bank

Due To Signs Of Economic Recovery And Delivery, HDFC Bank Received An Advance Payment Of Rs 30,000 Crore

HDFC Bank received approximately 30,000 crore advance payments throughout the June quarter, mainly from companies in the commodities and infrastructure industries, which clearly shows the strong economic recovery and continued deleveraging by top Indian companies "HDFC Bank has not seen such a high advance payment recently," said one of the above-mentioned sources.

Bank

IDBI Equity Sale: 7 Companies On The Shortlist Of Trading Advisors

Seven international companies, including the four major global consulting companies, have been included in the list of transaction advisors for the government to sell shares in IDBI Bank. According to the notice issued by the department, Deloitte India, Ernst & Young, KPMG, JM Financial NSE 5.04%, ICICI Securities NSE -1.63%, RBSA Advisors and SBI Capital Markets are competing for key appointments.

Bank

RBI Plans To Purchase Secondary Office Space In Mumbai

The Reserve Bank of India (RBI) is viewing for supplementary office space in the financial capital or Bandra Kurla Complex area near its headquarters in south Mumbai. According to the RBI, it desire office space ranging from 2,601 to 7,681 square meters, for which it has issued a Request for Proposals (RFP) for the “totally acquire of office premises” in Mumbai.

RBI

IDBI Bank Strategic Sale: 7 Companies Compete For Transaction Advisors

Innumerable seven companies, together with JM Financial, Ernst and Young, and Deloitte, have bid to manage the strategic sale of Industrial Development Bank of India (IDBI) Bank. According to DIPAM’s notice, these companies will conduct a virtual demonstration on August 10 at the Investment and Public Asset Management Department, which handles the sale process.

Bank

Reserve Bank Of India Remain Interest Rates Unchanged

The Reserve Bank of India (RBI) on Friday is expected to keep interest rates unchanged at historically low levels because, despite raising its inflation forecast, it chose to support the economic recovery. The six-member Monetary Policy Committee (MPC) unanimously voted to retain the main repo (repo) interest rate the key loan interest rate for short-term funds provided by the central bank to banks at 4%, but it continues to be kept low.

RBI

RBI's MPC Begins To Review

The Reserve Bank of India’s interest rate setting group MPC began a three-day review on Wednesday to finalize the bimonthly monetary policy, because it is anticipate that it may choose to keep interest rates stable due to inflation concerns. The Governor of the Reserve Bank, Shaktikanta Das, will announce the Monetary Policy Committee (MPC) resolution on Friday. The six-member MPC headed by the Governor of the Reserve Bank of India also includes three external members.

RBI

The Monetary Policy Of The Reserve Bank Of India Is Updated In Real Time: Governor Shaktikanta Das Will Announce The Decision Soon

The Governor of the Reserve Bank of India, Shaktikanta Das, will announce a monetary policy statement at 10 am on Friday which was followed by a press conference. The statement will be issued after a three-day review meeting of the Monetary Policy Committee (MPC), a six-member interest rate setting group led by Das, which began on Wednesday.

RBI

IDFC First Bank Focuses On The Overall Situation And Becomes A Bigger Bank

IDFC First Bank announced its first quarter results on July 31, and disclosed a net loss of 630 crores rupees, which was lower than the profit of 94 crores rupees in the primary quarter of fiscal year 21. The bank's total income after deducting interest expenses increased by 36% year-on-year, and its net interest income increased by 25% year-on-year and 11% month-on-month.

Bank

The Reserve Bank Of India Expects To Keep Interest Rates Unchanged This Week

The downside risks of the Reserve Bank of India’s 9.5% growth forecast have faded. However, the central bank is expected to keep interest rates unchanged and continue its easing stance at the Monetary Policy Committee (MPC) meeting that ends on August 6. According to analysts, this is the first sign that the Reserve Bank of India has decided to gradually reduce interest rates.

RBI

Mastercard Submits New Audit To India After Prohibiting Data Processing

Mastercard has submitted a new audit report to the Central Bank of India, which it told Reuters because it tried to overturn a card issuance ban related to concerns about the US giant’s handling of overseas data. The Reserve Bank of India (RBI) on July 14 announced a ban that took effect on July 22 to prevent the American giant from issuing new cards, which caused panic among Indian banking partners.

Mastercard

The Bank Will Be Closed For Five Consecutive Days Starting On July 17

Due to regional or national holidays and weekends, some state banks will be closed for five days starting today (July 17). According to the holiday calendar of the Reserve Bank of India, banking employees in some states can enjoy up to 15 days of holiday in July, including a 5-day holiday beginning on July 17. In Dehradun, bank employees also enjoyed a holiday (Friday) on the occasion of Harela Puja on July 16th.

Bank

HDFC AMC Q1 Net Profit Increased By 14% To 345.45 Rupees; Asset Management Scale Increased By 17%

HDFC Asset Management Company (AMC) reported on Friday that after-tax profit for the quarter ended June 30 increased by more than 14% to 3,45.45 billion rupees. The asset management company announced a profit after tax (PAT) of 302.36 crores. In the last fiscal quarter, HDFC AMC stated in the regulatory documents submitted to the stock exchange.

HDFC Bank

The CEO Of Federal Bank Gets A 3-Year Extension

The Reserve Bank of India (RBI) approved the reappointment of Shyam Srinivasan as the managing director and chief executive officer of the Federal Bank on Friday for a three-year term, effective from September 23 this year to September 22, 2024. Srinivasan has been responsible for the Kerala-based bank as CEO since September 23, 2010, and has completed three terms. The Reserve Bank of India (RBI) approved the reappointment of Shyam Srinivasan as the managing director and chief executive office

FEEDERAL BANK

SBI Savings Account Holders Can Get Less Than 1 Cheque Page Per Month For Free

The State Bank of India (SBI) only provides 0.83 free cheque pages to ordinary savings account holders each month for issuance, that is, less than one free cheque is issued every month. This is because SBI only provides 10 free checks to its regular savings account holders each fiscal year. If the person needs more than these in a year, he/she must pay for it. In contrast, HDFC Bank, ICICI Bank and Punjab National Bank provide 20 to 25 cheques for free each fiscal year.

NHB Fines HDFC Bank Of Rs. 475,000 For Technical Non-Compliance

The country’s largest mortgage lender said on Tuesday that the National Housing Bank (NHB) has imposed a fine of 475,000 rupees on the Housing Development Finance Corporation (HDFC) for failing to comply with certain regulations. HDFC stated in a regulatory document on Tuesday: “I would like to inform you that the NHB has imposed a fine of Rs 4,75,000 plus goods and services tax on the company on July 5, 2021 (Monday). The reason is that it is technically Non-compliance with NHB notices.".

HDFC Bank

The Reserve Bank of India Extends the Interest Subsidy Program for exporters to September

The Reserve Bank said on Thursday that a plan to provide interest subsidies for post-shipment and pre-shipment export credits has been extended for three months to September, which will provide relief to exporters. Exporters receive subsidies under the "Interest Equalization Scheme for Export Credits of Rupees Before and After Shipment". In early April, the plan was extended to June 30.

RBI

RBI Looks For Entities That Can Develop Multimedia Promotional Materials For Promotional Activities

To accelerate public awareness campaigns, the Reserve Bank of India (RBI) has begun to find entities that can develop multimedia promotional materials in 14 languages. In addition to English, it will also be used in Hindi, Assamese, Bengali, Gujarati, Kannada, Malayalam, Marathi, Oriya, Punjabi, Sindhi, Tamil, Telugu, and Urdu to launch a pan-Indian movement to educate the public about basic rules and regulations.

RBI

SBI gets Central Board's Gesture to Raise Rs 14,000cr by Means of Bonds

The country's biggest bank SBI on Monday said its central board has endorsed a proposition to raise up to Rs 14,000 crore by giving Basel-III agreeable bonds. The bonds are proposed to be brought up in Indian or US currency. “The central leading body of the bank at its meeting held today on June 21, 2021, agreed to endorsement for raising capital via issuance of Basel III debt instruments in USD or potentially INR during FY22," SBI said

SBI

PNBHF Finalized Capital Infusion for the Purpose of Strengthening Equity Buffer

According to India Ratings & Research the infusion of capital in the PNB Housing Finance Limited will lead to increase in the equity buffers of the Company. According to Ind-Ra PNB is under the stressed financial situation which is due to the challenging environment of the Bank due to the COVID 19. The capital infusion is higher in comparison to the previously planned infusion. Carlyle Group is becoming the largest shareholder.

PNB

UCO Bank is Likely to Raise up Rs500 Crore

For raising tier-2 capital. UCO bank will meet with its board of Directors. In The meeting, which will be going to held on June23 2021 Board of Directors will consider the raising up of the Capital of Rs 500 crore.Tier-2 capital of the bank consists of various things like undisclosed reserves, revaluation reserves, general provision & loss reserves, Hybrid capital instruments, Subordinated debt & investment reserve account. The loss-absorption capacity of tier-2 is less in comparison to tier-1.

UCO Bank

IOB has Q4 Net Profits at Rs350 Crore

Indian Overseas Bank, State-owned witnessed a major increase in the profits after tax and reached Rs350 crore. It is basically due to the higher growth in other income & improvement in the asset quality. According to the Managing Director & CEO” There is a significant improvement in all the financial parameters but our Asset Quality has witnessed a major declination.” Bank has revealed a yearly net profit of Rs831 crore for the year ended March 31. In FY21 it witnessed a loss of Rs 8,527 crore.

IOB

RBI Increased the Risk-Based Internal Audit Systems

RBI has extended the period of Risk-Based Internal Audit systems to enhance the quality of auditing and choosing the HFC(Housing Finance Companies).RBI has put additional measures in the system of Risk-Based Internal Audit systems to choose NBFCs(Non-Banking Finance Companies) and urban cooperative banks by March 31, 2022. Provisions will be applied for all deposit HFCs(Housing Finance corporations) & Non-Deposit HFCs(Asset size of 5000cr & above) irrespective of their size of business operation

RBI

RBI is Likely to Change the ATM Cash Withdrawal Rules

The changes were considered due to the recommendations of the Indian Banks Association which was set up in June 2019, it is basically to analyse the entire gamut of ATM transactions & their process. On Thursday RBI released new guidelines for cash withdrawal. It is an increase in the interchange fee per transaction, with no permission limits. According to Central Bank “ The recommendations of the committee were examined and the latest guidelines regarding the processing of ATMs taken.

ATM

World Bank Forecasted the Growth at 8.3%

According to World Bank” In the fiscal year, 2022 economic situation can be recovered by policy support, increase in the industrial & manufacturing activities, rural development, providing fiscal stimulus to COVID affected sectors, Increase expenditure on infrastructure & Health, etc.” World Bank decreased the prediction of growth from 10.1% to 8.3% as the second wave of COVID 19 devastated the economic recovery process

World Bank

RBI (Reserve Bank of India) Said Banks to keep the CCTV Recordings of the Demonetization Period

As Enforcement agencies are going to take action against the people involved in illegal currencies, RBI asked banks to keep the CCTV recordings of their branches which were recorded during the demonetization period. Based on these inputs Enforcement agencies can track the persons who are involved in the case of illegal currencies. The government has introduced the Demonetization policy on 8 November 2016. The main motive behind this decision is to curb the Black money transactions, Hawala, etc.

RBI

DHFL Debt Resolution Plan Finalized

PIRAMAL GROUP is acquiring the DHFL(Dewan Housing Finance Limited) with a worth of Rs37,250 crore. National Company Law Tribunal has said the management of DHFL to give more money to small fixed deposit holders. Debt Burdened Dewan Housing Finance Limited said that all the shares have been delisted from the stock exchanges. Mumbai Bench of National Company Law Tribunal has given conditional approval of the deal.

DHFL

ECLGS Can Be Expanded to Manage the Liquidity Needs of MEC: Report

According To India Ratings & Research Agencies that there is a scope of the extension in the Emergency Credit Line Guarantee Scheme and it can easily support the liquidity needs of one-third of Mid & Emerging Corporates. As we suffered the massive economic crisis due to the attack of Pandemic on the Indian economy the Scheme of ECLGS can act as a boon for MSMEs industries in India. Central Government has increased the scope of this scheme.

Credit