HDFC Bank has road map for a big comeback in cards

HDFC Bank is all set to return to the credit card market 'with a bang' once the Reserve Bank of India (RBI) lifts the ban on issuing new cards.

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Personal loan offtake rose in FY21, industrial loans contracts

Data released by the Reserve Bank of India (RBI) also showed that credit to the household sector rose by 10.9 per cent on a year-on-year basis (YoY).

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RBI ban on new credit cards sale hit market share; will come back with a bang once embargo lifted: HDFC Bank

The bank's head of consumer finance, digital banking and information technology, Parag Rao, said that it has used the last six months to "introspect, re-engineer and innovate" about the cards business, where it has 15.5 million customers.

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Sebi reduces REIT trading lot to one unit; move to enhance market depth

Lowers minimum application value for REIT’s retail investors to Rs 10,000-15,000 from current Rs 50,000

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Sebi to introduce framework for a new class of investors in India

Sebi defines accredited investors as “a class of investors who may be considered to be well informed or well advised about investment products”.

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SBI Mutual Fund launches consumption ETF

According to the fund house, the new scheme would be suitable for investors who are seeking long term capital appreciation and investment in securities covered by Nifty India Consumption Index.

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Navi Mutual Fund to launch lowest cost index fund

Navi Mutual Fund, owned by Flipkart co-founder Sachin Bansal, is set to launch a Nifty-tracking index fund that will cost the lowest in the segment to invest. The new entrant into the domestic mutual fund industry will charge an expense ratio of 0.06%

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SBI to levy charges for cash withdrawal beyond four free transactions per month

As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.

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Half of India's working population credit active: Report

Credit institutions are fast approaching a saturation level in new customers as over half of the borrowers are from the existing customer base of a bank, the report by Transunion CIBIL said.

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Bitcoin becoming the new gold as Indians pour billions into crypto​

​In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $200 million to nearly $40 billion in the past year, according to Chainalysis.

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SAT gives interim relief to Franklin Templeton; stays Sebi order

The Securities Appellate Tribunal(SAT) on Monday gave an interim relief to Franklin Templeton(FT) by staying the Securities and Exchange Board of India(Sebi) order barring it from launching any new debt schemes for two years.

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Airfares for August-October drop as carriers eye early bookings

Among routes on which fares dropped considerably from August, compared to June-July, are those from Mumbai to Kolkata, Srinagar, Chennai, Kochi, Varanasi and Lucknow. The cheapest return fare to fly from Mumbai to Srinagar is over Rs 15,000 for the next five weeks, but for August, the fare starts at Rs 8,300.

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Sebi clarifies rules on holding of liquid assets in debt mutual funds

Markets regulator Sebi on Friday clarified rules pertaining to holding of liquid assets in open-ended debt mutual funds.

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Rs 4,698.10 cr paid for death claims under PMJJBY last fiscal

As many as 2,50,351 death claims were filed under the PMJJBY, and of them, 13,100 were dismissed in 2020-21. The remaining 2,346 claims were being examined.

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No order issued for payment of increased DA, DR, says FinMin

In a tweet, the Ministry said a document is doing the rounds on social media claiming resumption of DA to Central Government employees & Dearness Relief to Central Government pensioners from July 2021.

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How gold, silver and platinum performed during the week ending June 24, 2021

Here’s a weekly tracker of returns from such investments. ​​But don’t compare these with returns from traditional investments since the proportion and purpose of alternative investments is vastly different.

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EPFO adds 1.27 million subscribers in April

The payroll data by the ministry of statistics and programme implementation, released on Friday, shows net new additions under the EPFO was higher by 13.7% in April compared to March at 1.12 million, but fell for ESIC and NPS compared to March.

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RBI extends curbs on the operations at PMC Bank

“It is hereby notified for the information of the public that the validity of the aforesaid directive… has been extended for a further period from July 1 to December 31,” the central bank said.

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Mumbai remains most expensive city for expats: Mercer survey

The report finds top Indian cities have dropped in rankings in surveying the most and least expensive cities for expatriates globally. Ashgabat in Turkmenistan tops the list as most expensive city globally, bumping Hong Kong to second position, while Beirut rises 42 positions to third most expensive city. More than half of the top 10 most expensive cities are located in Asia.

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Insurers have settled 15.3 lakh health and 48,000 life claims amid lethal second wave: Irdai Official

“Over 19.11 lakh Covid health claims have been reported as on 22nd June as far as medical insurance or hospitalisation is concerned. While in terms of death claims, which is handled by the life insurers, about 55,276 claims have been intimated and nearly 88 per cent i.e., 48,484 claims amounting to Rs 3,593 crore have already been settled,” said T.L. Alamelu, Member (Non-Life), IRDA while inaugurating 13th Global Insurance E-Summit & Awards organised by ASSOCHAM.

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Anurag Thakur announces tax concessions for payment towards COVID-19 treatment, ex-gratia

Thakur said that ex-gratia payment by the employer to an employee's family or by any person to any other person's family on the death of employee or any other person on account of COVID-19 for 2019-20 or subsequent year will be tax exempted.

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ITI Mutual Fund launches Dynamic Bond Fund

The fund will follow a strategy that is structured in a manner that offer investors the benefit of dynamic fund management through flexible asset allocation and active duration management.

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Tax department detects Rs 100 crore hawala transactions after raids in Chhattisgarh

A number of digital devices such as a hard disc and pen drives "having details of hawala transactions" have been seized, the CBDT said in a statement.

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Sensex near all-time high: Should value hunters be pessimistic?

"If a mean reversion, not even in full, happens in the next 3-4 years, then the earnings growth in banks or commercial vehicles should surprise."

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View: Equity market reforms should focus on making entry & exit easier for companies and investors

In recent years, private equity funds have emerged as a critical provider of early-stage and growth-stage capital to businesses across industries. While this trend can be observed worldwide, dominance of private equity has had a longer history in India. While there are likely multiple factors behind this phenomenon, an important one is the rather tight regulation of public equity markets.

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HDFC Bank CEO says sorry for tech glitches

In his first communication to shareholders, he also promised action to ensure that the bank keeps culture, conscience and customers at the forefront in light of regulatory action on misselling.

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Smaller banks get cold feet, deactivate cryptocurrency accounts

While large banks like State Bank of India, HDFC Bank, Axis Bank and ICICI Bank continue to be reluctant, some smaller banks such as IDFC Bank had started offering their services to some exchanges, several people in the know said. Now, more smaller players seem to be pulling back.

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RBI penalises three Maharashtra-based co-operative banks

The penalty on Excellent Co-operative Bank was imposed for contravention of the directions issued by RBI on 'Maintenance of Deposit Accounts' and 'Know Your Customer (KYC)'. Janseva Sahakari Bank was fined for contravention of the direction issued by on KYC.

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Gang steals Rs 48 lakh from SBI cash deposit machines; lender puts withdrawal on hold

According to police, totally Rs 48 lakh has been stolen from Automated Cash Withdrawal and Deposit Machines also known as Cash Deposit Machines (CDM) located in various places including Velachery here.

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HDFC Life announces Rs 2,180-crore bonus for participating insurance plan subscribers

Under a participating plan, a policyholder is eligible to get a share in the profits of company in the form of bonus.

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No income tax scrutiny on cash deposits up to Rs 2.5 lakh by housewives post demonetisation: ITAT

The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17. However, post demonetisation, the assessee deposited the Rs 2,11,500 cash in her bank account.

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Average return of small cap funds in last 1 year stands around 100%

As small cap and midcap funds continue their outperformance amid the pandemic, an ICICI Securities report has said that the category average return of small cap funds have been around 100 per cent in the past one year.

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CBDT issues functionality to ascertain specified persons for TDS/ TCS compliance

Deductors or collectors can use the functionality – Compliance Check for Sections 206AB &206CCA available on the reporting portal of the income-tax department – by keying in permanent account numbers (PAN) in bulk or singularly. The functionality will respond in the affirmative or negative.

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FM asks Infosys to fix all issues on new I-T portal on priority; 5 glitches to be resolved in a week

The portal launched on June 7 continued to face glitches, including longer logging in time, inability to generate OTP for Aadhaar validation, non-availability of ITRs for past years. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed.

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Govt may set up task force on mandatory seeding of Aadhaar for enrollment and remittances under the EPFO

The Employees Provident Fund Organisation (EPFO) is in talks with the industry and trade unions to set up the task force with equal representation of all stakeholders before the deadline of September 1, a top government official told ET.

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Do lower rates hurt savers? Not quite, says RBI research

Economic models suggest that loss of interest income is made up by a rise in demand and wages, as per views put forth at MPC meeting.

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Equalisation levy could make life more taxing for cryptocurrency buyers

“In the absence of any guidelines on the treatment of crypto assets, there is ambiguity in how these would be treated under the tax laws and FEMA (Foreign Exchange Management Act),” said Amit Maheshwari, tax partner at tax consulting firm AKM Global.

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Fixed deposit returns may not rise in near future

Economists are embracing models that suggest that only some savers lose out but a chunk of them gain through higher economic activity. RBI Executive Director Mridul Saggar says that the argument lower rates hurt savers across the board doesn't hold water.

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FinMin, Infosys meet on glitches in new I-T portal on Tuesday; to discuss stakeholder inputs

At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts. Addressing shareholders' questions on the matter, Infosys said it is deeply concerned with the inconvenience caused by the technical glitches in the new income tax e-filing portal, and it is working to resolve all the issues at the earliest.

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PMC Bank depositors should get back deposits without any condition: NCUI

Reacting to RBI's in principle approval to Centrum Financial Services, NCUI President Dileep Sanghani in a statement said, "This is indeed welcome. However, it should be ensured that all the depositors should get back their deposits without any conditionality."

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EPFO net new enrolments rise 13.73 per cent to 12.76 lakh April

As per the labour ministry’s provisional payroll data, of the 1.27 million net subscribers added during the month, around 0.68 million new members have come into the social security coverage of EPFO for the first time.

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ESG investing will force fund managers not to vote with their feet: Munot

While the pandemic has given a big fillip to ESG investing, it has also resulted in some parts of the investment community seeing it as a fad. The monstrous rally seen in sectors such as steel, energy and power over the past 12 months has been used by some as evidence that sustainable investing is just a trend. This notion has been given some credence by the likes of Warren Buffett and Charlie Munger investing in energy companies over recent years.

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Labour ministry notifies monthly pension relief of Rs 1,800 for dependents of ESIC beneficiaries

“The Employees’ State Insurance Corporation, do hereby notify the scheme ESIC COVID-19 Relief Scheme under Section 19 of the Act as a welfare measure in case of death of insured person due to COVID-19,” the ministry said in the notification. The labour ministry has sought suggestions on the scheme within a month.

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Motilal Oswal MF splits face value of NASDAQ 100 ETF units

According the AMC, the ex-date and record date for the split is set as 17 June and 18 June respectively.

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Internet has driven many towards a self driven car equivalent in money management: Rajesh Krishnamoorthy, FPSB

What one forgets is the foundations of personal finance. What is the point of making 100% returns if that money is still not enough to pay the ICU bill?

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How gold, silver, platinum performed during the week ending June 17, 2021

The fear that the US Fed will increase rates sooner than the expected due to rebound in the economy and inflation worries pulled down the gold prices by 2%.

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HDFC Bank tackling tech glitches, awaits RBI cues on easing of curbs

HDFC Bank, which issues nearly 150,000 credit cards a month, was directed by the RBI in December to stop issuing fresh cards until it had sorted out its tech problems. The bank also couldn’t launch any new digital initiatives. In February, the regulator appointed an external firm for carrying out a special audit of HDFC Bank’s IT infrastructure. The report was submitted last month.

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MFs sense major market shakeup; steer clear of trendy stocks, sectors

Inflows into equity funds improved to Rs 10,083 crore in May from Rs 3,400 crore in April.

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How IDFC Sterling Value Fund generated 114% returns in one year

Value funds are back in action in the last six months. Value stocks have outperformed their growth peers after a long underperformance in the last two years.

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Second COVID wave impacts bank deposits, currency holding with public: RBI article

Bank deposits -- having a share of around 55 per cent in total assets of households -- decelerated by 0.1 per cent at end-April 2021 on a m-o-m (month-on-month) basis as against a growth of 1.1 per cent in April 2020.

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