VinFast reportedly seeks Indian bank financing as it gears up to launch its first electric vehicle manufacturing facility in the country
Vietnamese electric vehicle (EV) maker VinFast Auto Ltd. is in talks with India’s state-owned banks to secure a loan of up to $200 million. This loan is part of the company’s proposed $500 million investment in India, as it ramps up plans to establish itself in the country’s rapidly expanding EV market. The financing is expected to be denominated in Indian rupees or through the external commercial borrowing (ECB) route in foreign currency. Discussions are ongoing, but the final terms have not yet been agreed upon.
This marks VinFast’s first major financing push in India, indicating the company’s long-term commitment to investing in the local market. The loan will be used to support the establishment of VinFast’s EV manufacturing facility in Tamil Nadu, which is now scheduled to open on July 30. The facility will be crucial for local production and distribution of VinFast’s EVs in India.
VinFast’s expansion into India is part of its strategic pivot towards Asia, after making a deliberate geographical shift away from North America and Europe due to high logistics costs. The company is focusing on key Asian markets, including Vietnam, India, Indonesia, and the Philippines. VinFast’s founder and CEO, Pham Nhat Vuong, has committed close to $1 billion since 2023, and a further $2 billion through 2026, to support the company’s growth.
The company is also preparing to launch its debutante products in India, the VinFast VF6 and VF7, and will soon start taking reservations for these models. The smallest EV, the VF3, is set to be launched in 2026. VinFast’s global ambitions are largely bolstered by its cash reserves, with parent company Vingroup pledging loans of up to $1.4 billion to support growth.
Overall, VinFast’s entry into the Indian market is a significant development in the country’s EV sector, and the company’s commitment to investing in the local market is a positive sign for the industry’s growth. With its manufacturing facility set to open soon, VinFast is well-positioned to capitalize on India’s rapidly expanding EV market, and its strategic pivot towards Asia is likely to yield significant returns in the coming years.
Technical Glitches Hit J&K Bank’s Online Banking, Leaving Customers Frustrated and Seeking Resolution – Ziraat Times
Jammu and Kashmir Bank’s online banking services have been facing technical glitches, leaving customers frustrated and seeking answers. The bank’s customers have taken to social media to express their disappointment and anger over the frequent outages and difficulties in accessing their accounts online. Many have reported being unable to log in, transfer funds, or check their account balances, causing inconvenience and disruption to their financial transactions.
Customers have also complained about the bank’s customer care services, saying that they are not responsive or helpful in resolving their issues. Some have even reported being asked to visit the bank’s branches physically to resolve their problems, which defeats the purpose of online banking. The bank’s social media pages are filled with complaints and grievances from customers, who are demanding immediate attention and resolution to the issues.
The bank has acknowledged the problems and has issued statements apologizing for the inconvenience caused to customers. However, the frequency and duration of the outages have raised questions about the bank’s preparedness and infrastructure to handle online banking services. The bank has attributed the issues to “technical glitches” and has assured customers that it is working to resolve the problems as soon as possible.
The snags in J&K Bank’s online banking services have come at a time when digital banking has become increasingly important, especially during the COVID-19 pandemic. With social distancing norms in place, online banking has become the preferred mode of banking for many customers. The disruptions to J&K Bank’s online services have not only caused inconvenience to customers but have also raised concerns about the security and reliability of the bank’s online systems.
Customers are demanding that the bank take immediate action to address the issues and ensure that its online banking services are secure, reliable, and efficient. The bank needs to invest in upgrading its infrastructure and technology to meet the growing demand for digital banking services. It also needs to improve its customer care services to provide timely and effective support to customers. Until then, customers will continue to face difficulties and frustration with the bank’s online banking services. The bank’s reputation and customer trust are at stake, and it is imperative that it takes prompt action to resolve the issues and restore customer confidence.
India Witnesses Major Financial Overhaul from June 1: EPFO 3.0 Launch, Revised FD Rates, New Credit Card Norms, and Other Key Updates
Starting June 1, several significant financial changes are being implemented in India, aimed at enhancing transparency, efficiency, and consumer convenience. One of the notable changes is the launch of EPFO 3.0, a digitized platform by the Employees’ Provident Fund Organisation, which will streamline Provident Fund (PF) services. The new system promises quicker claim settlements, easier Know Your Customer (KYC) updates, and simplified PF withdrawals. Additionally, subscribers will have access to ATM-like EPF cards, allowing for faster and more direct access to their PF accounts.
Suryoday Small Finance Bank has also revised its fixed deposit (FD) interest rates, effective June 1. The bank will now offer interest rates ranging from 4% to 8.4% for deposits below ₹3 crore, with the highest rates applicable on tenures between 30 to 36 months. However, 5-year FDs will see a notable drop of 60 basis points, reducing the interest rate from 8.6% to 8%. This adjustment aligns with current market trends as banks recalibrate their offerings in response to shifting economic conditions.
Other changes include updates to credit card rules by Axis Bank, which will implement phased changes to its REWARDS Credit Card from June 20, 2025. The changes include revised reward point accrual structures, modifications to eligible merchant categories, and new validity terms for unused points. The Securities and Exchange Board of India (SEBI) has also amended cut-off timings for overnight mutual fund schemes, effective June 1, with new deadlines of 3 PM for offline transactions and 7 PM for online orders.
Furthermore, the deadline to update Aadhaar card details online for free is approaching, with individuals having until June 14, 2025, to make changes without incurring a fee. Post this date, updates will incur a fee of ₹25 for online updates and ₹50 for in-person updates at Aadhaar centres. The Unique Identification Authority of India (UIDAI) urges citizens to ensure their identity and address details are current to avoid future discrepancies. These changes aim to improve financial operations and enhance consumer convenience, and it is essential for individuals to be aware of these updates to manage their finances effectively.
Major Private Lenders, Including HDFC and ICICI, Set to Increase Credit Card Fees Starting July 1
Private banks in India, including HDFC Bank and ICICI Bank, have announced changes to their credit card transaction fees, effective July 1, 2025. HDFC Bank has introduced new charges on online skill-based gaming transactions, wallet loading, and utility transactions. For online gaming transactions exceeding Rs 10,000 per month, a 1% charge will apply, capped at Rs 4,999 per month. Similarly, wallet loading transactions above Rs 10,000 per month will incur a 1% charge, capped at Rs 4,999 per month. Utility transactions exceeding Rs 50,000 per month will also attract a 1% charge, capped at Rs 4,999 per month. Notably, insurance transactions will not be considered utility transactions and will not incur any charges.
In addition to these changes, HDFC Bank has revised the maximum charge per transaction for rent, fuel, and education categories to Rs 4,999. The existing 1% charge on rent transactions will continue, while fuel transactions exceeding Rs 15,000 per transaction will incur a 1% charge. Education transactions made through college or school websites or point-of-sale machines will not be charged.
ICICI Bank has also revised its charges for various services, including demand drafts, pay orders, ATM transactions, and debit card fees. The charges for depositing cash, cheques, and transferring demand drafts and pay orders have been revised to Rs 2 per Rs 1,000, subject to a minimum of Rs 50 and a maximum of Rs 15,000. The charges for ATM transactions have been increased to Rs 23 per financial transaction and Rs 8.5 per non-financial transaction, post three transactions. The annual fees for debit cards have been raised from Rs 200 to Rs 300, and the replacement card fees have been increased from Rs 200 to Rs 300.
These changes are likely to impact customers who frequently use their credit cards for online gaming, wallet loading, and utility transactions. Customers who exceed the specified transaction limits will incur additional charges, which could add up to significant amounts. It is essential for customers to review their transaction habits and adjust their spending accordingly to avoid incurring these charges. Additionally, customers should be aware of the revised charges for ATM transactions, debit card fees, and other services to avoid any unexpected expenses. Overall, these changes reflect the banks’ efforts to increase revenue and manage their costs, but may also lead to increased costs for customers.
Starting June 1, Canara Bank waives minimum balance rules for all savings account holders
Canara Bank, a major public sector lender, has announced a significant move to enhance financial inclusion and customer convenience. As of June 1, 2025, the bank will no longer impose penalties on customers for non-maintenance of minimum balance in their savings accounts. This new policy applies to all categories of savings bank accounts, including regular, salary, and NRI accounts. With this decision, Canara Bank becomes the first major public sector lender to implement a blanket waiver on minimum balance penalties, effectively offering true zero-balance savings accounts to all its customers.
Under the previous structure, account holders were required to maintain a minimum Average Monthly Balance (AMB) of Rs 2,000 in urban branches, Rs 1,000 in semi-urban branches, and Rs 500 in rural branches. Failure to meet these thresholds attracted penalty charges. However, the new policy eliminates these charges entirely, making banking more inclusive and accessible to a broad segment of customers, including students, salaried professionals, senior citizens, NRIs, and first-time account holders.
The bank’s decision is intended to make banking more convenient and customer-friendly. According to Canara Bank, the new policy will allow all savings bank account holders to enjoy true “no penalty on minimum balance” for all savings bank accounts, free from any average monthly balance-related penalties or fees. The bank has announced the new policy through social media, saying “Feel the freedom, bank the difference. Starting 1st June 2025, Canara Bank offers no penalty on non-maintenance of minimum balance.”
This move is expected to benefit a large number of customers who previously had to worry about maintaining a minimum balance in their accounts to avoid penalty charges. The bank’s decision is a significant step towards enhancing financial inclusion and customer convenience, and it is likely to be welcomed by its customers. With this new policy, Canara Bank is poised to become a more attractive option for those looking for a hassle-free banking experience.
Standard Chartered Launches Initiative to Empower Women in Tech in Egypt
Standard Chartered has launched a new accelerator program, Futuremakers Women in Tech, in partnership with AUC Venture Lab and Village Capital, to support women-led startups in Egypt’s tech sector. The program aims to promote economic inclusion and provide women entrepreneurs with the tools and resources they need to succeed. The initiative is part of the broader Futuremakers program, a global effort funded by the Standard Chartered Foundation.
The accelerator program will run for three years and provide participants with access to training, mentorship, and equity-free funding of up to $10,000. Selected startups will also be connected to international investor networks, providing them with opportunities for growth and expansion. The program will offer tailored business support, expert-led masterclasses, and mentorship opportunities, all designed to help women-led startups overcome the challenges they face in the tech industry.
The launch of Futuremakers Women in Tech marks Egypt’s entry into the global Women in Tech network, which has already supported over 4,000 women entrepreneurs across 17 countries. The program seeks to reinforce the role of female entrepreneurship in Egypt’s expanding tech-enabled economy, where women-led ventures are increasingly recognized as important contributors to innovation and inclusive economic development.
The AUC Venture Lab, a key partner in the program, has a proven track record of supporting entrepreneurs, having backed over 1,000 founders since its establishment in 2013. The launch event featured a panel discussion on women in the technology sector, highlighting insights from regional industry leaders and emphasizing the importance of supporting women in tech.
The Futuremakers Women in Tech program is a significant step towards promoting gender equality and economic inclusion in Egypt’s tech sector. By providing women-led startups with the support and resources they need to succeed, the program aims to unlock the full potential of women entrepreneurs and contribute to the growth and development of the Egyptian economy. With its focus on equity-free funding, mentorship, and training, the program is well-positioned to make a positive impact on the lives of women entrepreneurs in Egypt and beyond.
EMI Reprieve for Millions: RBI Cracks Down on Excessive Fees with New Regulations
The Reserve Bank of India (RBI) has introduced a revised framework for banks and non-banking financial companies (NBFCs) to follow when dealing with borrowers who fail to pay their Equated Monthly Installments (EMIs) on time. Under the new rules, lenders can no longer impose "penal interest" on borrowers who miss payments. Instead, they are allowed to charge a "penal charge" under strict conditions.
The key changes to the framework include:
- No penal interest: Lenders cannot levy additional interest as a penalty for EMI delays.
- Only penal charge allowed: A fixed penal charge can be imposed, but it must not be added to the principal loan amount.
- No interest on penal charges: Financial institutions cannot charge extra interest on the penal charge itself.
- Mandatory compliance: All banks and NBFCs are required to follow these new norms.
The RBI has introduced these changes to eliminate unnecessary and arbitrary charges levied by lenders, providing borrowers with better clarity and protection. The new framework aims to make the loan process more transparent and provide borrowers with more flexibility and cost savings.
Additionally, banks and NBFCs are no longer allowed to include hidden clauses in loan agreements that force customers to maintain the loan for a minimum period. This change is expected to ease the financial stress on borrowers, especially in cases of unavoidable delays in EMI payments.
The revised framework ensures greater transparency and fairness in the lending process, and borrowers can expect to benefit from these changes. However, it is always advisable to consult with a certified financial advisor or the respective bank before making any decisions related to loans or banking, as RBI regulations are subject to periodic updates.
RKFC edges out J&K Bank with a narrow 1-0 victory, as reported by Daily Excelsior
In a thrilling match, Real Kashmir Football Club (RKFC) emerged victorious, defeating J&K Bank by a narrow margin of 1-0. The match, which was highly anticipated, saw both teams displaying exceptional skills and determination on the field.
The winning goal for RKFC was scored by a skilled player, whose impressive strike proved to be the decisive factor in the game. Despite J&K Bank’s best efforts, they were unable to equalize, ultimately succumbing to the 1-0 defeat.
The match was intense, with both teams creating scoring opportunities, but it was RKFC’s superior strategy and teamwork that paid off in the end. The team’s coach and players were ecstatic with the win, which marks an important milestone in their season.
The victory is a testament to RKFC’s growing reputation as a force to be reckoned with in the football world. The team has been making waves in the sport, with their unique style and determination inspiring fans and attracting attention from across the country.
J&K Bank, on the other hand, will be looking to regroup and analyze their performance, identifying areas for improvement in order to bounce back stronger in their next match. Despite the loss, they demonstrated remarkable resilience and sportsmanship, and their fans remain proud of their team’s efforts.
The match was played in a packed stadium, with enthusiastic fans cheering on their favorite teams. The electric atmosphere and excitement were palpable, with the crowd’s energy fueling the players’ performances. The victory for RKFC has sent shockwaves of excitement among their fans, who are eager to see their team’s continued success in the season.
The win for RKFC is significant, as it boosts their morale andconfidence, propelling them forward in the league standings. As the season progresses, the team will face tougher challenges, but for now, they can bask in the glory of their hard-fought victory.
Overall, the match between RKFC and J&K Bank was an exhilarating encounter that showcased the best of Indian football. With talented players, passionate fans, and an electrifying atmosphere, the sport continues to captivate audiences, inspiring a new generation of players and enthusiasts alike.
145g of gold and diamonds go missing from a Bengaluru woman’s SBI locker, prompting police to book bank officials
A 54-year-old homemaker, Bindu C.D., has filed a complaint with the Sadashivanagar police in Bengaluru, alleging that 145 grams of gold and diamond valuables have gone missing from her bank locker at the State Bank of India (SBI) branch in Dollars Colony. The incident occurred in March this year, and despite repeated complaints and follow-ups, the bank officials have failed to provide a convincing explanation for the loss.
According to the complaint, Bindu had been using the locker facility at the SBI branch since December 2022, and had stored her valuables, including gold and diamond jewelry, in the locker. When she checked the locker in November 2024, the valuables were intact, but when she checked again on March 28, 2025, they were missing. She immediately raised a complaint with the bank officials, but they denied having any knowledge about the missing valuables and claimed that no one could access her locker.
Undeterred, Bindu approached the bank’s customer care and the chief vigilance officer, but her efforts were met with evasive responses. The officials suggested that she check for the valuables at her home, implying that she may have misplaced them. Frustrated with the bank’s response, Bindu decided to approach the police and filed a complaint with the Sadashivanagar police.
The police have registered a case under section 305(a) of the Bharatiya Nyaya Sanhita (BNS), which deals with theft in a dwelling house, means of transportation, or place of worship. The case has been registered against the bank officials, and the police will conduct further investigations into the matter. The incident has raised concerns about the safety and security of bank lockers, and the responsibility of banks to protect their customers’ valuables. The case is currently under investigation, and it remains to be seen how the bank and the police will respond to the allegations.
Canara Bank abolishes minimum balance rules for all savings account holders, offering greater flexibility – Latest Money Updates
In a significant move, Canara Bank, a major public sector bank, has waived the average monthly balance (AMB) requirement for all its savings bank accounts. This decision makes Canara Bank the first major public sector bank to eliminate AMB-related charges, allowing account holders to maintain zero balance without incurring penalties. The waiver is aimed at promoting financial inclusion and enhancing customer convenience.
As of June 1st, 2025, all savings account holders, including those with salary accounts and NRI SB accounts, will benefit from this initiative. Previously, customers were required to maintain a minimum average monthly balance based on their account type, and failing to do so would result in penalty charges. With the new policy, all Canara Bank savings account holders will enjoy a “no penalty on minimum balance” facility, free from any AMB-related penalties or fees.
This move is expected to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, NRIs, and first-time users of banking services. The bank’s decision will facilitate everyday banking without penalties, making it more convenient and accessible for account holders. By waiving the AMB requirement, Canara Bank is promoting financial inclusion and providing relief to its customers, who will no longer have to worry about maintaining a minimum balance in their accounts.
The waiver of AMB charges is a significant step towards customer-centric banking, and Canara Bank’s initiative is likely to set a precedent for other public sector banks to follow. The move is also expected to increase customer satisfaction and loyalty, as account holders will no longer have to pay penalties for not maintaining a minimum balance. Overall, Canara Bank’s decision to waive AMB charges is a welcome move that will benefit its customers and promote financial inclusion.
Real Kashmir FC edges out J&K Bank with narrow 1-0 triumph, reports Rising Kashmir
In a thrilling match, Real Kashmir FC’s reserve team defeated J&K Bank 1-0 in the Srinagar Premier Football League 2024-25 at the TRC Ground, Srinagar. The match was a closely contested encounter, with both teams showcasing impressive skills and tactics. Despite Real Kashmir FC enjoying majority possession, the first half ended goalless. The second half saw J&K Bank’s defense holding firm against repeated attacks from Real Kashmir FC, and the match seemed to be heading towards a draw.
However, in extra time, Huzaif from Real Kashmir FC scored the decisive goal, securing a crucial win for his team. The victory marked a rare loss for J&K Bank, which has an impressive record in Kashmir. With this win, Real Kashmir FC extended their winning streak in the league, having won both of their matches so far.
The win is a significant boost for Real Kashmir FC, which has been investing in grassroots football development in the region. The team’s owner, Arshid Shawl, has been actively nurturing local talent and strengthening the footballing ecosystem in Kashmir. Real Kashmir FC’s performance is a testament to the growing stature of football in the region, with the team finishing third in the prestigious I-League earlier.
The Srinagar Premier Division Football League, also known as the My Youth My Pride league, is being organized by the District Football Association Srinagar and features the top football clubs from Kashmir. The league aims to promote football in the region and provide a platform for local talent to showcase their skills. With Real Kashmir FC’s win, the team has sent a strong message about their intentions to dominate the league and make a mark in Indian football.
The victory has also generated excitement among football fans in Kashmir, who are eager to see their team perform well in the league. With the league still in its early stages, fans can expect more thrilling matches and intense competition between the top teams. Real Kashmir FC’s win has set the tone for the rest of the league, and it will be interesting to see how the team performs in their upcoming matches.
Widens Scope for Removal of Government Securities
The Reserve Bank of India (RBI) has expanded the eligibility criteria for STRIPS (Separate Trading of Registered Interest and Principal of Securities) to include all central government bonds and select state securities. This move aims to enhance liquidity and investor access in the government securities market. STRIPS allow the separation of interest and principal components of government securities, enabling them to be traded independently as zero-coupon instruments. This increases liquidity and provides additional instruments for fixed-income investors.
The key amendments to the STRIPS guidelines include the expansion of eligibility criteria to all fixed coupon securities issued by the Government of India, regardless of their maturity date. Additionally, fixed coupon securities issued by State Governments/Union Territories are now eligible for stripping if they have a residual maturity of up to 14 years and a minimum outstanding amount of Rs. 1,000 crore on the day of stripping. The operational system reference has also been updated to reflect the migration to a more modern and centralized platform for processing such transactions.
The implications of these amendments are significant, with increased liquidity and participation from a wider range of investors, including pension funds, insurance companies, and banks. The development of a long-term zero-coupon yield curve is also expected to be supported, enhancing pricing efficiency. Furthermore, state governments will gain better access to secondary market liquidity, potentially improving the attractiveness of State Development Loans (SDLs).
The expanded eligibility criteria for STRIPS is expected to modernize the operational framework and align it with current market dynamics. The RBI’s decision to include state securities in the STRIPS framework is a significant development, as it will provide state governments with better access to liquidity and potentially reduce their borrowing costs. Overall, the amendments to the STRIPS guidelines are expected to enhance the efficiency and liquidity of the government securities market, benefiting both investors and issuers.
The RBI’s move to expand the STRIPS eligibility criteria is also expected to support the development of a more diversified and efficient government securities market. By providing investors with a wider range of instruments to choose from, the RBI aims to increase participation and liquidity in the market. The inclusion of state securities in the STRIPS framework is also expected to promote financial inclusion and support the development of state governments’ borrowing programs. With the updated guidelines, the RBI is taking a significant step towards modernizing the government securities market and promoting greater efficiency and liquidity.
India is expected to retain its position as the world’s fastest-growing major economy in the fiscal year 2026, according to a recent report by SBI.
The Indian economy is expected to remain the fastest-growing major economy in the fiscal year 2026, driven by its sound macroeconomic fundamentals, robust financial sector, and commitment to sustainable growth. According to a report by the State Bank of India (SBI), the country’s domestic finances are sufficient to support the anticipated growth, and demand-induced pressure on prices is not expected in the upcoming fiscal year. The report’s author, Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, noted that the only downside to growth comes from external and geopolitical factors.
India’s economy grew by 7.4% in the fourth quarter of the fiscal year 2025, with a strong uptick in capital formation, which registered a 9.4% annual growth. The recovery in capital formation was driven by a revival in the core sector, as evident from high-frequency indicators. The overall growth in capital formation for the fiscal year 2025 stands at 7.1%. The annual growth rate for the fiscal year 2025 is estimated at 6.5%.
All sectors exhibited better growth numbers in the fourth quarter, with the industry growing by 6.5%, and the services sector growing by 7.3%. The construction sector saw a significant growth of 10.8%, while the manufacturing sector increased by 4.8%. Private consumption maintained its healthy run, registering a growth of 7.2% for the fiscal year 2025. Export demand was also healthy, with a growth of 6.3%, while imports contracted by 3.7% for the whole year.
The SBI report notes that this growth was front-loaded due to an export push amidst US tariffs uncertainty. The highest contraction in imports occurred in the fourth quarter, at 12.7%, which pulled the overall GDP growth to 7.2% in the quarter. Despite this, the report is optimistic about India’s economic prospects, citing its sound macroeconomic fundamentals and commitment to sustainable growth. With higher anticipated savings, the domestic finances are expected to be sufficient to finance the anticipated growth, and the economy is poised to remain the fastest-growing major economy in the fiscal year 2026.
India’s net financial savings expected to reach ₹22 lakh crore by FY25, according to SBI research
According to a recent economic research report by the State Bank of India (SBI), the net financial savings of the household sector in India is expected to reach ₹22 lakh crore, or 6.5% of the Gross National Disposable Income (GNDI), in the financial year 2024-25. This represents a significant increase from the previous fiscal year, where the net financial savings stood at 5.1% of GNDI. The growing capital pool is crucial for funding government and corporate deficits, as well as supporting macroeconomic stability.
The report highlights the importance of the Reserve Bank of India’s (RBI) efforts to contain the volatility of the Rupee, which has been a major factor in determining its surplus. During the fiscal year 2024-25, the RBI’s balance sheet expanded by 8.19%, which is less than the nominal GDP growth of 9.9%. As a result, the RBI has transferred a surplus of ₹2.69 lakh crore to the government, which is expected to enhance the fiscal space.
However, the report also notes that while the incidence of fraud cases has declined, the defraud amount has tripled to ₹36,014 crore. On the other hand, the volume of card and internet fraud has decreased significantly, from 29,802 in 2023-24 to 13,516 in 2024-25. This suggests that while the overall number of fraud cases may be decreasing, the amount of money being defrauded is increasing.
Overall, the report suggests that India’s financial system is at a crossroads, and is both resilient and transformative. The growing capital pool and increasing financial savings are positive signs, but the increasing defraud amount and volatility of the Rupee are areas of concern. The report highlights the importance of continued efforts to support macroeconomic stability and contain the volatility of the Rupee. With the RBI’s surplus transfer to the government, the fiscal space is expected to be enhanced, which could have a positive impact on the economy.
Bank of Baroda reduces its advertising expenditure by 20% to Rs 350 crore for the financial year 2025
Bank of Baroda, a public sector lender, has reduced its advertising and publicity expenses by 20.2% in the fiscal year 2025. The bank’s advertising expenditure decreased to Rs 350 crore in FY25 from Rs 439 crore in the previous year. This reduction is notable, given that the banking, financial services, and insurance (BFSI) sector in India has been increasing its advertising spend in recent years, particularly on digital platforms.
Despite the decrease in advertising spend, Bank of Baroda has continued to focus on digital marketing and branding. The bank executed over 30 digital campaigns in FY25, covering topics such as sports, financial literacy, fraud awareness, and cybersecurity. The bank’s annual report also highlighted a multi-channel advertising campaign that included television, radio, print, and cinema, with a cumulative reach of approximately 200 crore people.
The bank’s financial performance in FY25 was positive, with a 10% rise in net profit to Rs 19,581 crore, compared to Rs 17,789 crore in the previous year. The bank’s net interest income (NII) grew by 2.1% to Rs 45,659 crore, and non-interest income increased by 14.8% to Rs 16,647 crore. The bank’s operating profit also rose by 4.7% to Rs 32,435 crore.
Looking ahead to FY26, Bank of Baroda plans to continue enhancing its digital capabilities to expand its reach and engagement with customers. The bank’s focus on digital marketing and branding is expected to continue, despite the reduction in advertising spend in FY25. The BFSI sector’s advertising spend is expected to remain robust, with a TAM Adex report revealing a 74% increase in ad impressions in the first half of 2024 compared to the same period in 2022.
Overall, Bank of Baroda’s reduction in advertising spend is a notable achievement, given the increasing competition in the BFSI sector. The bank’s focus on digital marketing and branding, combined with its positive financial performance, positions it well for future growth and expansion. As the bank continues to enhance its digital capabilities, it is likely to remain a major player in the Indian banking sector.
Standard Chartered Predicts Solana Will Reach $500 by 2029, Undeterred by Near-Term Price Drop – Latest Crypto Updates on Bitcoin.com News
Standard Chartered, a multinational bank, has made a bold prediction about the future of Solana, a popular cryptocurrency. Despite a short-term dip in its value, the bank believes that Solana’s price could reach $500 by 2029. This forecast is based on the bank’s analysis of the cryptocurrency market and Solana’s potential for growth.
According to a report by Standard Chartered, Solana’s strong developer community, fast transaction processing times, and low fees make it an attractive option for users and investors. The bank also notes that Solana has a strong focus on decentralized finance (DeFi) applications, which could drive adoption and increase its value.
The prediction of $500 by 2029 represents a significant increase from Solana’s current price. At the time of writing, Solana’s price is around $30, which means that the bank is predicting a 16-fold increase in value over the next 7 years. While this may seem ambitious, Standard Chartered’s analysts believe that Solana has the potential to become a major player in the cryptocurrency market.
It’s worth noting that the short-term outlook for Solana is less certain. The cryptocurrency has experienced significant volatility in recent months, and its price has fallen sharply from its all-time high. However, Standard Chartered believes that this dip is temporary and that Solana’s long-term prospects remain strong.
The bank’s prediction is based on a number of factors, including the growing adoption of cryptocurrencies and the increasing demand for DeFi applications. Standard Chartered also notes that Solana has a number of advantages over other cryptocurrencies, including its fast transaction processing times and low fees.
Overall, Standard Chartered’s prediction of $500 for Solana by 2029 is a bullish one, and it reflects the bank’s optimism about the future of the cryptocurrency market. While there are risks and uncertainties associated with any investment, the bank’s analysis suggests that Solana has the potential to become a major player in the market and to deliver significant returns for investors. As with any investment, it’s essential to do your own research and to carefully consider your own risk tolerance before making any decisions.
Landmark Ruling: Supreme Court Overturns Disciplinary Action in A.M. Kulshrestha vs Union Bank of India, Emphasizing Charge Sheets Require CVC Guidance to be Valid
In a significant judgment, the Supreme Court of India has quashed the disciplinary action taken against an employee of the Union Bank of India, A.M. Kulshrestha, on the grounds that the charge sheet issued against him was arbitrary and violative of the principles of natural justice. The court held that the charge sheet was issued without the advice of the Central Vigilance Commission (CVC), which is mandatory in cases where disciplinary action is contemplated against a government servant.
The case involved A.M. Kulshrestha, a General Manager with the Union Bank of India, who was issued a charge sheet in 2014 alleging irregularities in the sanction and disbursement of loans. The charge sheet was issued by the bank’s disciplinary authority without obtaining the advice of the CVC, as required under the Central Civil Services (Classification, Control, and Appeal) Rules, 1965.
Kulshrestha challenged the charge sheet and the subsequent disciplinary action before the Central Administrative Tribunal (CAT), which upheld the bank’s decision. However, the Supreme Court, hearing Kulshrestha’s appeal, set aside the CAT’s order and quashed the disciplinary action.
The apex court held that the charge sheet issued without the CVC’s advice was arbitrary and violative of the principles of natural justice. The court observed that the CVC’s advice is mandatory in cases where disciplinary action is contemplated against a government servant, and its absence renders the charge sheet invalid.
The court clarified that the CVC’s role is not limited to advising on the nature of the penalty but also extends to advising on whether the charges are prima facie established and whether the evidence collected is sufficient to initiate disciplinary proceedings. The court noted that the CVC’s advice is essential to ensure that the disciplinary action is fair, transparent, and reasonable.
The judgment has significant implications for government servants and public sector employees, emphasizing the importance of following due process and adhering to established procedures in disciplinary matters. The court’s ruling underscores the need for adherence to the principles of natural justice and the importance of the CVC’s role in ensuring fairness and transparency in disciplinary proceedings. By quashing the disciplinary action against Kulshrestha, the Supreme Court has sent a clear message that arbitrary and unjust actions will not be tolerated, and that the rights of government servants will be protected.
IDBI JAM Interview Call Letter 2025 Released: Download Now
The IDBI JAM Interview Call Letter 2025 has been released on the official website, and candidates who cleared the online exam held on April 6 can now download their call letter using their login details. The interview is the next step in the selection process for the Junior Assistant Manager post, and it is scheduled to take place until June 6. The call letter contains important information such as the date, time, and venue of the interview, and candidates must carry a printed copy of the call letter along with valid ID proof to the interview center.
To download the call letter, candidates can visit the official website, go to the “Careers” section, and click on “Current Openings.” They can then find and select the IDBI Junior Assistant Manager Recruitment 2025 link and click on the Interview Call Letter link. Candidates will need to enter their Registration ID/Roll No., Password/Date of Birth, and captcha to access their call letter. A direct link to download the call letter is also provided for convenience.
It is essential for candidates to download and print the call letter well in advance to avoid any last-minute issues. The call letter is a mandatory document for the interview round, and candidates must carry it to the venue without fail. Candidates are advised to read the instructions mentioned in the call letter thoroughly and follow all the guidelines to avoid any issues on the interview day.
The IDBI JAM Interview Call Letter 2025 is a crucial document that contains all the necessary details about the interview. Candidates must check all the details mentioned in the call letter carefully, including the date, time, and venue of the interview. By following the simple steps to download the call letter, candidates can ensure that they are well-prepared for the interview and can avoid any last-minute hassles. With the interview scheduled to take place until June 6, candidates must make sure to download their call letter at the earliest and prepare accordingly.
Ity ny versiona fanaf Gefa Anatanan’ny lahatsoratra: Gauri Rushabh Shah nohiditra ho Tale fanampiny ao Utkarsh Small Finance Bank
Roa Gauri Rushabh Shah no voatendry ho Tale Fanampiny ao amin’ny Utkarsh Small Finance Bank. Izy io no hanome fanohanana ny banky mandritra ny dimy taona manomboka ny 01 Jona 2025 ka hatramin’ny 31 Mey 2030. Ramatoa Shah dia manana traikefa mihoatra ny 20 taona ao amin’ny sektora finance, fitantanana orinasa, fampivondronana, fanombanana, fandrindrana ny fifandimbiasana, lalàna orinasa ary paikady.
Nianatra tao amin’ny Deloitte, iray amin’ny Big 4 Audit Firms manerantany, Ramatoa Shah dia nipetraka ny ekipa fototra tamin’ny asany teo aloha. Niasa tao amin’ny CC Chokshi Advisors Private Limited, izy dia nanohana ny biraon’ny fianakaviana sy ny fandrindrana ny fifandimbiasana vahaolana ara-panoloran-tsaina sy ny orinasa. Izy no mpilalao hajaina be amin’ny fifampidinihana.
Ramatoa Shah dia niasa tao amin’ny filankevi-pitantanan’ny Fedfina Financial Services Limited, nanomboka tamin’ny 2015 ka hatramin’ny fiandohan’ny taona 2025. Izy no Filohan’ny Komitin’ny Fanadihadiana, Komitin’ny Fanendrena sy Karama ary Komitin’ny CSR. Izany rehetra izany dia vokatry ny tetikasa matihanina sy ny fahaizany manokana.
Ny Utkarsh Small Finance Bank dia banky iray tsy miankina eo amin’ny firenena India. Izy io dia mandoa fitantanana ny raharaha sy ny fidiram-bola any India. Ny banky io dia manana ny mpiasa maro ary nanana ny fiantsoana lehibe ao anatin’ny firenena.
Ny voatanidra an’i Ramatoa Shah ho Tale Fanampiny any amin’ny Utkarsh Small Finance Bank dia manana ny maha-zara ny traikefa sy ny fahaizany manokana. Izy no hanampy ny banky amin’ny fitantanana ny raharaha sy ny fidiram-bola any India. Izy io dia hanome ny fanohanana sy ny fandaminana ny tetikasa folo ho an’ny banky.
Comparison of 5-Year Fixed Deposit Returns: SBI or PNB – Which Public Sector Bank Offers Higher Returns on a Rs 10 Lakh Investment?
The article compares the 5-year fixed deposit (FD) returns of two public sector banks, State Bank of India (SBI) and Punjab National Bank (PNB), on an investment of Rs 10 lakh.
For a 5-year FD, SBI offers an interest rate of 5.50% per annum for the general public and 6.30% per annum for senior citizens. On the other hand, PNB offers 5.30% per annum for the general public and 5.80% per annum for senior citizens.
Assuming an investment of Rs 10 lakh for 5 years, the returns can be calculated as follows:
For SBI:
- For the general public: Rs 10 lakh 5.50% 5 years = Rs 2,75,000 (interest earned) + Rs 10 lakh ( principal) = Rs 12,75,000 (total amount after 5 years)
- For senior citizens: Rs 10 lakh 6.30% 5 years = Rs 3,15,000 (interest earned) + Rs 10 lakh (principal) = Rs 13,15,000 (total amount after 5 years)
- For PNB:
- For the general public: Rs 10 lakh 5.30% 5 years = Rs 2,65,000 (interest earned) + Rs 10 lakh (principal) = Rs 12,65,000 (total amount after 5 years)
- For senior citizens: Rs 10 lakh 5.80% 5 years = Rs 2,90,000 (interest earned) + Rs 10 lakh (principal) = Rs 12,90,000 (total amount after 5 years)
From the above calculations, SBI offers higher returns on a 5-year FD for both the general public and senior citizens, compared to PNB. The difference in returns between SBI and PNB for the general public is Rs 10,000 ( Rs 2,75,000 – Rs 2,65,000), and for senior citizens, it is Rs 25,000 ( Rs 3,15,000 – Rs 2,90,000).
Therefore, if an individual invests Rs 10 lakh in a 5-year FD, SBI provides better returns compared to PNB, with a higher total amount after 5 years for both the general public and senior citizens. However, it’s essential to note that interest rates are subject to change, and individuals should check the current rates before investing. Additionally, other factors such as liquidity, tax implications, and bank stability should also be considered before making a decision.
DBS and Partners Unveil Comprehensive ‘Decarbonisation Playbook’ Initiative
DBS Bank has partnered with EY, the Singapore Manufacturing Federation, and Nanyang Polytechnic to launch a guide aimed at helping businesses reduce their carbon footprint. The “Decarbonisation Playbook: A Practical Guide for Manufacturers to a Low-Carbon Future” is designed to support over 5,000 manufacturers in Singapore and 1,600 learners from Nanyang Polytechnic’s programs. The guide is supported by Enterprise Singapore and SkillsFuture Singapore.
According to data from the National Climate Change Secretariat, manufacturing in Singapore accounted for 49% of the city-state’s greenhouse gas emissions in 2022. A survey of over 70 manufacturers found that 80% were still in the early stages of their sustainability journey, and 65% lacked visibility over their carbon emissions. The playbook aims to address this need for sector-specific, actionable support.
The guide features the “DECARB” framework, a step-by-step model that helps companies discover emissions sources, evaluate opportunities, create business cases, implement solutions, refine internal skills, and build long-term decarbonisation roadmaps. The framework combines perspectives from manufacturing players with insights from ecosystem players familiar with decarbonisation, breaking down complex requirements and policies into tangible and industry-tested tools.
Chen Ze Ling, Group Head of Corporate and SME Banking at DBS, emphasized the importance of practical, real-world support in driving meaningful decarbonisation. Praveen Tekchandani, Singapore Leader and Partner at EY, noted that the playbook provides a unique combination of perspectives, integrating science-based strategies, sector-specific pathways, and readily applicable solutions.
The launch of the playbook demonstrates DBS’s commitment to sustainability and its efforts to support businesses in reducing their environmental impact. The partnership with EY, the Singapore Manufacturing Federation, and Nanyang Polytechnic brings together expertise from various sectors to provide a comprehensive guide for manufacturers. The playbook is expected to play a significant role in supporting Singapore’s transition to a low-carbon economy.
The collaboration between DBS and EY highlights the growing importance of environmental, social, and governance (ESG) considerations in the banking and finance sector. As investors and consumers increasingly prioritize sustainability, banks and financial institutions are under pressure to demonstrate their commitment to ESG principles. The launch of the Decarbonisation Playbook is a significant step towards supporting businesses in reducing their carbon footprint and promoting a more sustainable future.
AU Small Finance Bank Acquires Mumbai’s Bandra Vishwas Tower in Rs 371 Crore Deal
AU Small Finance Bank has acquired the Bandra Vishwas Tower in Mumbai for a whopping Rs 371 crore. This purchase marks a significant expansion of the bank’s presence in the country’s financial capital. The Bandra Vishwas Tower, located in the heart of Mumbai, is a prime commercial property that offers ample space for the bank to establish its operations.
The acquisition is part of AU Small Finance Bank’s strategy to strengthen its footprint in the financial services sector. The bank, which was founded in 1996, has been steadily growing its operations and expanding its reach across the country. With this purchase, the bank aims to enhance its visibility and accessibility in Mumbai, which is a key market for financial services.
The Bandra Vishwas Tower is a modern commercial building that offers state-of-the-art infrastructure and amenities. The property spans over 70,000 square feet and is equipped with advanced security systems, high-speed elevators, and ample parking space. The building is strategically located, with easy access to major transportation hubs and business districts.
The acquisition of the Bandra Vishwas Tower is expected to provide a significant boost to AU Small Finance Bank’s operations in Mumbai. The bank plans to use the property to establish a new branch, as well as to house its corporate offices and other support functions. The bank’s management believes that the new location will enable it to better serve its customers and expand its business in the region.
The purchase of the Bandra Vishwas Tower is also seen as a significant investment in the bank’s long-term growth strategy. The property is expected to appreciate in value over time, providing a potential source of revenue for the bank. Additionally, the acquisition is expected to enhance the bank’s brand visibility and reputation in the market, which could lead to increased business opportunities and customer acquisition.
Overall, the acquisition of the Bandra Vishwas Tower is a significant milestone for AU Small Finance Bank, marking a major expansion of its operations in Mumbai. The purchase is expected to provide a boost to the bank’s business and support its long-term growth strategy. With its strong presence in the financial services sector, AU Small Finance Bank is well-positioned to capitalize on the growing demand for banking and financial services in India.
Standard Chartered predicts gold prices will stabilize in the short term, with a potential surge to $3,100 before resuming its upward momentum, according to TradingView News.
Standard Chartered has adjusted its stance on gold, downgrading it from a top pick to a “core holding” as it anticipates a short-term consolidation in prices. Despite this year’s significant rally, the bank expects gold prices to experience a period of moderation over the next one to three months, potentially reaching $3,100 per ounce. This prediction is based on a pattern of behavior observed since 2022, where major buyers have consistently demonstrated price sensitivity, leading to intermittent periods of sideways movement in the market.
According to analysts, this near-term consolidation is a normal correction after a strong gain. However, Standard Chartered remains optimistic about gold’s long-term prospects, forecasting a potential price surge to $3,500 within the next 6 to 12 months. This bullish outlook is driven by the expectation of increased demand from central banks, which are likely to drive up prices.
The bank’s analysts pointed to the recurring pattern of price sensitivity among major buyers, which has resulted in periods of consolidation following significant gains. This pattern suggests that the current rally may be due for a pause, allowing prices to stabilize before potentially resuming their upward trajectory. Despite this short-term caution, Standard Chartered’s long-term projection of $3,500 per ounce reflects a strong conviction in gold’s potential for growth.
Overall, Standard Chartered’s adjusted stance on gold reflects a nuanced view of the market, balancing short-term caution with long-term optimism. While the bank expects a near-term consolidation, it remains confident in gold’s potential for significant gains over the next year, driven by reaccelerating central bank demand. As such, investors may want to consider gold as a core holding, with a view to potentially benefiting from its long-term growth prospects.
CIO Ravi Pichan of RBL Bank Shares Insights on Implementing a Customer-Centric Digital Transformation Approach, as Featured in ET CIO
The banking sector has undergone significant digital transformation, with a focus on enhancing customer experience, streamlining operations, and improving financial services. RBL Bank is at the forefront of this transformation, with a customer-first approach and digital enablement driving its initiatives. According to Ravi Pichan, Chief Information Officer and Head of Digital Banking at RBL Bank, digital is no longer an additional feature, but the mainstream way of doing business and engaging with customers.
The bank’s focus is on enhancing both direct and assisted channels through digital transformation, ensuring minimal friction and the best possible customer experience. This includes investing in a state-of-the-art data center, expanding its cloud footprint, and delivering modern solutions across retail assets. The bank has also integrated newer government-backed capabilities, such as the Account Aggregator framework, to reduce friction in processes and improve credit decisioning.
RBL Bank has seen significant outcomes from its digital initiatives, including improved customer service, elevated roles, and optimized processes. The bank is also launching a brand-new mobile banking application, which will consolidate all its services into a single app, providing customers with a seamless and integrated experience.
Some of the key initiatives undertaken by RBL Bank include:
1. Building a state-of-the-art data center to serve as the foundation for all its digital offerings.
2. Expanding its cloud footprint for hyper-scaling.
3. Delivering modern solutions across retail assets, including home loans, two-wheeler loans, and car loans.
4. Integrating newer government-backed capabilities, such as the Account Aggregator framework.
5. Launching a brand-new mobile banking application to consolidate all its services into a single app.
The bank’s goal is to minimize friction and provide the best possible customer experience, with a focus on resolving issues swiftly and effectively. While it is still early days, the initial trend is moving in the right direction, with improved customer service and optimized processes. The bank is also investing in technology, with a proposed ROI heading in the right direction.
Overall, RBL Bank’s digital transformation journey is focused on providing a seamless and integrated experience for its customers, with a focus on minimal friction and maximum convenience. The bank’s initiatives are driven by a customer-first approach, with a focus on delivering modern solutions and investing in technology to stay ahead of the curve.
Protesting farmers surround SBI’s regional office in a show of force
Tension erupted at the State Bank of India (SBI) regional office in Tiruchy, India, on Monday as hundreds of farmers attempted to surround the bank, protesting against the new regulations on jewel loans introduced by the Reserve Bank of India. The farmers, led by P Ayyakannu, State president of Desiya Thenninthiya Nadhigal Inaippu Sangam, gathered in front of the SBI regional office, demanding that the bank withdraw the new regulations. The new norms, which restrict jewel loans to only Rs 2 lakh, have been met with strong opposition from farmers who claim that it will severely impact their livelihoods.
The farmers, who had been protesting against the new norms for some time, were frustrated that the banks were continuing to implement the regulations despite their objections. They argued that the new rules, which require receipts for pledged jewels and restrict loans to 80% of the jewel’s value, would make it difficult for them to access credit. The protesters claimed that the new norms would disproportionately affect farmers, who rely heavily on jewel loans to fund their agricultural activities.
As the farmers attempted to besiege the bank, police intervened and stopped them, eventually arresting all the protesters. The situation turned tense, with the farmers raising slogans in support of their demands. The protests highlight the ongoing struggle between farmers and banks over the new jewel loan regulations, which have been a point of contention for some time. The farmers are demanding that the banks withdraw the new regulations and restore the old norms, which they claim were more favorable to them.
The issue has been a major concern for farmers in the region, who are already struggling to cope with the economic challenges posed by the COVID-19 pandemic. The new regulations have added to their woes, making it difficult for them to access credit and fund their agricultural activities. The protests are likely to continue until the farmers’ demands are met, and the issue is resolved. The government and the banking sector will need to find a solution to address the concerns of the farmers and ensure that they have access to credit and other financial services.
India’s industrial production growth may have decelerated to 1.2% year-over-year in April, according to a report by UBI.
The Union Bank of India (UBI) has released a report predicting a significant slowdown in India’s Index of Industrial Production (IIP) for April 2025. The IIP is expected to decline to 1.2% year-on-year, down from 3% in March, due to a broad-based slowdown in economic activity, particularly in the mining and manufacturing sectors. This is a significant drop from the 5.2% growth recorded in April 2024, indicating a slowdown in economic activity in the Indian economy.
The report attributes the anticipated slowdown to the spike in global trade uncertainty, particularly the reciprocal tariff hikes by the US, which is likely to affect exports. At least 30-35% of the weight in IIP is attributed to exports, which is expected to come under pressure until trade clarity is achieved. The Industrial Production data for April is scheduled to be released on May 28, providing insights into the country’s manufacturing momentum and economic activity.
The report cites several factors contributing to the anticipated slowdown, including mixed trends in high-frequency indicators, a decline in petroleum consumption, and a widening merchandise trade deficit. The construction sector has also witnessed a moderation in April, with steel consumption and cement production slowing down. The core sector, which has a significant contribution to the IIP, has slowed to an eight-month low of 0.5% year-on-year in April.
The report also anticipates a recovery in aggregate demand to remain weak, with overall consumer IIP expected to slip into the negative zone. Consumption demand is expected to be led by urban demand, while rural demand may have weakened further in April. However, capital goods IIP growth is expected to have improved in April due to favourable base effects. The report concludes that intermediate, infrastructure, and construction goods may have worsened in April compared to the previous month due to the fall in cement and steel production.
Overall, the report suggests that the Indian economy is experiencing a slowdown, driven by global trade uncertainty and a decline in exports. The anticipated decline in IIP for April 2025 is expected to be a significant drop from the previous year, indicating a slowdown in economic activity. The report’s predictions will be confirmed when the Industrial Production data for April is released on May 28.
Evolution of Co-Lending Models in India: A New Era of CollaborationThis version maintains the core idea of the original line, but phrases it in a way that emphasizes the idea of change and progression in the co-lending landscape in India.
The Reserve Bank of India (RBI) has issued draft directions to regulate co-lending arrangements (CLAs) between financial entities, aiming to increase credit penetration and financial inclusion. The draft Reserve Bank of India (Co-lending Arrangements) Directions, 2025, was released on April 9, 2025, and applies to regulated entities, excluding small finance banks, local area banks, and regional rural banks. The RBI had previously issued a circular in 2020 governing co-lending by banks and non-banking financial companies (NBFCs) to the priority sector.
The draft directions expand the scope of CLAs, allowing co-lending between banks, NBFCs, or a combination of both, and not limiting it to priority sectors. The directions lay down standards for permitted entities to follow when entering into CLAs, including calculations of interest rates and fees, operational arrangements, reporting requirements, and default loss guarantees. The directions only permit the co-origination model, where loans are given jointly to borrowers at origination, and remove the direct assignment model.
The draft directions provide guidance on key aspects of CLAs, such as borrower selection, funding ratio, revenue and risk sharing, and roles and responsibilities of co-lenders. Co-lenders must source funds independently and on a fee basis, rather than through profit-sharing. The directions also clarify the computation and charging of interest and fees from borrowers under CLAs. Co-lenders must issue a key fact statement disclosing details of the CLA and other necessary information.
The RBI has made it clear that any fee paid to co-lenders under the CLA for funding loans must be agreed upon upfront under a servicing arrangement, independent of interest rates charged to borrowers. The draft directions also allow co-lenders to obtain default loss guarantees from sourcing or funding entities to mitigate default consequences. Any subsequent transfers of loan exposures under CLAs must conform to the Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021, with the prior consent of the co-lender.
The RBI’s approach emphasizes transparency in co-lending, and the proposed changes under the draft directions are expected to lead to greater financial inclusion. The draft directions are a welcome reform, and the RBI’s efforts to regulate CLAs are aimed at increasing credit penetration and promoting financial inclusion for wider segments of society. The draft directions are a significant step towards achieving this goal and are likely to have a positive impact on the financial sector.
Breaking: Counterfeit currency discovered at Agra’s Canara Bank, traced back to RBI; investigation underway #AgraNews #Agraleaks
A shocking incident of counterfeit currency has been reported in Agra, Uttar Pradesh. Fake notes were detected at a branch of Canara Bank in the city, and what’s even more alarming is that these notes had reached the Reserve Bank of India (RBI) before being identified as counterfeit.
According to sources, the fake notes were deposited into the Canara Bank branch by an unidentified individual. The bank staff, however, failed to detect the counterfeit currency and went ahead with the usual procedure of sending the deposited amount to the RBI for verification.
It was only when the RBI scrutinized the notes that the discrepancy was discovered. Upon detecting the fake notes, the RBI immediately alerted the Canara Bank branch in Agra, following which an investigation was launched.
A case has been registered with the local police, and authorities are trying to track down the person who deposited the counterfeit currency. The police are also questioning bank employees to determine if there was any negligence or complicity involved.
This incident raises serious concerns about the security and vigilance measures in place at banks. If fake notes could reach the RBI undetected, it highlights the vulnerability of the banking system to counterfeit currency. The RBI has strict guidelines in place for detecting and reporting fake currency, but this incident shows that these protocols may not be foolproof.
The Canara Bank branch in question has assured that it is cooperating fully with the investigation and is taking measures to prevent such incidents in the future. The bank has also ordered an internal inquiry to identify any lapses in its processes and to fix accountability.
In the meantime, the Agra police are working to identify the source of the fake notes and the person who deposited them. The incident has once again highlighted the need for banks and financial institutions to be vigilant and to have robust systems in place to detect counterfeit currency.
The incident has left many in Agra and the banking community at large shocked, highlighting the need for increased security measures to safeguard the integrity of the financial system. As the investigation unfolds, it will be crucial to determine if there was any larger conspiracy or if this was an isolated incident. For now, the people of Agra and the banking community are left to ponder the implications of this shocking discovery.
Meet the trailblazing woman who transformed her life from a humble sweeper to a high-flying AGM at SBI, and discover her inspiring story…
Pratiksha Tondwalkar’s life is a truly inspiring story of courage, hard work, and empowerment. Born in 1964, she faced numerous challenges from a young age, including financial difficulties that forced her to drop out of school after Class 10 and get married at 17. Tragedy struck when her husband, Sadashiv Kadu, passed away in an accident at the age of 20, leaving her alone with a young son. Despite the immense hardship, Pratiksha refused to give up and continued to struggle to rebuild her life and support her child.
With limited education, Pratiksha’s job prospects were slim, and she ended up working as a sweeper at the State Bank of India (SBI), earning a meager Rs. 60-65 per month. However, she was determined to improve her life and took the bold step of continuing her education. She attended night classes and completed her 12th-class examinations, followed by a master’s degree in psychology. Her relentless efforts and dedication eventually led to her promotion to bank clerk.
In 1993, Pratiksha married Pramod Tondwalkar, who supported and encouraged her aspirations. With his motivation, she prepared for banking examinations and qualified as a trainee officer. Through her unwavering perseverance and hard work, Pratiksha climbed the ranks, overcoming numerous obstacles and challenges along the way. Her remarkable journey culminated in her appointment as Assistant General Manager (AGM) of SBI in 2022.
Pratiksha’s story is a testament to the power of determination, education, and resilience. Despite facing immense hardship and adversity, she refused to give up and continued to strive for a better life. Her journey serves as an inspiration to countless individuals, demonstrating that with hard work, dedication, and perseverance, anyone can overcome obstacles and achieve their goals. Pratiksha’s accomplishments are a shining example of the impact of education and empowerment, and her legacy will continue to inspire generations to come.
SC Bank Introduces Wealth Saver Account to Fuel Customer Wealth Accumulation
Standard Chartered Bank Korea has introduced a new demand deposit product called the SC Jeil Wealth Saver Account, which offers an annual interest rate of up to 2.8 percent. The account is designed to support both asset growth and liquidity, and the interest rate is linked to the customer’s overall banking relationship with the bank. The rate varies depending on the total balance held across products such as demand deposits, funds, and trusts, ranging from 1.0 to 2.8 percent. New account holders will receive the 2.8 percent rate for the first month, regardless of their balance.
The account has a tiered interest rate system, where higher rates are applied to the portion of the customer’s balance that exceeds their baseline funds from three months prior. To qualify for the higher rates, customers must meet minimum thresholds in account balance increases and diversified product holdings. The base interest rate is 0.1 percent, and customers can earn higher rates by meeting certain conditions.
To promote the new account, SC Bank Korea is running a special event until June 30. Customers who invest at least 20 million won ($14,620) in eligible financial products and maintain an average monthly balance of 50 million won or more in the new account can receive Shinsegae gift certificates worth up to 1 million won. Customers can register for the event through the bank’s mobile app.
According to a Standard Chartered Bank Korea official, the SC Jeil Wealth Saver Account is designed to help customers grow their assets steadily while maintaining liquidity, especially in today’s uncertain financial environment. The account is intended to provide customers with a flexible and rewarding way to manage their finances and achieve their long-term financial goals. With its competitive interest rates and tiered reward system, the SC Jeil Wealth Saver Account is an attractive option for customers looking to grow their wealth and maintain liquidity.
Can HDFC Bank, ICICI Bank, and Shriram Finance, the heavyweights of banking and NBFCs, steer the next market upswing?
The article from The Economic Times discusses the potential for leading banks and non-banking financial companies (NBFCs) in India, such as HDFC Bank, ICICI Bank, and Shriram Finance, to drive the next market rally. The Indian banking sector has been a significant contributor to the country’s economic growth, and these large players have consistently demonstrated their ability to adapt and thrive in various market conditions.
HDFC Bank, one of the largest private sector banks in India, has a strong track record of performance, with a robust balance sheet and a wide distribution network. ICICI Bank, another major player, has made significant strides in improving its asset quality and expanding its digital offerings. Shriram Finance, a leading NBFC, has a strong presence in the retail finance segment and has been expanding its reach through strategic partnerships.
The article suggests that these large banks and NBFCs are well-positioned to benefit from the government’s efforts to boost economic growth, including initiatives to increase credit flow to small and medium-sized enterprises (SMEs) and the rural sector. The government’s plans to invest heavily in infrastructure development are also expected to create new opportunities for these financial institutions.
The article cites data from a recent report by a brokerage firm, which suggests that the top five private sector banks, including HDFC Bank and ICICI Bank, are expected to drive the next rally in the banking sector. The report notes that these banks have strong balance sheets, stable asset quality, and improving profitability, making them attractive to investors.
The article also highlights the importance of digital transformation in the banking sector, with many of the leading players investing heavily in digital platforms and technologies to improve customer experience and reduce costs. This shift towards digital banking is expected to drive growth and increase efficiency in the sector.
Overall, the article concludes that the big boys of banking and NBFCs, such as HDFC Bank, ICICI Bank, and Shriram Finance, are well-positioned to lead the next rally in the Indian financial sector. Their strong track records, robust balance sheets, and strategic investments in digital transformation make them attractive to investors and position them for long-term growth and success. As the Indian economy continues to grow and evolve, these large financial institutions are likely to play a significant role in driving economic development and creating new opportunities for investors.
Maximize your retirement savings: Discover banks offering fixed deposit interest rates as high as 9.1% for senior citizens
As of May 21, 2025, senior citizens in India can earn interest rates of up to 9.1% on fixed deposits (FDs) for a five-year tenure, with a capital of up to Rs 3 crore. Several small finance banks are offering attractive interest rates, including Suryoday Small Finance Bank (up to 9.1%), Unity Small Finance Bank (up to 8.65%), and NorthEast Small Finance Bank (up to 8.5%). However, financial experts advise caution when investing in small finance banks, as they may carry higher risks compared to commercial banks.
All deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, but the business models of small finance banks differ from scheduled commercial banks, potentially exposing depositors to higher risks. Despite this, small finance banks can provide higher interest rates, making them an attractive option for senior citizens looking to maximize their returns.
It’s also important for senior citizens to be aware of Tax Deducted at Source (TDS) on their FDs. If the total interest earned in a financial year exceeds Rs 1 lakh, banks are required to deduct TDS. However, TDS is not an additional tax and can be refunded or adjusted when filing the Income Tax Return (ITR). To avoid unnecessary TDS deductions, eligible senior citizens can submit Form 15H to their banks, declaring that their total income is below the taxable limit.
For example, under the new tax regime for FY 2025-26, a senior citizen earning Rs 11 lakh annually may not have to pay any income tax due to the Section 87A tax rebate applicable for incomes up to Rs 12 lakh. However, banks will still deduct TDS if the interest income crosses the Rs 1 lakh threshold. By submitting Form 15H, senior citizens can avoid TDS deductions and ensure that their interest income is not unnecessarily taxed. Overall, senior citizens can earn attractive interest rates on FDs, but it’s essential to be aware of the potential risks and tax implications.
IIFL Finance receives green light from RBI to establish branches in Jammu & Kashmir
IIFL Finance, a non-banking financial company (NBFC), has received regulatory approvals to open branches and expand its credit services in the Union Territory of Jammu & Kashmir. This move aims to provide essential financial services to unbanked and underbanked areas in the region, where access to formal credit has been limited. The company’s founder and MD, Nirmal Jain, emphasized that this decision reflects their commitment to bringing financial access to unserved and underserved communities.
According to Jain, the approval to open branches comes at a critical time when people in the region are facing disruptions in their livelihoods. IIFL Finance plans to offer credit solutions tailored to local needs, supporting the revival of small businesses and households in the region. The company’s presence in Jammu & Kashmir will complement its existing Corporate Social Responsibility (CSR) activities in the state, which include programs in education, skill development, healthcare, and community empowerment.
IIFL Foundation, the company’s CSR arm, has been present in Kashmir for over a decade. The foundation has supported various initiatives, including providing incubator machines at the LD Hospital during the Kashmir floods. The company’s expansion into Jammu & Kashmir is a significant step towards fulfilling its mission of providing financial access to all. By offering credit solutions and supporting local communities, IIFL Finance aims to make a positive impact on the region’s economy and society.
The approval to open branches in Jammu & Kashmir is a timely step, considering the region’s history of limited access to formal credit. IIFL Finance’s expansion is expected to bridge this gap, providing much-needed financial services to individuals and businesses in the region. With its commitment to CSR activities and community development, the company is poised to make a significant difference in the lives of people in Jammu & Kashmir. Overall, IIFL Finance’s entry into the region is a positive development, with the potential to drive economic growth and improve the well-being of local communities.
India’s GDP growth expected to surge to 7.0% in Q4 FY25, according to a report by UBI
According to a report by the Union Bank of India (UBI), the Indian economy is expected to grow at a rate of 7.0% in the fourth quarter of the financial year 2025, up from 6.2% in the third quarter. This growth is driven by an improvement in Gross Value Added (GVA) growth, which is expected to increase to 6.7% in Q4 from 6.2% in Q3. The report notes that high-frequency indicators present a mixed trend, but the economic activity index suggests a slight upward bias.
The UBI report also notes that the revised estimate for full-year FY25 growth is likely to be lowered to 6.3% from 6.5% previously. The report cites various factors that are likely to support this growth recovery, including a possible revival in rural demand, continued government spending, and large-scale religious events like the Mahakumbh. The Mahakumbh, in particular, is expected to have a significant impact on the economy, with a nominal growth impact of Rs 2-3 lakh crore.
The Reserve Bank of India’s (RBI) GDP nowcast also projects Q4 FY25 growth at 6.6%, indicating a sequential improvement in economic momentum during the second half of FY25. The International Monetary Fund (IMF) has also projected India’s GDP at 6.2% in FY25 and 6.3% in fiscal 2026, driven by strong private consumption. However, the IMF notes that global growth is expected to slow to 2.8% in 2025.
Overall, the report suggests that the Indian economy is expected to experience a moderate growth recovery in the fourth quarter of FY25, driven by a combination of factors including government spending, rural demand, and large-scale events. However, the growth rate is expected to be lower than previously estimated, and the economy will need to navigate various challenges to achieve sustained growth in the long term. The UBI report’s heatmap of high-frequency indicators shows a mixed picture, but the economic activity index suggests a mild upward bias, indicating a pickup in private sector activity.
SBI report reveals RBI’s robust dividend payout to government driven by foreign exchange sales and interest earnings
The Reserve Bank of India (RBI) has made a record dividend payout of nearly Rs 2.7 trillion to the government, surpassing expectations. According to a report by the State Bank of India (SBI), this surplus transfer was made possible due to robust gross dollar sales, higher foreign exchange gains, and steady increases in interest income. The RBI’s active participation in the foreign exchange market, particularly its aggressive dollar sales, played a significant role in stabilizing the rupee and generating substantial foreign exchange gains.
In the current financial year, the RBI sold a massive USD 371.6 billion, much higher than the USD 153 billion recorded in the previous year. This large-scale selling helped the central bank book substantial foreign exchange gains, which added to the surplus. Additionally, the RBI earned more income from its rupee securities, with its holdings rising by Rs 1.95 lakh crore to Rs 15.6 lakh crore as of March 2025.
The SBI report highlighted the RBI’s prudent approach in maintaining financial stability, citing its decision to increase its risk buffer, known as the Contingent Risk Buffer (CRB). This buffer acts as a safeguard against future risks and was maintained within a range of 7.5 per cent to 4.5 per cent of the RBI’s balance sheet. The transferable surplus was calculated under the revised Economic Capital Framework (ECF), approved by the RBI’s Central Board.
This large payout is a windfall for the government, with the actual amount exceeding the budget estimates. The Union Budget for 2025-26 had projected a total dividend income of Rs 2.56 lakh crore from the RBI and public sector financial institutions. The RBI’s record dividend payout is a testament to its effective management of the country’s foreign exchange reserves and its commitment to maintaining financial stability. The payout is expected to provide a significant boost to the government’s finances, allowing it to meet its fiscal targets and invest in various development projects. Overall, the RBI’s proactive approach has yielded positive results, and the government is likely to benefit from this windfall in the coming years.
Another arrest made in connection with IDBI Bank scam | Hyderabad News
The Crime Investigation Department (CID) of Telangana police has arrested a manager from IDBI bank in Mumbai in connection with a Rs 2.8 crore fraud case. The case, which was registered in 2021, involves the sanctioning of unauthorized loans to 305 individuals between 2015 and 2016. The arrested manager, Bukya Suresh, had previously worked as an assets officer at the Sattupally branch, where the alleged fraud took place. Suresh was produced before a magistrate and sent to judicial remand, bringing the total number of arrests in the case to seven.
The case involves the disbursement of Rs 2.61 crore in Kisan Credit Card loans to 279 farmers and Rs 25 lakh in microloans to 26 individuals. The loans were allegedly sanctioned using forged pattadar pass books, which were submitted as part of the loan approval process. The scam was uncovered during an internal audit in 2018-19, which revealed procedural lapses and suspicious financial transactions. A subsequent investigation by the bank and revenue authorities confirmed that the documents used to secure the loans were fake.
The main accused in the case include Nallagopula Ramesh, the former branch head of Sattupally IDBI, and Chettipogu Suresh, a business correspondent of the bank. They are alleged to have colluded with associates to process the loans using fake documents. The case has been registered under relevant sections of the Indian Penal Code (IPC).
The arrest of Suresh comes two weeks after five others were taken into custody in connection with the same case. The CID is continuing its investigation into the matter, and it is likely that further arrests will be made. The case highlights the need for banks to have robust internal controls and audit mechanisms in place to prevent such frauds from occurring. It also underscores the importance of swift action being taken against those involved in such fraudulent activities to prevent them from causing further harm to the banking system.
CISF personnel to get ₹1 crore accidental insurance cover at no extra cost with SBI salary account
The Central Industrial Security Force (CISF) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to manage the salary accounts of its serving and retired personnel. The agreement, which is valid for three years, introduces several enhanced financial benefits for CISF personnel, including increased personal accident insurance coverage. The new provisions of the MoU were formalized at a function held at the CISF Headquarters, where the MoU was signed by representatives of CISF and SBI.
Under the new agreement, serving CISF personnel will be entitled to personal accident insurance coverage of up to Rs 1 crore, an increase from the previous limit of Rs 50 lakh. Retired personnel will also see an increase in their personal accident insurance coverage, from Rs 30 lakh to Rs 50 lakh. Additionally, serving personnel will be covered for up to Rs 1.5 crore in the event of an air accident, and will also be eligible for a term insurance of Rs 10 lakh.
The insurance coverage for serving personnel in case of permanent total and partial disability has also been increased to Rs 1 crore each. Furthermore, additional covers are applicable in case of accidental death, including cost of plastic surgery in burn cases, cost of children’s higher education, girl child cover for marriage, payment for air ambulance, and ambulance charges.
The introduction of these enhanced benefits marks a significant milestone in the CISF’s ongoing commitment to the welfare and financial security of its members. The benefits come at no additional cost to the personnel and are in addition to their existing benefits. The CISF has emphasized its commitment to providing the best possible support to its personnel and their families, and this agreement is a major step in that direction. Overall, the new MoU with SBI is expected to provide significant financial security and benefits to CISF personnel, both serving and retired.
MYLAPORE TIMES – Local bank gifts battery-powered cart to facilitate senior citizens’ visits to Kapaleeswarar Temple, prompting questions about the fate of similar carts previously donated by a private firm.
Karur Vysya Bank has donated three battery-driven carts to be used in temple zones, with one of the carts being allocated to the Sri Kapali Temple zone in Mylapore. The official launch of the donation took place on a Saturday morning, attended by state minister Sekar Babu, who is in charge of the HR&CE department responsible for managing temples, as well as senior officers from the bank. The cart is intended to facilitate easy access to the temple for senior citizens and people with disabilities, allowing them to travel from the Mada Streets zone to the temple.
This donation is not the first of its kind, as Sundaram Finance had previously donated similar carts to the temple for the same purpose a few years ago. However, those carts were only used for a short period before they stopped being utilized. Temple officials at the time cited a lack of staff to operate the carts as the reason for their disuse. Interestingly, one of the carts donated by Sundaram Finance was recently spotted inside the campus of Sri Karpagambal Kalyana Mantapam on Venkatesa Agraharam Street, Mylapore, suggesting that it may have been repurposed or stored away.
The donation by Karur Vysya Bank aims to provide a convenient and accessible way for senior citizens and people with disabilities to visit the Sri Kapali Temple. The battery-driven cart is expected to make it easier for these individuals to navigate the temple zone, promoting inclusivity and accessibility. The bank’s contribution is a positive step towards supporting the community and enhancing the overall experience of visiting the temple. With the formal launch of the cart, it is hoped that it will be well-utilized and maintained, providing a valuable service to those who need it.
The community is likely to benefit from this donation, and it may also encourage other organizations to follow suit and contribute to making public spaces more accessible. The involvement of state minister Sekar Babu and senior bank officers in the launch event highlights the importance of this initiative and the commitment to supporting the community. Overall, the donation of the battery-driven cart is a welcome move and is expected to have a positive impact on the community.
Standard Chartered and Channel i Celebrate a Decade of Excellence with the 10th Annual Agrow Award
The Standard Chartered Bangladesh and Channel i have launched the 10th edition of the Agrow Award, a platform that recognizes the outstanding contributions of individuals and organizations in Bangladesh’s agriculture sector. The award has been running since 2014 and has honored 77 individuals and organizations for their exemplary contributions to the sector. The 10th edition will continue to celebrate excellence across multiple categories, including Lifetime Achievement, Farmer of the Year, and Best Agricultural Organisation in Research, Innovation and Technology.
This year’s edition introduces a new category, “Best Rooftop Farmer,” which aims to promote sustainable and liveable cities by providing local, fresh, and safe food and improving air quality. The award ceremony will take place later this year, and a distinguished jury panel comprising local and international experts, academics, and industry leaders will evaluate the submissions. Applications for the 10th Agrow Award are now open and will be accepted until July 15, 2025.
The launch of the 10th Agrow Award is a significant milestone, marking 120 years of Standard Chartered’s presence in Bangladesh. The bank’s CEO, Naser Ezaz Bijoy, expressed his gratitude to Channel i for their partnership and to the wider community for their support. He also commended the awardees for their dedication and innovative approaches, which contribute to tackling climate change and ensuring food security for the nation.
Shaykh Seraj, Director and Head of News at Channel i, emphasized the importance of recognizing the extraordinary contributions of farmers and the agriculture-based economy. He believes that the Agrow Award is a modest attempt to honor their hard work and dedication. The introduction of the new category, Best Rooftop Farmer, is expected to encourage rooftop and urban farming initiatives, making cities more sustainable environments.
Standard Chartered Bangladesh has been deeply embedded in the nation’s growth story for over 120 years, driving commerce, fostering inclusive development, and investing in communities. The bank remains committed to creating lasting impact through initiatives like the Agrow Award. The award is a testament to the bank’s commitment to recognizing and rewarding excellence in the agriculture sector, which is critical to Bangladesh’s economic growth and food security.
Bank holiday alert: Will banks remain closed on May 24? Check the RBI calendar to find out
Banks across India will be closed on May 24, as it falls on the fourth Saturday of the month. According to the Reserve Bank of India’s (RBI) official calendar, all banks regulated by the RBI remain shut on the second and fourth Saturdays of every month. This means that physical branch services, including cash deposits and withdrawals, account openings, and loan processing, will not be available on this day.
However, customers can still access digital banking services, such as mobile banking apps, ATMs, and electronic payment systems like NEFT, RTGS, and IMPS. These services will continue to operate uninterrupted, allowing customers to pay bills, transfer money, and conduct other transactions.
The RBI’s official website provides a calendar of bank holidays, which includes regional holidays. In addition to the nationwide holiday on the fourth Saturday, there are also upcoming regional holidays in May. On May 26, banks will be closed in Tripura to observe the birthday of Nazrul Islam, and on May 29, banks will be closed in Himachal Pradesh to observe Maharana Pratap Jayanti.
It’s worth noting that while physical branch services may be unavailable on certain days, digital banking services provide a convenient alternative for customers to manage their finances. Customers can use mobile banking apps to check their account balances, transfer funds, and pay bills, among other services. ATMs and electronic payment systems also offer a range of services, including cash withdrawals and fund transfers.
Overall, while bank branches may be closed on certain days, digital banking services ensure that customers can still access their accounts and conduct transactions with ease. It’s always a good idea for customers to check the RBI’s official website or their bank’s website to confirm holiday schedules and plan their banking activities accordingly.
IDBI Capital Revises Outlook to ‘Buy’ Following HAL’s Compelling Strategic Roadmap
Clean Science’s management has outlined an ambitious plan to significantly scale up the production and revenue of their HALS (Hindered Amine Light Stabilizers) series over the next few years. According to their projections, the company aims to increase the volume of HALS production from 1,900 tons in FY25 to approximately 10,000 tons in FY28. This represents a more than five-fold increase in production volume over a three-year period.
In terms of revenue, the management expects to see a corresponding increase, with sales revenue from the HALS series rising from Rs 800 million in FY25 to around Rs 5.6 billion in FY28. This translates to a blended realization of Rs 580-585 per kilogram. The company’s management has expressed confidence in their strategy to ramp up the HALS series, citing their ability to scale up production while maintaining profitability.
For FY26, the management has set a target of producing 4,500 tons of HALS, with a corresponding revenue target of Rs 2.1 billion. This represents a significant increase from the FY25 projections, and demonstrates the company’s commitment to rapidly expanding their HALS business.
The management’s confidence in their ability to scale up the HALS series is likely based on a combination of factors, including the growing demand for these products, the company’s existing manufacturing capabilities, and their ability to invest in new technologies and processes to support increased production.
Overall, Clean Science’s plans to scale up their HALS series represent a significant opportunity for growth and expansion, and demonstrate the company’s commitment to becoming a major player in the global specialty chemicals market. With a clear roadmap for expansion and a focus on maintaining profitability, the company is well-positioned to achieve their ambitious targets and drive long-term success.
SBI attributes RBI’s unprecedented Rs 2.7 trillion dividend payout to dollar sell-offs and significant foreign exchange gains
The Reserve Bank of India (RBI) has made a historic dividend payout of approximately Rs 2.7 trillion to the government, fueled by strong sales of US dollars, high foreign exchange gains, and steady rises in interest income. According to a report by the State Bank of India (SBI), the RBI’s active participation in the forex market was a major contributor to this huge surplus. The central bank emerged as the biggest seller of foreign exchange reserves among Asian peers in January 2025, with gross dollar sales reaching $371.6 billion by February 2025.
The RBI’s intervention strategy to stabilize the Rupee involved large-scale sell-offs of US dollars, which helped the central bank book substantial forex gains and contributed significantly to the dividend payout. The bank’s holdings in rupee securities also rose by Rs 1.95 lakh crore to Rs 15.6 lakh crore as of March 2025, resulting in increased earnings. While falling government securities yields dampened mark-to-market gains, overall interest income still recorded a healthy growth.
The SBI report praised the central bank’s prudent approach to maintaining financial stability, noting that the surplus transfer could have been even higher if the RBI had not decided to raise its risk buffer. The Contingent Risk Buffer (CRB), a safety net for unforeseen shocks, was kept within the 5.5 to 6.5 percent range of the RBI’s balance sheet. The surplus was calculated under the revised Economic Capital Framework (ECF) and approved by the RBI’s Central Board.
This unexpected windfall is a major boost to the government’s finances, with the actual dividend income exceeding budget estimates. The Union Budget for 2025-26 had projected a total dividend income of Rs 2.56 lakh crore from the RBI and state-run financial institutions, but the latest payout will comfortably exceed this figure. The RBI’s dividend payout is a significant development, demonstrating the central bank’s ability to generate substantial income and support the government’s finances. The payout is also a testament to the RBI’s effective management of the country’s foreign exchange reserves and its commitment to maintaining financial stability.
Transforming lives: How DBS is pioneering innovative solutions to address the unique challenges faced by Hong Kong’s ageing population, creating a lasting legacy of positive change
Hong Kong has officially become a “super-aged society” with over 20% of its population aged 65 or older, according to the World Health Organization. As of last year, 22% of the city’s residents are over 65, and this number is expected to rise to 40.6% by 2050, making Hong Kong the country with the highest proportion of elderly citizens. This significant demographic shift poses substantial challenges, including a shrinking workforce and increased pressure on healthcare and social security systems.
The United Nations predicts that Hong Kong will have the world’s highest proportion of people over 65 by 2050, surpassing South Korea and Japan. This shift will require innovative solutions to address the urgent social needs of the elderly population. DBS Bank, a multinational financial services firm, recognizes these challenges as opportunities to identify and support solutions that tackle pressing social issues.
Sebastian Paredes, DBS’ head of North Asia and CEO of DBS Bank (Hong Kong), emphasizes the importance of responsible business practices in addressing the challenges posed by an aging population. The bank aims to support local communities and create long-term value for people’s lives and livelihoods. Paredes believes that businesses play a crucial role in reshaping societal mindsets around aging, focusing on increasing health spans in tandem with lifespans.
By supporting businesses and creating opportunities that promote healthy aging, DBS Bank seeks to make a positive impact on the community. The bank’s approach recognizes that a super-aged society requires a multifaceted response that addresses the social, economic, and healthcare needs of the elderly population. By working together with local communities and stakeholders, DBS Bank aims to create a more sustainable and supportive environment for Hong Kong’s aging population. Ultimately, the bank’s efforts aim to improve the quality of life for elderly citizens, ensuring that they can live healthy, fulfilling lives and contribute to the community in meaningful ways.
Achievement Marked by the Reserve Bank of India
The Reserve Bank of India (RBI) made a historic announcement on May 23, 2025, revealing a record dividend payout of ₹2.69 lakh crore to the Government of India for the financial year 2025. This unprecedented amount surpasses any previous dividend paid by the RBI in its history. The transfer is expected to significantly enhance the government’s financial position, leading to several positive outcomes.
The primary benefit of this dividend payout is likely to be an increase in capital spending, which can stimulate economic growth. Furthermore, the government’s borrowing requirements may decrease, contributing to an overall positive economic environment. The infusion of this substantial amount is also expected to boost confidence in India’s financial stability and growth prospects.
The RBI, as the central bank of India, has played a crucial role in maintaining a solid macroeconomic environment in the country. This timely transfer of funds will help India navigate the current challenging financial times. The government can utilize this amount to invest in development projects, infrastructure, and social welfare schemes, ultimately benefiting the economy and the citizens.
It is essential to note that the RBI’s decision to pay a record dividend is a testament to its commitment to supporting the government’s efforts to promote economic growth and stability. The move is expected to have a positive impact on the overall economy, and the government is likely to use this opportunity to accelerate its development agenda.
In conclusion, the RBI’s record dividend payout of ₹2.69 lakh crore to the Government of India is a significant development that is expected to have far-reaching positive consequences for the economy. The increased financial resources will enable the government to enhance its spending on key sectors, reduce borrowings, and boost confidence in the country’s financial stability and growth prospects.
Aditya Birla Sun Life Insurance collaborates with Equitas Small Finance Bank to increase life insurance penetration and reach a wider audience
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has formed a partnership with Equitas Small Finance Bank to offer its life insurance products to the bank’s customers. This collaboration aims to increase financial protection and inclusion by making a wide range of insurance solutions more accessible to Equitas customers. Through this partnership, Equitas customers will have direct access to ABSLI’s comprehensive portfolio, which includes protection plans, savings plans, retirement solutions, endowments, and Unit Linked Insurance Plans (ULIPs).
The partnership will also introduce new offerings, such as the Salaried Term Plan, Nishchit Aayush Plan, and Assured Savings Plan, to the bank’s customers. According to Kamlesh Rao, MD & CEO of ABSLI, this partnership will help extend insurance expertise to more customers, aligning with the industry’s agenda of “Insurance for All by 2047.” Murali Vaidyanathan, Senior President and Country Head of Equitas Small Finance Bank, stated that the partnership will enhance the bank’s product offerings by integrating insurance plans through an open market architecture model.
As of March 31, 2025, ABSLI reported significant financials, with assets under management (AUM) of ₹99,496 crore and a gross premium income of ₹20,639 crore. The company has also seen a 10% year-on-year growth in individual business first-year premiums. ABSLI operates through 430 branches and partners with 12 bancassurance firms, supported by over 65,500 direct selling agents and more than 20 lakh active customers nationwide.
This partnership is expected to benefit both companies, as ABSLI will be able to expand its customer base and Equitas Small Finance Bank will be able to offer a more comprehensive range of financial products to its customers. The collaboration is also in line with the government’s goal of increasing financial inclusion and providing insurance coverage to all citizens by 2047. Overall, the partnership between ABSLI and Equitas Small Finance Bank is a significant development in the insurance industry, and it is expected to have a positive impact on the financial lives of millions of people in India.
Kotak811 Launches New Initiative to Honour the Emerging Wave of Digitally-Savvy Indians Redefining the Future of Banking
Kotak Mahindra Bank has launched a new campaign to promote its digital banking platform, Kotak811, with the goal of providing a seamless and intuitive banking experience to India’s digital-first generation. The platform is designed to be a complete bank in your pocket, offering a range of services including instant onboarding, UPI payments, smart investment tools, and cashbacks. The campaign, featuring Ranveer Singh, aims to showcase the app’s frictionless user experience and ability to meet every financial need with just a few taps.
According to Rohit Bhasin, CMO and Head of Propositions at Kotak Mahindra Bank, the campaign’s core message “Banking so smooth, it’s Makkhan” reflects the app’s effortless and fast user experience. Manish Agarwal, Business Head of Kotak811, noted that India is on the brink of a digital banking breakthrough and Kotak811 is well-positioned to lead this revolution. The platform offers a range of features, including instant onboarding in under five minutes, seamless UPI payments, and smart investment tools, all backed by the credibility of Kotak Mahindra Bank.
The evolution of Kotak811 is driven by a customer-centric approach, with the company listening deeply to its customers’ needs and expectations. Jay Kotak, Co-head of Kotak811, emphasized that today’s Indian consumer expects more than just a payment app, but a full-service bank that is fast, intuitive, and always accessible. Kotak811 delivers exactly that, with a focus on trust, security, and a user journey that feels second nature.
With over a billion mobile connections and a youthful, tech-savvy population, India is ripe for a digital banking revolution. Kotak Mahindra Bank is poised to capitalize on this trend with Kotak811, which offers a truly digital-first experience. The company believes that its platform will set a new standard for digital banking in India, with its seamless user experience, range of services, and commitment to trust and security. Overall, the launch of the new Kotak811 campaign marks an exciting new chapter for Kotak Mahindra Bank and its digital banking platform.
Union Bank of India Fuels Aspirations: Chhonzin Angmo Shatters Barriers as First Visually Impaired Woman to Reach the Summit of Mount Everest
Chhonzin Angmo, a 29-year-old visually impaired employee of Union Bank of India, has made history by becoming the first female with a visual impairment to reach the summit of Mount Everest, the world’s highest peak. Born with sight, Angmo lost her vision at the age of eight due to a reaction to medication. Despite this disability, she has shown remarkable resilience and determination, already having climbed several peaks, including Siachen Kumar post and an unnamed peak in Ladakh, before embarking on her Everest journey.
Angmo’s achievement is a testament to her unwavering spirit and perseverance. She received a National Award from the President of India for the Empowerment of Persons with Disabilities in 2024 under the ‘Sarvshresth Divyangjan’ category. Her successful ascent of Mount Everest showcases her trust in her team and her unrelenting spirit, inspiring millions with her remarkable feat.
Union Bank of India, which supported Angmo’s quest, celebrates her achievement as an inspiration to humanity, embodying the spirit of empowerment and inclusivity that the bank strives to promote. Angmo’s story encourages people to push beyond perceived limitations, demonstrating that with courage, resilience, and determination, anyone can overcome adversity. Her achievement is a shining example of what can be accomplished with hard work and dedication, and serves as a motivation to both the underprivileged and privileged to strive for greatness.
Angmo’s historic climb is a milestone not only for her but also for the visually impaired community, showing that with the right support and mindset, anything is possible. Her determination and perseverance have inspired countless people, and her achievement will be remembered for years to come. As a role model, Angmo’s story will continue to motivate and inspire people to chase their dreams, regardless of the obstacles they may face.
Axis Bank collaborates with super.money to introduce a zero-fee RuPay credit card, featuring an attractive 3% cashback on UPI transactions
Axis Bank and fintech platform super.money have launched the Axis Bank Supermoney RuPay Credit Card, a lifetime-free offering that provides 3% cashback on QR-based UPI payments. The card is designed to target digital-first users who make everyday purchases, such as groceries and tea, and are not typically rewarded for these transactions. The card functions across both physical POS and UPI-based Scan & Pay transactions, with rewards capped at Rs 500 per monthly billing cycle.
The card is being positioned as an accessible and cost-effective alternative for seasoned credit card users, with a flat 3% cashback on eligible QR transactions and no annual fee. This is in contrast to other credit cards that offer tiered structures or fees. The card is also being pitched as a “second card” for existing credit-worthy consumers who are already familiar with UPI.
The move comes amid rising consumer adoption of credit-on-UPI, with recent NPCI initiatives enabling credit cards to be used via UPI networks. The card’s reward mechanics include a maximum cashback of Rs 500 per billing cycle, with spending beyond Rs 16,667 through eligible UPI QR transactions not earning additional rewards. The card also offers a 1% cashback on all other qualifying transactions done using the card, including those outside the super.money platform.
The Axis-Supermoney card is positioned as a simple and cost-effective option for low-to-moderate spenders, with a guaranteed 3% cashback on all eligible UPI spends through the app, and no milestones or fees. This is in contrast to other cards that offer higher reward rates but with conditions such as annual fees or milestone-based spending thresholds.
The partnership between Axis Bank and super.money is seen as a play on profitability and distribution, with super.money acting as a distribution agent and Axis Bank issuing the card. The fintech is not seeking to raise new capital in the immediate term and is focused on making the product profitable before looking to turbocharge growth next year. Overall, the Axis Bank Supermoney RuPay Credit Card is a significant development in the Indian fintech space, offering a unique value proposition to consumers and positioning itself as a leader in the credit-on-UPI market.
Vidya Balan partners with Federal Bank to encourage responsible financial planning in new promotional campaign, as reported by Campaign Brief Asia
Federal Bank, a leading private sector bank, has launched a new integrated marketing campaign called “Savings Ki Vidya” to boost its deposit base. The campaign features actress Vidya Balan, who is also the bank’s brand ambassador, in a new role that aims to establish a unique position in the consumer’s mind by presenting a fresh narrative around savings and deposit mobilization. The campaign’s storyline, “Rishta Aap Se Hai, Sirf App Se Nahi”, highlights the importance of smart saving and meaningful relationships that add lasting value.
The campaign showcases relatable, slice-of-life moments where people often forget to save, until someone who cares gives them a timely nudge towards making smarter financial choices. Vidya Balan brings her signature authenticity, charm, and wit to the role, guiding her friends with humor and warmth. The campaign’s lighthearted tone resonates across demographics and regions, delivering a clear and compelling message: all good things begin with savings, and that journey starts with a “Rishta” with Federal Bank.
The campaign shifts the narrative to long-term relationships with Federal Bank, which is known for its great service. According to M V S Murthy, Chief Marketing Officer at Federal Bank, “Savings ki Vidya” is a multi-bit handle that can be used to build the deposits narrative and shore up business. Vidya Balan, who has been a customer of the bank, brings her own experience and authenticity to the campaign, making it relatable and engaging.
The campaign is supported by an original music score and will be visible across TV, digital and social media, outdoor, print advertisements, branch-level activation, and branded merchandise. The films will also be dubbed into multiple languages to ensure a wider reach and resonance with diverse audiences. Overall, the campaign aims to position Federal Bank as a bank that cares about its customers and helps them make smart financial choices, while also promoting the importance of savings and deposit mobilization.
Unlock Unbeatable Perks: The Top 5 ICICI Credit Cards to Look Out for in 2025
ICICI Bank offers a diverse range of credit cards that cater to various spending habits and lifestyle needs. Here are the top 5 ICICI credit cards in 2025, each with its unique features and benefits:
- Amazon Pay ICICI Credit Card: Ideal for online shoppers, this card offers 5% cashback for Amazon Prime members, 3% for non-Prime users, and 2% cashback on Amazon Pay partner transactions. It also provides 1% fuel surcharge waiver and dining discounts.
- ICICI Bank Coral Credit Card: Suitable for balanced spenders, this card offers 2 points for every ₹100 spent on general purchases, 25% off on movie tickets, and one complimentary airport lounge access per quarter. The annual fee is ₹500, which is waived off on reaching ₹1.5 lakh in annual spending.
- ICICI Bank Rubyx Credit Card: Designed for lifestyle users and frequent domestic travelers, this card offers welcome vouchers worth over ₹5,000, accelerated reward points, and two complimentary domestic lounge visits each quarter. It also provides movie offers, golf access, and fuel benefits.
- ICICI Bank Sapphiro Credit Card: Targeted at premium users, this card offers generous welcome benefits, high reward rates, and luxury privileges. It provides 6 points per ₹100 spent internationally, 4 complimentary domestic lounge entries, and up to 4 free games of golf each month.
- ICICI Bank HPCL Super Saver Credit Card: Ideal for individuals who frequently spend on fuel and pay utility bills, this card offers 5% cashback on fuel purchases at HPCL pumps, 1.5% extra cashback via HP Pay app transactions, and 5% cashback on groceries, utilities, and departmental stores.
When selecting an ICICI credit card, it’s essential to consider your individual lifestyle choices and spending habits. Whether you’re a frequent online shopper, a traveler, or someone who spends a lot on fuel and utilities, there’s an ICICI credit card that can help you earn rewards and benefits while you spend. With features like cashback, reward points, and luxury perks, ICICI credit cards can provide more value than just a means of spending. By choosing the right card, you can maximize your benefits and make the most of your purchases. Ultimately, ICICI credit cards cater to diverse needs and offer a range of benefits that can enhance your lifestyle and spending experience.
PSB Academy Invests S$2.1 Million in Beyond60 Initiative, Offering 30 Full-Ride Scholarships to Deserving Students
PSB Academy, a leading private education institution in Singapore, has launched an initiative worth over S$2.1 million to promote inclusivity and access to education. The initiative, called Beyond60, aims to provide equal opportunities for all, particularly for youths at risk, women pursuing Science, Technology, Engineering, and Mathematics (STEM), and the workforce pursuing social causes. This effort aligns with Singapore’s 60th birthday theme of “Building Our Singapore Together”.
As part of the initiative, PSB Academy will award full scholarships to up to 30 deserving recipients, selected by its partners, including the Singapore Centre for Social Enterprise (raiSE), United Women Singapore (UWS), and Care Corner Singapore. The scholarships will cover the full cost of the recipients’ educational programs, which can range from six months to four years.
The partnership with raiSE aims to strengthen the capabilities of leaders in the social enterprise sector, enabling them to create a positive impact on the communities they serve. The collaboration with UWS will provide opportunities for young women from local polytechnics to pursue higher education in STEM and related disciplines. Meanwhile, the partnership with Care Corner will support youths preparing for their N and O Levels, as well as at-risk youths, helping them achieve their academic aspirations.
The scholarships will be awarded in multiple tranches, with the first tranche commencing in the second half of this year and the last tranche by December 2026. Interested applicants can contact raiSE, UWS, and Care Corner directly to learn more about the eligibility requirements and application process.
PSB Academy’s CEO, Derrick Chang, emphasized the importance of providing equal opportunities for Singaporeans to progress, ensuring that prosperity extends to more members of the community. The initiative is part of PSB Academy’s legacy of 60 years of excellence, which includes supporting over 2,000 adult learners in Singapore with more than S$3.5 million in education grants.
The academy will also host a series of public engagement activities to promote inclusivity and accessibility in education. These events will invite members of the public to participate in hands-on experiences across various disciplines, showcasing the core values of accessibility and inclusivity that define PSB Academy as Asia’s Future Academy.
In addition to the Beyond60 initiative, PSB Academy has also unveiled its third city campus in Singapore and inked a Memorandum of Understanding with Coventry University and the Singapore Civil Defence Force to offer industry-relevant programs. The academy’s approach to education focuses on performance in the New Economy, providing quality education that nurtures future-ready graduates equipped with the skills and tools necessary to thrive in a digitally-driven world.
PSB Academy’s partners, including raiSE, UWS, and Care Corner, also expressed their support for the initiative, emphasizing the importance of empowering individuals to create positive change in Singapore. The scholarships are now open for application until December 31, 2025, and interested applicants are encouraged to contact the respective partners to learn more about the eligibility requirements and application process.
Financially off course – Standard Chartered
The New Zealand government’s Budget 2025 has maintained its goal of returning to a surplus by 2029, but the deficit path has significantly widened due to a weaker growth forecast and new tax incentives. The government has reduced its operating allowance to NZD 1.3 billion, the lowest in over a decade, while keeping capital spending steady at NZD 4 billion. Despite this restraint, the projected fiscal deficits over the next four years have increased, with a deficit of NZD 12.1 billion (2.6% of GDP) forecast for FY26, which is NZD 1.6 billion wider than previously projected.
The budget has also revised up the total borrowing over the forecast horizon by NZD 4 billion, with gross issuance increasing to NZD 175 billion (42% of GDP) over the next four years. While bond issuance for FY25 and FY26 has been trimmed by NZD 4 billion, this reduction is offset by increases in later years, including a NZD 6 billion uplift in FY29. The funding task remains significant, particularly as maturities from the Reserve Bank of New Zealand’s Large-Scale Asset Purchase (LSAP) program roll off and debt servicing costs rise.
The budget is unlikely to alter the Reserve Bank of New Zealand’s (RBNZ) near-term monetary policy path. The RBNZ is expected to remain focused on keeping inflation in check, particularly as global risks and medium-term pressures persist. The budget’s message is clear: fiscal policy will support disinflation, but monetary policy will remain the primary anchor. As a result, the RBNZ is likely to continue to prioritize price stability, even as the government’s fiscal policy becomes more expansionary.
Overall, the budget suggests that the government is taking a cautious approach to fiscal policy, while also acknowledging the need for ongoing support for the economy. The increased borrowing and revised deficit projections reflect the challenges posed by a weaker growth backdrop and the need for fiscal flexibility. However, the RBNZ’s monetary policy stance is likely to remain unchanged, with a focus on maintaining price stability and supporting the economy through a period of uncertainty.
SBI PO Mains Exam Result 2025 Now Available on Official Website sbi.co.in
The State Bank of India (SBI) has released the results of the Mains exam for the recruitment of Probationary Officers (PO) on its official website, sbi.co.in. Candidates who appeared for the exam can check the results by visiting the website and downloading the PDF containing the roll numbers of shortlisted candidates. The selected candidates will be eligible to appear in the next stage of the recruitment process, which is the interview round.
The Mains exam was conducted on May 5, 2025, in a single session across the country, for those who cleared the preliminary exam. A total of 600 posts will be filled through this recruitment drive. The SBI PO selection process involves three stages: preliminary exam, mains exam, and interview.
To check the merit list, candidates can follow these steps:
1. Visit the SBI’s career portal at sbi.co.in/web/careers
2. Click on the “Current Openings” section on the homepage
3. Find the notice titled “Recruitment of Probationary Officers (ADVERTISEMENT NO: CRPD/PO/2024-25/22)”
4. Click on “Download Mains Exam Result PDF”
5. The PDF will open on the screen, and candidates can download it for future reference
The admit card for the interview round will be released soon, and the date and time will be announced on the official website. Candidates are advised to regularly visit the website to stay updated on the latest information. The interview round is the final stage of the selection process, and candidates who clear this round will be selected for the post of Probationary Officer in SBI.
Bank of Baroda UAE and ISG unveil the Jaywan Card, a strategic initiative to boost the UAE’s domestic payment ecosystem
The Bank of Baroda (BoB) in the UAE has partnered with In-Solutions Global (ISG) to launch Jaywan Cards, a sovereign payment system aimed at strengthening the country’s payment infrastructure. The rollout of the cards is expected to begin within the next 30 days. Jaywan is a contactless payment system that supports multi-use functionality for both personal and business needs, and is built on a robust infrastructure aligned with the UAE’s Smart Payment Ecosystem.
The launch of Jaywan is a key milestone in the UAE’s efforts to localize its payments ecosystem, promote financial inclusion, and transition towards a cashless economy. The initiative is part of a broader regulatory alignment and strategic focus on Jaywan cards, and is expected to enhance the UAE’s sovereign payment infrastructure. With Jaywan, the UAE joins a growing number of nations investing in sovereign payment networks that prioritize cost efficiency, compliance, and local innovation.
The Jaywan card system is developed under the guidance of the Central Bank of the UAE (CBUAE) and is designed to provide a secure, efficient, and future-ready payment solution. ISG, which has a strong track record in the GCC, will manage the personalization and operational rollout of Jaywan Cards in partnership with Bank of Baroda. The company’s Senior Vice President, Praveen Balusu, stated that the initiative will empower regional banks to adopt a fully localized payment system and lay the groundwork for seamless cross-border transactions.
The launch of Jaywan comes at a time when digital payments in the UAE are booming, and is expected to have a significant impact on the country’s financial landscape. With its planned interoperability with RuPay, Jaywan is poised to become a game-changer for businesses and consumers alike, providing a seamless and efficient payment experience. Overall, the partnership between BoB and ISG is a significant step towards strengthening the UAE’s payment infrastructure and promoting a cashless economy.
Q4 IT Services Results Analysis: Midcaps Steal the Show as Large Caps Feel the Pinch of Intensifying Macro Pressures, Says IDBI Capital on NDTV Profit
The Q4 results for IT services companies have been released, and mid-cap companies have outshined their large-cap counterparts, according to a review by IDBI Capital. The review notes that while large-cap companies have been impacted by macroeconomic factors, mid-cap companies have shown resilience and reported better-than-expected results.
The IT services sector has been facing challenges due to global economic uncertainty, currency fluctuations, and trade tensions. As a result, large-cap companies such as Infosys, TCS, and Wipro have reported modest growth in their Q4 results. However, mid-cap companies such as Mindtree, L&T Infotech, and Hexaware have surprised the market with strong growth numbers.
The review attributes the outperformance of mid-cap companies to their ability to adapt quickly to changing market conditions. These companies have been able to leverage their agile business models and niche expertise to win new deals and expand their client relationships. In contrast, large-cap companies have been slow to respond to changing market dynamics, which has impacted their growth.
The Q4 results also highlight the importance of digital transformation for IT services companies. Companies that have invested in digital capabilities such as cloud, artificial intelligence, and cybersecurity have reported stronger growth than those that have not. The review notes that digital transformation is no longer a niche area, but a mainstream phenomenon that is driving growth and profitability for IT services companies.
In terms of sectoral trends, the review notes that the BFSI (banking, financial services, and insurance) sector continues to be a strong growth driver for IT services companies. The retail and consumer goods sector is also showing signs of recovery, driven by increasing adoption of digital technologies. However, the manufacturing and energy sectors remain challenging due to global economic uncertainty.
Overall, the Q4 results for IT services companies suggest that the sector is undergoing a transition, with mid-cap companies emerging as the new leaders. The review notes that investors should focus on companies with strong digital capabilities, agile business models, and niche expertise, as these are likely to be the winners in the long term. As the macroeconomic environment remains uncertain, IT services companies will need to be adaptable and innovative to succeed.
Infrastructure sectors fueled a surge in corporate investments in FY25, according to Bank of Baroda
A recent report by the Bank of Baroda’s Economic Research Department has revealed a significant increase in corporate investment in India, primarily driven by infrastructure-intensive sectors. The report analyzed data from 1,393 companies across 122 industries and found that gross fixed assets, including capital work in progress, rose to ₹28.50 trillion in FY25, representing a 7.6% annual growth from ₹26.49 trillion in FY24.
The top five sectors driving this growth were refineries, telecom services, iron and steel products, cement, and power, which together accounted for 56% of total fixed assets. These core infrastructure industries played a central role in capital formation, with refineries alone accounting for 31% of fixed assets. The next five industries, including public and private sector banks, chemicals, and non-ferrous metals, collectively accounted for another 14.5% of fixed assets.
The report highlights the pivotal role of these 15 industries in driving capital expenditure, representing nearly 81% of corporate fixed assets in FY25. The leading sectors in terms of investment were primarily in the infrastructure space and registered impressive growth rates. However, consumer-oriented industries showed mixed demand, particularly in urban areas, and are expected to regain traction in FY26 with the government’s measures and declining inflation.
The report also noted that sectors such as cement, passenger cars, private and public sector banks, pharmaceuticals, steel, and refineries outpaced the average growth in fixed assets. This growth was driven by government capex, expansion plans, and increasing demand for domestic and export markets. The banking sector invested heavily in technology and setting up new branches, while the pharmaceutical industry saw new capacities being set up to meet domestic and export demand.
Overall, the report provides a granular view of corporate India’s investment patterns, highlighting the importance of infrastructure-intensive sectors in driving growth and the potential for consumer-oriented industries to rebound in the coming year. The findings suggest that the government’s efforts to stimulate investment and consumption are likely to have a positive impact on the economy, with the possibility of increased demand and growth in various sectors.
SBI Research forecasts a 6.3% growth rate for India’s GDP in the fiscal year 2024-25.
According to a research report by the State Bank of India (SBI), India’s GDP growth is projected to be around 6.4-6.5% in the fourth quarter of FY25 and 6.3% for the entire fiscal year. This forecast assumes no significant revisions in the Q1 to Q3 estimates when the National Statistics Office (NSO) releases the upcoming data. The report notes that global economic activity is expected to be impacted by escalating trade tensions and high levels of policy uncertainty, with the International Monetary Fund (IMF) projecting global growth to drop to 2.8% in 2025 and 3% in 2026.
In contrast, India’s growth outlook is relatively stable, with the SBI report predicting 6.2% growth in FY25, supported by private consumption, particularly in rural areas. However, this is 30 basis points lower than the earlier estimate due to trade tensions and global uncertainty. The report’s projection is also lower than the NSO’s estimate of 6.5% growth for 2024-25, which was made in February.
Another rating agency, ICRA, has also revised its growth forecast for India, predicting 6.9% growth in the quarter ended March 31 and 6.3% for the full 2024-25 fiscal. This is lower than the NSO’s implicit estimate of 7.6% for the quarter. ICRA’s projection suggests that the year-on-year expansion of the GDP will rise to 6.9% in Q4 FY25, from 6.2% in Q3 FY25.
Overall, the reports suggest that while India’s growth outlook is relatively stable, it is still vulnerable to global economic uncertainties and trade tensions. The revised forecasts by SBI and ICRA indicate that India’s economic growth may not meet the earlier estimates, and the actual growth rate may be lower than expected. The upcoming data release by the NSO will provide a clearer picture of India’s economic performance in the fourth quarter and the full fiscal year.
Tan Su Shan of DBS recognized as one of Fortune’s top 10 most influential women in business
DBS Group Holdings Ltd’s CEO, Tan Su Shan, has achieved a significant milestone by being named one of Fortune’s top 10 most powerful women in business in 2025. This recognition is a testament to her exceptional leadership and contributions to the banking industry. Tan’s journey to the top has been impressive, having taken over as CEO of DBS on March 28, 2025, after serving as the bank’s deputy CEO.
Notably, Tan’s ranking on Fortune’s list has seen a significant jump from last year, where she was placed 89th on the magazine’s list of 100 female leaders in business. This year, she has broken into the top 10, ranking sixth on the list. This rapid ascent is a reflection of her outstanding performance and the impact she has made in her relatively short tenure as CEO.
Tan’s appointment as deputy CEO and successor to former CEO Piyush Gupta was announced on August 7, 2024. At the time, this move was seen as a strategic effort to ensure a smooth transition of leadership at DBS. Under her guidance, the bank is expected to continue its growth trajectory and solidify its position in the industry.
Tan’s achievement is not only a personal triumph but also a significant milestone for women in leadership positions. Her recognition on Fortune’s list serves as an inspiration to aspiring female leaders, demonstrating that with dedication, hard work, and determination, they can reach the highest echelons of business.
As one of the top 10 most powerful women in business, Tan’s influence extends beyond the banking sector. Her leadership style, vision, and expertise are likely to have a profound impact on the broader business community, shaping the future of finance and beyond. With her at the helm, DBS is poised to navigate the complex landscape of the financial industry, driven by innovation, sustainability, and a commitment to excellence. Tan’s achievement is a celebration of her exceptional talents and a testament to the bank’s forward-thinking approach to leadership.
Infinium to Build State-of-the-Art eFuels Manufacturing Plant in Texas, Revolutionizing Sustainable Energy Production – Fuel Cells Works
Infinium, a leading developer of electrofuels (eFuels), has announced plans to construct a large-scale eFuels production facility in Texas. The facility, which will be one of the largest of its kind in the world, will utilize renewable energy and carbon capture technology to produce low-carbon eFuels. The eFuels produced at the facility will be used as a drop-in replacement for traditional fossil fuels, allowing for a significant reduction in greenhouse gas emissions from transportation and industrial applications.
The Texas facility will have an initial production capacity of 45 million gallons per year, with the ability to expand to over 180 million gallons per year. The facility will utilize Infinium’s proprietary technology, which combines renewable energy, such as solar and wind power, with carbon capture and utilization (CCU) technology. This technology captures CO2 from industrial sources and converts it into a low-carbon fuel, reducing the carbon intensity of the fuel by up to 90%.
The construction of the facility is expected to create hundreds of jobs and stimulate local economic growth. The project has received significant support from local and state authorities, with the Texas Governor’s office citing the project as an example of the state’s commitment to promoting low-carbon technologies and reducing greenhouse gas emissions.
Infinium’s eFuels have several advantages over traditional fossil fuels, including lower greenhouse gas emissions, improved air quality, and reduced dependence on imported fuels. The eFuels can be used in existing infrastructure, including pipelines, storage tanks, and engines, making it a drop-in replacement for traditional fossil fuels.
The company plans to supply its eFuels to a range of customers, including transportation companies, industrial users, and governments. The eFuels will be used to power vehicles, airplanes, and industrial processes, reducing greenhouse gas emissions and improving air quality.
The construction of the Texas facility is a significant step forward for Infinium and the eFuels industry as a whole. It demonstrates the commercial viability of eFuels production and the potential for large-scale deployment of this technology. The project is expected to pave the way for further investment in eFuels production facilities, both in the US and globally, and to play a key role in the transition to a low-carbon economy. With its innovative technology and commitment to reducing greenhouse gas emissions, Infinium is well-positioned to become a leader in the eFuels industry.
Emirates NBD receives regulatory approval to establish a fully owned subsidiary in India
The Reserve Bank of India (RBI) has granted “in-principle” approval to Emirates NBD Bank, a UAE-headquartered bank, to set up a Wholly Owned Subsidiary (WOS) in India. The approval is part of the “Scheme for Setting up of WOS by foreign banks in India” and allows Emirates NBD Bank to convert its existing branches in India into a WOS. The bank currently operates in India through branches in Chennai, Gurugram, and Mumbai.
The “in-principle” approval is subject to certain conditions, which the bank must comply with before the RBI grants a license for commencement of banking business in WOS mode. Once the conditions are met, the RBI will consider granting a license under Section 22 (1) of the Banking Regulation Act, 1949.
The move towards local incorporation of foreign banks in India is aimed at creating a separate legal entity with its own capital base and local board of directors. This provides a clear delineation between the assets and liabilities of the domestic bank and those of its foreign parent, ensuring that there is a ring-fenced capital and assets within the host country. Local incorporation also provides effective control to local regulators and clarity on the applicability of the laws of the country of incorporation.
Under the scheme, all foreign banks that wish to operate in India in the future must do so through a WOS. This move is expected to enhance the stability and security of the Indian banking system, while also providing foreign banks with greater flexibility and autonomy to operate in the country. Emirates NBD Bank’s decision to set up a WOS in India is a significant step towards deepening its presence in the country and expanding its banking services to Indian customers.
The RBI’s approval is a positive development for foreign banks looking to establish a presence in India, and is expected to attract more foreign investment into the country’s banking sector. The move is also in line with the Indian government’s efforts to liberalize the banking sector and encourage foreign investment, while ensuring that the sector remains stable and secure. Overall, the approval is a significant step towards promoting greater cooperation and collaboration between Indian and foreign banks, and is expected to have a positive impact on the country’s banking sector.
NDTV Profit Exclusive: Emirates NBD Considers Wholly-Owned Subsidiary Route Amid IDBI Bank Acquisition Speculation
Emirates NBD, a leading Middle Eastern bank, is planning to establish a wholly-owned subsidiary in India to make its bid for IDBI Bank more attractive. The bank has received an in-principle nod from the Reserve Bank of India (RBI) to convert its existing branches in Chennai, Gurugram, and Mumbai into a wholly-owned subsidiary. This move will allow Emirates NBD to expand its operations in India and acquire a domestic franchise more easily.
A wholly-owned subsidiary model provides a foreign lender with unfettered branch addition and allows them to maintain capital in India, making it more difficult to repatriate capital back to home markets. This model also grants the regulator more comfort, as it ensures that the foreign lender’s domestic unit is better capitalized.
Emirates NBD is currently competing with Prem Watsa’s Fairfax Capital to acquire IDBI Bank. The establishment of a wholly-owned subsidiary is expected to give Emirates NBD an edge in the bidding process, as Fairfax Capital faces complications due to its existing controlling stake in CSB Bank India. The regulator typically does not allow one promoter to own multiple banking franchises, and Fairfax Capital is working out a special structure to ensure that IDBI Bank and CSB Bank are held separately.
The bidders are expecting the process to close by the end of this financial year or early next year. However, they are also watching for any developments on the employee side, as IDBI Bank’s employees are still strong and may oppose foreign investors. The employee unions may cause some impediments in the closure of the deal or any retrenchment at the bank.
Other large foreign lenders, such as HSBC and Standard Chartered Bank, have opted out of the wholly-owned subsidiary model due to double capital charges. However, smaller lenders like DBS Bank and State Bank of Mauritius have used this route to expand their operations in India. Emirates NBD’s decision to establish a wholly-owned subsidiary demonstrates its commitment to expanding its presence in the Indian market and acquiring a domestic franchise.
IFC and Standard Chartered Boost Local Currency Lending in Latest Partnership – Business Wire
The International Finance Corporation (IFC) and Standard Chartered have announced a partnership to expand lending in local currencies to businesses in emerging markets. This collaboration aims to increase access to finance for small and medium-sized enterprises (SMEs) and promote economic development in these regions.
Through this partnership, IFC will provide a guarantee to Standard Chartered, allowing the bank to lend more to businesses in local currencies. This will help mitigate the risks associated with lending in emerging markets, where currency fluctuations can be a significant challenge. The guarantee will also enable Standard Chartered to offer more competitive interest rates and longer loan tenors to its clients.
The partnership will focus on supporting businesses in sectors such as trade finance, construction, and manufacturing. These sectors are critical to the economic growth and development of emerging markets, and accessing finance is often a significant challenge for businesses operating in these areas.
By lending in local currencies, businesses will be able to avoid the risks associated with foreign currency borrowing, which can be a significant burden. This will also help to promote financial inclusion and support the development of local capital markets.
The IFC and Standard Chartered partnership is part of a broader effort to increase access to finance for businesses in emerging markets. The IFC has been working to promote the use of local currency lending as a way to reduce the risks associated with foreign currency borrowing and to support the development of local capital markets.
Standard Chartered has a significant presence in emerging markets and has been working to increase its lending to businesses in these regions. The bank has a strong track record of supporting SMEs and has developed a range of financial products and services tailored to their needs.
The partnership between IFC and Standard Chartered is expected to have a significant impact on businesses in emerging markets. By increasing access to finance and promoting the use of local currency lending, the partnership will help to support economic growth and development in these regions. It will also help to reduce the risks associated with foreign currency borrowing and promote financial inclusion. Overall, the partnership is an important step forward in supporting the development of businesses in emerging markets and promoting economic growth and prosperity.
Embracing a future powered by Sustainable Aviation Fuels (SAF) and electric Sustainable Aviation Fuels (eSAF)
The global air travel industry is expected to experience significant growth, with passenger numbers projected to reach 22.2 billion by 2050, up from 9.1 billion in 2019. As a result, airlines are under pressure to reduce their carbon footprint and meet regulatory requirements, with many committing to net-zero emissions by 2050. To achieve this goal, the development and adoption of sustainable aviation fuel (SAF) is crucial. However, the current supply of SAF is still in its infancy, accounting for only 0.1% of all aviation fuel use.
The International Air Transport Association estimates that without urgent action, emissions from air travel could reach 21.2 metric gigatonnes per year. To mitigate this, the industry needs to accelerate the adoption of SAF. Despite growing investment and interest, the global SAF rollout is still in its early stages, with projects currently in development expected to meet only 2-4% of global jet fuel demand by 2030.
To bridge this gap, airlines must take swift action to secure SAF contracts and collaborate with technical and strategic experts, as well as project developers. New investment is needed to scale up SAF supply and ensure the industry meets its emissions targets. The window to achieve this is narrowing, and the industry must act now to avoid missing its goals. With the right investment and partnerships, the aviation industry can reduce its carbon footprint and play a key role in achieving global climate goals. However, without urgent action, the industry risks falling behind and failing to meet its commitments to reduce emissions and mitigate the impacts of climate change.
Kotak Mahindra Bank Enhances Medical Diagnostics at Tata Memorial Hospital, Parel – Reported by Medical Buyer
Kotak Mahindra Bank has taken a significant step towards improving cancer care in India through its Corporate Social Responsibility (CSR) initiative. The bank has funded the installation of a state-of-the-art PET-CT scanner at Tata Memorial Hospital in Mumbai, which will double the hospital’s daily scan capacity from 20 to 40 patients. This advanced technology is crucial for early cancer detection, therapy assessment, and recurrence monitoring, enabling timely and accurate diagnoses. With nearly 60% of the 80-100 daily PET CT scans offered at highly subsidized rates, Kotak’s support will significantly reduce patient wait times and improve access to advanced cancer diagnostics.
The new PET-CT scanner is more efficient and will enable the hospital to serve patients better. The CSR project also includes comprehensive upgrades to the PET-CT room’s infrastructure, such as new fixtures, flooring, control consoles, and enhanced seating capacity, all in compliance with Atomic Energy Regulatory Board (AERB) norms. This will enable the hospital to accommodate more patients and optimize operational efficiency.
According to Himanshu Nivsarkar, Head of CSR & ESG at Kotak Mahindra Bank, this initiative reflects the bank’s commitment to strengthening India’s healthcare ecosystem, particularly in critical areas like cancer care. Dr. CS Pramesh, Director of Tata Memorial Hospital, expressed gratitude to Kotak Mahindra Bank for their timely support, which has helped the hospital replace its old PET-CT scanner and improve its services.
In addition to the Mumbai hospital, Kotak Mahindra Bank has also extended its support to the Tata Memorial Hospital centre in Varanasi, named Mahamana Pandit Madan Mohan Malviya Cancer Centre (MPMMCC hospital), under its CSR initiative. This initiative demonstrates the bank’s commitment to providing accessible and equitable healthcare in India. Overall, Kotak Mahindra Bank’s CSR initiative aims to make a positive impact on the lives of cancer patients and their families, and this project is a significant step towards achieving that goal. With the new PET-CT scanner and upgraded infrastructure, Tata Memorial Hospital will be able to provide better care to its patients, and Kotak Mahindra Bank will continue to support the hospital in its mission to provide high-quality cancer care.
Leading institutions such as Federal Bank, Canara Bank, and several others
For many, owning a car is a longstanding aspiration, with a diverse array of options available to suit various budgets, from sleek sports cars to luxurious vehicles. The financial hurdle of purchasing a car has been significantly lowered by the availability of car loans, making this dream more accessible. These loans are offered by both banking institutions and non-banking financial companies (NBFCs), and they come with competitive interest rates designed to make car ownership more feasible for a broader range of people.
The terms of vehicle loans, including interest rates and associated fees, can vary significantly depending on the lending policies of the financial institution. Some lenders are more generous, offering financing options that cover up to 100% of the car’s on-road price, which includes not just the purchase price of the vehicle but also additional costs such as registration and insurance. This full coverage can be particularly beneficial for buyers who may not have the means to cover these additional expenses upfront.
Moreover, the flexibility in repayment terms is another advantage of vehicle loans. Some banks offer loan tenures that can extend up to 8 years, providing borrowers with the option to choose a repayment schedule that fits their financial situation. This extended tenure can lead to lower monthly payments, making the loan more manageable for individuals who prefer to stretch out their payments over a longer period.
While the availability of car loans and the flexibility in their terms can make owning a car more achievable, it’s crucial for potential buyers to carefully consider their financial situation and the terms of the loan before making a decision. Comparing interest rates, fees, and repayment terms among different lenders can help in finding the most suitable option. Additionally, understanding the total cost of the loan, including all interest and fees, is essential to ensure that the decision to take out a car loan aligns with one’s long-term financial goals and budget.
In conclusion, car loans have opened up the possibility of car ownership to a wider audience, offering a range of options in terms of lenders, interest rates, and repayment terms. By carefully evaluating these factors and considering personal financial circumstances, potential car buyers can make an informed decision that brings them closer to realizing their dream of owning a car. Whether the aspiration is for a practical sedan, a powerful sports car, or a luxurious vehicle, the right car loan can make this dream a reality.
Hurry! Today is the last day to apply for 676 JAM vacancies – apply now through this link
IDBI Bank is currently conducting a recruitment drive to fill 676 Junior Assistant Manager (JAM) Grade ‘O’ posts for the year 2025-26. The registration process for this recruitment is set to commence, but only for a short period, as it is scheduled to close on May 20, 2025. Interested candidates can apply online through the official website of IDBI Bank, which is idbibank.in.
To be eligible for the JAM posts, candidates must meet certain criteria. They should be between the ages of 20 and 25 years as on May 1, 2025. Additionally, they should hold a bachelor’s degree with a minimum of 60% marks for General, EWS, and OBC candidates, and 55% marks for SC/ST/PwBD candidates, in any discipline from a recognized university.
The application process involves several steps. Candidates need to visit the official website, go to the Careers section, and click on the link for Recruitment of Junior Assistant Manager (JAM) Grade ‘O’ : 2025-26. They then need to register themselves and proceed with the application process, filling the form, paying the fee, and submitting the form. It is essential to take a printout of the application form for future reference.
The application fee varies depending on the category of the candidate. SC/ST/PwBD candidates need to pay a fee of Rs 250, while all other candidates need to pay Rs 1050. The online test for the recruitment is expected to be conducted on June 8, 2025.
Candidates are advised to visit the official website of IDBI Bank for more details and to access the official notification. The notification provides detailed information about the recruitment process, eligibility criteria, and application procedure. By visiting the website, candidates can ensure that they have all the necessary information to apply for the JAM posts successfully.
The Indian rupee weakens against the US dollar as markets anticipate further interest rate reductions by the Reserve Bank of India
The Indian Rupee (INR) has weakened in Tuesday’s Asian session due to dovish bets on the Reserve Bank of India (RBI) and concerns over potential trade tariffs. Consumer inflation in India fell to a near six-year low in April, increasing the likelihood of the RBI extending its rate cutting cycle, which undermines the INR. However, a decline in crude oil prices and a potential multi-phase trade deal between the US and India could limit the currency’s losses. India is discussing a trade deal with the US, which is expected to be structured in three tranches, with an interim agreement possibly reached before July.
The USD/INR pair remains bearish, with the price capped below the 100-day Exponential Moving Average (EMA) on the daily chart. The first downside target for USD/INR is 85.00, with further potential targets at 84.61 and 84.20. On the other hand, sustained trading above the 100-day EMA could lead to a move towards the 86.00-86.05 zone.
The Indian Rupee is highly sensitive to external factors, including crude oil prices, the value of the US Dollar, and foreign investment. The RBI actively intervenes in forex markets to maintain a stable exchange rate and adjusts interest rates to control inflation. Macroeconomic factors such as inflation, interest rates, economic growth rate, balance of trade, and foreign investment inflows also influence the value of the Rupee.
Higher inflation is generally negative for the currency, while higher interest rates can be positive due to increased demand from international investors. The RBI’s actions, including interest rate decisions and intervention in forex markets, play a significant role in shaping the Rupee’s value. Investors will be watching the Fedspeak later on Tuesday, with several Federal Reserve officials set to speak, which could impact the US Dollar and subsequently the INR.
In related news, ICRA has forecast India’s GDP growth at 6.9% in the quarter ended March 31, and at 6.3% for the full 2024-25 fiscal year, which is lower than the National Statistics Office (NSO) estimates. Moody’s has also lowered the US rating from ‘Aaa’ to ‘Aa1’, citing concerns over the country’s ballooning deficits and interest costs. Overall, the Indian Rupee remains vulnerable to external factors and economic indicators, and its value is expected to remain volatile in the coming days.
Bank receives preliminary approval to establish a fully owned subsidiary
The Reserve Bank of India (RBI) has announced that it is considering granting a license to Emirates NBD Bank PJSC to commence banking business in India through a wholly-owned subsidiary (WOS) mode. This decision is in line with the provisions of Section 22 (1) of the Banking Regulation Act, 1949. The RBI has stated that the license will be granted only after the bank has fulfilled all the necessary conditions laid down by the regulator as part of the ‘in-principle’ approval.
Emirates NBD Bank PJSC is a leading banking group in the Middle East, with a significant presence in the UAE and other countries. The bank’s decision to set up a wholly-owned subsidiary in India is seen as a strategic move to expand its operations and tap into the country’s growing economy. The Indian banking sector has been growing rapidly, driven by increasing demand for financial services and a large unbanked population.
The RBI’s decision to consider granting a license to Emirates NBD Bank PJSC is subject to the bank’s compliance with various conditions, including meeting the minimum capital requirements, adhering to regulatory norms, and demonstrating a robust business plan. The bank will also be required to comply with Indian regulations, including those related to know-your-customer (KYC) and anti-money laundering (AML) norms.
The entry of Emirates NBD Bank PJSC into the Indian banking sector is expected to increase competition and provide more options for customers. The bank’s presence is also likely to lead to an increase in foreign investment in the country, as well as greater collaboration between Indian and foreign banks. The RBI’s move to allow foreign banks to set up wholly-owned subsidiaries in India is seen as a significant step towards liberalizing the country’s banking sector and increasing its integration with the global economy.
Overall, the RBI’s consideration of granting a license to Emirates NBD Bank PJSC is a positive development for the Indian banking sector, and is likely to have a significant impact on the country’s financial landscape. The bank’s entry into the Indian market is expected to bring in new technologies, products, and services, and increase the overall efficiency and competitiveness of the banking sector. With the RBI’s approval, Emirates NBD Bank PJSC will be able to establish a strong presence in India and contribute to the country’s economic growth.
Standard Chartered Predicts Islamic Finance Assets to Reach New Heights by 2028
Standard Chartered, a London-based bank, has released a report predicting significant growth in the Islamic finance industry by 2028. The report, titled “Islamic Banking for Financial Institutions,” forecasts that Islamic finance assets will reach $7.5 trillion by 2028, up from $5.5 trillion in 2024. This represents a substantial increase of over 36% in just four years.
Islamic banking is expected to drive the majority of this growth, with assets projected to grow from $4 trillion in 2024 to $5.2 trillion by 2028, accounting for over 70% of the total Islamic finance assets. The sukuk market, which refers to! Sharia-compliant bonds, is also expected to expand significantly, from $971 billion to $1.5 trillion during the same period.
The report, which was based on a survey of 26 representatives from leading Islamic banks in key markets, including Saudi Arabia, the UAE, Bahrain, Oman, Pakistan, and the UK, also provides insights into the priorities and trends in the Islamic finance industry. For example, green sukuk and financing were identified as the most important product innovation by Islamic banks, highlighting the growing importance of sustainability in the industry.
In terms of technology, the report found that 50% of Islamic banks have adopted or plan to adopt artificial intelligence (AI), demonstrating the increasing focus on digitalization in the industry. The report also identifies economic corridors such as China, the Middle East, and Africa as offering the greatest opportunities for growth over the next two to three years.
According to Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, “Islamic finance is entering a new era defined by scale, sustainability, and strategic integration.” Standard Chartered’s global Islamic banking franchise, Standard Chartered Saadiq, offers Shariah-compliant solutions to financial institutions, corporates, wealth, retail, and private banking client segments in over 25 countries, positioning the bank as a major player in the Islamic finance industry. Overall, the report suggests that the Islamic finance industry is poised for significant growth and expansion in the coming years, driven by increasing demand for Shariah-compliant financial products and services.
SBI Achieves Historic $9.2 Billion Profit in FY25, Fueled by Strong Digital Growth
The State Bank of India (SBI) has achieved a record profit of $9.2 billion for the fiscal year ending March 2025, making it one of the top 100 companies globally in terms of net profit. This success can be attributed to the bank’s strategic shift towards digital banking, particularly through its YONO app. Launched in 2017, YONO has become a cornerstone of SBI’s growth strategy, with over 74 million registered users and over 10 million daily logins. The app has enabled more than Rs 3.2 lakh crore in loan disbursements and has become a significant contributor to the bank’s retail loan book.
However, despite its success, YONO accounts for only a small portion of SBI’s overall customer base, with only about 14% of its 500 million accounts actively using the app. This has raised questions about the efficiency of SBI’s expansive network of 20,000 branches and 220,000 employees. Rajendra Srivastava, a prominent marketing expert, has pointed out that the bulk of SBI’s profits come from a small digital user base, while the remaining 370 million accounts are primarily low-margin, high-cost liabilities.
Srivastava has suggested that SBI focus on expanding YONO’s reach to convert more of its legacy customers into digital users, reducing the cost-to-serve. He has also proposed that the bank phase out underutilized physical infrastructure and trim administrative costs tied to dormant accounts. By doing so, SBI could improve customer lifetime value through cross-selling within the YONO ecosystem and extend its footprint without additional capital expenditure.
Despite its record-breaking profits, SBI trades at a lower Price-to-Book (P/B) ratio of 1.4 compared to its private sector peers, reflecting investor concerns about its structural inefficiencies in asset utilization. Srivastava believes that SBI can improve its P/B ratio by improving its operational efficiency and expanding its digital presence. By doing so, the bank can become a beacon for all public sector companies, demonstrating that profitability, efficiency, and inclusion are not mutually exclusive.
Overall, SBI’s success with YONO is a testament to the power of digital banking in India. However, the bank needs to focus on expanding its digital presence and improving its operational efficiency to remain competitive in the financial services landscape. With a relatively small incremental investment, SBI can convert more of its legacy customers into digital users, reducing costs and improving customer lifetime value. By doing so, the bank can gain strategic relevance and become a leader in the Indian banking sector.
Tomorrow is the deadline to apply for 500 Specialist Officer vacancies at Union Bank; apply now through the direct link provided
The Union Bank of India has announced a recruitment drive for 500 specialist officer (SO) posts, with the online application process set to close on May 20, 2025. Interested and eligible candidates can apply through the official website at www.unionbankofindia.co.in. The recruitment drive offers positions across two major roles: assistant manager (credit) and assistant manager (IT). Candidates who meet the required qualifications and eligibility criteria are urged to submit their applications before the deadline.
The 500 specialist officer positions are being filled, with 250 posts designated for assistant manager (credit) and 250 for assistant manager (IT). These positions fall under the Junior Management Grade Scale I (JMGS-I), and successful candidates will receive a structured pay scale beginning at Rs 48,480. The basic pay structure for both assistant manager (credit) and assistant manager (IT) posts is the same, with a salary range of Rs 48,480-2,000/7-Rs 62,480-2,340/2-Rs 67,160-2,680/7-Rs 85,920.
To be eligible for the assistant manager (credit) role, applicants must be graduates from a government-recognised university with either a CA/CMA (ICWA)/CS qualification or a full-time MBA/MMS/PGDM/PGDBM in finance with a minimum of 60% marks. For the assistant manager (IT) position, candidates must have a full-time degree in a relevant field such as computer science, IT, electronics, or related fields from a recognised institution. Additional certifications such as AWS, CCNA, CEH, CISA, CISSP, and Google Data Analytics are desirable.
The selection process may include an online test, group discussion, screening, or interview, depending on the number of candidates who apply. The final decision on the method of selection will be taken by the bank. To apply, candidates must visit the official website and click on the recruitment link, providing the required personal and academic details and uploading necessary documents. A printout of the completed form should be retained for future reference.
Candidates are advised to refer to the official notification available on the Union Bank website for detailed eligibility, vacancy distribution, selection process, and salary structure. The bank has also provided a direct link to apply online for the recruitment drive. With over 500 positions available, this is a significant opportunity for candidates looking to join the banking sector. As the deadline for application is May 20, 2025, interested candidates should apply as soon as possible to avoid missing the opportunity.
HDFC Bank Introduces Enhanced Biz+ Current Account Solutions for SMEs and Small Business Owners
HDFC Bank has launched a new suite of current account products called Biz+, designed to support small businesses at various stages of growth. The Biz+ offering includes four variants: Biz Lite+, Biz Pro+, Biz Ultra+, and Biz Elite+, each tailored to a specific stage of business growth. These accounts come bundled with services such as cash handling, digital banking, and relationship manager support, as well as complimentary business and payment protection insurance for the first year.
Each variant provides tiered benefits, with increasing advantages as the business grows. For example, Biz Lite+ offers a free cash deposit limit six times the account balance, while Biz Pro+ increases this limit to ten times and adds access to zero-collateral overdraft loans. The premium variants, Biz Ultra+ and Biz Elite+, offer even more substantial benefits, including higher deposit limits, access to exclusive programs, and waiver of foreign bank charges on overseas remittances.
The Biz+ suite is designed to evolve with business growth, offering sector-specific solutions across HDFC Bank’s network of 9,455 branches. The bank aims to target over 45 lakh small businesses with this new offering, which integrates liabilities, asset products, business cards, and digital payments under a single offering. According to Parag Rao, Country Head of Payments, Liability Products, Consumer Finance, and Marketing at HDFC Bank, the launch of Biz+ marks a strategic shift towards offering a value-based engagement from a transactional one, addressing both business and personal banking needs.
The launch of Biz+ is part of HDFC Bank’s One Bank approach, which focuses on supporting business growth and entrepreneurship through integrated banking services. The bank aims to deliver a more modular, scalable, and business life stage-aligned proposition, with Dynamic Multiplier Benefits that scale with business growth, removing friction. With the introduction of Biz+, HDFC Bank is poised to support the growth of small businesses in India, providing them with the necessary tools and services to succeed. The bank’s extensive network and range of services make it an ideal partner for small businesses looking to grow and expand their operations.
Indian Yields Expected to Soften as RBI Slows Pace of Bond Purchases
The Reserve Bank of India (RBI) is set to purchase a significant amount of government debt, which is expected to lead to a dip in Indian bond yields. This move is part of the RBI’s strategy to manage inflation and maintain economic stability. The central bank has already purchased 3.65 trillion rupees worth of debt in the first four months of the year and is set to buy an additional 250 billion rupees. This debt-buying spree has led to a decrease in bond yields, making Indian bonds more attractive to investors.
The yield on India’s new 2035 benchmark bond is currently hovering between 6.20% and 6.24%, which is relatively stable compared to the US Treasury yield, which is nearing 4.50% after a recent rating downgrade. The RBI’s actions are expected to bolster India’s appeal to investors, who are looking for stable and attractive investment opportunities. Traders are also eagerly awaiting the RBI’s upcoming dividend announcement, which is expected to provide insights into future liquidity.
The RBI’s debt-buying strategy is creating opportunities in India’s bond market, making it a hotspot for global investors. The stable environment in India, combined with the rising US Treasury yields, is expected to attract fresh capital to the country. The global dynamics at play, including the US financial ratings shift, are influencing local strategies, and the RBI’s efforts to manage yields and inflation are ensuring that India remains a compelling investment venue.
The bigger picture is that central banks are walking a delicate balance to maintain market trust and economic stability. The RBI’s actions are a testament to this, as it navigates the complex web of global financial dynamics to keep the Indian economy on track. The debt-buying strategy is a key tool in this effort, and its effects are being closely watched by investors and traders. Overall, the Indian bond market is becoming increasingly attractive, and the RBI’s moves are expected to have a positive impact on the economy.
Uncertainty clouds India’s export prospects, with the trade deficit expected to balloon to 1.2% of GDP by fiscal year 2026, according to a report by UBI.
India’s trade outlook for the current financial year is uncertain due to the threat of reciprocal tariffs by the United States. According to a report by Union Bank of India, the country’s current account deficit (CAD) is expected to widen to 1.2% of GDP in FY26, up from 0.9% in FY25. The report attributes this to a sharp rise in imports amid ongoing trade disruptions, despite a 90-day pause on the proposed US tariffs.
The merchandise trade deficit widened to $26.42 billion in April 2025, exceeding the estimated $20 billion and the $19.19 billion recorded in April 2024. This was driven by a $1.4 billion increase in imports and a $3.5 billion decline in exports. The non-oil non-gold (NONG) trade deficit nearly tripled on a monthly basis, with major contributors being chemicals, machinery, and electronics. The report suggests that this sharp jump in NONG imports could indicate early signs of dumping-related activity in these sectors.
However, India’s services trade surplus remained strong, standing at $17.8 billion in April 2025, slightly lower than $18.1 billion in March 2025, but significantly higher than $13.4 billion in April 2024. The strong performance in the services sector is seen as a positive trend, especially in the context of a slowing global economy. The services surplus is expected to provide some relief to India’s overall current account position in the coming months.
The report highlights that the threat of US tariffs continues to weigh on the outlook for Indian exports, and the widening trade deficit is a concern. The oil and gold trade deficit narrowed in April 2025, but this was offset by the steep increase in the NONG trade deficit. The report concludes that the current account deficit is expected to widen in FY26, but the services sector is likely to provide some support to India’s trade position. Overall, India’s trade outlook remains uncertain, and the country needs to be cautious in its trade dealings to mitigate the impact of the US tariffs.
PSB set to introduce padel facilities in three major cities
The Pakistan Sports Board (PSB) is set to establish three Padel tennis courts in major cities across the country, including Islamabad, Lahore, and Karachi. This move aims to promote the sport and make it more accessible to people from all backgrounds. Padel has been gaining popularity in Pakistan, especially in cities like Karachi and Lahore, where private facilities are already operating. However, the sport remains expensive and out of reach for the average citizen.
To address this issue, the PSB plans to set up Padel courts at its centers in the three cities, providing an opportunity for sports enthusiasts to play the game without having to pay high fees at private facilities. The courts will be established at the Jinnah Sports Complex in Islamabad, the National Coaching Centre in Lahore, and the National Coaching Centre in Karachi.
In addition to the Padel courts, the PSB also plans to undertake several other projects at its Karachi center. These include the installation of a new tartan track, which has been delayed for over two decades, and an increase in seating capacity around the track and football stadium. The existing tartan track is nearly 29 years old and is in desperate need of replacement. As a result, athletic events for the upcoming 35th National Games, scheduled to be held in Karachi later this year, will not be held at the National Coaching Centre.
Other ongoing projects at the Karachi center include the installation of two small synthetic turfs for Hockey 5 and futsal, as well as the installation of floodlights. While poles for the lights were erected two months ago, the lights themselves have yet to be installed. The PSB is expected to receive funding for these projects in the upcoming 2025-26 federal budget, which will help to expedite their completion. Overall, the PSB’s initiatives aim to promote inclusivity and provide better sporting facilities for people from all backgrounds.
Sampath Bank Achieves Robust Expansion in Q1 2025, Earns Prestigious D-SIB Designation, as reported by The Island.lk
Sampath Bank has demonstrated a strong performance in the first quarter of 2025, as evidenced by its recent financial results. The bank’s impressive growth is a testament to its strategic initiatives and commitment to delivering value to its customers and stakeholders. One of the key highlights of the quarter is the bank’s recognition as a Domestic Systemically Important Bank (D-SIB) by the Central Bank of Sri Lanka.
This prestigious status is awarded to banks that are considered too big to fail, and it reflects Sampath Bank’s significant contribution to the Sri Lankan economy. As a D-SIB, Sampath Bank will be subject to enhanced regulatory requirements and capital buffers, which will further strengthen its resilience and stability.
The bank’s financial performance in Q1 2025 was characterized by significant growth in key areas. Its net interest income increased substantially, driven by a combination of factors including the expansion of its loan book and an improvement in its net interest margins. The bank’s non-interest income also saw a notable increase, driven by fee-based activities such as credit card and electronic banking services.
Sampath Bank’s loan book expanded by a significant percentage during the quarter, driven by growth in key segments such as personal loans, home loans, and small and medium-sized enterprise (SME) loans. The bank’s deposit base also grew substantially, with a notable increase in its low-cost deposit base. This growth in deposits has helped to reduce the bank’s cost of funds and improve its overall liquidity position.
The bank’s asset quality also remained stable, with a low non-performing loan (NPL) ratio. The bank’s NPL ratio has been consistently lower than the industry average, reflecting its prudent lending practices and effective risk management strategies.
In terms of its financial ratios, Sampath Bank’s return on equity (ROE) and return on assets (ROA) both improved during the quarter, reflecting the bank’s ability to generate strong profits from its operations. The bank’s capital adequacy ratio also remained strong, with a significant cushion above the regulatory minimum.
Overall, Sampath Bank’s strong performance in Q1 2025 is a reflection of its commitment to delivering value to its customers and stakeholders. The bank’s recognition as a D-SIB is a testament to its significant contribution to the Sri Lankan economy, and its financial performance during the quarter demonstrates its ability to generate strong profits and maintain a stable financial position. As the bank continues to grow and expand its operations, it is well-positioned to remain a leader in the Sri Lankan banking sector.
Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) Inks Partnership with Central Bank of India to Facilitate Financing for Industrial Projects
The Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC) has taken a significant step towards promoting industrial growth in the state by signing a Memorandum of Understanding (MoU) with the Central Bank of India. The MoU, signed by HSIIDC Managing Director Shri Sushil Sarwan and Central Bank of India’s Zonal Head Shri Arvind Kumar, aims to facilitate financing for entrepreneurs and businesspersons who have purchased industrial plots in the state.
The collaboration is designed to support the Micro, Small & Medium Enterprises (MSME) sector in Haryana by providing easier access to finance for HSIIDC plot allottees. This will enable them to establish their enterprises quickly and efficiently. The partnership will offer comprehensive financing solutions to support the setting up of manufacturing and service sector units by MSMEs, which are the backbone of the Indian economy.
The MoU is a significant move towards strengthening the industrial ecosystem in Haryana, which has been a key focus area for the state government. By providing financial support to MSMEs, the state aims to promote entrepreneurship, create employment opportunities, and drive economic growth. The partnership between HSIIDC and Central Bank of India will play a crucial role in achieving this objective.
The agreement will enable plot allottees to access a range of financial services, including loans and credit facilities, at competitive interest rates. This will help reduce the financial burden on entrepreneurs and allow them to focus on setting up and running their businesses. The partnership will also facilitate the development of infrastructure and utilities in industrial areas, which will further support the growth of MSMEs in the state.
Overall, the MoU between HSIIDC and Central Bank of India is a positive development for the industrial sector in Haryana. It is expected to have a significant impact on the state’s economy and will help establish Haryana as a preferred destination for entrepreneurs and businesses. With this collaboration, the state is poised to witness significant growth and development in the coming years, driven by the vibrant MSME sector.
Earnings Season Heats Up: 81 Companies, Including ITC, Sun Pharma, IndusInd Bank, IndiGo, and BEL, to Unveil Q4 Results This Week
This week, 81 Indian companies are scheduled to release their financial results for Q4 FY25, marking a significant event in the country’s earnings season. Key companies to watch include ITC, Sun Pharma, IndusInd Bank, Power Grid Corporation of India, and Hindalco, among others. The earnings season will provide valuable insights into the performance of various sectors, including pharmaceuticals, banking, and manufacturing.
On May 19, several companies will release their results, including Acme Solar Holdings, Bharat Electronics, DLF, and Sun Pharma Advanced Research Company. The next day, May 20, will see the release of results from Dixon Technologies, Hindalco Industries, and United Spirits, among others. On May 21, IndusInd Bank, Interglobe Aviation, and Oil & Natural Gas Corporation will announce their results.
The following days will see the release of results from other prominent companies, including ITC, Sun Pharmaceutical Industries, Grasim Industries, and Ashok Leyland. The earnings season will provide a comprehensive picture of the performance of Indian companies and will be closely watched by investors and analysts.
Some of the key sectors to watch out for include pharmaceuticals, with companies like Sun Pharma and Zydus Lifesciences releasing their results. The banking sector will also be in focus, with IndusInd Bank and other financial institutions announcing their results. The manufacturing sector, including companies like Hindalco and Grasim, will also be closely watched.
Analysts and experts will be paying close attention to the earnings season, as it will provide valuable insights into the performance of the Indian economy and the prospects for the future. The earnings season will also provide opportunities for investors to reassess their portfolios and make informed investment decisions. With 81 companies scheduled to release their results, this week is expected to be a significant event in the Indian financial calendar.
Bengaluru: Bank employee held for pledging 3.6kg of stolen gold to secure loan, faces arrest
A Catholic Syrian Bank employee, T P Sanjay, in Davanagere, was inspired by the movie “Lucky Baskhar” to commit a large-scale fraud. Sanjay, a 33-year-old gold loan officer, embezzled 3.6kg of gold worth Rs 1.8 crore that was pledged as collateral with the bank. He then pledged the stolen gold with other banks, including Federal Bank and Manappuram Gold Loan Finance, to secure loans. Additionally, he pledged 2.7kg of counterfeit jewelry with his own bank, using the names of his associates and family members, to obtain an additional loan of Rs 1.5 crore.
The fraud was discovered during an audit of jewelry loans at the bank, which revealed that some items were missing. After reviewing CCTV footage, the bank officials approached the police, who launched an investigation. The police found that the missing gold had been pawned elsewhere and recovered it with court permission. Sanjay was arrested and the stolen gold was seized.
Sanjay, who had been working at the bank since October, had gained the trust of his colleagues and was even lauded for handling a large volume of jewelry in a short span of time. However, his actions were eventually caught, and he was found to have spent most of his ill-gotten gains on online gambling and personal expenses. The police superintendent, Uma Prashanth, said that Sanjay’s role at the bank was to verify jewelry brought by customers as collateral, and he took advantage of his position to commit the fraud.
The incident highlights the need for banks to implement more rigorous audits and checks to prevent such frauds. Sanjay’s case is a real-life example of how a person can be inspired by a movie to commit a crime, and it serves as a warning to banks to be vigilant and ensure that their employees are trustworthy. The police are continuing their investigation into the matter, and Sanjay is facing charges for his crimes.
Indian Overseas Bank partners with Indian Institute of Banking and Finance through a Memorandum of Understanding
The Indian Overseas Bank (IOB) has partnered with the Indian Institute of Banking and Finance (IIBF) to launch a customized e-learning and certification program focused on Micro, Small, and Medium Enterprises (MSMEs). The Memorandum of Understanding (MoU) was signed on May 18 in the presence of IOB’s CEO and MD, Ajay Kumar Srivastava, and other senior officials from both organizations. The primary objective of this initiative is to enhance the knowledge and skills of IOB employees in understanding the credit needs of MSMEs and responding to them in a timely and effective manner.
MSMEs play a vital role in the country’s industrial economy, and it is essential to support and nurture this sector. The MoU aims to address this need by providing IOB employees with specialized training and certification. As part of the agreement, IIBF has developed a customized courseware in the form of an e-Book, which will be used to conduct a certification exam through a remote proctored mode. Employees who successfully pass the examination will receive a certificate jointly signed by IOB and IIBF officials.
This collaboration between IOB and IIBF is expected to benefit both the bank and the MSME sector. By enhancing the knowledge and skills of its employees, IOB will be better equipped to meet the credit needs of MSMEs, which will, in turn, contribute to the growth and development of the sector. The certification program will also help IOB employees to stay up-to-date with the latest developments and best practices in MSME lending, enabling them to provide better services to their customers. Overall, this partnership is a positive step towards supporting the MSME sector and promoting economic growth in the country.
PSB felicitates medal-winning athletes with a total of Rs 20.75 million in cash awards
Pakistan Sports Board (PSB) has honored medal-winning athletes with cash awards worth Rs 20.75 million. The ceremony was held to recognize and reward the achievements of Pakistani athletes who have made the country proud in various international sports events. The cash awards were given to athletes who won medals in events such as the South Asian Games, Asian Games, and World Championships.
The athletes were awarded cash prizes based on their performance, with gold medal winners receiving the highest amounts. The cash awards are aimed at motivating and supporting Pakistani athletes to continue performing well in international competitions. The PSB has been providing financial support to athletes to help them prepare for major events and achieve their goals.
The ceremony was attended by high-ranking officials from the PSB, including the Director-General, who congratulated the athletes on their achievements. The officials praised the athletes for their hard work and dedication, which has brought laurels to the country. The athletes thanked the PSB for the recognition and financial support, which they said would help them to continue performing well in future events.
The cash awards are part of the PSB’s efforts to promote sports in Pakistan and encourage athletes to participate in international competitions. The PSB has been working to develop sports infrastructure and provide training facilities to athletes to help them improve their performance. The organization has also been collaborating with international sports organizations to provide opportunities for Pakistani athletes to participate in international events.
The awards ceremony was a significant event that recognized the achievements of Pakistani athletes and provided them with financial support to continue pursuing their passion for sports. The PSB’s efforts to promote sports in Pakistan are expected to have a positive impact on the country’s sports scene, and it is hoped that more athletes will be inspired to participate in international competitions and bring glory to the country. Overall, the ceremony was a celebration of Pakistan’s sporting achievements and a testament to the country’s potential to produce talented athletes who can compete at the international level.
A crucial announcement from the RBI on fixed deposits is imminent, and its impact will be felt by the general public across the board.
The Reserve Bank of India (RBI) has reduced the repo rate twice this year, resulting in a decrease in interest rates on Fixed Deposits (FDs) offered by most banks, especially public sector banks. With inflation showing signs of easing, experts predict that the RBI may cut rates again in June. This makes it a good time to invest in FDs, as once you book an FD, the interest rate is locked in for the entire term, even if market rates fall later.
Currently, top public sector banks are offering attractive interest rates on 1-2 year FDs, ranging from 7.05% to 7.30% for regular customers. Senior citizens can earn even higher returns, up to 7.75% for 1-2 year tenures. Banks such as Bank of Maharashtra, Punjab & Sind Bank, and UCO Bank are offering these higher rates for senior citizens.
Before investing in an FD, it’s essential to keep a few things in mind. Firstly, choose the FD tenure wisely, as locking in current high rates for longer is better. Secondly, check the bank’s rating, as public sector banks are generally safer. Thirdly, explore senior citizen schemes, which offer higher interest rates. Finally, enable auto-renewal to ensure that your money doesn’t lie idle after maturity.
If the RBI cuts rates again in June, today’s FD rates may soon be history. Therefore, if you want stable and guaranteed returns, now is the right time to lock in your investment. With the current interest rates and the possibility of further rate cuts, investing in an FD before June could be a smart move. It’s essential to take advantage of the current rates before they drop, as they may not be available in the future.
Overall, investing in an FD is a low-risk investment option that provides guaranteed returns. With the current interest rates and the potential for further rate cuts, it’s crucial to make an informed decision and invest wisely. By considering the factors mentioned above and taking advantage of the current rates, you can make the most of your investment and earn attractive returns on your FD.
J&K Bank inaugurates new ATM facility at Srinagar’s Sheikh-ul-Alam Hospital, as reported by Rising Kashmir
Jammu and Kashmir Bank has strengthened its commitment to providing convenient banking facilities to the public by installing an Automated Teller Machine (ATM) at Sheikh Ul Alam Hospital in Srinagar. The ATM was inaugurated by Vice Chairman of the Srinagar Development Authority, M. Rafi, in the presence of the bank’s Zonal Head, Raja Zaffar, and other dignitaries.
The installation of the ATM is a significant step towards bringing banking services closer to the people, particularly in areas where they are needed the most. The hospital, being a busy healthcare facility, will greatly benefit from the ATM, which will provide round-the-clock access to basic banking services such as cash withdrawal and account information. This will not only facilitate the financial needs of patients and attendants but also the hospital staff and the surrounding population.
Speaking at the inauguration ceremony, Vice Chairman M. Rafi appreciated the bank’s efforts to enhance its delivery infrastructure and bring banking services closer to the people. He stated that the installation of the ATM is a welcome step and will go a long way in facilitating the financial needs of those who need it most. Raja Zaffar, Zonal Head of the bank, also reiterated the bank’s commitment to strengthening its presence across vital public spaces to better serve the community.
The ATM is expected to benefit a large number of people, including patients, attendants, hospital staff, and the surrounding population. With this installation, Jammu and Kashmir Bank has once again demonstrated its commitment to providing convenient and accessible banking services to the people of Jammu and Kashmir. The bank’s effort to enhance its delivery infrastructure and bring banking services closer to the people is a significant step towards promoting financial inclusion and convenience in the region.
Mark Your Calendars: Q4 Earnings of ITC, Hindalco, Pfizer, Power Grid, IndusInd Bank, RVNL, JSW Steel, and Others to be Announced Next Week – Goodreturns
Next week, several major Indian companies are set to announce their Q4 results, giving investors and analysts a glimpse into the financial health of these corporations. Among the prominent companies scheduled to declare their Q4 results are ITC, Hindalco, Pfizer, Power Grid, IndusInd Bank, RVNL, and JSW Steel, among others.
ITC, a leading FMCG company, is expected to report a strong set of numbers, driven by its cigarette and FMCG businesses. The company’s revenue is expected to grow by around 10-12% year-on-year, driven by a recovery in cigarette volumes and a strong performance from its FMCG segment.
Hindalco, a leading aluminum and copper producer, is expected to report a significant improvement in its profitability, driven by higher aluminum prices and a low base effect. The company’s revenue is expected to grow by around 15-20% year-on-year, driven by a recovery in aluminum prices and a strong performance from its copper segment.
Pfizer, a leading pharmaceutical company, is expected to report a moderate set of numbers, driven by a decline in sales of its COVID-19 vaccine. The company’s revenue is expected to decline by around 5-7% year-on-year, driven by a decline in vaccine sales and a high base effect.
Power Grid, a leading power transmission company, is expected to report a strong set of numbers, driven by a recovery in power demand and a low base effect. The company’s revenue is expected to grow by around 10-12% year-on-year, driven by a recovery in power demand and a strong performance from its transmission segment.
IndusInd Bank, a leading private sector bank, is expected to report a moderate set of numbers, driven by a decline in net interest income and a high base effect. The company’s revenue is expected to decline by around 5-7% year-on-year, driven by a decline in net interest income and a high base effect.
RVNL, a leading railway company, is expected to report a strong set of numbers, driven by a recovery in railway traffic and a low base effect. The company’s revenue is expected to grow by around 15-20% year-on-year, driven by a recovery in railway traffic and a strong performance from its railway segment.
JSW Steel, a leading steel producer, is expected to report a significant improvement in its profitability, driven by higher steel prices and a low base effect. The company’s revenue is expected to grow by around 20-25% year-on-year, driven by a recovery in steel prices and a strong performance from its steel segment.
Overall, next week’s Q4 results are expected to provide a mixed bag of results, with some companies reporting strong numbers and others reporting moderate or weak numbers. Investors and analysts will be closely watching the results to gauge the financial health of these companies and the overall performance of the Indian economy.
Bank of Baroda Recruitment 2025: Last chance to apply for 500 Office Assistant vacancies, online registration closes on May 23 at bankofbaroda.in
The Bank of Baroda has announced a recruitment drive for the post of Office Assistant (Peon) with 500 vacancies available in various states. The online registration process began on May 3, 2025, and the last date for submission is May 23, 2025. Interested candidates can apply on the official website at bankofbaroda.in. To register, candidates will need a valid personal email ID and contact number.
The vacancies are divided among different categories: 252 for General, 108 for OBC, 42 for EWS, 33 for ST, and 65 for SC. To be eligible, candidates must have completed their 10th standard or equivalent examination from a recognized school and be proficient in the local language of the respective state or union territory.
The application fee is Rs. 600 plus applicable taxes for General, EWS, and OBC candidates, while SC, ST, PwBD, EXS, DPSXS, and women candidates need to pay Rs. 100. The exam pattern consists of four tests with 25 questions each, totaling 100 marks, with a negative marking of 0.25 marks for incorrect answers. The medium of the test will be English, Hindi, or the official language of the state/UT.
The selection process includes an online test followed by a local vernacular language test for candidates who qualify. To apply, candidates need to visit the Bank of Baroda’s career page, click on “Current Opportunities,” and apply for the office assistant posts. They must fill up the application form, upload documents, pay the fee, and submit the form. Candidates are advised to properly fill the application form and keep the details safe for future reference.
The exam duration will be 20 minutes for each test, and candidates are advised to check the official website for more details. The recruitment is on a regular basis in the subordinate cadre, and candidates are expected to be proficient in the local language of the respective state or union territory. Overall, this is a great opportunity for candidates looking to work with the Bank of Baroda, and interested candidates should apply before the last submission date of May 23, 2025.
CBI Cracks Down on Corruption: Central Bank Official Taken into Custody for Alleged Involvement in Mudra Loan Bribery Scandal
The Central Bureau of Investigation (CBI) has arrested a bank officer, Prince Kumar Jha, for accepting a bribe of ₹15,000 in connection with the disbursement of a ₹5 lakh Mudra loan. The arrest was made outside the Central Bank of India’s Bangra Bazar branch in Deoria, Uttar Pradesh, after a trap was laid by the CBI’s Anti-Corruption Branch. The accused officer had demanded a ₹20,000 bribe from a local businessman, Meraj Alam, to release a loan that had already been sanctioned for his family-run business.
The complaint was filed by Alam, who alleged that the officer demanded the bribe when his brother visited the bank to withdraw the funds. Alam approached the CBI, which conducted a verification exercise and found the allegations to be credible. A team was dispatched to Deoria, and the accused was caught red-handed accepting the bribe. The arrest marks another successful action in the CBI’s drive to root out corruption in government-linked financial services.
The investigation will continue, and further evidence, including digital and transaction records, will be examined. The CBI will also probe whether other staff members or intermediaries were involved in facilitating such demands from loan applicants. The case highlights the challenges facing transparency in grassroots banking systems, particularly with regards to the Pradhan Mantri Mudra Yojana (PMMY) scheme, which aims to provide financial support to small entrepreneurs and businesses.
Local residents and businessmen have expressed support for Alam’s decision to expose corruption, calling for stricter monitoring of loan disbursement processes and swift justice for those abusing their authority. The CBI’s action is seen as a positive step towards rooting out corruption and ensuring that financial services are delivered transparently and fairly. The accused officer will be produced before the CBI Special Court in Lucknow on Saturday, and further action will be taken based on the outcome of the investigation.
The case serves as a reminder of the need for vigilance and accountability in the banking sector, particularly when it comes to government-backed schemes like the PMMY. The CBI’s efforts to tackle corruption and ensure transparency in financial services are crucial in maintaining public trust and promoting economic growth. As the investigation continues, it is likely that more details will emerge about the extent of corruption in the banking sector and the measures being taken to address it.
RBI Expects Inflation to Meet Target by Fiscal Year 2026
The Reserve Bank of India (RBI) has released the minutes of the Monetary Policy Committee (MPC) meeting, which took place from April 7-9, 2025. The meeting resulted in a 25 basis point cut in the repo rate to 6% and a shift in the policy stance from ‘neutral’ to ‘accommodative’. This decision was made amidst global trade uncertainties and a slowdown in commodity prices. RBI Governor Sanjay Malhotra stated that India’s inflation is expected to align with the target during FY26, citing disinflationary forces outweighing inflationary risks.
The current Consumer Price Index (CPI) inflation rate is 3.3%, which is the lowest since August 2019. The MPC voted unanimously to ease policy rates for the second consecutive time, aiming to nurture domestic demand amid a global slowdown. The drop in crude oil prices and moderated commodity inflation have led to lower CPI readings. The RBI’s positive inflation forecast is based on the expectation that disinflationary forces will continue to outweigh inflationary risks, allowing for monetary easing to support economic growth.
The MPC members expressed varying opinions on the implications of global trade and tariffs. Some members, such as Sanjay Malhotra and Saugata Bhattacharya, emphasized the favorable inflation outlook and the need for policy easing to support domestic demand. Others, such as M Rajeshwar Rao and Rajiv Ranjan, cautioned about the potential impact of US tariffs on India’s exports and market stability.
The key factors contributing to the easing inflation include falling crude prices and weak global demand. However, the major concern remains the impact of US tariffs on exports and growth. The RBI will continue to monitor global developments and their impact on India’s economy. Overall, the RBI’s decision to cut the repo rate and shift the policy stance to ‘accommodative’ is expected to support economic growth and keep inflation within the target range of 4% ± 2%.
The RBI’s inflation forecast is based on the assumption that global trade tensions will not escalate further and that commodity prices will remain stable. The bank will continue to monitor the situation and adjust its policies accordingly. The decision to cut the repo rate is expected to have a positive impact on the economy, as it will make borrowing cheaper and increase liquidity in the system. However, the RBI will need to be cautious and ensure that the inflation rate does not exceed the target range.
Deutsche Bank AG and Yes Bank slapped with penalty by RBI
The Reserve Bank of India (RBI) has imposed penalties on two banks, Deutsche Bank AG, India and Yes Bank, for non-compliance with certain regulatory norms. The penalties were announced on Friday, with Deutsche Bank AG, India facing a fine of Rs 50 lakh (approximately $67,000 USD) for failing to comply with directions related to the creation of a central repository of large common exposures across banks. This repository is a critical component of the RBI’s risk management framework, as it helps to identify and monitor large exposures of banks to individual borrowers or groups.
Yes Bank, on the other hand, has been fined Rs 29.60 lakh (approximately $40,000 USD) for non-compliance with directions related to financial statements presentation and disclosures. The RBI has stated that the penalties imposed on both banks are based on deficiencies in regulatory compliance and are not intended to affect the validity of any transactions or agreements entered into by the banks with their customers.
The RBI has emphasized that the imposition of monetary penalties is without prejudice to any other action that may be initiated against the banks. This suggests that the central bank may take further action against the banks for their non-compliance, which could include additional penalties, fines, or even restrictions on their operations. The penalties imposed by the RBI are intended to ensure that banks comply with regulatory requirements and maintain high standards of governance and risk management.
The RBI’s decision to impose penalties on Deutsche Bank AG, India and Yes Bank reflects its commitment to enforcing regulatory compliance and maintaining the stability of the Indian banking system. The central bank has been actively monitoring the compliance of banks with regulatory requirements and has taken enforcement action against banks that fail to comply. The penalties imposed on these two banks are likely to serve as a deterrent to other banks and encourage them to prioritize regulatory compliance. Overall, the RBI’s actions demonstrate its focus on ensuring that banks operate in a safe and sound manner, and that they are held accountable for their actions.
CIC Insurance Brokers throws its weight behind DCB for the upcoming Independence T10 Cup
CIC Insurance Brokers (Guyana) Inc. has partnered with the Demerara Cricket Board (DCB) to sponsor the upcoming Independence T10 Cup, set to take place on May 25 at the LBI Ground. The event aims to raise funds for the growth and development of cricket in the county. At a presentation ceremony, Assistant General Manager of CIC Insurance Brokers (Guyana) Inc., Preneta Bharosay, presented a financial contribution to Vice-president of the DCB, Puneet Jaigopaul.
Bharosay stated that her company is committed to supporting activities that make a positive impact, and the partnership with the DCB aligns with this goal. She emphasized that CIC Insurance Brokers (Guyana) Inc. provides innovative insurance solutions and risk management services, and is dedicated to protecting businesses and individuals.
Jaigopaul expressed gratitude for the support of CIC Insurance Brokers (Guyana) Inc. and other businesses that have come on board, including L. Mahabeer and Son Cambio, Office Express, Regal Stationery and Computer Centre, Anil Beharry Real Estate, Construction and General Business Services, and Naven’s Construction. He encouraged the public to support these businesses, enabling them to continue sponsoring events like the Independence T10 Cup.
The tournament will feature eight first-division teams from the county, competing in a one-game knockout format. Six teams have already been confirmed, with the remaining two to be announced soon. The winning team will receive a cash prize of G$250,000 and a trophy, while the runner-up will receive G$150,000 and a trophy. The losing semi-finalists will each receive G$50,000. Individual awards will also be presented, including Man-of-the-Match trophies for the semi-finals and final.
The event is set to begin at 10:00h and will conclude under floodlights. The DCB is expecting a exciting day of cricket, and the partnership with CIC Insurance Brokers (Guyana) Inc. has helped to make the event possible. With a total cash prize of G$500,000 and trophies up for grabs, the competition is expected to be fierce. Cricket fans and the general public are invited to attend and support the teams, and to patronize the businesses that have sponsored the event.
L. Mahabeer and Son Cambio collaborates with DCB to bring the Independence T10 Cup to life
The Demerara Cricket Board (DCB) has received another boost in its preparation for the upcoming Independence T10 Cup, scheduled for May 25 at the LBI Ground, East Coast Demerara. L. Mahabeer and Son Cambio, a local business, has become the latest establishment to sponsor the tournament, presenting a financial contribution to DCB Secretary Davteerth Anandjit. The company’s CEO, Lookeshwar ‘Vick’ Mahabeer, an avid cricket fan and West Indies Over-40 player, expressed his excitement in supporting the event, which aims to raise funds for the growth and development of cricket in Demerara.
This sponsorship brings the total number of corporate supporters to five, with Office Express, Regal Stationery and Computer Centre, Anil Beharry Real Estate, Construction and General Business Services, and Naven’s Construction also on board. Anandjit praised Mahabeer for his contribution, emphasizing the importance of corporate support in promoting the development of cricket in the region. The DCB is grateful for the support and is working tirelessly to ensure the success of the tournament.
The Independence T10 Cup will feature eight first-division teams from Demerara competing in a one-game knockout format, with a total cash prize of G$500,000 and trophies up for grabs. Each team will be allowed two guest players from other counties, and the champion team will receive G$250,000 cash and a trophy. The runners-up will receive G$150,000 and a trophy, while the losing semi-finalists will receive G$50,000 each. The Man-of-the-Match in the semi-finals and final will also receive a trophy.
The tournament is expected to be an exciting event, with action bowling off at 10:00h and concluding under floodlights. The DCB will announce the teams and players in the coming days, and fans can look forward to a thrilling day of cricket. With the support of corporate sponsors like L. Mahabeer and Son Cambio, the DCB is well on its way to hosting a successful tournament that will contribute to the growth and development of cricket in Demerara.
Earn up to 9.10% interest with senior citizen FDs: Top returns from Jana, Suryoday, Utkarsh, and other small finance banks – Check the returns on investing Rs 6,66,666 in each
In 2025, the Reserve Bank of India (RBI) reduced the repo rate by 50 basis points, leading to a decrease in lending and deposit rates across the banking sector. As a result, many major banks have lowered interest rates on fixed deposits (FDs), affecting the returns for savers, particularly senior citizens. However, some small finance banks continue to offer competitive FD rates, making them an attractive option for those seeking better returns on their savings.
Despite the overall decrease in interest rates, small finance banks are providing FD rates as high as 9.10% for senior citizens. This is significantly higher than what major banks are offering, making small finance banks a viable option for senior citizens looking to maximize their returns. For instance, if a senior citizen were to invest Rs 6,66,666 in a small finance bank’s FD, they could earn a substantial amount on maturity, depending on the interest rate and tenure.
It’s essential to note that these calculations are based on current FD rates and should not be taken as financial advice. Senior citizens should consult a financial expert for personalized investment planning to determine the best option for their specific needs. With the current interest rates, small finance banks are providing an opportunity for senior citizens to earn higher returns on their savings, but it’s crucial to carefully evaluate the options and consider factors such as tenure, interest rate, and overall financial goals.
Some small finance banks are offering FD rates that are significantly higher than the major banks, making them an attractive option for senior citizens. These banks are providing a range of FD options with varying tenures and interest rates, allowing senior citizens to choose the one that best suits their needs. By investing in a small finance bank’s FD, senior citizens can potentially earn higher returns on their savings, which can help them maintain their standard of living and achieve their financial goals.
RBI set to convene meeting with banks to deliberate on liquidity management strategies
The Reserve Bank of India (RBI) is set to meet with lenders on May 21 to discuss potential changes to its monetary policy operations. The meeting, which will be attended by senior RBI officials including Deputy Governor Poonam Gupta, aims to ensure that the central bank’s rate decisions are effectively transmitted to the broader economy. This comes ahead of the RBI’s policy statement on June 6 and follows the bank’s efforts to address a record cash deficit.
One of the key topics on the agenda is the overnight weighted average call rate, which is the rate at which banks borrow and lend unsecured funds to each other. The RBI wants to ensure that this rate aligns with its policy rate, so that market borrowing costs reflect its monetary actions. However, this link has often been disrupted in recent years, and the RBI is considering alternatives to improve the transmission of its policy decisions.
The RBI is also proposing a new benchmark, the Secured Overnight Rupee Rate, which could potentially replace the Mumbai Interbank Outright Rate for pricing interest rate derivatives. Additionally, the bank may discuss whether to use fixed-rate or variable-rate repurchase operations to peg the market borrowing rate with the policy rate. This follows the discontinuation of daily fixed-rate cash windows in 2020.
The meeting will also explore potential tweaks to the cash reserve requirement, which is the amount of funds that banks need to set aside on a daily basis. Currently, banks must maintain 90% of the cash reserve requirement on a daily basis, but the RBI may consider adjusting this ratio to improve the transmission of its policy decisions.
Overall, the RBI’s discussion with lenders is part of its efforts to refine its monetary policy framework and ensure that its rate decisions have a greater impact on the broader economy. With the Indian economy facing challenges such as slow growth and high inflation, the RBI’s ability to effectively transmit its policy decisions will be crucial in shaping the country’s economic trajectory. By reviewing and potentially modifying its monetary policy operations, the RBI aims to create a more stable and supportive financial environment that can help drive economic growth and stability.
London court denies Nirav Modi bail for the 10th time in connection with the Punjab National Bank fraud case
A UK court has rejected the bail plea of Nirav Modi, a fugitive diamond merchant wanted in India for his alleged role in the Rs 6,000 crore Punjab National Bank (PNB) scam. This is the 10th time that Modi’s bail petition has been rejected since his detention in the UK in March 2019. The Central Bureau of Investigation (CBI) had strongly opposed the bail plea, arguing that Modi is a fugitive economic offender who is wanted for trial in India.
The UK High Court had approved Modi’s extradition to India in 2022, but he has been fighting the extradition while denying all allegations. Modi, 55, is accused of embezzling Rs 6,498.20 crore as part of a larger Rs 13,000 crore fraud involving fraudulent letters of undertaking issued by PNB. He fled India in January 2018, just weeks before the scam came to light, and has been held in a UK prison since March 2019.
The CBI has been working closely with the Crown Prosecution Service in the UK to ensure that Modi is extradited to India to face trial. The agency has successfully defended the arguments against Modi’s bail plea, resulting in its rejection. Modi’s uncle and co-accused, Mehul Choksi, who also fled India in early 2018, was arrested in Belgium last month and is similarly accused of playing a key role in the PNB scam.
Both Modi and Choksi face multiple charges in India, including criminal conspiracy, cheating, money laundering, and corruption, under various Indian laws. The extradition process marks a major step in India’s efforts to bring high-profile economic offenders back to face justice. The CBI has been working tirelessly to ensure that those who have committed economic crimes in India are held accountable, and the rejection of Modi’s bail plea is a significant development in this regard.
Comparison of 444-Day Fixed Deposit Schemes: Find out which bank, BoB, Canara Bank, or IOB, offers the highest returns on a Rs 10,00,000 deposit and maximize your earnings with the best FD option
A fixed deposit (FD) is a popular investment option where a lump sum of money is deposited for a fixed period of time in exchange for a predetermined interest rate from banks and financial institutions. This type of investment provides a low-risk and stable return, making it an attractive option for those looking for a safe and secure way to grow their savings.
In addition to traditional FD schemes, there are also special FD schemes available, which are limited-period schemes that offer a higher rate of interest compared to regular FDs. These special schemes are designed to attract investors who are looking for higher returns on their investment, and they often come with flexible tenure options to suit different investment needs.
One of the key benefits of FDs is that they offer a higher interest rate to senior citizens. Senior citizens can earn a higher rate of interest on both regular and special FDs, making them an attractive option for retirees or those nearing retirement. This is a great way for seniors to generate additional income and make the most of their savings.
FDs are a great option for those who want to save for a specific goal, such as a down payment on a house, a wedding, or a big purchase. They are also a good option for those who want to diversify their investment portfolio and reduce their risk. With FDs, investors can choose from a range of tenure options, from a few months to several years, and earn interest on their deposit.
Overall, FDs are a popular and stable investment option that can provide a low-risk and secure return. With the option to invest in special FD schemes and earn higher interest rates, as well as the benefit of higher interest rates for senior citizens, FDs are an attractive option for a wide range of investors. Whether you’re looking to save for a specific goal or simply want to generate additional income, FDs are definitely worth considering. With their flexibility, stability, and attractive interest rates, FDs can be a great addition to any investment portfolio.
SBI Research predicts significant profits from long-term investments in environmentally friendly Green Bonds
A recent report by the State Bank of India (SBI) highlights the importance of long-term investment in green bonds, particularly in the context of India’s rapid urbanization and growing environmental concerns. The report emphasizes that investing in green initiatives can yield substantial returns over time. With India’s urban population expected to rise to 35-37% by 2024 and 40% by 2030, the need for sustainable urban planning and environmental conservation has become increasingly pressing.
According to the report, the relationship between urbanization and forest cover is U-shaped. In the early stages of urbanization, forest cover decreases due to deforestation and construction activities. However, as urbanization progresses, efforts to protect and restore forests increase, leading to a recovery in forest cover. The report suggests that green finance, particularly green bonds, can help reduce the pressure on forests in the early and middle stages of urban growth.
The report identifies a key turning point, where urbanization reaches 40%, and the effect on forest cover becomes positive. After this threshold, cities are more likely to invest in green infrastructure and conservation. The Indian government has launched initiatives such as the Smart Cities Mission and AMRUT to build green infrastructure and improve urban ecological resilience, which aligns with this U-shaped pattern.
The report concludes that with proper planning and continued investment in green projects, green bonds can be a powerful tool for both economic growth and environmental conservation. By investing in green bonds, individuals and organizations can contribute to reducing the negative effects of urbanization on the environment while generating substantial returns. As India continues to urbanize, the importance of green finance and sustainable urban planning will only continue to grow, making green bonds an attractive option for long-term investors.
Union Bank of India expects metal prices to continue exerting upward pressure on Wholesale Price Index (WPI) in the foreseeable future, as reported by The Economic Times.
According to recent reports, metal prices are expected to continue their upward trend, which will likely keep pressure on the Wholesale Price Index (WPI) in the coming months. This is stated by the Union Bank of India and reported by The Economic Times and Times of India. The increase in metal prices will likely contribute to a rise in the WPI, which measures the average change in prices of goods and services sold in the wholesale market.
In April, the WPI fell to 0.85%, as reported by NDTV. However, experts believe that this decrease may be short-lived due to the ongoing upward trend in metal prices. The Reserve Bank of India (RBI) may still consider cutting interest rates by another 75 basis points in the fiscal year 2026, as inflation has cooled to multi-month lows, according to The Financial Express.
The current decrease in WPI is seen as a positive sign, with The Indian Express commenting that sustained moderation in inflation is a good low. Experts attribute the decrease in inflation to a combination of factors, including a decline in global commodity prices and a normal monsoon season. However, the upward pressure on metal prices may offset these factors and keep the WPI from decreasing further.
The RBI’s decision to cut interest rates will depend on various factors, including the trajectory of inflation, economic growth, and global economic trends. If metal prices continue to rise, it may limit the RBI’s ability to cut interest rates further, as higher metal prices could contribute to increased production costs and higher inflation.
In conclusion, while the current decrease in WPI is a positive sign, the upward trend in metal prices is likely to keep pressure on the WPI in the coming months. The RBI will need to carefully consider the impact of metal prices on inflation and economic growth when making decisions about interest rates. As the economy continues to evolve, it will be important to monitor the trajectory of metal prices and their impact on the WPI and inflation.
PSB Academy introduces the Beyond60 initiative, a S$2.1 million programme that provides full education scholarships to 30 deserving recipients, in partnership with raiSE, United Women Singapore, Care Corner Singapore, and selected through the Singapore Centre for Social Enterprise #PSBAcademy – Media OutReach Newswire
PSB Academy, a leading private education institution in Singapore, has launched the “Beyond60” initiative, a comprehensive scholarship program aimed at empowering deserving individuals to pursue higher education. The S$2.1 million initiative will fully fund education scholarships for 30 recipients, selected through a partnership with four social enterprises: the Singapore Centre for Social Enterprise (raiSE), United Women Singapore, and Care Corner Singapore.
The Beyond60 initiative is designed to support individuals who face significant barriers to accessing higher education, including those from low-income backgrounds, single parents, and individuals with disabilities. The program aims to provide these individuals with the opportunity to acquire new skills, knowledge, and qualifications, enabling them to improve their socio-economic status and contribute to the community.
The selection process for the scholarship recipients will be conducted through the partner social enterprises, which will identify and nominate eligible candidates. The scholarships will cover the full cost of tuition fees, as well as other related expenses, ensuring that the recipients can focus on their studies without financial burdens.
The Beyond60 initiative is a significant commitment by PSB Academy to give back to the community and make a positive impact on the lives of deserving individuals. The program is also aligned with the Singapore government’s efforts to promote social mobility and inclusivity, and to support the development of a more compassionate and equitable society.
Through this initiative, PSB Academy aims to create a positive ripple effect in the community, empowering the scholarship recipients to become agents of change and make a meaningful difference in the lives of others. The academy believes that education is a key driver of social mobility and economic growth, and that by providing access to quality education, it can help to break the cycle of poverty and create a more just and equitable society.
Overall, the Beyond60 initiative is a testament to PSB Academy’s commitment to social responsibility and its dedication to making a positive impact on the community. By providing fully funded education scholarships to deserving individuals, the academy is helping to create a more inclusive and compassionate society, where everyone has the opportunity to succeed and thrive.
RBI’s Proposed Project Finance Guidelines: What’s in Store for HDFC, ICICI, SBI, and Other Leading Banks, According to Telangana NavaNirmana Sena
The Reserve Bank of India (RBI) has released a draft circular on project finance, which is expected to significantly impact major banks in India, including HDFC, ICICI, and SBI. The new guidelines aim to improve the lending practices of banks and reduce the risk of default by borrowers.
The draft circular emphasizes the importance of due diligence and credit assessment before sanctioning loans for large projects. It suggests that banks should conduct thorough credit evaluations, including assessing the creditworthiness of the borrower, the viability of the project, and the potential risks involved. The RBI has also proposed that banks should have a Board-approved policy for project finance, which should include clear guidelines for loan sanctioning, monitoring, and recovery.
One of the key aspects of the draft circular is the introduction of a new concept called “상위 equity” (senior equity), which refers to the equity contribution made by the promoters of a project. The RBI has proposed that banks should ensure that the promoters’ equity contribution is at least 25% of the total project cost. This move is aimed at ensuring that promoters have a significant stake in the project and are committed to its success.
The draft circular also emphasizes the importance of monitoring and supervision of projects financed by banks. It suggests that banks should have a robust monitoring system in place to track the progress of projects, identify potential risks, and take corrective action if necessary.
The impact of the draft circular on major banks in India is expected to be significant. HDFC, ICICI, and SBI, which are among the largest lenders to the infrastructure sector, may need to revise their lending practices and policies to comply with the new guidelines. The introduction of senior equity and the emphasis on monitoring and supervision may lead to a reduction in the risk of default by borrowers, but it may also increase the cost of borrowing for projects.
The Telangana NavaNirmana Sena, a political party in Telangana, has welcomed the draft circular, stating that it will help to improve the transparency and accountability of banks and reduce the risk of default by borrowers. However, some industry experts have expressed concerns that the new guidelines may lead to a decrease in lending to the infrastructure sector, which could have a negative impact on the economy.
Overall, the RBI’s draft circular on project finance is a significant step towards improving the lending practices of banks in India. While it may have a short-term impact on the banking sector, it is expected to lead to a more stable and sustainable financial system in the long run.
Public sector banks shine with surge in gold loans
State-owned banks in India have seen a significant increase in gold loans during the fiscal year 2025, largely due to the rising prices of gold. The country’s largest public lender, State Bank of India (SBI), reported a 53% increase in personal gold loans, reaching Rs 50,011 crore in the quarter ended March 31, 2025. Other public sector banks, such as Indian Bank and Bank of Baroda, also saw substantial growth in their gold loan portfolios, with increases of 81% and 55.6%, respectively.
The growth in gold loans can be attributed to the soaring prices of gold, which rose by over 30% in 2024-25. As a result, customers were able to get a better value for their gold when pledging it for loans. The Loan-to-Value (LTV) ratio, which is the percentage of the collateral’s worth that can be lent, has been fixed at up to 75%, but industry sources say that the average LTV ratio availed by customers is around 67%.
The increasing demand for gold loans has been driven by the fact that they are considered a safe and low-risk form of lending, with almost no non-performing assets (NPAs). Indian Bank’s MD & CEO, Binod Kumar, stated that gold loans have been one of the strong portfolios in India and that the bank expects to grow in this segment by around 20% in the current fiscal year.
Another public sector bank, Indian Overseas Bank (IOB), reported a 45% increase in its cumulative jewel loan portfolio, reaching Rs 69,188 crore in 2024-25. The bank’s MD & CEO, Ajay Kumar Srivastava, attributed the growth to the escalating prices of gold and stated that this segment is going to be one of the major products for the bank.
Overall, the growth in gold loans is expected to continue in the current fiscal year, driven by the rising prices of gold and the increasing demand for safe and low-risk lending products. The public sector banks are expected to benefit from this trend, with gold loans becoming an increasingly important part of their portfolios.
Public Sector Banks Take the Lead: Home Loans Drop Below 8% as RBI Rate Cut Boosts Access to Affordable Housing
The Reserve Bank of India (RBI) has mandated that all retail floating-rate loans, including home loans, be linked to an external benchmark, typically the RBI’s repo rate, since October 1, 2019. This means that when the RBI reduces the repo rate, banks are required to pass on the benefit to borrowers. However, it has been observed that public banks have been prompt in complying with this guideline, while several private banks have been slow to adjust.
Despite a cumulative 50-basis-point cut in the repo rate in February and April 2025, leading private banks such as ICICI Bank, Axis Bank, and HDFC Bank have not fully transmitted the reduction to customers. For instance, ICICI Bank’s home loan rate remains unchanged at 8.75%, while HDFC Bank has reduced its rate by only 25 basis points to 8.50%. On the other hand, government banks such as Canara Bank, Bank of Maharashtra, and Union Bank of India are offering competitive interest rates, ranging from 7.80% to 7.90%, for a home loan of ₹1 crore with a tenure of 20 years.
Experts believe that private lenders may revise their rates soon, as large lenders usually align their rates over time. A lower interest rate can significantly reduce the monthly EMI burden, resulting in higher savings and preservation of emergency funds. For example, a home loan of ₹1 crore with a tenure of 20 years at an interest rate of 7.80% would translate to a monthly EMI of ₹82,404, compared to ₹93,144 at an interest rate of 9.35%.
If you’re planning to buy a home, now is a favorable time to act, with multiple public sector banks (PSBs) offering sub-8% interest rates. However, it’s essential to assess factors such as your credit score, income, and loan tenure before making a decision, as these can influence your final interest rate. It’s also important to note that rates are subject to change and may vary depending on the lender and borrower profile. Therefore, it’s crucial to check with lenders for the latest terms and consult a professional before taking a loan.
Update on Credit Card Fees: As of June 1, our bank will be introducing new credit card charges, so please be aware of these changes to your account.
Kotak Mahindra Bank has announced significant changes to its credit card charge structure, effective June 1, 2025. The new rules introduce fees for various transactions, including auto-debit failures, dynamic currency conversions, utility bill payments, education payments, wallet loading, online gaming, and fuel transactions. Additionally, the method of calculating the minimum amount due (MAD) has been revised.
One of the key changes is the introduction of a 2% charge on auto-debit failures, with a minimum fee of Rs 450 and a maximum of Rs 5,000. The MAD calculation has also been modified, with 1% of all purchases and cash transactions, plus 100% of EMI, finance charges, charges, and taxes, subject to a minimum of Rs 100 or the total amount due.
Other notable changes include a 3.5% charge on dynamic currency conversions for normal cards, with lower rates for premium cards such as Privy League Signature, White Reserve, and Kotak Infinite. A 1% charge will be levied on utility bill payments above the prescribed limit, education payments made through third-party apps, wallet loading exceeding Rs 10,000, and skill-based online gaming transactions above Rs 10,000.
However, some premium cards, such as White Reserve, Kotak Solitaire, Kotak Infinite, and Kotak Signature, will be exempt from certain charges, including utility bill payments, education payments, and wallet loading. Similarly, the IndianOil Kotak Card and other premium cards will not be subject to the 1% charge on fuel transactions above the prescribed limit.
It is essential for Kotak Mahindra Bank credit card holders to review these changes and understand how they will impact their transactions and payments. The new charges may lead to increased costs for cardholders who frequently use their cards for international transactions, utility bill payments, education payments, or online gaming. Nevertheless, premium cardholders may continue to enjoy exemptions from certain charges, making it crucial to review the terms and conditions of their specific card to minimize any potential fees.
FalconX and Standard Chartered Join Forces in Latest Partnership, Reports LeapRate
FalconX, a leading institutional digital asset prime broker, has announced a strategic partnership with Standard Chartered, a global bank, to expand its banking and settlement capabilities for its clients worldwide. The partnership aims to enhance the speed, scale, and reliability of FalconX’s services for institutional clients, including asset managers, hedge funds, token issuers, and payment platforms.
In the initial phase, Standard Chartered will provide FalconX with a comprehensive suite of banking services, including access to a broad range of currency pairs and improved cross-border settlement infrastructure. FalconX will integrate Standard Chartered’s banking infrastructure, enabling it to offer more robust banking and foreign exchange (FX) solutions to its clients.
The partnership is expected to evolve beyond banking to include the development of new products and services for institutional clients. This collaboration underscores Standard Chartered’s commitment to advancing the digital asset ecosystem and supporting the growing demand for digital assets among institutional investors.
According to Matt Long, General Manager of FalconX, the partnership strengthens the company’s ability to deliver robust banking and FX solutions to clients operating in crypto markets. Luke Boland, Head of Fintech at Standard Chartered, noted that the bank is proud to provide the necessary banking infrastructure to enable firms like FalconX to deliver world-class trading and financing solutions to institutional clients.
The partnership between FalconX and Standard Chartered is significant, as it highlights the increasing adoption of digital assets among institutional investors and the need for robust banking and settlement infrastructure to support this growth. By collaborating with a global bank like Standard Chartered, FalconX is well-positioned to meet the evolving needs of its clients and further establish itself as a leading institutional digital asset prime broker. Overall, the partnership is expected to have a positive impact on the digital asset ecosystem, enabling more institutional investors to participate in the market with confidence.
Turkish Airlines Pioneers Industry-First Adoption of Sompo AXIS’ Innovative SAAFI Aviation Finance Insurance for Forthcoming Fleet Additions – Travel And Tour World
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According to ISMRM, post-operative MRI imaging proves beneficial for deep brain stimulation (DBS) treatment planning, reports AuntMinnie.
The International Society for Magnetic Resonance in Medicine (ISMRM) has highlighted the importance of postoperative MRI imaging in deep brain stimulation (DBS) treatment planning. DBS is a surgical procedure that involves implanting an electrode in a specific area of the brain to treat neurological disorders such as Parkinson’s disease, dystonia, and obsessive-compulsive disorder.
Traditionally, postoperative imaging for DBS has relied on computed tomography (CT) scans, which provide limited detail and may not accurately identify the location of the implanted electrode. In contrast, MRI offers higher spatial resolution and better soft-tissue contrast, allowing for more precise visualization of the electrode and surrounding brain tissue.
A study presented at the ISMRM annual meeting demonstrated the benefits of using postoperative MRI for DBS treatment planning. The researchers used a 3-tesla MRI scanner to image patients who had undergone DBS surgery and found that the MRI scans provided more accurate information about the location of the electrode and its relationship to surrounding brain structures.
The study showed that postoperative MRI imaging can help identify potential complications, such as electrode misplacement or brain hemorrhage, which can occur during the DBS procedure. It can also provide valuable information for programming the DBS device, such as the optimal stimulation parameters and electrode configuration.
The use of MRI postoperative imaging can also facilitate more personalized treatment planning for DBS patients. By providing a detailed picture of the electrode location and surrounding brain tissue, MRI can help clinicians identify the most effective stimulation targets and parameters for each individual patient.
Furthermore, the study highlighted the importance of using specialized MRI protocols and sequences to optimize image quality and accuracy. The researchers used a combination of T1-weighted, T2-weighted, and susceptibility-weighted imaging sequences to visualize the electrode and surrounding brain tissue.
In conclusion, the ISMRM study demonstrates the value of postoperative MRI imaging in DBS treatment planning. By providing more accurate and detailed information about the location of the implanted electrode and surrounding brain tissue, MRI can help improve the efficacy and safety of DBS therapy. As the field of DBS continues to evolve, the use of MRI postoperative imaging is likely to become a standard practice, enabling clinicians to provide more personalized and effective treatment for patients with neurological disorders. With its high spatial resolution and soft-tissue contrast, MRI is poised to play a critical role in optimizing DBS treatment outcomes.
RBI dividend to pump in additional funds and boost liquidity
The Reserve Bank of India (RBI) is expected to transfer a significant dividend to the government, ranging from Rs 2.25 lakh crore to Rs 2.75 lakh crore. This payout will inject fresh liquidity into the banking system, raising surplus funds to between Rs 5.5 lakh crore and Rs 6 lakh crore. The RBI’s strong earnings this year are attributed to income from its large foreign exchange reserves, domestic bond holdings, and active dollar sales to stabilize the rupee.
The RBI’s foreign exchange reserves peaked at $704 billion in September 2024, with an estimated $125 billion sold since then. The gross dollar sales reached $371.6 billion in FY25, up from $153 billion the previous year. The central bank’s earnings have been robust, partly due to income from deploying its foreign exchange reserves in high-yielding US government bonds.
The sharp rise in liquidity is expected to put downward pressure on short-term interest rates. Analysts from Axis Mutual Fund and Barclays anticipate that the surplus liquidity will expand further, leading to a rally at the short end of the curve. The weighted average call rate (WACR) is likely to be dragged down closer to the standing deposit facility (SDF) rate of 5.75%, effectively easing monetary policy.
The surge in liquidity may prompt the RBI’s monetary policy committee (MPC) to maintain a hold at its June meeting, as policymakers wait for clearer signals on inflation and growth. The RBI distributes dividends after setting aside funds for contingency provisioning, which is expected to remain slightly more than last year’s Rs 42,800 crore. The dividend amount is determined under the Economic Capital Framework, which stipulates a risk buffer of 5.5% to 6.5% of the RBI’s balance sheet.
The expected dividend payout will significantly boost the government’s coffers, providing a much-needed injection of funds. The increased liquidity in the banking system is likely to have a positive impact on the economy, with potential benefits for borrowers and investors. However, the RBI’s MPC will need to carefully consider the implications of the surge in liquidity on inflation and growth, and adjust its monetary policy accordingly. Overall, the RBI’s dividend payout is expected to have a significant impact on the banking system and the broader economy, and will be closely watched by market participants and policymakers.
Dark Clouds Gather: DBS, UOB, and OCBC Issue Cautious Outlooks – Which Bank Offers the Best Investment Opportunity?
The second earnings season of the year is underway, with Singapore’s three major banks – DBS Group, United Overseas Bank (UOB), and OCBC Ltd – reporting their first quarter 2025 earnings. Investors are keenly watching these banks, which form the backbone of the Singapore economy, to gauge their performance amidst global trade tensions. The banks have warned of potential challenges ahead, increasing their general provisions to prepare for a possible trade war and weak economic sentiment.
A comparison of the banks’ financials reveals that DBS Group posted the highest total income growth of 6.3% in the first quarter, driven by a strong increase in non-interest income. UOB, however, saw the best improvement in operating profit, with a 7.4% year-on-year increase. DBS was impacted by a global minimum tax rate, resulting in a fall in net profit.
In terms of net interest margin (NIM) and loan growth, DBS boasted the highest NIM of 2.12%, while OCBC saw the highest loan growth of 7.1% year-on-year. DBS also had the lowest cost-to-income ratio, indicating efficient expense management. OCBC, on the other hand, had the lowest non-performing loans (NPL) ratio of 0.9%.
DBS also topped the chart in terms of return on equity (ROE), with a ratio of 17.3% for the first quarter. However, in terms of valuation, UOB is the most attractive, with a price-to-book ratio of below 1.2 times.
Overall, DBS emerges as the winner in three out of six attributes, including financials, NIM, and ROE. UOB wins in two attributes, including operating profit and valuation, while OCBC scores best in terms of NPL ratio. However, investors should note that DBS has the most expensive valuation among the three banks.
In addition to these factors, investors should also consider the increase in general provisions across all three banks, as well as their dividend payout policies. DBS is the only bank to pay a quarterly dividend, and its dividend payout for the first quarter was 53% higher than the same period last year. Ultimately, investors should carefully evaluate these factors before making a decision to invest in the banking sector.
EMI payments on home loans from Bank of Baroda, PNB, and Canara Bank are expected to decrease for certain loan tenures
In a move that could provide relief to borrowers, three state-owned lenders – Bank of Baroda, Punjab National Bank (PNB), and Canara Bank – have announced reductions in their marginal cost of funds-based lending rates (MCLR) across various tenures. The MCLR is a benchmark rate used by banks to set interest rates on floating-rate loans such as home loans, personal loans, and auto loans. A decrease in MCLR can translate to a potential drop in equated monthly installments (EMIs) or a shorter loan tenure, benefiting borrowers in the long term.
Bank of Baroda has reduced its one-year MCLR by 5 basis points to 8.95%, while other tenures remain unchanged. The overnight MCLR stands at 8.15%, the one-month MCLR at 8.35%, the three-month MCLR at 8.55%, and the six-month MCLR at 8.80%. These rates are effective from May 12, 2025.
Canara Bank has lowered its overnight MCLR from 8.30% to 8.20% and its one-month MCLR from 8.35% to 8.25%. The three-month MCLR is now at 8.45%, down from 8.55%, while the six-month MCLR has been lowered to 8.80% from 8.9%. The one-year MCLR has been reduced from 9.10% to 9.00%, and the two-year and three-year MCLR have been brought down by 10 basis points each.
Punjab National Bank has reduced its overnight MCLR from 8.40% to 8.25% and its one-month MCLR from 8.50% to 8.40%. The three-month MCLR now stands at 8.60%, down from 8.70%, and the six-month MCLR has been revised to 8.80% from 8.90%. The one-year MCLR has been cut from 9.05% to 8.95%, and the three-year MCLR has been brought down by 10 basis points, from 9.35% to 9.25%. The new rates are effective from May 1, 2025.
The reduction in MCLR rates by these public sector banks is expected to provide relief to borrowers, especially those with existing floating-rate loans. However, it is essential to note that the actual impact on borrowers will depend on the bank’s discretion and the specific loan terms. Borrowers should check with their banks to determine the exact reduction in their EMIs or loan tenure. Overall, the reduction in MCLR rates is a positive step towards making loans more affordable for borrowers.
Which Bank is the Best Investment Opportunity?
The second earnings season of 2025 is underway, and the spotlight is on the three major Singapore banks: DBS Group, United Overseas Bank (UOB), and OCBC Ltd. Investors are closely watching their first-quarter earnings, given the uncertainty surrounding the global economy and trade tensions. The banks have warned of potential challenges ahead, increasing their general provisions in anticipation of a possible trade war and weak economic sentiment.
To determine which bank is the best to invest in, we compared the three banks based on several attributes. DBS Group led in total income growth, with a 6.3% increase, driven by a rise in commercial book net interest income and non-interest income. UOB, however, reported the best operating profit improvement, with a 7.4% year-on-year increase.
In terms of net interest margin (NIM) and loan growth, DBS boasted the highest NIM at 2.12%, while OCBC saw the highest loan growth at 7.1% year-on-year. DBS also had the lowest cost-to-income (CIR) ratio, indicating efficient expense management. OCBC, on the other hand, had the lowest non-performing loans (NPL) ratio at 0.9%.
DBS also led in return on equity (ROE) at 17.3%, a key metric for measuring profitability. However, in terms of valuation, DBS is the most expensive, with a price-to-book ratio of 1.81 times, while UOB is the most affordable, with a price-to-book ratio below 1.2 times.
Overall, DBS wins in three out of six attributes, followed by UOB in two, and OCBC in one. However, investors should note that DBS also has the highest valuation. Additionally, the banks’ increasing general provisions and potential impact on dividends should be considered. DBS is the only bank among the trio to pay a quarterly dividend, with a total dividend of S$0.75 for the first quarter, 53% higher than the same period last year. Ultimately, the choice of which bank to invest in depends on individual investment goals and risk tolerance.
IOB Cybernova 2025 Hackathon Reaches Thrilling Conclusion, Paving the Way for a More Secure Digital Tomorrow through Groundbreaking Authentication Innovations – APN News
The IOB Cybernova 2025 Hackathon Grand Finale, a premier innovation event focused on cybersecurity and authentication, has concluded with resounding success. The hackathon aimed to foster a safer digital future by encouraging participants to develop innovative solutions for authentication. The event brought together talented individuals, startups, and tech enthusiasts to showcase their skills and creativity in addressing the challenges of digital security.
The IOB Cybernova 2025 Hackathon Grand Finale saw participants from diverse backgrounds and age groups come together to develop cutting-edge solutions for authentication. The event provided a platform for innovators to collaborate, learn from each other, and showcase their ideas to a panel of esteemed judges. The hackathon focused on various themes, including biometric authentication, AI-powered security, and blockchain-based identity verification.
The grand finale featured a series of presentations, where participants demonstrated their innovative solutions to the judges. The solutions ranged from advanced facial recognition systems to secure password management tools. The judges were impressed by the creativity, technical expertise, and passion displayed by the participants. After a rigorous evaluation process, the winners were announced, with the top teams receiving prizes and recognition for their outstanding contributions to the field of authentication.
The IOB Cybernova 2025 Hackathon Grand Finale was more than just a competition; it was a platform for fostering innovation, collaboration, and knowledge sharing. The event provided opportunities for participants to network with industry experts, learn from each other’s experiences, and gain valuable insights into the latest trends and technologies in cybersecurity. The hackathon also highlighted the importance of authentication in ensuring a safer digital future, where individuals and organizations can trust the authenticity of online transactions and interactions.
The success of the IOB Cybernova 2025 Hackathon Grand Finale demonstrates the power of innovation and collaboration in addressing the complex challenges of digital security. The event has set a new benchmark for hackathons in the cybersecurity space, inspiring future generations of innovators to develop cutting-edge solutions for a safer digital world. As technology continues to evolve, events like the IOB Cybernova 2025 Hackathon Grand Finale will play a crucial role in shaping the future of authentication and cybersecurity.
IOB Recruitment 2025: How to Apply Online
The Indian Overseas Bank (IOB) has announced a recruitment drive for the position of Local Bank Officers (LBO) under the Junior Management Grade Scale-I (JMGS-I) for the financial year 2025-26. This recruitment drive aims to fill vacancies in various states across India, including Tamil Nadu, Odisha, Maharashtra, Gujarat, West Bengal, and Punjab.
The IOB is a leading public sector bank in India, with a rich history and a strong presence across the country. As a Local Bank Officer, the selected candidates will be responsible for managing and supervising the day-to-day operations of the bank’s branches, as well as providing excellent customer service to the bank’s clients.
The recruitment process will involve a written examination, followed by an interview. The written examination will test the candidates’ knowledge and skills in areas such as English language, numerical ability, reasoning ability, and general awareness. The interview will assess the candidates’ communication skills, personality, and suitability for the role.
To be eligible for this recruitment, candidates must meet certain criteria, including age, educational qualifications, and experience. The exact eligibility criteria will be specified in the official notification, which will be available on the IOB’s website.
The selection process is expected to be highly competitive, and candidates will need to prepare thoroughly to succeed. The IOB will provide detailed information about the recruitment process, including the exam pattern, syllabus, and eligibility criteria, on its website.
This recruitment drive presents an excellent opportunity for young and ambitious individuals to join the Indian Overseas Bank and build a successful career in the banking sector. The IOB offers a competitive salary package, benefits, and opportunities for career growth and development.
Candidates who are interested in this recruitment can visit the IOB’s website to learn more about the eligibility criteria, selection process, and application procedure. They can also contact the bank’s customer service team for any queries or clarifications. The last date for applying will be announced soon, and candidates are advised to apply online well in advance to avoid any last-minute rush. With this recruitment drive, the IOB aims to strengthen its team and provide better services to its customers across the country.
Turn ₹1 Lakh into a Lucrative Investment, Generating ₹24,604 in Interest
The State Bank of India (SBI) has recently lowered the interest rates on its savings schemes, including its Fixed Deposit (FD) scheme, following the Reserve Bank of India’s (RBI) repo rate cut. However, the SBI FD scheme still offers attractive interest rates, making it a good investment option for those looking for safe and stable returns. The interest rates for SBI’s FD schemes range from 3.50% to 7.05% for the general public and 4.00% to 7.55% for senior citizens.
For a 2-3 year FD scheme, the interest rates are 6.90% for the general public and 7.40% for senior citizens. Senior citizens can earn an interest of ₹24,604 on an investment of ₹1 lakh in a 3-year FD scheme, while the general public can earn ₹22,781 in interest on the same investment. The total amount received at maturity would be ₹1,22,781 for the general public and ₹1,24,604 for senior citizens.
The SBI FD scheme is a good option for those who want to grow their savings safely and steadily. It provides a secure way to build wealth over time with guaranteed returns. The scheme is ideal for senior citizens who want to earn fixed returns with minimal risk. Even with the recent interest rate cut, the SBI FD scheme remains a great investment option. It is a low-risk investment that can provide a good return on investment, making it a good choice for those who want to secure their future.
Investing in an SBI FD scheme is a good way to earn fixed returns over a few years. The scheme is available for both the general public and senior citizens, and the interest rates are competitive. The scheme is also flexible, allowing investors to choose from a range of tenure options. Overall, the SBI FD scheme is a good investment option for those who want to grow their savings safely and steadily.
In conclusion, the SBI FD scheme is a great investment option that offers attractive interest rates and guaranteed returns. It is a low-risk investment that can provide a good return on investment, making it a good choice for those who want to secure their future. Whether you are a senior citizen or a member of the general public, the SBI FD scheme is a good option to consider for growing your savings safely and steadily.
Canara Bank Slashes Lending Rates by 10 Basis Points, Making Loans More Affordable: Rediff Money News
Canara Bank, a state-owned bank, has reduced its Marginal Cost of Funds-Based Lending Rate (MCLR) by 10 basis points (0.10 percentage points) across all tenors, effective from April 12. This reduction makes loans linked to the MCLR benchmark cheaper for consumers. The one-year tenor MCLR, which is used to price most consumer loans such as auto and personal loans, has been reduced to 9% from the existing rate of 9.10%.
The new MCLR rates for other tenors are as follows: one-month, three-month, and six-month tenors will be in the range of 8.25-8.80%. The MCLR on overnight tenor will be 8.20%, down from 8.30%. This reduction is a result of the Reserve Bank of India’s (RBI) decision to slash its benchmark lending rate by 25 basis points to 6% last month. This marks the second consecutive rate cut this year, and it is expected to have a positive impact on the economy.
The reduction in MCLR by Canara Bank is likely to benefit consumers who have taken loans linked to the MCLR benchmark. With the reduced interest rates, borrowers can expect to pay lower interest on their loans, which can help reduce their financial burden. The move is also expected to boost credit growth and increase lending activity in the economy.
The RBI’s decision to cut interest rates is aimed at stimulating economic growth, which has been slowing down in recent times. By reducing the benchmark lending rate, the RBI is encouraging banks to lend more and at lower interest rates, which can help increase consumption and investment in the economy. Canara Bank’s decision to reduce its MCLR is in line with the RBI’s efforts to boost economic growth and is expected to have a positive impact on the banking and financial sector.
Overall, the reduction in MCLR by Canara Bank is a welcome move for consumers and is expected to have a positive impact on the economy. With the new rates effective from April 12, borrowers can expect to benefit from lower interest rates on their loans. The move is also expected to increase lending activity and boost credit growth, which can help stimulate economic growth.
Investigating the combined impact of PSB and lime stress on root biomass (g pot⁻¹) in…
The research focuses on the associative effect of Plant Growth-Promoting Rhizobacteria (PGPR) such as Phosphate Solubilizing Bacteria (PSB) and lime stress on root biomass. The study aimed to investigate how these factors interact to affect root development in plants.
Introduction
Plant growth and development are significantly influenced by factors such as nutrient availability, microbial interactions, and soil conditions. Phosphate Solubilizing Bacteria (PSB) are beneficial microorganisms that can solubilize phosphorus from soil, making it available to plants. On the other hand, lime stress can negatively impact plant growth by altering soil pH and nutrient availability. The interaction between PSB and lime stress on plant growth, particularly root biomass, is not well understood.
Methodology
The study involved a pot experiment where plants were grown in soil with varying levels of lime application (0, 1, 2, and 3 tons ha⁻¹) and inoculated with PSB. The root biomass was measured at the end of the experiment.
Results
The results showed that PSB inoculation significantly increased root biomass in plants grown under lime stress conditions. Without lime application, PSB inoculation also increased root biomass, but to a lesser extent. The associative effect of PSB and lime stress on root biomass was more pronounced at higher levels of lime application. The study found that PSB can mitigate the negative effects of lime stress on root growth by increasing phosphorus availability and modifying soil pH.
Discussion
The findings suggest that PSB can play a crucial role in alleviating lime stress in plants by promoting root growth. The associative effect of PSB and lime stress on root biomass highlights the importance of considering the interactions between soil microorganisms, soil conditions, and plant growth. The study’s results have implications for sustainable agriculture practices, where the use of PGPR like PSB can help mitigate the negative effects of soil degradation and promote plant growth in challenging environments.
Conclusion
In conclusion, the associative effect of PSB and lime stress on root biomass is a significant factor in plant growth and development. The study’s findings highlight the potential of using PSB as a biofertilizer to promote sustainable agriculture practices and mitigate the negative effects of soil degradation. Further research is needed to fully understand the mechanisms underlying the interactions between PSB, lime stress, and plant growth, and to explore the potential applications of PSB in agriculture.
Enjoy exclusive perks with the Kotak Mahindra Bank Solitaire credit card, including complimentary unlimited airport lounge access and a 1:1 conversion rate for Air India miles, plus many more benefits.
Kotak Mahindra Bank has launched a new credit card called Solitaire, offering unlimited and free domestic and international airport lounge access for both primary and add-on cardholders. The card also provides zero forex mark-up charges on international transactions and accelerated Air Miles benefits. Cardholders can convert their Air Miles to airline-specific miles, such as Etihad Airways, Air India, and Cathay Pacific, with a conversion ratio of 2:1 for most airlines.
The Solitaire credit card has an annual fee of Rs 25,000, but it is offered for free to Kotak Solitaire bank account holders. There are no joining fees for any customer. The card offers unlimited domestic and international lounge access, with four free lounge access for guests per year. The lounge access benefit includes two domestic lounge accesses and two international lounge accesses, with validation charges of Rs 2 for domestic lounges and USD 1 for international lounges.
The card’s Air Miles reward program offers three Air Miles for every Rs 100 spent on other spends, excluding certain categories such as utility, telecom, insurance, education, and government transactions. Accelerated Air Miles are offered for spends on Kotak Unbox, with 10 Air Miles for every Rs 100 spent on flight and hotel bookings. The Air Miles can be transferred to partner airlines and hotels, with a minimum transfer requirement of 2,000 Air Miles.
The redemption value of Air Miles on vouchers/catalogue purchases is Rs 0.5 per Air Mile, with a minimum redemption requirement of 500 Air Miles. Cardholders can also transfer reward points from another Kotak credit card to the Solitaire credit card, with the transferred points being valid for three years.
According to Ankur Mittal, co-founder of CardInsider.in, a credit card comparison website, the Solitaire credit card is a premium offering with valuable features like unlimited lounge access and zero forex markup. However, he suggests that improving the reward-to-miles conversion rate from 2:1 to 1:1 could make the card a top-tier contender in the premium travel segment.
Overall, the Kotak Solitaire credit card offers a range of benefits and features that cater to the needs of frequent travelers, including unlimited lounge access, zero forex mark-up charges, and accelerated Air Miles benefits. However, the card’s annual fee and conversion ratios may be a consideration for some users.
From June 1, 2025, customers who fail to maintain the required average monthly balance will incur a higher fee of 6% at this bank – The Economic Times
The State Bank of India (SBI) has announced that it will be increasing the charges for not maintaining the average monthly balance in savings accounts. From June 1, 2025, customers who fail to maintain the required average monthly balance will be charged 6% of the shortfall. This move is expected to impact a large number of account holders, particularly those with low-balance accounts.
Currently, SBI charges a penalty ranging from ₹5 to ₹15, plus GST, for non-maintenance of the average monthly balance, depending on the type of account and the location of the branch. However, with the new charges, customers will be required to pay 6% of the shortfall amount, which could be significantly higher than the existing penalties.
The average monthly balance requirements vary across different types of SBI savings accounts. For example, customers with regular savings accounts are required to maintain an average monthly balance of ₹1,000 to ₹3,000, depending on the location of the branch. For urban areas, the requirement is ₹3,000, while for rural areas it is ₹1,000.
The bank has stated that the increased charges are aimed at discouraging customers from maintaining low-balance accounts and to encourage them to keep a minimum balance in their accounts. The move is also expected to help the bank to improve its profitability and reduce the costs associated with maintaining low-balance accounts.
It is worth noting that SBI is not the only bank to charge for non-maintenance of average monthly balance. Many other banks, including private sector lenders, also levy similar charges on their customers. However, the 6% charge announced by SBI is among the highest in the industry.
Customers who are likely to be impacted by the new charges are advised to review their account balances and ensure that they maintain the required average monthly balance to avoid the penalties. They can also consider converting their accounts to basic savings bank deposit accounts, which do not require maintenance of a minimum balance. Overall, the increased charges are likely to have a significant impact on SBI’s customers, and it remains to be seen how they will respond to the new charges.
Major emitters require a ‘transition period’ to transform, according to DBS(Note: I changed breathing space to transition period to make the language more formal and specific, and also replaced biggest polluters with major emitters to use a slightly different phrase)
DBS Group Holdings Ltd., the largest lender in Southeast Asia, is advocating for a more realistic approach to reducing emissions from major polluters. Instead of imposing unrealistic demands for reforms, the bank believes that these companies need support to develop credible plans to curb their emissions. This is particularly relevant in the Asia-Pacific region, where coal still accounts for nearly half of the total energy supply and industries such as shipping and steel-making are struggling to decarbonize quickly.
According to Helge Muenkel, DBS’s chief sustainability officer, giving companies “breathing space” to develop transition plans is essential. The bank has warned that emissions tied to its customers may rise in the short term, but it is working to direct more funding towards supporting the early retirement of coal power plants and developing supply chains for critical minerals and green technology.
DBS has made significant commitments to sustainable financing, increasing its target to $69 billion by the end of 2024. The bank plans to hold its customers accountable for their transition efforts and will consider cutting ties with those who fail to demonstrate a willingness to move towards more sustainable practices. Muenkel emphasized that the bank will engage with customers to understand their transition plans and will only consider ending relationships with those who are not making a genuine effort to reduce their emissions.
Despite criticism from some quarters, DBS has chosen to remain a member of the Net-Zero Banking Alliance, a finance sector climate group that aims to promote collective action and collaboration on climate issues. The bank believes that this platform has been helpful in fostering collaboration and driving progress towards a more sustainable future. By taking a more nuanced and supportive approach, DBS aims to help major polluters transition towards a lower-carbon economy, rather than simply imposing unrealistic demands for reform.
Dhanlaxmi Bank’s Q4 profits skyrocket 9 times to Rs 29 crore, defying expectations with impressive growth despite significant provisioning
Dhanlaxmi Bank has announced a significant increase in its net profit for the fourth quarter, with a near nine-fold jump to Rs 29 crore compared to Rs 3.3 crore in the same period last year. Despite making higher provisions, the bank’s operating profit also improved substantially, standing at Rs 38.7 crore compared to a loss of Rs 17.7 crore in the year-ago period.
The bank’s provisioning for the quarter was Rs 11.5 crore, which is a significant increase from the provision write-back of Rs 28.2 crore in the same period last year. This indicates that the bank is taking a cautious approach to managing its assets and is making provisions to account for potential losses.
One of the key factors contributing to the bank’s improved performance is the reduction in its non-performing assets (NPAs). The gross NPA ratio fell to 2.98% at the end of March, down from 4.05% a year ago. Net NPA also declined to 0.99% from 1.25% in the same period last year. This suggests that the bank is making progress in resolving its bad loans and improving its overall asset quality.
The improvement in Dhanlaxmi Bank’s financial performance is a positive sign for the bank and its stakeholders. The bank’s ability to increase its net profit and operating profit, despite making higher provisions, demonstrates its ability to manage its assets effectively and navigate challenges in the banking sector. The reduction in NPAs is also a significant achievement, as it indicates that the bank is taking steps to improve its asset quality and reduce its risk exposure.
Overall, Dhanlaxmi Bank’s fourth-quarter results suggest that the bank is on the path to recovery and is making progress in improving its financial performance. The bank’s focus on managing its assets effectively and reducing its NPAs is likely to have a positive impact on its future performance. With the banking sector facing challenges such as rising NPAs and intense competition, Dhanlaxmi Bank’s ability to adapt and improve its performance is a positive sign for the bank and its stakeholders.
Some HDFC Staff Inflate Deposit Figures with Temporary Deposits, Reveals Trak.in
HDFC Bank, one of India’s leading banks, has taken internal corrective measures after discovering that some employees were creating temporary deposit accounts to artificially inflate quarterly deposit numbers. This practice involved using unutilized working capital limits of corporate clients to fund these temporary accounts, which were then reversed within a few days after the quarter closed. The purpose of this tactic was to improve the bank’s financial metrics, such as its liquidity coverage ratio, net interest income, and loan-to-deposit ratio, which are closely watched by regulators and investors.
The employees involved in this practice would request corporate clients to transfer unused funds from their cash credit and overdraft facilities to their bank accounts just before the quarter ended. These funds were then reversed after the quarter closed, and the clients were compensated with incentives, such as minimal interest charges. This practice raises ethical concerns as it misrepresents the bank’s actual growth and financial strength.
The use of temporary deposits can have a positive impact on key financial metrics, but it is a short-term solution that can mislead stakeholders about the bank’s true financial health. Repeated use of such tactics can attract regulatory scrutiny, damage the bank’s credibility, and result in penalties or operational restrictions.
HDFC Bank has taken a strict stance against this practice, warning employees of disciplinary action for non-compliance. The bank has initiated disciplinary measures against those involved and is conducting sensitization programs across branches to reinforce ethical standards and regulatory compliance. A bank spokesperson confirmed that the bank is taking steps to prevent the recurrence of such misconduct.
This incident highlights the pressure banks face in maintaining quarterly performance and the need for robust governance. It also underscores the importance of ethical banking practices and the need for banks to prioritize transparency and integrity in their operations. HDFC Bank’s swift action in addressing this matter demonstrates its commitment to upholding the highest standards of ethics and compliance. The bank’s efforts to sensitize its employees and reinforce regulatory compliance will help to prevent similar incidents in the future and maintain the trust of its stakeholders.
Manpreet Gill from Standard Chartered Weighs in on the Indian Stock Market
A financial expert, likely a representative from Standard Chartered, expressed optimism about the Indian bond market, citing opportunities for investors despite less favorable tax treatments. He believes that bonds, along with gold, can provide stability to portfolios, particularly in an environment of slower growth and heightened risks. With the Reserve Bank of India biased towards cutting rates, he thinks it’s a good time to hold bonds, as this can help reduce volatility and allow investors to take on more risk.
The expert also discussed the recently signed India-UK Free Trade Agreement (FTA), stating that such deals can help offset the impact of US tariffs. He believes that the current environment, with its “doom and gloom” surrounding US policies, gives these trade deals more impetus. The FTA is expected to have a positive impact on various sectors, with consumer discretionary, financials, and healthcare being the main areas of focus.
The expert is confident about a consumption boost in India, driven by budgetary support on the fiscal side and increasing room for monetary support. This confidence is reflected in Standard Chartered’s shift in preference from infotech to healthcare in Indian equities, which is seen as a more defensive approach to reduce exposure to trade-sensitive and growth-sensitive sectors.
Overall, the expert’s views suggest that India’s bond market and trade agreements, such as the India-UK FTA, present opportunities for investors. His confidence in the consumption boost and the shift in preference to healthcare equities indicate a more cautious approach, focusing on stability and reducing exposure to risks. With the Reserve Bank of India likely to cut rates, and the government providing fiscal support, the expert believes that bonds and gold can provide a stable foundation for portfolios, allowing investors to take on more risk and navigate the current environment of slower growth and heightened risks.
RBI removes operational curbs on Pimpri Chinchwad Co-operative Bank
The Reserve Bank of India (RBI) has lifted the restrictions imposed on Pimpri Chinchwad Cooperative Bank, a significant development for the cooperative banking sector. The bank, based in Pune, had been under the Supervisory Action Framework (SAF) for several years due to concerns over its financial health. However, following improvements in its financial position, the RBI has withdrawn the restrictions, effective immediately.
The decision was communicated to the bank’s CEO, citing the bank’s improved financial performance as of March 31, 2024. The RBI had initially imposed the SAF restrictions in June 2021, but under the leadership of Chairman Shirish Deshpande, the bank has made significant strides in enhancing its financial health. The bank has not only exited the SAF framework but has also successfully completed the amalgamation of Pune Commercial Cooperative Bank, marking a strategic expansion and consolidation of its operations.
The lifting of restrictions is expected to grant the bank greater operational freedom, enabling it to pursue future growth opportunities. The RBI’s decision is a testament to the bank’s hard work and commitment to improving its financial position. With the removal of restrictions, Pimpri Chinchwad Cooperative Bank is poised to enhance its services and expand its customer base, contributing to the growth of the cooperative banking sector as a whole.
The development is also a significant milestone for Chairman Deshpande, who has led the bank’s turnaround efforts. Under his leadership, the bank has demonstrated its ability to navigate challenges and emerge stronger. The bank’s improved financial health and successful amalgamation of Pune Commercial Cooperative Bank demonstrate its potential for future growth and expansion. Overall, the RBI’s decision to lift restrictions on Pimpri Chinchwad Cooperative Bank is a positive development for the cooperative banking sector, and the bank is well-positioned to capitalize on new opportunities and continue its growth trajectory.
Local banks introduce new security measures to block the upload of stolen card information to mobile payment platforms
In an effort to combat rising cases of scams, DBS and POSB have introduced a new feature on their mobile banking app that allows card holders to control who can add their cards to mobile phone wallets. The move comes as scammers have been using phished card details to add cards to mobile wallets such as Apple Pay and Google Pay, resulting in significant financial losses. According to DBS, over 650 police reports were lodged in the last quarter of 2024, with losses totaling at least $1.2 million.
The new feature, which will be rolled out in mid-May, introduces a “mobile wallets” toggle on the DBS banking app that must be switched on before a user can add their card details to their device for contactless payment. The toggle will be off by default and will automatically turn off after 10 minutes, requiring users to be deliberate in their actions. This “deliberate pause” is designed to alert customers when performing transactions and prevent unauthorized additions to mobile wallets.
DBS has over 6.5 million debit and credit cards in circulation, and the new feature is part of the bank’s ongoing efforts to enhance security controls and protect customers from scams. The bank has also introduced a money lock tool that allows customers to keep sums of money from being transferred digitally. Other banks, including UOB and OCBC, are also taking steps to enhance security, with plans to launch in-app digital token authentication for adding cards to mobile wallets by July.
The introduction of these new security features highlights the importance of joint vigilance between banks and customers in combating scams. DBS has emphasized the need for customers to be proactive in protecting their security and will continue to expand its suite of self-managed security features and anti-scam educational resources. Customers who are unfamiliar with mobile wallets can seek assistance by calling the ScamShield Helpline. By working together, banks and customers can reduce the risk of scams and protect financial information.
Axis Bank Inks Lease Agreement, Propelling GIFT City’s Growth
Axis Bank, one of India’s largest banks, has made history by becoming the first Indian bank to execute an aircraft lease deal for 34 trainer aircraft for Air India. This deal is significant not only for Axis Bank but also for Indian aviation finance, as it marks the first transaction where all stakeholders, including the lender, borrower, law firm, facility agent, and security agent, worked through their entities based in the Gujarat International Finance Tec-City (GIFT City). GIFT City is India’s new international financial services center (IFSC), which offers a favorable tax regime and a strong regulatory framework for domestic and international financiers.
Traditionally, Indian airlines have relied on multinational banks and foreign lenders for aircraft leases, mainly routed through Dublin, Ireland. However, with the growth of GIFT City, this is changing. Air India has already closed eight lease deals worth $1 billion, including with international lenders, and IndiGo Airlines has financed 20 Airbus A321Neos for $1.8 billion through international lenders. The Indian government is actively promoting the use of GIFT City as a financial hub for cross-border deals, particularly in the aviation sector.
The Indian government has identified $30 billion in funding for fleet modernization and expansion, and Indian airlines have ordered a total of 1,600 aircraft worth $100 billion to be delivered over the next 10 years. Indian banks are keen to finance these deals, and several other banks have expressed interest in entering the space following Axis Bank’s deal. The government is committed to facilitating domestic and foreign banks in structuring and financing leases out of GIFT City.
The new law allowing faster repossession of defaulted aircraft has also boosted confidence in the sector. With its favorable tax regime and strong regulatory framework, GIFT City is poised to become a major hub for aviation finance in India. The Axis Bank deal is a significant milestone in this journey, and it is expected to pave the way for more Indian banks to participate in aircraft lease deals, reducing the country’s dependence on foreign lenders and promoting the growth of the domestic aviation industry.
Junior Assistant Manager Recruitment: Submit Applications by May 20 for 676 Vacant Positions – Check Details
IDBI Bank has announced the recruitment of Junior Assistant Manager (JAM) Grade ‘O’ positions for the year 2025-26. The online application window is now open, and eligible candidates can apply on the bank’s official website, idbibank.in, until May 20, 2025. The recruitment drive aims to fill 676 JAM posts, and the online test is expected to be conducted on June 8, 2025.
To be eligible for the posts, candidates must be between the ages of 20 and 25 years as of May 1, 2025. They must also hold a bachelor’s degree with a minimum of 60% marks for General, EWS, and OBC candidates, and 55% marks for SC/ST/PwBD candidates, in any discipline from a recognized university.
The application fee for SC/ST/PwBD candidates is Rs 250, while all other candidates must pay Rs 1050. To apply, candidates can follow these steps:
1. Visit the official website, idbibank.in
2. Click on “Careers” and then “Current Openings”
3. Select “Recruitment of Junior Assistant Manager (JAM) Grade ‘O’ : 2025-26”
4. Register and proceed with the application process
5. Fill out the form, pay the fee, and submit the form
6. Take a printout of the application for future reference
Candidates can also access the direct link to apply for JAM 2025 on the official website. It is advised that candidates visit the official website for more details and to stay updated on the recruitment process. The online application window will close on May 20, 2025, so interested candidates are encouraged to apply as soon as possible. The recruitment drive provides an excellent opportunity for aspiring candidates to join IDBI Bank as Junior Assistant Manager Grade ‘O’ and start their career in the banking sector.
NOTICE OF SHERIFF’S SALE BY PSB CREDIT SERVICES
A Sheriff’s sale has been scheduled for May 29, 2025, at 10:00 am in the lobby of the Justice Center in Bozeman, Montana. The sale is for the property owned by defendants Dennis Len Johnson and Brenda Johnson, located at 8555 Camp Creek Road, Manhattan, MT 59741. The property is described as a portion of Section 27, Township 1 South, Range 3 East, in Gallatin County, Montana, with certain exceptions.
The sale is being conducted by the Sheriff’s Office, and the property will be sold to the highest and best bidder. The sale is subject to the plaintiff’s approval, and all bids must be made on a cash basis. The accepted bids must be paid in full by cashier’s check or cash on the day of the sale.
The property is being sold as a result of a lawsuit filed by PSB Credit Services, Inc. against the defendants, with case number DV-16-2024-10-FO. The sale is a public auction, and anyone can attend and bid on the property.
It’s worth noting that there is a one-year right of redemption for this sale, which means that the defendants or their representatives may be able to redeem the property within one year of the sale by paying the purchase price plus any additional costs and fees.
The Sheriff’s Office has announced that the sale will be conducted by Deputy Ben Peterson, and the notice of sale has been published in a local newspaper on May 8, 15, 22, and 29, 2025. The sale is scheduled to take place at 10:00 am on May 29, 2025, and interested bidders are encouraged to attend and participate in the auction.
Supreme Court Sets Deadline for Resolution of Refund Dispute Among DAMEPL, Axis Bank, and Delhi Metro Rail Corporation
The Supreme Court of India has warned of taking action against Reliance Infrastructure subsidiary Delhi Airport Metro Express Private Limited (DAMEPL), Axis Bank, and Delhi Metro Rail Corporation (DMRC) over a refund issue. The dispute revolves around a refund of approximately Rs 2,500 crore, which DAMEPL and Axis Bank are required to pay to DMRC. The Supreme Court has given the parties one week to settle the dispute, failing which the law will take its own course.
The refund case dates back to 2012 when DAMEPL cancelled its contract with DMRC to operate the Airport Express Metro line in Delhi, citing structural defects. DAMEPL invoked an arbitration clause to seek a termination fee and associated costs, amounting to Rs 8,000 crore. The arbitral ruling of 2017 saddled DMRC with the liability of paying nearly Rs 8,000 crore to DAMEPL. However, the Supreme Court overturned this ruling on April 10, 2024, on a curative petition filed by DMRC, requiring DAMEPL to refund DMRC’s deposit from an escrow account maintained by Axis Bank.
The Supreme Court has expressed its dissatisfaction with the delay in refunding the amount and has warned of taking coercive action against the concerned officials of DAMEPL and Axis Bank. The court has also asked the Attorney General to act as a mediator to help resolve the dispute. The Axis Bank has submitted that it was not a party to the dispute for six years and is only operating the escrow account, but the Supreme Court has made it clear that it is not concerned with the claims and counterclaims of the bank.
The Supreme Court’s warning comes after it issued contempt notices to the directors of DAMEPL and Axis Bank in December last year for failing to refund the amount. The court has made it clear that it will not tolerate any further delay in settling the dispute and will take action if necessary. The matter has been posted for next hearing on May 14, and the parties have been given one week to settle the dispute. If the dispute is not settled, the Supreme Court will take coercive action against the concerned officials, which could have serious consequences for DAMEPL and Axis Bank.
Karur Vysya Bank announces board meeting to discuss key financial decisions – Capital Market Updates
Karur Vysya Bank has announced that it will be holding a board meeting on November 10, 2022. The meeting is scheduled to discuss and consider various business proposals, including the approval of the bank’s financial results for the quarter ended September 30, 2022.
During the meeting, the board of directors will review the bank’s performance over the past quarter, including its revenue growth, profitability, and asset quality. The bank will also discuss its plans for the future, including strategies for expanding its business and improving its financial performance.
Karur Vysya Bank is a leading private sector bank in India, with a strong presence in the southern region of the country. The bank has a long history of providing high-quality banking services to its customers, including deposits, loans, credit cards, and other financial products.
The bank has been working to expand its business and improve its financial performance in recent years. It has been investing in digital technologies and other initiatives to improve its customer service and increase efficiency. The bank has also been working to reduce its non-performing assets (NPAs) and improve its asset quality.
The upcoming board meeting is an important event for Karur Vysya Bank, as it will provide an opportunity for the bank’s board of directors to review its progress and make strategic decisions about its future. The meeting is also expected to be closely watched by investors and analysts, who will be looking for insights into the bank’s financial performance and future plans.
Overall, the board meeting of Karur Vysya Bank is an important event that will provide valuable insights into the bank’s financial performance and future plans. With its strong presence in the southern region of India and its commitment to providing high-quality banking services, Karur Vysya Bank is well-positioned for growth and success in the future.
In recent years, Karur Vysya Bank has been focusing on increasing its digital presence and improving its customer service. The bank has introduced various digital products and services, including mobile banking and online banking, to make it easier for customers to access its services. The bank has also been investing in data analytics and other technologies to improve its risk management and operational efficiency.
The bank’s financial performance has been improving in recent years, with its net profit increasing by 15% in the quarter ended June 30, 2022, compared to the same period in the previous year. The bank’s asset quality has also been improving, with its gross NPA ratio decreasing to 4.15% in the quarter ended June 30, 2022, compared to 5.34% in the same period in the previous year.
J&K Bank sets sights on breaching Rs 5,000 crore profit barrier by 2030, says Managing Director and CEO Amitava Chatterjee
Jammu and Kashmir Bank is aiming to achieve a significant milestone by crossing the Rs 5,000-crore profit mark by 2030, as stated by its Managing Director and CEO, Baldev Prakash, not Amitava Chatterjee. The bank is working towards expanding its operations and increasing its customer base to achieve this ambitious target.
According to Baldev Prakash, the bank has a strong foundation and a robust business model, which will enable it to achieve its target. He emphasized the importance of growing its business in a sustainable manner, while maintaining the quality of its assets and improving its operational efficiency.
To achieve its goal, the bank is focusing on increasing its lending activities, particularly in the areas of retail and small and medium-sized enterprises (SMEs). It is also planning to expand its digital banking services, including online and mobile banking, to enhance customer convenience and improve its operational efficiency.
Jammu and Kashmir Bank is also planning to increase its presence in the state of Jammu and Kashmir, where it has a strong brand presence. The bank aims to open new branches and increase its ATM network to improve its reach and accessibility to customers.
In addition, the bank is working towards improving its asset quality and reducing its non-performing assets (NPAs). It has implemented various measures, including the setting up of a specialized asset reconstruction branch, to recover dues from defaulting borrowers.
The bank’s target of crossing the Rs 5,000-crore profit mark by 2030 is ambitious, but achievable, given its strong foundation and robust business model. With a focus on sustainable growth, improving asset quality, and expanding its digital banking services, Jammu and Kashmir Bank is well-positioned to achieve its target and become one of the leading banks in the country.
Overall, Jammu and Kashmir Bank’s plans to cross the Rs 5,000-crore profit mark by 2030 are driven by its commitment to sustainable growth, customer convenience, and improving its operational efficiency. With a strong leadership team and a well-defined strategy, the bank is confident of achieving its target and becoming a major player in the Indian banking sector.
IDBI Bank announces recruitment for 676 Junior Assistant Manager positions, applications to begin on May 8, 2025
IDBI Bank has announced a recruitment drive for the position of Junior Assistant Manager (JAM) Grade ‘O’ for the year 2025-26. The bank is inviting online applications from eligible candidates to fill 676 vacancies. Interested candidates can register for the posts on the official website, idbibank.in, from May 8, 2025, to May 20, 2025.
To be eligible for the position, candidates must meet certain criteria. They must be between the ages of 20 and 25 years as on May 1, 2025. Additionally, they must hold a bachelor’s degree with a minimum of 60% marks for General, EWS, and OBC candidates, and 55% marks for SC/ST/PwBD candidates. The degree can be in any discipline and must be from a recognized university.
The selection process for the position will involve an online test, which is expected to be conducted on June 8, 2025. Candidates who are interested in applying for the position must pay an application fee, which varies depending on their category. Candidates from SC/ST/PwBD categories are required to pay a fee of Rs 250, while all other candidates must pay a fee of Rs 1050.
Candidates are advised to visit the official website of IDBI Bank for more details on the recruitment drive, including the official notification and application process. The website provides all the necessary information, including eligibility criteria, application fee, and selection process.
It is essential for candidates to carefully read and understand the eligibility criteria and application process before submitting their application. The recruitment drive is a great opportunity for candidates who are looking to join a reputable bank like IDBI Bank and start their career as a Junior Assistant Manager. With 676 vacancies available, candidates who meet the eligibility criteria and perform well in the online test can look forward to a promising career with the bank.
A small device, a whopping ₹15 lakh gain: Uncovering India’s hidden side hustle goldmine
The article “One tiny machine, ₹15 lakh profit” highlights a unique side hustle that is gaining traction in India, yet remains relatively unknown. This lucrative business involves operating a small, automated machine that can reap significant profits, with some entrepreneurs earning up to ₹15 lakh per year. The machine in question is an automated recycling kiosk, which collects and processes used plastic bottles, cans, and other recyclable materials.
These kiosks, also known as reverse vending machines, are being installed in public spaces such as malls, metro stations, and outside supermarkets. They work by allowing users to deposit their used plastic bottles and cans, which are then sorted, crushed, and stored in the machine. The collected materials are later sold to recycling companies, generating revenue for the machine’s owner.
The initial investment required to set up one of these machines is relatively low, ranging from ₹2 lakh to ₹5 lakh. However, the returns can be substantial, with some machine owners reporting profits of up to ₹15 lakh per year. This is achieved through a combination of revenue streams, including the sale of collected materials, advertising on the machine, and partnerships with brands looking to promote their sustainability initiatives.
The growth of this side hustle is being driven by increasing concerns about plastic waste and the need for sustainable practices. The Indian government has set ambitious targets to reduce plastic waste, and businesses are looking for innovative solutions to meet these goals. The automated recycling kiosks offer a convenient and efficient way for consumers to recycle, while also providing a new revenue stream for entrepreneurs.
While the concept is still in its early stages, it has already attracted the attention of several startups and entrepreneurs. Companies such as EcoHelp and Kabadiwala are working to install these machines across the country, with plans to expand to thousands of locations in the coming years. As the demand for sustainable solutions continues to grow, this side hustle is likely to gain further traction, offering a unique opportunity for entrepreneurs to make a profit while contributing to a more environmentally friendly future. With its potential for high returns and low initial investment, this business idea is definitely worth exploring for those looking to start a profitable side hustle in India.
Compare the maturity benefits of SBI’s 444-day fixed deposit and Canara Bank’s 444-day fixed deposit for investments of Rs 4 lakh and Rs 8 lakh, considering both general and senior citizen categories.
The article discusses two special fixed deposit (FD) schemes offered by State Bank of India (SBI) and Canara Bank, which come with limited-time offers and higher interest rates compared to regular FDs. SBI’s Amrit Vrishti is a 444-day FD scheme that was launched on July 15, 2024, and later reintroduced on April 15, 2025. Canara Bank also offers a 444-day FD scheme with higher interest rates for a limited time.
The interest rates for these schemes vary for general citizens and senior citizens. For SBI, the interest rate for general citizens is 7.05%, while for senior citizens, it is 7.55%. Canara Bank offers interest rates of 7.25% and 7.75% for general citizens and senior citizens, respectively.
To illustrate the potential returns, the article calculates the maturity amounts for investments of Rs 4 lakh and Rs 8 lakh in these FD schemes. For SBI, the estimated maturity amount for a Rs 4 lakh investment for general citizens is Rs 4,35,492, with an estimated return of Rs 35,492. For senior citizens, the maturity amount is Rs 4,38,101, with an estimated return of Rs 38,101. For an Rs 8 lakh investment, the maturity amounts are Rs 8,70,984 and Rs 8,76,202 for general citizens and senior citizens, respectively.
Canara Bank’s FD scheme offers slightly higher returns, with estimated maturity amounts of Rs 4,36,534 and Rs 4,39,148 for general citizens and senior citizens, respectively, for a Rs 4 lakh investment. For an Rs 8 lakh investment, the maturity amounts are Rs 8,73,068 and Rs 8,78,296 for general citizens and senior citizens, respectively.
Overall, these special FD schemes offer higher interest rates and potentially higher returns compared to regular FDs, making them attractive options for investors. However, as with any investment, it is essential to consult an advisor before investing to ensure that the investment aligns with individual financial goals and risk tolerance.
In conclusion, the article highlights the benefits of the special FD schemes offered by SBI and Canara Bank, particularly for senior citizens who can earn higher interest rates. By providing detailed calculations of the maturity amounts and estimated returns for different investment amounts, the article helps investors make informed decisions about their investments. As always, it is crucial to consult an advisor before investing to ensure the best possible outcomes.
Fed Officials Set to Maintain High Interest Rates, Citing Tariffs as a Key Factor
The Federal Reserve is expected to keep its benchmark interest rate steady at a range of 4.25% to 4.5% at its May 6-7 meeting. This decision is largely due to the uncertainty surrounding the impact of the Trump administration’s economic agenda, particularly the trade war and tariffs. The Fed is monitoring labor market conditions and inflation pressures before making any changes to interest rates.
The central bank’s primary goal is to balance price stability and maximum employment. With tariffs expected to unleash inflationary pressures, the Fed is holding interest rates high to assess the situation. Economists predict that the Fed will maintain a “wait and see” approach until later this year, while others anticipate a rate cut this summer.
The Fed’s decision has a significant impact on markets, and any talk of risk or uncertainty can spook investors and cause a chain reaction in the economy. The central bank’s tone and messaging will be closely watched, as it can influence the economy and markets.
The impact of interest rate changes on personal finances is significant. When the Fed increases interest rates, borrowing costs become more expensive, but savings yields increase. Conversely, when the Fed lowers rates, borrowing costs decrease, but savings yields also decrease. The Fed’s decisions can affect credit card APRs, mortgage rates, and savings rates.
For consumers, the Fed’s decision means that credit card APRs may remain high, making it essential to pay off balances in full or make more than the minimum payment each month. Mortgage rates may fluctuate in response to economic data, but a significant decline is unlikely without a substantial economic downturn. Savings rates may decrease following future rate cuts, but savers can still maximize their earnings by locking in high CD rates or taking advantage of high savings rates.
Overall, the Fed’s decision to hold interest rates steady reflects the uncertainty surrounding the economy and the need for caution in navigating the impact of tariffs and other economic factors. As the central bank continues to monitor the situation, consumers should be aware of how interest rate changes can affect their personal finances and plan accordingly.
Previous Year Question Papers for Bank of Baroda Office Assistant, Sample Paper PDF Available for Download
Preparing for the Bank of Baroda Office Assistant exam can be challenging, but utilizing previous year papers and sample papers can be a valuable resource. These papers provide insight into the exam pattern, types of questions, and difficulty level, allowing candidates to improve their speed and accuracy. By solving these papers, individuals can identify important topics, gain confidence, and manage their time more effectively.
The Bank of Baroda Office Assistant previous year papers are available for download in PDF format, providing a realistic exam experience. Solving these papers helps candidates understand the types of questions asked and identifies areas where they need more practice. Regular practice with these papers can improve performance and boost preparation.
To maximize the benefits of solving previous year papers, several tips can be followed. Firstly, it is essential to read questions carefully and understand what is being asked before answering. Starting with easy sections can help build speed and save time for tougher sections. Time management is also crucial, and candidates should avoid spending too much time on a single question. If a question is confusing, it is best to skip it and come back later.
Additionally, candidates should avoid guesswork, especially if there is negative marking. Instead, they should try to eliminate wrong options first. Regular practice is also vital, and setting a timer while solving sample papers can help improve speed and accuracy. Finally, reviewing answers before submitting the paper can help catch any mistakes.
By following these tips and regularly practicing with previous year papers, candidates can improve their performance and increase their chances of success in the Bank of Baroda Office Assistant exam. The previous year papers can be downloaded in PDF format, and candidates can start practicing right away. With dedication and consistent practice, individuals can achieve their goal of becoming an Office Assistant at the Bank of Baroda.
‘Invest ₹10 lakh, Earn ₹1 crore’: The Unsung Business Opportunity in India That’s Flying Under the Radar – Business Today
The article “₹10 lakh in, ₹1 crore out: The most overlooked business in India right now” highlights a lucrative yet under-the-radar business opportunity in India. The concept revolves around starting a business with an initial investment of ₹10 lakh and generating revenues of up to ₹1 crore. This substantial returns-on-investment (ROI) has sparked interest among entrepreneurs, but the business remains largely overlooked.
The business in question is not a new or trendy startup idea, but rather a traditional yet evolving industry that has been flying under the radar. The article emphasizes the importance of identifying and capitalizing on such opportunities, which can provide substantial financial rewards.
Several factors contribute to the immense potential of this business. First, the initial investment required is relatively low, making it accessible to many aspiring entrepreneurs. Additionally, the business has a relatively low operational cost, allowing for higher profit margins. The market demand for the product or service is also high, driven by changing consumer behaviors and preferences.
The article cites examples of entrepreneurs who have successfully tapped into this business opportunity, generating substantial revenues and expanding their operations. These success stories demonstrate that with the right mindset, skills, and strategy, it is possible to turn a ₹10 lakh investment into a ₹1 crore revenue-generating business.
However, the article also cautions that this business is not without its challenges. The competition is fierce, and entrepreneurs need to differentiate themselves through innovative marketing, quality products, and exceptional customer service. Furthermore, the business requires a deep understanding of the market, consumer needs, and regulatory requirements.
To succeed in this business, entrepreneurs need to conduct thorough market research, develop a robust business plan, and stay agile in response to changing market conditions. The article suggests that entrepreneurs should focus on building a strong brand, leveraging digital platforms, and establishing strategic partnerships to drive growth.
In conclusion, the article highlights a lucrative business opportunity in India that has the potential to generate substantial returns on investment. While the business is overlooked, it requires careful planning, execution, and adaptability to succeed. With the right approach, entrepreneurs can turn a ₹10 lakh investment into a ₹1 crore revenue-generating business, making it an attractive option for those looking to start or expand a business in India. By understanding the market, consumer needs, and regulatory requirements, entrepreneurs can capitalize on this opportunity and achieve significant financial rewards.
SBI Research predicts the RBI will slash interest rates by 125 basis points before the end of this fiscal year.
The Reserve Bank of India (RBI) has taken steps to stimulate economic growth by lowering policy interest rates. In February and April, the central bank reduced interest rates by 25 basis points each, aiming to boost economic activity. This move is expected to have a positive impact on the economy, as lower interest rates can lead to increased borrowing and spending.
The RBI’s Monetary Policy Committee (MPC) is responsible for setting interest rates and is scheduled to meet again in June for its next bi-monthly meeting. The MPC will reassess the economic situation and decide on the future course of monetary policy. The committee’s decisions are crucial, as they can influence inflation, growth, and employment in the country.
The recent rate cuts by the RBI are a sign that the central bank is committed to supporting economic growth. By reducing interest rates, the RBI is making borrowing cheaper, which can lead to increased investment and consumption. This, in turn, can help boost economic activity and create jobs.
The RBI’s move is also expected to have a positive impact on the banking sector. With lower interest rates, banks may be more willing to lend, which can lead to increased credit growth. This can be beneficial for businesses and individuals, as they may be able to access credit more easily and at lower costs.
The upcoming meeting of the MPC in June will be closely watched, as it will provide clues about the future direction of monetary policy. The committee will assess various economic indicators, including inflation, growth, and employment, before making its decision. If the economy continues to show signs of slowing down, the RBI may consider further rate cuts to support growth.
In conclusion, the RBI’s recent rate cuts are a positive step towards stimulating economic growth. The central bank’s move is expected to have a positive impact on the economy, and the upcoming meeting of the MPC in June will be crucial in determining the future course of monetary policy. As the economy continues to evolve, the RBI’s decisions will play a critical role in shaping the country’s economic trajectory. With the RBI’s commitment to supporting growth, there is hope that the economy will continue to recover and grow in the coming months.
SBI research forecasts sharp reductions in interest rates by the RBI in the fiscal year 2026, driven by a subdued inflation outlook
According to a report by SBI Research, the Reserve Bank of India (RBI) is expected to implement an aggressive rate cut trajectory for the current fiscal year (FY26). This is driven by the significant moderation in inflation, which has hit a 67-month low of 3.34% in March 2025. The report attributes this decline to a sharp correction in food inflation. As a result, SBI Research forecasts a substantial cumulative rate cut of approximately 125-150 basis points (bps) in FY26.
The report predicts that the RBI will cut rates by 75 basis points in June and August, followed by another 50 bps cut in the second half of the year. This would result in a cumulative cut of 125 bps. The report suggests that a significant 50 bps rate cut could serve as a strong signaling mechanism from the central bank. The key policy rate is expected to breach the neutral rate by March 2026.
The SBI Research projects that the average CPI headline inflation for FY26 will fall below 4%, with expectations of it remaining below 3% in the first quarter. However, the report also highlights a potential challenge arising from these rate cuts, such as the credit-deposit wedge may widen. This could occur as deposit rates decline in response to the policy rate reductions, potentially coinciding with lackluster deposit growth.
On the liquidity front, the report anticipates no negative surprises, supported by Open Market Operations (OMOs) and a robust dividend transfer. Consequently, yields are predicted to move closer to 6% with a downward bias. The report describes this period as a “Goldilocks period” for slashing policy rates, characterized by both low inflation and moderate nominal GDP growth, which is expected to be in the range of 9-9.5% for FY26.
Overall, the report suggests that the RBI is likely to take an aggressive stance on rate cuts, driven by the significant moderation in inflation. This is expected to have a positive impact on the economy, with the potential to boost growth and reduce borrowing costs. However, the report also highlights the potential challenges that may arise from these rate cuts, and the need for careful management of liquidity and deposit growth.
The Indian Rupee is expected to stabilize around 84.40 against the US Dollar, but tensions at the border could lead to a decline, according to a report by UBI.
The Indian Rupee (INR) has seen a shift in sentiment in recent weeks, becoming more favorable despite ongoing global uncertainties and volatility, according to a report by Union Bank of India. The Dollar Index (DXY) is expected to stabilize at current levels, which could have a positive impact on the INR. The report suggests that the USD/INR pair has shown adherence to previous technical levels, with the pair taking support at 84.45 on April 30. However, the next day, this support level was breached, and the USD/INR fell below the 84 mark, touching 83.7575.
The decline in the USD/INR pair led to significant buying activity from importers and oil companies, who purchased dollars at the lower levels, causing the pair to rebound and close at 84.5725. The report predicts that the Indian Rupee may consolidate at current levels, taking support at 84.40. A break below this level could open the doors to 83.85 levels, while on the upside, the pair is expected to face resistance near 84.90, and a breach of this level could lead to 85.60.
The bank emphasizes the importance of monitoring the Dollar Index (DXY) for any possible overshoot, particularly if current technical levels are breached. Additionally, any news related to probable escalation at the border may hurt the Rupee sentiment. Despite these potential risks, the report maintains a “buy on dips” stance for USD/INR. The recent improvement in sentiment for the Rupee could influence future movements positively.
The report’s outlook on the INR is cautiously optimistic, suggesting that the currency may experience some volatility in the short term but could potentially strengthen in the long term. The bank’s recommendation to “buy on dips” indicates that it expects the USD/INR pair to decline in the short term, providing an opportunity for investors to purchase dollars at a lower price. Overall, the report provides a mixed outlook for the INR, highlighting both the potential risks and opportunities in the foreign exchange market.
Earn up to 8.5% interest on your fixed deposits with RBL and Union Bank, exclusively available to select customers – MSN
Several banks in India have been increasing interest rates on fixed deposits (FDs) to attract customers and stay competitive in the market. Two banks, RBL Bank and Union Bank of India, are offering high interest rates of up to 8.5% on FDs to select customers. This move is expected to woo depositors looking for higher returns on their investments.
RBL Bank is offering an interest rate of 8.5% on FDs with tenures ranging from 2-10 years for senior citizens. For regular customers, the bank is offering an interest rate of up to 8% on FDs with tenures of 2-10 years. These rates are among the highest in the industry, making RBL Bank an attractive option for those looking for higher returns on their deposits.
Union Bank of India is also offering competitive interest rates on FDs. The bank is offering an interest rate of 8.1% on FDs with tenures of 5-10 years for senior citizens. For regular customers, the bank is offering an interest rate of up to 7.8% on FDs with tenures of 5-10 years.
These high interest rates are being offered to select customers, including senior citizens, non-resident Indians (NRIs), and existing customers. The interest rates are also subject to change and may not be available for all deposit amounts. It is essential for customers to check the interest rates and terms and conditions before investing in an FD.
The increase in interest rates on FDs is a result of the Reserve Bank of India’s (RBI) decision to raise the repo rate. The RBI has increased the repo rate by 225 basis points since May 2022, leading to a rise in lending rates and deposit rates. As a result, banks have been increasing interest rates on FDs to attract deposits and maintain their liquidity.
In conclusion, RBL Bank and Union Bank of India are offering high interest rates of up to 8.5% on FDs to select customers. These rates are among the highest in the industry, making them an attractive option for those looking for higher returns on their deposits. However, customers should check the interest rates and terms and conditions before investing in an FD. With the RBI’s decision to raise the repo rate, banks are expected to continue increasing interest rates on FDs, providing customers with more options for higher returns on their investments.
SGB 2017-18 Series I Matures: RBI Reveals Final Price, Offering 221% Returns to Investors on Maturity – Full Details Inside
The Reserve Bank of India (RBI) has announced the final redemption price for the Sovereign Gold Bond (SGB) 2017-18 Series I, which was issued in June 2017. The bond is set to mature on June 19, 2022, and investors who purchased the bond will earn a whopping 221% return on their investment. The final redemption price has been fixed at ₹5,115 per gram, which is significantly higher than the issue price of ₹2,902 per gram.
The SGB scheme was launched by the Government of India in 2015 to reduce the demand for physical gold and to provide investors with a safe and secure way to invest in gold. The bonds are denominated in grams of gold and are issued by the RBI on behalf of the Government. The bonds have a tenure of 8 years, with an option to exit after 5 years.
The SGB 2017-18 Series I was the first series of the fiscal year 2017-18, and it was issued in June 2017. The issue price was ₹2,902 per gram, and the bond was available for subscription from June 12 to June 16, 2017. The bond has a face value of ₹2,000 per unit, and investors could purchase a minimum of 1 gram and a maximum of 4 kilograms of gold.
The final redemption price of ₹5,115 per gram is a significant increase from the issue price, and it translates to a return of 221% on the investment. For example, if an investor had purchased 1 gram of gold for ₹2,902, they will now receive ₹5,115, which is a gain of ₹2,213. This is a significant return on investment, especially considering that the bond has a relatively long tenure of 8 years.
The RBI has announced that the redemption price will be paid to investors on June 20, 2022, and it will be credited to their bank accounts. Investors who have purchased the bond can check the final redemption price and their returns on the RBI’s website. The SGB scheme has been a successful initiative, and it has helped to reduce the demand for physical gold and to provide investors with a safe and secure way to invest in gold. The scheme has also helped to mobilize gold savings and to provide a fillip to the government’s efforts to reduce the current account deficit.
UP: Police arrest 4, including Axis Bank advisor, in connection with murder of specially-abled man over Rs 51 lakh insurance policy
The Sambhal Police in Uttar Pradesh, India, have solved a year-old murder case of a specially-abled man named Dariyab, whose death was initially reported as a road accident. The police have arrested four people, including an Axis Bank advisor, for orchestrating the crime, which was driven by a Rs 51 lakh insurance claim. The accused had taken out multiple life insurance policies in Dariyab’s name and hired a criminal to murder him in order to claim the insurance money.
According to the police, Dariyab was first struck on the head with a hammer and then run over by a car. His relatives had filed a complaint of rash driving, and the police had initially closed the case due to lack of evidence. However, after receiving a tip-off from Tata AIA, the life insurance arm of Tata, suggesting foul play, the police reopened the case and discovered the insurance scam.
The investigation revealed that two brothers, Hariom and Vinod, had conspired with Pankaj Raghav, an advisor at Axis Max Life Insurance, to create multiple life insurance policies in Dariyab’s name. They then hired a criminal named Pratap to murder Dariyab in August 2024. The accused had already received Rs 15 lakh in payouts before the police uncovered the scam and arrested them.
The police have recovered the murder weapon, a hammer, and documents related to the insurance policies. The Sambhal SP, Krishan Bishnoi, stated that the case was solved due to the tireless efforts of the police team and the crucial tip-off from Tata AIA. The arrest of the accused has brought relief to the family of the victim, and the police have warned against such Insurance scams, urging people to be cautious when dealing with insurance policies. The case highlights the need for vigilance and cooperation between insurance companies and law enforcement agencies to prevent such crimes.
The Reserve Bank of India (RBI) has slapped penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, and two others.
The Reserve Bank of India (RBI) has imposed penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, IDBI Bank, and Bank of Maharashtra, for non-compliance with various regulatory directions. The penalties, ranging from ₹29.60 lakh to ₹97.80 lakh, were imposed due to deficiencies in regulatory compliance in areas such as cyber security, know your customer (KYC) norms, credit and debit card issuance, and customer service.
ICICI Bank was fined ₹97.80 lakh for non-compliance with RBI directions on cyber security, KYC, and credit and debit card issuance. Bank of Baroda was penalized ₹61.40 lakh for non-compliance with directions on financial services and customer service. IDBI Bank and Bank of Maharashtra were each fined ₹31.80 lakh for non-compliance with directions on interest subvention scheme for agricultural loans and KYC norms, respectively.
Axis Bank was penalized ₹29.60 lakh for unauthorized operation of internal accounts. The RBI clarified that the penalties were not intended to question the validity of any transactions or agreements entered into by the banks with their customers, but rather to address the deficiencies in regulatory compliance.
The penalties are a reminder of the RBI’s focus on ensuring that banks adhere to regulatory requirements and maintain high standards of compliance. The central bank has been actively monitoring banks’ compliance with various regulations and has taken enforcement actions against those that fail to meet the required standards. The penalties imposed on these five banks serve as a warning to other lenders to ensure that they are in compliance with all regulatory requirements to avoid similar penalties in the future. Overall, the RBI’s actions aim to promote a safe and sound banking system that protects the interests of customers and maintains public trust in the financial sector.
Major overhaul proposed for Summerside schools in new PSB report, which recommends closure of Parkside
A recent study by the Public Schools Branch in Prince Edward Island has recommended the closure of Parkside Elementary School, one of Canada’s oldest schools, due to significant ongoing challenges with air quality, heating, and maintenance. The 27-page report suggests that the school’s heritage status would make it difficult to upgrade, and instead proposes building a new school to accommodate up to 750 students from kindergarten to Grade 9. The new school could be located along the East-West Corridor, a new artery road being built through the City of Summerside, which is expected to experience significant growth and development in the coming years.
Summerside Mayor Dan Kutcher, who recently toured the school, described it as “physically, structurally probably not fit for teaching” due to various physical issues, including leaking water and loud HVAC machines that had to be turned off during the day. The report also outlines options to address overcrowding, including adding classrooms, rezoning students, and potentially moving Grades 7-9 out of Miscouche Consolidated.
The proposed closure of Parkside Elementary has sparked concerns in the community, with Liberal Opposition Leader Hal Perry stating that families are facing the possibility of closure without proper consultation or information. Premier Rob Lantz has assured that no decisions will be made without full consultation with the school community, and has expressed his commitment to investing in Island schools and providing students with the best possible facilities.
Public consultation on the proposal will continue until June 2, with school board trustees ultimately having the final say on what happens. The issue has been discussed in the provincial legislature, with Perry asking Lantz to guarantee full and transparent consultation with the school community before any decisions are made. Lantz has confirmed that no decisions will be made without such consultation, and has emphasized the importance of investing in Island schools to provide students with quality education and facilities.
The proposed new school would address significant enrollment growth expected in the Greater Summerside Area over the next few years, with the East-West Corridor identified as a potential location. The area is expected to experience significant development, with over 2,000 homes expected to be built on 3,000 acres of land. The new school would provide a modern and suitable learning environment for students, addressing the current challenges faced by Parkside Elementary.
RBI panel proposes longer trading hours, eyeing a 7pm close for money markets
A Reserve Bank of India (RBI) panel has proposed extending the operating hours of the money market from 5pm to 7pm. This move aims to provide banks with greater flexibility in managing short-term liquidity and accessing interbank and central bank funds. The proposal comes in response to the growing complexity and size of India’s financial markets, which have become increasingly linked to global markets. The panel was established to review trading and settlement hours across RBI-regulated markets, with a focus on improving market efficiency, liquidity, volatility, and price discovery.
Since the last major review in 2019, India’s financial markets have undergone significant changes, including an increase in participants, products, and non-resident activity. The introduction of round-the-clock payment systems, such as UPI, has also altered liquidity dynamics. The panel believes that extending trading hours will help to better align India’s markets with global markets and provide more opportunities for market participants.
The proposed changes include extending call money trading to 7pm, with a reporting window closing at 7:30pm. Market repo and triparty repo (TREP) trades would be permitted until 4pm, an hour later than the current close. The settlement window for repo deals would also be shifted to 5:30-6:30pm. Additionally, the liquidity adjustment facility (LAF) auction would be moved forward to 9:30-10am to align market operations at the start of the day.
The extension of trading hours is expected to have several benefits, including improved liquidity, reduced volatility, and more efficient price discovery. It will also provide banks with greater flexibility in managing their short-term liquidity and accessing interbank and central bank funds. The RBI will continue to fine-tune operations throughout the day, as needed. Overall, the proposed changes aim to enhance the efficiency and effectiveness of India’s financial markets, making them more competitive and attractive to global investors.
Breaking: Federal Reserve Conducts Internal Review of Confidential Bank Ratings, Affecting Top US Financial Institutions – Report
The Federal Reserve is conducting a review of its secret ratings system for the nation’s largest banks, according to a Wall Street Journal exclusive report. The ratings, known as “component ratings,” assess the financial health and management of the banks, and are used to determine the level of regulatory oversight and scrutiny they receive. The review is aiming to make the ratings system more transparent and easier to understand, and to ensure that it is fair and consistent in its application.
The Fed’s secret ratings system has been in place since the 1970s, and is used to evaluate the nation’s largest banks, including JPMorgan Chase, Bank of America, and Wells Fargo. The ratings are based on a series of factors, including the bank’s capital levels, asset quality, management, and liquidity. The ratings are typically given on a scale of 1 to 5, with 1 being the highest rating and 5 being the lowest.
The review of the ratings system comes after criticism from some lawmakers and banking industry executives, who have argued that the system is opaque and inconsistent. Some have also argued that the ratings can be arbitrary and subjective, and that they can have a significant impact on a bank’s ability to lend and grow. The Fed has acknowledged that the ratings system can be complex and difficult to understand, and has said that it is committed to making the system more transparent and fair.
As part of the review, the Fed is considering several changes to the ratings system, including making the criteria for the ratings more clear and consistent, and providing more detailed explanations of the ratings to the banks. The Fed is also considering making the ratings themselves more public, although it is unclear how much information would be made available.
The review of the ratings system is significant, as it has the potential to impact the way that the nation’s largest banks are regulated and overseen. A more transparent and fair ratings system could help to promote greater stability and confidence in the banking system, and could also help to prevent future financial crises. However, the review is also likely to be contentious, as some banks may resist changes to the system that they believe could increase their regulatory burdens or limit their ability to lend and grow.
Overall, the Fed’s review of its secret ratings system for the nation’s largest banks is an important step towards greater transparency and fairness in the regulatory system. By making the ratings system more clear and consistent, the Fed can help to promote greater stability and confidence in the banking system, and can also help to ensure that the nation’s largest banks are operating in a safe and sound manner.
Standard Chartered Bank takes pension dispute with employees to Supreme Court, appeals against ruling – Daily Nation
Standard Chartered Bank (StanChart) has taken its fight against a court order to pay its former employees a combined Sh1.5 billion in pension awards to the Supreme Court. The bank is challenging a Court of Appeal ruling that upheld a decision by the Employment and Labour Relations Court, which ordered StanChart to pay the pension benefits to over 200 former staff members.
The former employees had sued the bank, arguing that they were entitled to a higher pension payout based on their final salaries and years of service. The Employment and Labour Relations Court agreed with them, ruling that the bank had underpaid their pension benefits. The Court of Appeal later upheld this decision, prompting StanChart to appeal to the Supreme Court.
The bank argues that the Court of Appeal erred in its judgment, claiming that the pension scheme in question was a discretionary trust that allowed the bank to make decisions on pension payouts. StanChart contends that it had followed the rules of the pension scheme and that the former employees were not entitled to the higher payout.
The former employees, on the other hand, argue that the bank had breached its contractual obligations to them by underpaying their pension benefits. They claim that the bank had promised to pay them a certain amount based on their final salaries and years of service, but had failed to do so.
The Supreme Court’s decision in this case is expected to have significant implications for employers and employees in Kenya. If the court upholds the lower courts’ decisions, it could set a precedent for employers to pay higher pension benefits to their former employees. On the other hand, if the court rules in favor of StanChart, it could limit the ability of employees to claim higher pension benefits.
The case also highlights the importance of clear and transparent pension schemes. The dispute between StanChart and its former employees arose from a disagreement over the rules of the pension scheme and how they should be interpreted. The Supreme Court’s decision is expected to provide clarity on this issue and help to prevent similar disputes in the future.
Overall, the StanChart pension award case is a significant employment law dispute that has far-reaching implications for employers and employees in Kenya. The Supreme Court’s decision will be closely watched by both parties, as well as by other employers and employees who may be affected by the outcome.
Cibus Fund II Takes Over PSB Producción Vegetal in Latest Acquisition | News
Cibus Fund II, a sustainable agri-food investment fund, has acquired a majority stake in PSB Producción Vegetal, a leading stonefruit breeder. The acquisition will drive the development of high-quality, climate-resilient fruit varieties to meet the evolving demands of producers, consumers, and the supply chain. PSB, founded in 1989, has a portfolio of 74 patented varieties and 51 more under development, including peaches, nectarines, apricots, and plums. The company’s research and development (R&D) integrates advanced molecular marker techniques and a hybridization program to develop fruit varieties with superior flavor, disease resistance, and adaptability to climate change.
The investment from Cibus Fund II will accelerate PSB’s R&D capabilities and global expansion, supported by strategic guidance from industry veterans. The partnership aims to address global food security, sustainability, and climate change adaptation through advanced plant breeding. PSB’s recent advancements include the development of disease-resistant stone fruit varieties, enabling healthier production with a lower environmental impact.
The acquisition is seen as a significant milestone for PSB, with CEO Stéphane Buffat retaining a stake in the business and continuing to run it. Buffat believes the partnership will enhance PSB’s breeding programs through technological innovation and expand into new markets, delivering exceptional fruit varieties that will delight consumers and empower growers. Rob Appleby, founder and CIO of Cibus Capital, commented that partnering with PSB places the fund at the forefront of natural breeding in the high-value fruit sector, with enormous potential to expand its impact globally and transform the fruit industry with next-generation varieties.
The investment highlights the critical role of advanced plant breeding in addressing global challenges, including climate change adaptation and sustainability. With the support of Cibus Fund II, PSB aims to create climate-resilient crops that ensure sustainable food supply chains in a rapidly changing world. The partnership is expected to drive growth and innovation in the fruit industry, delivering benefits to producers, consumers, and the environment.
Rajiv Anand is likely to be considered for the top position at IndusInd Bank, according to insiders.
IndusInd Bank is considering Axis Bank’s Deputy Managing Director, Rajiv Anand, as a potential candidate for the role of Managing Director and CEO. This comes after the bank’s former CEO, Sumant Kathpalia, resigned taking moral responsibility for discrepancies found in the lender’s derivatives portfolio. Anand is set to retire from Axis Bank in August and has a strong background in retail, wholesale, and treasury, making him a suitable candidate for the role.
Sources close to the matter have indicated that Anand’s experience and skills make him a strong contender for the top job at IndusInd Bank. The bank’s board is looking for a candidate with retail experience, given its higher exposure to vehicle finance and micro loans. Anand’s background as a chartered accountant and his experience in handling mutual funds, retail, and wholesale segments, as well as his understanding of treasury, make him an attractive candidate.
Other candidates who may be considered for the role include Pralay Mondal, CEO of CSB Bank, Shanti Ekambaram from Kotak Mahindra Bank, and Anup Bagchi from ICICI Prudential Life Insurance. However, sources suggest that Anand is the most suited candidate for the job.
The discrepancies found in IndusInd Bank’s derivatives portfolio could have an impact of around ₹2,000 crore on the bank’s balance sheet. The bank’s former CEO, Sumant Kathpalia, resigned on April 29, taking moral responsibility for the discrepancies. The bank has received approval from the Reserve Bank of India to appoint a committee of executives to dispense the CEO’s duties until a new CEO is appointed.
Anand’s potential appointment as CEO of IndusInd Bank is seen as a positive move, given his experience and expertise in the banking sector. His retirement from Axis Bank in August is seen as a natural transition, and his consideration for the top job at IndusInd Bank is viewed as a natural next step in his career.
Overall, the search for a new CEO at IndusInd Bank is ongoing, and Anand is considered a strong contender for the role. His experience, skills, and background make him a suitable candidate to lead the bank forward, and his potential appointment is seen as a positive move for the bank.
Apply for Karur Vysya Bank Platinum Credit Card Online in 5 Easy Steps
The Karur Vysya Bank (KVB) offers a platinum credit card that provides a unique blend of lifestyle perks, rewards, and travel rebates, making it a competitive offering in the market. The card is designed for individuals seeking to boost their everyday savings and comes with benefits such as accelerated reward points, welcome bonuses, and fuel surcharge waivers. To apply for the KVB platinum credit card, individuals can visit the bank’s official website and follow a five-step process:
1. Visit the website and select the platinum credit card option
2. Enter personal details such as name, mobile number, and email ID
3. Upload required documents such as PAN card, ID proof, and income documents
4. Verify and approve the application
5. Receive an acknowledgement number and wait for the card to be dispatched
Alternatively, individuals can also apply for the credit card in person at their nearest KVB branch. The basic eligibility criteria for the KVB platinum credit card include being between 21 and 65 years old, having a stable income, and being a resident of India. The key features and benefits of the card include earning 2 reward points for every ₹150 spent, a welcome bonus of 500 points, and a 1% fuel surcharge waiver. The annual fee of ₹999 can also be waived off on reaching specific annual spending targets.
The KVB platinum credit card is a valuable blend of savings, rewards, and convenience, making it suitable for frequent travelers and smart spenders. Individuals can refer to the bank’s official website for more details and discuss their queries with the dedicated customer support team. It’s essential to note that the eligibility criteria, features, and benefits may be subject to change, and individuals should always refer to the bank’s official website for the most up-to-date information.
The article also comes with a disclaimer that Mint has a tie-up with fintechs for providing credit, and applying for credit comes with risks such as high interest rates and hidden charges. It’s advised that investors discuss with certified experts before taking any credit. Overall, the KVB platinum credit card is a unique financial product that provides a range of benefits and rewards, making it a competitive offering in the market.
Standard Chartered’s CFO expresses caution over potential delays in completing key banking transactions if market uncertainty persists.
Standard Chartered PLC is a prominent banking group with a strong presence in emerging countries. The company’s net banking products can be broken down into three main categories: retail and private banking, commercial and corporate banking, and other activities. Retail and private banking accounts for 51.8% of the group’s net banking products, and includes services such as traditional banking, credit cards, consumer loans, and online banking. This segment caters to individual customers and small to medium-sized businesses, providing a range of financial products and services to meet their needs.
The commercial, corporate, investment, and market banking segment accounts for 47.3% of the group’s net banking products. This segment provides financial services to larger businesses and corporations, including business financing, cash management, and investment products. The remaining 0.9% of the group’s net banking products are classified as “other” activities.
In terms of financial performance, Standard Chartered PLC had a significant amount of deposits and loans on its balance sheet at the end of 2023. The group had USD 497.4 billion in current deposits, indicating a strong base of customer funds. Additionally, the group had USD 331.9 billion in current loans, which suggests a substantial portfolio of lending activities.
Geographically, the group’s income is distributed across various regions. The majority of the group’s income comes from Asia, which accounts for 70.2% of total income. This is followed by Africa and the Middle East, which accounts for 16.2% of income. Europe and the Americas account for 9.5% of income, while other regions account for 4.1%. This geographic distribution reflects the group’s strategic focus on emerging markets and its commitment to serving customers in these regions. Overall, Standard Chartered PLC is a major player in the global banking industry, with a diverse range of products and services and a strong presence in emerging markets.
RBI Cracks Down: 7 Non-Banking Financial Companies Lose License, 11 Others Withdraw Registration, Full List Inside
The Reserve Bank of India (RBI) has taken action against 7 non-banking financial companies (NBFCs) in April. The license of 6 NBFCs has been cancelled, and a monetary penalty has been imposed on one. The cancelled licenses include those of Unitara Finance Limited in Madhya Pradesh, Thamiraparani Investments Private Limited, Armusk Infrastructure Investments Limited, Vishwapriya Finance Limited, Matrix Financial Services Limited, all in Tamil Nadu, and Welfil Securities Limited in Gujarat. These companies are no longer allowed to operate as NBFCs under the RBI Act 1934.
The RBI has also imposed a penalty of Rs 71.30 lakh on Mahindra & Mahindra Financial Limited for violating various rules. The company failed to disclose processing fees and other charges in some loan applications, did not provide loan details to some borrowers, and did not give some borrowers a last chance to repay their loans before the sale or auction of vehicles. The company also allotted multiple customer identification codes to some customers instead of a unique code.
In addition to the cancelled licenses and penalty, 11 NBFCs have surrendered their licenses voluntarily for various reasons. The RBI’s actions are aimed at ensuring that NBFCs operate in a fair and transparent manner, and that customers are protected from unfair practices.
The cancelled licenses and penalty imposed by the RBI will not affect the transactions taking place between customers and the companies. However, the companies that have had their licenses cancelled will no longer be able to operate as NBFCs, and customers will need to take their business to other licensed institutions. The RBI’s actions demonstrate its commitment to regulating the NBFC sector and ensuring that companies operate in compliance with the law. The central bank will continue to monitor the sector and take action against companies that fail to comply with regulations.
Q4 Earnings Preview: Marico, Godrej Properties, and City Union Bank to Announce Results Today – What to Expect
Several major companies are set to announce their earnings for the March quarter on Friday, including Marico Ltd., Godrej Properties Ltd., and City Union Bank Ltd. Analysts have made predictions about the financial performance of these companies based on consensus estimates.
Godrej Properties Ltd. is expected to report a 1% year-on-year decline in consolidated revenue, with estimates suggesting a revenue of Rs 1,411 crore for the fourth quarter. The company’s net profit is also expected to decline to Rs 364.4 crore, compared to Rs 471 crore in the same quarter last year. However, on an operational basis, Godrej Properties is projected to grow its Ebitda (earnings before interest, tax, depreciation, and amortization) to Rs 343.8 crore, with a margin of 24.4%. This suggests that the company may be able to maintain its profitability despite a decline in revenue.
In contrast, Marico Ltd. is expected to report a strong performance, with analysts forecasting a nearly 16% jump in revenue to Rs 2,656 crore. The company’s profit is also expected to increase to Rs 336.7 crore, up from Rs 318 crore in the same quarter last year.
City Union Bank Ltd. is estimated to post a 7% growth in standalone revenue, with estimates suggesting a revenue of Rs 771.2 crore for the March quarter. The bank’s net profit is expected to come in at Rs 283 crore.
Another company, R R Kabel, is projected to report a consolidated revenue of Rs 2,065 crore and a net profit of Rs 90.1 crore. While the exact details of the company’s performance are not available, the estimates suggest that it may have had a stable quarter.
Overall, the earnings announcements on Friday are expected to provide insight into the performance of these companies and the broader trends in their respective industries. While some companies, such as Godrej Properties, may report declining revenue, others, such as Marico and City Union Bank, are expected to post strong growth. The actual earnings announcements may differ from the estimates, and investors will be watching closely to see how the companies perform.
Will the EU Shift its Trade Focus Away from the US? – Standard Chartered
Over the past decade, the United States has emerged as the European Union’s (EU) dominant trade partner, with bilateral goods trade worth approximately €1 trillion in 2024. This represents over 20% of the EU’s total extra-regional exports. The US’s growing trade dominance can be attributed to several factors, including robust domestic demand, stagnant export growth to the UK since Brexit, and a decline in exports to China following the COVID-19 pandemic. However, the imposition of US tariffs could potentially disrupt this trade relationship, prompting the EU to seek alternative trade partners.
In the near term, the UK offers the greatest opportunity for the EU to expand trade flows. The existing Trade and Cooperation Agreement (TCA) between the two parties may be renegotiated to improve its terms, with progress possible as early as this summer. Both sides have incentives to strengthen their trade relationship, making the UK a prime target for the EU’s trade expansion efforts.
The EU’s relationship with China has shown signs of improvement, but the trading relationship remains lopsided, with the EU seeking to address concerns over the imbalance. While there are opportunities for cooperation, the EU’s concerns over the trade deficit and other issues must be addressed.
The EU is also pursuing other trade agreements, including the EU-Mercosur deal, which may receive a boost due to the evolving global trade landscape. However, ratification of the deal is still uncertain. Additionally, trade negotiations with countries such as Malaysia, the Philippines, and Thailand have resumed, although EU environmental regulations remain a point of contention.
In the long term, an EU-India free trade agreement (FTA) may offer significant benefits for the EU. Changes to the negotiation process could facilitate progress, but several hurdles must be overcome before an agreement can be reached. Overall, the EU is seeking to diversify its trade relationships and reduce its dependence on the US, while also addressing concerns over trade imbalances and environmental regulations. By pursuing new trade agreements and renegotiating existing ones, the EU aims to accelerate its trade expansion efforts and promote economic growth.
Empowering financially excluded communities through voice-enabled banking solutions designed for India’s low-literacy populations
India has an estimated 18 crore people who struggle to read and write in their native languages, despite high smartphone penetration. To bridge this gap, banks, startups, and government organizations are leveraging voice-based technology and Artificial Intelligence (AI). The central government’s New India Literacy Programme aims to target five crore non-literate individuals, while the Reserve Bank of India (RBI) has issued guidelines for setting up Financial Literacy Centres. However, voice-based technology has emerged as a more effective solution, particularly for the aspirational middle class.
Ujjivan, a microfinance company, partnered with Navana.ai to develop a voice-based app that uses icon-based interfaces and voice guidance to make it easy for low-literate customers to navigate. The app, launched in 2022, supports nine languages and has seen significant improvement in customer engagement. Customers can now log in to the app one to two times a month, compared to once every six months. The app’s voice-bot feature allows customers to speak into the app, and it comprehends their requests, guiding them to the relevant page.
The Indian government has also launched an AI-based translation platform, Bhashini, which enables real-time translation across 11 regional languages. The platform is being used for voice-based UPI payments, allowing users to transfer money by speaking in their local language. Bhashini has collaborated with the National Payments Corporation of India (NPCI) to enable voice-based UPI transactions and has also launched a Public Tech Platform for Frictionless Credit, which supports multiple languages.
The future of voice-first banking is promising, with industry leaders agreeing that it is breaking new ground. Bank outreach programs are evolving with AI-powered IVRS systems, which can recognize and respond in a customer’s regional language. Navana.ai has partnered with Bajaj Finserv, where its bot speaks six languages and closes Rs 150 crore in personal loans monthly. Large banks, such as HDFC, are also taking notice, with plans to enable voice in their mobile apps.
Voice-based banking services are expected to be highly personalized to the user, in terms of both their history with the business and interaction in their regional language. While testing remains a hurdle, adoption is expected to increase as the technology advances. For India’s low-literate customers, voice-based banking could finally mean having a voice in the banking system. The holy grail of full-fledged voice banking is not far off, with operators saying it’s only a matter of time before natural conversations in regional languages are fully integrated across all banking channels.
Effective immediately, these transactions will incur higher costs
Significant changes are on the horizon for credit card users in India, particularly those holding cards from Axis Bank and SBI Card. These changes are set to take effect in early 2025, coinciding with adjustments to ATM fees. Here’s a breakdown of what’s expected:
Axis Bank Vistara Credit Card Changes: Following the merger of Vistara with Air India, Axis Bank has announced alterations to the benefits of its Vistara Credit Card. These adjustments will be effective for all card renewals starting from April 18, 2025. The merger and subsequent changes aim to synchronize the loyalty programs and benefits offered by the airlines, potentially streamlining rewards for frequent flyers. However, the exact nature of these changes, whether they enhance or diminish the card’s value, is yet to be fully detailed.
- SBI Card Reward Program Adjustments: SBI Card, another major player in the Indian credit card market, is revamping its reward program. This overhaul will result in select transactions earning fewer reward points for cardholders. The shift is scheduled to occur between March 31 and April 1, 2025. While the specifics of which transactions will be affected and to what extent the reward points will decrease are not provided, this change could impact cardholders’ accumulation of rewards, potentially making certain purchases less lucrative in terms of rewards.
These changes underscore the evolving landscape of credit card benefits and fees in India. As banks and financial institutions navigate market conditions, mergers, and changes in consumer behavior, cardholders can expect adjustments to their credit card agreements. It’s essential for individuals to review the new terms and conditions of their credit cards to understand how these changes might affect their spending habits and rewards accumulation.
In the context of rising ATM fees and alterations to credit card reward structures, consumers are advised to reassess their financial strategies. This might involve exploring different credit cards that offer more favorable terms, adjusting spending habits to maximize rewards under new programs, or considering alternative payment methods. As the financial sector continues to evolve, staying informed about changes to credit card policies and benefits will be crucial for making the most of available financial tools.
Jana Small Finance Bank’s standalone net profit plunges 61.61% in Q4 2025, reveals Business Standard
Jana Small Finance Bank has reported a 61.61% decline in its standalone net profit for the quarter ended March 2025. The bank’s net profit stood at Rs 35.49 crore in the January-March 2025 quarter, down from Rs 92.13 crore in the corresponding quarter of the previous year.
The bank’s total income declined by 15.62% to Rs 777.46 crore in the March 2025 quarter, as compared to Rs 921.44 crore in the same quarter of the previous year. The bank’s interest income declined by 16.19% to Rs 673.56 crore, while non-interest income declined by 10.47% to Rs 103.90 crore.
The bank’s operating expenses increased by 13.71% to Rs 446.23 crore in the March 2025 quarter, as compared to Rs 392.22 crore in the same quarter of the previous year. The bank’s provisions and contingencies increased by 43.13% to Rs 120.64 crore, as compared to Rs 84.28 crore in the same quarter of the previous year.
Despite the decline in net profit, Jana Small Finance Bank’s asset quality improved during the quarter. The bank’s gross non-performing assets (NPAs) declined to 6.16% of its total advances as of March 2025, as compared to 7.15% as of March 2024. The bank’s net NPAs declined to 2.55% of its total advances as of March 2025, as compared to 3.37% as of March 2024.
The bank’s capital adequacy ratio (CAR) stood at 18.52% as of March 2025, as compared to 19.33% as of March 2024. The bank’s return on assets (RoA) declined to 1.35% in the March 2025 quarter, as compared to 3.13% in the same quarter of the previous year.
Jana Small Finance Bank’s performance during the quarter was impacted by the challenging macroeconomic environment and intense competition in the banking sector. The bank’s management has stated that it is taking steps to improve its asset quality, reduce operating expenses, and increase its digital offerings to customers. The bank is also focusing on increasing its retail lending business, including home loans, personal loans, and credit cards. Despite the decline in net profit, the bank’s improving asset quality and strong capital position position it well for future growth.
Can Kyobo’s Acquisition of SBI Breathe New Life into South Korea’s Failing Savings Banks?
The recent acquisition of SBI Savings Bank by Kyobo Life Insurance has sparked interest in the struggling savings bank sector in South Korea. SBI Savings Bank, which was on the verge of collapse, was taken over by Kyobo Life Insurance in a deal worth 220 billion won ($185 million USD). This move is expected to breathe new life into the savings bank industry, which has been facing numerous challenges in recent years.
The savings bank sector in South Korea has been struggling due to a combination of factors, including increased competition from larger commercial banks, poor asset quality, and a decline in deposits. Many savings banks have been forced to freeze deposits or suspend operations, leading to a loss of public trust and confidence in the sector.
However, the takeover of SBI Savings Bank by Kyobo Life Insurance is seen as a positive development, as it brings in a strong and stable investor with the resources to revamp the bank’s operations and restore public trust. Kyobo Life Insurance, one of the largest life insurers in South Korea, has a strong track record of managing assets and has pledged to inject fresh capital into SBI Savings Bank to improve its financial health.
The acquisition is also expected to have a positive impact on the broader savings bank sector, as it may encourage other strong investors to take an interest in the industry. The takeover may also lead to a consolidation of the savings bank sector, with weaker banks being acquired and merged with stronger ones, leading to a more stable and competitive industry.
Furthermore, the takeover may also lead to an increase in deposits and lending activity, as Kyobo Life Insurance’s strong brand and financial resources may attract new customers to SBI Savings Bank. This, in turn, may help to stimulate economic growth and job creation, particularly in the small and medium-sized enterprise (SME) sector, which has been a key focus area for savings banks.
Overall, the takeover of SBI Savings Bank by Kyobo Life Insurance is seen as a positive development for the struggling savings bank sector in South Korea. The acquisition brings in a strong and stable investor, which is expected to revamp the bank’s operations, restore public trust, and lead to a more stable and competitive industry. As the savings bank sector continues to evolve, it will be important to monitor the impact of this acquisition and the potential for further consolidation and growth in the industry.
A Mumbai court has issued a non-bailable warrant for Mehul Choksi in connection with a ₹55 crore loan fraud case involving Canara Bank, as reported by the Free Press Journal.
A Mumbai court has issued a non-bailable warrant against Mehul Choksi, a fugitive diamond merchant, in connection with a ₹55.27-crore loan fraud case involving Canara Bank. Choksi, who is currently residing in Antigua, has been accused of cheating and conspiracy along with his company, Gitanjali Gems. The warrant was issued by a special court set up to hear cases related to bank scams.
The case involves a loan that was sanctioned by a consortium of banks led by Canara Bank to Choksi’s company. However, the loan was allegedly used for purposes other than what was intended, and the company defaulted on the repayments. The Central Bureau of Investigation (CBI) had filed a charge sheet against Choksi and his company in 2018, but he had already fled the country by then.
Choksi has been on the run since 2018, and his whereabouts were unknown until he was spotted in Antigua. He has been living in the Caribbean island nation since then, and has been trying to avoid extradition to India. In fact, a Belgian court has delayed a hearing on Choksi’s challenge to his arrest, which is a setback for the Indian authorities who are trying to bring him back to the country to face trial.
The non-bailable warrant issued by the Mumbai court is a significant development in the case, as it paves the way for Choksi’s extradition to India. The Indian government has been trying to extradite Choksi from Antigua, but the process has been delayed due to various legal hurdles. The issuance of the non-bailable warrant is likely to put pressure on the Antiguan authorities to hand over Choksi to India.
The loan fraud case involving Choksi is one of the several cases of bank scams that have rocked India in recent years. The case has sparked widespread outrage and has led to calls for stricter laws and regulations to prevent such scams in the future. The Indian government has been taking steps to recover the money lost in the scam and to bring the perpetrators to justice. With the issuance of the non-bailable warrant, it seems that the authorities are one step closer to achieving this goal.
Merger of J&K Grameen Bank and Ellaquai Dehati Bank now officially finalized
The Indian government’s “One State, One Regional Rural Bank” policy has led to the merger of two regional banks in Jammu and Kashmir, J&K Grameen Bank (JKGB) and Ellaquai Dehati Bank (EDB), into a single entity called Jammu and Kashmir Grameen Bank. The merger, which takes effect from May 1, will result in the combined entity having 326 branches across the union territory, with its headquarters in Jammu. Sanjay Gupta, the current chairman of JKGB, will continue to serve as the chairman of the merged bank.
The merger is part of a larger effort to consolidate regional rural banks across the country, with 11 states and union territories, including Jammu and Kashmir, Andhra Pradesh, and Uttar Pradesh, affected by the policy. The goal is to create a single, stronger regional rural bank in each state or union territory, which can provide better services to rural areas and promote financial inclusion.
The Jammu and Kashmir Grameen Bank will be sponsored by Jammu and Kashmir Bank (JK Bank), which previously sponsored JKGB, while EDB was sponsored by State Bank of India. The merged bank will have increased assets and capital, allowing it to function like other nationalized banks and expand its area of operation. The bank’s branches will be located across the union territory, with 82 branches in the Kashmir valley and 28 in Jammu.
The merger is seen as a positive development, with officials believing that it will lead to better services and increased financial inclusion in rural areas. The Regional Rural Banks Act of 1976, which established the regional rural banks, was amended in 2015 to allow these banks to raise capital from sources other than the central government, state governments, and sponsor banks.
The merger of JKGB and EDB is not the first in Jammu and Kashmir, as Kamraz Rural Bank, which was sponsored by JK Bank, was previously merged with Grameen Bank. The merged bank will continue to focus on providing credit and other facilities to small farmers, agricultural laborers, and artisans in rural areas, promoting financial independence and development in the region.
Alert: New ATM transaction fees kick in from May 1 – Check the updated charges for SBI, BOB, HDFC, and ICICI Bank here
The Reserve Bank of India (RBI) has announced that it will charge fees for ATM transactions exceeding the free limit, effective May 1, 2025. The move aims to cover the costs of owning and maintaining ATMs, as well as providing services to customers of other banks. Under the new rules, customers will be charged an additional Rs 2 per transaction if they exceed their free withdrawal limit. The charge per transaction will increase from Rs 21 to Rs 23.
The number of free ATM transactions varies depending on the type of bank and location. Customers will be allowed five free ATM transactions at their own bank’s ATMs per month, three free transactions at other bank ATMs in metro cities, and five free transactions at other bank ATMs in non-metro cities. However, there will be no changes to the free transaction limits for savings account holders across banks in India.
Banks such as HDFC, PNB, and IndusInd have notified their customers about the changes. According to HDFC Bank, the ATM transaction charge rate beyond free limits will be revised to Rs 23 + taxes, applicable only after the free limit has been exceeded. Non-financial transactions will remain free. PNB has also revised its charges, with customers being charged Rs 23 per financial transaction and Rs 11 per non-financial transaction (excluding GST) at other banks’ ATMs.
IndusInd Bank has informed its customers that they will be charged Rs 23 per transaction for ATM cash withdrawals made at non-IndusInd Bank ATMs beyond the free limits, effective May 1, 2025. The new charges are aimed at helping banks recover the costs of maintaining and operating ATMs, as well as providing services to customers of other banks. Customers are advised to be mindful of their ATM transactions to avoid incurring additional charges. The revised charges will apply to all banks, including SBI, BOB, and ICICI Bank, among others.
DBS and OCBC are expected to post year-on-year declines in net income, while UOB’s net income growth is forecast to slow to 1.1% in the first quarter of FY2025, according to IG, as reported by The Edge Singapore.
According to a report by IG, DBS and OCBC are expected to report lower net income year-on-year (y-o-y) in the first quarter of fiscal year 2025 (1QFY2025). On the other hand, UOB’s net income is projected to grow, albeit at a slower pace of 1.1% in 1QFY2025.
The downgrade in net income for DBS and OCBC is attributed to several factors, including higher loan loss provisions, compressed net interest margins (NIMs), and slower fee income growth. The Singapore banking sector has been facing challenges due to the ongoing economic uncertainty, which has led to a decline in business confidence and credit growth. As a result, banks have been increasing their loan loss provisions to cushion against potential credit losses.
DBS, in particular, is expected to report a lower net profit due to its significant exposure to the credit market and higher loan loss provisions. OCBC, on the other hand, is likely to be impacted by the slower fee income growth and compressed NIMs. The bank’s wealth management and insurance businesses are expected to be affected by the market volatility and lower investment yields.
In contrast, UOB’s net income is expected to grow, albeit at a slower pace of 1.1% in 1QFY2025. The bank’s diversified business model, which includes a strong franchise in Southeast Asia, is expected to cushion the impact of the economic uncertainty. UOB’s loan portfolio is also considered to be more resilient, with a lower proportion of high-risk loans.
The slower growth in net income for UOB is attributed to the higher loan loss provisions and compressed NIMs. However, the bank’s strong capital position and diversified business model are expected to support its growth in the long term. Overall, the Singapore banking sector is facing challenges due to the economic uncertainty, but UOB’s diversified business model and strong capital position are expected to help it navigate the tough environment.
The report by IG highlights the importance of banks’ ability to manage their risk exposure and maintain a strong capital position in times of economic uncertainty. The Singapore banking sector is expected to remain challenging in the near term, but banks with a diversified business model and strong capital position are likely to be better equipped to navigate the tough environment.
Kotak Mahindra Bank’s Q4 FY25 Earnings Preview: What to Expect – Samco
Kotak Mahindra Bank is set to announce its Q4 results for FY25, and here are the key expectations:
Overview
Kotak Mahindra Bank is one of India’s leading private sector banks, with a strong presence in the retail banking, corporate banking, and treasury segments. The bank has consistently delivered strong financial performance, driven by its robust business model, efficient operations, and strategic investments in digital transformation.
Q4 Expectations
For the quarter ending March 2025, analysts expect Kotak Mahindra Bank to report a strong set of numbers, driven by:
- Net Interest Income (NII): A growth of 15-20% YoY, driven by a healthy increase in advances and a stable net interest margin (NIM).
- Non-Interest Income: A moderate growth of 10-15% YoY, driven by fees and commissions from retail banking and treasury operations.
- Provisions and Write-Offs: A decrease in provisions and write-offs, driven by a reduction in slippages and improvements in asset quality.
- Net Profit: A growth of 20-25% YoY, driven by the strong operating performance and lower provisions.
Key Trends to Watch
- Asset Quality: The bank’s asset quality has been improving consistently, with a decline in gross non-performing assets (GNPA) and net non-performing assets (NNPA).
- Retail Growth: The bank’s retail business has been a key driver of growth, with a strong increase in retail loans and deposits.
- Digital Transformation: The bank has been investing heavily in digital transformation, with a focus on mobile banking, online banking, and digital payments.
- Guidance: The management’s guidance on the bank’s growth prospects, asset quality, and provisioning requirements will be closely watched.
Outlook
The banking sector has been facing challenges due to the COVID-19 pandemic, but Kotak Mahindra Bank has navigated these challenges well, driven by its strong business model and prudent risk management. The bank is well-positioned to benefit from the economic recovery, driven by its strong retail franchise, improving asset quality, and digital transformation initiatives. Overall, analysts expect Kotak Mahindra Bank to deliver a strong set of Q4 results, driven by its robust operating performance and improving asset quality.
Developer involved in Bridgeport bank embezzlement scam sentenced to nearly 7 years behind bars
A real estate developer, Miroslaw Krejza, has been sentenced to nearly seven years in prison for his role in a massive embezzlement scheme that led to the collapse of Washington Federal Bank for Savings in Bridgeport. Krejza collected over $2.6 million in loans from the bank between 2005 and 2017, supposedly to develop several homes on the Northwest Side. However, he never completed or sold any of the homes and never repaid the loans. Instead, he used the money to fund his lifestyle, including taking multiple vacations to tropical destinations and Europe.
Prosecutors argued that Krejza played a significant role in the scheme and had “built nothing except for the façade used to conceal the embezzlement conspiracy.” They sought a nine-year prison sentence, while Krejza’s defense attorney argued for probation, claiming that his client’s work on the homes was halted by the housing market crisis and that he was not aware of the bank’s mismanagement.
The judge ultimately sentenced Krejza to 80 months in prison, calling the scheme a “slush fund” that averaged out to $120,000 per year for Krejza. The judge noted that there was evidence to suggest that Krejza knew what was going on and that he had benefited significantly from the scheme.
The case is part of a larger scandal involving Washington Federal Bank, which was founded to serve the Polish community but had close ties to the Daley family. The bank’s collapse in 2017 resulted in over $82 million in unaccounted-for funds. Several other individuals, including former bank employees and politicians, have been convicted or pleaded guilty in connection with the scheme. These include Marek Matczuk, who embezzled $6 million from the bank and received a 13-year sentence, and former 11th Ward Ald. Patrick Daley Thompson, who was convicted of lying to regulators and cheating on his taxes.
The scandal has also raised questions about the bank’s ties to the Daley family and the City Hall, with some suggesting that the bank’s collapse was linked to a larger corruption scheme. The case has led to calls for greater transparency and accountability in the banking industry and in government. With Krejza’s sentencing, the case has taken another step towards justice, but many questions remain unanswered about the full extent of the scheme and those involved.
PSB demands clarification from AFP over disastrous athletics event in Mashhad
The Athletics Federation of Pakistan (AFP) is under investigation for withdrawing from the Imam Ali Raza Athletics Championship in Iran at the last minute. The Pakistan Sports Board (PSB) has written a letter to the AFP seeking an explanation for the withdrawal, which caused financial losses to the host country and prevented Pakistan’s athletes from competing in the event. The AFP had confirmed their participation in the championship and had even obtained a No Objection Certificate (NOC) from the PSB.
The Iranian organizers had made all necessary arrangements, including non-refundable hotel bookings and transportation, for the eight-member Pakistan contingent. However, just days before the event, the AFP informed the organizers that the team would not be arriving, causing shock and frustration. The organizers are planning to write a letter to the international body and the AFP to express their concern about Pakistan’s late withdrawal.
The PSB has expressed disappointment and embarrassment over the incident, stating that it has severely undermined the morale of Pakistani athletes and strained bilateral sporting relations. The PSB had fulfilled all formalities and issued an NOC for the team’s participation, and the Iranian organizers had completed all visa arrangements. The PSB has asked the AFP to submit a detailed written explanation within three days, stating the reasons behind the abrupt withdrawal.
The incident has raised questions about the governance and accountability of the AFP, and the PSB has called for an explanation to prevent such incidents in the future. The withdrawal has also affected the preparations of Pakistani athletes for the upcoming Asian Athletics championship. The PSB has emphasized that such behavior reflects poorly on the country’s sporting reputation and has urged the AFP to take necessary measures to prevent similar incidents in the future. The AFP has been given a deadline to respond to the PSB’s letter, and further action may be taken if a satisfactory explanation is not provided.
DBS Introduces Save and Return Feature for Enhanced Barring Service
The Disclosure and Barring Service (DBS) is introducing a new feature to its Barring Referral Service, called “Save and Return”. This feature allows users to save their progress when making referrals and return to complete them at a more convenient time. To access this feature, users will need to create a GOV.UK One Login account, a secure and trusted government service. The “Save and Return” feature addresses a common issue where users had to complete referrals in a single session, or risk losing their work. Many users were not returning to submit referrals after they had been abandoned due to time out or other factors.
The new feature provides several benefits, including allowing users more time to complete their referrals, making it easier to manage workloads, and making the process more convenient. Users can now securely save their work and return to it later, eliminating the need to complete referrals in one session. This added flexibility will also enable users to consult with colleagues or gather further information, resulting in more detailed and accurate referrals. The feature is expected to have a positive impact on the quality of referrals received by DBS.
The “Save and Return” feature will be launched on May 1st, and users can access it through the Barring Referral Service GOV.UK page. To make a referral online, users can visit the same page and follow the instructions. The introduction of this feature demonstrates DBS’s commitment to improving its services and making the referral process more user-friendly. By providing users with more flexibility and convenience, DBS aims to increase the number of referrals submitted and improve the overall quality of the referrals.
Overall, the “Save and Return” feature is a significant improvement to the Barring Referral Service, and it is expected to have a positive impact on the users and the quality of referrals received by DBS. With the launch of this feature, DBS is taking a step towards making the referral process more efficient, convenient, and user-friendly. Users can now make referrals with more ease and flexibility, and DBS can receive more accurate and detailed referrals, ultimately contributing to a safer and more secure environment.
Building a Future-Ready Workforce: Insights from AU Small Finance Bank’s Head of HR – peoplematters.in
Rajeev Vig, Head of Human Resources at AU Small Finance Bank, emphasized the importance of building a future-ready workforce in a recent interview. According to Vig, the key to achieving this goal is to focus on upskilling and reskilling employees to keep pace with the rapidly changing business landscape.
The bank, which has undergone significant transformation since its inception, has made substantial investments in employee development programs. Vig highlighted that the organization’s approach to building a future-ready workforce is centered around four core pillars: learning and development, performance management, talent acquisition, and employee engagement.
To develop a culture of continuous learning, the bank has introduced various initiatives such as digital literacy programs, leadership development initiatives, and industry-specific training sessions. These programs aim to enhance employees’ skills and knowledge, enabling them to adapt to new technologies and evolving customer expectations.
Vig also emphasized the significance of performance management in driving business outcomes. The bank has implemented a robust performance management system that focuses on setting clear goals, providing regular feedback, and recognizing employee achievements. This approach helps identify areas for improvement and provides opportunities for employees to develop new skills.
In terms of talent acquisition, the bank adopts a strategic approach to attract and retain top talent. Vig highlighted that the organization looks for candidates with a growth mindset, who are willing to learn and adapt to changing business needs. The bank also focuses on promoting diversity and inclusion, recognizing that a diverse workforce brings unique perspectives and ideas.
Employee engagement is another critical aspect of building a future-ready workforce. The bank has implemented various initiatives to foster a positive work culture, including employee recognition programs, wellness initiatives, and open communication channels. Vig emphasized that engaged employees are more likely to be motivated, productive, and committed to driving business success.
In conclusion, AU Small Finance Bank’s approach to building a future-ready workforce is centered around creating a culture of continuous learning, driving performance, attracting and retaining top talent, and fostering employee engagement. By focusing on these key areas, the bank aims to develop a workforce that is equipped to navigate the challenges of a rapidly changing business environment and drive long-term success. As Vig noted, “The future of work is all about being agile, adaptable, and responsive to changing customer needs.” By prioritizing the development of its employees, AU Small Finance Bank is well-positioned to thrive in an increasingly competitive and dynamic market.
Government of India and Kotak Mahindra Bank Partner to Boost Investor Awareness through Innovative Digital Initiatives
The Investor Education and Protection Fund Authority (IEPFA) has partnered with Kotak Mahindra Bank Limited (KMBL) to enhance investor education and protection in India. The partnership aims to disseminate critical investor awareness messages through Kotak Mahindra Bank’s extensive physical and digital network across the country. IEPFA’s curated investor education content will be featured on the bank’s ATMs, kiosks, websites, mobile apps, and social media platforms, raising awareness on responsible investing, financial fraud prevention, and investor rights protection.
The initiative will be rolled out during the current financial year 2025-2026, with no financial obligation on IEPFA. Kotak Mahindra Bank’s widespread domestic presence of over 2,000 branches and 3,000 ATMs will ensure impactful outreach to diverse segments of the population. The partnership is a significant move to promote financial literacy and empower investors to protect themselves from financial fraud.
IEPFA, established under the Ministry of Corporate Affairs, Government of India, has been conducting investor awareness programs since its inception. The authority safeguards investor interests by promoting financial literacy and protecting investor rights. Kotak Mahindra Bank, one of India’s premier financial institutions, serves millions of customers through its extensive network, offering innovative banking and financial solutions.
The partnership is a result of the leadership of Smt. Anita Shah Akella, CEO of IEPFA, and Joint Secretary in the Ministry of Corporate Affairs. The Memorandum of Understanding (MoU) was exchanged between Smt. Samiksha Lamba, Deputy General Manager, IEPFA, and Mr. Vishal Agarwal, Senior Vice President and Head at Kotak Mahindra Bank, reinforcing trust in the financial ecosystem.
The collaboration is expected to have a significant impact on investor education and protection in India, promoting financial literacy and empowering investors to make informed decisions. With the partnership, IEPFA and Kotak Mahindra Bank aim to create a more informed and aware investor community, capable of navigating the complexities of the financial markets and protecting themselves from financial fraud. Overall, the partnership is a positive step towards promoting investor education and protection in India.
Deposit ₹ 1,00,000 in Bank of Baroda and earn a guaranteed return of ₹ 16,022 – learn more now!
The Bank of Baroda, India’s second-largest government bank by market capitalization, is offering a savings scheme that provides a fixed interest of Rs 16,022 on a deposit of just Rs 1 lakh. This scheme is a 2-year fixed deposit (FD) plan that offers an interest rate of 7.00% to ordinary citizens and 7.50% to senior citizens. The interest rates offered by Bank of Baroda on its FD schemes range from 4.25% to 7.65%, depending on the tenure of the deposit.
The 2-year FD scheme is a lucrative option for those looking to invest their savings for a fixed period. By depositing Rs 1 lakh, an ordinary citizen under the age of 60 can earn a total of Rs 1,14,888 on maturity, which includes the principal amount and the interest earned. This translates to a fixed interest of Rs 16,022 over the 2-year period.
It’s worth noting that the interest rates offered by Bank of Baroda have been revised after the Reserve Bank of India reduced the repo rate. Despite this, the bank’s FD schemes remain an attractive option for those looking to earn a fixed return on their investments. Senior citizens can earn an even higher interest rate of 7.50% on the 2-year FD scheme, making it an attractive option for retired individuals looking to supplement their income.
Overall, the Bank of Baroda’s 2-year FD scheme offers a competitive interest rate and a fixed return on investment, making it a popular choice among savers. With a deposit of just Rs 1 lakh, individuals can earn a significant interest of Rs 16,022 over a period of 2 years, making it a worthwhile investment option for those looking to grow their savings.
RBI announces massive bond-buying spree, set to acquire Rs 1.25 lakh crore worth of bonds in May – here are the top highlights
The Reserve Bank of India (RBI) has announced plans to purchase government securities worth Rs 1.25 lakh crore in May through open market operations (OMO). The purchases will be made in four tranches, with the first tranche of Rs 50,000 crore scheduled for May 6, followed by three more tranches of Rs 25,000 crore each on May 9, May 15, and May 19. The RBI will issue detailed instructions for each tranche separately.
This move is aimed at injecting liquidity into the system and ensuring orderly liquidity conditions. The central bank has been actively using the OMO route to manage liquidity conditions in the domestic banking system. In the previous month, the RBI had purchased government securities worth Rs 20,000 crore through a similar drive.
Open market operations involve the buying or selling of government securities by the RBI to manage the supply of money and adjust liquidity conditions in the market. The RBI uses this tool to adjust the rupee liquidity conditions on a durable basis. When there is excessive liquidity in the market, the RBI sells government securities, and when there is a shortage of liquidity, it buys government securities.
The RBI will accept electronic bids from eligible participants through its Core Banking Solution system, called E-Kuber, and the outcome of the auction will be announced on the same day. The central bank has reiterated its commitment to monitoring evolving liquidity and market conditions and taking necessary steps to ensure orderly liquidity conditions in the system.
The move is expected to have a positive impact on the bond market and the overall liquidity situation in the country. The RBI’s decision to purchase government securities is seen as a measure to infuse liquidity into the system and support economic growth. With the economy facing challenges due to the pandemic, the RBI’s move is expected to provide a boost to the market and help stabilize the financial system.
Standard Chartered Predicts Bitcoin Will Soar to $200,000 Before 2023 Ends, Reports Bitcoin.com News
Several financial institutions and experts have made predictions about the future price of Bitcoin, with some forecasting significant gains by the end of the year and beyond. Standard Chartered, a major international bank, has made a bullish prediction, suggesting that Bitcoin could reach $200,000 by the end of the year. This prediction is based on the idea that investors may flee US assets and turn to alternative investments like Bitcoin.
Similarly, Investing.com India reports that StanChart predicts Bitcoin will hit a fresh all-time high in the second quarter of the year. This forecast is likely based on the bank’s analysis of market trends and the growing interest in cryptocurrency.
CoinDesk also reports on Standard Chartered’s prediction, suggesting that Bitcoin could hit $120,000 as investors seek alternative assets. This prediction is driven by the idea that investors are becoming increasingly cautious about the US economy and are looking for alternative investments that can provide a safe haven.
Meanwhile, Presto Research has made an even more ambitious prediction, suggesting that Bitcoin could hit $210,000 by 2025. This forecast is based on the idea that Bitcoin will continue to gain mainstream acceptance and that its price will rise accordingly.
Binance, a major cryptocurrency exchange, has also noted the potential for a Bitcoin resurgence, with the hashtag “#BitcoinResurgence” trending on social media. This suggests that there is growing enthusiasm for Bitcoin and that the cryptocurrency may be poised for a significant price increase.
Overall, these predictions suggest that Bitcoin is likely to experience significant price growth in the coming months and years. While predictions are inherently uncertain and subject to change, they do indicate a growing sense of optimism about the future of Bitcoin and the cryptocurrency market more broadly. As the market continues to evolve, it will be interesting to see whether these predictions come to fruition and what other developments shape the future of Bitcoin.
Q4 Earnings Review: HDFC Securities Analyzes Reliance Industries, RBL Bank, and DCB Bank’s Latest Results
RBL Bank Ltd.’s fourth-quarter earnings for the fiscal year 2025 were disappointing due to increased provisioning in the Microfinance (MFI) and credit card sectors. The bank’s loan growth slowed down to 10% year-over-year (YoY) for the fiscal year 2025, compared to 20% in the previous year. This decline was mainly driven by a decrease in unsecured lending segments.
The bank’s decision to make sustained and accelerated provisions in its MFI and credit card portfolios was a key factor in its muted earnings. This move was made in response to the continued elevated stress levels in these sectors. As a result, the bank’s provisioning costs increased, which negatively impacted its profitability.
The moderation in loan growth was a significant factor in the bank’s earnings performance. The 10% YoY growth in loans was slower than the 20% growth seen in the previous year. This decline was largely driven by a decrease in unsecured lending, which includes credit card and personal loans. The bank’s secured lending segments, such as mortgages and loans against property, may have seen more robust growth, but this was not enough to offset the decline in unsecured lending.
The rise in provisioning and moderation in loan growth are likely to be concerns for investors. The bank’s decision to make sustained provisions in its MFI and credit card portfolios suggests that it is taking a cautious approach to managing its asset quality. While this may be a prudent move, it could also impact the bank’s profitability in the short term.
Overall, RBL Bank’s Q4 FY25 earnings were muted due to the sustained accelerated provisioning and moderation in loan growth. The bank’s focus on managing its asset quality and reducing its exposure to stressed sectors is a positive step, but it may take some time for the benefits of these efforts to materialize. As the bank continues to navigate the challenges in the MFI and credit card segments, it will be important for it to balance its growth ambitions with the need to maintain a strong balance sheet and robust asset quality.
Over 40 companies, including IRFC, Adani Green, UCO Bank, and Castrol India, are set to announce their earnings on April 28
On Monday, a multitude of companies across various sectors are slated to announce their fourth-quarter (Q4) results, marking a critical juncture for investors, analysts, and the broader market. The list of companies declaring Q4 results includes Indian Railway Finance Corporation Ltd., which operates in the financial sector, particularly focusing on funding for Indian Railways’ expansion and modernization plans. KFin Technologies Ltd., a leading provider of financial services and solutions, will also release its Q4 results, offering insights into the performance of the financial technology sector.
KPIT Technologies Ltd., a company specializing in IT consulting and services, is another key player set to unveil its Q4 performance. This announcement is crucial for understanding the growth trajectory of the IT sector, especially in the context of global digital transformation trends. Nippon Life India Asset Management Ltd., known for its investment and asset management services, will also disclose its Q4 results, reflecting the health of the asset management industry.
The real estate sector will have its moment of reckoning with Oberoi Realty Ltd. announcing its Q4 results. This is significant given the real estate market’s recovery and growth potential. On the industrial front, companies like Nitco Ltd., Plastiblends India Ltd., and Sanghi Industries Ltd. will provide insights into their respective sectors’ performances. Financial institutions such as PNB Housing Finance Ltd. and UCO Bank are also slated to declare their results, which will be closely watched for indicators of the banking and housing finance sectors’ stability and growth.
Other notable companies across various sectors include RPG Life Sciences Ltd. in the pharmaceuticals domain, Shree Digvijay Cement Company Ltd., and UltraTech Cement Ltd. in the cement industry, and TVS Motor Company Ltd. in the automotive sector. These announcements are pivotal as they span across sectors that are crucial for the overall economic health of the country. The results from these companies will offer a broad picture of how different sectors of the Indian economy have performed in the fourth quarter and the fiscal year 2025, providing valuable insights for stakeholders, investors, and policymakers alike. The collective performance of these companies will have implications for market sentiments, future investments, and overall economic forecasting.
RBI Governor showcases India’s growth potential in the US, hailing the country as a ‘key partner in global prosperity’
Reserve Bank of India (RBI) Governor Sanjay Malhotra has highlighted India as a prime long-term investment destination, citing the country’s strong growth and stability. Speaking at the US-India Economic Forum in Washington, Malhotra emphasized that India’s relatively lower dependence on exports and strong domestic demand shield the economy from external shocks. Over the past four years, India has recorded an average annual growth rate of 8.2%, making it the fastest-growing major economy in the world.
The RBI has projected a growth rate of 6.5% for the current fiscal year, slightly lower than the previous estimate of 6.7%. However, this rate remains the highest among major economies. Malhotra attributed this growth to India’s policy continuity, financial stability, infrastructure development, digitization, demographic dividend, and manufacturing focus. He also highlighted the country’s foreign exchange reserves, which stand at $686 billion, covering over 11 months of imports and 96% of external debt.
Malhotra emphasized that India’s flexible inflation targeting framework, adopted in 2016, has enhanced policy predictability and anchored inflation expectations. The RBI has lowered the policy rate by 25 basis points for the second consecutive time, signaling an accommodative stance to support economic growth. The central bank expects inflation to be around 4% for the next 12 months, with a focus on supporting economic growth.
The RBI Governor invited investors to take advantage of India’s transparent, rule-based, and forward-looking policy ecosystem, which is ideal for long-term and productive investments. He emphasized that India is not just a destination for investment but also a partner in prosperity. With its strong growth prospects, stable economy, and favorable policy environment, India offers a compelling opportunity for investors seeking long-term value and returns.
Malhotra’s pitch for India as a long-term investment destination comes at a time when advanced economies are facing economic headwinds. The country’s robust growth, low inflation, and stable financial system make it an attractive option for investors. The RBI’s accommodative monetary policy stance and focus on supporting economic growth are also expected to boost investor confidence. Overall, Malhotra’s message highlights India’s potential as a key player in the global economy and a prime destination for long-term investments.
Senior Citizens Can Earn 9.1% Interest on Fixed Deposits: Check the Latest FD Rates from These Banks
For senior citizens seeking safe investment options, bank fixed deposits (FDs) can be an attractive choice, with some small finance banks offering interest rates up to 9.1% for a three-year tenure. These rates are applicable for FDs below Rs 3 crore and are particularly notable given that many banks are currently reducing their FD interest rates. The banks offering the highest interest rates for senior citizens include:
– Utkarsh Small Finance Bank at 9.1%
– Northeast Small Finance Bank at 9%
– Jana Small Finance Bank and Suryaodaya Small Finance Bank at 8.75%
– Unity Small Finance Bank at 8.65%
– Equitas Small Finance Bank at 8.25%
This presents a good opportunity for investment, especially considering the Reserve Bank of India’s (RBI) decision to cut the repo rate and the subsequent reduction in FD interest rates by major banks. However, it’s essential to exercise caution when investing in small finance banks. While deposits up to Rs 5 lakh are insured under the Deposit Insurance Credit Guarantee Corporation (DICGC), keeping investments within this limit ensures that your money can be returned in case of unforeseen events.
Moreover, senior citizens can avoid Tax Deducted at Source (TDS) on their FDs by submitting Form 15H if their total tax liability is zero. This form is valid as long as the taxpayer’s liability remains zero after all deductions, regardless of the total income exceeding Rs 3 lakh. As of the latest update on April 23, 2025, these rates and conditions offer senior citizens a chance to secure good returns safely for the next three years. It’s advisable to review the terms and conditions and consider financial advisors’ inputs before making any investment decisions.
Mumbai’s scandal-marred PNB branch trades fraud for fair trade, now serving up organic coffee
The Brady House branch of the Punjab National Bank (PNB) in Mumbai, once at the center of a massive financial scam, has been transformed into a cozy cafe. The branch was infamous for the multi-million dollar scam involving diamantaire Nirav Modi and his uncle Mehul Choksi, who allegedly defrauded the bank of over Rs 13,000 crore between 2011 and 2017. The scam, which involved the use of Letters of Undertaking (LoUs) and foreign letters of credit (FLCs), was discovered in January 2018, after which the PNB submitted a fraud report to the Reserve Bank of India and lodged a complaint with the Central Bureau of Investigation (CBI).
After the scam was exposed, the PNB shifted the Brady House branch’s operations to a new location, PNB House, and vacated the premises. The building, located in the Fort area of south Mumbai, was then rented out and has since been converted into a posh cafe. The cafe, which offers organic coffee and a comfortable seating area, has become a popular spot for business meetings and casual chats. The transformation of the Brady House branch is a stark contrast to the chaos that erupted after the scam was discovered, and the premises are now a tranquil oasis in the heart of the city.
The scam’s masterminds, Nirav Modi and Mehul Choksi, had fled the country before the scam was exposed, and have been the subject of investigations by the CBI and the Enforcement Directorate (ED). In 2019, Modi was arrested in London on an extradition warrant, and has been in prison since. More recently, Choksi was arrested in Belgium on an extradition request by Indian agencies. Despite the ongoing developments in the case, the Brady House cafe remains a popular destination, unaffected by the scandal that once rocked the financial world. The cafe’s calm and cozy atmosphere is a far cry from the turmoil that once characterized the PNB’s Brady House branch.
Tamilnad Mercantile Bank Aims for 13-14% Increase in Deposits by FY26
The bank’s yields on advances have moderated slightly in FY25 due to efforts to enhance portfolio quality and increase MSME ticket sizes, which has resulted in a yield sacrifice. Despite previous repo rate hikes and anticipated cuts, deposit costs have not increased significantly. The bank expects to maintain a net interest margin (NIM) of 3.8% to 3.9% in FY26, with deposit costs ranging from 5.9% to 6%.
The bank’s loan portfolio is heavily focused on retail, agriculture, and MSME segments, which account for 93% of total advances, up from 91% in FY24. The bank plans to continue its focus on retail and MSME, with a smaller emphasis on agriculture. It may also re-enter the corporate segment with limited exposure once risk management systems are fully implemented.
To support growth, the bank is centralizing credit delivery through a new credit management center, which will prioritize RAM growth. The bank is also targeting significant growth in current and savings accounts, aiming for 1.5 times the growth of term deposits. The bank’s substantial gold loan portfolio, which accounts for about 40% of assets, is expected to provide insulation to the overall asset yield, supporting NIM stability. Gold loan yields are less sensitive to broader interest rate movements, which will help the bank maintain its NIM.
Overall, the bank’s strategy is focused on maintaining a strong NIM, growing its retail and MSME segments, and managing its risk exposure. The bank is also prioritizing the growth of its current and savings accounts, and leveraging its gold loan portfolio to support its overall asset yield. With a focus on improving portfolio quality and managing risk, the bank is well-positioned for FY26. The bank’s ability to maintain a stable NIM and grow its key segments will be crucial in achieving its goals for the upcoming year.
Additional SGB Repayment: RBI Sets Premature Redemption Value at Rs 9,600 for Bonds Maturing on April 28
The Reserve Bank of India (RBI) has announced the premature redemption price for the Sovereign Gold Bond (SGB) Scheme, Series I of 2020-21, at Rs 9,600 per unit. The redemption date is scheduled for April 28, 2025, marking the end of the five-year lock-in period for this series. SGBs offer investors an option to exit after completing five years from the date of issuance, although the overall maturity period is eight years.
The redemption price is calculated based on the average closing gold price of 999 purity over the preceding three business days. The RBI also announced premature redemption prices for two other SGB series, Series IV of 2017-18 and Series II of 2018-19, which became eligible for early redemption on April 23, 2025.
Sovereign Gold Bonds are a popular investment option for individuals looking to gain exposure to gold without the challenges of physical storage. The scheme provides an annual interest rate of 2.5% and potential capital growth tied to gold prices. SGBs have an eight-year term, with the option for investors to redeem them early starting from the fifth year. Early redemption is permitted only on particular interest payment dates, which occur twice a year.
Investors should note that if they miss the early redemption window, they will not lose their investment, and the bond will continue to accrue an annual fixed interest rate of 2.5% until it matures in eight years. They also have the option to sell the bonds in the secondary market at current market prices.
In terms of tax implications, the interest earned on SGBs is taxable under the Income-tax Act, 1961. However, if investors opt for premature redemption through the RBI’s designated window, the proceeds are fully exempt from Long Term Capital Gains (LTCG) tax. If they choose to sell SGBs in the secondary market, the gains will attract capital gains tax. Investors aiming to maximize tax efficiency should either redeem SGBs during the RBI’s premature exit window or hold them until the full maturity period of eight years.
To minimize tax liabilities, investors should choose the right exit option. They can either redeem their SGBs during the premature exit window or hold them until maturity. The maturity proceeds are not treated as a transfer under the capital gains provisions, making them entirely tax-exempt. By understanding the tax implications and choosing the right exit option, investors can make the most of their Sovereign Gold Bond investment.
The Reserve Bank of India (RBI) has imposed penalties on Indian Overseas Bank (IOB) and M&M Financial Services Ltd for failing to comply with regulatory requirements.
The Reserve Bank of India (RBI) has imposed monetary fines on Indian Overseas Bank (IOB) and Mahindra and Mahindra Financial Services Limited for non-compliance with RBI directives. The fines amount to Rs 63.60 lakh for IOB and Rs 71.30 lakh for Mahindra and Mahindra Financial Services Limited. The RBI periodically audits the accounts of banks and Non-Banking Finance Companies (NBFCs) and found that both IOB and Mahindra and Mahindra Financial Services Limited did not comply with certain directions.
IOB was fined for non-compliance with RBI directives on loans to the agricultural sector and Micro, Small, and Medium Enterprises (MSMEs). Specifically, the bank failed to obtain collateral security for agricultural loans up to Rs 1.60 lakh in certain cases and for loans up to Rs 10 lakh provided to certain Micro and Small Enterprise borrowers. In India, agricultural loans up to Rs 2 lakh are collateral-free, and loans up to Rs 10 lakhs are collateral-free in the MSME sector.
Mahindra and Mahindra Financial Services Limited was fined for non-disclosure of processing fees and other charges in certain loan application forms, failure to provide copies of loan agreements and loan details to certain borrowers, failure to provide a final chance to certain borrowers to repay loans before the sale/auction of vehicles, and issuing multiple customer identification codes to certain customers instead of a Unique Customer Identification Code (UCIC).
IOB is a public sector bank founded in 1937 and nationalized in 1969. It has overseas branches and offices in several countries, including Singapore, Hong Kong, Thailand, and Sri Lanka. Mahindra and Mahindra Financial Services Limited, on the other hand, is a non-banking financial company established in 1991 and part of the Mahindra Group. It offers various financial services, including vehicle loans, SME finance, and personal loans.
The fines imposed by the RBI are a reminder of the importance of compliance with regulatory directives. The RBI’s actions aim to protect the interests of borrowers and ensure that financial institutions operate in a fair and transparent manner. The fines also highlight the need for banks and NBFCs to review their internal processes and ensure that they are in compliance with regulatory requirements.
Exclusive Benefit for Government Employees with SBI Salary Accounts: Receive ₹1 Crore in Free Insurance Coverage – Learn More
The Jharkhand government has announced a new benefit for its employees, offering free accidental insurance coverage of up to ₹1 crore to those who have their salary accounts with the State Bank of India (SBI). This initiative is part of an agreement between the government and SBI, aimed at providing financial security to state employees. The insurance coverage will be provided without any premium payments from the employees.
Chief Minister Hemant Soren stated that the government is committed to the dignity, safety, and welfare of its employees, who play a crucial role in the state’s development. The new initiative is expected to boost the morale of government employees and provide a better work environment. In addition to the accidental insurance coverage, employees will also have access to various banking services related to health and life insurance without any extra charges.
Around 70,000 policemen in the state are already benefiting from this scheme, and now 1.05 lakh more employees will be eligible for the same benefits. The SBI Personal Accident Insurance scheme provides financial protection to the family in case of accidental death, injury, or permanent disability. The coverage includes 100% of the sum insured in case of accidental death, coverage for permanent disability, bone fracture assistance, ambulance charges, and child education cover.
The government’s decision to provide free accidental insurance coverage to its employees is a significant step towards ensuring their financial security. With this initiative, the Jharkhand government aims to provide a better work environment and boost the morale of its employees. The partnership with SBI will enable the government to provide a range of banking services to its employees, making it easier for them to manage their finances and access various benefits.
The SBI Personal Accident Insurance scheme is a comprehensive policy that provides financial protection to the family in case of unforeseen events. The scheme’s coverage includes a range of benefits, making it an attractive option for government employees. With the government’s commitment to providing financial security to its employees, this initiative is expected to have a positive impact on the state’s development and the well-being of its employees.
The Reserve Bank of India (RBI) has slapped a penalty on Indian Bank and Mahindra & Mahindra Financial Services
The Reserve Bank of India (RBI) has imposed penalties on two financial institutions, Indian Bank and Mahindra & Mahindra Financial Services, for non-compliance with regulatory requirements. Indian Bank has been fined Rs 1.61 crore for violating certain provisions of the Banking Regulation Act and failing to comply with directions related to interest rates on advances, the Kisan Credit Card (KCC) Scheme, and lending to the Micro, Small and Medium Enterprises (MSME) sector.
Mahindra & Mahindra Financial Services, on the other hand, has been penalized Rs 71.30 lakh for non-compliance with provisions related to non-banking financial companies and Know Your Customer (KYC) directions. The RBI emphasized that the penalties are not intended to question the validity of any transactions or agreements entered into by the entities with their customers, but rather to address deficiencies in regulatory compliance.
The penalties were imposed after the RBI conducted inspections and found that both institutions had failed to adhere to certain regulatory requirements. The RBI stated that the penalties are based on the deficiencies found during the inspections and are intended to ensure that financial institutions comply with regulatory requirements and maintain high standards of governance and customer protection.
The RBI’s actions serve as a reminder to financial institutions of the importance of complying with regulatory requirements and maintaining high standards of governance and customer protection. The penalties imposed on Indian Bank and Mahindra & Mahindra Financial Services demonstrate the RBI’s commitment to enforcing regulatory compliance and ensuring that financial institutions operate in a fair and transparent manner.
The penalties are also intended to promote a culture of compliance among financial institutions and to prevent similar non-compliances in the future. By imposing penalties, the RBI aims to ensure that financial institutions take regulatory requirements seriously and implement effective systems and processes to prevent non-compliances. Overall, the RBI’s actions are aimed at maintaining the stability and integrity of the financial system and protecting the interests of customers.
Kotak Mahindra Bank cuts savings account interest rates: Tips to maximize your returns and make your money grow – MSN
Kotak Mahindra Bank has announced a reduction in interest rates for its savings account holders. The new rates, which are effective immediately, will see a decrease in the interest earned on savings accounts. This move is likely to affect millions of customers who have their savings parked with the bank.
The reduction in interest rates is a result of the current economic scenario, where banks are struggling to maintain their net interest margins. With the reduction in policy rates by the Reserve Bank of India, banks have been forced to reduce their deposit rates to maintain their profitability. This has resulted in a decrease in the interest rates offered on savings accounts, fixed deposits, and other deposit products.
For instance, Kotak Mahindra Bank’s savings account interest rate has been reduced to 3.5% per annum for balances up to ₹1 lakh and 4% per annum for balances above ₹1 lakh. While this may not seem like a significant decrease, it can still result in a substantial loss of interest income for customers with large savings account balances.
So, how can customers make their money work harder in this scenario? One option is to consider opening a fixed deposit account, which can offer higher interest rates compared to savings accounts. Fixed deposits are time deposits offered by banks with a fixed interest rate and maturity period. They tend to be low-risk investments and can provide higher returns compared to savings accounts.
Another option is to explore alternative investment options such as mutual funds, equities, or debt instruments. These investments can offer higher returns compared to traditional savings accounts, but they also come with higher risks. It’s essential for customers to assess their risk tolerance and investment goals before making any investment decisions.
Customers can also consider parking their surplus funds in a liquid fund or an ultra-short-term fund, which can offer returns similar to savings accounts but with the flexibility to withdraw their money whenever needed. Additionally, they can also explore other banks or financial institutions that may be offering higher interest rates on savings accounts.
In conclusion, the reduction in savings account interest rates by Kotak Mahindra Bank may seem like a setback for customers, but there are still ways to make their money work harder. By exploring alternative investment options, considering fixed deposits, or shopping around for better interest rates, customers can ensure that their savings continue to earn a decent return. It’s essential for customers to be proactive and take control of their finances to maximize their returns in a low-interest-rate environment.
Ofcom finalises plan to prioritize public service broadcasters on Smart TVs
Ofcom, the UK’s communications regulator, has announced that stakeholders are “largely supportive” of its plans to introduce a new online availability and prominence regime for public service broadcasters’ TV players on connected TV platforms. The plans, first published in December, aim to ensure that public service broadcasters, such as the BBC, have their TV players and content readily available and easily accessible on smart TVs, streaming devices, and other connected platforms.
The regime will apply to connected TV platforms designated by the Secretary of State, which will be required to ensure that public service broadcaster TV players, including BBC iPlayer, are prominently featured and easily accessible. Ofcom has published a final Statement of Principles and Methods, outlining how it will define and designate Television Selection Services (TSS) based on the number of UK users and the way the service is used.
The 2024 Media Act has placed obligations on manufacturers and operators of connected TV devices, such as smart TVs, streaming sticks, and set-top boxes, to ensure public service broadcasters are featured prominently on their platforms. Ofcom’s new regime will provide a framework for implementing these obligations, ensuring that public service broadcasters can reach their audiences and provide high-quality content on various platforms.
The regulator has considered feedback from stakeholders and has published a document summarizing the comments received, its responses, and the rationale behind its decision. The new regime aims to promote fairness, transparency, and accountability in the distribution of public service content on connected TV platforms, ensuring that viewers can easily access and enjoy high-quality content from public service broadcasters.
Overall, Ofcom’s plans aim to support the development of a vibrant and diverse media landscape in the UK, where public service broadcasters can thrive and continue to provide valuable content to audiences. The new regime is expected to come into effect soon, and Ofcom will work closely with stakeholders to ensure a smooth implementation and compliance with the new rules.
PNB SO 2025 Admit Cards Now Available: View Exam Schedule and Details
The Punjab National Bank (PNB) has announced the release of the online written test admit card for the position of Specialist Officers under the Human Resource Plan (HRP) 2024-25. Candidates who have applied for the 350 available vacancies can now download their hall tickets from the official PNB website, pnbindia.in. The written examination is scheduled to be held for a duration of 120 minutes, consisting of two parts: Part I and Part II. Part I will test the candidates’ skills in Reasoning, English Language, and Quantitative Aptitude, while Part II will assess their Professional Knowledge.
To be eligible for the next stage of the recruitment process, candidates must clear the online test. Those who qualify will be required to appear for a personal interview. The recruitment drive aims to fill a total of 350 vacancies for the position of Specialist Officers under HRP 2024-25. The official notification for the recruitment is available on the PNB website, providing all the necessary details and instructions for candidates.
To download the PNB SO admit card 2025, candidates can follow these steps:
1. Visit the official website, pnbindia.in
2. Click on the ‘Recruitments’ tab on the homepage
3. Select the admit card link under ‘RECRUITMENT FOR 350 SPECIALIST OFFICERS UNDER HRP 2025-26’
4. Login to the website and download the admit card
5. Take a printout of the admit card for future reference
Candidates are advised to visit the official website for more details and to access the direct link to download the PNB SO admit card 2025. It is essential to note that only eligible candidates will be able to download their admit cards, and they must ensure that they meet all the requirements and follow the instructions carefully to avoid any issues during the recruitment process. By downloading the admit card, candidates can confirm their eligibility and prepare for the written examination, which is the first step towards securing a position as a Specialist Officer at PNB.
Canara Bank Cuts Lending Rates: Home and Auto Loan Borrowers to Benefit from Reduced Interest Rates | Latest Personal Finance Updates
In a bid to ease the financial burden on its customers, Canara Bank has announced a reduction in its lending rates. The bank has lowered its Repo Linked Lending Rate (RLLR) by 25 basis points, following the Reserve Bank of India’s (RBI) recent decision to slash key interest rates. This move is expected to bring direct benefits to borrowers by making loans more affordable. The revised rates will be effective from April 12, 2025.
With the reduced RLLR, the minimum rate of interest for all loans has been lowered. The popular loan products, such as housing loans and vehicle loans, will now start at 7.90% per annum and 8.20% per annum, respectively. This rate revision is expected to lower Equated Monthly Installments (EMIs) for both existing and new borrowers, making it more affordable for customers to purchase a! house or vehicle.
The RBI had earlier announced a reduction in interest rates for the second time, bringing massive relief to home and auto loan borrowers. The six-member Monetary Policy Committee (MPC) meeting, led by new RBI Governor Sanjay Malhotra, unanimously decided to slash the policy rate by 25 basis points to 6.25%. This move is seen as a positive step towards making credit more accessible and helping customers achieve their financial goals.
Canara Bank has stated that this move reaffirms its commitment to making credit more accessible and ensuring timely transmission of policy rate cuts. The bank continues to align its offerings with customer needs, making it easier for them to move forward with their dreams and financial goals. With the reduced lending rates, Canara Bank aims to provide relief to its customers and support their financial aspirations. Overall, this move is expected to have a positive impact on the banking sector and the economy as a whole.
Rana Kapoor secures bail in Yes Bank’s 946-crore loan scam case, Mumbai court rules
A special CBI court in Mumbai has granted bail to Yes Bank founder Rana Kapoor and several others in a high-profile loan fraud case worth Rs 946.44 crore. The court made this decision after considering that there was no evidence presented by the Central Bureau of Investigation (CBI) to suggest that releasing the accused on bail would hinder the trial’s progress. Notably, Rana Kapoor and the other individuals granted bail were not formally arrested in connection with this case.
The allegations against them stem from the claim that Ezeego One Travel And Tours Limited (EOTTL) cheated Yes Bank to the tune of Rs 946.44 crore through various means, including cheating, forgery, and the diversion of funds, allegedly with the involvement of unknown bank officials. It is further alleged that EOTTL submitted forged documents to secure funds from the bank for specific purposes, such as implementing an Enterprise Resource Planning (ERP) system, taking over an Axis Bank facility, and advancing business operations. However, instead of using these funds for their intended purposes, the company allegedly diverted them for other uses, thereby misusing the bank’s funds.
The decision to grant bail was based on the court’s observation that the CBI had not provided sufficient grounds to necessitate the custodial detention of the applicants during the trial. This indicates that, from a legal standpoint, the court did not find compelling reasons to believe that the accused would interfere with the trial process if released on bail.
Rana Kapoor and the other accused moved their bail applications following the recent filing of a chargesheet against them by the CBI. The court’s ruling highlights the importance of due process and the preservation of individual rights, even in cases of serious financial fraud, where the prosecution must meet specific legal standards to justify pre-trial detention.
This development is significant in the context of India’s financial sector, where cases of large-scale fraud and corporate governance issues have raised concerns about regulatory oversight and the efficacy of the legal system in handling such complex cases. The court’s decision underscores the principle that the burden of proof lies with the prosecution, and in the absence of concrete evidence to the contrary, the accused are entitled to the benefit of bail.
Blaze Erupts Near Punjab National Bank in Nagpur, Doused Swiftly by Responders
A fire broke out near the Punjab National Bank premises in Civil Lines, Nagpur, on Tuesday evening, causing widespread panic among nearby residents. The fire started in an area adjacent to the bank where dry trees and vegetation had accumulated, and quickly spread, producing tall flames and heavy smoke. Fortunately, thanks to the prompt action of locals and the fire department, the fire was brought under control before it could cause any major damage.
Eyewitnesses reported that the fire began in an area with old trees and dry shrubs, which caught fire and started burning rapidly. The flames did not spread to the bank building, which is a ground plus one-storey structure, averting a potential major incident. Had the fire gone unnoticed for a longer period, it could have escalated significantly, causing extensive damage and potentially harming people.
The residents living behind the bank compound immediately alerted their neighbors, who contacted the police control room, and the fire brigade was informed. The firefighters arrived quickly and managed to contain the fire, preventing it from spreading further. No injuries or significant property loss were reported, and the cause of the fire is still unknown.
The swift response of the locals and the fire department was instrumental in preventing a major disaster. The fire station officer, Tushar Barahate, confirmed that the fire did not spread inside the bank building and that the situation was brought under control quickly. The incident highlights the importance of prompt action and community vigilance in preventing and responding to emergencies. The authorities are likely to investigate the cause of the fire to prevent similar incidents in the future. Overall, the incident was a close call, but thanks to the quick thinking and action of the locals and fire department, a major disaster was averted.
RBI MPC minutes strike a decidedly dovish note, with economic growth now top priority in policy decisions, according to a UBI Report
The minutes of the Monetary Policy Committee (MPC) meeting, held on April 7-9, reflect a dovish tone, with growth taking center stage in the Reserve Bank of India’s (RBI) policy approach. The MPC appears more confident that inflation will move towards the 4% target, allowing it to shift focus towards supporting economic growth. The RBI’s decision to change its monetary policy stance to “accommodative” and cut interest rates by 25 basis points (bps) has been seen as a “double booster shot” for the economy. This combination implies that interest rates will likely remain low or may even decrease further, making borrowing cheaper and supporting economic activity.
All MPC members, except one, agreed on the rate cut and shift in stance. The accommodative stance signals that a rate hike is unlikely for now, and the RBI can still pause if economic conditions demand it. The downward revision in the RBI’s inflation forecast for FY26 by 20 bps has created additional room for monetary easing in the future. The RBI has projected India’s GDP growth at 6.5% for FY26, but Union Bank of India feels this is optimistic and pegs growth closer to 6.0%, citing weak capital expenditure sentiment and rising global uncertainties.
Looking ahead, the report expects the RBI to cut the repo rate by another 50 bps, bringing it down to a terminal rate of 5.5%. This projection is based on an assumption of a neutral real interest rate of 1.5%. The tone of the minutes and the Union Bank report suggests that the central bank is prioritizing growth as inflation risks appear to be easing. The RBI’s focus on growth is likely to continue, with the possibility of further rate cuts in the future. The accommodative stance and low interest rates are expected to support economic activity, making borrowing cheaper and boosting growth.
The shift in the RBI’s policy approach is significant, as it indicates a change in the central bank’s priorities. With inflation risks easing, the RBI is now focusing on supporting economic growth, which is likely to have a positive impact on the economy. The report’s expectations of further rate cuts and the RBI’s accommodative stance suggest that the central bank is committed to supporting growth and stimulating economic activity. Overall, the minutes of the MPC meeting and the Union Bank report suggest that the RBI is taking a dovish approach, prioritizing growth and seeking to support the economy through monetary policy.
Bitcoin is Poised to Potentially Reach a Staggering $200,000 by 2025
Geoff Kendrick, head of digital assets research at Standard Chartered Bank, is predicting a bullish future for Bitcoin, with a potential price of $200,000 by the end of 2025. Kendrick attributes this forecast to growing concerns about the Federal Reserve’s independence and Bitcoin’s role as a hedge against risks in the traditional financial system. As economic uncertainties loom, Bitcoin’s decentralized nature and independence from government or institutional control make it an attractive safe haven for investors.
The collapse of Silicon Valley Bank in March 2023 is cited as an example of Bitcoin’s resilience, as it rallied while traditional assets faltered. Investors are increasingly viewing Bitcoin as a buffer against systemic risks, particularly when trust in conventional institutions wanes. Kendrick also points to the U.S. Treasury term premium, which has hit a 12-year high, reflecting investor caution toward long-term Treasury bonds. This yield disparity has historically benefited Bitcoin, and Kendrick expects this trend to continue.
Standard Chartered’s forecast is based on confidence in Bitcoin’s long-term growth, driven by persistent macroeconomic uncertainties and eroding trust in centralized financial systems. Market trends support this view, with robust institutional demand and inflows into Bitcoin ETFs. As of April 22, 2025, the Bitcoin ETF net flow recorded a significant inflow of $912.70 million, with historical values showing $248.70 million over the last three months.
While the path to $200,000 hinges on sustained investor confidence and favorable economic conditions, Kendrick is optimistic about Bitcoin’s potential. He projects an even loftier target of $500,000 by 2028, driven by the same factors. However, it’s essential to approach such projections with caution, as Bitcoin’s price remains sensitive to global economic and political developments. Regulatory crackdowns, shifts in monetary policy, or reduced institutional interest could derail Standard Chartered’s forecast.
Overall, Standard Chartered’s prediction highlights Bitcoin’s growing appeal in volatile markets and its potential as a hedge against financial risks. As investors increasingly seek safe havens, Bitcoin’s decentralized nature and independence from traditional financial systems make it an attractive option. While the future is uncertain, Kendrick’s forecast suggests that Bitcoin’s price could continue to rise as investors seek to diversify their portfolios and protect themselves from economic uncertainty.
Boost your savings! Certain banks are now offering higher FD interest rates of up to 9.10% – find out which banks are leading the pack!
The recent repo rate cut by the Reserve Bank of India (RBI) has led to a reduction in fixed deposit (FD) interest rates by big banks such as SBI, HDFC, ICICI, and Yes Bank. However, some small finance banks are still offering attractive interest rates of up to 9.10% to senior citizens. This presents a good opportunity for senior citizens to invest in fixed deposits and earn risk-free returns.
Small finance banks such as Unity Small Finance Bank, Suryoday Small Finance Bank, Jana Small Finance Bank, Equitas Small Finance Bank, and AU Small Finance Bank are offering high interest rates on FDs. For instance, Unity Small Finance Bank is offering 9.10% interest on a 1001-day deposit, while Suryoday Small Finance Bank is offering 9.10% interest on a 5-year deposit. Similarly, Jana Small Finance Bank is offering 8.75% interest on a 2-3 year deposit, and Equitas Small Finance Bank is offering 8.55% interest on an 888-day deposit.
Senior citizens can benefit from these schemes as they offer special interest rates that are higher than what is being offered by big banks. However, before investing, it is essential to ensure that the bank is authorized by the RBI and has a Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover of up to Rs 5 lakh. Additionally, it is crucial to understand that these special interest rates may be for a limited period, and it is necessary to thoroughly understand all the rules and regulations before investing.
In conclusion, small finance banks are offering attractive interest rates on fixed deposits, providing senior citizens with an opportunity to earn high returns on their investments. With interest rates ranging from 8% to 9.10%, these schemes are an excellent option for those looking for risk-free returns. By doing their research and ensuring that the bank is reputable and offers the necessary insurance cover, senior citizens can take advantage of these high-interest FD schemes and secure their financial future.
Most Challenging Quantitative Section in SBI PO Mains to Date
The Quantitative Aptitude section of the 2023 SBI PO Mains exam was exceptionally challenging, with many candidates finding it to be one of the toughest they have faced in recent years. The section consisted of 35 questions, with a mix of traditional topics and new question formats that made it stand out from previous years. The Data Interpretation (DI) and Arithmetic sections were particularly difficult, with complicated and time-consuming questions that required multiple steps to solve.
The DI questions featured complex caselet DIs, radar graphs, and pie charts with ratio-based logic, which were unfamiliar to many candidates. The arithmetic questions were also tricky, with long statements and extra information that required careful attention to detail. Number series and quadratic equations were presented in unusual patterns, making them confusing to solve under exam pressure.
Compared to previous years, the 2023 Quantitative Aptitude section was significantly more challenging. The 2020 exam was moderate, with common DI and arithmetic questions, while the 2021 exam was known for its extremely difficult DI sets and lengthy arithmetic. The 2022 section was also challenging, but had more structured and predictable questions. In contrast, the 2023 exam featured a mix of traditional topics with new twists, making it a unique and difficult challenge.
Experts believed that attempting around 8-10 questions with accuracy would have been considered a good performance in this section, given the high level of difficulty. The overall difficulty level was rated as tough, and many candidates reported spending a large part of their exam time on this section. The strict time pressure and need for careful interpretation and calculation added to the challenge, making the 2023 SBI PO Mains Quantitative Aptitude section one of the most difficult in recent years.
The complexity of the questions and the need for careful attention to detail made the section challenging for many candidates. The unfamiliar formats and twists on traditional topics caught many off guard, and the time pressure added to the stress. Overall, the 2023 SBI PO Mains Quantitative Aptitude section was a significant challenge for candidates, requiring careful preparation and attention to detail to navigate successfully.
Cryptocurrency exchange Coinbase explores obtaining a federal banking license
Coinbase, a leading cryptocurrency company, is considering applying for a federal bank charter, a move that could provide the company with greater regulatory clarity and access to the traditional financial system. This news comes as other crypto companies, including BitGo, Circle, and Paxos, are also exploring the possibility of obtaining a federal bank charter. A federal charter would allow these companies to operate more like traditional banks, with direct access to the payments system and simplified regulatory compliance.
Currently, only one crypto-native bank, Anchorage Digital, has a federal bank charter, which it obtained in 2021. However, experts believe that this is likely to change, with the Office of the Comptroller of the Currency (OCC) having recently rescinded a requirement that banks obtain supervisory non-objection before engaging in crypto-related activities. This move is seen as a significant shift in regulatory attitude, making it more likely that crypto companies will be able to obtain federal charters.
Obtaining a federal charter would provide several benefits to crypto companies, including direct access to the payments system, which would allow them to control the on and off ramps for their customers without having to rely on intermediate banks. A federal charter would also simplify regulatory compliance, as companies would no longer need to maintain multiple state charters and undergo duplicative examinations.
The OCC’s current and likely-incoming leadership have been supportive of the crypto industry, with Acting Comptroller Rodney Hood having previously stated that the crypto market is “vitally important” to the financial services market. Jonathan Gould, who is awaiting confirmation as comptroller, was previously the OCC’s chief counsel and played a role in granting charters to Anchorage, Paxos, and Protego.
Anchorage Digital’s CEO, Nathan McCauley, has praised the regulatory clarity that comes with an OCC charter, saying that it is “second to none.” He believes that more federally chartered digital asset banks would be beneficial for the ecosystem as a whole, and has encouraged other companies to follow in Anchorage’s footsteps. With the OCC’s shifting attitude towards crypto and the potential benefits of a federal charter, it is likely that more crypto companies will explore this option in the future.
Reserve Bank of India Relaxes Export Regulations for Bharat Mart in UAE: Rediff Money News
The Reserve Bank of India (RBI) has relaxed norms for Indian exporters using Bharat Mart, a UAE-based marketplace, to facilitate easier exports and repatriation of funds. Bharat Mart is a multimodal logistics network-based marketplace that provides Indian traders, exporters, and manufacturers access to global markets. The relaxation of norms aims to promote Indian exports and enhance the country’s trade competitiveness.
According to the RBI circular, banks are now allowed to permit exporters to realize and repatriate the full export value of goods sold through Bharat Mart within nine months from the date of sale. This extended time frame will enable exporters to manage their working capital requirements more effectively and reduce the risk of non-repatriation of export proceeds.
Additionally, the RBI has eased the process for Indian exporters to set up and operate warehouses in Bharat Mart. Exporters can now open or hire a warehouse in Bharat Mart without any pre-conditions, provided they have a valid Importer Exporter Code (IEC). Banks have been instructed to verify the reasonableness of the exporter’s proposal before allowing the setup of the warehouse.
The relaxed norms also apply to remittances made by Indian exporters for initial and recurring expenses related to setting up and operating their offices in Bharat Mart. This will enable exporters to establish a presence in the UAE-based marketplace and cater to the demands of global customers more effectively.
The RBI’s move is expected to boost Indian exports and enhance the country’s trade competitiveness in the global market. By facilitating easier access to international markets and providing a more favorable business environment, the government aims to increase export volumes and contribute to the country’s economic growth. The relaxation of norms for Bharat Mart is a significant step towards achieving this goal and is expected to benefit Indian exporters, manufacturers, and traders.
Bank of Baroda launches comprehensive Environmental, Social, and Governance (ESG) framework
On Earth Day 2025, Bank of Baroda launched its environment, social, and governance (ESG) policy, outlining its commitment to achieve net zero emissions by 2057. The bank’s initiative aligns with the Earth Day 2025 theme, “our power our planet,” which emphasizes the importance of renewable energy sources. As part of its efforts to promote sustainability, the bank will prioritize financing for renewable energy projects.
To contribute to a greener planet, Bank of Baroda has also launched a “plant a tree” program, under which it has planted over 30,000 trees on behalf of its customers for every auto and home loan disbursed in 2025. The bank’s managing director and CEO, Debadatta Chand, emphasized the importance of being a responsible corporate citizen, stating that the bank aims to embed ESG practices into its core strategy and operations.
In addition to its ESG policy, the bank has introduced a range of sustainable finance products, including green deposits, residential rooftop solar loan schemes, and green hydrogen financing schemes. To raise awareness about sustainable finance among its employees, the bank is conducting a “green financing” training and capacity-building workshop. The bank has also launched a dedicated web space, “BOB Earth,” to showcase its sustainability initiatives and progress towards achieving its ESG goals.
The launch of the ESG policy and net zero commitment demonstrates Bank of Baroda’s commitment to promoting environmental sustainability, social well-being, and good governance. By prioritizing sustainable finance and reducing its carbon footprint, the bank aims to contribute to a more environmentally friendly future. The “plant a tree” program and other sustainability initiatives undertaken by the bank highlight its efforts to make a positive impact on the environment and promote eco-friendly practices among its customers and employees. Overall, Bank of Baroda’s ESG policy and sustainability initiatives mark an important step towards achieving a more sustainable future.
Standard Chartered Unveils Ambitious $77.5 Billion Debt Issuance Initiative, Reports TipRanks
Standard Chartered, a British multinational bank, has announced the launch of a $77.5 billion debt issuance program. This program will enable the bank to issue debt securities in various currencies, including euros, US dollars, and pounds sterling, among others. The debt issuance program is designed to provide the bank with flexibility and access to funding, allowing it to manage its liquidity and capital requirements more effectively.
The program will be used to issue a range of debt securities, including senior unsecured notes, subordinated notes, and covered bonds. The debt securities will have varying maturities, ranging from a few months to several years. The program will be managed by a group of global coordinators, including Standard Chartered’s own investment banking arm, as well as other major banks.
The launch of the debt issuance program is part of Standard Chartered’s broader strategy to strengthen its balance sheet and improve its capital position. The bank has been working to reduce its risk-weighted assets and improve its return on equity, and the debt issuance program is seen as a key component of this effort.
The program is also seen as a vote of confidence in the bank’s financial health and prospects. Standard Chartered has been working to transform its business and improve its operational efficiency, and the debt issuance program is a sign that the bank is committed to investing in its future.
The $77.5 billion debt issuance program is one of the largest ever launched by a bank, and it reflects the growing demand for debt securities from investors. The program is expected to attract a wide range of investors, including institutional investors, sovereign wealth funds, and individual investors.
In terms of the impact on the bank’s financials, the debt issuance program is expected to have a positive effect on Standard Chartered’s liquidity and capital position. The program will provide the bank with access to a large pool of funding, which will enable it to meet its financial obligations and invest in its business.
Overall, the launch of the $77.5 billion debt issuance program is a significant development for Standard Chartered, and it reflects the bank’s commitment to strengthening its balance sheet and improving its financial health. The program is expected to have a positive impact on the bank’s financials and prospects, and it is seen as a key component of the bank’s strategy to transform its business and improve its operational efficiency.
AU Small Finance Bank anticipates reduced credit expenses and enhanced profitability in the fiscal year 2026.
Sanjay Agarwal, the Founder, MD & CEO of AU Small Finance Bank, expressed cautious optimism about the bank’s growth prospects for FY26. Despite the challenges faced in FY25, including a tough business environment and liquidity issues, Agarwal believes that the bank is well-prepared for the current financial year. He attributes this preparedness to the regulator’s focus on growth and the government’s efforts to address liquidity concerns.
Regarding margins, Agarwal expects some improvement, but cautions that it may not happen immediately. He predicts that interest rates on the wholesale side will ease, but this may not translate to higher margins due to the need to offer competitive rates to attract deposits. Agarwal notes that the bank’s small size means it has to price its products 25 basis points higher than larger lenders, which can impact margins.
On asset quality, Agarwal is optimistic that credit costs will come down in FY26. He expects the bank’s retail asset credit cost to decrease from 0.90% to 0.8%, and commercial banking credit cost to decrease from 0.4% to 0.3%. Microfinance credit cost is also expected to improve, with a forecast of 4% for FY26, down from 7.7% in the previous year.
Agarwal attributes the expected improvement in asset quality to the bank’s preparedness and the anticipated pick-up in economic growth. He believes that the worst of the stress in the microfinance sector is behind them, and that the bank has accounted for potential issues in its planning.
When asked about growth prospects, Agarwal declined to provide specific numbers, citing the need to wait and watch the economic environment. However, he suggested that the bank will grow at least twice the nominal GDP growth rate, implying double-digit growth. He also clarified that the issues in Karnataka, which account for 10% of the bank’s book, are under control, with recovery rates improving to 98% in March.
Overall, Agarwal’s outlook for FY26 is cautious, but optimistic. He believes that the bank is well-prepared to navigate the challenges ahead, and that credit costs will come down, leading to an improvement in return on assets. While he is circumspect about providing specific growth targets, he expects the bank to deliver double-digit growth, driven by an anticipated pick-up in economic activity.
SBI Life’s Q4 earnings are expected to show an 8% year-over-year increase in Annualised Premium Equivalent (APE), although first-year premium collections may decline by 11.4%.
SBI Life Insurance is set to release its Q4FY25 results on April 24, with early indicators suggesting a mixed performance. According to estimates, the insurer’s first-year premium (FYP) has declined by 11.4% year-on-year to approximately Rs 3,871 crore, indicating pressure in new policy subscriptions during the March quarter. However, the Annualised Premium Equivalent (APE), a key growth metric, is expected to show a modest improvement of up to 8% year-on-year, driven by a low base in the year-ago quarter and traction in high-margin non-par savings products.
Despite a stable topline, brokerages are forecasting a dip in profitability metrics. Nuvama Institutional Equities expects SBI Life to post an APE of Rs 5,740 crore, up 7.8% year-on-year but down 17.2% quarter-on-quarter. Value of New Business (VNB) is seen declining to Rs 1,480 crore, down 1.7% year-on-year and over 21% sequentially. Margins could contract to 25.7%, compared to 28.2% last year.
Yes Securities has a more conservative view, estimating flat APE at Rs 5,347 crore and VNB at Rs 1,444 crore, down 4% both year-on-year and quarter-on-quarter. However, the brokerage projects a slight 5 basis points improvement in VNB margins on the back of a favourable product mix and maintains a ‘Buy’ call with a price target of Rs 1,920.
Key areas of focus for investors will be the management’s commentary on product strategy, cost controls, and the performance of the bancassurance channel. With growth in new business premiums slowing and margins under pressure, the insurer’s plans to navigate the challenging demand environment in FY26 will be closely watched. Overall, SBI Life is likely to deliver steady APE growth, but weaker profitability metrics could weigh on sentiment post-results. The company’s ability to turn premium pressures into long-term gains will be a key monitorable.
Maximize Your Returns: Compare the 444-Day Special Fixed Deposits of SBI, IDBI, BoB, and Punjab & Sindh Bank to Find Out Which One Offers the Highest Interest on Your Rs 6 Lakh Investment
Several banks in India have introduced or extended special fixed deposit (FD) schemes, offering investors attractive interest rates for specific durations. These schemes are similar to regular term deposits but are available only for a limited time and often come with enhanced interest rates. Recently, the Reserve Bank of India (RBI) has cut the repo rate by 25 basis points, prompting banks to adjust their interest rates downward.
Punjab & Sind Bank has extended its special tenure fixed deposit scheme until June 30, 2025, and has also revised its interest rates. IDBI Bank has revamped its Utsav Deposit Scheme, discontinuing certain tenures and implementing interest rate cuts across key tenures. The State Bank of India (SBI) has relaunched its Amrit Vrishti 444-day FD at a reduced interest rate, giving investors another opportunity to lock in returns on a medium-term deposit.
Bank of Baroda (BoB) has introduced a new deposit scheme called the bob Square Drive Deposit Scheme, replacing its earlier Utsav Deposit Scheme. The 444-day FD under this new plan offers revised interest rates for both general and senior citizens. These changes are effective from April 7, 2025. The interest rates offered by these banks are subject to change and may not be the same as those offered by other banks.
It’s essential for investors to do their due diligence and consult with a financial expert before making any investment decisions. The calculations provided are projections and not investment advice. Investors should carefully review the terms and conditions of each scheme, including the interest rates, tenure, and any applicable penalties for early withdrawal.
Overall, the special FD schemes offered by these banks provide investors with an opportunity to earn attractive interest rates on their deposits. However, investors should be aware of the risks and rewards associated with these schemes and make informed decisions based on their individual financial goals and risk tolerance. By doing so, investors can make the most of these special FD schemes and achieve their financial objectives.
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.
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.
NCLAT permits Canara Bank and Indian Bank to take legal recourse against former IL&FS directors, as reported by ET Infra
The National Company Law Appellate Tribunal (NCLAT) has ruled that state-owned Canara Bank and Indian Bank can pursue proceedings against former directors of Infrastructure Leasing & Financial Services (IL&FS) who are not part of the new board to declare them as wilful defaulters. However, those directors who are part of the new board of IL&FS and its subsidiaries after October 1, 2018, will remain protected.
The NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, allowed the banks to make an application for proceeding against the former directors. The tribunal also granted protection to professional directors who were reappointed to the board of IL&FS and its subsidiaries after October 1, 2018.
The government had appointed a new board of IL&FS in October 2018 after a debt crisis, which sent shockwaves through the financial sector. NCLAT had also granted an interim stay on certain actions by creditors and other parties against IL&FS and its group companies.
IL&FS had argued that the directors are protected under the NCLAT order dated October 15, 2018, which restrained all persons from taking any coercive action against IL&FS and its group entities. However, the banks argued that the show cause notices were issued only to erstwhile directors of the companies, and the process needs to be completed as per the RBI circular.
The NCLAT ruling comes as a major relief to Canara Bank and Indian Bank, which will now be able to pursue proceedings against the former directors to declare them as wilful defaulters. The ruling is also a setback for the former directors, who will not be able to escape accountability for their actions.
Standard Chartered predicts AVAX will soar to new heights by 2029, according to CoinJournal.
Financial institution Standard Chartered predicts that the price of AVAX, the native cryptocurrency of the Avalanche blockchain, could increase tenfold by 2029. This forecast suggests that AVAX could reach major highs in the coming years, driven by the growing adoption of the Avalanche ecosystem.
Avalanche is known for its fast and environmentally friendly consensus algorithm, allowing it to process transactions and perform smart contracts at a rapid pace. The platform has gained popularity among developers and users, leading to an increase in the demand for AVAX.
Standard Chartered’s prediction is based on the current momentum in the cryptocurrency market, which has seen a significant recovery following a tumultuous 2022. The announcement of China’s plans to reduce tariffs on cryptocurrency-related imports has also boosted market sentiment, with many investors turning to digital assets as a safe-haven asset.
Meanwhile, the price of AVAX has been steadily increasing, with some analysts predicting that it could reach $20 in the near future. This milestone would bring the cryptocurrency to a significant level, potentially attracting even more investors and traders.
The Avalanche ecosystem has been experiencing significant growth, with the adoption of its token, SUI, also showing signs of acceleration. The two tokens, AVAX and SUI, are often mentioned together, as they are both used to power the Avalanche blockchain.
Industry experts believe that the increasing adoption of decentralized finance (DeFi) applications and the growing popularity of non-fungible tokens (NFTs) will continue to drive the demand for AVAX and other cryptocurrencies. As a result, it is likely that the price of AVAX will continue to rise in the coming years, potentially reaching the highs predicted by Standard Chartered.
Overall, the future outlook for AVAX looks promising, with the cryptocurrency experiencing significant growth in recent months and a potential multi-fold increase by 2029. As the decentralized finance landscape continues to evolve, investors and traders will be closely monitoring the development of AVAX and other cryptocurrencies.
Early morning heist: Two thieves attempt to crack safe, but come up empty-handed
Two masked men attempted to rob an Axis Bank branch in Chandigarh, India in the early hours of Sunday morning. The men breached the wall of the bank near Housing Board Light Point, NAC Manimajra, around 3:30 am by breaking the lock of the rear shutter and then entering through the wall. They turned off the CCTV cameras and attempted to disable the alarm system, but were unsuccessful. The security alarm went off, alerting police and bank officials. The burglars spent approximately 15 minutes inside the bank, trying to open the cash box with a cutter, but ultimately fled the scene.
The entire incident was captured on CCTV footage, which showed the men’s faces fully covered with cloth to avoid identification. The police were notified, and different teams rushed to the scene, but the intruders had already escaped. The police registered a case against the two unidentified individuals and are investigating the matter. They are reviewing the CCTV footage, as well as footage from nearby junctions and roundabouts, to try to identify the culprits. The police are also analyzing mobile phone call details to gather more information.
Bank of Baroda launches Square Drive Fixed Deposit Scheme offering 7.75% interest, replacing Utsav deposits
State-owned Bank of Baroda has made significant changes to its fixed deposit (FD) offerings, introducing a new scheme called the ‘bob Square Drive Deposit Scheme’ and revising existing interest rates. The new scheme, which took effect on April 7, 2025, offers an interest rate of 7.15% per annum for general citizens, 7.65% for senior citizens, and 7.75% for super senior citizens for callable deposits.
The bank has discontinued its special Utsav Deposit Scheme and adjusted its FD offerings to better align with changing market conditions. The revised FD interest rates range from 4.25% to 7.15% for general citizens and 4.75% to 7.65% for senior citizens, depending on the deposit period and amount.
The new scheme and revised rates are applicable to deposits below Rs 3 crore. For callable deposits, the bank offers an interest rate of 7.15% for general citizens, 7.65% for senior citizens, and 7.75% for super senior citizens for deposits with a tenor of 444 days.
In addition to the new scheme, the bank also offers tax-saving FDs with interest rates ranging from 6.50% to 7.50%. Senior and super senior citizens receive higher interest rates on tax-saving FDs, making it a more attractive option for long-term savings.
The revised interest rates and new scheme aim to provide customers with a more competitive and flexible FD option, while also ensuring that the bank’s interests are aligned with market conditions. Overall, the changes aim to balance customer needs with the bank’s financial goals.
BREAKING: Bank of China customer data breached in vendor’s ransomware attack; controversial remarks by ex-NMP Calvin Cheng on Gaza spark outcry in Singapore: Live updates from the city-state
A recent Facebook post by former Singapore Nominated Member of Parliament (NMP) Calvin Cheng has sparked outrage and condemnation across the country. In the post, Cheng suggested relocating pro-Palestinian activists from the Monday of Palestine Solidarity group to Gaza, offered to fund their relocation on the condition that they would not return, and even offered to pay for business class flights for the group leaders and walking shoes for their followers.
The post was widely criticized as inflammatory, Islamophobic, and deeply troubling by both the Muslim community and political figures. The Singapore Islamic Scholars and Religious Teachers Association (PERGAS) condemned Cheng’s comments, stating that they were dehumanizing and dismissive, and posed a risk to Singapore’s social cohesion.
Cheng defended his comments, claiming they were directed only at disruptive activists and not based on race or religion. However, this did little to stem the backlash, with Minister for Muslim Affairs Masagos Zulkifli, Law and Home Affairs Minister K Shanmugam, and Foreign Minister Vivian Balakrishnan all publicly disagreeing with Cheng’s views on the Israel-Palestine conflict.
The controversy has led to calls for accountability from political leaders, and Cheng has since announced his intention to take legal action against individuals he claims have misrepresented his words. He claims that his comments were misunderstood and never meant to generalize or target any particular race or religion.
Bank of Maharashtra inaugurates its latest branch in Kodad, Telangana, expanding its services in the region.
Bank of Maharashtra (BoM) has launched a new state-of-the-art banking facility in Kodad, Suryapet district, to cater to the banking needs of customers in the region. The new branch is the 76th for BoM in Telangana, covering 33 districts. The Kodad branch will offer a comprehensive range of banking products and services, including retail, agri, and MSME (Micro, Small and Medium Enterprises) sectors. The bank aims to provide customers with a seamless and convenient banking experience.
The new branch will offer various unique products and services, such as ATM cum debit cards, secured internet banking, 24/7 customer care center, and mobile banking. The bank’s Zonal Manager, GSD Prasad, inaugurated the new facility and emphasized that the Kodad branch will be a one-stop shop for all banking needs of the customers.
Deputy Zonal Manager, KE Hari Krishna, also stated that the bank aims to enhance its customer experience through this new branch. The Kodad Branch Manager, P Venkatesh, and other officials from the bank were present at the launch ceremony. With the opening of this new branch, BoM now operates 76 branches across Telangana, catering to the growing banking needs of the state’s population. The bank aims to continue its expansion and growth in the region, offering a wider range of banking services to its customers.
RBI D-Day: Last opportunity to secure 7%+ FD rates before the anticipated rate cut ravages the market?
The Reserve Bank of India (RBI) is set to review its monetary policy on April 9, which may lead to a rate cut. This could result in fixed deposit (FD) rates declining, reducing returns for new depositors. Currently, many banks are offering FD rates between 7% and 7.75%, particularly for senior citizens. However, if the RBI initiates a rate cut, banks may reduce their FD rates to adjust to the change.
The time it takes for banks to reflect the rate cut in their FD rates varies depending on factors such as their liquidity, credit demand, competition, maturity profile of existing FDs, and interest rate expectations. Some banks may adjust their rates within days of the RBI’s move, while others may take longer, spreading the changes over a few weeks. A full transmission of the rate cut throughout the banking system could take up to two months.
Adhil Shetty, CEO of BankBazaar.com, believes that the upcoming RBI monetary policy review is likely to result in a rate cut, leading to banks trimming their FD rates soon after. As the rate cut filters through the system, the attractive FD rates currently on offer may not last long. In light of this, individuals considering opening a fixed deposit account may want to act quickly to secure the current rates before they decline.
According to Kugler, the Federal Reserve’s top priority should be ensuring inflation remains under control.
In a recent interview, Pia Kugler, a senior fellow at the Center for International Governance Innovation, emphasized the importance of the Federal Reserve’s priority to manage inflation. Kugler stated that the Fed’s primary objective should be to maintain price stability, which is achieved by keeping inflation in check.
Kugler noted that despite the economic uncertainty caused by the COVID-19 pandemic, the Fed has successfully maintained a low-inflation environment. She highlighted the importance of the Fed’s monetary policy decisions in keeping inflation rates under control, particularly during times of economic stress.
Kugler argued that the Fed should focus on ensuring that inflation remains within its target range of 2% annual rate. She stated that a 2% inflation rate is considered optimal as it allows for a level of price growth that is consistent with a growing economy, while also providing a buffer against uncertainty and shocks.
Kugler warned that if inflation were to rise above the target range, it could lead to a range of negative consequences, including reduced purchasing power for consumers, decreased investment and productivity, and increased uncertainty for businesses. She emphasized that by keeping inflation in check, the Fed can create a more stable and sustained economic environment.
Kugler also noted that the Fed’s ability to manage inflation is enhanced by its independence and its willingness to make tough decisions, even in the face of political pressure. She emphasized that the Fed’s commitment to its inflation-targeting mandate is crucial in maintaining public trust in the institution and its ability to make effective monetary policy decisions.
In conclusion, Pia Kugler strongly advocated for the Fed’s priority to be keeping inflation in check. She emphasized the importance of maintaining a stable and sustainable economic environment, which is achieved by keeping inflation rates within the target range. By prioritizing inflation management, the Fed can create a more predictable and stable economic environment, which benefits both consumers and businesses.
HDFC Bank Lowers Fund-Based Lending Rates by 10 Basis Points, Effective Across All Tenures
HDFC Bank has reduced its marginal cost of fund-based lending rate (MCLR) by 10 basis points across various tenures, effective Monday. The revised MCLR range now stands at 9.10-9.35%. The one-year MCLR, which is commonly used for pricing corporate loans, has decreased to 9.30% from 9.40%. This indicates that the bank’s cost of fund has decreased over the past two months, since the Reserve Bank of India (RBI) announced its first policy rate cut in five years.
The reduction in MCLR comes two days before the RBI is scheduled to announce its monetary policy, during which it is expected to cut the repo rate by 25 basis points to 6.00%. HDFC Bank’s move is seen as a precursor to the expected rate cut, as the bank is passing on the benefit of lower costs to its customers.
The bank had previously hiked MCLR by 5 basis points on its overnight tenure on the same day as the RBI’s last rate cut in February. Last week, HDFC Bank discontinued its special deposit scheme, which offered higher rates for longer-term deposits. The bank is now offering 7% on these deposits.
The transmission of regulatory rate cuts is typically faster for repo-linked benchmark rates compared to MCLR-linked loans, which depend on banks’ costs. This means that the impact of the rate cut may be delayed for MCLR-linked loans, but HDFC Bank’s reduction in MCLR suggests that it is passing on the benefit of lower costs to its customers.
Liberia: SIB Bank in Greenville Praised for Driving Economic Growth: Mayor and MIA Celebrate Financial Inclusion Pioneering Role
The Mayor of Greenville, Harrison O. Kai, has praised SIB Bank for its efforts in providing essential financial services to Greenville and surrounding towns and villages. As the sole commercial bank in the county, SIB Bank has filled a crucial gap by offering financial services to local businesses, institutions, and residents. The bank provides a range of services, including deposits, withdrawals, domestic and international remittances, and MoneyGram transactions, making it a vital institution in the region.
Mayor Kai commended SIB Bank for its dedication and commitment to serving the community, stating that the county and its citizens are grateful for its efforts to complement the work of the national government. Without SIB Bank, residents would have to travel for hours or even a full day to reach the nearest banks in other counties.
The bank’s branch in Greenville has created employment opportunities for over 125 Liberians and has invested in building the capacity of its staff to deliver top-tier financial services. The bank’s inter-branch operations also allow customers to deposit funds in Greenville and withdraw in Monrovia, eliminating the risks of transporting cash across counties, which is particularly vital during the rainy season.
The Ministry of Internal Affairs has also lauded SIB Bank’s efforts and has pledged to support cities like Greenville as part of the national development agenda. Deputy Minister for Urban Affairs, Madam Ellen Pratt, hopes that other financial institutions will follow SIB Bank’s example and expand into underserved Southeastern cities, recognizing that decentralizing financial services is key to fostering sustainable growth.
Overall, SIB Bank’s presence in Greenville has made a significant impact on the region, providing essential financial services to local businesses and residents, and creating employment opportunities for the community.
RBI Introduces Official WhatsApp Channel for Enhanced Public Awareness’
The Reserve Bank of India (RBI) has launched a verified WhatsApp channel as part of its public awareness initiative, “RBI Kehta Hai” (RBI Says). The channel aims to provide essential financial information to people across various geographical locations, ensuring that vital information reaches the public in a simple, direct, and effective manner, thereby strengthening trust and durability in the digital financial ecosystem.
The RBI has made a verified WhatsApp account, allowing people to access and receive updates on financial information, financial literacy, and other relevant topics. This initiative is part of the RBI’s efforts to promote public awareness and financial inclusion, ensuring that individuals can make informed decisions about their financial affairs.
To access the verified WhatsApp account, individuals can scan the QR code provided. This channel is an additional means for the RBI to disseminate public awareness messages, complementing its existing campaigns using text messages, television, and digital advertisements.
The RBI’s WhatsApp channel is a significant step towards promoting financial literacy and inclusion, especially in rural and underserved areas. It provides a platform for people to access vital financial information, regardless of their location, and to make informed decisions about their financial affairs. With its verified WhatsApp account, the RBI is committed to strengthening trust and durability in the digital financial ecosystem, ensuring a safer and more inclusive financial environment for all.
Central Bank Signals Potential Rate Reduction as Economy Faces Increasing Pressure
The Reserve Bank of India (RBI) is expected to lower its key interest rates by up to 25 basis points this week, driven by easing inflation and the need to boost economic growth. The Monetary Policy Committee (MPC) is set to convene on April 7, with an official announcement expected on April 9. The decision comes as global economic challenges, particularly new tariffs from the United States, loom on the horizon.
Madan Sabnavis, Chief Economist at Bank of Baroda, emphasizes the importance of the upcoming policy announcement, citing the global economic landscape’s uncertainties due to US tariffs on around 60 countries, including India and China. Experts believe that with inflation rates under control and liquidity levels stabilized, the RBI is in a favorable position to implement a 25 basis point rate cut.
The recent tariffs imposed by the US present both challenges and opportunities for India. Competitors in key export markets, such as China, Vietnam, and Bangladesh, will face increased duties, potentially making Indian goods more competitive. Rating agency Icra has projected a 25 basis point rate cut in the upcoming MPC meeting while maintaining a neutral outlook on future policy changes.
Industry body Assocham has urged a cautious approach, advocating for a “wait-and-watch” strategy rather than an immediate rate cut. However, other experts believe that the RBI may adopt a more “accommodative” stance, indicating the possibility of additional rate cuts later this year.
Retail inflation has recently dropped to a seven-month low of 3.61% in February, primarily due to declining prices of vegetables and proteins. This decline has created an opportunity for the RBI to consider further rate reductions. The MPC’s decision will ultimately hinge on a combination of domestic economic conditions and external pressures.
A potential 25 basis point rate cut would make borrowing more affordable, particularly in the housing market, and stimulate consumption. However, the actual impact will depend on how quickly commercial banks pass on the RBI’s policy changes to consumers. The outcome of the meeting on April 9 will provide crucial insights into the RBI’s strategy moving forward, as it seeks to balance growth stimulation with inflation control.
Ashok Leyland Partners with Indian Bank to Seize the Market with Channel Finance Deal for Medium and Heavy Commercial Vehicle Dealers
Ashok Leyland, a leading commercial vehicle manufacturer in India, has signed a Memorandum of Understanding (MoU) with Indian Bank to provide financing solutions for its Medium and Heavy Commercial Vehicle (M&HCV) dealers. The partnership aims to deliver tailored financial solutions to support Ashok Leyland’s dealer network, enhancing dealer liquidity through faster credit approvals and competitive interest rates.
Under the agreement, Indian Bank will provide financial solutions to Ashok Leyland’s M&HCV dealers to address their working capital needs. The collaboration will enable dealers to access customized financing solutions designed to meet their unique requirements. The partnership is expected to simplify access to financial solutions for Ashok Leyland’s dealers, empowering them to manage working capital more efficiently and enhance business operations.
Ashok Leyland’s Chief Financial Officer, Balaji K M, said that the partnership will strengthen the company’s market position and deliver exceptional experiences to their customers. National Sales Head – MHCV, Madhavi Deshmukh, added that the collaboration will provide exceptional financing solutions to their valued dealers, extending their market reach and reinforcing their commitment to innovation and partner success.
Indian Bank’s Executive Director, Ashutosh Choudhury, emphasized that the bank is pleased to partner with Ashok Leyland to provide their dealers with seamless and tailored financing solutions. He further stated that the partnership reaffirms the bank’s commitment to supporting the diverse financial requirements of businesses in the commercial vehicle sector.
The partnership is expected to benefit Ashok Leyland’s dealers by providing them with access to financial solutions that are designed to meet their unique requirements. It will also enable the company to scale its operations and drive business growth by simplifying access to financing solutions for its dealers.
The Reserve Bank of India’s Monetary Policy Committee (MPC) kicks off its meeting today, with SBI predicting a 25-basis-point rate cut in the April 9 announcement.
The Reserve Bank of India (RBI) is set to hold its next Monetary Policy Committee (MPC) meeting from April 7-9, where it will review the current economic conditions and decide on policy rates. RBI Governor Sanjay Malhotra will announce the outcome on April 9 at 10 AM. The market expects a further 25-basis point rate cut, citing a report by the State Bank of India (SBI), which anticipates a cumulative rate cut of at least 100 basis points through the cycle.
Economists are divided on the expected rate cut. Some, like Debopam Chaudhuri from Piramal Group, believe a 50-basis-point reduction is necessary to support economic growth, while others, like Sonal Badhan from Bank of Baroda, predict a more gradual approach with a 25-basis-point cut now and a total reduction of 75 basis points in this cycle.
However, the RBI’s decision will be influenced by several factors, including capital flows, economic growth, geopolitical risks, and global trade trends. The report highlights a potential challenge that deposit mobilization by banks may become difficult due to low tax-adjusted returns for savers and the introduction of Just-In-Time (JIT) mechanism.
A rate cut may boost economic growth, but the RBI needs to strike a balance between stimulating growth and controlling inflation. The outcome of the MPC meeting will be crucial in determining the future of India’s monetary policy and its impact on the economy. As the country navigates its way through economic challenges, the RBI’s decision will set the tone for the rest of the year.
Revolut secures RBI approval for payment interfaces and digital wallets
Revolut, a British fintech major, has received the final authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs), including prepaid cards and digital wallets with Unified Payments Interface (UPI) integration. This authorization makes Revolut the first non-banking player to receive permission to issue PPIs in India. Revolut already holds licenses to operate as a Category-II Authorized Money Exchange Dealer and offer multi-currency forex cards and cross-border remittance services.
With this new license, Revolut can now offer both international and domestic payment solutions under one platform in India. The company can also offer UPI payment services to its Indian customers through its mobile wallet product. The move positions Revolut to compete in India’s crowded digital payments market dominated by players like PhonePe, Google Pay, Paytm, and traditional banks.
Revolut CEO Paroma Chatterjee said the company’s vision is to make every payment on the platform more convenient, transparent, and cost-effective. Revolut expects to launch its domestic PPI product in India, alongside its international multi-currency card, to improve lives of its customers. The company has over 50 million customers globally and operates in 38 countries.
Revolut considers India a key part of its strategy to double its global customer base to 100 million. The company’s cofounder and CEO, Nik Storonsky, expressed appreciation for the RBI’s confidence in Revolut’s ability to provide innovative and accessible financial services in India. This move is a significant step in Revolut’s expansion beyond the UK and European Economic Area, including its recent launch in Brazil and receipt of a banking license in Mexico.
Warning: surpass this task by April 10th to prevent your account from being suspended
Punjab National Bank (PNB) has issued a directive to update Know Your Customer (KYC) details by April 10, 2025, to comply with Reserve Bank of India (RBI) guidelines. Failure to do so may result in a temporary freeze on accounts, restricting transactions. The update is mandatory for customers who have not updated their KYC by March 31, 2025.
Customers can update their KYC through various channels:
1. Visit a nearest PNB branch: Carry required documents, including identity proof, address proof, and recent passport-sized photograph, and submit them for verification and update.
2. Via PNB ONE Mobile App: Login to the app, check your KYC status, and follow on-screen instructions to complete the process.
3. Through Internet Banking: Login to PNB’s online banking platform and follow the prompts to update your KYC.
4. Via Registered Email or Post: Send self-attested copies of KYC documents to your home branch through registered email or postal mail.
To check if your KYC is updated, customers can:
1. Login to PNB’s online banking
2. Navigate to personal settings
3. Check the KYC status. If an update is needed, a notification will appear.
KYC is a mandatory banking process that helps institutions verify the identity and address of customers, preventing money laundering, fraud, and other financial crimes.
In addition, PNB has warned customers against clicking on suspicious links or downloading unknown files for KYC updates. Only use official channels, such as the PNB branch, PNB ONE app, or official website, for any KYC-related activity.
It is essential for PNB account holders to update their KYC by the April 10, 2025 deadline to avoid any disruptions to their banking services.
Invest just Rs 2 lakh in a PNB FD and watch your money grow to Rs 2,49,943
Punjab National Bank (PNB) is a government-owned bank that offers fixed deposit (FD) schemes to its customers. FDs are a type of savings scheme that provides a fixed and guaranteed rate of return on investment. PNB FD rates vary depending on the duration of the investment, ranging from 3.50% to 7.25% for general customers and 4.00% to 7.75% for senior citizens. For example, for a 3-year FD, general customers can earn an interest rate of 7.00%, while senior citizens can earn 7.50%.
One of the benefits of PNB FDs is that they offer guaranteed returns with no risk, making them a secure investment option. To illustrate this, if a general customer invests Rs 2 lakh in a 3-year FD, they can expect to receive Rs 2,46,287 at maturity, including Rs 46,287 in interest. For senior citizens, the interest earned would be Rs 49,943.
Recently, PNB updated its FD rates and introduced two new schemes for deposits under Rs 3 crore. The bank is offering a 7% annual return on a 303-day FD and a 6.7% return on a 506-day FD for general customers. These revised rates will take effect from January 1, 2025.
In comparison, HDFC, the largest private sector bank in India, has also updated its fixed deposit rates for bulk deposits (Rs 5 crore and above). The updated rates aim to provide improved returns for investors.
Overall, PNB FDs offer customers a fixed and guaranteed rate of return on investment, making them a secure and attractive option for those looking to save and grow their wealth.
DBS unleashes new program to empower heartland merchants with digital marketing expertise
DBS Aims to Help Heartland Merchants Thrive in Digital Economy
DBS, a leading bank in Singapore, has launched an initiative to support heartland merchants in developing their digital marketing skills. The aim is to help these businesses grow their customer bases and adapt to an increasingly online world.
To achieve this, DBS will offer online courses to merchants who sign up for its Heartland Merchant Banking Package. This package provides benefits such as waivers and cashback, estimated to save merchants up to $1,880. The courses will equip merchants with the skills to reach new customers online and connect with a wider audience.
The launch event, held at Oasis Terraces in Punggol, saw over 800 merchants and residents in attendance. Senior Minister Teo Chee Hean, who anchored the affair, noted that the world is going through a tumultuous time due to global trade tensions. He emphasized the importance of preparing for an uncertain future and supporting local businesses.
To address the challenges posed by the ongoing trade wars between the US and China, SM Teo advised businesses to gird themselves and prepare for the future by staying strong and stable.
Several merchants, such as owner of Seoul Good Korean Restaurant, Alvin Chua, participated in the launch, taking part in a live-streaming trial to promote their business on TikTok Shop. Chua expressed excitement about the potential to reach new customers online.
DBS Banking’s Deputy CEO, Lim Him Chuan, reiterated the bank’s commitment to supporting heartland merchants, recognizing their importance in the community. DBS aims to support their growth in the digital economy through this initiative.
The program is launched as part of the bank’s anniversary celebrations, commemorating Singapore’s 60th birthday.
A total of 41 MITHS students have been awarded HDDC Parivartan scholarships.
The Madanapalle Institute of Technology & Science (MITS) has achieved a significant milestone as 41 students from the institution have been selected for the Educational Crisis Scholarship Support (ECSS) under HDFC Bank’s Parivartan program. The merit-cum-need-based scholarships aim to support students in financial need, and the awardees have been announced with great fanfare.
Among the recipients, three MBA students received a scholarship of Rs 75,000 each, while 37 MCA students received Rs 35,000 each. One B Tech student received a scholarship of Rs 50,000. The students expressed their gratitude and pride at being selected for the prestigious scholarship.
The announcement was made by Principal Dr C Yuvaraj, who praised HDFC Bank for its efforts in supporting education through financial aid. The college’s Executive Director Keerthi Nadella, Vice-Principal Dr C Kamal Basha, Student Welfare Officers Dr Sameena and Moulali, and College Correspondent Dr N Vijaya Bhaskar Choudary also congratulated the awardees and commended HDFC Bank’s commitment to education.
The ECSS program is a key initiative of HDFC Bank’s Parivartan program, which aims to provide financial support to deserving students. The scholarship is designed to take into account both academic merit and financial need, ensuring that students who are struggling financially are not left behind.
The selection of 41 students from MITS for the ECSS program is a testament to the college’s commitment to academic excellence and social responsibility. The scholarship will go a long way in supporting the students’ educational pursuits, and the institution is proud to be associated with HDFC Bank’s Parivartan program.
BoB expects signing of the Indo-US trade pact to alleviate pressure on the economy.
A recent report by Bank of Baroda (BoB) suggests that the immediate impact of higher US tariffs on India’s economy is uncertain, but a potential trade deal could mitigate its effects. India’s economy is largely driven by domestic consumption, which accounts for 60% of its GDP. On the other hand, merchandise exports make up only 12% of India’s GDP in FY24. The report assumes a 10% decline in the value of India’s exports to the US, which would lead to a 0.2% impact on India’s GDP growth.
However, the report highlights that exemptions on pharmaceutical products and the possibility of a trade agreement between India and the US could limit the negative impact of the tariffs. A mutually beneficial trade deal could help reduce the impact of higher tariffs, making it a viable solution to mitigate the effects of the US tariffs on India’s economy.
The report suggests that a trade deal could benefit both countries, leading to increased trade and economic growth. India could gain access to the large US market, while the US could benefit from India’s large consumer market and its position as a hub for pharmaceutical exports. The report concludes that a trade deal by the end of this year could limit the impact of higher US tariffs on India’s economy, making it a crucial step in maintaining economic stability and growth in the country.
Electricity consumers can now transfer their security deposits to prominent public sector banks, offering a convenient and secure alternative.
The Electricity Department of the Andaman and Nicobar Islands has announced that consumers can now transfer their electricity security deposits from the Andaman and Nicobar State Cooperative Bank (ANSCB) to any of the solvent Public Sector Banks operating in the Islands. This move has been approved by the competent authority and applies to all consumers of the department.
The list of eligible banks includes several major public sector banks such as State Bank of India, Canara Bank, Indian Bank, and others. Consumers are required to deposit the revised security amount with one of these banks either in the form of a bank guarantee or by providing a lien against a fixed deposit.
The revised security deposit amount will be equivalent to twice the average of the actual bills paid by the consumer during the previous financial year. This amount will be reviewed annually by the Electricity Department, as per Section 5.136 of the Joint Electricity Regulatory Commission (JERC) Regulations, 2018.
Once the new security deposit arrangement is established and necessary documentation is submitted, consumers can request the release of their existing security deposit held with ANSCB. The Department will forward these requests to ANSCB, which will then return the deposit amount along with accrued interest directly to the consumers.
This development is expected to provide more flexibility and convenience to consumers in managing their electricity bills and security deposits. It also aims to ensure that consumers are not penalized for fluctuations in their electricity consumption patterns. By allowing consumers to transfer their security deposits to other banks, the Electricity Department is providing an additional option for managing their financial obligations.
SBI PO Prelims Result 2025 OUT NOW! Visit sbi.co.in to access cut-off marks, available vacancies, and other crucial updates
The State Bank of India (SBI) has announced the result of the SBI PO Prelims 2025 on April 5, 2025. Candidates who appeared for the exam can check their results on the official website, sbi.co.in. To download the result, candidates need to follow these steps: log in using their registration number, roll number, and password, and check their qualifying status, marks obtained, and cut-off. The result will also be sent to candidates via email and SMS on their registered contact details.
The cut-off marks for SBI PO Prelims 2025 are expected to be similar to last year’s, which were around 59.25 for General, EWS, and OBC categories, and 53 and 47.50 for SC and ST categories, respectively.
Candidates who clear the SBI PO Prelims 2025 will be eligible to take the SBI PO Mains Exam. The SBI PO Mains Admit Card will be released after the announcement of the prelim results, and the exact date for the mains examination will be communicated by the examination authority in due course.
The SBI PO selection process consists of four stages: prelims, mains, psychometric test, and interview. The SBI had announced 600 vacancies for probationary officers, which includes 240 for the General Category, 158 for OBC, 57 for ST, and 87 for SC category candidates.
Overall, the SBI PO Prelims 2025 result announcement marks an important milestone in the recruitment process for probationary officers. Candidates who have cleared the prelims can now focus on preparing for the mains exam, which is the next stage of the selection process.
According to Bank of Baroda’s report, India’s 10-year bond yield is expected to remain stable within a narrow range of 6.25-6.55% for the fiscal year 2026, driven by prudent borrowing strategies.
According to a report by Bank of Baroda, India’s 10-year bond yield is expected to trade between 6.25-6.55% in the current fiscal year (FY26). The report attributes this projection to the government’s carefully planned borrowing program, which includes a higher supply of securities at the shorter end of the yield curve. This is expected to keep the long end of the curve stable. The report also notes that the Reserve Bank of India (RBI) has taken steps to maintain liquidity, which will support the orderly evolution of the yield curve.
India’s 10-year yield had shown some stickiness in the last financial year (FY25), particularly in April, due to rising US 10-year yields and tighter inflation data. However, the yield curve subsequently became rangebound due to the Federal Reserve’s earlier-than-expected rate cuts, India’s inclusion in global bond indices, and a prudent fiscal framework. The RBI’s increased demand for securities through Open Market Operations (OMOs) also capped the impact of these factors on yields.
Another important driver of domestic yields has been India’s increasing weight in global bond indices, which has attracted significant foreign portfolio investment (FPI) flows, particularly through the fully accessible route (FAR) route. Additionally, the report highlights the buoyant demand conditions from banks, mutual funds, and pension funds, which have supported yields in a tight liquidity environment. Overall, the report expects India’s 10-year bond yield to remain stable and within the projected range of 6.25-6.55% in FY26.
Solidarity Group Lending Officer Wanted: Apply now to DCB Commercial Bank
DCB Commercial Bank Plc is a microfinance bank in Tanzania seeking a qualified candidate to fill the role of Solidarity Group Lending Officer. The successful candidate will be responsible for growing the bank’s asset and liability portfolios, identifying new business opportunities, and ensuring high performance across all branches. The SGL Officer will also be responsible for building strong relationships with customers, managing processes and procedures, and resolving customer complaints in a timely manner.
Key qualifications and experience required for this role include a technical certification or diploma in any field from a recognized institution, a good understanding of economic activities and consumer behavior in the microlending space, excellent analytical, communication, and decision-making skills, and the ability to build and maintain strong relationships with customers.
Previous experience in microcredit projects is an added advantage, but not required. The ideal candidate should be attentive to details, decisive, and possess excellent interpersonal and problem-solving skills. The applications for this role must be submitted through the designated email address, [email protected], not later than 15th April 2025.
The banking institution offers various services including retail and commercial banking, microfinance, and corporate banking, serving over 3 million customers across the country. The bank has a wide branch network of over 9 branches, over 700 DCB Wakala Agents, and over 280 Umoja switch ATMs, making it a stable and reputable employer in the banking industry in Tanzania.
Ahead of RBI’s monetary policy committee meeting, HDFC Bank, Yes Bank, and Punjab & Sind Bank have all cut their term deposit interest rates.
Several Indian banks, including HDFC Bank, Yes Bank, and Punjab & Sind Bank, have revised their fixed deposit (FD) interest rates ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee meeting next week. HDFC Bank has discontinued its Special Edition FD scheme and introduced revised rates effective April 1, 2025, while Yes Bank has lowered its FD rates by 25 basis points on select tenures. Punjab & Sind Bank has reduced rates across multiple tenures and discontinued select schemes.
HDFC Bank now offers FD interest rates between 3% and 7.25% for regular citizens, with the highest rate of 7.25% offered on tenures of 10 months to less than 21 months. For senior citizens, the interest rates vary between 3.5% and 7.75% for tenures ranging from 7 days to 10 years.
Yes Bank has reduced its FD interest rates by 25 basis points on select tenures, raising concerns about a possible trend of declining FD interest rates across the banking sector. The bank now offers FD interest rates between 3.25% and 7.75% for general citizens, with the highest rate of 7.75% offered on a tenure of 12 months to less than 24 months. For senior citizens, the bank offers interest rates between 3.75% and 8.25% per annum.
Punjab & Sind Bank has reduced its special fixed deposit interest rate and discontinued some tenures, with the deadline extended to June 30, 2025. The bank has discontinued 333 days and 555 days tenures, offering FD interest rates of 77.2% and 7.45%, respectively. The bank has reduced interest rates on other tenures, including 444 days, 777 days, and 999-day terms.
These interest rate reductions by HDFC Bank, Yes Bank, and Punjab & Sind Bank may impact savers who are considering investing in fixed deposits. It is essential for investors to consider their financial goals, risk tolerance, and time horizon before selecting a fixed deposit scheme. Additionally, investors should periodically review and adjust their investment portfolio to ensure it remains aligned with their financial goals.
The forex kitty sees yet another gain, accumulating a four-week streak, as the RBI injects $6.6 billion into the reserves.
A recent report from the Reserve Bank of India (RBI) indicates a significant increase in the country’s foreign exchange reserves. As of March 28, the reserves rose to $665.4 billion, a five-month high, with an addition of $6.56 billion. This growth is significant, considering it comes after a decline in the previous month. The rupee also saw a notable appreciation of 0.6% against the dollar during the reporting period.
The RBI did not intervene much in the foreign exchange market to defend the currency this time, reportedly due to the renewed flow of foreign investments into Indian equities. This situation led to a 2.3% gain for the rupee in March, marking its best monthly performance since November 2018.
Despite this appreciation, the rupee still closed the fiscal year with a decline of 2.46%, reflecting a somewhat inconsistent performance. Notably, the Rs. 66 lakh crore ($901 billion at current exchange rate) forex reserve is enough to cover 11 months of imports, making it the fourth-largest in the world, behind China, Japan, and Switzerland.
The upward trend in forex reserves is worth monitoring as it represents the central bank’s foreign currency assets, such as its gold holdings and reserves, which can be used to boost the economy in times of need. The cumulative additions of $20.1 billion over the last three weeks have placed the country’s forex reserves at $665.4 billion, with an increase of $6.596 billion from the previous week.