Monday, August 12, 2019, 9:15 PM
The country's central-bank has cut-interest-rates for the fourth-time in a row. The repo-rate cut has been cut by 35 basis-points and now stands at 5.4% the lowest since April 2010. With this, the RBI has reduced interest rates by 110-bps since the start of the year. The higher than normal-rate-cut is ostensibly a signal for banks to cut lending-rates aggressively before festive-season kicks in.
Monday, August 12, 2019, 11:45 AM
India's most valuable lender HDFC Bank is planning to double its credit card base and triple the merchant acquiring business this fiscal year, even as most banks raise concerns over rising stress in their unsecured loan book. The private-sector lender currently has a credit card base of 12.5 million and 9,00,000 unique merchants with 1.5 million acceptance points.
Wednesday, August 7, 2019, 9:01 PM
Twenty five years ago when Aditya Puri and Paresh Sukthankar sat with a band of bankers to tell potential investors in the initial public offering of HDFC Bank what they intended to do in their first three years, few knew what was possible. But regulations demanded they provide a business plan if they wanted capital from public markets.
Monday, August 5, 2019, 8:33 PM
Government spending will be the engine that powers growth in the other sectors of Indias slowing economy, SBI chairman Rajnish Kumar said in an interview. "There is an obvious slowdown in demand... it is visible in every sector," Kumar said. "The major spending thrust will come from the government. Once that starts reflecting on the ground, I am hopeful that private-sector investments will follow."
Wednesday, July 17, 2019, 8:42 AM
Total bad loans of commercial banks declined by Rs.1.02-lakh-crore to Rs.9.34-lakh-crore in the 2018-19 fiscal on the back of steps taken by the government, Finance Minister Nirmala Sitharaman said. Sitharaman said the SCBs effected record recovery of Rs.4,01,424 crore over the last four financial years, including record recovery of Rs.1,56,746-crore during 2018-19 ( provisional data for 2018-19, as reported by RBI on July-9, 2019).
Wednesday, June 19, 2019, 10:31 AM
The Reserve Bank of India has fined HDFC Bank Rs.1 crore for non-compliance with the central bank's norms on 'know your customer (KYC)/anti-money laundering (AML)' and 'reporting of frauds'. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said.
Friday, April 12, 2019, 6:44 PM
Instant messaging service WhatsApp may take-up to five-months to fully localise its payments data in India and go live, said two-bankers in know of matter, after a-test-launch of its payments service among a-limited-number of users faced stiff opposition from competitors last-year. The company does not share details of exact-number of users on its platform, but sources said it may be in range of 7L.
Wednesday, March 13, 2019, 5:59 PM
HDFC Bank crossed the Rs.6 lakh crore market capitalisation mark for the first time on Wednesday, becoming only the third Indian company to achieve the milestone. The stock has gained around 20% in the last one year. Reliance Industries is the most valued Indian company with a market value of Rs.8.50 lakh crore, followed by TCS at Rs.7.50 lakh crore.
Friday, February 8, 2019, 7:54 AM
Governor Shaktikanta Das' maiden policy announcement has ensured 'growth' re-enters the central-banking vocabulary and there are chances of more-rate-cuts like the one delivered surprisingly Thursday, analysts and industry observers said. "Growth re-enters the central bank's vocabulary as something to be cherished and not to be viewed exclusively as something that raised the risk of inflation," economists at largest private sector lender HDFC Bank said.
Thursday, January 3, 2019, 8:59 PM
Powered by the business of Dena Bank and Vijaya Bank, Bank of Baroda will become larger than ICICI Bank from 1 April following completion of the amalgamation process of three state-run banks. After State Bank of India (SBI) and HDFC Bank, with businesses of Rs 45.85 trillion and Rs 15.8 trillion respectively, ICICI Bank (Rs 11.02 trillion) is the third largest commercial bank now.
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