Latest News on HDFC Bank
The Odisha government has blacklisted HDFC, ICICI, and Axis Bank from managing state finances due to their subpar performance.
The Odisha government has taken a significant decision to remove three major private sector banks – HDFC Bank, ICICI Bank, and Axis Bank – from its list of empanelled banks. This move comes after the banks failed to meet the government’s expectations in terms of performance in flagship government schemes and general banking parameters over the last two financial years. The Finance department, led by principal secretary Saswata Mishra, has issued a directive to all state government departments, public sector undertakings, and other entities to close all accounts with these three banks and transfer the balances to other empanelled banks.
The decision was taken after a review of the banks’ performance, which was found to be unsatisfactory. The government has warned that any non-compliance with the directive will be taken seriously. The banks that have been removed from the list will no longer be able to provide banking services to the state government and its entities. However, the government has clarified that existing fixed or term deposits with these banks do not need to be closed immediately, but they will have to be transferred to other empanelled banks when they mature.
The Odisha government has a list of empanelled banks that are authorized to provide banking services to the government and its entities. The list is reviewed regularly to ensure that the banks are performing well and meeting the government’s expectations. The removal of HDFC Bank, ICICI Bank, and Axis Bank from the list is a significant development, as these banks are among the largest private sector banks in the country. The decision is expected to have a significant impact on the banking sector in Odisha and may lead to other state governments reviewing their relationships with these banks.
The government has asked all administrative departments to ensure that the directive is widely circulated among all state government-supported entities under their control. The departments have been instructed to take immediate action to close all accounts with the three banks and transfer the balances to other empanelled banks. The decision is expected to lead to a shift in the banking landscape in Odisha, with other banks likely to benefit from the removal of HDFC Bank, ICICI Bank, and Axis Bank from the list of empanelled banks.
Lilavati Trust Files Rs 1,000 Crore Defamation Suit Against HDFC Bank’s Chief Executive
The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has filed a Rs 1,000 crore civil defamation lawsuit against HDFC Bank Managing Director and CEO, Sashidhar Jagdishan, accusing him of making false and defamatory statements against the Trust and its Permanent Trustee, Prashant Mehta. The Trust has also filed a criminal defamation complaint against Jagdishan, the bank’s spokesperson, and its corporate communication head. The court has issued a notice to Jagdishan, and the Trust claims that these actions mark an important step in holding the HDFC Bank CEO accountable for what it describes as a targeted smear campaign.
The dispute began with a sudden Rs 65 crore loan claim by HDFC Bank, which the Trust claims is a “figment of imagination” and an attempt to divert attention from Jagdishan’s alleged misconduct. The Trust points out that the matter remained dormant from 2005-2019 and only resurfaced after Jagdishan’s personal engagement with Chetan Mehta. The Trust has raised questions about the varying figures cited by HDFC Bank in different legal documents, including Rs 4.9 crore, Rs 450 crore, and Rs 65.22 crore, and has denied any link with Splendour Gems, which it says has been falsely associated with the Trust by the bank’s CEO.
The Trust has also accused Jagdishan of accepting free medical treatment, facilitating a bribe, and accepting Rs 48 crore in deposits without approval from founder trustees. The Trust claims that Jagdishan has not addressed or notified regulators about the criminal defamation case against him and has attempted to label valid judicial orders and FIRs as frivolous.
In a related development, Chetan Mehta, who the Trust says supports Jagdishan, was convicted of criminal defamation in Dubai and fined AED 10,000. The Trust has stated that it will continue to fight through all legal means to expose what it sees as a misuse of power and to safeguard the values of transparency, accountability, and justice. The Trust’s Permanent Trustee, Prashant Mehta, has said that the institution remains committed to pursuing every legal channel to expose the misuse of institutional power and to ensure that no institution, however powerful, is above the law. The case is seen as a significant test of the Indian judiciary’s ability to hold powerful institutions and individuals accountable for their actions.
ICICI made a bid to take over HDFC, according to chairman Deepak Parekh
In a recent interview, former HDFC chairman Deepak Parekh revealed that Chanda Kochhar, the then ICICI Bank chief, had once proposed a merger between ICICI Bank and HDFC. This proposal was made before HDFC’s eventual reverse merger with its banking subsidiary, HDFC Bank, which was completed in July 2023. Parekh recalled that Kochhar had said, “ICICI started HDFC, why don’t you come back home?” However, Parekh declined the offer, stating that it would not be fair or proper to merge the two institutions.
Parekh attributed the eventual merger with HDFC Bank to regulatory pressure from the Reserve Bank of India (RBI). The RBI had classified non-banking financial companies (NBFCs) like HDFC as systemically important, and Parekh believed that the merger was necessary to comply with regulatory requirements. He noted that the RBI supported the merger and helped facilitate the process, but did not provide any concessions or relief.
Despite the challenges, Parekh believes that the merger was ultimately beneficial for the institution and the country. He stated that large banks are essential for India’s economic growth and that Indian banks must grow through acquisitions to become stronger in the future. Parekh also expressed his optimism about the potential for Indian banks to become larger and more competitive, citing the example of Chinese banks.
On broader economic concerns, Parekh identified persistent uncertainty in supply chains, trade policy, and export conditions as top CEO concerns. He also criticized the mis-selling of insurance products by banks, driven by high upfront commissions, and described insurance as the “least understood product”. Overall, Parekh’s comments provide insight into the complexities of India’s financial sector and the challenges faced by its leaders. His reflections on the merger and the state of the economy offer a unique perspective on the opportunities and challenges facing Indian businesses and policymakers.
Following RBI’s rate cut, major banks slash savings account interest rates, with SBI plunging to 2.5% and HDFC, ICICI reducing to 2.75%.
Major banks in India, including State Bank of India (SBI), HDFC Bank, and ICICI Bank, have reduced their interest rates on savings accounts following a 50 basis point repo rate cut by the Reserve Bank of India (RBI) in June 2025. The cumulative rate cut for this year now stands at 1%. As a result, savings account holders will see reduced returns on their deposits. SBI, the country’s largest lender, has revised its savings account interest rate to a uniform 2.5% per annum for all balances, effective June 15, 2025. This is a decrease from the previous rates of 2.7% for balances below Rs 10 crore and 3% for balances of Rs 10 crore and above.
HDFC Bank and ICICI Bank have also followed suit, revising their interest rates to a flat 2.75% per annum, effective June 10, 2025, and June 12, 2025, respectively. Other banks, such as Bank of Baroda, Federal Bank, IndusInd Bank, and RBL Bank, have also updated their rates in response to the RBI’s monetary policy move. The revised rates range from 2.5% to 6.75%, depending on the bank and the account balance.
The rate revisions come as banks adjust deposit returns to align with the easing interest rate cycle, which has also triggered a cut in fixed deposit (FD) rates across tenures. The uniform lower rate structure will impact depositors across balance slabs, resulting in reduced returns on their savings. The move is expected to affect millions of savings account holders across the country, who will see a decrease in their interest earnings.
The reduction in interest rates is a result of the RBI’s efforts to stimulate economic growth by reducing borrowing costs. However, it may not be good news for depositors, who will see their savings earn lower returns. The revised rates will be effective from mid-June 2025, and depositors can expect to see the changes reflected in their account statements soon. Overall, the reduction in interest rates on savings accounts is a sign of the changing economic landscape in India, where banks are adjusting to the new monetary policy reality.
Arka Fincap appoints Abhik Sinha as its new Chief Human Resources Officer (CHRO)
Abhik Sinha has been appointed as the Chief Human Resources Officer (CHRO) of Arka Fincap, a Kirloskar Group Company. With a background in human resources, Sinha completed his MBA in HR from IBS, Hyderabad, and holds a BE in Computers from Nagpur University. He began his career in 2006 as a manager-HR at Indian Bank and later moved to HDFC Bank as a regional HR service manager, where he worked for three years, leading employee engagement, talent acquisition, and HR interventions.
Sinha’s career has been marked by progressive roles and responsibilities. He worked as Assistant Vice President-Talent Management, Employee Engagement, and New Initiatives at Tata Motor Finance from 2010 to 2015, where he led talent management, employee engagement, performance management, compensation, and leadership hiring. He was then appointed as Vice President and Head-Talent Acquisition, Talent Management, Rewards, and HR Operations at Srei, where he worked from 2015 to 2019.
In 2019, Sinha joined Equitas Small Finance Bank as Senior Vice President and Head-Business HR (Asset Finance) and was later elevated to SVP & Head-Business HR (Assets) Talent Acquisition (CoE) & HR Transformation. With over 15 years of experience in human resources, Sinha has developed expertise in talent management, employee engagement, and HR operations. As CHRO at Arka Fincap, he will be responsible for heading the human resources function and will play a key role in shaping the company’s HR strategy.
Sinha’s appointment as CHRO is a significant milestone in his career, and he is well-positioned to make a lasting impact at Arka Fincap. With his experience and expertise, he will be able to drive HR initiatives that align with the company’s business goals and support the growth and development of its employees. HRKatha has wished Abhik Sinha all the best in his new role, and it will be exciting to see the impact he makes at Arka Fincap.
Stock Market Updates of ESAF Bank
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Paisabazaar joins forces with HDFC Bank and Tata Capital to introduce a new loan offering against vehicles
Paisabazaar, a digital credit marketplace, has launched a new product called “Loan Against Car” to expand its secured lending portfolio. This product allows individuals to use their existing vehicle as collateral to access funds, with the option to borrow up to 200% of the car’s value. The loan tenure can range from 1 to 5 years, and the entire process will be fully digital. Paisabazaar has partnered with lenders such as HDFC Bank, Tata Capital, and others to offer this product.
The Loan Against Car product is designed to improve access to credit for consumers who may have limited borrowing options from traditional sources. It is a type of secured loan that allows individuals to unlock the value of their existing vehicle without having to sell it. The ownership of the car remains with the borrower, while the lender places a lien on the vehicle until the loan is repaid. This product is typically used to meet personal or business financial needs and offers quicker processing and lower interest rates compared to unsecured loans.
Paisabazaar’s CEO, Santosh Agarwal, stated that the launch of Loan Against Car is a natural step towards scaling and expanding the company’s secured portfolio. The company plans to work closely with partners and the industry to address consumer needs and build a more inclusive credit ecosystem. With over 65 partnerships with banks, NBFCs, and fintechs, Paisabazaar receives more than 20 lakh enquiries each month and continues to diversify its offerings across consumer segments.
The introduction of Loan Against Car aligns with Paisabazaar’s strategy to deepen its presence in secured loan segments, such as home loans and loans against property. The company aims to provide a more comprehensive range of financial products to its customers, making it a one-stop-shop for all their credit needs. By launching this new product, Paisabazaar is poised to further strengthen its position in the digital lending space and cater to the evolving needs of its customers.
HDFC Brings Cheer to Millions of Home Loan Borrowers as Reduced Interest Rates Set to Benefit the Average Consumer
HDFC Bank has announced a 0.50% interest rate cut on home loans, effective from the next interest rate reset date, following the Reserve Bank of India’s (RBI) reduction of the repo rate on June 6, 2025. This rate cut will be automatically applied to all home loan customers, and they will not need to submit a separate application to avail of the benefit. The reduced interest rate will result in lower Equated Monthly Installments (EMIs) for customers, providing them with much-needed relief.
To check the reset date, customers can visit the HDFC Bank website, log in to their online account, or use the mobile app to view their loan details. If customers have any questions or concerns, they can contact HDFC Bank for assistance. This move is expected to benefit lakhs of people who have been waiting for home loan rates to decrease.
The RBI’s decision to reduce the repo rate has paved the way for banks to lower their loan interest rates, making loans more affordable for customers. Other banks may also follow suit and reduce their loan interest rates, making the overall loan market more competitive. HDFC Bank’s automatic interest rate cut will ensure that customers can enjoy the benefits of lower interest rates without having to take any additional steps.
The interest rate cut will come as a welcome relief to home loan customers who have been grappling with high interest rates. With the reduced interest rate, customers can expect to save on their EMI payments, which will help them manage their finances more effectively. HDFC Bank’s decision to pass on the benefits of the RBI’s repo rate cut to its customers is a positive move that will help stimulate the housing market and support the overall economy.
Home Loan Comparison: Public or Private Banks – Who Offers the Best Deals After RBI’s 50 bps Repo Rate Cut?
The Reserve Bank of India’s (RBI) recent 50 basis points (bps) repo rate cut has led to a significant reduction in home loan interest rates. Both public and private banks have reduced their lending rates, making it an attractive time for homebuyers to avail of loans. The question on everyone’s mind is: which type of bank offers the cheapest home loans now?
Public sector banks, such as State Bank of India (SBI), Bank of Baroda, and Punjab National Bank, have reduced their home loan interest rates to 7.90-8.40% per annum. SBI, the largest lender in the country, is offering home loans at 7.90% per annum, while Bank of Baroda is offering loans at 8.00% per annum. These rates are applicable for loans up to ₹30 lakh.
Private sector banks, such as HDFC Bank, ICICI Bank, and Axis Bank, have also reduced their home loan interest rates. HDFC Bank is offering home loans at 8.00-8.30% per annum, while ICICI Bank is offering loans at 8.05-8.35% per annum. Axis Bank is offering home loans at 8.10-8.40% per annum. These rates are also applicable for loans up to ₹30 lakh.
After the RBI’s repo rate cut, some banks have also introduced special schemes to attract homebuyers. For example, SBI is offering a 0.10% concession on home loan interest rates for borrowers with a good credit score. Similarly, HDFC Bank is offering a 0.10% concession on home loan interest rates for borrowers who opt for a floating-rate loan.
In terms of the cheapest home loan option, public sector banks seem to be offering more competitive rates. SBI’s home loan rate of 7.90% per annum is the lowest among all banks, followed by Bank of Baroda’s rate of 8.00% per annum. However, private sector banks are offering more flexible repayment options and concessions on interest rates, which may make their loans more attractive to some borrowers.
Overall, the current home loan market is highly competitive, with both public and private sector banks offering attractive interest rates and schemes. Homebuyers should carefully evaluate their options and choose a loan that best suits their needs and financial situation. With the RBI’s repo rate cut, home loan interest rates are likely to remain low for some time, making it a good time to buy a home.
‘Placeholders’ showcases companies operating from within HDFC retail spaces
The vacant storefronts at 165 and 167 Avenue C on the Lower East Side have been transformed into a unique art installation called “Placeholders.” The display is a tribute to the vibrant community of Housing Development Fund Corporation (HDFC) cooperatives in the area, which are collectively owned and operated by residents. HDFCs are a special type of affordable housing that has been a result of decades of grassroots organizing in the neighborhood.
The installation, created by local artist Delphine Le Goff, features items from local businesses located in HDFCs, showcasing the diversity and richness of the community. Some of the items on display include a camera from the Fourth Street Photo Gallery, the city’s oldest Black-owned photography studio, as well as a hand-painted mortar and pestle from the Puerto Rican restaurant Casa Adela. Additionally, handmade Mexican folk art from La Sirena is also part of the exhibit.
The “Placeholders” installation is a joint project between the Cooper Square Committee, Scott Kelly, and Delphine Le Goff, as part of the “Design Sprints: Building Creative Capacity” initiative. This initiative is a collaboration between the Van Alen Institute and the NYC Department of Small Business Services, aiming to promote creative and community-driven solutions for urban development.
The displays will be on view through June, with a closing reception scheduled for June 27. The Cooper Square Committee website provides more information about the project, as well as contact details for local artists, nonprofits, and entrepreneurs interested in finding commercial space in the neighborhood. The website also lists HDFC storefronts on the Lower East Side, highlighting the unique character of the community.
Overall, “Placeholders” is a celebration of the Lower East Side’s diverse and vibrant community, and a testament to the power of grassroots organizing and collective ownership. By showcasing the unique character of HDFC cooperatives, the installation aims to promote a deeper understanding and appreciation of this special type of affordable housing, and the community that it serves.
HDFC Life celebrates a milestone 25 years by distributing a historic bonus of ₹4,102 crore to its policyholders
HDFC Life Insurance Company has announced a record-breaking bonus of ₹4,102 crore for its participating policyholders, marking the largest-ever bonus declaration in the company’s 25-year history. This bonus will benefit over 21.90 lakh policyholders, with ₹3,232 crore being disbursed in the current financial year as part of survival or maturity payouts. The remaining amount will accrue as policy benefits, payable in subsequent years.
The company’s annual bonus has approximately doubled every four years, reflecting consistent growth in its with-profits fund performance. Since its inception, HDFC Life has declared a cumulative bonus amount exceeding ₹22,500 crore across eligible participating policies. Eshwari Murugan, Appointed Actuary at HDFC Life, stated that this declaration is the company’s highest bonus yet and considers policy bonuses as a loyalty reward for long-term policyholders.
This announcement follows similar declarations from other insurers, including Axis Max Life Insurance, which declared a participating bonus of ₹2,135 crore for FY2024-25, benefiting over 21 lakh policyholders. Tata AIA Life Insurance also announced a bonus of ₹1,842 crore for FY24, benefiting 17.22 lakh policyholders, while Kotak Mahindra Life Insurance declared a bonus of ₹1,178 crore for FY25.
The bonus declaration by HDFC Life is a significant milestone, reflecting the company’s commitment to rewarding its policyholders for their loyalty and trust. The company’s consistent growth and performance have enabled it to declare increasingly larger bonuses over the years, demonstrating its ability to deliver value to its customers. With this declaration, HDFC Life reinforces its position as a leading life insurance provider in India, dedicated to providing long-term financial security and benefits to its policyholders.
Following RBI’s rate cut, Bank of Baroda and HDFC Bank have lowered their lending rates, with reductions of up to 50 basis points and 10 basis points, respectively.
The State-owned Bank of Baroda (BoB) has announced a reduction in its benchmark lending rate, linked to the repo rate, by 50 basis points. This move is in line with the Reserve Bank of India’s (RBI) recent rate cut. The bank’s Repo Linked Lending Rate (RLLR) now stands at 8.15%, effective from June 7. This reduction will benefit borrowers whose loans are linked to this benchmark.
Additionally, private sector HDFC Bank has also reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across all tenures, effective from June 7. The new MCLR rates range from 8.90% for overnight and one-month rates to 9.10% for two-year and three-year tenure lending rates.
The RBI’s rate cut was announced on Friday, where the monetary policy committee voted to lower the benchmark repurchase or repo rate by 50 basis points to 5.5%. The cash reserve ratio for banks was also reduced by 100 basis points to 3%, making available an additional ₹2.5 lakh crore to the banking system.
This is the third interest rate cut by the RBI in 2025, with a total reduction of 100 basis points. The previous cuts were made in February and April, with each reduction being 25 basis points. The RBI’s move is aimed at boosting the economy by making more money available for lending.
The reduction in lending rates by BoB and HDFC Bank is expected to benefit borrowers, particularly those with loans linked to the repo rate or MCLR. With the decrease in lending rates, borrowers can expect to pay lower interest rates on their loans, which can help reduce their debt burden. The move is also expected to increase credit demand and boost economic growth. Overall, the reduction in lending rates by banks is a positive development for the economy and borrowers alike.
RBI’s rate cut leads to drop in home loan rates, bringing greater relief to existing borrowers
Following the Reserve Bank of India’s (RBI) decision to cut the repo rate by 50 basis points, several major public sector banks have reduced their lending rates. The move aims to stimulate credit growth and support economic activity amid ongoing challenges. Bank of Baroda, Punjab National Bank, Bank of India, and UCO Bank have all reduced their repo-linked lending rates (RLLR) by 50 basis points, with effective dates ranging from June 6 to June 9, 2025. These reductions bring their RLLR rates down to between 8.15% and 8.35%.
In addition to the public sector banks, private sector lender HDFC Bank has also reduced its Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points across various tenures, effective June 7, 2025. This adjustment brings down the overnight and one-month MCLR rates to 8.9%. The RBI’s repo rate cut directly impacts floating-rate loans, which must be reset in line with the benchmark repo rate as per RBI regulations. Existing borrowers with floating-rate loans will automatically benefit from lower interest rates.
However, new borrowers may not receive the full benefit of the rate cut, as banks are expected to modify the spreads they charge over the repo rate to maintain profitability. For example, Bank of Baroda’s home loan rates for new borrowers now start at 8%, which is higher than the rates offered by some public sector banks prior to the RBI rate cut. Several public sector banks, including Bank of India, Bank of Maharashtra, and Union Bank of India, were offering home loans at rates as low as 7.85% for loans up to Rs 30 lakh.
The rate cuts are expected to make borrowing cheaper for consumers and businesses, which could help stimulate economic growth. However, to preserve profitability, lenders are also expected to reduce returns on fixed deposits (FDs), making them less attractive to savers in the near term. The RBI’s repo rate reduction and the subsequent adjustments by banks reflect ongoing efforts to balance credit availability, profitability, and competitive pressures in the Indian banking sector.
Overall, the rate cuts are a positive development for borrowers, but may have a negative impact on savers. The Indian banking sector is expected to continue to evolve in response to the RBI’s monetary policy decisions, with lenders adjusting their rates and products to maintain profitability and competitiveness. The ultimate goal of the rate cuts is to spur economic growth by making borrowing cheaper, which could have a positive impact on the broader economy.
HDFC Bank dismisses Lilavati Trust allegations against CEO as a ‘malicious attempt to disrupt debt recovery efforts’
HDFC Bank has responded to allegations made by Lilavati Kirtilal Mehta Medical Trust, dismissing demands for the suspension and prosecution of its CEO, Sashidhar Jagdishan, as “malicious” and “preposterous”. The bank defended Jagdishan, stating that the allegations are an attempt to derail a two-decade loan recovery battle. According to the bank, the allegations are the latest tactic by Prashant Mehta, a trustee of Lilavati Trust, and his family to dodge repayment of substantial dues owed to the bank.
The bank accused Mehta and his relatives of repeatedly launching “vexatious legal actions” after failing to win relief from any judicial body, including the Supreme Court. HDFC Bank described the move as part of a “mala fide” campaign to intimidate its leadership and avoid financial accountability. The bank stated that it has secured comprehensive legal advice and remains committed to defending Jagdishan’s reputation.
HDFC Bank has been pursuing recovery actions against Mehta and his family members for over two decades, and the bank claims that they have consistently failed to repay substantial amounts owed. The bank’s statement emphasized that it takes immense pride in the integrity and leadership of its MD & CEO and is confident that the judicial process will recognize the “fraudulent intention and devious objectives” of the Trustee and officials of Lilavati Trust.
The bank’s response suggests that it believes the allegations are a desperate attempt to avoid payment and to intimidate the bank’s leadership. HDFC Bank is committed to pursuing legal remedies and options to defend Jagdishan’s reputation and to recover the outstanding loans. The bank’s statement also highlights its commitment to upholding the integrity and leadership of its CEO, who has been at the helm since 2020.
Overall, the dispute between HDFC Bank and Lilavati Kirtilal Mehta Medical Trust appears to be a long-standing and complex one, with both parties engaging in a series of legal actions and counter-claims. The bank’s response suggests that it is determined to defend its CEO and to recover the outstanding loans, and it remains to be seen how the matter will be resolved.
Bank of Baroda Observes World Environment Day 2025 with Community-Led Initiatives to Combat Plastic Pollution
As the world gears up to celebrate World Environment Day 2025, several organizations in India have taken the initiative to contribute to the cause of reducing plastic pollution. One such organization is Bank of Baroda, which has launched a tree plantation drive as part of its efforts to combat environmental degradation. The bank’s initiative aims to promote sustainability and raise awareness about the importance of preserving the environment.
Similarly, HDFC Mutual Fund has launched its #NurtureNature 5.0 campaign, which focuses on giving plastic waste a meaningful purpose. The campaign aims to encourage people to collect and recycle plastic waste, thereby reducing the amount of plastic that ends up in landfills and oceans. By providing a platform for people to contribute to the cause, HDFC Mutual Fund hopes to make a significant impact on reducing plastic pollution.
HDFC Bank Parivartan has also joined the movement by launching an awareness campaign against plastic pollution. The campaign, which comes ahead of World Environment Day 2025, aims to educate people about the harmful effects of plastic pollution and encourage them to adopt sustainable practices. By spreading awareness and promoting behavioral change, HDFC Bank Parivartan hopes to contribute to a cleaner and healthier environment.
In a grassroots-level initiative, local women Business Correspondents (BCs) have led a clean-up drive at the Prathamik Arogya Kendra in Saphale. The drive, which was organized ahead of World Environment Day 2025, brought together community members to collect and dispose of plastic waste in a responsible manner. By involving local communities in environmental conservation efforts, such initiatives can help create a significant impact on reducing plastic pollution.
These initiatives demonstrate the commitment of various organizations in India to reducing plastic pollution and promoting sustainability. By taking ground-level action and engaging with local communities, these organizations are setting an example for others to follow. As the world celebrates World Environment Day 2025, it is essential to recognize the efforts of such organizations and individuals who are working tirelessly to protect the environment. By coming together and taking collective action, we can create a significant impact on reducing plastic pollution and promoting a cleaner, healthier environment for future generations.
Major Private Lenders, Including HDFC and ICICI, Set to Increase Credit Card Fees Starting July 1
Private banks in India, including HDFC Bank and ICICI Bank, have announced changes to their credit card transaction fees, effective July 1, 2025. HDFC Bank has introduced new charges on online skill-based gaming transactions, wallet loading, and utility transactions. For online gaming transactions exceeding Rs 10,000 per month, a 1% charge will apply, capped at Rs 4,999 per month. Similarly, wallet loading transactions above Rs 10,000 per month will incur a 1% charge, capped at Rs 4,999 per month. Utility transactions exceeding Rs 50,000 per month will also attract a 1% charge, capped at Rs 4,999 per month. Notably, insurance transactions will not be considered utility transactions and will not incur any charges.
In addition to these changes, HDFC Bank has revised the maximum charge per transaction for rent, fuel, and education categories to Rs 4,999. The existing 1% charge on rent transactions will continue, while fuel transactions exceeding Rs 15,000 per transaction will incur a 1% charge. Education transactions made through college or school websites or point-of-sale machines will not be charged.
ICICI Bank has also revised its charges for various services, including demand drafts, pay orders, ATM transactions, and debit card fees. The charges for depositing cash, cheques, and transferring demand drafts and pay orders have been revised to Rs 2 per Rs 1,000, subject to a minimum of Rs 50 and a maximum of Rs 15,000. The charges for ATM transactions have been increased to Rs 23 per financial transaction and Rs 8.5 per non-financial transaction, post three transactions. The annual fees for debit cards have been raised from Rs 200 to Rs 300, and the replacement card fees have been increased from Rs 200 to Rs 300.
These changes are likely to impact customers who frequently use their credit cards for online gaming, wallet loading, and utility transactions. Customers who exceed the specified transaction limits will incur additional charges, which could add up to significant amounts. It is essential for customers to review their transaction habits and adjust their spending accordingly to avoid incurring these charges. Additionally, customers should be aware of the revised charges for ATM transactions, debit card fees, and other services to avoid any unexpected expenses. Overall, these changes reflect the banks’ efforts to increase revenue and manage their costs, but may also lead to increased costs for customers.
Can HDFC Bank, ICICI Bank, and Shriram Finance, the heavyweights of banking and NBFCs, steer the next market upswing?
The article from The Economic Times discusses the potential for leading banks and non-banking financial companies (NBFCs) in India, such as HDFC Bank, ICICI Bank, and Shriram Finance, to drive the next market rally. The Indian banking sector has been a significant contributor to the country’s economic growth, and these large players have consistently demonstrated their ability to adapt and thrive in various market conditions.
HDFC Bank, one of the largest private sector banks in India, has a strong track record of performance, with a robust balance sheet and a wide distribution network. ICICI Bank, another major player, has made significant strides in improving its asset quality and expanding its digital offerings. Shriram Finance, a leading NBFC, has a strong presence in the retail finance segment and has been expanding its reach through strategic partnerships.
The article suggests that these large banks and NBFCs are well-positioned to benefit from the government’s efforts to boost economic growth, including initiatives to increase credit flow to small and medium-sized enterprises (SMEs) and the rural sector. The government’s plans to invest heavily in infrastructure development are also expected to create new opportunities for these financial institutions.
The article cites data from a recent report by a brokerage firm, which suggests that the top five private sector banks, including HDFC Bank and ICICI Bank, are expected to drive the next rally in the banking sector. The report notes that these banks have strong balance sheets, stable asset quality, and improving profitability, making them attractive to investors.
The article also highlights the importance of digital transformation in the banking sector, with many of the leading players investing heavily in digital platforms and technologies to improve customer experience and reduce costs. This shift towards digital banking is expected to drive growth and increase efficiency in the sector.
Overall, the article concludes that the big boys of banking and NBFCs, such as HDFC Bank, ICICI Bank, and Shriram Finance, are well-positioned to lead the next rally in the Indian financial sector. Their strong track records, robust balance sheets, and strategic investments in digital transformation make them attractive to investors and position them for long-term growth and success. As the Indian economy continues to grow and evolve, these large financial institutions are likely to play a significant role in driving economic development and creating new opportunities for investors.
HDFC Bank Introduces Enhanced Biz+ Current Account Solutions for SMEs and Small Business Owners
HDFC Bank has launched a new suite of current account products called Biz+, designed to support small businesses at various stages of growth. The Biz+ offering includes four variants: Biz Lite+, Biz Pro+, Biz Ultra+, and Biz Elite+, each tailored to a specific stage of business growth. These accounts come bundled with services such as cash handling, digital banking, and relationship manager support, as well as complimentary business and payment protection insurance for the first year.
Each variant provides tiered benefits, with increasing advantages as the business grows. For example, Biz Lite+ offers a free cash deposit limit six times the account balance, while Biz Pro+ increases this limit to ten times and adds access to zero-collateral overdraft loans. The premium variants, Biz Ultra+ and Biz Elite+, offer even more substantial benefits, including higher deposit limits, access to exclusive programs, and waiver of foreign bank charges on overseas remittances.
The Biz+ suite is designed to evolve with business growth, offering sector-specific solutions across HDFC Bank’s network of 9,455 branches. The bank aims to target over 45 lakh small businesses with this new offering, which integrates liabilities, asset products, business cards, and digital payments under a single offering. According to Parag Rao, Country Head of Payments, Liability Products, Consumer Finance, and Marketing at HDFC Bank, the launch of Biz+ marks a strategic shift towards offering a value-based engagement from a transactional one, addressing both business and personal banking needs.
The launch of Biz+ is part of HDFC Bank’s One Bank approach, which focuses on supporting business growth and entrepreneurship through integrated banking services. The bank aims to deliver a more modular, scalable, and business life stage-aligned proposition, with Dynamic Multiplier Benefits that scale with business growth, removing friction. With the introduction of Biz+, HDFC Bank is poised to support the growth of small businesses in India, providing them with the necessary tools and services to succeed. The bank’s extensive network and range of services make it an ideal partner for small businesses looking to grow and expand their operations.
RBI’s Proposed Project Finance Guidelines: What’s in Store for HDFC, ICICI, SBI, and Other Leading Banks, According to Telangana NavaNirmana Sena
The Reserve Bank of India (RBI) has released a draft circular on project finance, which is expected to significantly impact major banks in India, including HDFC, ICICI, and SBI. The new guidelines aim to improve the lending practices of banks and reduce the risk of default by borrowers.
The draft circular emphasizes the importance of due diligence and credit assessment before sanctioning loans for large projects. It suggests that banks should conduct thorough credit evaluations, including assessing the creditworthiness of the borrower, the viability of the project, and the potential risks involved. The RBI has also proposed that banks should have a Board-approved policy for project finance, which should include clear guidelines for loan sanctioning, monitoring, and recovery.
One of the key aspects of the draft circular is the introduction of a new concept called “상위 equity” (senior equity), which refers to the equity contribution made by the promoters of a project. The RBI has proposed that banks should ensure that the promoters’ equity contribution is at least 25% of the total project cost. This move is aimed at ensuring that promoters have a significant stake in the project and are committed to its success.
The draft circular also emphasizes the importance of monitoring and supervision of projects financed by banks. It suggests that banks should have a robust monitoring system in place to track the progress of projects, identify potential risks, and take corrective action if necessary.
The impact of the draft circular on major banks in India is expected to be significant. HDFC, ICICI, and SBI, which are among the largest lenders to the infrastructure sector, may need to revise their lending practices and policies to comply with the new guidelines. The introduction of senior equity and the emphasis on monitoring and supervision may lead to a reduction in the risk of default by borrowers, but it may also increase the cost of borrowing for projects.
The Telangana NavaNirmana Sena, a political party in Telangana, has welcomed the draft circular, stating that it will help to improve the transparency and accountability of banks and reduce the risk of default by borrowers. However, some industry experts have expressed concerns that the new guidelines may lead to a decrease in lending to the infrastructure sector, which could have a negative impact on the economy.
Overall, the RBI’s draft circular on project finance is a significant step towards improving the lending practices of banks in India. While it may have a short-term impact on the banking sector, it is expected to lead to a more stable and sustainable financial system in the long run.
Public Sector Banks Take the Lead: Home Loans Drop Below 8% as RBI Rate Cut Boosts Access to Affordable Housing
The Reserve Bank of India (RBI) has mandated that all retail floating-rate loans, including home loans, be linked to an external benchmark, typically the RBI’s repo rate, since October 1, 2019. This means that when the RBI reduces the repo rate, banks are required to pass on the benefit to borrowers. However, it has been observed that public banks have been prompt in complying with this guideline, while several private banks have been slow to adjust.
Despite a cumulative 50-basis-point cut in the repo rate in February and April 2025, leading private banks such as ICICI Bank, Axis Bank, and HDFC Bank have not fully transmitted the reduction to customers. For instance, ICICI Bank’s home loan rate remains unchanged at 8.75%, while HDFC Bank has reduced its rate by only 25 basis points to 8.50%. On the other hand, government banks such as Canara Bank, Bank of Maharashtra, and Union Bank of India are offering competitive interest rates, ranging from 7.80% to 7.90%, for a home loan of ₹1 crore with a tenure of 20 years.
Experts believe that private lenders may revise their rates soon, as large lenders usually align their rates over time. A lower interest rate can significantly reduce the monthly EMI burden, resulting in higher savings and preservation of emergency funds. For example, a home loan of ₹1 crore with a tenure of 20 years at an interest rate of 7.80% would translate to a monthly EMI of ₹82,404, compared to ₹93,144 at an interest rate of 9.35%.
If you’re planning to buy a home, now is a favorable time to act, with multiple public sector banks (PSBs) offering sub-8% interest rates. However, it’s essential to assess factors such as your credit score, income, and loan tenure before making a decision, as these can influence your final interest rate. It’s also important to note that rates are subject to change and may vary depending on the lender and borrower profile. Therefore, it’s crucial to check with lenders for the latest terms and consult a professional before taking a loan.
Some HDFC Staff Inflate Deposit Figures with Temporary Deposits, Reveals Trak.in
HDFC Bank, one of India’s leading banks, has taken internal corrective measures after discovering that some employees were creating temporary deposit accounts to artificially inflate quarterly deposit numbers. This practice involved using unutilized working capital limits of corporate clients to fund these temporary accounts, which were then reversed within a few days after the quarter closed. The purpose of this tactic was to improve the bank’s financial metrics, such as its liquidity coverage ratio, net interest income, and loan-to-deposit ratio, which are closely watched by regulators and investors.
The employees involved in this practice would request corporate clients to transfer unused funds from their cash credit and overdraft facilities to their bank accounts just before the quarter ended. These funds were then reversed after the quarter closed, and the clients were compensated with incentives, such as minimal interest charges. This practice raises ethical concerns as it misrepresents the bank’s actual growth and financial strength.
The use of temporary deposits can have a positive impact on key financial metrics, but it is a short-term solution that can mislead stakeholders about the bank’s true financial health. Repeated use of such tactics can attract regulatory scrutiny, damage the bank’s credibility, and result in penalties or operational restrictions.
HDFC Bank has taken a strict stance against this practice, warning employees of disciplinary action for non-compliance. The bank has initiated disciplinary measures against those involved and is conducting sensitization programs across branches to reinforce ethical standards and regulatory compliance. A bank spokesperson confirmed that the bank is taking steps to prevent the recurrence of such misconduct.
This incident highlights the pressure banks face in maintaining quarterly performance and the need for robust governance. It also underscores the importance of ethical banking practices and the need for banks to prioritize transparency and integrity in their operations. HDFC Bank’s swift action in addressing this matter demonstrates its commitment to upholding the highest standards of ethics and compliance. The bank’s efforts to sensitize its employees and reinforce regulatory compliance will help to prevent similar incidents in the future and maintain the trust of its stakeholders.
Empowering financially excluded communities through voice-enabled banking solutions designed for India’s low-literacy populations
India has an estimated 18 crore people who struggle to read and write in their native languages, despite high smartphone penetration. To bridge this gap, banks, startups, and government organizations are leveraging voice-based technology and Artificial Intelligence (AI). The central government’s New India Literacy Programme aims to target five crore non-literate individuals, while the Reserve Bank of India (RBI) has issued guidelines for setting up Financial Literacy Centres. However, voice-based technology has emerged as a more effective solution, particularly for the aspirational middle class.
Ujjivan, a microfinance company, partnered with Navana.ai to develop a voice-based app that uses icon-based interfaces and voice guidance to make it easy for low-literate customers to navigate. The app, launched in 2022, supports nine languages and has seen significant improvement in customer engagement. Customers can now log in to the app one to two times a month, compared to once every six months. The app’s voice-bot feature allows customers to speak into the app, and it comprehends their requests, guiding them to the relevant page.
The Indian government has also launched an AI-based translation platform, Bhashini, which enables real-time translation across 11 regional languages. The platform is being used for voice-based UPI payments, allowing users to transfer money by speaking in their local language. Bhashini has collaborated with the National Payments Corporation of India (NPCI) to enable voice-based UPI transactions and has also launched a Public Tech Platform for Frictionless Credit, which supports multiple languages.
The future of voice-first banking is promising, with industry leaders agreeing that it is breaking new ground. Bank outreach programs are evolving with AI-powered IVRS systems, which can recognize and respond in a customer’s regional language. Navana.ai has partnered with Bajaj Finserv, where its bot speaks six languages and closes Rs 150 crore in personal loans monthly. Large banks, such as HDFC, are also taking notice, with plans to enable voice in their mobile apps.
Voice-based banking services are expected to be highly personalized to the user, in terms of both their history with the business and interaction in their regional language. While testing remains a hurdle, adoption is expected to increase as the technology advances. For India’s low-literate customers, voice-based banking could finally mean having a voice in the banking system. The holy grail of full-fledged voice banking is not far off, with operators saying it’s only a matter of time before natural conversations in regional languages are fully integrated across all banking channels.
Alert: New ATM transaction fees kick in from May 1 – Check the updated charges for SBI, BOB, HDFC, and ICICI Bank here
The Reserve Bank of India (RBI) has announced that it will charge fees for ATM transactions exceeding the free limit, effective May 1, 2025. The move aims to cover the costs of owning and maintaining ATMs, as well as providing services to customers of other banks. Under the new rules, customers will be charged an additional Rs 2 per transaction if they exceed their free withdrawal limit. The charge per transaction will increase from Rs 21 to Rs 23.
The number of free ATM transactions varies depending on the type of bank and location. Customers will be allowed five free ATM transactions at their own bank’s ATMs per month, three free transactions at other bank ATMs in metro cities, and five free transactions at other bank ATMs in non-metro cities. However, there will be no changes to the free transaction limits for savings account holders across banks in India.
Banks such as HDFC, PNB, and IndusInd have notified their customers about the changes. According to HDFC Bank, the ATM transaction charge rate beyond free limits will be revised to Rs 23 + taxes, applicable only after the free limit has been exceeded. Non-financial transactions will remain free. PNB has also revised its charges, with customers being charged Rs 23 per financial transaction and Rs 11 per non-financial transaction (excluding GST) at other banks’ ATMs.
IndusInd Bank has informed its customers that they will be charged Rs 23 per transaction for ATM cash withdrawals made at non-IndusInd Bank ATMs beyond the free limits, effective May 1, 2025. The new charges are aimed at helping banks recover the costs of maintaining and operating ATMs, as well as providing services to customers of other banks. Customers are advised to be mindful of their ATM transactions to avoid incurring additional charges. The revised charges will apply to all banks, including SBI, BOB, and ICICI Bank, among others.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Axis is exploring alternative options after experiencing ongoing service difficulties with its current ATM provider.
Axis Bank is in talks to acquire 3,500-4,000 of its automated teller machines (ATMs) currently managed by struggling service provider AGS Transact Technologies. The bank is looking to transfer the machines to a new service provider due to concerns over deteriorating service quality. Under the current agreement, Axis Bank and AGS Transact have a “Brown Label ATM” arrangement, where the service provider manages the entire ATM lifecycle, including maintenance and cash management, while the bank’s branding appears on the machines.
The acquisition would involve a comprehensive audit of the ATMs to determine the purchase price, which would be based on factors including depreciation, maintenance, and upgrade costs. Axis Bank has already started discussing the deal with other ATM service providers, but will need to wait for the buyout to be completed before making the transition.
The move comes after a recent ET report highlighted the financial troubles of AGS Transact, which has impacted over 38,000 ATMs of major banks, including State Bank of India, ICICI Bank, and HDFC Bank. AGS Transact’s financial woes have led to the migration of over 50% of its machines to other network providers, and the company is struggling to pay its debts, which stand at over ₹726 crore. Credit rating agencies have downgraded the company’s ratings, citing a high risk of debt default. Despite these challenges, 80-85% of Axis Bank’s ATMs continue to function smoothly, with the bank operating over 15,000 ATMs and cash recyclers across the country.
Senior Citizens’ FD Offer: Take advantage of 9.10% interest rates on Fixed Deposits from these top banks, find out more details here!
Fixed Deposits (FDs) have been a popular investment option in India for many years, particularly among senior citizens. This is because FDs are considered to be a safe and secure way to invest, with a high return on investment. Senior citizens can earn higher interest rates than normal citizens, typically around 0.5% more, making it an attractive option for those looking to generate a steady income post-retirement.
Banks and non-banking financial companies (NBFCs) offer FDs with interest rates ranging from 2.50% to 9.10% for a period of 7 days to 10 years. Many private banks offer interest rates up to 7%, while some NBFCs offer 9% interest on FDs. This makes FDs a lucrative option for those seeking a high return on investment.
Top banks and NBFCs in India offer FD rates as follows:
* Public Sector Banks: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, State Bank of India, and Union Bank of India offer interest rates ranging from 7.75% to 7.95%.
* Private Sector Banks: Axis Bank, Bandhan Bank, DBS Bank, HDFC Bank, ICICI Bank, and Yes Bank offer interest rates ranging from 7.75% to 8.25%.
* Small Finance Banks: AU Small Finance Bank, Jan Small Finance Bank, North East Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer interest rates ranging from 8.40% to 9.10%.
FDs provide several benefits to senior citizens, including the option to withdraw the full or partial amount before maturity, as well as the option to renew the FD once it matures. Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage up to Rs 5 lakh on deposits with participating banks. With a minimum investment requirement as low as Rs 100, FDs are an accessible and secure investment option for senior citizens.
Which alternative offers the most favorable interest rate?
When considering a personal loan, it’s essential to compare rates from different banks to find the most affordable option. In this comparison, we’re looking at the personal loan offerings from State Bank of India (SBI) and HDFC Bank. SBI is currently offering an interest rate of 10.30% on personal loans, while HDFC Bank offers 10.90%.
Using a loan amount of Rs 8 lakh and a 5-year repayment period, we can calculate the total interest and total amount to be repaid. For SBI, the monthly EMI would be Rs 17,116, with a total interest payment of Rs 2,26,958 and a total amount to be repaid of Rs 10,26,958. In contrast, HDFC Bank would require a monthly EMI of Rs 17,354, with a total interest payment of Rs 2,32,240 and a total amount to be repaid of Rs 10,32,240.
Comparing the two, SBI’s interest rate of 10.30% is slightly lower than HDFC’s 10.90%. This means that SBI’s EMI would be lower, with a difference of Rs 238 between the two. This translates to paying Rs 238 more per month for a loan from HDFC. Based on these calculations, SBI’s personal loan plan appears to be the more affordable option. However, it’s essential to remember to review and compare the terms and conditions of each loan before making a final decision.
Compare Fixed Deposits: PNB’s 5-Year FD vs HDFC Bank’s 5-Year FD – A 5-year investment of ₹25 lakh: How much can you expect to earn in returns?
When considering a five-year fixed deposit (FD) for investment, Punjab National Bank (PNB) and HDFC Bank are two popular options. Here’s a comparison of their 5-year FD returns for an investment of Rs 25 lakh.
PNB offers FD interest rates ranging from 3.50% to 7.25% per annum for the general public and 4.00% to 7.75% for senior citizens. For a 5-year tenure, PNB offers an interest rate of 6.50% per annum, resulting in an estimated return of approximately Rs 9,51,050. The total value of the FD after maturity would be Rs 34,51,050.
HDFC Bank, on the other hand, provides FD interest rates between 3.00% and 7.40% per annum for the general public, and 3.50% to 7.90% for senior citizens. For a 5-year tenure, HDFC Bank offers an interest rate of 7.00% per annum, resulting in an estimated return of approximately Rs 10,36,950. The total value of the FD after maturity would be Rs 35,36,950.
Based on interest rates, HDFC Bank offers a higher return, with an additional Rs 85,900 in earnings over five years. However, other factors such as customer service, banking convenience, and investment preferences should also be considered when making a final decision. Both PNB and HDFC Bank offer reliable and secure investment options for those looking to grow their savings with minimal risk. Ultimately, the choice between the two banks depends on individual priorities and needs.
Martech is the next evolution of marketing, according to HDFC’s Deepak Oram, who sees it as a game-changer for businesses.
Deepak Oram, Senior Vice President of Growth Marketing & Martech at HDFC Bank, believes that MarTech goes beyond traditional marketing functions. He highlights that with the increasing digital-first behavior of customers, MarTech now generates a vast amount of data that can be applied to areas beyond marketing. Oram notes that the overlap between digital and non-digital channels has increased significantly, with customers initiating their journey digitally and then proceeding through physical channels.
Oram emphasizes the importance of leveraging digital insights to enhance the customer experience across all touchpoints, including physical channels. He advocates for an omnichannel marketing approach, which involves using digital insights to improve the physical landscape and vice versa. In the banking sector, this is particularly challenging due to the complexity of various channels, including branches, apps, and call centers.
Oram also stresses the importance of customer care in taking the tech beyond marketing. HDFC Bank is recruiting “techno-functional personnel” with a balance of technical and marketing expertise to drive innovation in the field of MarTech. Oram believes that a purely marketing-focused individual requires support from a technically savvy counterpart to drive innovation, citing the need for individuals who are well-versed in data and technology to support the bank’s compliance and customer data privacy requirements.
In conclusion, Oram’s views on MarTech highlight the vast potential of this technology in driving innovation and enhancing customer experience across all touchpoints. By leveraging digital insights and hiring the right talent, banks and other organizations can improve their marketing and customer engagement strategies.
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.
Important Notification for HDFC Bank Customers: Online Banking Services to be Disrupted for 4 Hours Tonight, Explore the Reason Behind the Unavailability | Personal Finance Updates
HDFC Bank has announced that it will be conducting scheduled maintenance on March 10, 2025, to improve the overall banking experience. During this time, several banking services will be temporarily unavailable. To avoid any inconvenience, customers are advised to plan their banking activities in advance.
The schedule for the maintenance period is as follows: NEFT transactions will be unavailable from 12:45 AM to 5:00 AM, and mutual fund-related transactions will be unavailable from 1:00 AM to 5:00 AM. Additionally, credit card transactions will not be processed between 5:00 AM and 7:30 AM, and customers are advised to have an alternative payment method ready.
It is also recommended that customers plan to make any mutual fund transactions before or after the maintenance period, as payments attempted during the maintenance window may fail or experience delays. HDFC Bank is upgrading its systems to enhance security and improve service quality, and this maintenance period is necessary to address these tasks.
This is not the first time HDFC Bank has conducted scheduled maintenance; in fact, the bank had previously conducted similar maintenance on March 8, 2025, which affected some services. The bank had shared the schedule in advance to keep customers informed. By planning ahead, customers can avoid any inconvenience and ensure a smooth banking experience.