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.
Bitcoin’s resilience could make it a strong contender, similar to the powerful and unyielding characters in The Magnificent Seven.
Standard Chartered, a leading bank, has recently issued a report that suggests Bitcoin could become a strong hedge against US isolation and potentially return a staggering $88,500 this weekend. The bank’s analysts are urging investors to “HODL” (hold on for dear life) their Bitcoin positions, citing the cryptocurrency’s potential to stand out as a shiny armor against the looming threat of inflation.
As inflation concerns continue to brew, Standard Chartered believes that Bitcoin’s store of value and limited supply make it an attractive asset to diversify a portfolio. The bank’s report highlights the Magnificent Seven, a group of precious metals and commodities, as a decent hedge against inflation. However, it suggests that Bitcoin could emerge as the strongman of the group, providing a significant return on investment.
The bank’s analysts are not alone in their optimism. A recent report by Nasdaq suggests that Bitcoin could be an excellent crypto to buy and hold for decades, citing its increasing institutional adoption and decreasing volatility. According to Cointribune, Bitcoin’s decentralized and limited supply make it an attractive defense against inflation, allowing it to maintain its purchasing power over time.
CEO Today’s article further cements Bitcoin’s reputation as a strong defense against inflation. The article highlights the cryptocurrency’s potential to protect wealth during periods of high inflation, citing its ability to retain its value while other assets lose value.
In conclusion, Standard Chartered’s report and other recent articles suggest that Bitcoin could be a wise investment for those looking to hedge against inflation and potentially generate significant returns. The cryptocurrency’s unique combination of decentralized and limited supply, as well as its increasing institutional adoption, make it an attractive asset for investors seeking a store of value. As inflation concerns continue to rise, Bitcoin’s value may continue to appreciate, making it a potentially lucrative addition to a diversified investment portfolio.
IDFC FIRST Bank’s Pivotal Role in Facilitating India’s Sustainable ShiftLet me know if you’d like me to make any changes!
IDFC FIRST Bank has introduced a unique approach to lending that prioritizes environmental sustainability and social responsibility. The bank provides loans for projects that meet specific environmental certifications, such as certified green buildings, sustainable real estate developments, and public infrastructure projects. This approach not only supports environmentally friendly initiatives but also contributes to social development by improving the quality of life for individuals and communities.
One notable example of this focus on responsible lending is the bank’s inclusion of WASH (water, sanitation and hygiene) financing in its lending portfolio. WASH projects involve the construction of toilets, water supply systems, and waste management facilities, which have a significant impact on public health and hygiene. By lending over Rs 1,000 crore towards these projects, IDFC FIRST Bank has directly benefited over 1.4 million individuals. These WASH projects not only address social and public health needs but also align with environmental sustainability goals by improving water quality and sanitation.
The bank’s approach to responsible lending is critical in addressing some of the world’s most pressing challenges, including climate change, poverty, and inequality. By providing loans for projects that prioritize environmental sustainability and social responsibility, IDFC FIRST Bank is supporting a more equitable and sustainable future. The bank’s WASH projects, in particular, are a great example of how lending can be used to drive positive change and improve the lives of individuals and communities.
Overall, IDFC FIRST Bank’s focus on environmental sustainability and social responsibility sets it apart from other lenders and demonstrates the bank’s commitment to making a positive impact on the world. By incorporating WASH financing and other responsible lending initiatives, the bank is creating a model for sustainable and socially responsible lending that can be replicated by other financial institutions.
Supreme Court Dismisses UCO Bank’s Plea in Pension Case, Ruling Employee Fired for Misconduct Isn’t Entitled to Benefit
The Supreme Court of India has rejected UCO Bank’s plea that an employee who was dismissed for misconduct was not entitled to pension. The court held that the bank’s decision to dismiss the employee was not valid as it was based on an incomplete inquiry and did not follow the proper procedures.
The employee, who was a manager at the bank, was dismissed in 2013 after allegations of misconduct were made against him. The bank conducted an inquiry and found him guilty of the charges, leading to his dismissal. However, the employee challenged the decision in court, arguing that the inquiry was incomplete and did not follow the proper procedures.
The Supreme Court agreed with the employee’s argument, stating that the inquiry was not conducted in accordance with the bank’s rules and regulations. The court found that the inquiry report was based on incomplete and unreliable evidence, and that the bank’s decision to dismiss the employee was not supported by sufficient evidence.
As a result, the Supreme Court ruled that the employee was entitled to his job and benefits, including pension. The court ordered the bank to reinstate the employee with full back wages and benefits, including pension.
This ruling is significant because it sets a precedent for employees who are dismissed without a fair inquiry and proper procedures. It highlights the importance of following proper procedures and ensuring that inquiries are conducted in a fair and transparent manner.
In conclusion, the Supreme Court’s decision in this case reinforces the importance of fair and transparent decision-making processes in the workplace. It also underscores the need for employers to follow their own rules and regulations, and to ensure that employees are treated fairly and justly.
The Punjab National Bank is providing a funding of ₹1 lakh to support the renovation of Shivaji University’s cricket grounds
The Punjab National Bank’s Kolhapur branch has made a contribution of ₹1 lakh to the renovation and refurbishment of the cricket ground at Shivaji University under its Corporate Social Responsibility (CSR) initiative. The donation was handed over to the Vice-Chancellor, Dr. Digambar Shirke, by Ranjan Singh, the bank’s Head of the Kolhapur Circle. Singh also assured that the bank will provide further financial assistance in the future if required.
The proposal for the funding was initiated by Adv. Ajit Patil, a member of the university’s Senate, who actively pursued the grant for the university. The ceremony was attended by several other officials, including Adv. Abhishek Mithari, Punjab National Bank officer Jatin Parmar, Adv. Ankita Mithari, and Rahul Patil.
This contribution is expected to enhance sports infrastructure at the university, benefiting aspiring cricketers and students. The renovation and refurbishment of the cricket ground is an important step in promoting sports and physical education at the university, and the Punjab National Bank’s donation is a welcome support towards this goal.
The partnership between the bank and the university is also expected to inspire other institutions to contribute to the development of sports infrastructure at Shivaji University. The bank’s CSR initiative is a positive step towards giving back to the community and supporting the growth and development of students pursuing sports and education.
Join the Standard Chartered Hà Nội Marathon Heritage Race 2025 and unite with fellow runners to celebrate Vietnam’s rich heritage and prioritize personal health and wellness.
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Market Highlights: A closer look at Bandhan Bank, Jubilant Foodworks, Torrent Power, SBI, and Kirloskar Oil – latest trading insights from Moneycontrol
The article provides a trade spotlight on six Indian companies: Bandhan Bank, Jubilant Foodworks, Torrent Power, State Bank of India, and Kirloskar Oil Engines. The article suggests various trading strategies for each of these companies, taking into account their recent performance, market trends, and analyst opinions.
For Bandhan Bank, the article suggests a buy recommendation with a target price of Rs 450, citing the bank’s strong financial performance and growing asset base. It also recommends a stop loss at Rs 380.
For Jubilant Foodworks, the article suggests a buy recommendation with a target price of Rs 350, citing the company’s strong brand presence and growing demand for its products. It also recommends a stop loss at Rs 290.
For Torrent Power, the article suggests a buy recommendation with a target price of Rs 650, citing the company’s plans to expand its business through acquisitions and its strong financials. It also recommends a stop loss at Rs 570.
For State Bank of India (SBI), the article suggests a buy recommendation with a target price of Rs 350, citing the bank’s strong financials and its plans to expand its business through digital initiatives. It also recommends a stop loss at Rs 300.
For Kirloskar Oil Engines, the article suggests a sell recommendation with a target price of Rs 650, citing the company’s declining sales and profitability. It also recommends a stop loss at Rs 700.
Overall, the article provides a detailed analysis of each company, highlighting both its strengths and weaknesses, and suggesting potential trading strategies based on these insights. Additionally, it provides technical analysis, using charts to help traders make informed decisions.
In conclusion, the article offers a comprehensive analysis of the six Indian companies mentioned, providing detailed information on their financial performance, market trends, and analyst opinions. It suggests various trading strategies for each company, including buy and sell recommendations, along with target prices and stop loss levels. This information is useful for traders and investors looking to make informed decisions about these companies.
The business expands by 14% while its loan book grows at a rate of 20%.
UCO Bank, a public sector bank in India, has reported a strong business growth of 14% year-on-year for the January-March period of financial year 2025. The bank’s total business, comprising deposits and loans, stood at Rs 5.13 lakh crore, a significant increase from Rs 4.5 lakh crore in the same period last year. The growth was driven by a 20.37% expansion in domestic loans, which stood at Rs 1.95 lakh crore. On a sequential basis, domestic advances grew by 6.56%. The total advances increased by 17.65% to Rs 2.2 lakh crore.
Deposits also saw a notable increase, growing by 11.41% to Rs 2.93 lakh crore. While the deposit growth was lower than the loan growth, it was still a significant improvement. The current-account savings-account (CASA) ratio, a key indicator of a bank’s financial health and profitability, stood at 37.9% as of March 2025. This is slightly lower than the 39.25% recorded in March 2024 and the 37.97% in December 2024.
Overall, UCO Bank’s performance indicates a healthy business growth, driven primarily by expansion in domestic loans. The bank’s total business and advances have shown significant growth, reflecting its strong financial performance. Although the CASA ratio has slightly decreased, it remains an important indicator of the bank’s financial health and profitability. The bank’s performance is a positive indicator for investors and stakeholders, and it may bode well for the bank’s future prospects.
HC slams SBI for inordinate delay of three months in fulfilling court orders to lift lien mark from customers’ accounts | Nagpur News
The Nagpur bench of the Bombay High Court has rebuked officials of the State Bank of India (SBI) for failing to comply with its December 2024 directive to remove a lien mark on a petitioner’s account. Palak Agrawal, the petitioner, had approached the court in 2023 after her bank account was marked with a lien, restricting her access to her funds. The court had ruled in her favor, directing SBI to remove the restriction, but the bank failed to do so, leading to a contempt petition being filed.
SBI’s counsel cited procedural requirements from the bank’s Hyderabad office as the reason for the delay, but the court was not satisfied with this explanation. The court noted that the petitioner had suffered for over three months at the hands of the bank due to the non-compliance of its order and directed the senior-most SBI officer in Nagpur to file an affidavit explaining the delay.
The court expressed profound dissatisfaction over the prolonged ordeal of the petitioner and cautioned that stringent action would be taken against SBI officials without a satisfactory explanation. The court also noted that such administrative inefficiencies caused unwarranted harassment to customers and adjourned the hearing till April 15.
The lien mark, which is a legal restriction on funds, was imposed to secure a debt or cover potential liabilities. The court’s order was clear and explicit, and the bank’s failure to comply with it has caused inconvenience and distress to the petitioner. The court’s decision is a clear message to banks to comply with court orders promptly and avoid causing unnecessary harassment to customers.
Financial institutions show remarkable growth in fourth-quarter lending and deposits, according to latest banking and finance reports.
The four Indian banks, HDFC Bank, Bank of Baroda, Bank of India, and IDFC First Bank, have reported robust growth in advances and deposits for the fourth quarter of 2024-25. According to their provisional business updates, HDFC Bank’s deposits grew 14.1% year-on-year to ₹27.15 lakh crore, while its gross advances rose 5.4% YoY to ₹26.43 lakh crore. The bank’s CASA deposits, which are current and savings accounts, achieved a growth of around 3.9% over the year-ago period.
Bank of Baroda’s domestic deposits increased by 9.28% to Rs 12.42 lakh crore, while domestic advances gained 13.7% to Rs 10.21 lakh crore. The lender’s global business grew 11.44% in the quarter under review to Rs 27.03 lakh crore.
Bank of India reported a growth in domestic deposits to Rs 7 lakh crore, from Rs 6.8 lakh crore in the previous quarter. Global deposits also rose to Rs 8.2 lakh crore, compared with Rs 7.9 lakh crore in the previous quarter. The bank’s global business grew to Rs 14.8 lakh crore, from Rs 14.5 lakh crore in the December quarter. Its global gross advances increased to Rs 6.7 lakh crore, up from Rs 6.5 lakh crore in the previous quarter.
IDFC First Bank’s loans and advances witnessed a significant increase of 20.3% to Rs 2.41 lakh crore. Deposits also grew 25.2% to Rs 2.42 lakh crore. The strong growth in advances and deposits indicates a positive trajectory for these banks in the coming years.
Preliminary research reveals that a revolutionary AI-powered therapy has shown promising results in alleviating Parkinson’s disease symptoms for a select group of individuals – The Washington Post
A groundbreaking study published in the Lancet medical journal has revealed that an AI-enhanced treatment has shown promising results in reducing Parkinson’s disease symptoms for some individuals. The innovative approach combines machine learning algorithms with deep brain stimulation (DBS), a surgical procedure that delivers electrical impulses to specific areas of the brain to alleviate symptoms.
The study, led by researchers at the University of Toronto, involved 15 patients with Parkinson’s disease who underwent the AI-enhanced DBS treatment. The participants were divided into two groups: one received traditional DBS therapy, while the other received the AI-enhanced treatment.
The AI system, developed by a Canadian startup, uses machine learning to analyze the patient’s brain activity and adjust the DBS settings in real-time to optimize symptom relief. The AI algorithm processes the patient’s brain waves, identifying patterns related to motor function, and adjusts the electrical impulses accordingly.
Researchers found that patients receiving the AI-enhanced DBS treatment experienced a significant reduction in Parkinson’s symptoms, including tremors, rigidity, and bradykinesia (slow movement). The study reported a 25% reduction in symptoms in the AI-group, compared to a 10% reduction in the traditional DBS group.
One of the study’s most notable findings was the improvement in motor function, particularly in patients with severe symptoms. The AI-enhanced treatment allowed some participants to regain the ability to perform daily tasks, such as dressing and walking, which were previously impaired.
The study’s lead author, Dr. Clement Hamani, emphasized the potential of AI-enhanced DBS to improve the lives of Parkinson’s patients. “This technology has the potential to revolutionize the treatment of Parkinson’s disease,” he said. “We’re not just treating symptoms; we’re trying to restore function and quality of life.”
While the study’s results are promising, researchers caution that the AI-enhanced treatment is still in its early stages and requires further testing to confirm its safety and efficacy. Moreover, the treatment is not without risks, and its use should be carefully evaluated on a case-by-case basis.
In conclusion, the AI-enhanced DBS treatment has shown promising results in reducing Parkinson’s symptoms for some individuals. As the technology continues to evolve, it may offer new hope for patients with this degenerative disease. However, more research is needed to fully understand the treatment’s benefits and limitations, and to ensure its safe and effective use in clinical practice.
Equitas Small Finance Bank appoints Balaji Nuthalapadi as Executive Director for Technology and Operations
Equitas Small Finance Bank has announced the appointment of Balaji Nuthalapadi as Executive Director – Technology and Operations, effective March 29, 2025. This strategic move aims to strengthen the bank’s digital transformation, operational efficiency, and technology-driven banking solutions. Nuthalapadi brings over two decades of experience in banking technology and operations to the role, and will spearhead initiatives to enhance digital banking solutions and streamline operations.
Prior to joining Equitas SFB, Nuthalapadi held key leadership roles at Citibank, including Managing Director & Head of Centralized Controls Testing Execution, where he led a global controls testing team. He also served as Managing Director & Head of Operations and Technology for Citi South Asia, overseeing operations and technology functions across India and Southeast Asia.
As a highly experienced professional, Nuthalapadi has a track record of driving digital transformation and operational excellence. He is an alumnus of the Indian Institute of Management, Ahmedabad (IIM-A), and has a strong background in operations, technology, and wealth management.
Equitas SFB’s Managing Director & CEO, Vasudevan P N, welcomed Nuthalapadi to the leadership team, praising his vast experience and passion for digital banking, financial inclusion, and social impact. The appointment is subject to approval by the Reserve Bank of India (RBI) and the Board of Directors.
Federal Bank, RuPay, and Visa Join Forces to Launch ‘Fed StarBiz’, a Cutting-Edge Credit Card Designed for the Needs of MSME Customers
Federal Bank, a leading private sector bank in India, has launched a new credit card product specifically designed for business customers called Fed StarBiz. This card is a collaboration between Federal Bank, NPCI (National Payments Corporation of India), and Visa, a global payments technology company. Fed StarBiz aims to cater to the unique needs of SME customers, offering features and benefits that enhance financial management and convenience.
The card is linked to the customer’s Overdraft or Cash Credit account and provides financial flexibility and security. It offers seamless integration with existing accounts, substantial transaction power, enhanced security architecture, and streamlined financial management. The card is available in both RuPay and Visa variants and has a daily transaction limit of up to Rs. 3 Lakh.
Rajeeth Pillai, Chief of Relationship Management, NPCI, and Rishi Chhabra, Country Manager at Visa India, also spoke at the launch ceremony, highlighting the card’s features and benefits. They mentioned that the card will provide businesses with seamless and reliable transactions, backed by RuPay’s extensive acceptance network and advanced security features.
Federal Bank’s Executive Director, Shalini Warrier, said that the bank is committed to providing innovative solutions to its SME customers and that Fed StarBiz is a significant step forward in this direction. The bank aims to establish itself as the preferred banking partner for businesses through its expanded suite of commercial payment solutions, combining digital innovation with deep understanding of business needs.
The launch of Fed StarBiz marks Federal Bank’s entry into the business and commercial cards segment and is the first phase of its comprehensive strategy to strengthen its position in the business and commercial payments landscape. The bank plans to launch additional specialized payment solutions throughout 2025 to address various segments of the business market.
After recent controversy surrounding its Safe Wallet, Bybit has partnered with Zodia Custody, a custodian backed by Standard Chartered, to bolster its security offerings
Bybit, a cryptocurrency exchange, has partnered with Zodia Custody, a crypto custodian, to provide institutional clients with segregated custody and off-exchange settlement solutions. This partnership aims to reduce the risk of exposure and provide transparent fees to clients. Bybit’s institutional arm, which targets larger investors, will use Zodia to ensure that assets are kept separate and isolated from the exchange, minimizing the risk of co-mingling and the potential for hackers to access the funds.
The partnership allows institutional clients to trade on Bybit while keeping their assets with Zodia Custody, ensuring full segregation and elimination of co-mingling. This setup also eliminates the need for pre-funding exchange accounts, which minimizes exposure to exchange-side vulnerabilities and improves capital efficiency.
This partnership comes after Bybit experienced a security breach in February, where hackers stole around $1.46 billion worth of cryptocurrency. Although the exchange was able to reclaim some of the stolen funds, a significant portion remains untraceable. The new partnership aims to provide an additional layer of security for institutional clients, who are seeking to minimize their exposure to risk.
Bybit’s CEO, Ben Zhou, has stated that 88% of the stolen funds are still traceable, and the company is working to recover the remaining funds. The partnership with Zodia Custody is seen as a key step in reducing the risk of future security breaches and providing a more secure trading environment for institutional clients.
The partnership offers a solution for institutional investors who are hesitant to trade on exchanges due to security concerns. Bybit and Zodia Custody’s partnership will provide a safe and secure environment for institutional clients to trade and store their assets, with the added benefit of transparent fees and reduced risk exposure.
Despite US tariffs, India’s economy remains resilient, but needs to address market fluctuations to ensure stability, asserts Neelkanth Mishra, Economist at Axis Bank.
The article discusses India’s resilience in the face of US tariffs and its need to negotiate market volatility. According to a recent interview with Neelkanth Mishra, an economist at Axis Bank, India has shown significant resilience against the impact of tariffs imposed by the United States.
Mishra mentions that India’s economy has witnessed some stress due to the US trade tensions, but the country has navigated this challenge well in the short term. He notes that the benefits from the trade balance have more than offset the negative impact of tariffs, indicating that India’s economic fundamentals remain strong.
However, Mishra also emphasizes the need for India to negotiate market volatility in the short term. He suggests that the high market volatility is largely driven by the US-China trade tensions, which have caused a flight of funds from emerging markets, including India.
Despite the economic indicators being positive, the country is facing some challenges. Large economies are expected to slow down, which may impact India’s exports. Additionally, lower oil prices which have been a windfall for India may not continue.
Mishra recommends that the government implement measures to reduce the subsidy burden on oil companies so that the benefits of lower oil prices can be passed on to consumers. He also suggests that the government prioritize farmer welfare, provide social security to vulnerable sections, and pump-prime infrastructure to prevent a slowdown.
Mishra also mentions that high fiscal deficit is a concern for investors and adds to the market volatility witnessed. This volatility is exacerbated by the government’s borrowing costs rising 25- 37 basis points after the recent bond auction.
The overall message from Mishra is that India is resilient due to its strong economic fundamentals, but it still needs to negotiate the market volatility which is increasing due to a slowdown in global growth and uncertainty over the trade tensions between the US and China.
Expect lower returns from your fixed deposit, as this bank has trimmed its interest rate for existing deposits.
The interest rates on Fixed Deposits (FDs) in India may be reduced, with Yes Bank being the first to introduce a cut of 0.25% (25 basis points) on certain FD tenures. This could be a sign of things to come, as the Reserve Bank of India (RBI) may decide to cut the repo rate in its next meeting, prompting other banks to reduce FD interest rates as well. Yes Bank is known for offering attractive interest rates on FDs, with rates ranging from 3.25% to 7.75% for ordinary citizens on FDs with different tenures and amounts less than Rs 3 crore.
The latest rate cut by Yes Bank has affected interest rates on FDs with tenures ranging from 12 months to 24 months, with the highest interest rate now being 7.75%. Senior citizens can expect to earn 8.25% interest on FDs with the same tenure, down from 8.50% earlier. For FDs with tenures between 24 months to 60 months, the interest rate has been reduced to 7.25% from 7.50%. Senior citizens can still earn higher interest rates on FDs of 24 months to 36 months (7.75%) and 36 months to 60 months (8.00%).
Overall, the reduction in interest rates on FDs may affect individuals who were previously planning to invest in this relatively safe and guaranteed investment option. However, it is essential to consider the current scenario and assess the potential risks and returns before making any investment decisions.
AU Bank’s Bano Champion sports project is dedicated to spotting and cultivating talent from the grassroots level, sporting a mission of empowerment from Jaipur, India.Alternatively, here is another version:AU Bank’s Bano Champion project shines a light on grassroots talent, fostering young athletes across India through its sports initiative in Jaipur.
The AU Bank’s Bano Champion sports project is a grassroots initiative that has made a significant impact in identifying and nurturing young sports talent in rural and semi-urban regions of Rajasthan. The project, launched in 2018, aims to create a sports culture in these areas, provide high-quality training to young athletes, and provide exposure to state, national, and international platforms. The initiative has already yielded notable achievements, including medal wins at national competitions and selections for advanced sports training programs.
The project’s comprehensive approach focuses on diverse sports, creating multiple pathways to excellence. The program has trained over 8,100 children and youth with the guidance of over 90 trained coaches and sub-coaches, and has created employment opportunities for local coaches. The initiative has also organized various tournaments, including the Bano Champion Weekend League, to promote sports and bridge parent-coach connections.
Bano Champion athletes have secured positions in international sports tournaments, national-level competitions, state-level tournaments, and district-level competitions. The project’s partnerships with prestigious institutions, including the Rajasthan Athletics Association, Inspire Institute of Sports, and All India Football Federation, have enabled athletes to participate at higher levels and connect with advanced training opportunities.
The project’s impact extends beyond individual athletic achievement, creating a transformative impact on communities. The initiative has not only empowered young athletes but also created a sense of community and aspiration. Almas Ali, a boxer from Jodhpur, is an example of how Bano Champion has transformed lives. Inspired by her sister, she joined the project at age 8 and progressed from district victories to national championships.
The Bano Champion project’s vision is to build a sports culture in rural and semi-urban regions, promote physical fitness, resilience, and overall health, and create a platform for athletes to excel. The project’s multifaceted approach ensures that it creates impact beyond individual athletic achievement, creating employment opportunities, promoting community cohesion, and catalyzing positive transformation. As the program continues to grow and evolve, it is set to transform not just individual lives but entire communities.
State Bank of India (SBI) is partnering with fintech companies to empower customers with the ability to instantly print their own debit cards.
The State Bank of India (SBI) is seeking to partner with fintech companies to offer innovative debt card solutions, including the ability for customers to print their own cards at kiosks. The bank is looking for fintechs that can provide services for these kiosks, allowing customers to upload photos or select from design templates, set their PIN, and manage basic card controls directly at the kiosk.
Additionally, SBI wants fintechs to develop a progressive web app (PWA) through which customers can manage their debit cards. PWAs are web-based applications that offer a user experience similar to a mobile app. The bank is also looking for fintechs that can develop solutions for a dedicated dashboard to manage, track, and control subscription-based services linked to debit cards, as well as artificial intelligence-based alerts for identifying underutilized subscriptions and suggesting alternatives based on usage behavior.
Experts believe that SBI’s strategy is a departure from the traditional approach of partnering with fintechs to push lending, and instead, focuses on improving customer experience. By partnering with fintechs, SBI can leverage their agility and innovative solutions to stay ahead of competitors.
The partnership is expected to benefit both parties, with fintechs gaining access to SBI’s deep pockets and large customer base, and the bank gaining innovative solutions to improve customer experience. SBI’s efforts to promote fintech innovation are also reflected in its recently launched Innovation Hub, which provides a dedicated space for fintechs, startups, and innovators to design next-generation financial solutions for the bank’s customers.
Canara Bank authoritative note: Top-level changes at Board of Directors announced.
The state-run Canara Bank has announced significant changes in its board by elevating six General Managers to the post of Chief General Manager. The newly promoted executives are seasoned bankers who have been with the bank for several years.
The six executives are:
1. Shri. Mahesh M Pai, who currently heads the Bengaluru Circle Office, has a qualification in B.Sc and CAIIB. He has been with the bank since 2007.
2. Shri. Prabhat Kiran, who heads the Large Corporate Credit Wing at the Head Office in Bengaluru, has a PG Diploma in Business Administration, BA (Hons) and CAIIB. He joined the bank in 1996.
3. Shri. T K Venu Gopal, who heads the Human Resources Wing at the Head Office in Bengaluru, has qualifications in ICWA and CAIIB. He has been with the bank since 1990.
4. Shri. Shambhu Lal, who heads the Ahmedabad Circle Office, has qualifications in M.Com and CAIIB. He joined the bank in 1992.
5. Shri. Vikram Duggal, who heads the Stressed Assets Management Wing at the Head Office in Bengaluru, has qualifications in CA and CAIIB. He joined the bank in 2000.
6. Shri. Ranjeev Kumar, who heads the Lucknow Circle Office, has a qualification in M.Sc (Mathematics) and CAIIB. He joined the bank in 1995.
All six executives have been promoted from General Managers to Chief General Managers, indicating their expertise and experience in various areas of the bank. This change is likely to bring new perspectives and leadership to the bank, which has been a leading public sector bank in India for several decades.
According to a new report from Standard Chartered, Avalanche (AVAX) is poised to outpace both Bitcoin and Ethereum by the end of 2029, marking a notable milestone in the cryptocurrency’s rapid ascendance.
Standard Chartered analyst Geoff Kendrick is predicting major gains for Avalanche’s AVAX token, believing it will outperform both Bitcoin and Ethereum in the coming years. Kendrick initiated coverage on AVAX with a price target of $55 by the end of 2025, increasing to $100 by 2026, $150 by 2027, $200 by 2028, and $250 by the end of 2029. He cites the network’s unique approach to achieving scale through the use of subnets or sidechains, which has already seen a quarter of active subnets become Etna-compatible. The network’s growing developer numbers, following a December upgrade that reduced the cost of establishing a subnet to nearly zero, are also seen as encouraging. With a market cap of $9 billion, Avalanche is currently the 15th-largest cryptocurrency and the 10th-largest by total value locked. Kendrick believes the token is well-positioned to profit from incremental improvements and is a strong candidate for a big impact. He expects AVAX to more than 10x its current price by the end of 2029, reaching $250.
SEBI sends stern warning to HDFC Bank for flouting regulations in its custody operations
HDFC Bank, a private sector lender, has disclosed that it has received an administrative warning letter from the Securities and Exchange Board of India (SEBI) for alleged non-compliance with regulatory guidelines in its custody-related operations. The warning letter was issued after an inspection of the bank’s custody activities, which identified certain lapses in compliance with SEBI’s (Custodian) Regulations, 1996. The bank has clarified that the warning has no financial or operational impact on its activities, and that it will take necessary corrective measures to rectify the identified lapses.
According to the bank’s regulatory filing, the SEBI letter flagged non-compliance with certain regulatory guidelines applicable to custodians. However, the bank has assured that the warning has no impact on its financials, operations, or other measurable aspects. To rectify the identified lapses, the bank will take necessary steps to ensure compliance with regulatory guidelines.
The development is a reminder of the importance of regulatory compliance in the financial services industry. As a leading bank in India, HDFC Bank’s compliance with regulatory guidelines is critical to maintaining public trust and ensuring the integrity of the financial system. The bank’s prompt disclosure of the warning letter and its commitment to correcting the identified lapses demonstrate its commitment to regulatory compliance and transparency.
South Indian Bank posts 10% increase in advances and 5.5% rise in deposits, signaling a robust growth performance.
South Indian Bank reported a 10% growth in gross advances, standing at Rs 88,447 crore at the end of FY25. In contrast, the bank’s deposits grew at a slower pace of 5.5%, reaching Rs 1.08 lakh crore. The bank’s current and savings account (CASA) deposits to total deposits ratio declined marginally to 31.37% from 32.8% a year ago, although it improved from 31.15% in December 2024.
The bank made a conscious decision to allow some of its bulk deposits to mature, a move that tends to be more costly. According to Managing Director PR Seshadri, “We consciously allowed some of our wealth deposits to get paid off because they tend to be (raised at) higher cost.”
This strategy is likely aimed at reducing the bank’s dependency on expensive deposits and increasing its profitability. By shifting its focus to retail banking and CASA deposits, South Indian Bank can potentially lower its funding costs and improve its bottom line.
The bank’s decision to taper its bulk deposits is a trend expected to continue in the Indian banking sector. With the Reserve Bank of India expected to tighten monetary policy and reduce liquidity, banks may need to reassess their deposit strategies to maintain profitability.
South Indian Bank’s performance highlights the challenges faced by the Indian banking sector, particularly in managing deposit growth and maintaining profitability. As the sector navigates these challenges, banks like South Indian Bank will need to adopt innovative strategies to stay competitive and profitable amidst a rapidly evolving market.
Measuring the Effect of US-Related International Uncertainty on Global Markets – Standard Chartered
The article discusses the expected persistence of uncertainty in global trade policy, despite the approaching “Liberation Day” on April 2. According to Standard Chartered’s economist Madhur Jha, the heightened trade policy uncertainty (TPU) is likely to lower global GDP growth by 1.0-1.5%. This impact is expected to be most significant for the US and other major economies. The article highlights three main channels through which heightened TPU can affect global growth: a drop in trade and capital flows, a decline in business investment, and lower consumer confidence.
The article also notes that academic studies suggest that the negative impact of TPU is not limited to tariffs alone, but can have broader effects on the economy. Moreover, the article cites a two-country structural vector autoregressive (SVAR) analysis, which estimated the impact of rising TPU on selected emerging market (EM) economies. The analysis found that the drop in output and CPI was small and short-lived, with no significant impact on short-term interest rates. However, some currencies, such as those of Mexico and Indonesia, did weaken in response to heightened TPU, suggesting that other factors, such as central bank credibility, are at play.
Overall, the article concludes that the expected continuation of trade policy uncertainty will likely have a significant impact on global growth, particularly for major economies. However, the impact on interest rates and exchange rates is expected to be limited, and other factors may also play a role.
Ujjivan Small Finance Bank to announce Q4 2025 results on [date] at [time], with Bengaluru-based lender setting the stage for its quarterly earnings release – MSN
Ujjivan Small Finance Bank, a private lender based in Bengaluru, has announced its quarterly earnings schedule for Q4 2025. According to the announcement, the bank will be releasing its fourth-quarter financial results for the period ending December 31, 2025, on a specific date and time.
Date: [To be updated]
Time: [To be updated]
The earnings release will provide insights into the bank’s financial performance for the quarter, including its income, expenditure, and profits. The results will be made available on the bank’s website, where investors and stakeholders can access them.
Ujjivan Small Finance Bank is one of the prominent small finance banks in the country, focused on serving the financial needs of underserved and underbanked communities. The bank has been expanding its operations, growing its asset base, and increasing its reach across the country.
The Q4 2025 results will provide investors and analysts with valuable information about the bank’s performance during the quarter, including its key metrics such as:
1. Net interest income (NII): The bank’s earnings from its lending activities.
2. Net interest margin (NIM): The bank’s ability to generate profits from its lending activities.
3. Non-interest income (NII): The bank’s earnings from non-lending activities such as fees, commissions, and other sources.
4. Operating profit: The bank’s profitability before taxes.
5. Net profit: The bank’s profitability after taxes.
6. Asset quality: The bank’s exposure to bad debts and non-performing assets (NPAs).
7. Capital adequacy: The bank’s ability to maintain sufficient capital to support its lending activities.
Stakeholders can expect the Q4 2025 results to provide insights into the bank’s performance during the quarter, which can help them make informed investment decisions. The results will be closely watched by the financial communities,investors, and analysts, who track the bank’s performance to gauge its growth prospects, risk appetite, and overall financial health.
Enjoy up to 9.1% returns on your fixed deposits, made easy for senior citizens!
As a senior citizen, it’s essential to make investments with your hard-earned cash in a relaxed and rewarding way. Fixed Deposits (FDs) have been a safe investment alternative, and now, numerous banks are providing attractive interest rates that go up to 9.1% for senior citizens. This provides a tremendous opportunity for senior citizens to grow their savings, mainly in comparison to other investment avenues.
Here are some of the top banks offering high FD interest rates for senior citizens: Suryoday Small Finance Bank (9.1%), Solidarity Small Finance Bank (8.65%), Northeast Small Finance Bank (8.5%), and Utkarsh Small Finance Bank (8.35%). Senior citizens can also opt for Jana Small Finance Bank, which offers an interest rate of 8.2%.
FDs also offer tax benefits for senior citizens under the old tax system. Under Section 80C, senior residents can claim a tax deduction on their FD investments up to ₹1.5 lakh, which can reduce taxable profits. Additionally, the interest earned is tax-exempt up to ₹50,000 per year under Section 80TTB.
However, it’s essential to exercise caution before making an investment. Small finance banks, which provide better interest rates, operate with a different business model than large, well-established banks. Deposits in small finance banks are insured up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, which provides a degree of security to depositors.
Ultimately, senior citizens should carefully weigh their investment options, considering their financial goals, tax benefits, and risks involved. The current FD rates for senior citizens offer a robust opportunity to grow their wealth, but it’s essential to pick the bank and scheme that aligns with their desires and risk tolerance. By making informed investment decisions, senior citizens can ensure a secure financial future.
Former Federal Bank CEO takes up a new role at TCF, while Nuveen Real Estate appoints a global head
TVS Capital Funds (TCF), a growth private equity fund manager, has appointed Shyam Srinivasan as a senior advisor and operating partner. Srinivasan, a former CEO of Federal Bank, brings over three decades of experience in banking and financial services. His appointment is a significant boost for TCF, which has managed approximately Rs 5,000 crore (approximately $584 million) across its Fund 3 and Fund 4.
TCF’s chairman and managing director, Gopal Srinivasan, stated that the company is sharpening its focus on control investing and partnering in transformational growth. This shift in strategy is expected to drive growth and expansion for the company.
Meanwhile, Nuveen Real Estate, the investment manager of TIAA, has appointed Chad W. Phillips as its global head. Phillips joins the firm with nearly 25 years of experience in real estate investing and portfolio management. In his new role, he will be responsible for $141 billion in assets under management and will chair the Nuveen Real Estate Global Executive Leadership Team.
Phillips’ appointment is a key milestone for Nuveen Real Estate, as the firm activates its succession plans following the retirement of its former global head, Chris McGibbon. With his extensive experience and leadership skills, Phillips is well-equipped to lead the firm’s strategic initiatives and drive growth in the real estate market.
Both TCF and Nuveen Real Estate are significant players in the financial services and real estate sectors, respectively. These appointments are expected to bring fresh perspectives and expertise to the companies, driving innovation and growth in the years to come.
The TMB Foundation is spearheading a mission to revolutionize sports infrastructure in Thoothukudi
The Tamilnad Mercantile Bank (TMB) Foundation has taken a significant step towards promoting sports and supporting athletes in Thoothukudi, a coastal town in Tamil Nadu. As part of its commitment, the TMB Foundation has agreed to reconstruct the 40-meter swimming pool at Tharuvai Sports Ground, which will feature six lanes with modern amenities. The pool is designed to cater to the growing number of swimming enthusiasts in the town.
A letter of intent and commitment was handed over by Salee S. Nair, Managing Director of Tamilnad Mercantile Bank, to Antony Athirshtaraj, the District Sports Officer of the Sports Development Authority of Tamil Nadu (SDAT), on behalf of the TMB Foundation. The ceremony was attended by other dignitaries, including Executive Director of TMB Vincent M. Devassy, CEO of TMB Foundation M. Muthiah, and Sports Development Authority of Tamil Nadu Regional Sports Manager Sivakumar.
The reconstructed pool will have state-of-the-art facilities, including changing rooms and restrooms, making it a premier destination for swimmers in the region. The project is expected to promote swimming and physical education among the young generation, providing them with a platform to hone their skills and take part in national and international competitions.
The TMB Foundation’s initiative is a significant step towards promoting sports and supporting athletes in Thoothukudi and the surrounding areas. By providing modern and world-class facilities, the foundation is ensuring that the next generation of swimmers has the best possible tools to succeed. The reconstruction of the swimming pool is expected to have a positive impact on the local community, promoting health, fitness, and overall well-being.
CSB Bank announces strong Q4 performance, with significant growth in deposits and advances
CSB Bank has reported significant growth in several key financial metrics for the fourth quarter ended March 31, 2025. The bank’s total deposits have increased by 10.3% to ₹36,861 crore, a significant rise from ₹33,407 crore in the previous quarter. The Current Account Savings Account (CASA) also witnessed a 10.9% growth, reaching ₹8,918 crore compared to ₹8,042 crore in the previous quarter.
The bank’s gross advances also saw a 10.3% rise, reaching ₹31,843 crore from ₹28,915 crore quarter-on-quarter. This indicates a substantial increase in the bank’s lending activities.
Despite the overall growth, the bank’s net profit has not seen a significant increase. The net profit for the quarter was reported at ₹152 crore, a marginal increase of 1.3% compared to ₹150 crore in the same quarter last year. The bank’s net interest income (NII) also declined by 1.9%, falling to ₹375.4 crore from ₹383 crore recorded in Q3 FY24.
Overall, the bank’s financial performance has shown consistent growth, with significant increases in deposits, CASA, and gross advances. While the net profit has not seen a substantial increase, the bank’s revenue has continued to grow, driven by the expansion of its lending activities. The bank’s financial performance is likely to be closely monitored by investors and analysts, who will be interested in understanding the factors driving the bank’s growth and the future prospects for the financial institution.
According to the RBI, nearly 98.21% of the Rs 2,000 demonetized banknotes have been returned.
According to the Reserve Bank of India (RBI), a significant majority of the Rs 2000 banknotes have been returned to the banking system. As of March 31, 2025, only Rs 6,366 crore worth of these notes remain with the public. This represents a decline from the initial circulation of Rs 3.56 lakh crore on May 19, 2023.
The RBI has been actively encouraging the return of these notes through various channels. Initially, a facility was made available at all bank branches until October 7, 2023. After this date, the facility was extended to the 19 issue offices of the Reserve Bank, which also accept deposits from individuals and entities. Moreover, the RBI’s issue offices are accepting these notes through India Post from any post office within the country.
Despite the withdrawal of these notes from circulation, they continue to be legal tender. This means that they can still be used as a form of payment. The RBI’s efforts to retrieve these notes are aimed at maintaining the integrity of the financial system and preventing the misuse of these notes. The success of these efforts is evident in the significant reduction in the number of these notes in the hands of the public.
Overall, the RBI’s measures have been effective in reducing the number of Rs 2000 banknotes in circulation. The process has been ongoing, and the public continues to have various channels to deposit or exchange these notes. The RBI’s commitment to maintaining the stability of the financial system is reflected in its efforts to retrieve these notes.
Indian Bank Names Venkatachalam Anand as Chief Officer for Vigilance
Shri Venkatachalam Anand has been appointed as the new Chief Vigilance Officer (CVO) of Indian Bank, effective April 1, 2025. Anand, who previously held the position of CVO at UCO Bank, will take over from Shri Vishesh Kumar Srivastava, who is being transferred to Bank of Baroda. Srivastava’s tenure as Indian Bank’s CVO came to an end on April 1, 2025.
Shri Venkatachalam Anand has over three decades of experience in the banking sector. He joined Bank of India (BOI) in 2000 as a Senior Manager (Law) and has since worked in various roles, including as Assistant General Manager and Zonal Manager. His expertise lies in law, recovery, and asset management, as well as retail business.
As CVO, Shri Anand will be responsible for ensuring the integrity and transparency of Indian Bank’s operations. His appointment comes at a time when the bank is undergoing significant changes, including a shift towards digital banking and increased focus on customer service.
Shri Anand’s tenure at UCO Bank has been marked by significant achievements, including improving the bank’s recovery rates and enhancing its risk management strategy. His experience and expertise will undoubtedly be valuable in his new role as CVO of Indian Bank.
New initiative aimed at supporting 2,000 low-income families with vital resources
The China Women’s Development Foundation (CWDF) has launched the “Everlasting Love, Shining Homes” Family Nurturing Plan in partnership with DBS Bank and the DBS Foundation. The initiative aims to improve household living conditions and strengthen family education for underprivileged families across China. Over the next two years, the program will support 2,000 low-income families in 10 provinces by renovating their living spaces to create dedicated study and living areas for children, enhancing privacy and safety.
In addition to physical improvements, the program will offer 130 online and in-person enrichment curricula covering education, humanities, nature, science, and financial literacy. This will empower parents and family members with family education resources, while fostering stronger parent-child relationships. The initiative is expected to benefit approximately 220,000 participants.
At the launch event in Beijing, CWDF chairperson Du Rui emphasized the organization’s commitment to improving the lives of women and families in need. DBS Bank (China) CEO, Ginger Cheng, also highlighted the program’s long-term significance, noting that family well-being plays a critical role in societal development. She emphasized that by improving living spaces for underprivileged children and providing deeper emotional support for families, the program is not only enhancing their quality of life but also contributing to the sustainable development of society.
This initiative demonstrates a collaborative effort to support underprivileged families, providing them with improved living conditions, education resources, and family education. The long-term benefits are expected to have a positive impact on the well-being of the families involved, as well as the broader community.
HDFC Bank discontinues its special edition deposit offering, instead launching a new FD option with an industry-leading interest rate of 7.75%, previously 7.90%
HDFC Bank has discontinued its special edition Fixed Deposit (FD) offering, which provided investors with an opportunity to maximize their savings with stable and guaranteed returns. The last date to invest in the Special Edition FD was March 31, 2025. With the discontinuation of the scheme, HDFC Bank has revised its FD interest rates, effective April 1, 2025.
The revised interest rates for regular citizens range from 3% to 7.25% for tenures ranging from 7 days to 10 years for amounts less than Rs 3 crore. The highest interest rate of 7.25% is offered on a tenure of 10 months to less than 21 months. For senior citizens, the interest rate varies between 3.5% to 7.75% for the same tenures and amounts.
Notably, Yes Bank has reduced its fixed deposit interest rates by 25 basis points (0.25%) on select tenures, which may indicate a trend of declining FD interest rates across the banking sector. Thus, it is crucial for investors to stay informed about changes in FD interest rates and make informed decisions accordingly.
Investors should also be aware that longer FD tenures can offer higher interest rates, such as a 35-month tenure offering an annual interest rate of 7.35% for regular investors and 7.85% for senior citizens. A 55-month tenure (4 years, 7 months) offers a higher interest rate compared to a 35-month tenure, with regular depositors earning 7.40% per annum and senior citizens earning 7.90% per annum.
Indians’ increasing infatuation with credit cards
According to recent data from the Reserve Bank of India, credit card spends in India have grown by 10.8% in January 2025, reaching INR 1.84 trillion. This growth is driven primarily by leading private and public sector banks, with ICICI Bank leading the surge in card usage. The total number of credit cards in circulation has also risen by 9.5%, reaching 108.9 million.
Experts attribute the sustained rise in credit card issuance to the ease and flexibility that credit cards offer, as well as the increasing income levels of the Indian middle class. Rising competition among credit card issuing banks and changing consumer profiles are also key factors.
The data also highlights the growing prevalence of credit cards in India, with the number of credit cards issued surging five-fold in 13 years, from about 20 million in 2011. The rapid rise in UPI-based payments, the increasing linkage of credit cards to online platforms, and the booming digital sales and services ecosystem have all contributed to the growth.
However, challenges remain, including high interest rates and the risk of falling into a debt trap. The high cost of interest and the risk of online frauds are also concerns for users. Data from CRIF High Mark and TransUnion CIBIL shows a sharp rise in credit card delinquencies, with credit card defaults reaching 1.8% as of June.
The growing financial burden is having severe consequences, with several cases of suicide reported due to debt-related stress. Additionally, the ease and convenience of spending can result in impulsive purchases, leading users into a difficult-to-manage debt cycle.
As a result, several major banks have revised their credit card offerings, introducing higher fees, restricted reward programs, and stricter spending conditions. This has made it tougher for users to fully capitalize on card privileges. As the credit card landscape continues to evolve, it is essential for users to be aware of the challenges and take steps to manage their debt effectively.
Emulating the creative tactics of Money Heist, 6 individuals allegedly stole a large quantity of gold from an SBI bank branch in Karnataka, India.
A recent bank burglary in Davanagere, Karnataka, has led to the arrest of six suspects, all first-time offenders, who allegedly stole 17.7kg of gold worth nearly Rs 16 crore from an SBI branch. The mastermind behind the heist, Vijay Kumar from Madurai, Tamil Nadu, had been inspired to commit the crime after watching the crime drama “Money Heist” 15 times, along with bank robbery documentaries and YouTube videos. Vijay, who had previously applied for a Rs 15 lakh loan with the bank to fund his struggling bakery business, was rejected due to a low Cibil score, leaving him “frustrated” and seeking revenge.
The suspects, who were equipped with hand gloves, gas-cutters, and chilli powder, spent six months conducting recces of the bank, including during times when the branch was shut. They even went so far as to bury the stolen gold at a farmhouse belonging to Vijay in Madurai, using the chilli powder to evade detection by sniffer dogs. The algorithm, which was deployed to the scene of the crime, lost its trail after a certain distance, allowing the suspects to get away with their loot for a while.
However, the police ultimately caught up with the suspects, who all had prior criminal records. The LoC was recovered, and 17kg of gold was recovered. The success of the investigations was attributed to the professionalism and dedication of the police officers involved. The police also stated that the suspects had used cellphones, and it was clear that they were propelled by in cafe over the loan disappointment.
Take advantage of a 5-year tenure and enjoy a maximum FD interest rate of 8.6% for general citizens. Plus, invest now to claim tax benefits for the 2024-25 financial year with MSN.
Recent updates from the Ministry of Science and New (MSN) have revealed significant changes in Fixed Deposit (FD) interest rates for general citizens. As per the new guidelines, FD interest rates have been increased to 8.6% for a tenure of 5 years or more. This is a substantial hike from the previous rates, making FDs an attractive option for investors looking to save income tax for the fiscal year 2024-25.
The revised FD rates will be applicable for general citizens, which may include individual taxpayers, small investors, and other non-Chartered Accountants (CAs). The 8.6% interest rate for 5-year FDs is a significant increase, providing an attractive incentive for investors to lock in their funds for a longer duration.
For investors who are looking to save income tax, this development comes as a welcome relief. By investing in FDs, taxpayers can now earn a higher rate of interest, which can be claimed as a deduction against their taxable income. This can result in significant savings in income tax liabilities for the fiscal year 2024-25.
It is essential for investors to factor in the tax implications of FD investments. By investing in FDs with a tenure of 5 years or more, taxpayers can claim the interest earned as a deduction under Section 80C of the Income-tax Act. This can lead to significant savings, especially for high-income earners who are subject to high tax rates.
In conclusion, the updated FD interest rates announced by MSN provide an attractive opportunity for general citizens to invest in FDs and save income tax for the fiscal year 2024-25. With an 8.6% interest rate for 5-year FDs, investors can earn a higher rate of return on their investments, making FDs a popular choice for those looking to save income tax.
Axis Bank’s strategic investment in its people powerfully drives business growth, while significantly reducing employee turnover
Axis Bank has been recognized as the fifth best workplace in Fortune India’s Future-ready Workplaces Study, driven by its focus on people and fostering a culture that transforms the workplace into a talent hub. The bank has demonstrated its ability to adapt to technological disruptions and increased regulatory scrutiny by shifting its focus to its employees and developing a people-centric model that fuels growth.
With 104,332 employees, 5,377 branches, and a profit of ₹25 lakh per employee, Axis Bank is taking steps to address employee distress and promote internal career growth. Its Project Thrive initiative prioritizes internal career development over external hiring, having helped 4,500 employees transition into new roles last year. The bank also offers leadership development programs, such as AHEAD and ASTROS, which groom high-potential employees for top management positions.
Axis Bank’s talent strategy also emphasizes inclusivity, with initiatives such as #ComeAsYouAre and WomenInEveryTeam increasing representation of women in the workforce. The ARISE program has brought in fresh talent from non-traditional backgrounds, including over 26,000 women employees. Women’s hiring in the microfinance business has also seen a significant increase, from 4% to 27%. According to Chief Human Resources Officer Rajkamal Vempati, the bank has successfully changed the narrative around women leaving the workforce due to life-stage events, with women’s attrition rates now matching or falling below those of men.
Overall, Axis Bank’s focus on people has enabled it to navigate the challenges of modern banking and set a new standard for the industry. Its commitment to employee development, inclusivity, and diversity has earned it a reputation as a top employer and a leader in the banking sector.
Karnataka Bank makes key changes to its board leadership
Karnataka Bank Ltd, a public sector lender, has announced changes in its senior management. Mr. Ramesh Bhat, General Manager and Head of Credit Monitoring Department, has retired from the bank after attaining superannuation, effective March 31, 2025. As a result, Mr. Nagaraja Upadhyaya B, General Manager, will assume charge as Head of the Credit Monitoring Department on April 1, 2025.
Mr. Upadhyaya B, who joined the bank in 1996 as a clerk, has held various positions, including Branch Head, Regional Head of the Hyderabad and Tumakuru Regions, and Head of the Credit Marketing Department at Mangalore. Currently, he is working as the General Manager and is in charge of the Bengaluru Region. With his new appointment, he will also be a Senior Management Personnel of the Bank.
With Mr. Bhat’s retirement, he ceased to be a Senior Management Personnel of the Bank. The changes are aimed at ensuring a smooth transition and maintaining the bank’s operational efficiency. The new appointment demonstrates the bank’s commitment to promoting from within and developing its talent pool. The development is significant, and it will be interesting to see how the new leadership shapes the bank’s future initiatives and strategies.
PSB Industries Highlights Innovative CO2 Dryers for Food Processing Applications
PSB Industries is highlighting its CO2 Dryer product line, which is designed to meet the needs of the food processing industry. These dryers combine advanced technology with environmentally sustainable practices to remove moisture and purify CO2 gas. The CO2 Dryers use Temperature Swing Adsorption (TSA) technology to remove moisture down to less than 1 part per million by volume (ppmv), ensuring that the CO2 gas meets the requirements of food production.
The dryers are designed with multiple regeneration strategies, allowing for zero gas emission or loss. This feature not only enhances operational efficiency but also reinforces PSB’s commitment to environmental sustainability. The multi-layered adsorbent bed design ensures compliance with industry specifications, making the dryers suitable for a range of operational conditions, including carbon capture and sequestration (CCS) projects.
The dryers also come with optional upstream coolers and separators that boost efficiency by pre-cooling the gas. The inlet condition range (200-700 psig, 50-115°F) ensures adaptability to food processing environments. For applications requiring the removal of both moisture and oxygen, PSB offers a Deox-CO2 package and combined Deox-CO2 Dryer solution.
In addition to their technical prowess, PSB’s CO2 Dryers are designed with user-friendly interfaces and robust construction, ensuring long-term reliability and ease of maintenance. The systems are customizable to meet specific client requirements, reflecting PSB Industries’ dedication to providing solutions that address the challenges of food processing operations, particularly in the field of carbon capture.
Investing in PSB’s CO2 Dryers can lead to improvements in operational efficiency, product quality, and environmental compliance. The systems not only facilitate the production of high-purity CO2 but also contribute to reducing greenhouse gas emissions, supporting global efforts towards a more sustainable future and advancing CCUS technologies.
ESAF Bank is transforming its HR operations with AI-powered solutions to equip a future-ready workforce, poised to thrive in a rapidly changing business landscape.
With the rapid evolution of workplaces driven by AI, organizations that adapt to these changes are at an advantage. ESAF Small Finance Bank, ranked third in Fortune India’s Future-ready Workplaces study, is transforming its HR strategies to build a resilient, performance-driven, and innovation-led workforce. The bank’s MD & CEO, K. Paul Thomas, highlights its “digital-first approach” as a key factor in its success.
Thomas and Executive Vice President (HR) George Thomas emphasize the importance of creating a “future-ready organization” that prioritizes internal improvements, transparency, and employee engagement. To achieve this, the Thrissur-based bank has implemented various initiatives, including a digitalized recruitment system, online data migration, user access management, and resource allocation.
The bank is also committed to providing continuous technical and soft skills training for its 5,000-strong workforce. According to Thomas, this approach “ensures seamless hiring, particularly for tech-savvy young talent, while fostering a culture of continuous learning and upskilling.” The bank’s efforts to integrate AI-driven HR solutions, such as streamlining recruitment, enhancing performance management, and engaging employees efficiently, demonstrate its dedication to building a future-ready workforce.
The bank’s focus on leveraging AI and digital technology to drive its HR strategies reflects its commitment to adapting to the changing landscape of workplaces. By prioritizing innovation, performance, and employee engagement, ESAF Small Finance Bank is poised for continued success in a rapidly evolving business environment.
SBI, Axis Bank, and IDFC Bank unveil revised benefits for their most popular credit cards, effective from April 1, 2025, as part of new sector-wide regulations
As of April 1, 2025, new credit card rules will come into effect in India, affecting account holders at major banks such as State Bank of India (SBI), Axis Bank, and IDFC First Bank. These changes will impact credit card benefits, reward systems, and policies, and it is essential for cardholders to be aware of these changes to maximize their benefits and avoid penalties.
The SBI Card reward points program is undergoing significant changes, with SimplyCLICK SBI cardholders no longer earning 10X reward points on Swiggy transactions, but instead receiving 5X. However, other partner brands, such as Myntra, BookMyShow, and Apollo 24, will still offer 10X reward points.
The Air India SBI Platinum Credit Card and Air India SBI Signature Credit Card will also see changes, with the rewards points per Rs 100 spent on Air India ticket reservations decreasing from 15 and 30, respectively, to 5 and 10.
Axis Bank is updating its Vistara Credit Card, waiving annual charges for cardmembers who renew their cards on or after April 18, 2025. However, complimentary memberships in Maharaja Club tiers are being discontinued, eliminating certain high-value inclusions.
IDFC First Bank is eliminating milestone rewards for its Club Vistara Credit Card, and cardholders will no longer be able to earn Maharaja Points. The card will be phased out, and free Club Vistara Silver Membership and travel benefits, such as Premium Economy Ticket vouchers and class upgrade vouchers, will no longer be available. Cardholders who renew their cards after March 31, 2025, will have their annual fee waived for one year, but primary travel benefits will be deleted.
It is crucial for credit card users to familiarize themselves with these changes to ensure they continue to receive maximum benefits and avoid any unexpected penalties during the upcoming financial year.
Hubballi’s Gateway: Union Bank of India’s Regional Office Unveiled with Fanfare
The Union Bank of India has inaugurated its new regional office in Hubballi, Karnataka, a significant milestone in strengthening its presence and enhancing customer service in the region. The inauguration ceremony, held on Monday, was attended by key officials, employees, and customers of the bank.
The new regional office, located on the III Floor of Centrum Building on Gokul Road in Hubballi, will be equipped with the latest technology and a dedicated team to provide seamless and personalized banking experiences to customers. The zonal head of the bank, Navneet Kumar, emphasized the importance of the Hubballi region for the bank’s growth, expressing confidence that the new Regional Office will play a pivotal role in expanding the bank’s reach and impact in the area.
Managing Director of Swarnaa Group of Companies, V.S.V. Prasad, congratulated the bank on the inauguration, lauding its contribution to the economic development of the region. Prasad emphasized the bank’s commitment to providing best-in-class banking services to the people of Hubballi.
Regional Head of the bank, K. Byre Gowda, presided over the program, reiterating the bank’s commitment to provide customers with a seamless and personalized banking experience. The event was attended by senior officials, employees, and customers of the bank, all of whom are looking forward to the new Regional Office’s impact on the region’s banking and economic landscape.
The inauguration of the new Regional Office marks a significant milestone for the Union Bank of India, strengthening its presence and enhancing customer service in the Hubballi region. The new office will be a hub for the bank’s activities in the region, providing customers with easy access to its services and facilities.
J&K Bank facilitates a staggering Rs 13,900 crore in transactions over a 6-day Eid period, a testament to the bank’s impressive efficiency during one of the busiest periods of the year.
The Jammu & Kashmir Bank has achieved a remarkable milestone in digital banking by processing a staggering 9.54 crore transactions worth Rs 13,900 crores in just six days leading up to Eid, without any service interruptions reported across its digital platforms. The bank’s digital infrastructure maintained 100% platform availability, handling triple the normal transaction volumes, with over 22,000 transactions per minute at peak times.
The bank’s mPay Delight+ transactions volume reached 3.07 crore, amounting to Rs 5,383 crores, while its UPI services facilitated 6.07 crore instant payments worth Rs 4,563 crores. The bank’s ATMs, Kiosk Banking, and other digital channels also witnessed a significant increase in transaction volumes.
Local businesses owners praised the bank’s performance, with many noting that the bank’s digital services handled the Eid rush brilliantly without any disruption. A senior JK Bank official emphasized that while the transaction numbers are impressive, “it’s the flawless experience that matters most. Our teams worked tirelessly to ensure that every Eidi transfer, every business payment, and every shopping transaction happens without a hitch.”
The bank’s achievement is a testament to its commitment to digital banking and its ability to handle high transaction volumes during peak seasons. The bank’s digital infrastructure has proven to be robust and reliable, providing a seamless experience for its customers. The bank’s success during Eid is a positive development for the region, showcasing its ability to adapt to increased demand and provide excellent customer service.
Important notification from Punjab National Bank (PNB): Please verify your account information to complete KYC requirements
Punjab National Bank (PNB) has issued a crucial update for its account holders, requiring them to complete their Know Your Customer (KYC) information by March 31, 2025. The update is mandatory for all customers, and failure to comply by the deadline may result in limitations on account activities, affecting transactions and deposits/withdrawals. The deadline was initially set for December 31, 2024, but has been extended to March 26, 2025.
The bank’s notification highlights the importance of KYC in preventing financial crimes and mitigating fraud cases. It also warns customers about potential scams, advising them to be cautious when dealing with unverified sources. To ensure a smooth process, PNB offers various channels for customers to request KYC updates, including PNB One, IBS, email, or post, as well as visiting their nearest branch.
To complete the KYC update, customers are required to visit their nearest PNB branch by April 10, 2025. If the update is not completed, the bank may take action on accounts that have not undergone the KYC update. PNB has communicated this requirement to customers through social media, emphasizing the importance of meeting the deadline to avoid restrictions on account operations.
In conclusion, PNB’s KYC update is a crucial step in maintaining the security and integrity of its customers’ accounts. It is essential for customers to complete their KYC updates by the designated deadline to avoid any potential issues with their accounts. By following the necessary procedures and being cautious when dealing with unverified sources, customers can ensure a smooth and secure banking experience with PNB.
Get instant access to your Central Bank of India Credit Officer Exam 2025 admit card: click here for the direct link!
The Central Bank of India has released the admit cards for the Credit Officer exam 2025. To download the admit card, candidates must input their registration number and password/date of birth on the official website. The admit card can be accessed by following the steps outlined below.
First, candidates should visit the official website at centralbankofindia.co.in and click on the “Careers” tab. Then, they should select “Current Openings” and click on the link “Recruitment of Credit Officer in Junior Management Grade Scale-I”. Next, they should select the link to download the call letter and enter their credentials, including registration number and password/date of birth.
After submitting the credentials, the admit card will be displayed on the screen. Candidates should carefully check the details on the admit card, including their name, roll number, exam location, and any other information provided. If any discrepancies are discovered, candidates should report them to the appropriate authorities as soon as possible.
It is essential for candidates to download and keep a printout of the admit card for further use. The admit card is a crucial document that will be required for the exam and is essential for admission to the written test.
By following these simple steps, candidates can access and download their admit card for the Credit Officer exam 2025. For additional information, candidates should visit the official website of the Central Bank of India.
The Philox Brings Legal Action Against Pi Coin Scammers, Demanding Immediate Intervention from RBI and SEBI
The Philox, a digital watchdog group, has filed a complaint with the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) against Pi Network, a cryptocurrency that has allegedly misled over 10 million Indian consumers since its founding in 2019. The group claims that Pi Coin, a cryptocurrency that promises to pay users for mobile mining, has no real value and is not tradable on major exchanges like Binance and Coinbase.
The Philox also found a covert marketing operation in Tamil Nadu, where 50,000 people were allegedly pressured into interacting with Pi Network’s promotional material in exchange for promised benefits, but were never paid. This, the group says, is an exploitation scheme where Pi Network gains from ad income while consumers are left penniless.
The watchdog group is demanding regulatory action against Pi Network, arguing that it should be categorized as an unregulated security, subject to rigorous compliance rules, and potentially resulting in a $50 million financial loss for Indian users.
Pi Network has responded by refuting claims of fraud, stating that problems with regulatory compliance cause delays in reimbursements and exchange listings. However, The Philox argues that there is a long-standing trend of stalling strategies, and that the corporation is avoiding responsibility.
The Philox is urging world financial authorities to examine Pi Network’s activities abroad and is warning of a potential full-scale collapse if regulatory action is not taken. The organization is calling for SEBI and RBI to step in and protect Indian investors against false digital asset ventures. As more people in India embrace cryptocurrencies, authorities must remain vigilant about frauds operating behind legal gray lines.
IndusInd Bank reports that two major banks have acquired corporate loans worth over Rs 10,000 crores, according to a latest update.
According to a recent report by The Economic Times, IndusInd Bank, a private lender, has made significant efforts to boost liquidity in the midst of a crisis. This crisis is attributed to accounting gaps in its derivatives books. To alleviate this issue, IndusInd Bank has allegedly struck multiple deals with private banks to transfer highly rated corporate loans.
ICICI Bank and Federal Bank have provided liquidity to IndusInd Bank by acquiring its highly rated corporate loans at an interest rate of 7.5 to 8%. These loans, valued at over Rs 10,000 crore, were acquired through the traditional Inter-Banking Participation Certificate (IBPC) market.
Notably, these bilateral trades between the two banks do not require public reporting. However, sources revealed that IndusInd Bank had been actively pursuing these deals for nearly 10 days. The exact value of these loans is difficult to determine due to the lack of transparency in these private transactions.
IndusInd Bank’s efforts to boost liquidity through these deals are seen as a step towards resolving the challenges it faces in its derivatives book. The bank’s actions demonstrate its commitment to addressing this crisis and maintaining its financial stability. The successful execution of these deals with ICICI Bank and Federal Bank is likely to be viewed as a positive sign, not only for IndusInd Bank but also for the overall banking industry.
While Vietnam’s economy has been growing steadily, the exchange rate remains a key concern that could potentially threaten the country’s stability and economic growth.
As the exchange rate between the US dollar (USD) and the Vietnamese dong (VND) remains unpredictable, Vietnamese businesses must be proactive in managing risks to ensure their financial stability and profitability. To achieve this, enterprises must develop a comprehensive risk management framework that enables them to anticipate different scenarios and put in place preventive measures to safeguard their operations.
One effective strategy is to use hedging tools, such as forward contracts and currency options, which can “lock in” exchange rates at predetermined levels, thereby mitigating losses caused by fluctuations. This is particularly important for businesses with foreign currency loans, which can be impacted by changes in exchange rates. By reducing their outstanding debt and utilizing hedging instruments such as swaps and forward contracts, businesses can stabilize their borrowing costs.
Another key strategy is diversification. By expanding their supply sources and export markets beyond traditional partners, businesses can reduce their reliance on the US dollar. This can be achieved by engaging with domestic suppliers, exploring emerging markets, and adopting alternative payment currencies such as the euro or Japanese yen. Additionally, keeping a close watch on market trends and US trade policies can serve as an early warning system, allowing businesses to make timely and informed decisions.
In conclusion, Vietnamese businesses must be proactive in managing risks in order to ensure their financial stability and profitability. By developing a comprehensive risk management framework, using hedging tools, and diversifying their supply sources and export markets, businesses can reduce their exposure to exchange rate fluctuations and ensure their long-term success.
IndusInd International takes the reins of Reliance Capital after Anil Ambani’s associate backs off from court proceedings.
Reliance Capital’s lenders have withdrawn their petition against IndusInd International Holdings Ltd (IIHL) before the National Company Law Appellate Tribunal (NCLAT). This move came after the Committee of Creditors (CoC) informed NCLAT that IIHL had successfully implemented the resolution plan by transferring the required payment amounts as per the agreement. The CoC had sought NCLAT’s permission to withdraw its appeal against the National Company Law Tribunal (NCLT) order, citing the successful implementation of the resolution plan by IIHL.
The NCLAT had allowed the withdrawal request, observing that neither the administrator’s counsel nor IIHL objected to the move. This move marks the end of the three-year resolution process, which began in November 2021 when the Reserve Bank of India (RBI) took control of Reliance Capital’s board due to governance concerns and payment defaults.
Under the terms of the resolution plan, IIHL had acquired Reliance Capital with an offer of Rs 9,650 crore in April 2023. The implementation of the resolution plan was originally required to be completed by May 27, 2024, but was later extended to August 10, 2024. IIHL had submitted a process note capturing the implementation steps, which was approved by the CoC.
The withdrawal of the petition by the lenders marks a significant milestone in the history of Reliance Capital, which had been struggling financially for some time. With the successful implementation of the resolution plan, Reliance Capital is now under the control of IIHL, which has assumed control of the company’s board and key subsidiaries, including Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Securities, and Reliance Asset Reconstruction.
DBS Group CEO Piyush Gupta Exits Post, Leaving Singapore Banking Community Abuzz
Piyush Gupta, the Chief Executive Officer (CEO) of DBS, has stepped down from his position, handing over the reins to Tan Su Shan, who has now become the first female CEO of the bank. Gupta, who is of Indian origin, has led the bank for 15 years, playing a significant role in its growth and success.
Under Gupta’s leadership, DBS achieved a record-breaking performance in 2024. The bank’s full-year net profit rose 11% to SGD 11.4 billion, with a return on equity (ROE) of 18%, as per the bank’s annual report released earlier this month. This remarkable performance is a testament to Gupta’s vision and leadership.
As Gupta hands over the baton to Tan Su Shan, he leaves behind a legacy of growth, innovation, and success. Tan Su Shan, the new CEO, brings a fresh perspective and set of skills to the role, and it will be exciting to see how she shapes the bank’s future.
The news of Gupta’s departure and the appointment of Tan Su Shan, the first female CEO of DBS, is significant not only for the bank but also for the financial industry as a whole. It marks a significant milestone in the journey towards diversity and inclusion, showcasing that women can climb to the highest echelons of leadership in the industry.
DBS!
Suryoday SFB offloads its non-performing asset portfolio to Edelweiss ARC
Suryoday Small Finance Bank (SSFB) has successfully completed a deal to sell a stressed loan portfolio worth ₹80.59 crores to Edelweiss Asset Reconstruction Company Ltd. (EARC). As of February 28, 2025, the principal outstanding value of the loan portfolio was ₹80.59 crores. The sale consideration proceeds of ₹31.43 crores were received by SSFB, with ₹6.29 crores paid in cash and the remaining ₹25.14 crores in the form of Security Receipts (SRs).
This transaction marks a significant development for SSFB, which is a small finance bank with a focus on providing financial services to underserved segments of the population. By selling off the stressed loan portfolio, SSFB is able to free up its resources and focus on more profitable and sustainable growth opportunities.
The sale of the loan portfolio to EARC, a leading asset reconstruction company, is also a win-win situation. EARC will benefit from the acquisition of the loan portfolio, which will add to its asset base and provide a new source of income. Additionally, the sale of the loan portfolio will help EARC to diversify its portfolio and reduce its dependence on a single large exposure.
The deal is a testament to the growing importance of the small finance banking space in India. With the Reserve Bank of India (RBI) actively encouraging the growth of small finance banks, the sector is expected to continue to play a vital role in providing financial services to the underserved and unbanked population.
In conclusion, the sale of the stressed loan portfolio by SSFB to EARC is a significant milestone in the journey of both institutions. The transaction is likely to have a positive impact on the financial performance of both parties, and will also contribute to the growth and development of the small finance banking space in India.
Karur Vysya Bank marked a significant milestone by launching 46 new branches in the 2024-25 fiscal year, enhancing its presence and services across the country.
Karur Vysya Bank, a Tamil Nadu-based lender, has expanded its network with the addition of 46 new branches across India. This brings the total number of branches to 888, as of the financial year 2024-25. The bank’s recent branch openings in Kumbakonam, Visakhapatnam, Coimbatore, and Alapakkam, Chennai, are expected to cater to customers’ basic banking needs, as well as provide a range of banking products and financial services, including retail, institutional, and consumer lending.
The bank has also made significant progress in expanding its ATM network, now with over 2,200 pan-India. As of December 31, 2024, the bank’s total business stood at ₹1,81,993 crore, with a deposit base of ₹99,155 crore and advances of ₹82,838 crore.
This expansion marks another major milestone for Karur Vysya Bank, which has demonstrated its commitment to growing its presence while providing a wider range of services to its customers. With its increased reach and capacity to deliver a broad spectrum of banking products and financial services, the bank is well-positioned to meet the evolving needs of its customers and clients across India.
Nearly three decades after the crime, a former UCO Bank employee was sentenced to three years’ rigorous imprisonment for defrauding his employer out of Rs 25 lakh in Patna.
A former special assistant at UCO Bank, A K Biswas, has been sentenced to three years of rigorous imprisonment and a fine of Rs 6 lakh for defrauding his employer of over Rs 25 lakh in the late 1980s. The crime was committed between 1986 and 1989, and the Central Bureau of Investigation (CBI) registered a case against Biswas on January 20, 1992. According to the FIR, Biswas opened a fictitious bank account, inflated the credit balance, and withdrew the money fraudulently. He cheated the bank of Rs 25,70,073 by using forged and fabricated debit vouchers and fake credit entries in the ledger sheet.
The CBI investigated the case and filed a single chargesheet against Biswas, who was found guilty by the court and sentenced accordingly. Biswas worked at the bank’s Frazer Road branch in Patna from 1983-91 and was a special assistant during that time. The court also held Biswas guilty of inflating the credit balance and withdrawing money based on cheques/withdrawal slips written in his own handwriting.
It is noteworthy that Biswas was not caught or punished immediately after the crime, and it took over 33 years for the case to be resolved. The CBI spokesperson stated that initially, three cases were registered in the matter, which were later amalgamated, and the trial took place over a period of 15 years. The sentence was pronounced on the 28th year of the case. The sentence is a reminder that crime does not go unpunished, even if it takes time, and that justice will eventually be served.
AU Bank scores a windfall, securing ₹770 crore through the sale of tier-II bonds.
AU Small Finance Bank has successfully raised ₹770 crore through the sale of tier-II bonds, with an annual coupon of 9.20%. The funding, which saw investments from reputable entities such as HDFC Bank, Nippon India Mutual Fund, insurance companies, and pension funds, is expected to boost the bank’s capital adequacy ratio by approximately 1% to 19.9%.
The proceeds from the bond issue will be used to fuel the bank’s future growth, enabling the bank to extend its digitally powered banking products and services across the country. According to AU Bank’s managing director, Sanjay Agarwal, the fundraising will be instrumental in boosting the bank’s growth trajectory and supporting its expansion plans.
As of the third quarter, the bank’s total loan portfolio stood at ₹1.09 lakh crore, while its deposit base stood at ₹1.12 lakh crore. The successful bond issuance is a testament to the bank’s financial stability and its ability to attract reputable investors.
The injection of funds is expected to have a positive impact on the bank’s operations, enabling it to expand its offerings, improve its services, and increase its geographical footprint. The bank’s commitment to leveraging technology to drive its business is also likely to receive a boost, as it looks to further digitize its operations and offerings.
Overall, AU Small Finance Bank’s successful bond issuance is a significant milestone in its growth journey, and the bank is well-positioned to continue its rapid expansion and growth.
Punjab National Bank hikes repo-linked lending rate by 10 basis points
Punjab National Bank (PNB) has announced a change in its Repo-Linked Lending Rate (RLLR) effective from April 1, 2025. The new RLLR will be 9.10%, a 0.10% increase from the previous rate of 9%. This decision comes as the banking system experiences liquidity tightness, and deposit growth fails to keep pace with credit growth.
The RLLR is a key component of PNB’s business strategy, adding a 0.10% premium to the rate. The bank’s marginal cost of funds-based lending rate (MCLR) and base rate remain unchanged.
The RLLR adjustment is part of PNB’s efforts to maintain a healthy balance between liquidity and credit. The bank’s decision is guided by the need to ensure that its lending rates are aligned with the current market conditions, which are characterized by tight liquidity.
The change in RLLR is expected to have a minimal impact on PNB’s customers, who will continue to benefit from the bank’s competitive interest rates. The decision is also seen as a sign of PNB’s commitment to maintaining a stable and sustainable business model, while continuing to support the country’s economic growth.
In related news, PNB has received a loan request from Kinet, a company seeking to produce Vande Bharat trains in Maharashtra, backed by Russia’s Sberbank Rossii. The loan is expected to be in the range of ₹500 crore and will be used to finance the production of Vande Bharat trains.
From Tamil Nadu to every corner of the nation, Tamilnad Mercantile Bank takes its services national, inaugurating six new branches across the country!
Tamilnad Mercantile Bank (TMB) has announced the inauguration of six new branches as part of its expansion strategy across India. The new branches are located in Ayodhya, Uttar Pradesh, as well as five other areas across the southern and western states of the country. In addition to the new branches, the bank has also reported a significant increase in its net profit. The bank’s net profit for the October-December 2024 quarter rose 6% to Rs 300.24 crore, up from Rs 284.23 crore registered in the corresponding quarter of the previous financial year. Similarly, the bank’s net profit for the nine months ending December 31, 2024, grew to Rs 890.71 crore from Rs 818.97 crore registered a year ago.
The bank’s Managing Director and CEO, Salee S Nair, stated in a statement that the bank has opened six new branches, with plans to open even more in the near future. This marks a significant milestone in the bank’s expansion strategy, which aims to increase its presence across the country. With the addition of these new branches, TMB now has a total of 578 branches and 12 regional offices across 17 states and four Union Territories.
The bank’s expansion into new areas is expected to provide more financial services to a wider range of customers, thereby increasing its reach and customer base. The bank’s growth is also expected to lead to increased employment opportunities, which will benefit local communities across the country. Overall, the bank’s expansion plans are likely to have a positive impact on the Indian economy, as well as the local communities in which the bank operates.
Following RBI’s announcement, all J&K Bank branches will maintain regular operations on March 30 and 31, ensuring uninterrupted services to customers.
The Reserve Bank of India (RBI) has announced that all branches of Jammu and Kashmir Bank will be open on March 30 and 31, 2025. This decision aims to facilitate year-end banking transactions for customers, making it easier for them to complete their transactions before the financial year closes on April 1.
The RBI has directed banks to ensure smooth financial operations during the closing days of the financial year, which is expected to benefit businesses and individuals who need to complete their transactions. Banking officials have advised customers to take advantage of this opportunity and avoid a last-minute rush.
Additionally, ATMs and digital banking services will remain operational, providing customers with multiple ways to access their accounts and conduct transactions. This development is expected to provide relief to customers who may have been unable to complete their transactions on time, given the usual stringent banking hours.
The decision is also expected to benefit businesses, particularly small and medium-sized enterprises, that may have been struggling to complete their transactions on time. By providing extended banking hours, the RBI is ensuring that these businesses can complete their transactions without undue hardship, thereby maintaining the overall stability of the financial system.
Overall, the announcement is a welcome development that is expected to benefit a wide range of customers, from individual depositors to business owners. It demonstrates the RBI’s commitment to providing a robust and customer-friendly banking system, and its efforts to mitigate any potential disruptions that may arise during the transition from one financial year to another.
Tight liquidity tests HDFC Bank’s mettle, even with the backing of Nippon Anchor.
AU Small Finance Bank (AU SFB) has successfully raised ₹770 crore through the issuance of Tier-II bonds at a 9.20% coupon rate, led by HDFC Bank and Nippon India Mutual Fund. This is one of the largest Tier-II bond issuances by a small finance bank in India. The transaction, executed on the final working day of FY 2024-25, signals strong investor appetite in India’s small finance bank sector, particularly amid a tight liquidity cycle.
The issuance received robust interest from qualified institutional buyers (QIBs), with anchor investors HDFC Bank and Nippon India Mutual Fund supporting the transaction. The bond issue was oversubscribed nearly 2X, with AU SFB ultimately accepting ₹770 crore in bids. This funding will enhance the bank’s capital adequacy ratio, building on its already strong capital position.
The successful issuance reflects investor trust in AU SFB’s banking franchise and the strength of its capital planning. The bank’s leadership believes that this transaction will power its expansion plans and support its digitally led banking services across India. AU SFB’s CEO, Sanjay Agarwal, expressed gratitude to investors for their continued faith in the bank and acknowledged HDFC Bank’s support.
This capital infusion marks a significant milestone in AU SFB’s strategic capital planning, following its last capital raise in August 2022. The bank has now mobilized over ₹1,200 crore in Tier-II capital in less than three years, enabling it to continue expanding its footprint in underserved and semi-urban markets. With this capital, AU SFB is well-positioned to further its vision of inclusive, technology-driven financial services in India.
Lucknow State Road Transport Corporation (SRTC) Partners with SBI to Introduce SBI FASTag in State Buses
The Uttar Pradesh State Road Transport Corporation (UPSRTC) has entered into an agreement with the State Bank of India (SBI) to provide FASTags in all its buses. This move aims to provide a safer and more efficient way of paying tolls for passengers. Previously, SBI was only authorized to install FASTags in buses operating in 11 of the 20 regions of the corporation, while the rest of the buses had FASTags linked to a private bank.
However, this system had faced issues in the past. In September last year, 19 buses reported trouble while paying toll through FASTag due to insufficient balance in their FASTag wallets. As a result, passengers faced difficulties as the buses were not allowed to cross the tolls. An investigation revealed that the FASTags were hacked, and an FIR was lodged. It was found that the hacked FASTags were linked to a private bank.
The FASTags were introduced in UPSRTC buses as early as 2017. However, this incident marked the first time that the FASTags were hacked. The incident highlights the need for a more secure system to ensure smooth and hassle-free transactions for passengers.
The agreement between UPSRTC and SBI is expected to bring a positive change in this regard. With SBI’s expertise in banking and technology, it is hoped that the FASTags will be more secure and efficient. The fast pace of technology today can sometimes outsmart the simplest of safety measures, but steps such as these agreements with banks to provide a secure system will ensure a smoother and secure travel experience for passengers.
Regional expansion underway for Tamilnad Mercantile Bank: Six new branches now open across the nation
Tamilnad Mercantile Bank (TMB), a leading private sector bank in India, has announced the expansion of its operations by opening six new branches across the country. This strategic move is part of the bank’s efforts to increase its presence nationwide and provide its customers with a wider range of services.
The new branches have been opened in key cities including Chennai, Bangalore, Coimbatore, Hyderabad, Kochi, and Trivandrum. These branches will offer a range of banking services, including current and savings accounts, fixed deposits, and other retail banking products. The branches will also have specialized units for offering services such as personal and business loans, cash management, and investment advisory.
The expansion of TMB’s operations is a significant step forward in its vision to provide high-quality banking services to its customers. The bank is committed to providing its customers with innovative and customer-centric banking solutions, and the opening of these new branches is a testament to its commitment to this goal.
TMB’s expansion is also expected to boost the bank’s lending portfolio, as it aims to increase its loan book by 25% in the next financial year. The bank has also announced plans to hire additional staff to support its expansion, which is expected to add to the bank’s strength and enhance its customer service.
The expansion of TMB’s operations is a significant step forward in the bank’s vision to provide high-quality banking services to its customers. The bank is committed to providing its customers with innovative and customer-centric banking solutions, and the opening of these new branches is a testament to its commitment to this goal.
In addition to its new branches, TMB also plans to increase its digital presence and expand its mobile banking services to provide its customers with greater convenience and flexibility. The bank is also investing in its IT infrastructure to improve its efficiency and reduce costs.
The expansion of TMB’s operations is likely to increase competition in the banking sector, which could lead to better services and rates for customers. However, the bank’s move to expand its operations nationwide is a significant step forward in its vision to provide high-quality banking services to its customers, and it is likely to have a positive impact on the bank’s growth and profitability.
Shree Naman Devlopment acquires Neptune Developers for a staggering Rs 391 crore
The National Company Law Tribunal (NCLT) in Mumbai has approved a Rs 391 crore resolution plan for Neptune Developers Limited, which was facing financial difficulties and was sent into insolvency in 2021. The plan, submitted by Shree Naman Developers Private Limited (SRA), was approved with an 85.35% majority vote and received the tribunal’s nod. The resolution plan aims to recover a significant amount for creditors and complete stalled projects.
The plan benefits over 3,500 homebuyers, who will receive their units with adjustments for area variations limited to 15%. Homebuyers who wish to exit will receive refunds of principal amounts within 24 months. The plan also provides for the payout of secured financial creditors, dissenting creditors, and operational creditors, with the SRA committing to deliver completed units within 5 years for the Ramrajya project and 1 year for the Swarajya project.
The NCLT emphasized the commercial wisdom of the Committee of Creditors (CoC) in approving the plan, citing precedents set by the Supreme Court. The plan was deemed compliant with the Insolvency and Bankruptcy Code (IBC) and was considered feasible. The tribunal also intervened to resolve disputes, including the valuation of the Swarajya project and issues related to homebuyer protections under RERA guidelines.
The SRA will now take over operations, and a steering committee will monitor implementation. Homebuyers have welcomed the decision, while secured lenders have expressed satisfaction with the structured repayment plan. The resolution plan is a significant step towards recovering debts and completing stalled projects, providing relief to all stakeholders involved.
Ujjivan Small Finance Bank sets stage for Q4 2025 results, releasing schedule for Bengaluru’s quarter earnings report due on [Date] at [Time] – ET Now
Ujjivan Small Finance Bank has announced its quarterly earnings schedule for the fourth quarter (Q4) of 2022-23. According to the bank’s schedule, the release of its Q4 results is set for [date and time].
As a private sector lender, Ujjivan Small Finance Bank is a relatively new player in the Indian banking landscape. The bank was established in 2017 after Ujjivan Financial Services, one of India’s largest microfinance companies, received a banking license from the Reserve Bank of India (RBI). Since its inception, the bank has been growing rapidly, both in terms of its number of customers and its asset base.
In its previous quarterly results, Ujjivan Small Finance Bank had reported a significant increase in its financial performance. For instance, in its third quarter (Q3) results, the bank had reported a 53.6% year-on-year (YoY) growth in its net interest income (NII) and a 123.8% YoY growth in its net profit. The bank’s total income had also surged 64.3% YoY to ₹1,353.5 crore in Q3.
The bank’s aggressive growth strategy has been driven by its focus on digital banking, loan disbursement, and customer acquisition. The bank has also been investing heavily in technology to improve its operational efficiency and customer experience. Additionally, the bank has been expanding its presence across India, particularly in the rural and semi-urban areas.
The upcoming Q4 results are likely to provide more insights into Ujjivan Small Finance Bank’s financial performance, including its asset quality, provisioning, and profitability. The results are expected to be influenced by factors such as the bank’s loan growth, non-performing assets (NPAs), and its ability to maintain asset quality. As the bank continues to navigate the challenges posed by the Covid-19 pandemic, investors will be keenly watching the bank’s response to these challenges and its efforts to drive growth and profitability.
Overall, the Q4 results of Ujjivan Small Finance Bank are likely to be an important milestone in the bank’s growth story, and investors will be eager to analyze the bank’s performance and prospects in the context of India’s rapidly evolving banking sector.
Yes Bank receives a whopping income tax demand of Rs 2,209 crore from the IT department, sparking concerns about its financial health.
Yes Bank has received a demand notice from the income-tax department for an assessment year of Rs 2,209 crore. This notice was issued despite the reassessment order being passed by the National Faceless Assessment Unit (NFAU) on March 28, which found that the total income assessed in the original order had remained unchanged. The bank has stated that the demand notice was issued without any basis and claims that it has adequate grounds to substantiate its position in this matter. Yes Bank has also stated that it does not expect any material adverse impact on its financial, operational, or other activities due to the order.
The bank received a reassessment order for the assessment year 2019-20 in April 2023, which was initiated due to certain grounds. However, the reassessment order was subsequently passed without making any additional disallowances or additions, effectively dropping the original grounds for the reassessment proceedings. The bank has stated that the reassessment order has resulted in no additional disallowances or additions being made, and thus, no demand should have been raised against it.
Despite this, the income-tax department has issued a demand notice and computation sheet under section 156 of the Income Tax Act, which has raised an income-tax demand of Rs 2,209.17 crore, including interest of Rs 243.02 crore. Yes Bank has stated that it will pursue an appeal and rectification proceedings against the reassessment order under the applicable law.
DBS Bank India Curates an Exclusive Badminton Sojourn at the Prestigious Bombay Gymkhana Club
DBS Bank India is hosting an exclusive event at the prestigious Bombay Gymkhana in Mumbai, offering an opportunity for select customers and members to meet India’s top badminton stars. Five world-class players, including Lakshya Sen, Chirag Shetty, Satwiksairaj Rankireddy, Treesa Jolly, and Gayatri Gopichand, will be in attendance. The event, curated around DBS Bank India’s brand promise “Live more, Bank less”, aims to provide a unique experience for those attending.
The event will feature a meet-and-greet session, a 15-minute game on the badminton court, and a personalized photo opportunity with the players. A special two-hour interactive session has also been planned for select Gymkhana members and their children.
The badminton stars include Lakshya Sen, who made history at the 2024 Paris Olympics, and Trosea Jolly and Gayatri Gopichand, the world No. 9 women’s doubles duo. Chirag Shetty and Satwiksairaj Rankireddy, Khel Ratna awardees and former world No. 1s, will also be in attendance.
Azmat Habibulla, Managing Director and Head of Group Strategic Marketing & Communications at DBS Bank India, said that the event embodies the bank’s brand promise, offering a unique opportunity to connect with India’s top badminton stars. The event is a reflection of the bank’s commitment to creating memorable experiences for its customers.
DBS Bank India has been named “Asia’s Safest Bank” by Global Finance for 16 consecutive years, emphasizing its strong financial position and sound risk management practices. The bank offers a range of solutions for high net worth individuals, including “DBS Study Abroad Total Assist”, which supports customers and their families in their overseas education journey.
AU Small Finance Bank Successfully Completes Impressive ₹770 Crore Tier-II Bond Issue Amidst Challenging Liquidity Conditions
AU Small Finance Bank (AU SFB), India’s largest small finance bank, has successfully completed a capital raise of ₹770 crores through the issuance of Tier-II bonds at a coupon of 9.20%. This fund raise is expected to increase the capital adequacy ratio of the bank by nearly 1%. The bank’s overall capital adequacy ratio stood at 19.9% as of Q3’FY25, including interim profits for 9M’FY25.
The capital raise saw strong participation from Qualified Institutional Buyers (QIBs), including mutual funds, insurance companies, and pension funds. HDFC Bank was the lead manager for the issue and was also the anchor investor, along with Nippon India Mutual Fund. The issuance received an overwhelming response, with subscription of approximately twice the base issue.
The bonds issued have a 10-year maturity, with a call option exercisable after 5 years from the date of issuance. The issue is rated ‘AA/Stable’ by ICRA & CARE. AU SFB’s Founder, MD, and CEO, Sanjay Agarwal, expressed his gratitude to investors for their faith in the bank and its long-term partner HDFC Bank.
The successful completion of this capital raise is a testament to the strength of AU SFB’s banking franchise and the confidence of its investors. The issue proceeds will boost the bank’s future growth trajectory and enable it to extend its digitally powered banking products and services across the country. AU SFB has a history of evaluating its capital position as per its business growth plans and had last done a capital raise in August 2022 for a total capital of ₹2,500 crores.
Important update for account holders of SBI, IDFC, and Axis Bank: a significant change is coming into effect on April 1, 2023.
Starting in April 2025, several major banks in India may undergo changes to their credit card reward points, affecting cardholders. Reports suggest that SBI Bank, IDFC First Bank, and Axis Bank are likely to make changes, although these have not been officially confirmed. Specifically, SBI Bank’s reward points system may be revised, with potential reductions in points for certain purchases. For example, the Air India Platinum Credit Card’s 15 points per 100 rupees spent may be reduced to 5 points. Similarly, the Signature Credit Card’s 30-point earning rate may be lowered to 10 points.
IDFC First Bank’s Club Vistara Credit Card, which provides Maharaja Points, may be discontinued after March 31, 2025. Axis Bank’s Vistara credit card may also undergo changes, with no annual fee for card renewal starting April 18, 2025, and discontinuation of the Maharaja Club membership.
Using a credit card offers various advantages, including deductions of spent amounts from one’s account the following month, a spending limit specific to each card, and perks such as reward points and cashback offers. Credit card usage can also help boost one’s CIBIL score and provide quick payment options in emergencies. The changes announced, if confirmed, may impact cardholders’ earning potential and overall banking experience.
Bandhan Mutual Fund’s latest campaign inspires retirees to maintain their financial freedom, empowering them to live life on their own terms, as featured by ET BrandEquity.
The article discusses a new campaign by Bandhan Mutual Fund in collaboration with AutumnGrey, a Grey Company, aimed at promoting Systematic Withdrawal Plans (SWPs). The campaign, called #Salary Wala Plan, aims to make SWPs more relatable and appealing to investors, especially those approaching retirement. The idea is to present SWPs as a steady income stream, much like a regular salary, which can help individuals maintain a stable cash flow even after they stop working.
To bring this concept to life, AutumnGrey created a short film featuring a couple who believe they have a secure financial future, only to be thrown off course by unexpected events in their lives. The narrative uses multiple “false endings” to keep the audience engaged and reveal another layer of the story. The intention is to make SWPs more accessible and appealing to investors, ensuring a steady income stream and bridging the gap between savings and expenses.
According to Anusha Shetty, chairperson and CEO of Grey India, #Salary Wala Plan can be “liberating for every person going into retirement.” Vishal Kapoor, CEO of Bandhan AMC, added that the campaign aims to make investors aware of the dual benefits of SWPs: ensuring liquidity while keeping the remaining corpus invested for potential growth.
The #Salary Wala Plan campaign encourages investors to consider SWPs as a more relatable and appealing option, especially for those approaching retirement. By reframing SWPs as a structured, salary-like income stream, the campaign drives awareness about the benefits of SWPs, which can help individuals build a more stable financial future.
IDBI has Released the Junior Assistant Manager Admit Card for 2025, Click Here to Download the JAM Call Letter
The Industrial Development Bank of India (IDBI) has released the IDBI Junior Assistant Manager Admit Card 2025 for all registered candidates. The admit card is available for download on the official IDBI website, www.idbibank.in. To access the admit card, candidates must log in using their registration number, password, or date of birth.
The IDBI Junior Assistant Manager 2025 Exam is scheduled for April 6, 2025, and it is mandatory for candidates to download their admit cards from the official IDBI website before this date. Candidates must also carry a printed copy of the admit card to the exam centre, as entry will not be permitted without it.
The IDBI JAM Admit Card 2025 includes essential information such as the candidate’s full name, photograph and signature, registration number, roll number, examination center information, date and time of the examination, reporting time, category of the candidate, and instructions for the exam day. It also provides a space for a thumb impression and signature.
Candidates are advised to review all the details on the admit card to ensure accuracy and adhere to the provided instructions. They must also bring a valid photo ID proof and two recent passport-size photos to the exam hall.
The IDBI JAM Admit Card 2025 can be downloaded by following the given steps:
1. Visit the official IDBI website, www.idbibank.in.
2. Navigate to the Careers section.
3. Search for the Recruitment Notification.
4. Click on the Call Letter link.
5. Enter credentials such as registration number and date of birth.
6. Download the Admit Card.
Overall, the IDBI JAM Admit Card 2025 is an essential document for candidates appearing for the exam. It provides crucial information and instructions for the exam day and is mandatory for entry to the exam centre.
RBI extends liquidity support to standalone primary dealers, hikes limit to ₹15,000 crore
The Reserve Bank of India (RBI) has announced an increase in the aggregate limit for Standalone Primary Dealers (SPDs) under the Standing Liquidity Facility starting April 2, 2025. The new limit will be ₹15,000 crore, up from the current ₹10,000 crore. This move is based on an assessment of the current liquidity conditions and the RBI’s evaluation of the evolving market situation.
The RBI has stated that it will continue to monitor the liquidity conditions and make adjustments as needed to ensure the stability and growth of the financial markets. The individual limits for each SPD will be communicated separately, and all other terms and conditions of the facility will remain unchanged.
The increase in the aggregate limit is a positive step forward in supporting the development of the Government Securities (G-Sec) market. Primary Dealers (PDs) play a crucial role in building the market infrastructure, improving secondary market trading, and encouraging the voluntary holding of G-Secs among a wider investor base. They also serve as an effective conduit for the RBI’s open market operations.
The increase in the aggregate limit is expected to have a positive impact on the G-Sec market, making it more vibrant, liquid, and broad-based. It will also help to improve the efficiency of the market and enhance the ability of PDs to provide liquidity to the market. Overall, the RBI’s decision is a positive step forward in supporting the development of the financial markets and promoting economic growth.
Launched by Standard Chartered, the ‘Global Chinese Services’ initiative revolutionizes financial services for international Chinese communities.
Standard Chartered Bank has been a key player in China’s modernization for nearly 170 years, and to celebrate its rich history, the bank has opened an exhibition in Shanghai called “PIXEL HORIZONS 1858-2025：Standard Chartered Global Chinese CONTINUUM”. This initiative marks a significant milestone in the bank’s long history in China. In addition to its legacy, Standard Chartered has pioneered an innovative approach called “Global Chinese Services” aimed at catering to the needs of the global Chinese community.
This ambitious initiative involves a holistic service system that recognizes the cultural nuances of the global Chinese community, elevating the bank’s business offerings and refining its service and communication strategies. The goal is to provide localized expertise to small and medium-sized enterprises (SMEs) looking to expand overseas, enabling them to navigate international markets with greater ease. The bank’s worldwide network can offer customized financial solutions, trade financing, foreign exchange services, and market insights.
Moreover, the bank’s “3P Theory” (product-led, proposition-led, purpose-led) theory is centered around mission-driven value creation in cross-cultural commerce. The bank recognizes the importance of cultural nuances in business, ensuring that its international clientele receive personalized services tailored to their needs. This forward-thinking approach is reflective of the bank’s commitment to innovation and adaptability, demonstrating its ability to evolve and respond to changing market conditions.
By showcasing its global Chinese services, Standard Chartered Bank is positioned to play a vital role in China’s continued global integration and economic growth. Its ability to offer integrated global resources, expert advice, and seamless transactions makes it an attractive partner for businesses looking to expand overseas.
AU Small Finance Bank secures a funding boost of Rs 770 crore from a consortium of investors, led by HDFC Bank.
AU Small Finance Bank has successfully raised Rs 770 crore by issuing tier-II bonds at a coupon of 9.20% per annum. The bond issue was subscribed by a range of investors, including HDFC Bank, Nippon India Mutual Fund, and other insurance companies and pension funds. The net proceeds from the issue are expected to increase the bank’s capital adequacy ratio by approximately 1%, from 19.9% at the end of December last year.
According to Sanjay Agarwal, Managing Director of AU Bank, the issue proceeds will accelerate the bank’s growth trajectory and enable it to extend its digitally powered banking products and services across the country. At the end of the third quarter, the bank’s total loan portfolio stood at Rs 1.09 lakh crore, while its deposit base was Rs 1.12 lakh crore.
The successful bond issue is a significant milestone for AU Small Finance Bank, which has been expanding rapidly in recent years. The bank’s small size and limited capital base had previously restricted its growth. However, with this capital raise, the bank is now poised for further expansion, leveraging its already strong deposit base and lending platform.
AU Bank’s tier-II bond issue is also a testament to the bank’s ability to attract a diverse range of investors, including prominent financial institutions and insurance companies. This demonstrates the bank’s credibility and attractiveness to institutional investors, which is likely to have a positive impact on its reputation and growth prospects.
Overall, the successful bond issue is a significant step forward for AU Small Finance Bank, providing the necessary capital to support its future growth and expansion plans.
Federal Home Loan Bank of Dallas and First Federal Bank of Louisiana team up to present a $100,000 grant to ‘Project Build a Future’ to support the initiative’s mission.
The Federal Home Loan Bank of Dallas (FHLB Dallas) has awarded a $100,000 grant to Project Build a Future (PBAF) to support the organization’s efforts in addressing heirs’ property issues in Lake Charles, Louisiana. The grant, awarded through FHLB Dallas member First Federal Bank of Louisiana, will be used to educate the community about heirship issues and assist clients with property issues. PBAF will use $25,000 to work with the Southwest Louisiana Law Center (SWLA Law Center) to provide information sessions and educational materials, while the remaining grant funds ($75,000) will be provided to SWLA Law Center to assist clients with property issues.
The grant is part of FHLB Dallas’s Heirs’ Property Program, which aims to help clear an estimated 560 titles and assist more than 5,670 people with training and education regarding heirs’ issues. The program has been popular since its inception in 2023, and FHLB Dallas has allocated $3 million for 2025.
Lake Charles Mayor Nic Hunter expressed his enthusiasm for the grant, stating that it will bring hope to families still struggling with property issues. Charla Blake, executive director of PBAF, praised the organization’s efforts to help Louisiana residents secure a strong future with a clear title to their home.
The grant will support the work of PBAF and SWLA Law Center, two non-profit organizations dedicated to addressing heirs’ property issues. The Southwest LA Law Center is a “Modest Means” law firm that provides affordable legal assistance to those who do not qualify for free legal services.
AU Small Finance Bank secures Rs 770 crore funding through Tier-II bond issuance, reports The Week.
AU Small Finance Bank (AU SFB) has successfully raised Rs 770 crore through Tier-II bonds to fund its business growth. The bonds have a 10-year maturity and a coupon rate of 9.20% per annum. This capital raise is expected to increase the bank’s capital adequacy ratio by about 1%. Despite facing adverse market conditions, AU SFB has achieved one of the largest bond issuances by any small finance bank.
The bank’s overall capital adequacy ratio as of the third quarter of FY25, including interim profits for nine months, stands at 19.9%. This indicates that the bank remains well-capitalized. The latest capital raise follows a previous one in August 2022, where the bank raised Rs 2,500 crore, comprising of Rs 2,000 crore in Tier I capital and Rs 500 crore in Tier II capital.
The successful fund raise demonstrates the bank’s ability to navigate challenging market conditions and access capital despite tight liquidity. The Jaipur-based lender is expanding its capital base to support its growth plans, and this capital infusion is expected to support the bank’s future business initiatives. The deal closed on the last working day of 2024-25, marking a significant milestone for the bank’s capitalization. Overall, the bank’s capitalization and gearing position it for future growth and expansion.
RBI Deputy Governor J Swaminathan urges non-banking financial companies (NBFCs) to adopt a fair and prudent lending approach.
The Reserve Bank of India (RBI) has urged non-bank lenders (NBFCs) to adopt fairness in lending and recovery, while also putting in place robust grievance redressal mechanisms. This warning was made by RBI Deputy Governor J Swaminathan at a conference in Chennai, which was organized for large NBFCs, statutory auditors, and chairs of audit committees. Swaminathan emphasized the importance of prudent and well-planned risk-taking by NBFCs, and warned against taking on risks that exceed the entity’s risk absorption capacity.
The RBI’s concerns stem from the high interest rates charged by some finance companies to borrowers. In recent months, the regulator has had to impose lending curbs on a few finance companies, including Navi FInserv, Arohan Financial Services, and DMI Finance, due to the alleged usurious rates they charged. However, these restrictions were later lifted after the finance companies took corrective measures.
The RBI’s move is aimed at ensuring that NBFCs operate in a fair and transparent manner, and that they do not charge exorbitant interest rates to borrowers. The regulator is also urging NBFCs to put in place robust mechanisms for redressing grievances, in order to ensure that borrowers are treated fairly and that their concerns are addressed in a timely and effective manner.
The move is seen as a significant step by the RBI to ensure that the NBFC sector operates in a sound and stable manner, and that it does not create problems for borrowers. The regulator’s concerns are valid, given the high-interest rates charged by some finance companies, and its move is aimed at ensuring that the sector operates in a way that is fair and transparent to all stakeholders.
Introducing #SalaryWala by AutumnGrey and Bandhan Mutual Fund, a pioneering plan to empower retirees and secure their financial future.
AutumnGrey, a Grey Company, and Bandhan Mutual Fund have launched the #Salary Wala Plan, a groundbreaking initiative designed to empower retirees and ensure financial independence. This innovative plan reimagines the Systematic Withdrawal Plan (SWP) as a salary-like income stream, providing a steady cash flow even after retirement. The campaign, featuring a loop treatment in its film, highlights the importance of a consistent income stream and showcases the unpredictability of life.
The #Salary Wala Plan aims to bridge the gap between investing and ensuring financial independence, particularly for those who rely on a regular salary for financial security. According to Anusha Shetty, Chairperson & CEO of Grey India, “Retirement and lack of consistent fund inflow can be a nightmare, more so if one needs to depend on others, including kids. #Salary Wala Plan can be liberating for every person going into retirement.”
Vishal Kapoor, CEO of Bandhan AMC, adds that while SIPs (Systematic Investment Plans) have gained acceptance as a disciplined way to invest, SWPs remain underutilized as a strategy to sustain financial independence. The #Salary Wala Plan campaign aims to raise awareness about SWPs, rebranding it as a structured, salary-like income stream, and drive greater awareness of its dual benefits: ensuring liquidity and keeping the remaining corpus invested for potential growth.
By flipping the perspective on traditional wealth creation, this partnership is encouraging investors to rethink how they convert their investments into a structured and dependable income, ensuring that even as life takes unexpected turns, financial stability remains intact. The #Salary Wala Plan is poised to revolutionize the way retirees approach their post-retirement finances, providing a reliable and steady income stream, much like the salary they once received.
Westerly Alumni of Indian Overseas Bank reunite for an evening of camaraderie
The Association of Retired Indian Overseas Bank Employees (ARISE) held a special meeting at the IOB Balajipeta branch in Rajahmundry on Thursday. The meeting was organized by retired chief manager Ganji Venkateswara Rao, and retired assistant general manager (AGM) Kottu Venkata Ramana presided over the gathering. Key speakers, including All India Bank Pensioners’ and Retirees’ Confederation (AIBPARC) national deputy general secretary KBG Tilak, emphasized the ongoing efforts of the AIBPARC leadership in advocating for pensioners’ rights. These demands included pension updates, recognition of special allowance in pension and gratuity calculations, bank-funded IBA medical insurance, and consultative status for pensioners’ organizations.
The meeting also honored IOB Retired AGM Kottu Venkata Ramana for his contributions as AGM of Treasury (Foreign) at IOB’s Central Office in Chennai. He retired in February 2025 and has since settled in Rajahmundry. IOB Balajipeta branch senior manager K Pavan Kumar assured the gathering of his support. Retired employees from various locations, including Rajahmundry, Amalapuram, Razole, Kothapeta, Rajanagaram, and Pithapuram, attended the event.
The meeting was covered by local media, and the ARISE team honored Kottu Venkata Ramana with a felicitation ceremony. The event marked an important milestone in the pursuit of pensioners’ rights and recognized the contributions of dedicated employees like Kottu Venkata Ramana. The meeting also served as a platform for retired employees to reconnect and strengthen bonds, as well as to address pressing issues and policy concerns. In conclusion, the meeting brought together retirees and supported the cause of pensioners’ rights, demonstrating the commitment of the ARISE team to advocate for the rights of retired employees.
AU Small Finance Bank fetches 770 crores via a Tier-II bond issue
AU Small Finance Bank (AU SFB), a leading small finance bank in India, has successfully raised Rs 770 crore through Tier-II bonds to fund its business growth. The bonds, which have a 10-year maturity, carry a coupon rate of 9.20% per annum. This fund raise is expected to increase the bank’s capital adequacy ratio by about 1%. The bank’s overall capital adequacy ratio currently stands at 19.9%, which is considered well-capitalized, as per reports.
The bank’s recent capital raise is significant, especially considering the adverse market conditions prevailing at the time of the deal’s closure on the last working day of 2024-25. The market was experiencing tight liquidity, making it challenging for banks to raise funds. Despite these challenges, AU SFB has successfully issued bonds, making it one of the largest bond issuances by a small finance bank in recent times.
In August 2022, the bank had last raised capital, securing Rs 2,500 crore in Tier I and Tier II capital, comprising Rs 2,000 crore in Tier I capital and Rs 500 crore in Tier II capital. With this latest capital raise, the bank has now raised a total of Rs 2,270 crore in the last two years.
The bank’s success in raising capital demonstrates its ability to capitalize on opportunities and navigate challenging market conditions. As a small finance bank, AU SFB plays a vital role in India’s financial landscape, providing financial services to underserved communities. The bank’s continued ability to raise capital will enable it to expand its operations, increase lending, and improve its ability to support the Indian economy.
Five Hyderabad tax officials and a SBI manager have been arrested by the CBI in two separate cases – one involving bribery and another a loan fraud, according to reports.
The Central Bureau of Investigation (CBI) has taken swift action in various cases of official corruption and financial fraud. In Hyderabad, the CBI arrested five tax officials on charges of accepting bribes from individuals seeking refunds from the Income Tax Department. The officials, including a senior officer, were accused of extorting money from refund seekers in exchange for facilitating the process.
Separately, the CBI registered two cases against a former State Bank of India (SBI) branch manager in Assam on allegations of loan fraud. The manager is suspected of disbursing loan amounts to borrowers without due diligence, resulting in losses to the bank.
These cases highlight the ongoing struggle against corruption in India’s tax and banking sectors. The CBI has been working tirelessly to curb official corruption and bring corrupt officials to justice. By doing so, it is not only upholding the law but also ensuring the integrity and trustworthiness of the financial system.
The cases also underscore the importance of Transparency and accountability in official dealings. The widespread abuse of power and influence by public officials on the verge of moral collapse and further perpetuates the cycle of corruption. It is, therefore, imperative to teach every public official, educator, and fermenter as soon as possible for a Norman Forces correspond to the content of the CBI has a more spiritual and robust position demands.
The CBI’s decision to take action against the five Income Tax officials and the former SBI branch manager is a strong message to other officials who may consider engaging in similar activities. It is also a reassurance to the public that the agency is committed to fighting corruption and ensuring that those who abuse their power are brought to account.
Fitch confirms Canara Bank’s ‘BBB-‘ rating, with a stable outlook for future performance.
Fitch Ratings has reaffirmed Canara Bank’s Long-Term Issuer Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook, along with its Viability Rating (VR) at ‘bb-‘ and Government Support Rating (GSR) at ‘bbb-‘. The ratings are based on the high probability of state support, given the government’s 63% stake in the bank and its systemic importance. The VR is also influenced by the bank’s risk profile, which has negatively impacted its financial metrics in weaker economic conditions.
Despite these challenges, Canara Bank’s asset quality has improved, with the impaired-loan ratio decreasing to 3.3% and the loan loss coverage ratio rising to 74%. The bank’s profitability appears to have peaked, with the operating profit/risk-weighted asset ratio steady at 3%, although Fitch expects this ratio to decline by 40 basis points by FY27. The bank’s Common Equity Tier 1 (CET1) ratio improved to 12% and may rise to 12.5% by FY27, while funding and liquidity remain strong with a liquidity coverage ratio of 123% and a loan-to-deposit ratio exceeding 80%.
The ratings are subject to certain triggers, with a downgrade in India’s sovereign rating or a reduction in the government’s support propensity potentially lowering Canara Bank’s rating. On the other hand, a sovereign upgrade or a significant improvement in asset quality and capital buffers could lead to an upgrade. Overall, the ratings reflect Fitch’s view on Canara Bank’s creditworthiness and its potential for future performance.
Jana SFB takes its financial services to Andhra Pradesh with the launch of a new branch in Guntur
Jana Small Finance Bank has opened its first branch in Guntur, Andhra Pradesh, marking its entry into the state. This new branch will offer a wide range of banking products and services, including deposits, housing loans, gold loans, secured and unsecured business loans, MSME loans, supply chain finance, and agricultural loans. According to Ajay Kanwal, Managing Director and CEO of Jana Small Finance Bank, this expansion reflects the bank’s commitment to participating in Andhra Pradesh’s growth by providing best-in-class financial services to businesses and individuals.
This branch in Guntur is a significant milestone for the bank, which now has operations across 25 states and union territories, with 796 branches, including 32.33% Unbanked Rural Centre (URC) branches and a workforce of nearly 25,500 employees. The bank’s expansion into Andhra Pradesh is a testament to its ambition to reach underserved regions and provide financial services to those who need them most.
The bank’s Rapid Expansion has been remarkable, with a significant increase in their branches and employees over the past few years. This rapid growth is expected to continue, with the bank eyeing more opportunities to expand its network and provide financial services to the unbanked and underbanked population of the country.
Overall, the opening of Jana Small Finance Bank’s first branch in Andhra Pradesh marks an important step in the bank’s journey to serve the financial needs of the country, and its commitment to making banking more accessible to all.
Surpassing a significant milestone, Tata Neu-HDFC Bank’s credit card has now crossed 2 million card issuance mark.
Tata Neu and HDFC Bank’s co-branded credit card has achieved a significant milestone, surpassing 2 million issuances and accounting for over 13% of new credit cards issued in the third quarter of FY25, according to RBI data. The card’s popularity can be attributed to its widespread appeal across various consumer segments, including new-to-bank customers, and the option to use it against a fixed deposit. The integration with UPI (Unified Payments Interface) has also contributed to the card’s high engagement, with over 12 million transactions per month and an estimated Rs 800 crore of monthly spending.
The card is available in both RuPay and Visa variants and offers various benefits, including up to 10% rewards on Tata Neu transactions, complimentary domestic lounge access, and IHCL Silver membership. The partnership between Tata Neu and HDFC Bank leverages the strengths of both companies, with Tata Digital’s consumer-facing platforms and HDFC Bank’s payments infrastructure.
Launched in April 2022, Tata Neu is a multi-purpose super-app developed by Tata Digital, which integrates various services, including groceries, fashion, electronics, travel, hospitality, health, fitness, entertainment, and financial services, into a single platform. With its wide range of offerings, Tata Neu provides users with a seamless shopping and payments experience. As a result, the card has gained significant traction, making it an attractive option for consumers seeking a convenient and rewarding payment solution.
Empowering women requires financial independence, says Nara Bhuvaneshwari
Nara Bhuvaneshwari, the managing trustee of NTR Trust and wife of Chief Minister N. Chandrababu Naidu, inaugurated a micro-finance center of the Indian Bank in Kuppam, Chittoor district, as part of a joint initiative with the District Rural Development Agency (DRDA) and Mission for Elimination of Poverty in Municipal Areas (MEPMA).
Speaking at the event, Bhuvaneshwari emphasized the importance of financial independence in achieving women empowerment. She encouraged women to avail bank loans to optimize their entrepreneurial potential and become progressive entrepreneurs. She also highlighted the various government schemes aimed at providing loans to women, enabling them to enhance their living conditions and lifestyles.
The micro-finance center in Kuppam will provide financial services to women self-help groups (SHGs), enabling them to access credit facilities, upgrade their lifestyles, and grow their businesses. Bhuvaneshwari stressed the need for women to be cautious of cyber frauds and to prioritize leveraging banking facilities, savings, and financial security.
The event also saw the launch of the distribution of ₹30 crore to 160 SHGs through MEPMA and DRDA, and the allocation of ₹330 crores in loans through the Indian Bank. Zonal officials of the bank briefly explained the various financial schemes available to women groups, including Mudra loans, Lakhpati Didi loans, and gold-backed loans.
The event aimed to promote financial empowerment and entrepreneurship among women, highlighting the role of financial institutions and government initiatives in supporting their economic development.
DCB to file a custody suit against Bunty Pandey in connection with the 2004 murder of an NRI, as reported in Surat News.
The Surat Detection of Crime Branch (DCB) is likely to seek custody of Prakash Chand Pandey, alias Bunty Pandey, in connection with the 2004 kidnapping and murder of diamond businessman Rajesh Bhatte, a non-resident Indian. Pandey is currently in custody of the Valsad unit of Gujarat CID (Crime) for the kidnapping and murder of Abuzar Kadri, the son of a Vapi businessman. Pandey, a member of the Chhota Rajan gang, was allegedly involved in 40 cases of kidnapping, murder, extortion, and other serious offenses. He was imprisoned in Almora jail for 14 years before being brought to Valsad CID (Crime).
According to the Surat crime branch, Pandey is also wanted for the kidnapping and murder of Rajesh Bhatte, a diamond businessman who settled in the US. Bhatte was kidnapped by five people and a ransom was demanded from his wife in the US. His body was later found at Chaklasi town in Kheda district. Pandey, who allegedly ran his own gang before 1993, later joined the Chhota Rajan gang after the Mumbai bomb blasts.
The Surat crime branch source revealed that Pandey was brought to Surat CID (Crime) office for formalities to be completed after his voice spectrography test was carried out in Gandhinagar. He was also allegedly involved in the sensational kidnapping and murder of Rajesh Bhatte, a diamond businessman who settled in the US. Pandey is a controversial figure, having been given diksha by the Nath Sampraday and Juna Akhada while in jail.
Police Nab Businessman in Massive ₹764 Crore SBI Scam, Alleged to Have Created Faux Documents to Dupe the Bank
The Enforcement Directorate (ED) has arrested Mumbai-based businessman Vijay Gupta, CEO of Vindhyavasini Group, on money laundering charges in connection with a ₹764.44 crore fraud case involving State Bank of India (SBI). The CBI has registered cases against Gupta for allegedly defrauding SBI by availing credit facilities based on forged and fabricated documents. The ED claims that Gupta submitted fake documents, including memoranda of understanding and technical economic viability reports, as well as highly inflated valuation reports of properties, to obtain credit facilities.
Gupta is alleged to have bribed a relationship manager at SBI to the tune of ₹59 lakh to obtain credit facilities. The ED further claims that Gupta bribed an auditor to prepare false accounts to obtain credit facilities. The ED probe revealed that Gupta generated proceeds of crime worth ₹764.44 crore by defrauding banks, along with others.
Gupta’s defense team claimed that a loan amount of ₹155 crore was taken and disbursed in the bank account of M/s Ruby Mills Ltd, with ₹54 crore returned to the bank as the transaction was never completed. However, the court rejected this argument, stating it was not supported by documents. The court remanded Gupta to ED custody till April 2, citing the need to trace the beneficiaries, money trail, and properties. This high-profile case highlights the importance of effective regulation and oversight in the financial sector to prevent such egregious frauds.
Karnataka High Court intervenes, halts bank from deducting full pension payments as loan EMI dues
The Karnataka High Court has intervened to protect the rights of a retired bank employee, Murugan O K, who was facing difficulties in settling his loan dues. The court has directed Canara Bank to refrain from debiting more than 50% of Murugan’s pension to settle his Equated Monthly Installments (EMIs). The court’s decision is based on the principle that a pension is meant to sustain an individual after retirement, and recovery of loan dues should not exceed 50% of the take-home salary.
The court’s ruling is significant, as it clarifies that even in cases where an employee has borrowed money, the entire pension amount cannot be recovered. The court noted that the recovery of the entire pension amount would be a violation of Article 21 of the Constitution, which guarantees the right to protection of life and personal liberty.
Murugan, a 70-year-old resident of Thrissur, Kerala, had approached the high court last year, seeking a directive to stop the recovery of his full pension towards his loan dues and to also stop penal interest on an educational loan for which he was a co-obligant with his daughter. Until June 2024, Murugan was paying the EMIs from a part of his pension amount, but from July 2024, the bank started debiting his entire monthly pension against EMIs.
The court has allowed Canara Bank to resort to any other mode available within law to recover the loan, along with interest. The bank can also enforce the security obtained against the loan, such as the bank’s security, to recover the loan.
The court’s decision is seen as a victory for Murugan, who was facing difficulties in settling his loan dues. The court’s intervention has ensured that Murugan’s pension is protected, and he can maintain a decent standard of living in his post-retirement life.
Federal Bank and Kaleidofin collaborate to advance financial inclusion, leveraging the latter’s Risk Infrastructure Solution under a strategic service-level agreement (SLA).
Federal Bank, a leading private sector bank, has partnered with fintech company Kaleidofin Private Limited to enhance its risk assessment and management capabilities for its microfinance loan portfolio. The partnership aims to strengthen Federal Bank’s ability to assess its microfinance customers’ financial health at the time of onboarding and improve portfolio monitoring capabilities throughout customer loan journeys. The solution will provide deeper insights for business expansion and improved risk management, particularly in the informal banking sector.
Federal Bank is committed to driving financial inclusion and ensuring that its services are technologically advanced to support scalability to a wider customer base. Kaleidofin’s risk infrastructure product, ki view, backed by ki score, will help Federal Bank improve its risk assessment and management capabilities. The platform has already unlocked debt capital of over USD 3.8 billion for 6 million customers and small enterprises working in the informal economy.
The partnership is expected to benefit women entrepreneurs, in particular, as they are often underrepresented in the formal banking sector. By leveraging Kaleidofin’s risk infrastructure solution, Federal Bank aims to enable responsible and data-driven lending, unlocking financial opportunities for millions, especially women entrepreneurs, across India. The partnership is a significant step towards achieving financial inclusion and promoting financial sustainability.
The collaboration between Federal Bank and Kaleidofin is a testament to the commitment of both partners to driving financial inclusion and ensuring that their services are technologically advanced to support scalability to a wider customer base. The partnership will enable Federal Bank to strengthen its ability to assess its microfinance customers’ financial health and improve portfolio monitoring capabilities, ultimately leading to improved risk management and business expansion.
Truhome Finance secures a staggering $100 million investment from DBS Bank and SMBC.
Truhome Finance, a mortgage lender owned by Warburg Pincus, has secured $100 million in external commercial borrowing from DBS Bank and Sumitomo Mitsui Banking Corporation (SMBC). This is the first external borrowing by the company since it was acquired by Warburg Pincus in December 2022. The loan was raised through a social loan facility, with each of the two banks investing $50 million. The tenure of the loan is three years, and the blended cost is 7.9%, which is 160 basis points over the Secured Overnight Financing Rate (SOFR).
Truhome Finance has a significant asset under management of approximately Rs 17,000 crore, with a network of 165 branches across 17 states and union territories. The company focuses on borrowers from the middle-income group and low-income groups, mostly residing in urban and semi-urban regions. About three-fourth of Truhome’s borrowers are self-employed and operating in a formal sector, with an average loan book ticket size of Rs 18 lakh.
The external borrowing facility will help the company diversify its resources and expand its business. This move demonstrates the trust that marquee investors have in Truhome’s business model, as stated by the company’s managing director, Ravi Subramanian. The company has already received further support from Warburg Pincus, which invested an additional Rs 1,200 crore in the company last year and has committed to infusing more capital whenever needed.
Indian lender Bandhan Bank faces a massive Rs 119.38 crore income tax demand
Bandhan Bank, a leading private-segment bank in India, has received a notice from the Income Tax (IT) Department for an income tax demand of ₹119.38 crore (approximately USD 15.8 million). According to a recent report, the IT Department has sent a notice to the bank demanding payment of taxes for the financial year 2018-19.
The notice is reportedly a result of a scrutiny assessment proceedings, which were initiated by the IT Department in 2020. The bank had requested the IT Department to reconsider its assessment, but the matter has been dragged on, and the bank has now received the demand notice.
The amount involves a combination of taxes, interest, and penalties. The bank has been informed that the tax demand includes principal amount of ₹84.44 crore, interest of ₹23.44 crore, and a penalty of ₹11.5 crore. The IT Department has also imposed a surcharge of 4% on the principal amount, which has further increased the overall demand to ₹119.38 crore.
Bandhan Bank has stated that it is now considering its options, including appealing against the assessment order and disputing the demand. The bank has a track record of paying taxes regularly and has always been compliant with the tax laws. The bank believes that the demand is excessive and unwarranted, and it is committed to contesting the matter through legal means.
It is worth noting that the IT Department has been scrutinizing the tax returns of notable entities in the country, including businesses and individuals, to ensure compliance with tax laws and regulations. This could be a one-off instance, or it might be part of a broader trend, as the IT Department continues to crack down on tax evaders and taxpayers who try to manipulate their returns.
This development could have implications for other companies, particularly private sector banks and financial institutions, that may be subject to similar scrutiny. As businesses navigate the complex world of taxation, they must ensure that their tax compliance is accurate and timely, to avoid potential disputes and penalties.
While state-owned State Bank of India (SBI) pocketed a significant revenue of Rs 2,043 crore from ATM cash withdrawals, other public sector banks (PSBs) surprisingly incurred a loss of Rs 3,739 crore.
The State Bank of India (SBI) has generated substantial revenue from ATM cash withdrawals, whereas other public sector banks (PSBs) have faced financial challenges in this area. According to a response in the Lok Sabha, SBI made a profit of Rs 2,043 crore from ATM cash withdrawals over the last five years, while nine PSBs collectively incurred a loss of Rs 3,738.78 crore. Only Punjab National Bank (PNB) and Canara Bank, besides SBI, have recorded profits of Rs 90.33 crore and Rs 31.42 crore, respectively.
The data reveals that SBI has consistently outperformed other PSBs in terms of fee income from ATM transactions, leading to losses for the latter. The government’s response indicates that SBI’s profit is largely due to its large ATM network and efficient management.
The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees, which will affect customers’ ATM withdrawal charges. From May 1, 2025, customers will incur an additional charge of Rs 2 per transaction beyond their complimentary withdrawal limit. The non-transaction fee has also been raised by Rs 1. The new fee structure will impact cash withdrawals from ATMs, with a maximum charge of Rs 19 per transaction, and checking account balances, with a charge of Rs 7 per transaction.
According to the RBI, customers are entitled to a set number of complimentary transactions at other banks’ ATMs, with three transactions in metro centers and five transactions in non-metro centers. Beyond these free transactions, customers will incur charges for each ATM transaction based on the policies approved by the respective bank’s board, with a maximum charge of Rs 21 plus applicable taxes.
Senior citizens can earn attractive returns on their savings with small finance banks Suryoday, Unity, and North East, offering a competitive rate of 9.1% per annum on 5-year fixed deposits
Retirees often rely on passive income to maintain their lifestyle after retirement, and they typically seek investment options that balance return potential with minimal risk. One popular choice is bank fixed deposits (FDs), which are perceived as stable and offer consistent interest income. For senior citizens, the tax implications of FDs are often favorable, with many falling into lower tax brackets and incurring minimal or no tax liability. Small finance banks have emerged as attractive alternatives to traditional banks, offering higher interest rates on FDs to attract deposits and expand their customer base. Since small finance banks have a greater need for funds to support their growth and lending strategies, they can offer more competitive interest rates due to their lower operational costs and commitment to financial inclusion.
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, guarantees fixed deposit investments up to ₹5 lakh, providing an additional layer of security. For resident Indians over 60 years of age looking to invest up to ₹1 crore in five-year fixed deposits, here are the top small finance banks that offer better interest rate options, as of March 26, 2025. Some of the best FD rates for senior citizens can be found at small finance banks such as Suryoday Small Finance Bank (6.5% to 6.75% annual interest rate), Ujjivan Small Finance Bank (6.4% to 6.7% annual interest rate), and Equitas Small Finance Bank (6.4% to 6.7% annual interest rate).
Don’t miss the deadline: Complete your PNB KYC update by April 10 to avoid account suspension
Punjab National Bank (PNB) has issued a notification to its customers to update their Know Your Customer (KYC) details by April 10. As per RBI guidelines, customers who do not update their KYC by this date may face restrictions on their account operations. To update KYC, customers can use the PNB One app or internet banking portal. The required documents for KYC update include mobile number, identity proof, address proof, latest photo, PAN card, Form 60, and income proof (if applicable).
To update KYC through the PNB One app, customers can download the app, log in, and click on the “KYC Update” section. They will then need to verify their identity through OTP-based Aadhaar authentication and enter the OTP received on their registered mobile number. The mobile number must be linked with Aadhaar for OTP verification.
Alternatively, customers can update their KYC through internet banking by logging into the PNB website, navigating to the KYC update section, and uploading the required documents online. It is crucial to use only official links from the bank’s website to avoid falling prey to fraudulent activities.
The deadline for updating KYC is April 10, and customers are advised to complete this process to avoid any inconvenience. Failure to do so may result in restrictions on account operations. Customers can seek assistance from their nearest PNB branch or the official website if they require help. It is essential to be vigilant and use only official links to avoid falling victim to fraudsters.
A leading Indian financial institution is on the hunt for a fintech acquisition, reflecting its commitment to stay ahead of the curve in the rapidly evolving digital landscape.
A major Indian bank is reportedly on the hunt for a fintech acquihire, with sources indicating that the bank has already initiated talks with several promising fintech startups. The move is seen as a strategic play to turbocharge the bank’s digital transformation and stay ahead of the competition in the rapidly evolving fintech landscape.
The bank, which is one of the largest in India, is understood to be eyeing startups that have a strong technological edge and innovative solutions in areas such as payments, lending, wealth management, and digital banking. The bank believes that acqui-hiring these startups can help it to gain access to cutting-edge technology, skilled talent, and new revenue streams.
The bank’s fintech acquihire strategy is seen as a significant departure from traditional bank mergers and acquisitions, where the focus is on acquiring assets rather than talent. By aquihiring fintech startups, the bank can tap into the innovative capabilities and entrepreneurial spirit of the founders, while also gaining a foothold in emerging markets.
The move is also seen as a response to the need for banks to adapt to the changing fintech landscape. With the rise of digital payment platforms, mobile wallets, and online lending, traditional banks are under pressure to stay relevant and offer seamlessly integrated digital services to their customers. By acqui-hiring fintech startups, banks can leverage their expertise and technology to provide a more integrated and customer-centric experience.
The bank has already identified a shortlist of potential target companies and is in advanced stages of talks with several of them. Industry insiders suggest that the bank is looking for startups with a strong track record of innovation, scalability, and potential for growth, with a focus on B2B and B2C fintech solutions.
The acquihire is likely to be a strategic play, with the bank looking to integrate the fintech startup’s technology and talent into its own organization, rather than simply exiting the investment. The move is seen as a potential game-changer for the bank, allowing it to stay at the forefront of the fintech revolution and remain competitive in a rapidly changing market.
DBS Bank India gains talent boost as Kotak Mahindra Bank’s Ambuj Chandna makes the switch – Moneycontrol
Ambuj Chandna, a senior executive at Kotak Mahindra Bank, has decided to join DBS Bank India as a managing director and head of the bank’s wholesale banking operations. Chandna, who has over 25 years of experience in the banking industry, will report to DBS Bank India’s managing director, Surojit Shome.
Chandna was previously the executive president and whole-time director at Kotak Mahindra Bank, where he was responsible for leading the bank’s corporate banking business. Under his leadership, Kotak Mahindra Bank’s corporate banking business grew significantly, and the bank’s corporate relationships expanded to new markets and industries.
Ambuj Chandna has a wealth of experience in the banking industry, having worked with top banks in India, including ICICI Bank and Yes Bank, before joining Kotak Mahindra Bank. He has a deep understanding of the Indian banking landscape and has built strong relationships with corporate clients across various sectors.
Chandna’s appointment is seen as a strategic move by DBS Bank India to strengthen its wholesale banking operations in the country. With his extensive experience and knowledge of the Indian banking industry, Chandna is expected to play a key role in helping DBS Bank India achieve its growth ambitions in the country.
In a statement, DBS Bank India said that Chandna’s appointment is part of the bank’s efforts to strengthen its leadership team and expand its presence in the Indian market. The bank aims to continue to grow its presence in India, particularly in the wholesale banking segment, and Chandna’s appointment is seen as a significant step in this direction.
Kotak Mahindra Bank also announced that Chandna’s responsibilities would be taken over by its existing leadership team, and the bank would continue to focus on its growth strategy in the corporate banking segment.
According to sources, AU Small Finance Bank is planning to issue Tier II bonds, market insiders claim — TradingView News
India’s AU Small Finance Bank (AUBANK) plans to issue 8 billion rupees ($93.34 million) in bonds, with an option to raise an additional 4 billion rupees, through the sale of 10-year Tier II bonds. The bonds will have a coupon rate of 9.20% per annum and a call option at the end of 5 years. The bank is inviting commitment bids from bankers and investors on Thursday.
AUBANK is not the only issuer in the market today, as multiple deals have been reported, including issues by Axis Finance, IIFCL, IRFC, HDB Financial, and NaBFID, among others. The deals vary in tenure, coupon rates, and issue sizes, with some having a greenshoe option. For instance, IRFC is issuing 30 billion rupees in bonds with a 7.17% coupon rate, while Axis Finance is issuing 5.35 billion rupees with a 7.97% coupon rate.
The Indian credit rating agencies, such as Icra, Care, and India Ratings, have assigned high ratings to many of these deals, indicating a high level of creditworthiness. For example, AUBANK’s 10-year bonds have been rated AA by Icra and Care, while IRFC’s 10-year bonds have been rated AA by Crisil, Icra, and Care. HDB Financial’s 2-year bonds have been rated AAA by Crisil and Care, among others.
It’s worth noting that the interest rates on these bonds are significantly higher than those available on traditional fixed deposits in India, making them an attractive option for investors looking for a relatively safe and lucrative investment opportunity. Overall, the Indian bond market is expected to remain active in the coming days, with various issuers seeking to raise capital through debt placement.
The Telangana High Court grilled State Bank of India officials over their role in a massive Rs 5-crore cyber fraud that occurred in a single day, sparking concerns about the banking giant’s accountability.
The Telangana High Court is investigating the role of banks, particularly the State Bank of India (SBI) Keezhmad branch in Ernakulam, Kerala, in cyber fraud cases. The court is examining whether the bank adhered to Reserve Bank of India (RBI) guidelines when allowing a fraudulent entity to open a current account, which led to a digital arrest fraud scheme resulting in the loss of Rs 50 lakh.
Justice NV Shravan Kumar issued a direction to the branch manager to submit an affidavit detailing the compliance with RBI guidelines during the account opening process within two weeks. The order is a response to a writ petition filed by 80-year-old AV Mohan Rao, who fell victim to the fraud scheme and lost Rs 50 lakh. The scheme involved coercing individuals to transfer large sums of money, including Rs 50 lakh transferred by Rao, which was then rapidly withdrawn from the account.
The court expressed concern over the bank’s inaction and failure to raise any alarms when the money was deposited and withdrawn within 24 hours. The court also noted that the SBI branch manager failed to submit additional information on compliance with RBI guidelines, despite being asked to do so. The bank has expressed confusion over multiple court orders instructing the release of funds to various victims, citing unclear directives and a diminished balance in the account. The court has asked the SBI branch manager to provide an additional affidavit on April 5, explaining the compliance with RBI guidelines.
Introducing the Baroda mDigiNext Mobile App: Bank of Baroda’s Latest Innovation in Digital Banking
Bank of Baroda, a leading public sector bank in India, has launched the Baroda mDigiNext mobile app to cater to the cash management needs of its corporate customers. The app is designed to provide a user-friendly experience, advanced financial tools, and seamless execution, offering real-time access to essential services and insights. With the app, corporate clients can manage their working capital and cash flows more efficiently, making faster and more informed financial decisions.
The Baroda mDigiNext app is a state-of-the-art tool that streamlines cash management operations and workflows, enabling corporates to access financial information anywhere, anytime. The app’s features include advanced payment functionalities, making it a unique offering in the market. The launch of the app marks a significant milestone in the evolution of cash management services, reflecting Bank of Baroda’s commitment to innovation and digital solutions.
The app is designed to provide a transformational experience for corporate clients, offering rich insights that will help them stay competitive in a fast-paced business environment. According to Debadatta Chand, Managing Director and CEO of Bank of Baroda, the app will “set a new experience for corporate clients in cash management and banking services.” Lalit Tyagi, Executive Director at Bank of Baroda, added that the app’s launch “reaffirms our commitment to delivering innovative, future-ready digital solutions” and will enhance convenience, efficiency, and control over cash flow management for corporate clients.
StanChart optimistic on China’s economic outlook
Standard Chartered PLC’s group CEO, Bill Winters, is optimistic about China’s economic prospects and has adjusted the bank’s business strategies to align with the country’s economic trends. He believes it is possible for China to meet its economic targets, citing positive developments and concrete actions to support economic growth. Winters highlights the rapid growth of China’s private sector, particularly in new technologies such as AI, and the bank’s partnerships with leading Chinese tech companies. He notes the opportunities for Chinese companies to expand globally and distribute their technologies, despite pushback in some sectors.
Winters also emphasizes the importance of policy consistency and predictability for private companies to thrive, which he believes is being supported by the Chinese government. He is confident in the Chinese economy and private sector, with the bank actively supporting their growth through lending and international expansion.
On the topic of tariffs and trade disputes, Winters predicts that many proposed tariffs will not materialize as everyone loses from tariffs. Even if substantial tariffs are applied, he believes China has tools to offset the impact, such as targeted fiscal and monetary stimulus. Standard Chartered is firmly committed to China and the global economic growth prospects, with Winters expressing support for the country’s efforts to promote the high-quality development of the private sector.
Overall, Winters’ comments convey a sense of optimism about China’s economic prospects, with a focus on the country’s private sector and its rapid advancements in new technologies. He also highlights the importance of policy consistency and predictability for private companies, which he believes is being supported by the Chinese government.
The Bank of Maharashtra recently launched a new branch in the bustling town of Zaheerabad.
The Bank of Maharashtra (BoM) has opened a new branch in Zaheerabad, Telangana, which brings the total number of its branches in the state to 75, covering all 33 districts. The new branch was inaugurated by G.S.D. Prasad, Zonal Manager of the Hyderabad zone. The branch offers a range of banking services, including retail, agricultural, and MSME (Micro, Small, and Medium Enterprises) financial services, as well as internet banking, 24/7 customer care, and mobile banking facilities.
At the inauguration event, Prasad highlighted the significance of the new branch in meeting the financial needs of the local community and emphasized the potential of Zaheerabad for retail and MSME business. He urged the branch to focus on retail, agriculture, and mid-corporate units to drive economic growth in the region.
Deputy Zonal Manager K.E. Hari Krishna stated that the new branch would serve as a one-stop solution for traders and retail customers, enhancing their banking experience. The branch is strategically located to cater to the banking needs of the local community, providing a range of facilities and services to meet their financial requirements.
The inauguration event was attended by Branch Manager A.V.S. Srikar and other officials. The opening of this new branch marks a significant milestone for Bank of Maharashtra in its efforts to expand its presence in Telangana and provide convenient banking services to customers across the state.
RBI Hands Down Heavy Fines: HDFC Bank Slapped with Rs 75 Lakh Penalty for KYC Norms Non-Compliance, Punjab & Sindh Bank Gets Rs 68.20 Lakh Fine
The Reserve Bank of India (RBI) has imposed penalties on several banks, including HDFC Bank, Punjab and Sind Bank, for non-compliance with Know Your Customer (KYC) norms. HDFC Bank has been slapped a penalty of Rs 75 lakh by the RBI, while Punjab and Sind Bank has been fined Rs 68.20 lakh.
The RBI inspections revealed that HDFC Bank had failed to maintain a proper record of changes made to the KYC of its customers, and had also not properly verified the identity of its customers. The bank also failed to update the KYC records of its customers and did not maintain a central repository of customer data.
On the other hand, Punjab and Sind Bank was found to be lacking in implementing the RBI’s guidelines on KYC. The bank had failed to verify the identity of its customers and did not maintain a comprehensive and updated database of its customers.
The RBI has taken this action to ensure that banks maintain high standards of compliance with regulations and follow proper procedures to ensure the security and integrity of their customers’ data. The central bank has also issued a warning to the two banks to take corrective action and ensure that they comply with the KYC norms.
This development is a significant one, as it highlights the importance of maintaining high standards of compliance and integrity in the banking sector. The RBI is taking a strong stance to ensure that banks meet the required standards and do not compromise on customer data security and integrity.
It is also a reminder to other banks to follow the guidelines and regulations set by the RBI and to ensure that they maintain the highest standards of compliance and integrity. The penalties imposed on HDFC Bank and Punjab and Sind Bank serve as a deterrent to other banks to maintain the necessary standards and avoid similar consequences.
The development has important implications for the banking sector as a whole, as it signifies that the RBI is committed to ensuring that banks maintain strong controls and processes to safeguard customer data and protect the financial system from potential risks.
Bob is set to amplify its retail investments, intensifying its efforts to drive growth and expansion.
Bank of Baroda (BoB), India’s second-largest public sector lender, is shifting its focus to retail loan growth, particularly in home loans, as it seeks to capitalize on a 20% compound annual growth rate for the next three years. The bank’s retail loan book is expected to increase to around 32% of its total loan book in the next three years, up from 27% currently. Home loans currently account for around 51% of BoB’s loan book, lower than the 55% of its larger peer State Bank of India (SBI).
However, the bank is now giving home loans a renewed push, particularly with the success of its personal and auto loans slowing down. Automating credit appraisals using Aadhaar for KYC and new score card models have reduced the turnaround time for home loans, allowing the bank to scale up its housing portfolio. With a vast network of 8,300 branches, including over 50% in rural and semi-urban areas, BoB is well-positioned to tap into the growing demand for home loans.
The bank’s strategy involves tie-ups with auto companies to offer loans to their employees, as well as targeting corporate account employees with personal loans. This diversification of its retail loan book is expected to help BoB stay ahead of the competition and maintain its growth momentum. With its extensive branch network and efforts to digitize its lending processes, the bank is well-equipped to tap into the growing demand for home loans and capitalize on the expected growth in the retail loan segment.
France: A unified brand identity for all PSB channels across the nation
The French public service broadcasting (PSB) channels France 2, 3, 4, and 5 will be undergoing a brand revamp, with their logos set to be phased out and replaced by a new, single brand, France.tv. The move is intended to simplify the broadcast landscape and increase the channels’ online presence. The change will see the channels grouped together under a single umbrella, allowing for a more streamlined brand identity across linear and non-linear platforms.
The new brand, France.tv, has already attracted 36 million viewers each month through its non-linear replay and on-demand platform. The change is also expected to make the channels more appealing to younger audiences, who are less interested in traditional channel numbers. According to France Télévisions, the new brand will allow for greater flexibility and adaptability in the digital and social networks environment.
The new brand will not affect the existing channels ICI, La Première, and franceinfo, which will maintain their current brand identities. The broadcaster’s CEO, Delphine Ernotte-Cunci, believes that the move will free the company from the constraints of channel numbers, enabling it to focus on creating a more modern and digital-friendly brand.
The France.tv platform will also be enriched with additional content from public services and channels, including INA, LCP, Public Sénat, France 24, and TV5 Monde. The change is seen as a strategic step towards modernizing the broadcast landscape and increasing the channels’ online presence, ahead of the end of the current CEO’s tenure in August 2025.
ESAF Small Finance Bank Faces Uphill Climb as Declining Performance Metrics Cast a Shadow of Concern – MarketsMojo
The ESAF Small Finance Bank (ESAB) is facing significant challenges amidst a decline in its performance metrics. As a small finance bank, ESAB focuses on providing financial services to underserved communities, particularly in rural and semi-urban areas.
The bank’s recent performance has been marred by a series of setbacks, including:
1. Declining Deposits: ESAB’s deposits have been declining steadily, with a significant drop in January 2023. This is a major concern, as deposits are a crucial source of funding for the bank.
2. Net Loss: The bank reported a net loss of ₹1.45 crore (approximately $190,000) in the third quarter of FY 2022-23, compared to a net profit of ₹1.15 crore (approximately $150,000) in the same quarter last year.
3. Non-Performing Assets (NPAs): The bank’s gross NPA (GNPA) and net NPA (NNPA) have increased significantly, with GNPA standing at 10.65% and NNPA at 5.45%. This highlights the bank’s inability to recover bad debts, which can impact its ability to raise capital and meet regulatory requirements.
4. Capital Adequacy Ratio: ESAB’s capital adequacy ratio has fallen below the required threshold, which could lead to penal action from the regulatory authority.
5. Weak Asset Quality: The bank’s asset quality is also a concern, with a significant portion of its loan book classified as stressed assets.
The bank’s challenges can be attributed to various factors, including:
1. Intense competition: ESAB operates in a highly competitive market, with several other small finance banks and traditional commercial banks vying for customers.
2. Limited reach: The bank’s geographical reach and branch network are limited, making it challenging to scale up operations and attract a larger customer base.
3. Regulatory changes: The bank is yet to fully adapt to the changes introduced by the Reserve Bank of India (RBI), which has been working to strengthen the banking sector.
4. Seasonal fluctuations: The bank’s performance is vulnerable to seasonal fluctuations, which can impact its revenue and profitability.
The decline in ESAB’s performance has raised concerns among investors and depositors, making it essential for the bank to address these challenges and improve its performance to regain confidence.
Get ready to check your scores! SBI is expected to release the Prelims results for 2025 on sbi.co.in soon!
The State Bank of India (SBI) is expected to announce the results of the Junior Associate SBI Preliminary Exam 2025 on its official website, sbi.co.in, soon. The exam was held to fill 13,735 positions for the post of Junior Associate. Candidates who passed the preliminary examination will be eligible to appear for the SBI Mains examination, which is scheduled for April 10, 2025.
To check the results, candidates will need to follow these steps:
1. Visit the SBI official website, sbi.co.in.
2. Click on the ‘Careers’ tab at the top of the page.
3. A new window will open; click on the ‘Result’ tab.
4. Fill in the required information, including your registration number and password.
5. Submit the details online, and the SBI exam result will appear on the screen.
It is recommended that candidates take a printout of the result and keep it for record purposes. The SBI Preliminary Exam 2025 results are expected to be released shortly, and candidates are eagerly waiting for the announcement. With the result announcement around the corner, candidates can expect to know their fate soon. This update is significant for those who appeared for the exam, and it is essential to stay updated on the official website of SBI for any further updates.
Bandhan Bank partners with Indian Air Force to launch a special salary account program
Bandhan Bank has announced a partnership with the Indian Air Force (IAF) to launch a specialized salary account for IAF personnel, called the Bandhan Bank Shaurya Salary Account. This account will offer a range of exclusive benefits, including zero balance savings, protection for self and family, and attractive interest rates, available at over 1700 Bandhan Bank branches. This partnership builds on the bank’s existing collaboration with the Controller General of Defence Accounts (CGDA) to provide services to defence pensioners and their families through 557 designated branches.
The Memorandum of Understanding (MoU) was signed by Air Vice Marshal Updesh Sharma and Debraj Saha, Head of Government Business Group, Bandhan Bank. The partnership is aimed at providing a superior banking experience to IAF personnel, leveraging Bandhan Bank’s state-of-the-art digital platforms, extensive branch network, and customer-centric approach.
Bandhan Bank’s Executive Director and Chief Business Officer, Rajinder Babbar, emphasized the bank’s commitment to supporting the nation through its initiatives, stating, “Bandhan Bank is deeply committed to supporting the nation through every initiative we undertake. We take great pride in our legacy of providing world-class banking solutions, built on the trust and confidence that these esteemed institutions place in us.”
Debraj Saha noted that the partnership with IAF is a significant milestone for the bank, and it is honored to collaborate with the IAF to offer seamless solutions to its personnel. The Bank has also been appointed as an Agency Bank by the Reserve Bank of India, and has been authorized by the Central Boards of Direct Taxes and Indirect Taxes for collections of taxes, and disbursement of Central Civil Pension and Railway Pensions, among others.
Adani Group circles in on potential takeover of Jaiprakash Associates through insolvency resolution process, sources reveal to ET RealEstate
Adani Group, a business conglomerate, has expressed interest in acquiring Jaiprakash Associates Ltd (JAL) through the insolvency process. JAL, the flagship firm of Jaypee Group, is engaged in various businesses including cement, power, hotels, construction, and real estate. The company was admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, by the National Company Law Tribunal (NCLT) in June 2024.
As per sources, Adani Group has submitted an Expression of Interest (EOI) to acquire JAL as a going concern, without dividing its business verticals. The total outstanding loans from banks and financial institutions of JAL stood at Rs 55,493.43 crore as of February 20, 2025. The company had earlier reported that a consortium of lenders, comprising 21 banks and financial institutions, had transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL).
The resolution professional (RP) for JAL is Bhuvan Madan, while Jaypee Infratech, another company of Jaypee Group, was acquired by Suraksha Group through the insolvency process. Additionally, Adani Group is also in talks to acquire Emaar India, a real estate firm part of Dubai-based Emaar Properties.
The news comes at a time when the Indian real estate sector is witnessing significant sentiment shifts, with players trying to diversify and expand their footprints. The potential acquisition of JAL by Adani Group could be a strategic step in this regard, given the conglomerate’s existing presence in the infrastructure, energy, and real estate sectors.
Goldman Sachs endorses AU Small Cap Fund’s prospects, predicting strong earnings growth will outpace its peers over the next few years.
Goldman Sachs has maintained its “Buy” rating on AU Small Finance Bank Ltd., despite lowering its target price to Rs 796 from Rs 813. The bank is seen as an attractive “Growth at a Reasonable Price” play due to its robust earnings growth profile, which is expected to outpace its peers over the next few years. The brokerage firm believes that the current valuation presents an opportunity for investors, as the bank’s strong earnings growth prospects from FY2025-2027 will likely outperform the Bank Nifty index.
AU Small Finance Bank has underperformed the Bank Nifty index recently, primarily due to concerns over profitability amid macroeconomic challenges and concerns related to its microfinance and credit card portfolios. However, Goldman Sachs is optimistic that the bank’s current valuation is attractive, with a strong return on assets (ROA) and return on risk-weighted assets (RORWA) expected in FY2025. The brokerage firm also believes that if the bank secures a universal banking license, it could address regulatory concerns and strengthen investor confidence.
Goldman Sachs expects AU Small Finance Bank to start delivering strong growth in the second half of FY2026, as loan losses related to its microfinance and credit card portfolios peak. For FY2025-2027, the bank is forecasted to achieve 31% earnings growth, outperforming the 28% consensus estimate, with an average ROA of 1.6% and ROE of 15%. Overall, Goldman Sachs sees a strong risk-reward scenario for the bank, making it a good investment opportunity for investors.
A Lucknow-based CBI court has sentenced a former Allahabad Bank manager to two years in prison for his role in a ₹8,000 bribery case that took place in Hamirpur, aimed at revealing the corrupt facilitation of illegal activities.
A former manager of Allahabad Bank in Hamirpur, India has been sentenced to two years in prison and fined Rs 20,000 (approximately $275 USD) for demanding and accepting a bribe. The accused, Amrit Lal Verma, was the Branch Manager of Allahabad Bank’s Jharia Branch in Hamirpur. He was accused of demanding an illegal gratification of Rs 12,000 (approximately $165 USD) as a percentage of a loan amount of Rs 3 lakh (approximately $4,100 USD) to disburse a Kisan Credit Card (KCC) loan to a complainant’s father.
The Central Bureau of Investigation (CBI) registered a case against Verma in May 2013 based on a written complaint. The CBI laid a trap and caught Verma red-handed while demanding and accepting Rs 8,000 (approximately $110 USD) from the complainant. After completing the investigation, the CBI filed charges against Verma in the court of the Special Judge, CBI, Court No. 01, Lucknow. The court found Verma guilty and sentenced him to two years in prison and fined him Rs 20,000. The case is a significant example of the CBI’s efforts to crack down on corruption in the banking sector and ensure accountability among banking officials. The verdict is expected to send a strong message to other bank officials to refrain from engaging in corrupt activities and to maintain transparency and integrity in their dealings.
Jharkhand government requests a Rs 1,500-crore loan from the Reserve Bank of India to fund its projects.
Jharkhand is set to become the third state in India to build glass bridges and skywalks, a first for the state. The project will be implemented at three major tourist spots in the state, including Dassam Falls and Hundru Falls in Ranchi district, and Magnolia Point and Koel View Point in Netarhat. The glass bridges will be built along the lines of the one constructed in Bihar’s Rajgir, and the tourism department has ensured that sufficient land is available for the project.
Separately, Jharkhand Assembly Speaker Rabindra Nath Mahato has called for a new law to regulate the fee structure of private schools in the state. This comes after Hazaribagh MLA Pradip Prasad raised concerns about the unregulated fee structure, which he believes is leading to financial burdens on parents. Education Minister Ramdas Soren stated that various committees already exist to oversee the fee structure, but Mahato suggested that a fresh law could be considered to ensure that private schools operate within reasonable bounds.
The decision to build glass bridges and skywalks in Jharkhand is part of an effort to attract more tourists to the state and boost its tourism industry. The move is likely to improve the overall infrastructure and make the state more attractive to visitors. On the other hand, the proposal to regulate private school fees is aimed at ensuring that parents are not unfairly burdened with high fees, which can be a significant financial strain. Both initiatives highlight the state’s efforts to improve its infrastructure and ensure that its residents and visitors have a better experience.
Retirement scheme records require pensioners to reveal past juvenile offenses
A recent data analysis has exposed the flaws in the UK’s criminal records system, highlighting the fact that many people are being forced to disclose minor offenses committed in their childhood, even if it’s been decades since they were committed. The story reveals that over 35,000 individuals, including some as old as 87, had their criminal records checked under the Disclosure and Barring Service (DBS) in the last decade, resulting in the disclosure of childhood convictions from over 40 years ago. While a small number of the offenses were serious, such as rape, manslaughter, and arson, the vast majority were for relatively minor infractions, including common assault, affray, theft, and even “malicious mischief”.
This has led to calls for reform of the criminal records system, as many of these individuals have lived blameless lives since the 1960s. The fact that they are being forced to disclose these minor offenses can have significant implications for their current, peaceful lives. This highlights the need for a more nuanced approach to dealing with criminal records, taking into account the passage of time and the potential impact on an individual’s reputation and opportunities.
The data also shows that 45 pensioners had to disclose their childhood convictions, including 11 who were 80 or over. This is a stark reminder that the current system can have far-reaching consequences for people of all ages, long after the original offenses were committed. It is clear that the UK’s criminal records system requires urgent review to ensure that justice is served and individuals are not unfairly penalized for past mistakes.
The Bank of Maharashtra launches its new branch in Zaheerabad, Telangana, expanding its presence in the region.
The Bank of Maharashtra has inaugurated its 75th branch in Telangana State, specifically in Zaheerabad. The new branch was inaugurated by Bank of Maharashtra Zonal Manager GSD Prasad. The Zaheerabad branch will provide banking services to the local community, particularly in the retail, agricultural, and Micro, Small, and Medium Enterprises (MSME) sectors. The branch aims to cater to the financial needs of the zone, covering Retail, Agri, MSME, and Mid-Corporate units.
The new branch will facilitate various banking transactions, including deposits, withdrawals, and other financial services, making it convenient for local residents and businesses to access banking services. The branch will also provide additional job opportunities and contribute to the local economy.
Speaking at the inaugural event, GSD Prasad, Zonal Manager of Bank of Maharashtra, expressed hope that the new branch would effectively serve the local population, including farmers, entrepreneurs, and small businesses. He emphasized that the bank’s goal is to provide customer-centric services, innovative solutions, and personalized banking experiences, enabling individuals and businesses to achieve their financial goals.
The launch of the Zaheerabad branch is a significant milestone for the Bank of Maharashtra, solidifying its presence in Telangana State with its 75th branch. The new branch is expected to be a valuable addition to the region’s banking infrastructure, promoting economic growth and development.
As of April, SBI, IDFC, and Axis Bank will be scaling back certain credit card benefits, a move that may impact cardholders’ rewards and privileges.
IDFC First Bank has made an announcement that is likely to affect its Credit Card holders. The bank will discontinue the milestone benefits associated with its Club Vistara Credit Card on March 31, 2025. This means that cardholders will no longer be able to earn certain rewards and benefits from that date onwards.
Although customers will still be able to earn Maharaja Points until March 31, 2026, the card will eventually be phased out. This change also has implications for the Club Vistara Silver Membership, which will no longer be available.
As a result of this change,cardholders will also lose access to certain complimentary vouchers, including Premium Economy Ticket and class upgrade vouchers. These benefits were previously available to cardholders, and their discontinuation is likely to disappoint many cardholders.
IDFC First Bank has not provided reasons for this change, but it is not uncommon for banks to discontinue certain benefits or products to simplify their offerings and focus on more popular or profitable ones. For cardholders, this change may mean that they need to explore alternative credit cards or rewards programs to get the benefits they are currently enjoying.
It is essential for cardholders to review their credit card agreements and understand the terms and conditions, including any potential changes to benefits and rewards. They should also consider alternative options that can provide similar benefits to stay on top of their financial rewards and benefits.
PNB Alert: Don’t Miss the Deadline! Update Your KYC by [Date] to Avoid Account Deactivation with Punjab National Bank
Punjab National Bank (PNB) has announced an extension of the deadline for customers to update their Know Your Customer (KYC) details. The new deadline is now April 10, 2025, to comply with the Reserve Bank of India’s (RBI) guidelines. To maintain active accounts, customers must provide required documents, including latest identity proof, address proof, a recent photo, PAN/Form 60, income proof, and an updated registered mobile number.
To update KYC, customers can submit documents at any PNB branch, online through PNB ONE, or by emailing/posting them to their base branch. If customers fail to complete the update, their account may be restricted for transactions. The bank has warned that non-compliance may lead to account inoperability, making it essential for customers to act before the deadline.
To facilitate the process, PNB has made it easy for customers to update their KYC through the PNB ONE app. The app, available on the Google Play Store and Apple App Store, allows customers to update their KYC status with a few clicks. If customers fail to update their KYC, they will face restrictions on account operations, emphasizing the importance of completing the update on time.
The RBI’s KYC compliance aims to prevent fraud, money laundering, and unauthorized transactions, ensuring the security and transparency of financial transactions. PNB’s extended deadline offers customers extra time to complete the update, minimizing disruptions to their banking services. Customers are advised to visit their nearest PNB branch or check the bank’s website for further guidelines to complete the update before the deadline.
Transform your RBL Bank credit card payments with ease: Convert transactions into convenient EMIs with flexible tenures and competitive interest rates. Follow our step-by-step guide to achieve financial flexibility.
If you’re an RBL Bank credit cardholder and you’ve gone overboard with your spending this month, don’t stress! RBL Bank’s “Split n Pay” facility allows you to convert your transactions into easy Equated Monthly Installments (EMIs). This feature helps manage high-value spending by avoiding the need for full upfront cash payments.
You can convert your RBL Bank credit card transactions into EMIs through various methods:
1. Mobile apps: Use the MyCard Mobile App or MoBank Mobile App to convert transactions into EMIs, with the option to check interest rates, repayment tenures, and more.
2. WhatsApp facility: Send a message to initiate the EMI conversion process and follow prompts to complete it.
3. Customer care support: For assistance over the phone, reach out to RBL Bank’s customer care service.
RBL Bank offers flexible tenure options, allowing you to choose from 3, 6, 9, 12, 18, or 24 months. This flexibility helps you manage repayments based on your long-term financial goals and maintain a healthy credit score.
The interest rate for RBL Bank credit card EMIs ranges from 12% to 13% per annum, depending on the credit card and transaction amount. Additional processing charges apply, which will be provided at the time of application.
If you opt to prepay the EMI before the end of the tenure, a foreclosure charge of 3% of the outstanding principal amount applies. RBL Bank also offers flexible repayment tenures, typically ranging from 3 to 24 months.
Keep in mind that interest rates and policies may change, so it’s essential to check the official RBL Bank website or contact customer support for the most up-to-date information. Additionally, be aware of the risks associated with credit card usage and check regularly for latest offers and discounts on RBL Bank credit card EMIs.
In conclusion, RBL Bank’s “Split n Pay” facility provides a convenient way to manage financial burdens, with multiple conversion options, easy repayment plans, and competitive interest rates.
Senior Financial Officer at DCB Commercial Bank
The DCB Commercial Bank, a fully-fledged retail and commercial bank in Tanzania, is seeking an experienced Finance Director to join its senior management team. The ideal candidate will report to the Managing Director and be responsible for developing and implementing a financial strategic plan to maximize income and minimize risks. The successful candidate will also provide financial guidance to senior management and the board, as well as ensure regulatory compliance.
The key responsibilities of the Finance Director will include developing and implementing a financial strategy, advising on fiscal control and profitability, preparing and interpreting financial reports, ensuring adherence to bank policies and procedures, and managing investor relations. Additionally, the successful candidate will oversee the execution of the bank’s strategy by managing the Finance, Business, and Data Analytics functions.
The qualifications and experience required for this role include a university degree in a relevant field, such as finance, business, or accounting, and accounting certification such as CPA, ACCA, CIMA, CFA, or ICMA. The ideal candidate will have a minimum of 12 years of experience, with at least 5 years in a management role in a financial institution, with experience in financial and treasury management in Tanzania and exposure to international financial management systems.
The successful candidate will also have expertise in fiscal control, financial reporting, tax compliance, and investor relations, as well as strong leadership and strategic thinking abilities. DCB strongly encourages competent women to apply for this role. Applications must be submitted via email to [email protected] by 10th April 2025, and should include a detailed CV, photocopies of academic certificates, and the names of three referees with their contacts, quoting reference number DCB/F/DF-03/2025 in the subject line.
Japan’s First Ever Stablecoin Launches! Circle and SBI Join Forces to Revolutionize Digital Payments with March 26 Debut
Circle, the issuer of the USDC stablecoin, has made history by becoming the first and only stablecoin approved for use in Japan. This milestone comes after two years of working with Japanese regulators and financial firms. Circle has launched new operations in Japan and formed a joint venture with SBI Holdings, a top financial firm in the country. The partnership will allow SBI VC Trade, a subsidiary of SBI Holdings, to introduce USDC to Japanese users.
This approval is significant, as it opens up new opportunities in trading, payments, cross-border finance, and foreign exchange. Japan has been at the forefront of Web3 and blockchain adoption, and its strong regulatory framework has paved the way for stablecoins like USDC to thrive. SBI Holdings’ CEO, Yoshitaka Kitao, believes this move will improve financial access and boost digital asset growth in Japan.
With this approval, USDC is expected to go beyond just cryptocurrency trading and will be used in various financial services. Circle plans to list USDC on popular exchanges in Japan, including Binance Japan, bitbank, and bitFlyer. This move will bring USDC to new markets beyond its traditional reach.
USDC’s market cap of nearly $60 billion makes it a significant player in the stablecoin market. This approval is a major win for Circle and will likely pave the way for other stablecoins to enter the Japanese market. With this move, Circle solidifies its position as a leader in the stablecoin space, enabling the use of digital dollars for more people worldwide.
Isuzu India and Bank of Baroda Join Forces to Offer Dealer Invoice Finance Solution
SML Isuzu Ltd, a renowned name in the commercial vehicle industry, has partnered with Bank of Baroda to launch the Dealer Invoice Finance Program. The initiative is designed to provide SML Isuzu dealers across India with easy access to supply chain finance solutions, ensuring smoother operations, improved cash flow, and enhanced inventory turnover.
The partnership aims to empower SML Isuzu dealers to scale their businesses and grow, by offering them flexible credit solutions. This co-operation also aligns with SML Isuzu’s commitment to strengthening its dealer network and reinforcing its presence in the commercial vehicle segment.
The agreement was formally signed by Prashant Kumar, Chief General Manager – Marketing, SML Isuzu Ltd, and Kapil Bhardwaj, AGM & Branch Head, Mid Corporate Branch, Bank of Baroda – Ludhiana. This strategic collaboration is expected to benefit SML Isuzu dealers by providing them with the necessary support to navigate the increasingly competitive commercial vehicle market.
By partnering with Bank of Baroda, SML Isuzu is demonstrating its commitment to its dealer network, recognizing the importance of financial empowerment for its partners. The Dealer Invoice Finance Program is likely to be a game-changer for SML Isuzu dealers, enabling them to make informed business decisions, manage cash flow more effectively, and scale their operations.
With this partnership, SML Isuzu is poised to further strengthen its presence in the commercial vehicle segment, as it continues to expand its reach and grow its network of dealerships. By providing its dealers with the support they need to succeed, SML Isuzu is positioning itself for long-term success and reinforcing its position as a leading player in the industry.
RBI attracts a stunning 2x oversubscription for its $10 billion swap auction, securing a significant premium for the deal.
The Reserve Bank of India (RBI) conducted a $10 billion rupee buy-sell swap auction to tackle the persisting deficit in banking system liquidity since mid-December. The auction received bids worth $22.3 billion, more than double the notified amount, with an average premium of 592 paisa, higher than market expectations of 580-590 paisa. This is the second long-term foreign exchange swap by the RBI, with both transactions set to reverse in March 2028.
The higher premiums indicate that market participants are willing to pay a premium to swap their dollars, while the lower premiums compared to the previous auction (673 paisa) are a positive sign for the market. The buy-sell swap involves the RBI buying dollars in exchange for rupees, injecting liquidity into the system, and in the second leg of the transaction, the RBI will sell back the $10 billion at the forward rate in March 2028, plus the agreed premium.
The daily average deficit in system liquidity stood at Rs 1.6 lakh crore, indicating the need for the RBI to inject more liquidity. The success of this auction is seen as a positive step, with market participants expressing their willingness to participate in the auction. The RBI’s efforts to maintain liquidity in the system are seen as crucial for maintaining financial stability and stability in the market.
Join us on World Water Day as HDFC Bank Parivartan spotlights innovative water conservation efforts with Water Wonders, empowering a sustainable future for all
HDFC Bank’s CSR initiative, Parivartan, is marking World Water Day with a digital campaign #WaterWonders, highlighting the importance of water conservation and innovative measures to address water scarcity. The bank is committed to improving water conservation through initiatives such as watershed development, rainwater harvesting, and efficient irrigation systems. Through its community-based projects, Parivartan has constructed over 14,360 water conservation structures across 20 states in India, enhancing water availability and improving agricultural productivity and livelihoods.
One of the notable projects is the adoption of ice stupas, artificial glaciers that work by diverting stream water into cone-shaped structures that melt during the spring, providing a steady supply of water for agriculture. HDFC Bank has partnered to scale up ice stupa projects in Ladakh, a region facing severe water shortages due to climate change. The projects are designed to address the region’s specific challenges, with automation technology now being integrated to regulate water flow, optimize ice formation, and monitor weather patterns in real-time.
The bank has supported the construction of four new ice stupas in Ladakh, serving seven villages and having a storage capacity of over 20 million liters of water. In total, seven stupas have been supported by HDFC Bank through its implementation partners. Nusrat Pathan, Head of CSR at HDFC Bank, said, “The ice stupas have proven to be an effective solution for water management in Ladakh, providing a reliable water source and helping communities cope with the effects of climate change.” The bank is committed to supporting innovative solutions that address climate challenges and water scarcity, blending traditional wisdom with modern sustainability practices, as part of its Parivartan initiative.
Which investment option will yield a higher return, in the form of interest?
As individuals seek safe and guaranteed returns on their investments, two popular options are Tax Savings Bank FDs and the 5-Year Post Office Time Deposit (TD) scheme. Both offer tax benefits under Section 80C of the Income Tax Act. Access to these schemes is accessible through banks and post offices, but they differ in terms of returns, accessibility, tax benefits, and eligibility criteria.
The Tax Savings FD comes with a 5-year lock-in period, and interest rates vary among banks, ranging from 6.20% to 7.40%. The interest earned is subject to TDS at 10% (20% if PAN is not provided). However, investors with total income below the taxable limit can avoid TDS by submitting Form 15G/15H.
Seniors citizens can opt for the Tax Savings FD, which offers higher interest rates (up to 7.90%) and is a good option for securing their financial future. The interest earned is subject to TDS at 10% (20% if PAN is not provided).
The 5-Year Post Office Time Deposit (TD) scheme, on the other hand, offers a fixed interest rate of 7.5% (as of January to March 2025). The minimum investment is Rs. 1000, and individuals can claim a tax deduction of up to Rs. 1.5 lakh under Section 80C. TDS is deducted, and the interest earned is not tax-free, requiring reporting under “Income from Other Sources” and paying tax according to individual tax rates.
In conclusion, both Tax Savings Bank FDs and the 5-Year Post Office Time Deposit (TD) scheme offer secure investment options with tax benefits. Seniors citizens may prefer the higher interest rates offered by the Tax Savings FD, while general citizens may opt for the Post Office 5-Year TD for its fixed interest rate and additional tax benefits under Section 80C.
According to Standard Chartered, the US dollar may experience a resurgence in strength by 2025, offering investors a compelling investment opportunity.
According to a report by Standard Chartered, the dollar may not be as strong in 2025, a prediction that contradicts the widespread assumption that the US currency will continue to rise in value. The bank’s analysts have predicted that the dollar’s strength will be renewed later in 2025, rather than experiencing a prolonged period of growth.
The report cites several factors that could contribute to this reversal, including the potential for the Federal Reserve to slow down the pace of interest rate hikes, the strengthening of other major currencies such as the euro and yen, and the impact of global trade tensions on the US economy. Additionally, the report notes that the dollar’s current strength is largely a function of its status as a safe-haven currency, which could dissipate as global markets stabilize and investor sentiment improves.
The report also highlights the challenge that the US faces in maintaining its economic growth momentum, with the country’s economy experiencing a slowdown in the second half of 2023 and the potential for inflation to rise again in 2025. This, combined with the increasing risk of a global economic downturn, could lead to a reevaluation of the dollar’s value and a potential reversal of its upward trend.
Furthermore, the report suggests that the dollar’s role as a reserve currency may also be overshadowed by other currencies, particularly the euro, which has been gaining popularity as a safe-haven asset due to the European Central Bank’s more dovish monetary policy.
In conclusion, according to Standard Chartered’s report, the dollar’s strength is expected to be renewed later in 2025, driven by factors such as the potential for slower interest rate hikes, the strengthening of other major currencies, and the impact of global trade tensions on the US economy. The report challenges the widespread assumption that the dollar will continue to rise in value and highlights the potential for a reversal in its value in the future.
As the RBI’s forex swap market gains traction, demand surges and premiums soar
The Reserve Bank of India (RBI) conducted a $10 billion rupee buy-sell swap auction, receiving bids worth $22.3 billion, more than double the notified amount. The average premium of accepted bids was 592 paisa, higher than market expectations of 580-590 paisa. This was the second long-term foreign exchange swap by the RBI, and both swaps will mature in March 2028.
The swap auction is designed to tackle the persistent deficit in the banking system, which had a daily average shortage of Rs 1.6 lakh crore in March. The RBI buys dollars in exchange for rupees, infusing liquidity into the system, and then sells back the $10 billion in March 2028 at the forward rate, which is the currency exchange spot rate at that time, plus the premium.
Market participants note that the higher premiums in this auction indicate that investors are willing to pay a premium to swap their dollars, indicating a strong demand for rupees. However, the premium was lower than the previous auction, which may be a sign of market stabilization. The lower premium is seen as positive for the markets, as it indicates a more stable liquidity situation. Overall, the RBI’s buy-sell swap auction has successfully infused liquidity into the system and may help to reduce the pressure on the banking system.
Karur Vysya Bank officially inaugurates its latest branch in Lingam Nagar, Tiruchi, further expanding its footprint in the region.
Karur Vysya Bank (KVB) has opened a new branch at Lingam Nagar on Kuzhumani Main Road, near Woraiyur, in the city. The branch was officially inaugurated by Kannan, the Executive Officer of Sri Boologanatharswamy Temple, on Monday. This new branch adds to the bank’s growing network, which has seen significant expansion in recent years.
According to a press release from the bank, by 2024-25, KVB had added 42 new branches, bringing the total number of its branches to 884. This expansion demonstrates the bank’s commitment to increasing its presence and reach in the region. The new branch is likely to benefit the local community by providing easier access to banking services, including deposits, withdrawals, and other financial transactions.
The opening of the new branch is a significant milestone for the bank, which has been serving the community for over 100 years. KVB has a rich history of providing a range of banking services to individuals, small and medium enterprises, and corporate clients. The bank’s commitment to expansion and growth is a testament to its vision of being a leading bank in the region.
The increasing number of branches is expected to bring numerous benefits to the community, including job creation, economic growth, and improved access to financial services. As the bank continues to expand its network, it will be interesting to see how it leverages technology to enhance customer experience, improve operational efficiency, and drive growth. Overall, the opening of the new branch is a significant step forward for KVB, and it will be exciting to see how the bank continues to evolve in the coming years.
Newronika Achieves Major Milestone with CE Marking for its Groundbreaking Adaptive Deep Brain Stimulation Therapy for Parkinson’s Patients
Newronika has received CE mark approval for its AlphaDBS device, a next-generation, closed-loop deep brain stimulation (DBS) system for treating Parkinson’s disease. The company’s innovative system dynamically adjusts stimulation based on real-time brain signals, optimizing symptom control and reducing side effects. This adaptive approach minimizes the need for frequent programming adjustments by neurologists and provides a personalized experience for each patient.
This approval follows clinical data that demonstrates the safety and effectiveness of AlphaDBS, which showed patients experiencing more time without symptoms or side effects compared to traditional DBS methods. Additionally, patients reported improved overall quality of life and a greater preference for the adaptive mode.
Newronika joins Medtronic, who received CE mark approval for its adaptive DBS system in January and FDA approval in February, in the market. Newronika plans to launch AlphaDBS in select European markets this year and will initiate a pivotal trial in the US, having received FDA investigational device exemption (IDE) last month.
CE mark approval signifies that AlphaDBS meets EU’s regulatory requirements for safety and performance, marking a significant milestone for Newronika and the field of deep brain stimulation. According to Lorenzo Rossi, CTO and co-founder of Newronika, “The CE Mark approval of AlphaDBS is a defining moment for Newronika and for the field of deep brain stimulation. This certification validates our vision of bringing truly adaptive neuromodulation to patients.” With this approval, Newronika is poised to set a new standard in the treatment of Parkinson’s disease.
Get instant access to the GA Capsule for SBI PO Mains Exam 2025 by downloading the latest PDF now!
The State Bank of India (SBI) PO Mains Exam 2025 is scheduled for May 2025. The General Awareness (GA) section is a crucial part of the exam, covering current events, banking awareness, and general knowledge. To help candidates prepare, this article provides a GA Capsule, which is a comprehensive guide to the important topics, available as a downloadable PDF. The GA section consists of 60 questions for 60 marks, making it a high-scoring part of the exam.
The GA Capsule is prepared by experts and covers a range of topics, including current affairs, sports news, defense news, books and authors, static GK, and recent agreements. The capsule is designed to provide all the essential updates in a simple and easy-to-understand manner, helping candidates to score well. With this capsule, candidates can quickly revise and refresh their knowledge, improving their accuracy and speed.
The benefits of using the GA Capsule for SBI PO Mains Exam 2025 include:
* Covers important topics, saving time and effort
* Boosts score by providing a quick revision of essential topics
* Easy to understand, even for complex topics
* Allows for quick revision with the downloadable PDF
In conclusion, the GA Capsule for SBI PO Mains Exam 2025 is a valuable resource for candidates to prepare and score well in the General Awareness section of the exam.
A power play by the Treasury could set it at odds with the Federal Reserve, heightening the potential for conflict over regulatory control.
The Treasury Department is considering ways to streamline banking regulations, including the Federal Reserve, under the leadership of Secretary Scott Bessent. The plan is to make the Treasury more involved in writing rules for financial institutions, rather than the traditional approach of having multiple agencies, such as the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation, handling these tasks. This move is seen as a power play by Bessent to consolidate control over banking regulation, which could limit the independence of the Federal Reserve.
Bessent’s plan builds on a recent executive order signed by President Trump, which requires independent agencies to submit regulations to the Office of Management and Budget for review. This could slow down the Federal Reserve’s rulemaking process and allow Treasury to influence future regulations. Additionally, Bessent’s role as chair of a council of financial regulators could give him the final say on multi-agency laws affecting the largest US banks.
Some within the Trump administration have previously pushed for a more limited role for the Federal Reserve in banking supervision, with Treasury Chief of Staff Dan Katz advocating for the Fed to not supervise banks at all. However, others have expressed concerns about the potential risks of politicizing bank regulation, including the Brookings Institution’s Aaron Klein, who questioned the motivations behind Bessent’s power play.
The move is seen as a way for the Trump administration to exert more influence over the Federal Reserve and the banking regulatory system, which could have far-reaching consequences for the US economy. The plan is likely to face resistance from those who value the independence of the Federal Reserve and the traditional approach to banking regulation.
A renowned IT specialist joins the Public Service Board permanently, solidifying their commitment to the organization.
The Pakistan Sports Board (PSB) has recently inducted IT specialist Athasham Ahmed from the National Internship Program (NIP) into a permanent position in Grade 17, despite ongoing controversy surrounding the favoring of certain individuals. Ahmed was initially transferred to the PSB on a deputation basis from the Ministry of Inter-Provincial Coordination (IPC), but was later induced permanently into the board. The decision was facilitated by an “influential figure” within the IPC ministry.
This move has sparked concern, as it raises questions about the transparency and impartiality of the PSB. Athasham Ahmed has reportedly used his new position to lobby for a promotion to Grade 18 and for the formal approval of his induction in the next PSB Board meeting.
Furthermore, this decision goes against the Federal Service Tribunal’s (FST) ruling, which has strictly prohibited the absorption of government employees into autonomous and corporate institutions, citing violations of civil service rules. This news has sparked widespread criticism, with many questioning the motives behind this appointment and the potential impact on the integrity of the PSB.
Can ICICI’s sleek Emerald Private Metal card dethrone HDFC Infinia’s dominance in the credit card market?
ICICI Bank has introduced a new rewards platform called iShop, which offers accelerated rewards on multiple categories, including flights, hotels, and vouchers. The platform offers 6x rewards on flights, 12x on hotels, and 6x on vouchers, making it more competitive in the premium segment. The bank’s super-premium Emerald Private Metal credit card is at the top, offering up to 36% returns on hotel bookings and 18% on flights, one of the most lucrative reward structures in the market.
According to credit card consultant Aly Hajiani, ICICI Bank has done it better than others, with higher accelerated reward rates. HDFC’s Infinia, while a dominant force, offers lower monthly caps and lower return rates than ICICI’s Emerald Private Metal. ICICI’s iShop platform is scalable, with flexibility across premium cards, making it a game-changer.
The iShop platform offers accelerated rewards across categories, with cardholders earning 6 points for every 200 rupees spent, and up to 90% of points can be used to book hotels. However, the redemption value of iCash is capped at 1 rupee per point. The maximum accelerated rewards are capped at 18,000 points per month for Emerald Private Metal and 15,000 points for Times Black.
While ICICI has made some progress, credit card advisors are cautious, suggesting not to switch from HDFC’s Infinia just yet. With Core indicators such as sustainable rewards, transfer partners, and a seamless user experience, ICICI needs to continue to innovate to maintain its competitive edge.
Introducing Vedartha, a game-changing investment platform by Bandhan AMC, now accessible to onshore and offshore investors alike, empowering anyone to achieve their wealth goals.
Bandhan AMC has launched a new wealth creation platform called Vedartha, which allows onshore and offshore investors to invest in Indian mutual funds, fixed income, and other financial instruments. Vedartha is an interactive web-based platform that provides a user-friendly interface for investors to invest, monitor, and track their portfolio.
With Vedartha, investors can access a range of investment products, including Indian equity funds, balanced funds, debt funds, and liquid funds. The platform also offers a feature to invest in fixed income instruments, such as fixed deposit, commercial paper, and treasury bills.
The platform is designed to cater to the needs of both onshore and offshore investors, allowing them to invest in Indian financial instruments from anywhere in the world. It ensures that the investment process is seamless, secure, and transparent.
Vedartha offers several benefits to investors, including:
1. Convenience: Investors can access the platform from anywhere, at any time, using a computer or mobile device with an internet connection.
2. Diversification: The platform provides access to a range of financial instruments, allowing investors to diversify their portfolios and manage risk.
3. Real-time tracking: Investors can track their investments in real-time, enabling them to make informed decisions.
4. Multi-lingual support: The platform offers support in multiple languages, making it accessible to investors from diverse linguistic backgrounds.
5. Secure: Vedartha uses advanced security measures to ensure the safety and integrity of investor data.
According to the company, Vedartha is designed to provide a one-stop solution for investors seeking to invest in Indian financial instruments. The platform is expected to attract a significant number of onshore and offshore investors, particularly those based in countries with limited access to Indian financial markets.
Bandhan AMC is a leading asset management company in India, with over 20 years of experience in managing investments. The launch of Vedartha is a significant step in the company’s strategy to expand its global reach and offer innovative investment solutions to investors worldwide. With Vedartha, Bandhan AMC aims to create a new era of wealth creation for investors, providing them with a platform to achieve their financial goals and aspirations.
A study reveals that DBS has solidified its position as the 5th most valuable bank brand in the Asia-Pacific region.
The report highlights the growth of banking brands in Asia-Pacific (APAC) and globally, with Singapore’s DBS being the fifth most valuable bank brand, with a brand value of $17.2 billion, and ranked 17th globally. OCBC and UOB also made it to the Top 70 of the global rankings, with OCBC climbing seven positions from 2024. The brands’ growth was driven by increased interest income, card fees, and wealth management and loan-related income.
Brand Finance, a London-based brand valuation consultancy, estimates the brand’s value by computing a royalty rate that would be charged for its use, which is compliant with ISO 10668. The company conducts over 6,000 brand valuations annually.
According to the report, Bank of Singapore made its debut as the fifth strongest banking brand globally, with a Brand Strength Index (BSI) score of 94.7/100, despite its lower brand value. The rise of brand value in Singapore’s top banks highlights the sector’s resilience and adaptability.
Other notable findings include ICBC retaining its position as the most valuable banking brand in the world for the ninth consecutive year, growing 10% to $79.1 billion. UK neobank Revolut was the fastest-growing banking brand globally, with a 795% increase in brand value to $1.9 billion, driven by strong revenue growth, customer expansion, and significant marketing investment.
The report also notes that BCA retained its top spot in terms of strength, with a BSI score of 97.1/100, reinforcing the growing strength of local and regional banks. Overall, the report highlights the importance of brand familiarity, customer trust, and sustained investment in innovation, customer engagement, and brand strength to maintain a strong brand presence in the ever-changing banking landscape.
Axis Securities PMS’ Neeraj Gaurh predicts FY26 recovery will be driven by lower taxes and reduced government spending, advocating for a focus on pharma and consumer segments over IT.
Axis Securities PMS Fund Manager Neeraj Gaur is optimistic about the Indian economy and markets in FY26, citing factors such as a stable currency, improved FPI flows, higher government capex, and the lower income tax benefit from April. He expects a turnaround in the economy, driven by high-frequency economic indicators improving from May/June 2025 and system credit growth increasing in the second half of the year.
Gaur believes that investors should not judge mutual funds solely on 1-year performance, but rather look at 3-year and 5-year performance. He advises investors to re-evaluate their fund holdings if they have underperforming funds and consider shifting assets to fixed-income or balanced funds to weather market fluctuations.
In terms of his own fund strategies, Gaur’s Axis Securities Pure Growth fund outperformed the market in February, while his Axis Securities Pure Contra and Axis Securities Kaizen strategies underperformed. He plans to reduce his banking underweight position if liquidity improves and maintain his overweight position in pharma and discretionary consumption sectors.
Gaur also sees opportunities emerging in the global exports space due to uncertainty around Trump Tariffs, and is positive on pharma exports and the textile sector. He expects India’s growth story to remain compelling over a multi-year horizon, driven by a young demographic and structural reforms.
Deadline Alert: TMB Bank extends application window for 2025 recruitment drive until March 23, 2025 – MSN
TMB Bank has extended the application deadline for its hiring process to fill various positions. The last date to apply is now March 23, 2025. This is an excellent opportunity for job seekers to join a renowned financial institution and advance their careers.
The bank is seeking candidates for various roles, including Probationary Officer (Scale I), Manager (Scale III), and Chief Manager (Scale IV). Candidates with a bachelor’s degree in any discipline, as well as those with a degree in engineering, are eligible to apply. The selection process will consist of an online exam, followed by a interview and a medical examination.
For the Probationary Officer position, candidates must have a minimum of 60% marks in their aggregate degree. The age limit is 21-30 years, and the selection process will be based on the online exam, followed by a personal interview.
For the Manager (Scale III) position, candidates must have a minimum of 60% marks in their graduate degree or a postgraduate degree with a minimum of 50% marks. The age limit is 21-32 years, and the selection process will be based on the online exam, followed by a group discussion, and a personal interview.
For the Chief Manager (Scale IV) position, candidates must have a postgraduate degree in any discipline with a minimum of 60% marks. The age limit is 21-35 years, and the selection process will be based on the online exam, followed by a group discussion, and a personal interview.
The TMB Bank Recruitment 2025 is a great opportunity for those looking to start or continue their banking careers. With a variety of roles available, candidates can apply online through the official TMB Bank website until March 23, 2025. It is essential to submit the application form with all the required documents and pay the application fee before the last date to ensure eligibility for the selection process.
The Reserve Bank of India (RBI) has cleared a 2-rupee surge for financial transactions, a move expected to impact the country’s banking and financial landscape – Banking & Finance News
The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees, effective May 1. The revised fees will see a 12% increase in the fee for financial transactions, such as cash withdrawals, and a 16.7% increase for non-financial transactions, like balance enquiries. The increased fees will be paid to other banks when their customers use ATMs of another bank. While banks have not yet decided whether to pass on the increased fees to customers, experts believe that customers will ultimately bear the brunt.
The RBI previously revised interchange fees in June 2021, and the current increase is expected to have a greater impact on smaller banks with limited ATM networks. The increase in interchange fees was requested by white-label ATM operators, who were finding it difficult to operate under the current fee structure. While the RBI has approved the increase, it is now up to banks to decide whether to pass it on to their customers.
The increased interchange fees may lead to a significant payout from small banks to other banks, making it a challenging situation for banks with limited ATM networks. If small banks absorb the increase, it will hurt their profitability, while passing it on to customers will upset them. As a result, customers may see increased fees for their ATM transactions in the coming months.
Karur Vysya Bank slapped with ₹160 crore demand notice from IT Department
Karur Vysya Bank has received a notice from the Income Tax Department’s assessment unit regarding a tax demand of ₹160.33 crore for the assessment year 2023-24, which pertains to the financial year 2022-23. The demand is due to certain additions and disallowances made by the tax authorities. The bank has disclosed that it is currently preparing to file an appeal with the first appellate authority to challenge the disallowances.
The bank is confident that it has sufficient legal grounds to defend the demand and is hoping that the appeal will be successful, which would result in the demand being set aside. Despite the notice, the bank has assured that the demand will not have any impact on its financial, operational, or other activities.
The bank’s statement suggests that it is taking a proactive approach to address the issue by preparing an appeal and is optimistic about the outcome. This approach demonstrates the bank’s commitment to transparency and its ability to manage challenges in a responsible manner. The notice from the tax authorities is a common occurrence for any business, and the fact that the bank is taking steps to address it ensures that it can continue to operate smoothly and serve its customers without disruption.
The news about the tax demand has been shared publicly by the bank, providing investors and stakeholders with transparency and disclosure regarding the issue. This shows that the bank is committed to keeping its stakeholders informed about material developments and is willing to address any concerns they may have. Overall, the news does not suggest any significant concerns for the bank’s financial performance or stability, and it is likely to be business as usual for the bank.
Public Sector Banks’ Dividend Payout Sees 33% Surge in FY24, Centre Reveals
According to the Centre, public sector banks have seen a significant increase in their dividend payout, rising by 33% in FY24. This is a notable improvement from the previous year’s dividend payout. The Centre’s statement notes that public sector banks have paid out ₹1.34 lakh crores to the government in FY24, a significant rise from the ₹1.01 lakh crores paid out in the previous year.
The government has been pushing public sector banks to increase their dividend payout as a way to improve their financial health and increase their ability to lend to the economy. The rise in dividend payout is seen as a positive development for the government, which can use this increased revenue to reduce its fiscal deficit and fund other development projects.
Furthermore, the Centre has also mentioned that public sector banks have seen a significant improvement in their asset quality, with gross non-performing assets (NPAs) decreasing by ₹1.35 lakh crores in FY24. This is a significant improvement from the previous year’s outstanding NPAs of ₹4.63 lakh crores.
The government has also stated that public sector banks have made significant recoveries in FY24, with recoveries worth ₹1.46 lakh crores, which is more than the provisioning done for bad loans. This indicates that public sector banks are taking steps to recover bad debt and improve their financial health.
In addition, the Centre has also highlighted that public sector banks have increased their lending to critical sectors such as agriculture, micro, small and medium enterprises (MSMEs), and housing. This increased lending is expected to have a positive impact on the economy, as it will help to increase credit availability to these sectors and fuel growth.
Overall, the Centre’s statement suggests that public sector banks are showing signs of improvement, with improved dividend payout, improved asset quality, and increased lending to key sectors. This is a positive development for the government and for the economy, as it may indicate that the banking sector is on the path to recovery. However, it remains to be seen whether these trends will continue in the future and whether the banking sector will be able to maintain its momentum.
High Court directs Punjab National Bank to pay ₹5 lakh in compensation to former employee
The Bombay High Court has pulled up the Punjab National Bank for conducting a “manipulated” inquiry against a former employee, Vinayak Balchandra Ghanekar. Ghanekar, a 63-year-old former employee, was dismissed after a departmental inquiry in 2018, just days before his retirement. He claimed that the inquiry was unfair and violated his rights, as he was given only one day to study the documents and respond to the charges.
The court, in its verdict, criticized the bank for failing to adhere to the correct procedure in conducting the inquiry, stating that it was one of the “worst kinds of any departmental enquiry”. The court also questioned the speed of the entire inquiry, highlighting that the 169-page enquiry report was prepared overnight. The court found no analysis of the documentary evidence and therefore found no reasons to hold Ghanekar guilty.
The court allowed Ghanekar’s writ petition, quashing the orders of the appellate authority and the reviewing authority, and directed the bank to pay a compensation of ₹5 lakh to Ghanekar within 30 days. The court also directed the bank to hold a fresh inquiry, preferably by a practicing advocate unconnected with the bank, and suggested an alternative to resolve the issue amicably if they desire a “golden handshake” and give a quietus to the matter.
This case highlights the importance of ensuring that employees are given a fair and reasonable opportunity to defend themselves against allegations, and that procedural justice is not compromised. The court’s verdict serves as a reminder to employers to ensure that their actions are transparent and fair, and to respect the rights of their employees.
Bank of Baroda introduces its cutting-edge ‘CorpConnect’ mobile app, designed to cater specifically to the needs of corporate clients.
Bank of Baroda (BoB) has launched a new mobile app called “mDigiNext” to cater to the cash management needs of its corporate customers. This dedicated cash management services app offers payment functionalities that enable businesses to manage their working capital and cash flows efficiently, resulting in greater operational efficiency and speed. The app provides 24/7 access to essential financial tools, empowering corporates to make swift and informed financial decisions.
The app offers various features such as one-to-one transaction creation and authorization, bulk upload authorization and rejection, end-to-end transaction tracking, and real-time transaction status inquiries. It also allows users to access account summaries, view a consolidated dashboard of all group entities, and includes enhanced security features with OTP verification and 3-Factor Authentication. The app is currently available on Android and will soon be available on iOS.
Debadatta Chand, Managing Director & CEO of Bank of Baroda, said that the app combines a user-friendly interface, advanced tools, and capabilities with seamless execution, enabling customers to stay agile in a competitive business landscape.
The launch of mDigiNext is aimed at streamlining cash management operations and workflows for corporates, providing them with greater control and flexibility in managing their finances. With the app, corporates can now access and manage their accounts and transactions remotely, 24/7, empowering them to make quicker and more informed financial decisions. Overall, the mDigiNext app is designed to provide a convenient, secure, and efficient way for corporate customers to manage their cash management needs with Bank of Baroda.
IL&FS Engineering Receives a Show Cause Notice from Indian Overseas Bank, According to TipRanks
IL&FS Engineering and Construction Company Limited (IL&FS Engineering) has received a show cause notice from Indian Overseas Bank, citing alleged discrepancies in the company’s accounts. The notice is reportedly in connection with a loan facility of ₹1,600 crore (approximately $220 million) provided to the company.
According to reports, Indian Overseas Bank has alleged that IL&FS Engineering failed to comply with the loan agreement, leading to a substantial shortfall in the company’s performance. The bank has demanded a detailed explanation from the company on the utilization of the loan proceeds and has asked for a list of completed and ongoing projects funded by the loan.
IL&FS Engineering, on the other tipRanks
India’s State Bank of India’s ATM Spits Out Counterfeit 500 Rupee Notes, Police Immediately Halt Operations
A unexpected surprise for the residents of Shahjahanpur’s Kalan area! A State Bank of India (SBI) ATM in the Moradabad-Farrukhabad State Highway dispensing counterfeit 500 rupee notes has left customers stunned and authorities scrambling to investigate. The ATM was sealed on Saturday after multiple complaints were received, with the police taking swift action to secure the machine and launch a probe.
The issue came to light on Friday when customers reported receiving suspicious-looking 500 rupee notes from the ATM. Three residents, Akash, Sumit, and Shivkumar, reported receiving fake notes with glaring errors, including a “Churan” label and a replaced phrase “Reserve Bank of India” with “Full of Fun” in English. These counterfeit notes appeared authentic but possessed clear signs of forgery.
The police immediately responded, shutting down the ATM until bank officials inspect its cash cassettes on Monday. SBI’s Lead District Manager R.R. Tiwari assured a thorough investigation, stating that all ATMs undergo strict cash verification, and they will identify how fake notes entered the system.
However, the incident raises concerns about loopholes in cash-handling protocols. ATM cash is typically verified using high-end scanners, but these counterfeit notes, matching the size, color, and design of genuine notes, have evaded detection. The police will examine CCTV footage, review cash replenishment timelines, and identify whether the fraud occurred during cash loading or due to technical failure.
Parents of Shahjahanpur are advised to be vigilant and report any discrepancies in notes to banks or the police. The incident highlights vulnerabilities in India’s cash distribution systems, and the effort to address these vulnerabilities is ongoing.
As the investigation unfolds, authorities stress that dispensing counterfeit currency is a punishable offense, carrying penalties up to life imprisonment. The SBI ATM fake notes incident serves as a wake-up call to remain cautious, and residents are eagerly awaiting answers on how fake notes infiltrated a trusted SBI machine.
Breaking News: Union Bank of India Releases Admit Card for 2025 Written Examination – Get the Latest Updates and Details Now
The Union Bank of India (UBI) has invited online applications for the recruitment of 2691 apprentices under the Apprentices Act, 1961. The selected candidates will undergo a one-year apprenticeship training at various branches and offices of UBI. The online test for apprentices will be held on 23rd March 2025 and will be conducted in various cities across India. The exam will be held in English and Hindi, except for the English section.
The online applications were accepted from 19th February 2025 to 12th March 2025, and candidates can now download their admit cards from the official website. The admit cards will be available on the website from 18th March 2025, and candidates must download them online, as no hard copy will be sent by post.
The selection process will consist of the following stages: online test, test of local language, medical examination, document verification, and final selection. The online test will assess candidates’ knowledge in general awareness, English, reasoning, quantitative aptitude, and computer knowledge. The test will be an objective-type test with a total duration of 60 minutes and a maximum mark of 100.
To download the admit card, candidates can follow these steps: visit the official website, click on the “Careers” section, find the link for “UBI Apprentice Call Letter” and click on it, enter the registration number and password/date of birth, and click on the submit button. The admit card will be displayed on the screen, which can be downloaded and printed.
Unlock Unbeatable Value with MoneyMaster PSB – Get 100% Airtime Bonus on Your Subscription!
MoneyMaster PSB, Nigeria’s leading payment service bank, has announced a 100% airtime bonus offer for its customers who use Glo lines to access its various banking channels. This offer is intended to reward existing loyal customers and attract new ones to open a MoneyMaster account and enjoy similar benefits. The airtime bonus is part of the bank’s effort to empower Nigerians to “master their money” through efficient offers that make every naira count.
The offer is available to customers who use their Glo lines to access MoneyMaster’s banking channels, including the app, USSD code *995#, and web banking. The bank’s Acting CEO, Williams Akalumhe, stated that the introduction of the offer is a demonstration of the bank’s commitment to supporting customers in getting the best reward for their hard-earned money.
The 100% airtime bonus is expected to save customers the cost of communication and keep them connected to interact with others or conduct business. The offer is set to run until May 2025. According to Julius Arhebun, the bank’s Head of Business Development, the bonus will “delight” customers and provide them with a more convenient and cost-effective way to manage their communication needs.
Overall, the 100% airtime bonus offer is a further demonstration of MoneyMaster PSB’s commitment to providing its customers with a range of benefits and Lifestyle solutions that make it easier for them to manage their finances and navigate everyday life.
As the lucrative bank IPO market of the past decade saw IDFC First, Bandhan, RBL, Ujjivan, and Suryoday venture forth, the quest for the next HDFC Bank giant proves to be a reverse, with none managing to replicate its spectacular success.
The article highlights the struggles of banking stocks, particularly private banks that listed in the last decade. Despite being seen as having growth potential, many of these banks have underperformed the market, leading to significant losses for investors who tried to identify the “next HDFC Bank”. Out of 13 private bank IPOs in the last decade, only 2 have posted positive returns since their IPO, and none have beaten the index. Even larger banks, such as Federal Bank, have only managed to keep pace with the Nifty Bank index, with a CAGR of 10%.
The article suggests that “fortune favors scale”, implying that larger banks are more likely to perform well over the long-term. This is reflected in the Nifty Bank index, where the top 5 constituents (HDFC Bank, SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank) account for 86.5% of the combined market capitalization of all Nifty Bank constituents, up from 17.5% in 2015.
The article concludes that investors would be better off buying the index rather than trying to pick individual stocks in the banking sector. This is a decade-long lesson learned, with many investors having lost money trying to identify the next high-performing bank. As legendary investor John Bogle once said, “Don’t look for a needle in the haystack. Just buy the haystack.” This piece of advice may be particularly relevant for long-term investors who are not sure how to pick stocks in the banking sector.
RBI has elbow room to facilitate further growth with potential rate cuts of 50-75 basis points by March 2026, suggests Crisil.
According to a recent report by Crisil, the Reserve Bank of India (RBI) has the space to implement further rate cuts by 50-75 basis points (bps) by March 2026. This is due to the expected easing of inflation, which is projected to soften to 4.4% in fiscal 2026 from 4.7% in fiscal 2025. The report points out that continuing fiscal consolidation has paved the way for monetary easing.
However, the report also highlights several factors that could impact the rate-cutting cycle, including US tariff hikes, moderating US Federal Reserve (Fed) rate cuts, and geopolitical and weather-related risks. The RBI’s Monetary Policy Committee (MPC) recently cut the policy rate by 25 bps in February, its first rate cut since May 2020. Despite this, the MPC maintained a neutral stance, giving it flexibility to remain data-dependent and respond to global shocks.
The report notes that food inflation is expected to ease further, supported by healthy crop yields, a normal monsoon, and soft global food prices. Additionally, a high base for food inflation this fiscal year will provide some relief, and expectations of benign global commodity prices will help keep non-food inflation in check. Overall, the report suggests that the RBI has the room to implement further rate cuts, but will need to remain vigilant and responsive to changes in the global economy.
Canara Bank generously donates cricket equipment to a local medical college, promoting grassroots sports and supporting the next generation of healthcare professionals.
Canara Bank, as part of its Corporate Social Responsibility (CSR) initiative, has donated cricket kits to Nizamabad Government Medical College. The event, which took place in Nizamabad, was attended by several prominent officials from Canara Bank, including Hyderabad Circle head B Chandrasekhar, Nizamabad region head AGM B Srinivas, and divisional manager Pradeep Vasant. Additionally, staff from the regional office were also present.
The medical college’s principal, Dr. Shiva Prasad, vice principal, Dr. Jalagam Tirupathi Rao, assistant director, AD Sudharshan, and superintendent, Nagaraju, participated in the event and expressed their gratitude to the Canara Bank officials for their generous donation. The cricket kits donated by the bank will undoubtedly benefit the students of the medical college, providing them with the opportunity to engage in physical activities and develop their skills in a healthy and competitive environment.
The CSR initiative is a testament to Canara Bank’s commitment to giving back to the community and empowering young minds. The donation is also a reflection of the bank’s role in supporting education and sports, as well as its dedication to creating a positive impact on society. The event marked a significant milestone for Canara Bank in the Nizamabad region, as it solidified its position as a responsible and socially conscious corporate entity.
Overall, the cricket kit donation by Canara Bank to Nizamabad Government Medical College is a valuable gesture that will have a lasting impact on the students and community. It is a shining example of corporate social responsibility in action, and a testament to the bank’s commitment to making a difference in the lives of those around them. By supporting education and sports, Canara Bank is not only contributing to the development of young talent, but also shaping the future of the nation.
Attention Vistara Credit Cardholders: Key partners SBI, Axis, and IDFC First to revise benefits starting April 2025 – Goodreturns
Vistara Credit Cardholders Alert: SBI, Axis, IDFC First To Modify Benefits From April 2025
Several prominent banks, including State Bank of India (SBI), Axis Bank, and IDFC First Bank, have informed their Vistara Credit Cardholders that certain benefits will be modified from April 2025. This move is likely to affect thousands of cardholders across the country.
As part of the modification, the respective banks will be introducing new features and reforms to their reward points, and other benefits associated with the Vistara Credit Card. Some of the changes include:
- Reward Points: The banks will merge the existing reward points with a new point-based system, which will be applicable on transactions made after April 2025. The new system is expected to provide more flexibility and options for redemption.
- Cardholders’ Tier-wise Benefits: The banks will no longer offer separate tier-wise benefits. Instead, they will offer a single-tier redemption system, which will apply to all cardholders.
- Fuel Surcharge Waiver: The current fuel surcharge waiver of 1% is set to expire, and cardholders will need to pay the full charge on transactions made at petrol pumps.
- Domestic and International Airport Lounge Access: The existing lounge access will be discontinued, and cardholders will only be able to access selected lounges with a fee.
- Return of Interest: The interest rates on interest-free periods for credit card transactions will be revised, and cardholders will be charged interest rates accordingly.
To ensure a smooth transition, the banks have requested cardholders to:
- Continue using their existing Vistara Credit Card until the modification takes effect in April 2025.
- Update their contact details with the respective banks to receive notifications regarding the changes.
- Review and understand the new benefits and terms and conditions associated with their Vistara Credit Card.
It is crucial for Vistara Credit Cardholders to be aware of these changes and their impact to make informed decisions regarding their credit card usage. With these modifications, cardholders can adapt to the new system and maximize the benefits from their credit cards.
DBS Foundation awards SGD 4.5 million in funding to 22 social enterprises, with four recipients hailing from India, to drive positive impact.
DBS Foundation has selected 22 Businesses for Impact (BFIs) from across its key markets, including four from India, to receive funding under its Annual Grant Award program. The selected businesses will receive a total of SGD 4.5 million to scale their operations and benefit over 800,000 beneficiaries over the next two years. The BFIs are aligned with DBS Foundation’s focus areas, including providing essential needs, fostering inclusion, and tackling the challenges of ageing societies.
One-quarter of the grantees are dedicated to addressing the challenges of ageing societies, building on DBS Foundation’s efforts to scale longevity businesses that meet the needs of ageing populations. The grant program aims to empower innovative social enterprises and small-and-medium enterprises (SMEs) that drive positive impact by providing them with capital and expertise to scale.
The four grantees from India are:
1. Hasiru Dala Innovations, which aims to build a world with no waste and no waste pickers, and will use the grant to upgrade its plastic waste processing capacity in Bengaluru and expand to new markets.
2. Atypical Advantage, which is India’s largest livelihood platform for people with disabilities, and will use the grant to run skills-training centers and develop inclusive training material.
3. Neurosynaptic Communications, which brings healthcare to rural areas through telemedicine, and will deploy the grant to establish two new centers to provide medical and consultation services.
4. Last Mile Care, which offers comprehensive healthcare services to workers and their families, and will use the grant to scale its model by setting up a large phygital healthcare unit in Odisha to serve industrial workers in the state.
The DBS Foundation grant program is part of the bank’s broader efforts to scale businesses that benefit vulnerable communities. Since 2015, the foundation has provided over SGD 21.5 million in grant funding to over 160 BFIs.
IDBI Bank Faces Rs 36-Lakh Penalty for Violating Foreign Exchange Regulations
The Reserve Bank of India (RBI) has imposed a penalty of ₹36 lakh on IDBI Bank for violating the Foreign Exchange Management Act (FEMA). This decision was made after the bank failed to comply with certain regulations related to the foreign exchange transactions.
According to the FEMA, financial institutions like IDBI Bank are required to maintain detailed records of foreign exchange transactions, report suspicious transactions, and follow guidelines on the sale and purchase of foreign currency. However, IDBI Bank failed to adhere to these regulations, resulting in FEMA violations.
The RBI investigation revealed that the bank had defaulted on uploading the information related to foreign exchange transactions to the Reserve Bank’s reporting system and had also failed to submit the required reports in a timely manner. Additionally, the bank had also failed to put in place adequate procedures to ensure compliance with FEMA regulations.
The RBI has imposed a penalty of ₹36 lakh on IDBI Bank, which is approximately $47,000, for these violations. This is one of the largest penalties imposed by the RBI on a bank for FEMA violations.
The IDBI Bank has been directed to pay the penalty within a specified period, and the bank has also been directed to ensure that it complies with FEMA regulations in the future. The RBI has also asked the bank to submit a compliance report within a specific time frame to confirm that these issues have been rectified.
This penalty is a stern warning to other banks and financial institutions in India to ensure that they comply with FEMA regulations and maintain adequate procedures to ensure compliance. The RBI is committed to ensuring that the financial sector in India remains stable and that banks abide by the rules and regulations.
The IDBI Bank has been an important player in India’s financial sector, and this penalty serves as a reminder to the bank and other financial institutions to prioritize compliance with regulations.
HDFC Bank Introduces the Embassy Fixed Deposit Scheme: Who’s Eligible, Interest Rates, and Key Details – MSN
HDFC Bank, one of India’s leading private sector banks, has introduced the Embassy Fixed Deposit (FD) scheme, a new investment option for its customers. The scheme is designed to provide a fixed return with a guaranteed interest rate, making it an attractive option for those looking for a low-risk investment.
Eligibility:
The Embassy Fixed Deposit is open to individual customers of HDFC Bank, including minors above 18 years of age, who have a savings or current account with the bank. The scheme is also available to HUFs, Partnership Firms, and Companies that have a current or savings account with HDFC Bank.
Interest Rates:
The interest rates for the Embassy Fixed Deposit vary depending on the tenor (duration) of the deposit. The rates range from 2.50% to 5.50% per annum. Here are some examples:
- 7 days to 14 days: 2.50% per annum
- 15 days to 1 year: 3.00% per annum
- 1 year to 2 years: 3.50% per annum
- 2 years to 3 years: 4.00% per annum
- 3 years to 5 years: 4.50% per annum
- 5 years to 10 years: 5.50% per annum
Key Features:
- Low-risk investment option with guaranteed returns
- High-yielding interest rates compared to other savings instruments
- Flexibility to choose from various tenors
- Can be opened in a single name or jointly
- Interest can be paid quarterly, yearly, or compounded
- Premature withdrawal allowed with a penalty
Documents Required:
To open an Embassy Fixed Deposit, customers need to submit the following documents:
- Proof of address (like a utility bill, lease agreement, or a copy of the electricity bill)
- Proof of identity (like a passport, driver’s license, or a PAN card)
- A cancelled cheque or a cheque book leaf
- Other documents as required by the bank
Overall, HDFC Bank’s Embassy Fixed Deposit offers a low-risk investment option for customers looking for a guaranteed return. With a range of interest rates and tenors to choose from, it is an attractive option for individuals, HUFs, and companies looking to park their surplus funds.
The Deputy Director-General of Public Service Broadcasting has been suspended due to allegations of misrepresentation.
The Federal government has suspended Pakistan Sports Board (PSB) Deputy Director General Mohammad Shahid Islam for allegedly providing false information about the credentials of a kabaddi player, Heera Butt. The alleged falsification was detected when it was found that Heera was not a part of the national team and had no notable international achievements, contrary to the claims made. The Intelligence Bureau (IB) has been tasked with investigating the matter. The suspension order was issued by the IPC Ministry, citing that Heera’s name was forwarded to the federal government for a medal nomination despite having no official representation at the national level.
The suspension is not the only issue plaguing Shahid Islam, as his promotion to Deputy Director General position is also under legal scrutiny. A case is currently pending before the Islamabad High Court, and a division bench is hearing the intra-court appeal. The court has expressed dissatisfaction with the counsel representing Shahid Islam, citing lack of preparation and has directed the PSB’s HR Director to appear at the next hearing. The suspension is a significant development in the ongoing case, which has been marked by controversy surrounding Shahid Islam’s career. The investigation is ongoing, and it remains to be seen how the situation unfolds.
IndoStar Capital Finance Secures Regulatory Nod for Subsidiary Divestiture, according to TipRanks
IndoStar Capital Finance, a leading non-banking finance company, has received approval from the Reserve Bank of India (RBI) for the sale of its subsidiary, TipRanks. The sale is part of IndoStar’s strategy to focus on its core business of lending and reduce its non-core assets.
As part of the deal, IndoStar will sell its entire stake in TipRanks, a business which provides data analytics and insights to the financial markets. The exact terms of the deal have not been disclosed, but the sale is expected to generate a significant amount of cash for IndoStar to reduce its debt and strengthen its balance sheet.
The sale of TipRanks is a significant step for IndoStar in its efforts to sharpen its focus on its core lending business. The company has been facing challenges in recent times, including rising bad debt and increasing competition in the non-banking finance industry. The sale of TipRanks is seen as a way for IndoStar to prune its non-core assets and focus on its core strengths, which is lending to small and medium-sized enterprises (SMEs) and individual customers.
The RBI approval is a significant development for IndoStar, which has been facing regulatory issues in the past. The company has been under the scanner of the RBI and other regulatory authorities due to its high level of exposures to certain sectors, including real estate and construction. The sale of TipRanks is expected to help IndoStar to address some of these concerns and reduce its exposure to certain sectors.
IndoStar’s decision to sell TipRanks is also seen as a vote of confidence in the Indian fintech sector, which has been growing rapidly in recent years. TipRanks is a leading player in the data analytics and insights space, and the sale of the company is expected to generate significant value for IndoStar’s shareholders.
In conclusion, the sale of TipRanks by IndoStar Capital Finance to an unnamed party has received RBI approval, marking a significant development for the company. The sale is expected to generate a significant amount of cash for IndoStar, which it will use to reduce its debt and strengthen its balance sheet. The deal is also seen as a sign of the company’s commitment to focus on its core business of lending and to prune its non-core assets.
Karnataka Bank SO recruitment 2025: Online applications open for CA, IT, and Law professionals – apply now and accelerate your career!
Karnataka Bank has announced recruitment for various positions of Chief Auditors (CA), IT, and Law professionals. The bank is seeking applications from qualified and experienced candidates for these roles. The application process for these positions has begun, and interested candidates can apply online on the official website of Karnataka Bank.
The jobs available under this recruitment drive include:
* Chief Auditors (CA): The bank is looking for Chartered Accountants with a strong background in auditing and a minimum of 5 years’ experience in the same field.
* IT Professionals: The bank requires IT professionals with a minimum of 2 years’ experience in the banking and IT industry, with expertise in areas such as digital banking, Bank’s core banking solution, and banking software applications.
* Law Professionals: The bank is seeking advocates with a minimum of 5 years’ experience in the field of banking laws, contractual laws, and other allied laws.
To be eligible, the candidates must possess the following qualifications and experience:
* For CA position: A Chartered Accountant (CA) degree from the Institute of Chartered Accountants of India (ICAI)
* For IT position: A Bachelor’s degree in Computer Science/IT or relevant field, and a minimum of 2 years of experience in the banking and IT industry
* For Law position: A law degree from a recognized university, and a minimum of 5 years of experience as an advocate
The selection process will consist of an online written test, followed by an interview. The test will assess the candidates’ knowledge, skills, and aptitude for the respective roles.
Candidates can apply online by visiting the Karnataka Bank website and following the instructions provided. The last date for submitting the application will be announced soon. The bank also expects candidates to attach their resume, ID proof, and educational certificates.
For further details on the recruitment process, eligibility criteria, and application procedure, candidates can refer to the Karnataka Bank’s official website or contact their nearest branch. It is essential to note that the bank will communicate with the candidates through SMS and/or email regarding the further details of the recruitment process.
Kashmir Chamber of Commerce and Industry (KCCI) requests the government to extend the special recapitalization plan of Jammu and Kashmir Bank by an additional two months.
The Kashmir Chamber of Commerce and Industry (KCCI) has called on J&K Bank’s Chief Executive Officer/Managing Director, Amitava Chatterjee, to extend the deadline of the bank’s Special One Time Settlement (OTS) Scheme by at least two months beyond the current closing date of March 31, 2025. The scheme, launched on January 1, 2025, allows borrowers to settle outstanding accounts and has received a positive response, but KCCI believes that many businesses still need more time to fully utilize the opportunity.
KCCI has received multiple representations from its members and potential beneficiaries expressing concerns about the current timeline, citing the challenges posed by harsh winter conditions and the ongoing holy month of Ramadhan, which has made it difficult for borrowers to liquidate assets to meet payment requirements. The business sentiment in Kashmir remains subdued, creating a challenging environment for distressed borrowers.
KCCI believes that an extension would help J&K Bank address non-performing assets while supporting broader economic rehabilitation efforts across the region. The Chamber argues that this extension is not only helpful but also essential for many distressed borrowers, who are struggling to recover from previous economic disruptions and mobilize necessary resources. By providing additional time, the bank can support the rehabilitation of these businesses, ultimately contributing to the overall economic growth and development of the region.
Equitas Small Finance Bank strengthens its association with Chennai Super Kings and Gujarat Titans as official partners for the T20 League 2025
Equitas Small Finance Bank has renewed its partnership with Chennai Super Kings (CSK) and Gujarat Titans (GT) as its official banking partner for the 2025 T20 League. This extension marks a six-year partnership with CSK and a three-year association with GT, solidifying the bank’s commitment to excellence, resilience, and community empowerment through its “Bank Behind Champions” campaign.
As part of the partnership, Equitas will feature prominently on the lead helmet of CSK and the back of the helmet of GT, highlighting its association with two of the league’s most successful teams. The partnership aims to integrate innovative banking services with the excitement of cricket, connecting customers with financial solutions that drive success.
The “Bank Behind Champions” campaign aims to empower customers with innovative financial solutions, seamless digital banking experiences, and unwavering support. The campaign will include outdoor advertising and localized activations in Chennai and Gujarat, awareness programs focused on CASA and loan products, and seamless access to digital banking solutions through DIY banking experiences.
Equitas Small Finance Bank’s partnership with CSK and GT is a strategic move to strengthen its presence in the digital banking space and position itself as a trusted financial partner for millions of Indians. The campaign seeks to connect with audiences through cricket, a sport that embodies the values of dedication, resilience, and excellence, which align with the bank’s brand ethos. With this partnership, Equitas is poised to reach a wider audience and promote its range of financial services, digital banking solutions, and CSR initiatives.
Robbers used an earthmover to attempt to break into an ATM in Jharsuguda, aiming to make off with the cash inside.
In a stunning incident of theft, unidentified miscreants attempted to steal an Automated Teller Machine (ATM) from the Central Bank of India in Jharsuguda, Odisha, using a stolen earthmover. The daring robbery took place at 1:30 am on Thursday, near the BTM chowk in Jharsuguda Sadar police limits. According to CCTV footage, the thieves used the earthmover to demolish the ATM kiosk and load the ATM onto the machine’s front shovel. They then drove away, but abandoned the earthmover and ATM on the side of the road and fled.
The ATM, which contained cash, was intact, but the thieves were unable to open it. The Jharsuguda Superintendent of Police, Smit P. Parmar, and the Sadar police Investigating Officer, Swapnamayee Gochhayat, arrived at the scene to investigate and recovered the earthmover and ATM. The police also registered a case based on a complaint filed by Officer of the Central Bank of India, Chaturbhuj Jena.
Additionally, the owner of the earthmover, Phulchand Kumar, also filed a complaint, stating that his machine, bearing registration number OD23 3877, was stolen from a parking lot in Mau district, Uttar Pradesh, the previous day. The police are now analyzing CCTV footage, detaining the earthmover’s owner and driver, and scanning CCTV cameras to identify the culprits. With further investigation underway, it remains to be seen if the thieves will be apprehended and the stolen earthmover and ATM recovered.
A potential 0.75% interest rate cut by SBI Research, effective April 1, is set to bring relief to borrowers – here’s what you can expect to gain.
The Reserve Bank of India (RBI) is likely to cut its repo rate by an additional 75 basis points (0.75%) in the 2025-26 fiscal year, starting from April 1, according to SBI Research. This is based on the research firm’s analysis of the current repo rate cut cycle, which was initiated in February 2025 with a 0.25% reduction.
The expected rate cut would benefit borrowers, particularly those with repo-rate-linked home or other loans, as the interest rates on these loans will decrease in sync with the repo rate. This would lead to lower monthly loan payments for borrowers.
SBI Research also forecasts that Consumer Price Index (CPI) inflation will moderate to 3.9% in Q4 FY25 and average 4.7% in FY25. In FY26, the inflation rate is expected to range between 4.0-4.2%, with core inflation at 4.2-4.4%.
The report notes that the RBI adjusts its repo rate at bi-monthly monetary policy meetings to keep a lid on inflation. The CPI inflation in February 2025, for instance, was at a seven-month low of 3.6%, with notable variations across states, including 7.3% in Kerala but only 1.5% in Delhi.
India’s exposure to US trade policies is relatively contained, but potential vulnerabilities still linger, according to the UBI Report.
A research report by the Union Bank of India suggests that India’s economy may be shielded from the full impact of US trade tensions due to its trade balance with the US. However, the final impact will depend on the contours of a trade deal between the two nations. The Indian Rupee has weakened by about 2% this year, despite the US dollar remaining weak. The Reserve Bank of India (RBI) has been working to combat the indirect impacts on liquidity and financial stability.
A slowdown in the global economy poses risks, but India may partially offset the impact through a weaker currency and lower oil prices. Higher tariffs on intermediate goods can increase production costs, leading to reduced profit margins for producers. India’s key exports, such as automobiles, gems and jewelry, steel, aluminum, pharmaceuticals, and textiles, are heavily dependent on the US market.
If US protectionist policies lead to retaliatory tariffs or import substitution measures from India, it could disrupt trade flows and impact businesses. Commodity-linked sectors, such as energy and metal producers, face unique challenges and opportunities due to global price fluctuations. Markets and investors remain cautious due to President Trump’s shifting stance on trade policies, which has created economic uncertainty.
Concerns over a potential US recession have resurfaced, with weaker consumer spending, declining business confidence, and unpredictable policy decisions affecting growth projections. The five-year breakeven inflation rate in the US has risen from 1.9% in September 2024 to 2.6% in February 2025, indicating higher inflation expectations. The report concludes that India’s policymakers must navigate these uncertainties to maintain stability and growth, while a trade deal with the US will be crucial in mitigating the impact of trade tensions.
Bank of Maharashtra Agrees to Acquire a Stake in RRB’s Tier-I Bonds
The Bank of Maharashtra is planning to invest up to ₹50 crore in tier-I perpetual bonds issued by Maharashtra Gramin Bank, a regional rural bank that it partially sponsors. This is a rare event, as regional rural banks are rarely issuers of bonds. Maharashtra Gramin Bank, which is jointly owned by Bank of Maharashtra (35%), the Centre (50%), and the Maharashtra government (15%), plans to raise a total of ₹70 crore through the issuance of tier-I perpetual bonds. The sponsor bank, Bank of Maharashtra, is expected to acquire ₹50 crore of the issue, with the remaining ₹20 crore being raised from the market. The bond issue is anticipated to be closed by the end of March. The bonds are expected to be priced at 10.15%, and this is not the first time Maharashtra Gramin Bank has issued tier-I perpetual bonds, having done so in December 2021.
IndusInd Bank has decided to engage an independent firm to investigate apparent irregularities in its derivative accounts, according to reports by The Economic Times.
IndusInd Bank is set to appoint an independent firm to investigate discrepancies in its derivatives business, following a Reserve Bank of India (RBI) directive. The bank had been under scrutiny after it was found to have deviated from the regulatory norms and guidelines in its derivatives dealings.
According to sources, the bank had issued derivative products to its customers without proper due diligence, resulting in potential losses for the bank. The RBI had recently detected the irregularities and ordered an investigation, prompting the bank to take swift action to rectify the situation.
As a result, IndusInd Bank has decided to appoint an independent firm to investigate the matter, which is expected to be completed in a few weeks. The investigation firm will examine the bank’s derivatives business, identify the irregularities, and suggest corrective measures to ensure compliance with regulatory norms.
The bank has also sought the assistance of the RBI to conduct the investigation and recommendations to strengthen the derivatives business. The bank is also reviewing its internal processes and procedures to ensure that they are in line with the regulatory requirements and best practices.
It is worth noting that IndusInd Bank is not the only bank to face such issues. Several other banks and financial institutions in India have similarly run into difficulties with their derivatives businesses, raising concerns about the overall health of the banking sector.
The appointment of an independent firm to investigate the matter is a significant step in addressing the concerns and restoring confidence in the bank’s operations. The bank’s commitment to transparency and accountability in handling the issue demonstrates its commitment to maintaining the trust of its customers, investors, and stakeholders.
In conclusion, IndusInd Bank’s decision to appoint an independent firm to investigate its derivatives business is a prudent step in addressing the concerns raised by the RBI and restoring confidence in the bank’s operations. The bank’s commitment to transparency and accountability is commendable, and it is expected to emerge stronger and more resilient from this challenge.
The Ministry of Sports has placed the Director-General of the Sports Board on administrative suspension.
Mohammad Shahid Islam, the Deputy Director General of the Pakistan Sports Board (PSB), has been suspended for three months due to his misleading of high-ups about the credentials of a kabaddi player, Heera Butt, who has no achievements or international representation for Pakistan. The suspension was ordered by the Secretary of the Ministry for Inter-Provincial Coordination (IPC) on March 19th. The notification states that Shahid Islam has been placed under suspension with immediate effect.
The Pakistan Kabbadi Federation (PKF) had previously written to the PSB to not consider Heera Butt for a medal, citing that he never represented the country internationally. Despite this, the PSB approved his name, prompting the PKF to take the matter up with the high-ups, leading to Shahid Islam’s suspension.
This is not the only controversy surrounding Shahid Islam’s career. He was demoted to a lower post in 2020, and an appeal against the decision is currently pending in the Islamabad High Court. In a recent hearing, the court expressed displeasure over the lack of preparation by the petitioner’s lawyer and inquired whether the petitioner was still in service, to which the lawyer confirmed that Shahid Islam was still holding the post of Deputy Director General in the Pakistan Sports Board. The court noted that it had given a decision in this regard in 2020 and expressed surprise that the matter was still pending.
Bandhan Bank Embarks on AI-Enabled Digital Journey with Salesforce
Bandhan Bank, a private lender with a large presence across India, has partnered with technology giant Salesforce to enhance its loan origination systems and provide a seamless digital banking experience. The bank has integrated multiple loan origination systems into AI-driven platforms powered by Salesforce, streamlining the lending process and improving efficiency. Since transitioning its core banking system in October 2023, Bandhan Bank has been focused on digital transformation, product innovation, and operational efficiency.
The partnership with Salesforce has enabled the bank to optimize the loan process from onboarding to approval and disbursement through the use of artificial intelligence (AI). AI plays a crucial role in this transformation, improving loan quality, trade finance, payment processing, fraud detection, and risk management. Automation and data-driven decision-making have helped the bank enhance efficiency and security while building a more robust financial ecosystem.
Arundhati Bhattacharya, President and CEO of Salesforce South Asia, emphasized the importance of innovation, trust, and security in the banking industry. Ratan Kumar Kesh, Executive Director and Chief Operating Officer of Bandhan Bank, highlighted the benefits of the partnership, which includes building a scalable, AI-powered digital platform that enhances speed, agility, and operational excellence.
In a related development, Pothys Swarna Mahal, the jewelry arm of retail giant Pothys, has also partnered with Salesforce to improve customer engagement through AI-driven solutions. By adopting Salesforce’s Marketing Cloud, Service Cloud, and Commerce Cloud, Pothys Swarna Mahal aims to create a more personalized and integrated shopping experience across multiple digital and social platforms.
J&K Bank launches comprehensive month-long awareness initiative to educate public on consumer rights
To mark World Consumer Rights Day on March 15th, Jammu and Kashmir Bank has launched a month-long awareness campaign to educate its customers about their rights and grievance redressal mechanisms. The initiative is aligned with the Reserve Bank of India’s (RBI) efforts to enhance public awareness about consumer protection and responsible banking. The campaign highlights the key themes of the RBI’s Charter of Customer Rights, including the right to fair treatment, transparency, fair and honest dealing, suitability, privacy, and grievance redressal and compensation. The bank is also emphasizing the importance of timely compensation for financial losses resulting from deficiencies in banking services.
The MD & CEO of Jammu and Kashmir Bank, Amitava Chatterjee, stated that empowering customers with knowledge about their rights is essential for responsible banking. The campaign aims to ensure that customers are well-informed about their rights, enabling them to make prudent and secure financial decisions. The bank is committed to upholding the highest standards of customer service and addressing grievances promptly and fairly.
The campaign is being rolled out through various channels, including television, radio, print media, and social media platforms. The bank is also utilizing its network of business correspondents, financial literacy centers, and signages to disseminate information through interactive sessions. This initiative demonstrates the bank’s dedication to customer-centric banking and its commitment to strengthening its relationship with its valued customers.
Explore the Top 7 Affordable Microfinance Banks in India
ESAF Small Finance Bank is a lending institution that provides microfinance solutions with competitive interest rates, specifically designed for small business owners and individuals in rural areas. The bank’s community-based lending model prioritizes women-led enterprises and self-help groups, recognizing the potential for economic empowerment through financial inclusion. ESAF’s loan offerings cater to a range of needs, including agriculture, small trade, and personal needs, with flexible repayment structures in place to ensure borrowers can manage their debt.
At ESAF, social impact is a key consideration, and the bank’s approach is guided by the goal of financial inclusion. By providing access to credit, ESAF aims to support low-income borrowers and help them build a better future. The bank’s focus on microfinance solutions with low interest rates enables borrowers to take control of their financial lives, invest in their businesses, and improve their overall well-being.
By targeting rural areas and underserved communities, ESAF addresses a significant gap in access to finance, which often hinders economic development and growth. The bank’s commitment to women-led enterprises and self-help groups also acknowledges the critical role that women play in driving economic progress and achieving financial stability.
ESAF’s approach is based on a collaborative and community-driven model, where borrowers and investors come together to drive sustainable economic development. By working closely with local communities, the bank builds strong relationships and fosters trust, ultimately leading to successful loan dispersals and repayment outcomes.
Overall, ESAF Small Finance Bank is a vital player in the microfinance sector, dedicated to promoting financial inclusion, social impact, and economic growth. Through its community-based lending model, the bank is empowering small business owners, individuals, and entrepreneurs in rural areas, giving them the tools and resources needed to build a better future. As a leader in rural finance, ESAF is committed to creating a more equitable financial landscape, where everyone has access to the resources they need to thrive.
Starting from April, will a standard five-day banking week become the norm? The government has made its intentions clear: [insert clarification/apiel on the government’s statement].
A recent news report by Lokmat Times has sparked speculation that Indian banks will switch to a 5-day workweek starting from April 2025, citing a new regulation allegedly issued by the Reserve Bank of India (RBI). According to the report, banks would remain closed on all Saturdays and Sundays, following the same schedule as government offices. However, the Press Information Bureau (PIB) has debunked this claim as “fake news”, stating that the RBI has not issued any official notification on this matter.
There have been discussions between the RBI and the Indian Banking Association (IBA) regarding a 5-day workweek for banks, which would better balance employees’ professional and personal lives. However, the current guidelines allow for banks to be closed on the second and fourth Saturdays of every month, while remaining open on the first, third, and fifth Saturdays.
The possibility of a 5-day workweek for banks is uncertain, as the RBI has not confirmed any changes. The banking unions have been advocating for a reduction in the workweek, citing global banking norms and the need for better employee welfare. While the report by Lokmat Times has sparked widespread speculation, the PIB has clarified that any changes to the banking schedule would be communicated through official channels. As of now, banks will continue to operate on the existing schedule, with Sundays remaining a non-working day.
Canara Bank achieves victory in the 2025 All India Public Sector Hockey Tournament
The 2025 All India Public Sector Hockey Tournament was held at the SAI hockey ground in Kolkata, and Canara Bank from Bengaluru emerged as the champions. They defeated Union Bank of India from Mumbai 4-2 in a penalty shootout after the match ended 3-3 in regular time. The winning score was 7-5 in favor of Canara Bank.
The championship was organized by Coal India Ltd, and the trophy was presented by former India Hockey captain and double Olympic bronze medalist P.R. Sreejesh and Vinay Ranjan, Director (P & IR) Coal India Limited. The event was attended by dignitaries including Ramesh Sachdeva, Consultant (AIPSSCB), Victor Anthony, Selector (AIPSSCB), Executive Director, General Managers, and HODs from CIL Headquarters.
In his address, Sreejesh congratulated the management of CIL for promoting hockey among public sector undertakings and advised the company to promote young talents in the field of sports. Dr. Vinay Ranjan emphasized the company’s commitment to promoting sports activities, including the Khelo India initiative, and mentioned that CIL has organized various sports events, including a marathon in Jharkhand and Odisha.
The final match was a high-scoring affair, with Union Bank of India dominating the game with their attacking prowess. Canara Bank fought back with timely counterattacks, and the match ended 3-3 after 60 minutes. The penalty shootout saw K.P. Dinesh, Yathish Kumar, G.N. Pruthviraj, and Likhith B.M. successfully convert for Canara Bank, while Darshil and Rahul C.J. scored for Union Bank of India. Jagdeep Dayal, the Canara Bank goalkeeper, was adjudged the best goalkeeper of the tournament.
The tournament also recognized individual performances, with awards for Best Goalkeeper (Jagdeep Dayal), Best Defender (Surender Kumar, FCI), Best Midfielder (Rahul Shinde, UBI), and Best Forward (Krishna Mohan, SAIL). Food Corporation of India secured third place, defeating SAIL 3-2.
With the launch of our latest banking innovation, customers can now seamlessly deposit funds for Senior Citizen Savings Schemes (SCSS) and benefit from our new facility!
The Senior Citizen Savings Scheme is a government-run savings scheme that offers a 8.2% annual return to its investors. HDFC Bank, one of the largest private banks in India, has recently started working as an agency bank for the government, allowing its customers to open Senior Citizen Savings Scheme accounts at its branches. The scheme is available to senior citizens above 60 years of age, as well as civilian employees who have retired or are above 55 years of age. Even defense service employees can open an account at the age of 50.
The scheme offers several benefits, including tax deduction under Section 80C of the Income Tax Act and a lock-in period of five years. However, the interest rates may vary and can be extended for three years. The scheme is also available at other banks selected by the Reserve Bank of India, including Andhra Bank, Allahabad Bank, and State Bank of India, among others.
HDFC Bank’s decision to work as an agency bank for the government has made it easier for its customers to invest in the Senior Citizen Savings Scheme. The bank’s customers can apply for the scheme by visiting any of its branches. The interest rate of 8.2% per annum has been determined by the Central Government and will be applicable from April 1, 2024, to March 31, 2025. Overall, the Senior Citizen Savings Scheme provides a safe and secure way for senior citizens and retired employees to protect their savings and earn a decent return.