Banks’ Q4 earnings preview: HDFC, ICICI, and SBI to face subdued profits as NIMs come under pressure – Mint
The article previews the fourth-quarter results of Indian banks, including HDFC Bank, ICICI Bank, and State Bank of India (SBI). Analysts expect these lenders to report muted earnings due to pressure on their net interest margins (NIMs).
The main reasons for the expected decline in earnings are:
1. Deceleration in loan growth: Credit growth, which has been the primary driver of earnings for Indian banks, has slowed down in recent quarters. This has reduced the banks’ ability to grow their interest income.
2. Pressure on NIMs: The Reserve Bank of India’s (RBI) recent rate cuts have reduced the banks’ interest margins. Although the banks have managed to maintain their NIMs so far, analysts expect further pressure in the fourth quarter.
3. Higher provisioning: With the economy facing stress, the increased provisioning for bad loans is expected to eat into the banks’ profits.
4. Weakness in corporate credit: The pandemic has led to a decline in corporate credit, which has also affected the banks’ earnings.
According to analysts, HDFC Bank’s net interest income (NII) is expected to decline by around 7-8% year-on-year (YoY) in the fourth quarter. ICICI Bank’s NII is expected to decline by around 6-7% YoY. SBI’s NII is expected to decline by around 5-6% YoY.
The banks may try to make up for the decline in NII by increasing their non-interest income, such as fees and commissions. However, this strategy may not be enough to offset the decline in NII.
To mitigate the impact of declining NIMs, the banks may focus on reducing their operating expenses. HDFC Bank and ICICI Bank have already taken steps to reduce their expenses in recent quarters.
Despite the expected decline in earnings, the Indian banking system is expected to remain stable, with the banks’ capital adequacy ratio (CAR) remaining above the required level.
In conclusion, the article suggests that Indian banks, including HDFC Bank, ICICI Bank, and SBI, are likely to report muted earnings in the fourth quarter due to pressure on their NIMs. The banks will need to focus on other revenue streams and cost reductions to mitigate the impact of declining interest income.
Why are savings accounts now yielding higher interest rates, especially following the RBI’s latest rate cut? Find out the top banks offering the best returns – Money News
The Reserve Bank of India (RBI) has slashed its repo rate by 50 basis points, marking the end of the high interest rate regime in the country. This move has led to a cascade effect, with several banks, including public and private sector lenders, cutting their lending rates and adjusting their fixed deposit rates. As a result, interest rates on savings accounts have also been reduced.
Public sector banks, such as State Bank of India, Punjab National Bank, and Bank of Baroda, are currently offering interest rates ranging from 2.7% to 2.9% on savings accounts. Private sector banks, on the other hand, are offering slightly better rates, ranging from 2.75% to 3.25%.
The RBI’s focus is now on accelerating economic growth, and if retail inflation remains stable, it may cut rates further in the future. This could have a direct impact on fixed deposits and savings accounts, with banks potentially paying lower interest rates.
Adhil Shetty, CEO of BankBazaar, suggests that depositors should consider investing in other instruments, such as fixed deposits, mutual funds, or government savings schemes, to earn higher returns. In the current environment, earning interest from a savings account alone may not be sufficient.
The trend of lower interest rates is expected to continue, as the RBI prioritizes growth support and inflation remains within its comfort zone. For depositors, this may mean lower returns on traditional deposits, but it could also lead to cheaper borrowing and encourage consumption and investment.
Brutal Disturbances in Muzaffarnagar: Woman’s Hijab Removed, Hindu Man Beaten; 6 Individuals Under Arrest
A disturbing incident of communal violence has been reported in Muzaffarnagar, Uttar Pradesh, where a 20-year-old woman was allegedly stripped of her hijab and assaulted by a group of men, while the Hindu man accompanying her was beaten. The incident occurred on April 12, when they were returning from collecting a loan EMI from a bank.
According to the police complaint, the woman was accompanying one of her mother’s colleagues to collect the EMI when they were stopped and attacked by a group of 8-10 men. The accused men verbally abused, physically assaulted, and forced the woman to remove her burqa and clothes. They also recorded a video of the attack and threatened to make it viral.
The incident has sparked widespread outrage on social media, with many condemning the brutal act. The Muzaffarnagar police have registered an FIR and arrested six individuals under various sections of the IPC, including rioting, assault, and outraging the modesty of a woman.
City DSP Raju Kumar assured that strict legal action will follow and further arrests will be made as more people are identified from the video. However, some social media users have raised questions about the authenticity of the police’s claim, with some speculating that the limping of the arrested men was “staged.”
The incident highlights the growing concerns about communal violence and harassment faced by women in India, particularly those from minority communities. The fact that the woman was assaulted and her hijab was forcibly removed is a disturbing display of communal intolerance and sexism.
The police’s response to this incident is being closely watched, with many calling for a thorough investigation and punishment for the perpetrators. The incident also highlights the need for better community safety and action from law enforcement to prevent such incidents from occurring in the future.
The victim has stated that she was accompanying her mother’s colleague to collect the EMI when they were stopped and attacked. The incident has sparked a national debate on social media about the role of law enforcement in preventing such incidents and ensuring the safety of women from minority communities.
After RBI’s Interim Repo Rate Cut, Banks Begin Reducing Lending Rates
In response to the Reserve Bank of India’s (RBI) 25 basis point reduction in the repo rate on April 9, several banks have begun to cut their lending rates, passing on the benefit to their borrowers. Indian Bank was the first to announce a reduction in its repo-linked benchmark lending rate from 9.05% to 8.70%, effective from April 11. Canara Bank is likely to follow suit, with a source indicating that the bank may reduce its RBLR by 25 basis points in a near future meeting. Indian Overseas Bank has already decided to reduce its RBLR by 25 basis points to 8.85%, effective from April 12. This rate cut is expected to lower borrowing costs for customers with loans linked to RBLR, including home loans and business loans. As a result, customers may see reduced equated monthly installments (EMIs) or shorter loan tenures.
The RBI’s decision to cut the repo rate is expected to lead to surplus liquidity, facilitating faster transmission of policy rate cuts. This is in contrast to the February rate cut, when no bank passed on the benefit to customers. Non-banking financial companies (NBFCs) are also considering reducing their lending rates, with Hinduja Leyland Finance’s MD and CEO, Sachin Pillai, stating that the RBI’s move will create opportunities for NBFCs to reduce borrowing costs and pass on benefits to customers in vehicle financing, affordable housing finance, and small and medium enterprise (SME) financing.
The cumulative reduction in lending rates could be up to 50 basis points, with the RBI hinting at another potential rate cut by the end of the fiscal year. The RBI’s Asset Liability Management Committee (ALCO) is expected to meet soon, and a 50 basis point rate cut is possible. This could further reduce borrowing costs for customers, making it a positive move for the economy. The rate cut is a welcome development, especially for sectors that have high credit sensitivity, such as vehicle financing, affordable housing finance, and SME financing. Overall, the move is expected to benefit customers and stimulate economic growth by making borrowing cheaper and more accessible.
Don’t miss the deadline! Apply for 146 SRM and other vacancies by [insert date] – learn more here
The Bank of Baroda has announced a recruitment drive to fill 146 vacant positions for various posts, including Senior Relationship Manager, Private Banker, Territory Head, and others. Eligible candidates can apply on the official website, www.bankofbaroda.in, until the registrations conclude.
The eligible candidates can check the vacancy details, pay scale, educational qualifications, and other requirements in the official notification. Here’s a brief overview of the posts:
- Deputy Defence Banking Advisor (DDBA): 1
- Private Banker – Radiance Private: 3
- Group Head: 4
- Territory Head: 17
- Senior Relationship Manager: 101
- Wealth Strategist (Investment & Insurance): 18
- Product Head – Private Banking: 1
- Portfolio Research Analyst: 1
To apply for these positions, candidates can follow these steps:
- Visit the official Bank of Baroda website (www.bankofbaroda.in).
- Go to the ‘Career’ tab and select ‘Current Opportunities’.
- Click on the ‘Apply Now’ button under the Advt No. BOB/HRM/REC/ADVT/2025/03.
- Fill in the application form, upload required documents, and pay the application fee as per your category (Rs. 600 for General, EWS, and OBC candidates and Rs. 100 for SC, ST, PWD, and Women candidates).
- Submit the form and keep a printout for future reference.
Indian billionaire jeweller Mehul Choksi, wanted for alleged financial crimes, is taken into custody by Belgian authorities.
Mehul Choksi, a Indian diamond merchant, has been arrested in Belgium at the request of the Indian government. Choksi is wanted in India for allegedly defrauding one of the country’s largest banks, Punjab National Bank (PNB), of nearly $1.8 billion. He had been living abroad since 2018 and was tracked down by Belgian authorities.
Choksi’s lawyer, Vijay Aggarwal, said they will appeal against his detention and oppose his extradition to India. The grounds for appeal include Choksi’s claims that he is not a flight risk and that he is undergoing cancer treatment. They will also contest the extradition on grounds that there isn’t enough evidence against him and that the extradition request is politically motivated.
Choksi and his nephew, Nirav Modi, are both wanted by Indian authorities in connection with the PNB fraud case. Modi is currently lodged in a prison in London and is awaiting extradition to India. Both Choksi and Modi were high-profile diamond traders and were known for their lavish lifestyles.
The Enforcement Directorate (ED), India’s financial crimes agency, had issued non-bailable warrants for Choksi’s arrest in 2018 and 2021, but it is unclear why the action was not taken earlier. The ED has accused Choksi and Modi of colluding with PNB employees to get fraudulent advances for payments to overseas suppliers of jewels, and then laundering the funds.
Hariprasad SV, a Bengaluru-based entrepreneur who had alerted authorities about the alleged scam at PNB, welcomed Choksi’s arrest and called for him to be brought back to India to face justice. The Indian government has hailed the arrest as a major breakthrough in its efforts to recover the stolen funds and bring the perpetrators to justice.
State Bank of India and two other public sector banks slash loan rates by 25 basis points, Finance Industry Latest Updates
The State Bank of India (SBI), Bank of India, and Bank of Maharashtra have announced a reduction in their lending rates by 25 basis points (bps) following the Reserve Bank of India’s (RBI) decision to lower the repo rate last week. This move aims to make loans cheaper for both existing and new borrowers.
SBI’s Repo Linked Lending Rate (RLLR) will now be 8.25%, and its External Benchmark Based Lending Rate (EBLR) will be 8.65%. Bank of India has reduced its home loan rate to 7.9% per annum based on the CIBIL score. Additionally, it has lowered interest rates on select existing retail loan products, including vehicle loans, personal loans, loan against property, education loans, and Star reverse mortgage loans.
Bank of Maharashtra has also cut its RLLR to 8.80%, benefiting customers availing loans for homes, cars, education, gold, and other retail loan products. The bank’s home loan will start from 7.85% per annum, and car loans will be priced from 8.20% per annum.
These rate cuts follow the RBI’s Monetary Policy Committee’s decision to reduce the repo rate by 25 bps to 6% on April 9, its second consecutive reduction. The total rate cut is now 50 bps over the past two months. These reductions are expected to make borrowing more affordable for individuals and businesses, boosting economic growth.
Bank of Maharashtra slashes retail loan rates by 0.25% to boost customer affordability
The Bank of Maharashtra (BoM), a state-owned bank, has announced a reduction in its lending rate linked to the repo rate by 25 basis points. This move is in line with the Reserve Bank of India’s (RBI) recent decision to slash key interest rates by 25 basis points to support economic growth. As a result, BoM’s repo-linked lending rate (RLLR) has been reduced from 9.05% to 8.80%.
This rate reduction will make loans more affordable for BoM’s customers, including those availing of home, car, education, and gold loans. The bank’s home loan rates will start from 7.85% per annum, while car loans will be priced from 8.20% per annum, making them among the lowest in the banking industry.
Indian Overseas Bank (IOB), another public sector lender, has also cut its benchmark lending rate in line with the repo rate reduction. IOB’s RLLR has been reduced from 9.10% to 8.85%. Both banks have decided to pass on the rate cut to their customers, making loans more accessible and affordable.
This move is expected to boost economic growth, as lower interest rates make it easier for individuals and businesses to access credit. The rate cuts are also seen as a response to the US imposing reciprocal tariffs, which could impact India’s economic growth. By reducing interest rates, the RBI is trying to support growth and prevent a slowdown.
What’s behind the diamond trader’s alleged fugitive status in India? What lies ahead?
Mehul Choksi, the billionaire diamond trader and nephew of Nirav Modi, wanted in the Punjab National Bank (PNB) loan fraud case, may finally be on his way back to India after being arrested in Belgium at the behest of the Central Bureau of Investigation (CBI). Choksi, 65, had been living in Antwerp, Belgium, with his wife, Preeti Choksi, after obtaining a residency card, which was allegedly obtained with false declarations and forged documents.
Choksi had fled India in January 2018 with his nephew Nirav Modi before the PNB loan scam came to light. He had moved to Antigua and Barbuda, where he was granted citizenship, and later to Belgium. India had requested Belgium to extradite him, and the country confirmed his presence in early March.
Choksi’s arrest on Saturday came after Belgian authorities confirmed they were aware of his presence and were giving it great importance. However, he is expected to seek bail and release on the grounds of ill health. The CBI has issued two open-ended arrest warrants against Choksi, which date back to May 2018 and June 2021.
Punjab National Bank scam whistleblower Hariprasad SV expressed doubts about India’s ability to extradite Choksi, citing his wealth and access to the best lawyers in Europe. He also recalled a previous instance where Choksi evaded extradition in the Caribbean. Hariprasad hopes that the Indian government will succeed in bringing Choksi back this time.
The CBI has booked Choksi, Nirav Modi, and officials of PNB for defrauding the bank to the tune of Rs 13,850 crore. It is alleged that they used fraudulent letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing bank officials. Choksi’s operations were not limited to PNB; his company, Gitanjali Gems, was also found to have defaulted on loans from ICICI Bank, IDBI Bank, and the Life Insurance Corporation of India (LIC), and had violated various FEMA regulations. Choksi is facing charges under the Prevention of Money Laundering Act and other sections of the Indian Penal Code. The extradition process may not be easy, but this development brings Choksi a step closer to facing justice in India.
India’s production showed a late-year surge in FY25, but is expected to encounter challenges in FY26, according to Bank of Baroda’s outlook.
According to a Bank of Baroda report, India’s industrial production showed signs of improvement towards the end of FY25, driven by rising manufacturing PMI, GST collections, and e-way bill generations. The report suggests that the production growth may have picked up in the last quarter of the previous financial year, although the first quarter of the current fiscal year may face some pressure due to uncertain global trade conditions. The Reserve Bank of India’s decision to reduce policy rates is expected to lower the cost of credit, which may encourage production and investment. Additionally, the Trump administration’s announcement of a 90-day pause on country-specific tariffs and softer global commodity prices are seen as positives for the sector’s near-term outlook.
However, recent data shows a mixed picture. India’s Index of Industrial Production (IIP) growth slowed to 2.9% in February 2025, down from 5.6% in February 2024 and 5.2% in January 2025. The decline in output was broad-based, with the mining and electricity sectors witnessing the most significant slowdown. Within the manufacturing segment, several key industries reported lower output, including basic metals, wearing apparel, chemicals, and motor vehicles. On the other hand, some sub-sectors such as pharmaceuticals, textiles, and computers/electronics saw an improvement in output.
Under the use-based classification, only capital goods showed year-on-year growth, while output of primary goods, intermediate goods, infrastructure goods, and consumer durables fell. The IIP growth for the fiscal year so far has moderated to 4.1%, compared to 6% growth in the same period last year. While production may have picked up towards the end of FY25, the outlook for Q1 of FY26 remains mixed, with both positive and negative factors influencing the sector’s growth.
IOB Loans now feature an updated interest rate
Indian Overseas Bank (IOB) has announced a reduction of 0.25% in its repo-linked lending rate (RLLR) from 9.10% to 8.85%, providing a significant relief to home buyers. This move comes after the Reserve Bank of India (RBI) recently reduced its policy repo rate to support the economy.
The reduced RLLR is expected to result in a lower effective interest rate on home loans, making it more affordable for individuals to purchase or construct homes. The decrease in interest rate will also lead to lower Equated Monthly Installments (EMIs) for home loan borrowers, making it a welcome news for those looking to purchase a property.
IOB’s decision is a positive development in the Indian banking sector, as it indicates that lenders are willing to pass on the benefits of RBI’s rate cuts to customers. The reduced interest rate is expected to boost demand for housing loans, which has been a major constraint in the Indian economy.
The RBI’s move to reduce the policy repo rate is aimed at stimulating economic growth, and IOB’s decision to reduce its RLLR is a response to this. The reduced interest rate will also help to improve affordability for home buyers, which has been a concern in the Indian real estate sector.
In addition to the reduced RLLR, IOB has also revised its home loan interest rate downward by 0.25%. This means that borrowers will now get a better deal on their home loans, with lower EMIs and a more manageable debt burden.
Overall, IOB’s decision to reduce its RLLR and home loan interest rate is a positive development for home buyers in India. The reduced interest rate will make it more affordable for individuals to purchase or construct homes, and is expected to boost demand for housing loans. The move is also in line with the RBI’s efforts to stimulate economic growth, and is a welcome relief for home buyers in India.
Standard Chartered’s Private Banking division provides high-net-worth individuals with bespoke sports investment opportunities
Standard Chartered, a global bank, has launched a new fund that allows high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) to invest in the sports industry. The fund, managed by an external manager, focuses on sports, media, and entertainment opportunities, tapping into the growing interest in sports investing. This move makes Standard Chartered one of the first banks to offer such a fund across its global footprint.
The demand for sports investing is fueled by the rapid growth of the media industry, with major sports leagues globally signing record-breaking broadcasting deals. Recent high-profile sports-related transactions among leading family offices have also sparked interest in sports investing as an alternative asset class for UHNWIs. For example, Blue Pool Capital, the Hong Kong-based family office of Alibaba co-founder Joe Tsai and owner of the NBA team Brooklyn Nets, is a notable sports investor.
According to Samir Subberwal, global head of wealth solutions, deposits, and mortgages, and chief client officer at Standard Chartered, “We have observed strong growing interest from our clients in alternative asset classes such as sports investing.” He notes that the growing media industry is an impetus for the bank to act, and that it is timely to leverage the expertise of leading global fund managers to connect HNWIs and UHNWIs to professionally managed solutions that provide access to hard-to-access opportunities.
The new fund is available to high net worth clients within Standard Chartered’s global private bank. This move is expected to attract a range of investors, including HNWIs and UHNWIs who are looking for new and exciting investment opportunities in the sports industry.
Seven years after Mehul Choksi’s plea for justice, his fugitive status remains unresolved as legal proceedings stall
The Enforcement Directorate (ED) filed a plea in 2018 to declare diamond trader Mehul Choksi a fugitive economic offender, but the case remains pending due to numerous delays caused by Choksi’s legal team. Choksi is absconding in connection with the Punjab National Bank (PNB) fraud case and has been living in Belgium since January 2018, claiming he was seeking medical treatment. The ED had moved a plea to declare Choksi and his nephew, Nirav Modi, fugitive economic offenders, but Modi was declared a fugitive economic offender in 2020, while Choksi’s case remains pending.
Choksi’s legal team has raised two key issues in his defense: that his passport was revoked, preventing him from returning to India, and that he left India for medical treatment before a case was registered against him. However, the ED has countered that Choksi could have approached any Indian authority to facilitate his return if he was genuinely serious about returning to India.
The case has been delayed due to numerous applications filed by Choksi’s legal team, seeking adjournments and stalling progress on the main plea. Court records show that over 50 applications have been filed, with some arguments lasting only 10 minutes before new delays were requested. The ED sources reveal that the defense lawyers often submit applications requiring weeks for review, further stalling the proceedings.
Recently, Choksi’s lawyers submitted a plea to introduce documents showing he is undergoing cancer treatment in Belgium, claiming this evidence is crucial to explain his inability to return to India. The ED is awaiting a final court decision on Choksi’s plea, which has been pending for over seven years, despite the government’s efforts to expedite the process under the Fugitive Economic Offenders Act, 2018.
Indian Overseas Bank Cuts Repo-Linked Lending Rate to 8.85% Post RBI Rate Reduction
Indian Overseas Bank (IOB) has announced a 25 basis points reduction in its Repo Linked Lending Rate (RLLR), effective immediately. The new rate stands at 8.85%, down from 9.10%. This move comes after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decision to reduce the Policy Repo Rate from 6.25% to 6%. The rate cut is a response to rising global economic uncertainties, particularly the United States’ announcement of 27% tariffs on Indian imports. The bank’s Asset Liability Management Committee (ALCO) convened on April 11 and decided to pass on the benefit of the reduced policy rate to customers. The revised rate structure aims to enhance credit affordability and encourage economic activity during a time of global economic flux.
IOB’s decision aligns with its policy of promptly responding to monetary policy changes and supporting borrowers with reduced interest burdens. The bank’s move is a step towards easing the financial burden on customers and encouraging them to borrow at a lower rate of interest. This development is significant, as it comes amidst global economic uncertainties and a potential slowdown in economic growth.
The reduction in RLLR will have a cascading effect on other lending rates, such as the Marginal Cost of Funds-Based Lending Rate (MCLR), which is used to determine the interest rates on home and other loans. This move is expected to benefit consumers and corporates alike, making borrowing more affordable and sustainable. IOB’s decision to pass on the benefit of the rate cut to customers is a positive step, as it demonstrates the bank’s commitment to supporting economic growth and promoting credit accessibility.
IOB’s announcement is the latest in a series of rate cuts by public sector lenders in India. The bank joins other state-owned banks such as Bank of Baroda (BoB), which recently cut its lending rates by 25 basis points. The move is seen as a response to the RBI’s rate cut and reflects the bank’s focus on supporting economic growth and promoting credit availability. The rate reduction will also help to increase loan disbursements and boost economic activity, thereby supporting India’s growth momentum. Overall, IOB’s decision to reduce its RLLR is a welcome move, which will benefit customers and contribute to the overall economic well-being of the country.
Outshining ICICI Bank and Axis Bank, HDFC Bank’s interest rates are the lowest – See the latest rates from India’s top private lender – Personal Finance
HDFC Bank, India’s second-largest bank by assets, has reduced its interest rate on savings accounts by 25 basis points to 2.75%. This reduction is effective from April 12 and applies to savings accounts with balances less than Rs 50 lakh, earning an interest rate of 2.75% per annum. Accounts with balances over Rs 50 lakh will earn an interest rate of 3.25% per annum. This move comes after the Reserve Bank of India (RBI) announced a second consecutive benchmark repo rate cut, which has shifted its monetary policy stance from Neutral to Accommodative.
The reduction in HDFC Bank’s interest rate brings it closer to public sector lenders like State Bank of India and Punjab National Bank, which offer a minimum interest rate of 2.70% on savings account deposits since 2022. HDFC Bank’s interest rate is now on par with Bank of Baroda, which offers an interest rate of 2.75% on deposits up to Rs 50 crore.
In comparison, HDFC Bank’s peers, ICICI Bank and Axis Bank, are currently offering a minimum interest rate of 3% on balances below Rs 50 lakhs. The reduction in HDFC Bank’s interest rate is likely a response to the changing economic environment and the RBI’s move to prioritize growth over inflation control.
Indian Overseas Bank slashes its repo-linked lending rate by 25 basis points
The Indian Overseas Bank has announced a reduction in its repo-linked lending rate by 25 basis points, effective immediately. The bank made this announcement on Saturday following a decision by the Reserve Bank of India (RBI) to cut the policy repo rate from 6.25% to 6%. The RBI’s rate cut is seen as a response to the uncertain economic environment, particularly the imposition of a 27% tariff on Indian imports to the US by US President Donald Trump.
The disclaimer said the decision to reduce the repo link lending rate was made by the Asset Liability Management Committee (ALCO) on April 11. The ALCO will now set the repo-linked lending rate of the bank at 8.85%, down from 9.10%. This change is meant to align with the RBI’s new repo rate.
The impact of the change will be seen immediately. This move is in line with the RBI’s goal to lower interest rates to boost economic growth and support a slow-down in industrial output. The RBI aims to stimulate growth by adjusting the key interest rate that banks use to borrow and lend money. The outcome of this adjustment is expected to potentially lead to a drop in lending rates for customers, making it easier for people to get loans and credit.
The change in interest rates will also help the real sector of the economy by addressing liquidity shortages in the key segments. It also demonstrates the government’s efforts to sent capital interest flow to support growth. The policy change is expected to chart a beneficial route for the economy.
According to the bank’s previous records, Indian Overseas Bank is poised to tap benefits stemming from fresh cash flows worsened by the downtrend in interest rates.
India’s forex reserves touch a record high of $676 billion, according to the RBI.
India’s foreign exchange reserves have witnessed a significant surge, jumping by $10.872 billion to $676.26 billion in the week ending April 4, marking the fifth consecutive week of gains. This growth is a stark contrast to the previous trend, where reserves had been slipping for about four months, reaching a mere 11-month low. The latest gains have brought the reserves up from their all-time low, indicating a strengthening of the Indian economy. The Reserve Bank of India (RBI) has intervened to prevent a sharp depreciation of the Rupee, which has fallen to an all-time low against the US dollar.
The RBI’s foreign currency assets, the largest component of foreign exchange reserves, stood at $574.08 billion, while gold reserves totaled $79.36 billion. The reserves are sufficient to cover approximately 10-11 months of projected imports. In 2023, India added $58 billion to its foreign exchange reserves, reversing the cumulative decline of $71 billion in 2022. In 2024, the reserves have risen by over $20 billion. Foreign exchange reserves are assets held by a nation’s central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling.
The RBI actively manages liquidity, including selling dollars, to prevent steep Rupee depreciation. It strategically buys dollars when the Rupee is strong and sells when it weakens. The RBI’s interventions aim to maintain a stable exchange rate, ensuring a stable economy. Despite fluctuations in reserves, India remains confident in its economic prospects, with foreign exchange reserves serving as a safeguard against external shocks.
The latest surge in foreign exchange reserves suggests that the RBI’s efforts are yielding positive results, indicating a strong and stable economy. The RBI’s ability to manage foreign exchange reserves effectively has enabled India to maintain a robust foreign currency position, which will help in maintaining financial stability and preserving economic stability. As a result, India is better equipped to face external challenges and can continue to maintain a stable exchange rate. The development is a positive sign for the Indian economy, which is expected to continue its growth trajectory in the coming years.
India’s banking sector roadmap 2025: An action plan for the future in UdaipurorUdaipur’s banking scene in 2025: A strategic direction for growth and developmentorA comprehensive banking strategy for India 2025: Priorities and goals set in Udaipur
The Reserve Bank of India (RBI) has announced a three-day holiday period for banks across India, starting from April 12 to April 14. This means that bank branches will be closed for three consecutive days, which could have an impact on various branch-related services.
It is essential for bank customers to plan their banking activities accordingly and make note of the holiday schedule. The holiday period is likely to affect various services such as cash deposits, withdrawals, and other transactions that require bank branch visits.
Bank customers are advised to check the holiday schedule in advance to avoid any inconvenience. It is also recommended to use alternative channels such as online banking, mobile banking, or ATMs to conduct their banking transactions.
The RBI holiday schedule is subject to change, and customers should check the RBI website or their bank’s official website for the latest information. Additionally, customers should verify the holiday schedule for specific bank branches before planning their visit.
In conclusion, the three-day holiday period for banks starting from April 12 to April 14 is an essential reminder for bank customers to plan their banking activities accordingly. By being aware of the holiday schedule, customers can avoid any inconvenience and ensure a smooth banking experience.
Punjab National Bank ushers in a new era of innovation, introducing 34 cutting-edge products on its 131st Foundation Day milestone.
The Punjab National Bank (PNB) celebrated its 131st Foundation Day on April 12, marking a century and a decade of customer-centric banking and financial inclusion. The celebration was attended by dignitaries, bank executives, employees, and customers at the PNB headquarters in New Delhi. The event highlighted the bank’s commitment to innovation, financial inclusion, and digital transformation.
DFS Secretary M Nagaraju commended PNB for its innovative product offerings and contribution to deepening financial inclusion and enhancing customer experience. PNB MD & CEO Ashok Chandra stated that the bank has been a cornerstone in India’s development, offering credit across every sector and ensuring financial inclusion nationwide.
PNB launched 34 new banking products and services, including 12 customer-centric deposit schemes and 10 digital transformation products. These products cater to various customer segments, such as salaried professionals, women, defence personnel, farmers, NRIs, senior citizens, pensioners, students, and youth.
Some notable launchings included customised account numbers, personal accident and life insurance, healthcare benefits, and upgraded debit card functionalities. The bank also introduced a QR code-based customer feedback mechanism, a live-chat assistant named “Pihu”, and new internal banking functionalities for enhanced customer service.
As part of its digital roadmap, PNB launched 10 new tech-driven services, including single-window DEMAT and trading account onboarding, digital loan facilities against deposits, and WhatsApp-based fixed deposit bookings. Other key digital initiatives include GST Express Loans, Digi MSME Loans, Self-Onboarding, and Loans for rooftop solar installations.
In alignment with its social responsibility vision, PNB partnered with various organizations, including Kalinga Institute of Social Sciences (KISS) foundation and Water for People India Trust, to support the wellbeing and literacy of underprivileged children and facilitate rural water conservation. The bank also donated infrastructure items to government schools in Delhi. The event concluded with cultural performances by PNB Parivaar and musical performances by renowned singers Meiyang Chang and Jahnvi Shrimankar.
Widespread disruption: India’s UPI transaction system crashes, leaving users unable to access multiple apps and services nationwide | Top News Stories
A major outage affected several UPI (Unified Payments Interface) apps on Saturday, preventing users from sending and receiving money. According to data from Downdetector, a website that tracks app outages, over 2,300 reports of UPI issues were submitted around 1 PM. Google Pay, Paytm, and various banks were among the apps affected. The outage caused significant inconvenience to users across India, marking the third major UPI outage in the past 30 days.
The most affected banks included State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of India, Indian Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, Federal Bank of India, IDBI Bank, Yes Bank, IndusInd Bank, and IDFC Bank. Many users reported issues with mobile banking, online banking, fund transfers, and bill payments.
While the outage was widespread, no single issue dominated the reports. Some users reported payment failures, while others experienced problems with transactions, mobile banking, and online banking. The exact cause of the outage is not clear, but it highlights the importance of reliable payment systems and the need for banks and fintech companies to prioritize user experience.
The recent outage serves as a reminder that technology can fail, and it is essential to have backup plans and redundancy measures in place to minimize the impact of outages. In the meantime, affected users are advised to monitor the situation and wait for further updates from their banks and fintech companies.
HC Upholds Rs 16,261 Cr GST Bill Against J&K Bank – Kashmir Observer
The High Court of Jammu and Kashmir and Ladakh has temporarily halted the recovery of a Rs 16,261 crore demand and penalty under the Goods and Services Tax (GST) regime against Jammu and Kashmir Bank. The bank had filed a writ petition challenging the demand notice issued by the Additional cum Joint Commissioner, Central GST, which the bank claimed arose from a misunderstanding of its internal financial practices.
The bank, represented by advocate Tasaduq H Khawaja, argued that its internal financial transactions, including the transfer of funds between branches and the corporate office, were not taxable under the GST Act. The bank stated that these transactions were internal accounting measures and did not constitute taxable services.
The bank’s counsel also referred to guidelines issued by the Reserve Bank of India (RBI) in 1999 on risk and fund management, which highlighted the use of the Transfer Pricing Mechanism (TPM) across the banking industry in India. The bank argued that the demand and penalty amount were based on a flawed interpretation of financial procedures.
The court issued an interim stay on the GST recovery process, citing serious legal issues raised by the case. The matter has been listed for the next hearing on May 7, 2025. The union government, represented by advocate T.M. Shamshi, sought time to file a reply.
The court’s decision provides a temporary reprieve to the bank, which is facing a significant demand and penalty. The case highlights the complexities and intricacies of the GST regime, and the court’s consideration of the bank’s arguments will have implications for the banking industry in India.
Keki Mistry urges investors to lock in long-term gains, touting India’s resilient story as a prime opportunity
Despite the relief emanating from the US’s decision to withhold tariffs, veteran banker Keki Mistry believes that India’s economy remains strong and robust. Mistry, who sits on the boards of several leading institutions, including HDFC Bank, believes that the impact of trade tariffs on India would be minimal due to the country’s relatively small export sector. He notes that exports to the US account for only 17% of India’s total exports, which means that the direct impact on India’s GDP would be limited to 40-50 basis points.
Mistry further argues that the fear surrounding trade tariffs has been “overblown” and that India’s economy should be evaluated on a relative basis, rather than in isolation. He points out that India’s GDP is comprised of multiple sectors, including services, manufacturing, and agriculture, and that the exports component is relatively small. Additionally, he cites the decline in oil prices as a positive factor, which would offset some of the potential negative impact of tariffs. He also notes that the Reserve Bank of India (RBI) has infused liquidity into the system, which would add further to India’s economic growth.
Mistry believes that long-term investors should view the current market volatility as a buying opportunity, as the tariffs are a short-term issue. He estimates that the net impact of tariffs on India’s GDP would be around 25-30 basis points, which is a manageable level. Overall, Mistry’s assessment is that India’s economy remains strong and resilient, and that the concerns surrounding trade tariffs have been exaggerated.
Federal Bank Appoints Virat Sunil Diwanji as National Head, Consumer Banking
Federal Bank has announced the appointment of Virat Sunil Diwanji as the National Head – Consumer Banking and a Senior Management Personnel, effective April 10, 2025. Diwanji brings over 30 years of experience in Consumer Banking to the bank, having previously served as Group President and Head of Consumer Bank at Kotak Mahindra Bank. He has also held significant roles at Ford Credit and A F Fergusion & Co. Diwanji serves on the boards of several companies as a Non-Executive Director/Independent Director and holds a Master’s degree in Business Administration and a Bachelor’s degree in Mechanical Engineering.
Diwanji’s extensive experience and proven track record in the banking sector are expected to help Federal Bank achieve its growth ambitions in new markets, geographies, and segments. Federal Bank is a leading Indian private sector bank with a network of around 1550 banking outlets and 2054 ATMs/Recyclers across the country. The bank’s total business mix stood at Rs 4.96 Lakh Crore as on December 31, 2024, and its Capital Adequacy Ratio was 15.20% as on the same date.
Federal Bank is transforming itself to offer services beyond par and has a well-defined vision for the future. The bank has Representative Offices in Dubai and Abu Dhabi that serve Non-Resident Indian customers in the UAE, as well as an IFSC Banking Unit (IBU) in Gujarat International Finance TecCity (GIFT City).
Do you back the government’s decision to privatize IDBI Bank?
The Indian Government has announced its plan to privatize IDBI Bank, a leading public sector lender, by selling a majority stake to a private company. The decision has sparked intense debate among stakeholders, with some supporting the move while others are opposing it.
Proponents of privatization argue that it will bring in much-needed capital and expertise to revitalize the bank’s struggling balance sheet. IDBI Bank has been facing significant challenges, including high non-performing assets, declining profitability, and a need for fresh capital to support its growth plans. Privatization is seen as a way to inject new life into the bank, allowing it to compete more effectively in the market and provide better services to its customers.
Moreover, privatization is expected to bring in new management and governance structures, which will help improve the bank’s efficiency and effectiveness. Private sector companies are known for their ability to cut expenses, streamline operations, and increase productivity, which will likely benefit IDBI Bank.
On the other hand, opponents of privatization argue that it will lead to job losses and erode the financial system’s stability. Public sector banks like IDBI Bank have a crucial role to play in supporting economic growth, particularly in rural and semi-urban areas where private sector banks have a limited presence. Privatization will undermine the government’s ability to use the banking system as a tool for economic development.
Additionally, the process of privatization is expected to be complex and time-consuming, involving a lengthy bidding process and regulatory approvals. This could lead to delays and uncertainty, which may harm the bank’s reputation and financial performance.
In conclusion, the privatization of IDBI Bank is a complex issue that requires careful consideration of both sides of the argument. While it may bring in new capital and expertise, it also poses significant risks to the financial system’s stability and the bank’s employees. Ultimately, a well-structured privatization process that balances the need for efficiency with the needs of the financial system and society will be crucial to ensure a successful outcome.
National Company Law Appellate Tribunal (NCLAT) directs Punjab National Bank (PNB) to return Rs 4.5 crore to the liquidator of Vegan Colloids
The National Company Law Appellate Tribunal (NCLAT) has overturned a decision by the National Company Law Tribunal (NCLT) in a recent judgment, stating that Punjab National Bank (PNB) must refund ₹4.50 crore to the liquidation estate of Vegan Colloids Ltd. This decision reinforces the importance of the Insolvency and Bankruptcy Code (IBC) in ensuring a fair and transparent distribution of assets during liquidation.
The case began when Bank of India filed a petition against Vegan Colloids Ltd. under the IBC, leading to a Corporate Insolvency Resolution Process (CIRP) which was later converted to liquidation. PNB filed a claim for ₹18.17 crore and relinquished its security interest over the company’s assets. However, during the liquidation process, discrepancies were found in the company’s financial reports, which revealed that PNB had recovered ₹4.50 crore from the company’s assets and paid it back without going through the official liquidation process.
The liquidator sought a refund from PNB, claiming that the amount belonged to the liquidation estate and that PNB had violated the IBC by bypassing the official process. NCLT initially dismissed the application, but NCLAT overturned this decision, finding that PNB had failed to provide evidence that the funds came from guarantor payments and had illegally taken the money from the company’s assets. The tribunal also ruled that the bank’s actions disrupted the liquidation estate and violated the IBC’s provisions on asset distribution.
NCLAT emphasized that all assets, including receivables, are part of the liquidation estate and that creditors must adhere to the IBC’s waterfall mechanism during liquidation. The ruling also highlighted the importance of the liquidator’s role in safeguarding assets for fair creditor payouts.
The judgment is seen as a precedent against unilateral creditor recoveries that undermine the insolvency process and is expected to set a benchmark for creditor accountability in liquidation proceedings. This decision reinforces the sanctity of the IBC framework, ensuring that corporate debtor assets are distributed transparently and fairly. It is a victory for insolvency professionals and underscores the importance of the IBC in ensuring equitable distribution of assets during liquidation.
Standard Chartered, OKX, and Franklin Templeton unveil a pilot project for a new trading platform that uses tokenized funds as collateral.
Standard Chartered, OKX, and Franklin Templeton have launched a pilot trading platform that enables institutional clients to use cryptocurrencies and tokenized money market funds as collateral in off-exchange transactions. The platform aims to meet institutional security, regulatory compliance, and liquidity standards. Franklin Templeton’s Digital Assets division will provide tokenized on-chain assets that OKX clients can integrate into their trading and risk management workflows. The structure enables true ownership and near-instantaneous settlement, removing reliance on traditional infrastructure and aligning operational speed with blockchain-based systems.
The platform also onboarded Brevan Howard Digital, a division of the global alternative investment manager Brevan Howard, as one of its first participants. The program operates within the Dubai Virtual Asset Regulatory Authority (VARA) framework and aims to provide capital efficiency and enhanced asset protection through custody arrangements with a globally systemically important bank (G-SIB). Under the pilot structure, Standard Chartered will act as the independent custodian, while OKX will manage the collateral and facilitate transaction execution.
The initiative addresses institutional demand for trusted digital asset custody and supports the safe use of blockchain-based products in trading environments. According to Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered, the collaboration leverages the bank’s established custody infrastructure to provide a secure mechanism for holding digital collateral.
The platform seeks to facilitate the broader adoption of tokenized instruments in institutional trading by enabling institutions to post digital assets as collateral while maintaining regulatory safeguards and custodial segregation. The program is designed to be regulatory-grade and suitable for institutional participants, with OKX’s infrastructure combined with Standard Chartered’s custody services creating a secure environment for trading.
This collaboration aims to provide a solution for institutions to use digital assets as collateral, which can be a game-changer for the industry. It demonstrates the increasing availability of compliant infrastructure for large-scale participation in the digital asset sector and the institutionalization of the market. The pilot platform has the potential to increase capital efficiency and asset protection, making it an attractive option for institutional investors.
A boost to the masses, four major government-backed banks slash interest rates, bringing welcome respite to the common folk.
The Reserve Bank of India (RBI) has cut interest rates for the second consecutive time, and as a result, four government banks have reduced their interest rates. The affected banks include Punjab National Bank, Bank of India, Indian Bank, and UCO Bank. This decision will benefit both existing and new borrowers, providing relief to the common man.
Bank of India has reduced its repo-linked benchmark lending rate (RBLR) from 9.10% to 8.85%, effective from April 9. Indian Bank has cut its RBLR by 35 basis points to 8.70%, effective from April 11. Punjab National Bank has revised its RBLR from 9.10% to 8.85%, effective from April 10. UCO Bank has reduced its lending rate to 8.8%, effective from April 10.
The RBI’s decision has a direct impact on interest rates for all types of loans, including home loans, car loans, and personal loans. The central bank has changed its monetary policy stance from “neutral” to “accommodative”, indicating that it may continue to maintain a soft stance in the coming times. This decision is expected to provide relief to the common man, making it easier for them to borrow money.
The RBI has also lowered its GDP growth forecast for FY26 by 20 basis points to 6.5%. The growth forecast for the first quarter of FY26 is 6.5%, 6.7% for the second quarter, 6.6% for the third quarter, and 6.3% for the fourth quarter.
This reduction in interest rates is a positive development for the economy, as it will make borrowing cheaper and stimulate economic growth. The four government banks that have reduced their interest rates are expected to pass on these benefits to their customers, making it easier for them to borrow money and invest in the economy. Overall, this decision is expected to have a positive impact on the economy, providing relief to borrowers and stimulating economic growth.
Expert Insights: Integrating Genetics, DBS Surgery, and Advanced Therapies for Parkinson’s Disease – Health Section, Deccan Chronicle
The article discusses a talk by Dr. Sandeep Vaishya, a neurointerventional radiologist, on the topic of “Genetics, DBS Surgery, and Managing Parkinson’s Disease”. Dr. Vaishya highlighted the importance of genetics in understanding the progression of Parkinson’s disease and the potential benefits of deep brain stimulation (DBS) surgery in managing its symptoms.
According to Dr. Vaishya, genetics play a crucial role in the development and progression of Parkinson’s disease. Research has identified several genetic mutations that can increase an individual’s risk of developing the condition. Moreover, Dr. Vaishya emphasized that genetics can also influence the effectiveness of DBS surgery, with some studies suggesting that certain genetic variations can impact the response to the procedure.
In his talk, Dr. Vaishya also discussed the current understanding of DBS surgery for Parkinson’s disease. He highlighted the benefits of DBS surgery, including its ability to alleviate symptoms such as tremors, rigidity, and bradykinesia. Dr. Vaishya also emphasized the importance of individually tailored surgery, as the optimal target areas for DBS stimulation vary depending on the individual patient.
Furthermore, Dr. Vaishya touched on the challenges faced in managing Parkinson’s disease. He noted that the condition is characterized by its complex and heterogeneous nature, making it difficult to develop effective treatments. Dr. Vaishya also highlighted the importance of multidisciplinary care, emphasizing the need for collaboration between various medical professionals to provide comprehensive treatment.
Dr. Vaishya concluded his talk by emphasizing the need for ongoing research to improve our understanding of Parkinson’s disease and to develop more effective treatments. He noted that the development of novel technologies, such as biomarkers and personalized medicine, may hold the key to better management of the condition.
Overall, Dr. Vaishya’s expert talk provided valuable insights into the current understanding of genetics, DBS surgery, and managing Parkinson’s disease. His talk highlighted the importance of considering individual genetic variations in the development of effective treatment plans, as well as the potential benefits of DBS surgery in alleviating symptoms.
HDFC Securities Unveils cutting-edge F&O Analytics Platform on HDFC Sky, Empowering Investors with Enhanced Market Insights
HDFC Securities has introduced a comprehensive Futures and Options (F&O) Dashboard on its discount broking platform HDFC Sky. The new feature is designed to empower investors with advanced tools and actionable insights to make informed decisions in the derivatives market. The F&O Dashboard integrates cutting-edge analytics with one-click execution capabilities, catering to both new and experienced investors.
The dashboard offers a suite of powerful tools, including Smart Option Chain for in-depth analysis of options contracts, Smart Future Chain for a consolidated view of all available future contracts, and FII/DII Activity Tracker for insights into institutional buying and selling trends. Traders can also leverage features like Basket Order for strategy execution, Quick Options for pre-built trades, and Trade with Heatmap for visual representation of market breadth.
The Advanced F&O Dashboard also provides access to expert professional recommendations, Forecast View & Level Option Strategy for pre-designed strategies based on user-defined views or price levels. With this dashboard, investors can enhance their market analysis, save time with one-click multi-leg strategy implementation, and access comprehensive market coverage across indices, options, and futures.
The development process involved extensive research, design iterations, and rigorous testing to ensure a seamless user experience that adds tangible value to traders’ decision-making processes. HDFC Sky has continued to innovate in the discount broking space with this new feature, marking another milestone in its journey to provide investors with best-in-class tools for navigating financial markets.
Overall, the new F&O Dashboard represents a significant milestone in HDFC Securities’ journey to empower Indian investors with institutional-grade tools and enhance their trading experience. The company remains committed to enhancing its digital offerings to meet the evolving needs of India’s growing investor community.
Transform your YES Bank credit card debt into manageable EMIs – A step-by-step guide
Using a credit card can be a smart way to earn reward points, cashbacks, and exclusive deals, but it’s essential to be mindful of the potential risks. Impulsive spending with a credit card can lead to a hefty bill that may be difficult to repay. However, with a YES Bank credit card, you can convert your card purchases into EMI (Equated Monthly Installment) payments, making it easier to manage your expenses.
There are two ways to convert your YES Bank credit card bill into EMI: Instant EMI and EMI on Call. With Instant EMI, you can opt for the EMI conversion at the point of purchase, either in-store or online. Alternatively, you can contact YES Bank’s customer care to convert your existing transactions into EMIs.
It’s crucial to note that EMI conversion can be a smart option if planned properly. However, it’s essential to be aware that credit card interest rates are extremely high, which can put an additional burden on your budget. To avoid these situations, it’s vital to use your credit card responsibly and not spend it unnecessarily. This will help you avoid a hefty bill later.
In conclusion, converting your YES Bank credit card bill into EMI can be a convenient option, but it’s crucial to be aware of the potential risks. Before applying for a credit card, it’s essential to understand credit card interest rates and to use your credit card wisely to avoid high interests and hidden charges. It’s also recommended to consult with certified experts before taking on any credit.
Indian Overseas Bank slashes lending rates on repo-linked loans, paving the way for borrowers to reap the benefits
Indian Overseas Bank (IOB) has announced a reduction in its External Benchmark Lending Rate (EBLR) by 25 basis points, effective April 12, 2025. This decision comes in response to the Reserve Bank of India’s (RBI) Monetary Policy Committee’s (MPC) announcement of a 25 bps cut in the repo rate, which occurred between April 7 and 9, 2025. The RBI’s repo rate has been adjusted to 6.00% from 6.25%. The reduction will boost borrowers with loans linked to the repo rate, leading to lower Equated Monthly Installments (EMIs) for home loans, auto loans, and other credit facilities.
IOB’s Assets and Liabilities Management Committee (ALCO) reviewed the RBI’s move before approving the rate revision. The Repo Linked Lending Rate (RLLR) will now stand at 8.85% down from the previous 9.10%. This reduction is expected to ease the financial burden on existing and new borrowers, making credit more affordable. This move is an effort by IOB to pass the benefits of RBI’s policy easing on to its customers, potentially contributing to economic growth and stimulating borrowing activities. The 25 basis points cut in the EBLR is likely to prompt other banks to adjust their lending rates accordingly.
ICICI Bank rejects claims over alleged land ownership in Kancha Gachibowli area
K.T. Rama Rao, the working president of BRS, had recently leveled allegations against the government regarding the Kancha Gachibowli land. He claimed that the government had abused its power by mortgaging land to ICICI Bank. However, ICICI Bank has now issued a clarification denying all charges.
According to ICICI Bank’s statement, they did not provide any mortgaged loan to Telangana State Industrial Infrastructure Corporation (TSIIC). Additionally, TSIIC did not mortgage any land with ICICI Bank in relation to the bond issuance. ICICI Bank only acted as an account bank for TSIIC, receiving bond issuance money and interest servicing.
This clarification comes hours after Rama Rao made the allegations against the government. It appears that ICICI Bank’s involvement in the matter is limited to receiving payments and interest services, and not as a lender or mortgage holder.
It is unclear what prompted Rama Rao’s allegations, but it seems that ICICI Bank’s clarification may have undermined his claims. The matter is now being investigated, and it is likely that further details will emerge in the coming days.
In the meantime, this development highlights the importance of transparency and accuracy in financial transactions. It also underscores the need for thorough investigations and due diligence to ensure that public funds are being used responsibly and in a transparent manner.
Overall, the clarification from ICICI Bank has added a new layer of complexity to an already contentious issue. It remains to be seen how this development will impact the government and Rama Rao’s allegations, but it is clear that the truth about the Kancha Gachibowli land will eventually come to light.
Bandhan Bank allocates a significant Rs 4 crore towards its CSR efforts to support the construction of the Ramakrishna Mission Centre, as reported by ThePrint and PTI.
Bandhan Bank has contributed ₹4 crore to the construction of the Ramakrishna Mission Centre for Human Excellence and Social Sciences, Vivek Tirtha, in New Town, Kolkata. The bank’s Corporate Social Responsibility (CSR) initiative aims to promote skill development and education, reflecting its commitment to social uplift. The centre, Vivek Tirtha, will serve as a hub for education and skill development, providing individuals with the knowledge and capabilities needed for personal and professional growth.
Bandhan Bank’s Managing Director and CEO, Partha Pratim Sengupta, handed over the cheque to Swami Suvirananda, General Secretary of Ramakrishna Math and Ramakrishna Mission, at Belur Math. The event was attended by senior dignitaries from the Math and top officials from Bandhan Bank. The bank’s CSR initiative highlights its dedication to making a positive impact in the community through education and skill development.
The centre is expected to provide a platform for individuals to acquire skills and knowledge, empowering them to improve their quality of life. The initiative also underscores the bank’s commitment to corporate social responsibility, demonstrating its responsibility towards society and its willingness to invest in the growth and development of communities. With this contribution, Bandhan Bank reinforces its position as a socially responsible corporate entity, making a positive difference in the lives of individuals and communities.
Bank of Baroda, Indian Bank, and PNB Cut Loan Interest Rates in Response to RBI’s Repo Rate Reduction
The Reserve Bank of India (RBI) recently cut the repo rate, leading to expectations of cheaper loans for account holders. Now, three major government banks – Bank of Baroda, Indian Bank, and Punjab National Bank – have announced a reduction in interest rates on their loans. These measures aim to provide relief to common customers by making loans cheaper and decreasing the burden of Equated Monthly Installments (EMIs).
Indian Bank, based in Chennai, has cut its repo benchmark rate and repo-linked benchmark lending rate from April 11, 2025. The repo benchmark rate has been reduced from 6.25% to 6.00%, while the repo-linked benchmark lending rate has come down from 8.70% to 8.40%. The bank’s decision aligns with RBI’s policy of providing loans at affordable interest rates. Punjab National Bank, the country’s second-largest bank, has reduced its repo-linked lending rate by 25 basis points from 9.10% to 8.85%. Bank of Baroda has also cut its interest rate on loans by 0.25% to provide convenience to customers.
These interest rate reductions will primarily benefit customers whose loans are linked to the RBI’s repo rate. Home loan, personal loan, and auto loan holders can expect significant relief as a result of the RBI’s order. Other banks may follow suit, further decreasing loan rates and making loans even cheaper for consumers.
Can we accelerate progress towards achieving our growth target?
The current US-China trade tensions are causing significant economic disruption, with China’s GDP growth expected to be negatively impacted by a substantial 1.8% due to the existing tariff rates. The tariffs on Chinese goods have surged to 142% and on US goods to 157%. Any further increases in tariffs are likely to have a diminishing impact on China’s growth, according to Standard Chartered economists.
The economists believe that the current situation presents a “perfect storm” with significant challenges to China’s growth prospects. However, they also emphasize that there are mitigating factors at play, including a 90-day delay in non-China reciprocal tariffs by the US, which should keep goods with China-produced content flowing to the US. Additionally, a moderate depreciation of the Chinese yuan (CNY) could act as a shock absorber.
To offset the impact of the US tariffs on its net exports, China can explore new export destinations and reduce its reliance on overall imports. The economists also anticipate that China’s government will roll out further stimulus measures to prevent growth from severely undershooting its 5% target.
Therefore, they recommend a further CNY 1.5-2.0 trillion (1.0-1.5% of GDP) fiscal stimulus, which is gradually introduced in two phases. The timing of the next Planned meeting of the Politburo in late April and July are critical in assessing the government’s readiness to introduce additional stimulus. Standard Chartered economists also warn of downside risks to China’s growth from a potential global recession and repercussions on domestic employment.
Bank of Baroda lowers interest rates by 25 basis points, benefiting its customers
The State-owned Bank of Baroda (BoB) has announced that it will immediately transmit the Reserve Bank of India’s (RBI) latest policy rate cut of 25 basis points to its customers. This means that the bank’s external benchmark-linked lending rates for retail and MSME (Micro, Small and Medium Enterprises) loans will be reduced by 25 basis points. This decision aims to ensure that customers benefit quickly from the RBI’s monetary policy move.
The RBI had slashed key interest rates by 25 basis points for the second time in a row to support economic growth, which is facing threats from reciprocal tariffs imposed by the US. However, the Bank of Baroda has left the marginal cost of funds-based lending rate (MCLR) unchanged. The benchmark one-year tenor MCLR, which is used to price most consumer loans such as auto and personal loans, has been kept unchanged at 9%.
The reduction in lending rates is expected to benefit customers by making borrowing costs more affordable. This move is likely to have a positive impact on the economy, as it will increase consumer and business confidence, leading to increased spending and investment. The Bank of Baroda’s decision to immediately transmit the RBI’s policy rate cut shows its commitment to passing on the benefits of monetary policy to its customers.
Overall, the Bank of Baroda’s announcement is a positive development for borrowers, particularly in the retail and MSME segments, who are likely to benefit from the reduced interest rates. The move is also expected to support economic growth by increasing the availability of credit and making borrowing more affordable.
State Bank of India (SBI) launches its latest branch in Neeli Nallah
The State Bank of India (SBI) recently inaugurated a new branch in Neeli Nallah, Udhampur, a significant development in the region’s banking landscape. The ceremony was attended by Lal Chand, District Development Council Chairperson, Udhampur, and senior officials from the SBI Chandigarh Circle.
The event aimed to promote financial inclusion in the region by encouraging residents to open saving accounts and explore various deposit accounts, such as fixed deposits, savings accounts, and government deposit schemes. Bank officials also showcased loan products, including Kisan Credit Card, home loans, car loans, and personal loans.
In addition, the focus was on government-driven social security schemes, such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana. The new branch aims to provide convenient access to banking services and enhance the bank’s presence in the area, catering to the growing banking needs of the community.
Lal Chand, the chairman of DDC Udhampur, congratulated the local residents on this development and urged them to maintain their accounts at the nearby branch, which will boost the local economy. The chairman also directed the bank staff to regularly inform the rural public about government and banking schemes.
The inauguration of this new SBI branch marks a significant milestone in the region’s banking infrastructure, promoting financial inclusion and providing residents with greater access to banking services.
High-profile partner of DBS and Bank of China exposed in massive hacking incident – are your financial details at risk?
Hackers breach DBS and Bank of China printing partner, raising concerns over banking security
In a recent incident, hackers breached a printing partner of DBS and the Bank of China, potentially compromising the security of millions of customers’ bank details.
How it happened:
The cyberattack occurred at Infoprinting Group, a company that produces and delivers bank statements, deposit books, and other financial documents on behalf of DBS and the Bank of China. Hackers accessed sensitive data, including account numbers, names, and addresses of unspecified "large numbers" of customers.
Risk to customers:
The exact number of affected customers is not yet known, but the breach is considered a serious concern due to the sensitive nature of the data compromised. Cybersecurity experts warn that this type of data breach can be used for various forms of identity theft and financial skimming.
Action taken:
DBS has confirmed that no customer information was compromised, but the Bank of China has taken steps to safeguard its customers’ information. Infoprinting Group has also been ordered to rectify the breach and provide additional security measures.
What to do if you’re affected:
Although DBS and the Bank of China have not revealed the exact number of affected customers, customers of both banks are advised to:
- Monitor their accounts closely for any suspicious activity.
- Keep their email and regular mailboxes secure, as hackers may use this as a means to send phishing emails or send unauthorized documents to customers.
Precautions to take:
To minimize the risk of ID theft and financial skimming:
- Regularly check bank statements and credit reports for any suspicious activities.
- Use strong, complex passwords and keep them confidential.
- Enable two-factor authentication for online banking services.
- Avoid using public Wi-Fi for online banking.
- Keep software and operating systems up to date.
Additional measures:
Regulatory agencies and financial institutions are collaborating to strengthen security measures and protect customer information from similar breaches in the future.
DBS and the Bank of China will continue to investigate the incident and communicate with affected customers. Additional information will be released as more details become available.
ESAF Small Finance Bank partners with IFFCO Tokio General Insurance to offer comprehensive financial protection for its customers.
ESAF Small Finance Bank (ESAF SFB) has partnered with IFFCO Tokio General Insurance to provide financial protection to its customers. Through this partnership, ESAF SFB customers will have access to a range of general insurance products and services. IFFCO Tokio General Insurance, a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and Tokio Marine Group of Japan, has signed a Corporate Agency agreement with ESAF SFB.
This collaboration is expected to expand ESAF SFB’s financial services suite, providing customers with value-packed insurance benefits. The bank’s customers will have access to a variety of simple yet valuable general insurance products and services. The partnership aims to make ESAF SFB’s customers financially secured by providing exclusive insurance products at affordable rates.
Warendra Sinha, Managing Director and CEO of IFFCO Tokio General Insurance, expressed his delight at partnering with ESAF SFB, hoping to provide customers with affordable insurance products and support the bank’s efforts in making its customers financially secured.
K Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, said that the collaboration with IFFCO Tokio General Insurance will help its customers make informed choices regarding insurance products. The customized insurance products offered by IFFCO Tokio General Insurance will cater to the general insurance needs of ESAF SFB’s customers, both existing and new.
The partnership between ESAF SFB and IFFCO Tokio General Insurance is expected to benefit customers by providing them with better insurance options and support. This partnership will enable ESAF SFB to further enhance its services, helping its customers navigate the complexities of insurance and make informed decisions about their financial security.
NCLAT Gives Green Light for Banks to Pursue Legal Action Against Former IL&FS Directors
The National Company Law Appellate Tribunal (NCLAT) has passed an order allowing state-owned Canara Bank and Indian Bank to proceed with declaring former directors of Infrastructure Leasing & Financial Services (IL&FS) as willful defaulters, but only if they are not part of the new board. The tribunal granted leave to the banks to make an application against the former directors who were not part of the new board, which was constituted by the government in October 2018.
The NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, said that the protection extended to the former directors would not extend to those who are part of the new board. The tribunal also protected Professional Directors who were reappointed in IL&FS and its subsidiaries after October 1, 2018.
The crisis in IL&FS was triggered by a massive debt of Rs90,000 crore, which sent shockwaves through the financial sector of the country. The government had appointed a new board of IL&FS in October 2018, and NCLAT had passed an interim stay on certain actions by creditors and other parties against IL&FS and its group companies.
IL&FS had argued that in view of the stay order, all directors, including the erstwhile ones, were protected from legal proceedings. However, the banks emphasized that only show-cause notices were issued to the erstwhile directors, and the process needs to be completed as per the RBI circular.
The NCLAT order allows the banks to pursue proceedings against the former directors who are not part of the new board, but protects those who are part of the new board and have been reappointed as Professional Directors. The order is seen as a significant development in the IL&FS saga, which has been marked by controversy and legal wrangles.
Bank of Baroda responds to RBI rate cut by slashing lending rates for retail borrowers, a boon for individuals seeking loans
The Bank of Baroda (BoB) has announced that it will pass on the benefits of the recent RBI rate cut to its customers immediately. Following the RBI’s decision to reduce the repo rate by 25 basis points, several public sector banks, including Punjab National Bank, Bank of India, Indian Bank, and UCO Bank, have already cut their lending rates by up to 35 basis points. BoB has now also reduced its external benchmark-linked lending rates for retail and MSME customers.
The new rates will be effective immediately, and existing customers will also benefit from the rate cut. The bank’s Overnight Marginal Cost of Funds-Based Lending Rate (MCLR) stands at 8.15%, and its one-year MCLR is 9%. This puts BoB among the most competitive banks in the industry.
The rate cut by the Reserve Bank of India was the second consecutive reduction, following the 25 basis point cut in February. Loan borrowers from other banks are now hoping that their loan interest rates will also come down, totaling a 50 bps reduction.
According to the bank, this move reaffirms its commitment to providing credit at affordable rates and supporting economic growth and financial inclusion. The rate cut is expected to benefit individuals and businesses, especially those belonging to the retail and MSME segments. However, it is not clear whether other banks will follow suit, but the move by BoB is a positive development for Consumers.
DBS Bank and Bank of China are among the financial institutions affected by a data breach involving a third-party vendor, according to reports.
DBS Bank and Bank of China have been impacted by a data breach involving a third-party vendor. The breach, which was reported on August 24, 2022, is believed to have occurred in June 2022 and compromised the personal and financial information of thousands of customers.
According to reports, the vendors, who are not named, inappropriately accessed and extracted customer data from both banks’ systems. The stolen data includes names, dates of birth, addresses, phone numbers, and identification card numbers. In the case of DBS Bank, the exposed data also includes account balances and transaction history.
DBS Bank and Bank of China claim that the breach was a targeted and isolated incident, and that the vendors’ access was limited to the compromised customer data. The banks have stated that their own systems were not compromised, and that there is no evidence to suggest that the stolen data has been used for fraudulent purposes.
Both banks have taken immediate action to contain the breach and have notified affected customers. DBS Bank has offered complimentary identity theft protection services to affected customers, while Bank of China has stated that it will provide assistance to customers who may be impacted by the breach.
The incident is a stark reminder of the importance of vendor management and the need for financial institutions to ensure that their third-party partners adhere to the same level of security standards as the banks themselves. It also highlights the potential risks and consequences of data breaches, particularly for customers whose personal and financial information has been compromised.
Both DBS Bank and Bank of China have shown a commitment to transparency and have taken swift action to address the breach. The incident serves as a cautionary tale for financial institutions and vendors alike, emphasizing the need for robust security measures and comprehensive risk management practices to prevent similar breaches in the future.
India’s Axis Bank Collaborates with JPMorgan to Develop Blockchain-Powered Payment Infrastructure
Axis Bank, a leading private sector bank in India, has partnered with JPMorgan’s Kinexys Digital Payments (KDP) to offer near-instant, round-the-clock programmable USD clearing services for its business clients. This partnership enables Axis Bank to provide its clients with the flexibility to access cross-border payment services 24/7, improving the reliability of payment processing and paving the way for new and creative corporate applications.
Kinexys Digital Payments is supported by a scalable network of blockchain deposit accounts that facilitates and automates payments directly between accounts. The platform has already facilitated over $1.5 trillion in transaction volume, with daily transactions exceeding $2 billion, and has experienced a remarkable 10-fold growth in payment transactions year over year.
The Axis Bank-Kinexys partnership marks the next step in creating a growing industry-wide blockchain-based financial ecosystem with interoperability among central bank digital currencies, stablecoins, and other digital currency solutions. The innovation is the result of Axis Bank’s “innovation-first mindset” and its commitment to emerging technologies such as blockchain, artificial intelligence, big data, cloud computing, and payment solutions.
India’s Economic Survey 2024-2025 highlights the rapid advancements in technology, particularly in areas such as AI, blockchain, and data analytics, which create new opportunities to revolutionize traditional financial services and processes. The survey notes that AI and large language models have enhanced customer service through interactive chatbots and personalized experiences, while blockchain technology ensures secure, transparent, and efficient transactions.
Axis Bank has committed significant resources to emerging technologies as part of its digital transformation strategy, with a focus on AI, blockchain, and payment solutions. The bank’s annual Information and Communications Technology (ICT) expenditure has touched $290 million, with a substantial portion allocated for purchasing software, ICT services, and network and communications solutions from various vendors.
WPI inflation may have softened to 2.1% in March as food and fuel prices fell: Union Bank Report
According to a report by Union Bank of India, wholesale price index (WPI) inflation is expected to ease to 2.1% year-on-year in March 2025, down from 2.4% in February. This moderation is mainly attributed to a seasonal decline in food prices, particularly in the vegetable segment, which dropped 4% month-on-month. However, not all food items followed the same trend, with edible oil and sugar prices rising by 1.3% and 1% respectively, which may push up prices of manufactured food products.
The report also noted that the fuel WPI is expected to decline in March due to a drop in global crude oil prices, contributing to the overall moderation in WPI inflation. However, core WPI, which excludes food and fuel, may see a slight uptick in March due to a spike in global metal prices caused by ongoing tariff wars and trade disruptions.
Despite the cooling in WPI, the report warns that global developments, including trade tensions, need to be closely monitored as they could impact global supply chains and future price trends. Additionally, food prices are expected to rise again from April onward due to seasonal factors, which may impact inflation going forward. Overall, while the WPI is expected to ease slightly in March, risks remain due to global metal price pressures and potential disruptions from trade-related tensions.
The economy requires urgent government and Reserve Bank of India intervention, says Finance Minister Nirmala Sitharaman
Indian Finance Minister Nirmala Sitharaman emphasized the government’s focus on maintaining strong domestic demand to ensure the underlying strength of the Indian economy. This comes amid concerns that US tariffs could lead to a global slowdown, which has also prompted the Reserve Bank of India (RBI) to lower its forecast for the current fiscal year. Sitharaman welcomed the RBI’s latest rate cut, stating that the Indian economy would require support from both the central bank and her ministry to maintain growth in the face of global uncertainties induced by US tariff hikes.
The finance minister highlighted that the government has made policy decisions and budget announcements to stimulate growth, and the latest rate cut is seen as a welcome move. She emphasized that the Indian economy is largely driven by domestic demand and consumption, and is less dependent on global trade. Additionally, she mentioned that the government is studying US tariffs and pursuing an ambitious trade agreement with the US, which can benefit both countries.
Sitharaman’s comments aim to reassure investors and clarify the government’s stance on the potential impact of US tariffs on the Indian economy. By prioritizing domestic demand and consumption, the government hopes to maintain the economy’s underlying strength and insulate it from the effects of global trade tensions. The finance minister’s words are likely to be viewed as a positive signal by investors, as they highlight the government’s commitment to supporting the economy and maintaining growth despite the challenges posed by US tariffs.
Union Bank inaugurates a new zonal office in Coimbatore, further expanding its regional presenceLet me know if you’d like me to suggest any further changes!
The Union Bank of India has opened a new zonal office in Coimbatore, Tamil Nadu. This move is a part of the bank’s expansion plan to increase its presence in the Southern region. The inauguration of the new zonal office was attended by Union Bank of India’s Managing Director and CEO, A Manimekhalai, who emphasized the bank’s commitment to providing quality customer service and recognizing the contributions of its field executives. The new zonal office is located at Sowripalayam Pirivu in Ramanathapuram, Coimbatore, designed to provide easier access to customers and improve service delivery.
With the establishment of this new zonal office, the bank now has a total of 22 zonal offices, 140 regional offices, and 8,619 branches across the country. This expansion is part of the bank’s ongoing efforts to strengthen its pan-India presence. The opening of the Coimbatore zonal office is a significant milestone in the bank’s journey to provide enhanced customer service and support to its customers in the Southern region.
The bank’s presence in Coimbatore will now be more accessible, with customers and business partners benefiting from improved services, products, and support. The new zonal office is expected to play a key role in providing support to businesses, farmers, and individuals, by offering a range of products and services, including loans, deposits, and other banking products.
Four PSU banks slash loans rates in tandem with RBI’s rate decision, with others expected to follow suit.
In response to the Reserve Bank of India’s (RBI) decision to reduce its short-term lending rate (repo rate) on Wednesday, four public sector banks have announced a reduction in their lending rates. Punjab National Bank (PNB), Bank of India, Indian Bank, and UCO Bank have all reduced their repo-linked benchmark lending rates (RBLR) by up to 35 basis points.
According to regulatory filings, Indian Bank’s RBLR will be lowered to 8.70 per cent effective April 11, while PNB’s RBLR will be reduced to 8.85 per cent effective April 10. Bank of India’s new RBLR stands at 8.85 per cent, effective from Wednesday. UCO Bank has brought down its repo-linked rate to 8.8 per cent, effective Thursday.
These rate reductions are expected to benefit both existing and new borrowers, as they will pay lower interest rates on their loans. Other banks are also likely to follow suit and announce similar rate reductions in the coming days.
The RBI’s decision to reduce the repo rate was seen as a move to boost economic growth, and the reduction in lending rates by these public sector banks is expected to have a positive impact on the overall economy. With borrowers paying lower interest rates on their loans, they will have more disposable income and may be more likely to make big-ticket purchases or invest in other financial assets, which can help stimulate economic growth.
Overall, the reduction in lending rates by these public sector banks is a positive development for borrowers and the economy as a whole. It is a step towards making credit more affordable and accessible, which can help drive economic growth and development.
Citibank slapped with a Rs 3.2 lakh fine by RBI
The Reserve Bank of India (RBI) has imposed a penalty of Rs 3.20 lakh on Citibank N A for failing to conduct proper due diligence while handling inward remittances from a foreign currency account opened by a constituent. The account was allegedly opened in violation of a provision under the Foreign Exchange Management Act (FEMA). The RBI issued a show cause notice to Citibank after which the bank submitted a written reply and made oral submissions. Following a thorough review of the facts and the bank’s response, the RBI concluded that the violations were substantiated and therefore imposed the penalty. It is important to note that the RBI’s action does not aim to invalidate any transactions or agreements entered into by the bank with its customers. The penalty is a measure to ensure that the bank adheres to the required standards and regulations in its operations. The incident highlights the importance of proper due diligence and compliance with regulations in the financial sector to ensure stability and confidence in the system. The RBI’s action sends a strong message to banks and other financial institutions to maintain high standards of governance and compliance.
HDFC Bank, ICICI Bank, Yes Bank, and IDFC First Bank Earnings: Check 2025 Q4 Results Announcement Dates at Goodreturns
Fourth Quarter Results Update for Top Indian Banks
The fourth quarter of the year is a crucial period for banks as they announce their earnings results. Here’s an update on key Indian banks that are set to release their quarterly results:
HDFC Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: HDFC Bank had reported a net profit of ₹9,168 crores in the fourth quarter of the previous year
ICICI Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: ICICI Bank reported a net profit of ₹5,213 crores in the fourth quarter of the previous year
Yes Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: Yes Bank reported a net loss of ₹1,026 crores in the fourth quarter of the previous year
IDFC First Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: IDFC First Bank reported a net profit of ₹382 crores in the fourth quarter of the previous year
The announced date of their earnings is not yet available, but the above information indicates expected results.
DBS Group Bolsters Business Team with CRE Expertise, Launches Rochester Market Initiative
DBS Group, a design-build construction company, has expanded its business development team with the appointment of Greg Towner as regional vice president for the greater Rochester community. Towner, a real estate developer with extensive experience, joins Jeff Anneke, who has been named regional vice president and will focus on expanding DBS Group’s presence in the multifamily and senior housing sectors.
Towner’s background in construction management and real estate development is impressive. He began his career as an assistant superintendent and progressed to become a director of real estate and construction for a major healthcare institution in Colorado and Kansas. In 2013, he founded Towner Companies, a real estate development and investment company that serves Rochester. With this new role, Towner will continue to grow his company while partnering with DBS Group.
Towner’s most recent project, a medical office, is a collaboration with DBS Group, demonstrating his ability to build successful partnerships. His expertise in both construction and real estate development will undoubtedly benefit DBS Group as the company expands its presence in the greater Rochester community.
Anneke, who has been with DBS Group, will focus on growing the company’s footprint in the multifamily and senior housing sectors, building on his existing knowledge and experience. The addition of Towner and Anneke to the business development team underscores DBS Group’s commitment to strategic growth and expansion.
Bandhan Bank introduces a premium savings account tailored for High-Net-Worth Individuals (HNIs)
Bandhan Bank, a private lender, has introduced a new savings account specifically designed for high network individuals (HNIs). The account, called “Elite Plus,” offers a range of benefits to its customers. One of the key features of the account is the ability to make unlimited cash deposits each month without any restrictions or charges. Additionally, customers can enjoy free transactions through RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), and IMPS (Immediate Payment Service) transactions.
The “Elite Plus” account also comes with enhanced debit card insurance coverage and a personal accident cover of up to Rs 15 lakh. This means that customers will have increased protection against financial losses and personal risks. The account is designed to provide exclusive benefits to HNIs, who are often high-income earners and enjoy a higher disposable income.
Bandhan Bank’s decision to launch the “Elite Plus” account is likely a strategic move to attract more HNIs to its customer base. By offering a range of benefits and advantages, the bank aims to differentiate itself from its competitors and establish itself as a premier banking destination for high net worth individuals. The account is likely to appeal to individuals who value the convenience of unlimited cash deposits, free transactions, and enhanced insurance coverage. Overall, the “Elite Plus” account is a unique offering that caters to the specific needs and preferences of HNIs, making it an attractive option for those who fit this demographic.
Coventry University Expands its Global Reach with Launch of PSB Academy Campus and Partnership to Train Future Paramedics
PSB Academy, a private education institution in Singapore, has officially launched its new Cathay Campus after a visit from senior Coventry University representatives. The new campus features innovative motion-tracking classroom technology that simulates face-to-face interaction for remote learners. The launch event also included a leadership forum and the signing of a memorandum of understanding (MoU) between Coventry University and PSB Academy to expand education in paramedic science.
The agreement aims to address the growing shortage of paramedics in Singapore’s healthcare sector, which is experiencing rising emergency call volumes. The MoU represents a response to the country’s workforce needs, building on a decade of collaboration between the two institutions. PSB Academy’s Chief Executive Officer, Derrick Chang, emphasized the importance of the campus, stating that it marks a significant evolution in the institution’s mission to produce industry-ready graduates with practical skills.
The Cathay Campus is designed to provide students with a learning environment that meets academic standards and reflects the needs of today’s workforce. Coventry University’s Vice-Chancellor and Group CEO, Professor John Latham CBE, praised the collaboration between the two institutions, stating that they have worked together for over a decade and have provided valuable qualifications that have positively impacted lives in Singapore and supported the country’s economy and services.
The two institutions currently offer around 20 UK-accredited programs across subjects such as business, engineering, cyber security, and paramedic science. Graduates receive Coventry University degree certificates identical to those awarded in the UK. The partnership has been marked by a joint celebration in September and demonstrates the institutions’ commitment to sharing best practices in teaching and research.
NCLAT permits banks to take action against former IL&FS directors
The National Company Law Appellate Tribunal (NCLAT) has ruled that state-owned Canara Bank and Indian Bank can pursue legal proceedings against former IL&FS directors who are not part of the new board to declare them as wilful defaulters. However, the tribunal has granted protection to those directors who are part of the new board of IL&FS and its subsidiaries after October 1, 2018. This means that any former directors who are no longer affiliated with IL&FS in any capacity will be subject to legal action, while those who have been reappointed to the board of IL&FS or its subsidiaries will be shielded from such action.
The tribunal’s decision is a significant development in the ongoing saga surrounding IL&FS, which is currently undergoing a debt resolution process. The company’s financial troubles were caused in part by the actions of its erstwhile directors, who were accused of making reckless decisions that led to the company’s downfall. The banks had been seeking to declare these directors as wilful defaulters in order to recover their outstanding dues.
The NCLAT’s ruling is seen as a victory for the banks, which can now move forward with their efforts to recover their debts. The tribunal’s decision to grant protection to the new board members, however, is also seen as a positive development, as it will help to ensure that the company can move forward with a stable and effective leadership. The ruling is also expected to send a strong message to other companies and their directors, who are expected to be held accountable for their actions.
Overall, the NCLAT’s decision is a significant step forward in the debt resolution process and is likely to have important implications for IL&FS and its stakeholders. The company’s future direction and prospects will now depend on the actions of its new board and the success of its debt resolution plans.
HC sets aside ₹16,000 cr GST notice to J&K Bank, staying recovery proceedings.Let me know if you’d like me to suggest any further changes!
The High Court of Jammu and Kashmir and Ladakh has stayed a demand notice issued by the Goods and Services Tax (GST) Department against the Jammu and Kashmir Bank, seeking payment of Rs 16,000 crore as service tax and penalty for three financial years. The bank has challenged the show-cause notice and demand notice, citing various grounds, including that the notice was issued arbitrarily and without justification.
The bank contends that the funds transferred between its headquarters and branches are not taxable as they are money transactions involving no financial services. It argues that interest earned by extending deposits, loans, or advances is specifically exempted from tax, and hence the transfer of funds between branches is not liable to tax.
The bank also contends that the Additional Commissioner/Joint Commissioner Central Goods and Services Tax, Divisional-Jammu, has misdirected himself in treating the transfer of funds as a service to a separate entity and proceeded to identify the interest retained as a service charge. If allowed, the bank argues that it would collapse and the very bank would be rendered impossible.
The court has stayed the operation of the orders impugned in the petition, subject to objections from the other side. The bank has sought a stay on the show-cause notice and demand notice pending consideration of its plea, which is based on various grounds, including that the notice was issued contrary to the provisions of the Central Goods and Services Tax Act and the Jammu and Kashmir Goods and Services Tax Act.
The bank’s plea underscores that it is a company with corporate headquarters and branches at different places, and its core activities include acceptance of deposits and lending money to borrowers through its network of branches. It argues that the existence of a bank cannot be conceived of in the modern world without its branches, and that the corporate headquarters and branches constitute a single legal entity and are registered as such with the Reserve Bank of India.
The bank has contended that the interest is paid to depositors, whereas interest is charged from borrowers through the branches, and that the difference results in the profit or loss of the branch. It has also argued that the income, profit, and loss of the bank are determined after consolidating the balance sheet of all branches, and that the profit and loss of any particular branch is of no consequence as the bank is seen as a combination of its branches.
Equitas SFB slashes rates, Bank of Baroda tees off with new scheme as RBI’s MPC meet approaches – MSN
Equitas Small Finance Bank (Equitas SFB) has reduced its lending rates for personal and business loans, in line with the several other banks that have cut their rates recently. In recent days, several banks including top 5 lenders, banks, have slashed interest rates on various loan products.
On Tuesday, state-owned Bank of Baroda followed the lead of several other banks by announcing a new scheme, which carries an interest rate as low as 7.45%. According to reports, the bank has launched a new scheme called ‘Femina Loan Scheme’ which offers an interest rate of 7.45% for women loan borrowers. Analysts consider this to be the lowest ever rate by the bank to date. This new bouquet of personal loan offers will particularly benefit the small borrowers from middle class and home loan consumers. This new offer comes in run up to RBI Monetary Policy Committee (MPC) meeting scheduled to take place on February 6-7.
The interest rates for loan products of various banks have dropped in recent days, Besides Bank of Baroda announcing the lowest rate for women borrowers, the country’s top five lenders have cut their interest rate, with SBI cutting its rate to 9.15% from 9.60% to 9.55%, after an RBI move to cut its repo rates in February.
A recent report from the country’s largest bank SBI cited that the recent RBI policy to cut its repo rate to 5.40% will improve liquidity in the economy. Buyers may see more savings in loan rates. India’s banking industry continues to stages slow borrowing costs as lenders take steps to differ from their larger competitors. Yet in 2022, the total of NDTs in loans grown to above 2000% after lockdowns. Equity mergers and weddings to see rising asset demand. Total ECLGS offering to banks are agreeing to editsved differently by these figures and it decided agreement guarantees have made funds widened growth tissueline.
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Union Bank of India enables exceptional talent with disabilities to achieve a historic milestone by sending specially abled staff on the 2025 Mt. Everest Expedition.
The Union Bank of India has made a remarkable announcement by empowering its specially abled staff to participate in the Mt. Everest Expedition 2025. This initiative is a testament to the bank’s commitment to inclusivity and diversity, demonstrating its willingness to break barriers and provide opportunities to individuals with disabilities.
The bank has identified a group of specially abled employees who have been training rigorously to prepare themselves for the challenging expedition. The team of 10 mountaineers, hailing from various backgrounds, will be accompanied by experienced guides and trekking experts to ensure their safety and success.
The expedition has been carefully planned and prepared to provide a unique experience for the specially abled staff. The team will begin their journey from Tibet, undertaking a 12-day trek to the base camp of Mt. Everest. From there, they will make their ascent to the summit, a daunting task that requires exceptional physical and mental endurance.
Union Bank of India’s Managing Director and CEO, Shri Rajkiran Rai G., has expressed his excitement and support for the initiative, stating that the bank is committed to providing equal opportunities to all employees, regardless of their abilities. The bank believes that this expedition will not only push the limits of its employees but also promote a sense of camaraderie and teamwork among the specially abled community.
The expedition is expected to be a transformative experience for the participants, enabling them to build confidence and self-esteem while breaking down barriers and stereotypes. Thebank is also planning to document the journey, capturing the emotions, challenges, and triumphs of the specially abled staffers, to inspire others and promote inclusivity.
This remarkable initiative showcases the bank’s dedication to creating an inclusive work environment, acknowledging that disability is not inability. By empowering its specially abled staff, Union Bank of India sets an inspiring example for other organizations to follow, demonstrating that inclusivity is not only a moral responsibility but also a business necessity.
In conclusion, the Union Bank of India’s Mt. Everest Expedition 2025 is a remarkable feat that exemplifies the bank’s commitment to inclusivity, diversity, and employee empowerment. By providing opportunities to specially abled staff, the bank is not only breaking barriers but also promoting a culture of inclusivity, diversity, and acceptance.
Sebi introduces the ‘1600’ series phone number to tackle fraudulent calls, boosting efforts to protect investors from scams.
The Securities and Exchange Board of India (Sebi) has taken steps to enhance investor protection and prevent financial frauds. To facilitate easy and secure interaction between Sebi and the public, Sebi has introduced a new series of phone numbers starting with 1600. This move is aimed at preventing the misuse of the existing numbers by unscrupulous elements. Sebi has also launched the “Chakshu” platform, a special portal where the public can report suspected fraud communications and transmit receipts. If a financial fraud has already occurred, the public can report the incident to the Cyber Crime helpline number 1930 or the website www.cybercrime.gov.in.
In addition to the new phone number and platform, Sebi has also diversified its communication channels to include the social media platform Twitter, which has rebranded itself as “X”. Sebi now has its official account on this platform as @SEBI and will use it to disseminate notifications, orders, circulars, and press releases in addition to its official website.
This move aligns with the Telecom Regulatory Authority’s directives, which emphasize the use of designated phone numbers exclusively for services and transactional calls to customers. Moreover, Sebi has underscored the need for regulated and registered entities to abide by these guidelines.
By expanding its communication channels and introducing additional security measures, Sebi seeks to strengthen its vigilance and protection of investors. This new initiative is a step towards resolving bank-related issues and promoting investor education, ultimately achieving more transparency and trust within the financial services sector.
One More Child receives a $100,000 boost courtesy of First Federal Bank’s support of the Strong Families Tax Credit Program.
First Federal Bank, a financial institution headquartered in Live Oak, Florida, has made a significant contribution of $100,000 to One More Child, a non-profit organization that provides support to vulnerable children and families. The donation is part of the Strong Families Tax Credit program, which enables businesses to receive a dollar-for-dollar tax credit for contributions to eligible charitable organizations.
First Federal Bank team members visited One More Child’s Jacksonville campus to personally deliver the donation, along with boxes of diapers provided by the bank’s employees. The donation will support One More Child’s mission to break the cycle of generational poverty and bring hope to those who are hurting.
One More Child Vice President of Strategic Partnerships, Dr. Leon Battle, praised the partnership, stating that the donation will enable the organization to reach more vulnerable children and struggling families. First Federal Bank President and CEO, John Medina, expressed the bank’s commitment to strengthening the communities it serves.
The Strong Families Tax Credit program was established in 2021 to support charitable organizations that provide services focused on child welfare and well-being. One More Child serves foster children, hungry children, single moms, struggling families, and survivors of human trafficking, operating in 26 states and 19 countries.
First Federal Bank has a long history of supporting the communities it serves, having been consistently recommended by BauerFinancial, Inc. and named “Best Small Bank in Florida” and “Best Regional Bank” by Newsweek.
India’s central bank is expected to slash the repo rate on April 9, potentially driving home loan rates down to record lows of under 8%.
The Reserve Bank of India (RBI) is set to announce its first monetary policy for the financial year 2025-26 on April 9, with markets and economists expecting a repo rate reduction of at least 25 basis points. This could lead to a decrease in home loan interest rates, making it an opportune time for those considering a new loan or refinance. Currently, public sector lenders such as Central Bank of India, Union Bank of India, and Punjab National Bank offer interest rates ranging from 8.1% to 8.15% per annum.
Private sector banks like HDFC, Axis, and ICICI Bank have already reduced their interest rates on fresh home loans by 5-10 basis points between January and April. According to RBI rules, banks are required to review interest rates at least once every quarter, and new borrowers may see their rates going down in the coming days.
A 25-basis point repo rate cut could mean home loan interest rates dipping below 8% per annum. For instance, a Rs 50-lakh home loan with a 20-year tenure would attract an EMI of Rs 42,106 with an interest rate of 7.9% per annum, compared to the current EMI of Rs 42,290.
The article provides a breakdown of the cheapest home loans offered by Indian banks, with Central Bank of India and Union Bank of India offering the lowest interest rates at 8.1% per annum. Other public sector banks, such as Bank of India, Indian Overseas Bank, and Punjab National Bank, offer interest rates ranging from 8.15% to 8.25% per annum.
Private sector lenders like HDFC Bank, Axis Bank, and ICICI Bank offer interest rates ranging from 8.25% to 8.75% per annum. Housing finance companies like LIC Housing Finance, Bajaj Finserv, and PNB Housing Finance also offer competitive interest rates, with rates starting at 8.2% to 8.6% per annum.
Enjoy exclusive deals with OnePlus’s partnerships with ICICI and SBI banks
OnePlus has launched its Red Rush Days Sale, offering customers significant discounts on its latest smartphones. The sale, which runs from April 8 to April 13, includes direct price cuts, exchange bonuses, and attractive bank offers on both premium and mid-range OnePlus devices.
During the sale period, customers can enjoy massive discounts on OnePlus’s flagship devices, which boast top-tier performance and cutting-edge features. Additionally, the budget-friendly mid-range options are also available at discounted prices, making them an excellent choice for those looking for value for money.
One of the key highlights of the sale is the direct price cut on select OnePlus devices. This could translate to savings of up to hundreds or even thousands of dollars, depending on the device and model. The sale also offers an exchange bonus, which allows customers to trade-in their old phone for a new OnePlus device and receive an additional discount.
Furthermore, OnePlus is partnering with select banks to offer customers exclusive deals and offers. These bank offers could include additional cashbacks, discounts, or other benefits, making the value proposition even more attractive.
Overall, the Red Rush Days Sale is an excellent opportunity for fans of OnePlus to snap up the latest devices without breaking the bank. With the combination of direct price cuts, exchange bonuses, and bank offers, customers can enjoy unbeatable deals across the entire OnePlus ecosystem. Don’t miss out on this limited-time sale, which runs from April 8 to April 13, to experience the best of OnePlus at an unbeatable price.