bfsi.economictimes.indiatimes.com
Open in
urlscan Pro
2a02:26f0:11a:4b4::3857
Public Scan
URL:
https://bfsi.economictimes.indiatimes.com/news/banking/sbi-leads-debit-card-market-while-hdfc-tops-credit-card/94478151
Submission: On October 03 via api from IN — Scanned from DE
Submission: On October 03 via api from IN — Scanned from DE
Form analysis 4 forms found in the DOM
<form>
<ul class="tabs clearfix">
<li><a class="active" href="#" data-target="cookietabAnalytics">Analytics</a></li>
<li><a class="" href="#" data-target="cookietabNecessary">Necessary</a></li>
<li><a class="hideit" href="#" data-target="cookietabNewsletter">Newsletter</a></li>
</ul>
<div data-box="cookietabAnalytics" class="scroll-content ">
<table cellpadding="0" cellspacing="0">
<thead>
<tr>
<th></th>
<th>Name</th>
<th>Provider</th>
<th>Expiry</th>
<th>Type</th>
<th>Purpose</th>
</tr>
</thead>
<tbody>
<tr>
<td><input name="config.ga" id="id-config-ga" type="hidden" value="0"><input name="config.ga" type="checkbox" value="1"></td>
<td><label for="id-config-ga">Google Analytics</label></td>
<td><label for="id-config-ga">Google</label></td>
<td><label for="id-config-ga">1 Year</label></td>
<td><label for="id-config-ga">HTTPS</label></td>
<td><label for="id-config-ga">To track visitors to the site, their origin & behaviour.</label></td>
</tr>
<tr>
<td><input name="config.ibeat" id="id-config-ibeat" type="hidden" value="0"><input name="config.ibeat" type="checkbox" value="1"></td>
<td><label for="id-config-ibeat">iBeat Analytics</label></td>
<td><label for="id-config-ibeat">Ibeat</label></td>
<td><label for="id-config-ibeat">1 Year</label></td>
<td><label for="id-config-ibeat">HTTPS</label></td>
<td><label for="id-config-ibeat">To track article's statistics</label></td>
</tr>
<tr>
<td><input name="config.growthrx" id="id-config-growthrx" type="hidden" value="0"><input name="config.growthrx" type="checkbox" value="1"></td>
<td><label for="id-config-growthrx">GrowthRx Analytics</label></td>
<td><label for="id-config-growthrx">GrowthRx</label></td>
<td><label for="id-config-growthrx">1 Year</label></td>
<td><label for="id-config-growthrx">HTTPS</label></td>
<td><label for="id-config-growthrx">To track visitors to the site and their behaviour</label></td>
</tr>
</tbody>
</table>
</div>
<div data-box="cookietabNecessary" class="scroll-content hide">
<table cellpadding="0" cellspacing="0">
<thead>
<tr>
<th></th>
<th>Name</th>
<th>Provider</th>
<th>Expiry</th>
<th>Type</th>
<th>Purpose</th>
</tr>
</thead>
<tbody>
<tr>
<td><input name="config.optout" id="id-config-optout" type="hidden" value="1"><input name="config.optout" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-optout">optout</label></td>
<td><label for="id-config-optout">Times Internet</label></td>
<td><label for="id-config-optout">1 Year</label></td>
<td><label for="id-config-optout">HTTPS</label></td>
<td><label for="id-config-optout">Stores the user's cookie consent state for the current domain</label></td>
</tr>
<tr>
<td><input name="config.PHPSESSID" id="id-config-PHPSESSID" type="hidden" value="1"><input name="config.PHPSESSID" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-PHPSESSID">PHPSESSID</label></td>
<td><label for="id-config-PHPSESSID">Times Internet</label></td>
<td><label for="id-config-PHPSESSID">1 day</label></td>
<td><label for="id-config-PHPSESSID">HTTPS</label></td>
<td><label for="id-config-PHPSESSID">Stores user's preferences</label></td>
</tr>
<tr>
<td><input name="config.accessCode" id="id-config-accessCode" type="hidden" value="1"><input name="config.accessCode" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-accessCode">accessCode</label></td>
<td><label for="id-config-accessCode">Times Internet</label></td>
<td><label for="id-config-accessCode">2.5 Hours</label></td>
<td><label for="id-config-accessCode">HTTPS</label></td>
<td><label for="id-config-accessCode">To serve content relevant to a region</label></td>
</tr>
<tr>
<td><input name="config.pfuuid" id="id-config-pfuuid" type="hidden" value="1"><input name="config.pfuuid" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-pfuuid">pfuuid</label></td>
<td><label for="id-config-pfuuid">Times Internet</label></td>
<td><label for="id-config-pfuuid">1 Year</label></td>
<td><label for="id-config-pfuuid">HTTPS</label></td>
<td><label for="id-config-pfuuid">Uniquely identify each user</label></td>
</tr>
<tr>
<td><input name="config.OSTID " id="id-config-OSTID " type="hidden" value="1"><input name="config.OSTID " type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-OSTID ">OSTID</label></td>
<td><label for="id-config-OSTID ">Times Internet</label></td>
<td><label for="id-config-OSTID ">1 Year</label></td>
<td><label for="id-config-OSTID ">HTTPS</label></td>
<td><label for="id-config-OSTID ">Oauth secure token</label></td>
</tr>
<tr>
<td><input name="config.OSSOID" id="id-config-OSSOID" type="hidden" value="1"><input name="config.OSSOID" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-OSSOID">OSSOID</label></td>
<td><label for="id-config-OSSOID">Times Internet</label></td>
<td><label for="id-config-OSSOID">1 Year</label></td>
<td><label for="id-config-OSSOID">HTTPS</label></td>
<td><label for="id-config-OSSOID">Oauth user identifier</label></td>
</tr>
<tr>
<td><input name="config.OSTPID" id="id-config-OSTPID" type="hidden" value="1"><input name="config.OSTPID" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-OSTPID">OSTPID </label></td>
<td><label for="id-config-OSTPID">Times Internet</label></td>
<td><label for="id-config-OSTPID">1 Year</label></td>
<td><label for="id-config-OSTPID">HTTPS</label></td>
<td><label for="id-config-OSTPID">used to sync accross portals</label></td>
</tr>
<tr>
<td><input name="config.fpid" id="id-config-fpid" type="hidden" value="1"><input name="config.fpid" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-fpid">fpid</label></td>
<td><label for="id-config-fpid">Times Internet</label></td>
<td><label for="id-config-fpid">1 Year</label></td>
<td><label for="id-config-fpid">HTTPS</label></td>
<td><label for="id-config-fpid">Browser Fingerprinting to uniquely identify client browsers</label></td>
</tr>
</tbody>
</table>
</div>
<div data-box="cookietabNewsletter" class="scroll-content hide">
<table cellpadding="0" cellspacing="0">
<thead>
<tr>
<th></th>
<th>Name</th>
<th></th>
<th></th>
<th></th>
<th>Purpose</th>
</tr>
</thead>
<tbody>
<tr>
<td><input name="config.newsletter" id="id-config-newsletter" type="hidden" value="0"><input name="config.newsletter" type="checkbox" value="1"></td>
<td><label for="id-config-newsletter">Daily Newsletter</label></td>
<td><label for="id-config-newsletter"></label></td>
<td><label for="id-config-newsletter"></label></td>
<td><label for="id-config-newsletter"></label></td>
<td><label for="id-config-newsletter">Receive daily list of important news</label></td>
</tr>
<tr>
<td><input name="config.promonewsletter" id="id-config-promonewsletter" type="hidden" value="0"><input name="config.promonewsletter" type="checkbox" value="1"></td>
<td><label for="id-config-promonewsletter">Promo Mailers</label></td>
<td><label for="id-config-promonewsletter"></label></td>
<td><label for="id-config-promonewsletter"></label></td>
<td><label for="id-config-promonewsletter"></label></td>
<td><label for="id-config-promonewsletter">Receive information about events, industry, etc.</label></td>
</tr>
</tbody>
</table>
</div>
<footer>
<label><input type="hidden" name="useragreement" value="0"><input type="checkbox" name="useragreement" value="1"> I've read & accepted the
<a style="color:red" href="https://bfsi.economictimes.indiatimes.com/terms_conditions.php" target="_blank">terms and conditions</a></label>
<input type="button" id="submitconsent" value="OK">
<span class="err_txt hide"></span>
</footer>
</form>GET https://bfsi.economictimes.indiatimes.com/search
<form method="get" id="search_form" action="https://bfsi.economictimes.indiatimes.com/search">
<input name="q" aria-label="Query" type="text" class="txt" autocomplete="off" placeholder="Search" value="">
</form><form action="" class="clearfix">
<div class="section clearfix">
<input id="subscribe_email_top" aria-label="Email" type="text" class="textbox" value="" placeholder="Your Email">
<input type="button" id="subscriber_btn_top" onclick="EtB2b.subscription.updateSubscription('top');" class="btn submit" value="Join Now">
</div>
<ul class="nwsltr_lst clearfix" style="display:none;">
</ul>
</form><form action="" class="clearfix">
<input id="subscribe_email_bottom" aria-label="Email" type="text" class="textbox" value="" placeholder="Your Email">
<input type="hidden" name="pip_category_id_bottom" id="pip_category_id_bottom" value="0">
<input type="hidden" name="pip_category_top" id="pip_category_bottom" value="">
<input type="hidden" name="newsletter_id_bottom" id="newsletter_id_bottom" value="">
<input type="button" id="subscriber_btn_bottom" class="btn submit" value="Join Now" onclick="EtB2b.subscription.updateSubscription('bottom');">
</form>Text Content
We have updated our terms and conditions and privacy policy
Click "Continue" to accept and continue with ET BFSI
ACCEPT THE UPDATED PRIVACY & COOKIE POLICY
Dear user,
ET BFSI privacy and cookie policy has been updated to align with the new data
regulations in European Union. Please review and accept these changes below to
continue using the website.
You can see our privacy policy & our cookie policy. We use cookies to ensure the
best experience for you on our website.
If you choose to ignore this message, we'll assume that you are happy to receive
all cookies on ET BFSI.
* Analytics
* Necessary
* Newsletter
NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors
to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track
article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to
the site and their behaviour
NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's
cookie consent state for the current domainPHPSESSIDTimes Internet1
dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve
content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify
each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1
YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync
accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely
identify client browsers
NamePurpose Daily NewsletterReceive daily list of important newsPromo
MailersReceive information about events, industry, etc.
I've read & accepted the terms and conditions
NEWS SITES
* Auto News
* Retail News
* Health News
* Telecom News
* Energy News
* CIO News
* Real Estate News
* Brand Equity
* CFO News
* IT Security News
* Government News
* Hospitality News
* HR News
* Legal News
* ET TravelWorld News
* Infra News
* B2B News
* CIOSEA News
* HRSEA News
* HRME News
Upcoming Event: CFO Meet & discussion on Revised Companies Act
Sign in/Sign up
* Follow us:
*
*
*
*
*
*
* ETBFSI Exclusive
* BANKING
* INSURANCE
* InsurTech
* NBFC
* FINTECH
* Payments
* Digital Lending
* RegTech
* Open API
* BFSI Videos
* Editor's View
* Brand Solutions
* ETBFSI AWARDS 2022
* ETBFSI CXO CONCLAVE
Connecting Financial Institutions Digitally
* LAY THE GROUNDWORK TO ACCELERATE BANKING INNOVATION
* ETBFSI FINNEXT SUMMIT
The Future of NBFCs and FinTechs
* SIDBI-ET MSMES/STARTUPS
Roudtable Discussion
* REIMAGINE NEXT
* LEARNFEST
* REIMAGINE NEXT - THE FUTURE OF LEARNING
* ETBFSI.COM CONVERGE
BFSI: The world of Hyper-personalization
* ETBFSI EXCELLENCE AWARDS 2021
AWARDS FOR EXCELLENCE IN INNOVATION
* FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI
* 3RD EDITION OF ETBFSI CXO CONCLAVE
Unlocking the BFSI Potential
* THE DIGITAL NEXT: SERIES 2.1
Live Virtual Summit
* JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021
* 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021
* ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY
* Millennial Finance
* FinTech Diary
* BFSI Tech Tales
* Green Finance
* IBC
* ETBFSI Explains
* BFSI Movement
* More
* Blogs
* Innovation Masters
* POLICY
* FINANCIAL SERVICES
x
* BFSI News
* Latest BFSI News
* Banking
EXCLUSIVE
SBI LEADS DEBIT CARD MARKET WHILE HDFC TOPS CREDIT CARD
According to the latest data collated by PGA labs, SBI retained the top position
in the debit cards market while HDFC bank maintained its top position in the
credit cards market. Here's how other large banks like ICICI, BoB, Axis, BoI,
Kotak Mahindra bank, etc. performed:
* Anushka Sengupta
* ETBFSI
* September 27, 2022, 15:34 IST
*
*
*
*
*
*
*
*
According to the latest data, the country's largest bank, the State Bank of
India remains the top player with a 30 per cent market share of debit cards as
of July 2022 despite a 4 per cent drop in year-on-year growth.
While PSU banks hold the lion's share in the debit cards market, Kotak Mahindra
Bank and Axis Bank witnessed the highest YoY growth in the credit cards segment
with 70% and 37%, respectively.
The total number of cards in circulation breached the 100 crore mark in 2021.
Outstanding credit cards rose by 14% in December 2021 while outstanding debit
cards registered a rise of 6% during the same period, Worldline India said in
its Annual Digital payments report.
Axis Bank acquired 1.1 million credit cards in the fourth quater of FY22,
highest ever for any quarter.
"On credit cards, we are seeing huge customer interest in our proposition. We
have grown 26 per cent over last year and we issued around 2.7 million cards
during FY 22," Amitabh Chaudhry, MD & CEO, Axis Bank reportedly said.
HDFC Bank topped the charts in the credit cards segment with a market share of
22%, followed by SBI Cards (18%), ICICI Bank (17%), Axis Bank (12%), RBL Bank
(5%), and Kotak Mahindra Bank (5%), according to PGA data.
Despite the fact that Kotak Mahindra Bank has a market share of only 5% in the
credit cards market, it has witnessed a 70% YoY growth in the month of July.
In May this year credit card spends hit an all time high reaching 1.14 million,
while on a year-on-year basis credit card spends were up 73 per cent, revealed
data released by the Reserve Bank of India.
The data by PGA labs also highlighted that elite credit cards issuers like
American Express and CITI are losing market share with a negative YoY growth of
-8% and -2, respectively. The two banks collectively hold a market share of 5%.
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
kotak mahindra bank
axis bank
state bank of india
reserve bank of india
rbl bank
icici bank
hdfc bank
american express
Debit card
Credit cards
Read on App
Read on App
PEOPLE WHO READ THIS ALSO READ
* How Web3 is set to revolutionise lending, skip banks
* ‘India has already crossed ambitious 10-trillion mark in digital economy’:
Exec Dir, RBI
* New debit, credit card rules from October 1: Steps to tokenise and other
details here
* Experts anticipate 50 bps rate hike ahead of MPC; Here’s how it will affect
borrowers
SUBSCRIBE TO OUR NEWSLETTER
50000+ Industry Leaders read it everyday
I have read Privacy Policy and Terms & Conditions and agree to receive
newsletters and other communications on this email ID.
BANKING
* 2 hrs ago
GOVT ISSUES DRAFT GUIDELINES FOR LISTING OF RRBS; MINIMUM NET WORTH OF RS 300
CR REQUIRED
* 3 hrs ago
KARNATAKA BANK LAUNCHES 'KBL UTSAV' LOAN CAMPAIGN
* 1 day ago
AXIS BANK HIKES FD INTEREST RATES BY 55 BPS ON THESE TENURES
* 1 day ago
POONAWALA FINCORP GETS TRIPLE A RATING
View More
EDITOR'S PICK
* 3 hrs ago
FINTECH TO FUEL MSME GROWTH AND STEER INDIA TO 5-TRILLION DOLLAR ECONOMY
* 3 hrs ago
HOW EMBEDDED FINANCE IS SET TO SPUR FINANCIAL INCLUSION
* 3 hrs ago
MPC’S 4TH HIKE IN ROW AMID GLOBAL RECESSION FEAR; IMPLICATIONS AND WAY
FORWARD
* 1 day ago
WHY BFSI MUST RELY ON CLOUD TO SURVIVE AND THRIVE IN A DYNAMIC LANDSCAPE
* 1 day ago
THE UPI WAY: CARDLESS CASH WITHDRAWAL AT ATMS
BFSI VIDEOS
* DIGITAL TOOLS FOSTERING CREDIT ACCESS FOR SMES: SIDBI CMD
“Access to credit for SMEs is getting solved through digital tools and we
have already seen the adoption by all banks based on the JAM trinity. This
has led to an explosion in FinTechs working with banks, and a lot of that is
actually directed to how finance or credit can reach SMEs. So, we have
finally reached a point ready for takeoff,” said S Ramann, CMD, SIDBI at the
fourth edition of ETBFSI CXO Conclave 2022. Highlighting SIDBI's role of
being at the forefront with banks apart from just being a direct lender to
businesses Ramann said, "Our real hope as SIDBI is that we should be at the
forefront with the banks, helping them make this transition in whatever way
we can and that's what SIDBI's role is, apart from being a direct lender to
the SMEs, the idea is to build the ecosystem." He spoke on various
interesting topics like SIDBI's role in digital transition in the lending
business, credit access to small businesses, and digital credit mechanisms
for underwriting among others.
* 4 days ago
INDIA IS NO EXCEPTION TO INFLATIONARY TENDENCIES BUT HAS MANAGED WELL: SOUTH
INDIAN BANK CEO
* 5 days ago
BENIGN INFLATION AND INTEREST RATES IDEAL FOR BANKS TO THRIVE: NITESH RANJAN,
ED, UNION BANK
* 18 days ago
ETBFSI FINTECH DIARY WITH SASHANK RISHYASRINGA, CO-FOUNDER AND MD, AXIO
(FORMERLY CAPITAL FLOAT)
View More
EXCLUSIVE
GOVT ISSUES DRAFT GUIDELINES FOR LISTING OF RRBS; MINIMUM NET WORTH OF RS 300 CR
REQUIRED
The RRBs should have a track record of profitability and earned operating profit
of minimum Rs 15 crore for at least three out of the previous five years,
according to the draft guidelines issued by the finance ministry
recently.Besides, there should not be any accumulated loss and the lender should
have given return on equity of minimum 10 per cent in three out of the preceding
five years, it said.
* PTI
Click Here to Read This Story
*
*
*
*
*
*
*
*
In a bid to enable regional rural banks (RRBs) to raise resources by listing on
stock exchanges, the government has issued draft guidelines that set certain
basic criteria, including net worth of at least Rs 300 crore during the previous
three years. They should also have capital adequacy above the regulatory minimum
level of 9 per cent in each of the preceding three years.
The RRBs should have a track record of profitability and earned operating profit
of minimum Rs 15 crore for at least three out of the previous five years,
according to the draft guidelines issued by the finance ministry recently.
Besides, there should not be any accumulated loss and the lender should have
given return on equity of minimum 10 per cent in three out of the preceding five
years, it said.
As per the draft norms, the responsibility of identifying suitable lenders for
issuing initial public offering (IPO) has been left with the respective sponsor
banks.
The sponsor bank would take into account the relevant norms and regulations of
the Securities and Exchange Board of India (Sebi) and Reserve Bank of India
(RBI) regarding capital raising and disclosure requirements while identifying
RRBs for IPO, it said.
RRBs, which play an important role in agriculture credit, are sponsored by
Public Sector Banks (PSBs).
Currently, the Centre holds 50 per cent in RRBs, while 35 per cent and 15 per
cent are with the concerned sponsor banks and state governments, respectively.
These banks were formed under the RRB Act, 1976 with an objective to provide
credit and other facilities to small farmers, agricultural labourers and
artisans in rural areas.
The Act was amended in 2015, whereby such banks were permitted to raise capital
from sources other than the Centre, states and sponsor banks.
The RBI has given RRBs the option to issue perpetual debt instruments as another
way to obtain regulatory capital and has made these instruments eligible for
inclusion as extra tier-1 capital, subject to certain restrictions.
There are currently 43 RRBs supported by 12 public sector banks with 21,856
branches across 26 states and 3 Union Territories -- Puducherry, Jammu & Kashmir
and Ladakh.
These banks have 28.3 crore depositors and 2.6 crore borrowers. A total of 30
out of 43 RRBs together earned a net profit of Rs 1,682 crore in FY'21.
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
rrb act
securities and exchange board of india
rbi
public sector banks
ipo
Read on App
Read on App
EXCLUSIVE
KARNATAKA BANK LAUNCHES 'KBL UTSAV' LOAN CAMPAIGN
Karnataka Bank has developed digital loan products for home and car loans,
allowing customers to enjoy seamless digital processing and immediate
in-principle approvals at their leisure and comfort.
* PTI
Click Here to Read This Story
*
*
*
*
*
*
*
*
Mangaluru, Leading private sector lender Karnataka Bank has launched a special
campaign 'KBL Utsav 2022-23' for home loans, car loans and gold loans from
October 1 to 31 to cater to the demands of customers during the festival season.
A press release from the Mangaluru-headquartered bank here said customers can
avail the benefits of digital banking and offers of the special campaign across
all its 880 branches.
Under the KBL Utsav campaign, customers can avail home, car and gold loans with
attractive interest rates, reduction in processing charges for car and gold
loans and nil processing charges for home loan, the release said.
Karnataka Bank has developed digital loan products for home and car loans,
allowing customers to enjoy seamless digital processing and immediate
in-principle approvals at their leisure and comfort.
Karnataka Bank Managing Director and CEO M S Mahabaleshwara said the campaign is
aimed at helping the customers in realising their dreams of owning a home and a
car, with real-time customer authentication, hassle-free and simplified digital
processing and quick sanctions. PTI MVG MVG HDA HDA
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
karnataka bank
mangaluru
kbl utsav
hda hda
KBL
Read on App
Read on App
EXCLUSIVE
AXIS BANK HIKES FD INTEREST RATES BY 55 BPS ON THESE TENURES
Axis Bank Latest FD Rates: For fixed deposits maturing between 15 months to two
years, the bank has increased interest rates from 5.6 per cent to 6.15 per cent,
according to the Axis Bank website.
* Anulekha Ray
* ET Online
Click Here to Read This Story
*
*
*
*
*
*
*
*
Axis Bank has hiked interest rates by 55 basis points on select tenures of fixed
deposits for amounts less than Rs 2 crore. The new rates are effective from
October 1, 2022. This move came after the Reserve Bank of India (RBI) had
increased the repo rate by 50 basis points on September 30, 2022.
For fixed deposits maturing between 15 months to two years, the bank has
increased interest rates from 5.6 per cent to 6.15 per cent, according to the
Axis Bank website.
Fixed deposits maturing between 7-29 days continue to fetch an interest rate of
2.75 per cent. The interest rate of the FDs maturing between 30 days to up to
three months is 3.25 per cent. FDs maturing between 3 months to up to 6 months
earn an interest rate of 3.75 per cent, as per the bank website.
For fixed deposits maturing between six months to up to nine months, the
interest rate is 4.65 per cent. FDs mature between more than nine months to up
to one year, bank provides an interest rate of 4.75 per cent. Axis Bank offers
an interest rate of 5.45 per cent on fixed deposits with tenures ranging from
more than one year to up to one year 11 days. For FDs maturing between one year
11 days and one year 25 days, the bank offers an interest rate of 5.75 per cent.
FDs with a tenure ranging from one year 25 days to up to 15 months, fetch an
interest rate of 5.6 per cent. The bank offers an interest rate of 5.70 per cent
for the FDs maturing between two years to up to five years. The fixed deposits
maturing between five years one day to 10 years earn an interest rate of 5.75
per cent.
Axis Bank FD interest rates with effect from October 1, 2022
Source: Axis Bank website
Senior citizen FD interest rates
The bank has also raised the interest rates of its fixed deposits with certain
tenure for senior citizens. The interest rates for the fixed deposits maturing
between 15 months to two years jumped from 6.35 per cent to 6.9 per cent, with
effect from October 9, 2022.
Investors can check Axis Bank Senior Citizen FD interest rates (effective from
October 1, 2022) here
Source: Axis Bank website
Interest rates of bank FDs to increase further
Right after RBI’s latest repo rate hike on September 30, 2022, other banks like
Bank of India and RBL Bank also raised FD interest rates. This was the fourth
repo rate hike by the central bank since May 2022.
"... These consecutive repo rate hikes have given further momentum to rising FD
interest rates. The era of low FD rates is now certainly behind us, and FD
investors can expect better days ahead. The rate hike momentum is expected to
continue for some more time," said Adhil Shetty, CEO, BankBazaar.com.
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
axis bank fd interest rates
rbl bank
bank of india
axis bank hikes fd interest rate
axis bank fd rates
axis bank fd latest rates
axis bank axis bank fd rate hike
axis bank
Read on App
Read on App
EXCLUSIVE
POONAWALA FINCORP GETS TRIPLE A RATING
Poonawalla Fincorp (Formerly known as Magma Fincorp Limited) has been upgraded
to a triple A-rated NBFC following its acquisition by the Cyrus Poonawalla
Group.
* Mayur Shetty
* TNN
Click Here to Read This Story
*
*
*
*
*
*
*
*
MUMBAI: Poonawalla Fincorp (Formerly known as Magma Fincorp Limited) has been
upgraded to a triple A rated NBFC following its acquisition by the Cyrus
Poonawalla Group.
The three decade-old, systemically important, non banking finance company,
raised Rs 3,456 Crore from the vaccine maker through Rising Sun Holdings, a
company owned and controlled by Adar Poonawalla.
Care Ratings Ltd (Care) said that it upgraded the long-term rating of Poonawalla
Fincorp Limited (PFL) and its subsidiary, Poonawalla Housing Finance Limited
(PHFL) to “CARE AAA (Triple A), Stable”. This rating is applicable for bank loan
facilities, non-convertible debentures, market linked debentures and
subordinated debt.
“The financial services business has been identified to be of strategic
importance for Cyrus Poonawalla Group. The current rating upgrade by CARE to AAA
(Triple A) reaffirms the strength of the organization and its leadership along
with the financial and operational excellence. This is an important milestone in
our journey towards becoming a leader in financial services and is a testimony
of our commitment towards building a strong institution," said Adar Poonawalla,
Chairman, PFL.
Commenting on the upgrade, Mr. Abhay Bhutada, MD, PFL, said, “This upgraded
rating would further strengthen our liability franchise and accelerate our
growth journey in line with our vision and mission. We stay committed to be
amongst the top 3 NBFCs in consumer and MSME segments through tech-enabled
growth in a customer centric manner and create value for all stakeholders”
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
stable
pfl
cyrus poonawalla group
adar poonawalla
aaa
Read on App
Read on App
EXCLUSIVE
BANKS LED BY SBI HIKE LENDING RATE BY 50 BPS AFTER RBI RAISES POLICY RATE
Even financial institutions like mortgage lender HDFC Ltd hiked the lending rate
by 50 basis points effective Saturday. This is the seventh rate increase
undertaken by HDFC in the last five months with an aggregate hike of 1.90 per
cent in line with the RBI.
* PTI
Click Here to Read This Story
*
*
*
*
*
*
*
*
Host of lenders led by State Bank of India (SBI) and Bank of India hiked lending
rates after the Reserve Bank raised the benchmark interest rate to tame
inflation. The hike has been effected in their benchmark rate linked to the repo
rate, which increased by half a percentage point to 5.9 per cent.
Even financial institutions like mortgage lender HDFC Ltd hiked the lending rate
by 50 basis points effective Saturday. This is the seventh rate increase
undertaken by HDFC in the last five months with an aggregate hike of 1.90 per
cent in line with the RBI.
SBI raised the external Benchmark based lending rate (EBLR) and Repo-Linked
Lending Rate (RLLR) by 50 basis points, as per the information posted on the
bank's website.
SBI's EBLR rose to 8.55 per cent and RLLR increased by similar 50 basis points
to 8.15 per cent, effective Saturday. Banks add Credit Risk Premium (CRP) over
the EBLR and RLLR while giving any kind of loan, including housing and auto
loans.
With the increase in lending rate, EMIs will go up for those borrowers who have
availed loans on EBLR or RLLR.
From October 1, 2019, all banks including SBI have migrated to an interest rate
linked to an external benchmark such as RBI's repo rate or Treasury Bill yield.
As a result, monetary policy transmission by banks has gained traction.
Another state-owned lender Bank of India raised its effective RBLR to 8.75 per
cent.
The rate increase by the Bank of India was effective from Friday, as per the
revised repo rate of 5.9 per cent, the bank website said.
With the repo rate increase, ICICI Bank External Benchmark Lending Rate (I-EBLR)
will rise to up to 9.60 per cent.
The private sector bank also revised its fixed deposit rates effective from
Friday.
Other banks are also expected to follow suit after the RBI raised the key
interest rate by 50 basis points, the fourth straight increase since May. It is
just a matter of time when banks would undertake EBLR or RLLR hikes in line with
the repo rate.
The Monetary Policy Committee (MPC), comprising three members from the RBI and
three external experts, raised the key lending rate or the repo rate to 5.90 per
cent -- the highest since April 2019 -- with five out of the six members voting
in favour of the hike.
Since the first unscheduled mid-meeting hike in May, the cumulative increase in
the interest rate now stands at 190 basis points and mirrors similar aggressive
monetary tightening in major economies around the globe to contain runaway
inflation by dampening demand.
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
rbi
benchmark
treasury
reserve bank
monetary policy committee
icici bank external benchmark lending rate
hdfc ltd
state bank of india
sbi
sbi
rllr
repo
icici bank
hdfc
bank of india
Read on App
Read on App
EXCLUSIVE
CCI CLEARS BANK OF BARODA'S ADDITIONAL STAKE BUY IN INDIAFIRST LIFE INSURANCE
Competition Commission of India (CCI) has cleared Bank of Baroda's proposed
acquisition of a 21 per cent stake in IndiaFirst Life Insurance.
* PTI
Click Here to Read This Story
*
*
*
*
*
*
*
*
Competition Commission of India (CCI) has cleared Bank of Baroda's proposed
acquisition of a 21 per cent stake in IndiaFirst Life Insurance. The transaction
involves the Bank's acquisition of 21 per cent shareholding of IndiaFirst Life
Insurance Company Ltd (IFLIC) from Union Bank of India.
According to an update on the CCI website, the deal has been approved.
Post the transaction, the shareholding pattern of IFLIC is such that 65 per cent
will be held by the Bank of Baroda, 9 per cent will be held by Union Bank of
India and 26 per cent is held by Carmel Point Investments Pvt Ltd, owned by
private equity funds managed by Warburg Pincus LLC.
Deals beyond certain thresholds require approval from CCI, which keeps a tab on
anti-competitive practices. PTI HG HG BAL BAL
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
indiafirst life insurance
union bank of india
cci
bank of baroda
warburg pincus llc
indiafirst life insurance company ltd
competition commission
carmel point investments pvt ltd
Read on App
Read on App
EXCLUSIVE
SUPREME COURT AGREES TO CONSIDER BANKS' PLEAS AGAINST DISCLOSURE OF INFORMATION
ON CUSTOMERS
The court, "without expressing any final opinion" said that prima facie, the
aspect of balancing the right to information and the right to privacy was not
considered at that stage.
* PTI
Click Here to Read This Story
*
*
*
*
*
*
*
*
The Supreme Court on Friday agreed to consider the petitions by several banks,
including private banks, challenging the Reserve Bank of India (RBI)'s direction
to disclose under the Right to Information Act certain "confidential and
sensitive information" pertaining to their affairs, employees and customers. A
bench headed by Justice BR Gavai rejected the preliminary objections raised by
one Girish Mittal who as an intervener sought the dismissal of the petitions on
the ground that the issues concerning such disclosures have already been "put to
rest" by earlier decisions of the top court.
The court, "without expressing any final opinion" said that prima facie, the
aspect of balancing the right to information and the right to privacy was not
considered at that stage.
Noting that the RBI directions in question were passed in view of these earlier
decisions, the bench --also comprising Justices CT Ravikumar, observed that in
such a scenario, the only remedy available to the banks was under Article 32 of
the Constitution of India for protection of the fundamental rights of their
customers who are citizens of India.
"The petitioners have challenged the action of the respondent--RBI, vide which
the RBI issued directions to the petitioners/Banks to disclose certain
information, which according to the petitioners is not only contrary to the
provisions as contained in the RTI Act, the RBI Act, and the Banking Regulation
Act, 1949, but also adversely affects the right to privacy of such Banks and
their consumers," the court stated.
"The RBI has issued such directions in view of the decision of this Court in the
case of Jayantilal N. Mistry (supra) and Girish Mittal (supra). As such, the
petitioners would have no other remedy than to approach this Court... Without
expressing any final opinion, prima facie, we find that the judgement of this
Court in the case of Jayantilal N. Mistry (supra) did not take into
consideration the aspect of balancing the right to information and the right to
privacy," the court said.
The court noted that although the concept of the finality of judgement has to be
preserved, if it is found that an earlier judgement does not lay down a correct
position of law, it is always permissible for it to reconsider the same and if
necessary, refer it to a larger bench.
The court also recorded that the banks here were not parties in the earlier
matter and the recall application by certain banks in those cases was rejected
by the top court without foreclosing their right to pursue other remedies
available to them in law.
"In view of the judgment of this Court in the case of Jayantilal N. Mistry
(supra), the RBI is entitled to issue directions to the petitioners/Banks to
disclose the information even with regard to the individual customers of the
Bank. In effect, it may adversely affect the individuals' fundamental right to
privacy," the court observed.
"We, therefore, hold that the preliminary objection as raised is not
sustainable. The same is rejected. I.A. No.51632 of 2022 in Writ Petition
(Civil) No.1159 of 2019 and I.A. No.54521 of 2022 in Writ Petition (Civil)
No.683 of 2021 are accordingly dismissed," the court ordered.
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
banks
supreme court
several banks
sc
rbi
racikumar
ct
Read on App
Read on App
EXCLUSIVE
BANKS TO PROVIDE FOR DEFAULTS IN ADVANCE
According to the RBI, the practice of providing for default only after it is
incurred has proved to be inadequate. This is because the rules are pro-cyclical
— they require banks to set aside funds when they are going through a tough
phase. Expected credit loss provisions require banks to make provisions earlier.
* TNN
* TNN
Click Here to Read This Story
*
*
*
*
*
*
*
*
Mumbai: Banks may soon have to set aside funds for bad loans before the borrower
defaults. The RBI has proposed to introduce an expected credit loss regime for
provisioning in line with global practices.
According to the RBI, the practice of providing for default only after it is
incurred has proved to be inadequate. This is because the rules are pro-cyclical
— they require banks to set aside funds when they are going through a tough
phase. Expected credit loss provisions require banks to make provisions earlier.
The central bank will bring in a discussion paper on the various aspects of the
transition on expected credit loss provisioning. The move will be a step towards
converging with globally accepted prudential norms. Incidentally, the expected
credit loss provision is a requirement of the Ind-As accounting system. Although
banks were expected to migrate to the new accounting standards, the move has
been delayed for several years.
“As a stepping stone towards Ind-As, expected credit loss (ECL) based
provisioning approach is expected to be implemented for banks. While we await
the draft guidelines from the RBI, with improved capital position along with
high provision cover on NPAs, the banks are likely to be well-positioned to take
an incremental hit, if any, on their capital because of an increase in
provisions on their standard as well as overdue loans,” said Anil Gupta, senior
VP, ICRA.
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
banks
rbi
anil gupta
npas
mumbai banks
icra
defaults
Read on App
Read on App
EXCLUSIVE
GOVT HIKES INTEREST RATES OF ONLY THESE SMALL SAVING SCHEMES FOR OCT-DEC 2022
QUARTER
Here is a look at the interest rates on various small savings schemes for the
third quarter of FY 2022-23.
* ET Online
Click Here to Read This Story
*
*
*
*
*
*
*
*
After close to four years, the government has increased the interest rates of
certain small savings schemes. According to a circular issued by the Finance
Ministry on September 29, the interest rates of three small saving schemes have
been hiked by 10 bps to 30 bps , for the October-December 2022 quarter. (One
percentage point is equivalent to 100 basis points.)
Interest rate of Senior Citizen Savings Scheme has been hiked by 20 bps to 7.6%
and Kisan Vikas Patra has been increased by 1o bps to 7%. The interest rate of
post office time deposit with a tenure of 3 years has been raised by 30 bps to
5.8% and 2-year tenure by 20 bps to 5.7%. Interest rates of rest of the small
savings schemes like PPF and Sukanya Samriddhi Yojana have been kept unchanged.
Here is a look at the interest rates on various small savings schemes for the
third quarter of FY 2022-23.
Source: Finance ministry circular
The last time the rates were increased was in 2018 for the October-December
quarter.
The latest interest rate hike was expected as the government bond yields have
risen. Small savings rates are linked to government bond yields of the same
maturity and are reset every quarter. Thanks to political compulsions, even
though interest rates of fixed income instruments like the FD were cut, the
government kept the rates of small savings schemes unchanged. Bond yields
consistently declined during 2020-21. If you remember, a steep 60-70 basis rate
cut in small savings schemes was hastily rolled back in April 2021 following a
public uproar.
Now that bond yields have risen sharply, small savings rates have been revised
upwards.
Fixed income investors: A happy lot
The Reserve Bank of India (RBI) has been increasing key rates since May 2022.
Due to this, banks have been increasing interest rates on fixed deposits (FD)
which is good news for FD investors who have been sitting with decadal low
interest rates.
FDs, bank savings accounts or small saving schemes?
Even though banks have started increasing FD interest rates, many small savings
schemes are still earning higher interest rates.
SBI's FDs across 1-10-year tenors, as on August 18, 2022, earn 5.45 percent to
5.65 percent. Senior citizens, who earn 0.5 percent more, will get 5.95 percent
to 6.45 percent for these tenors.
Apart from fixed deposits, even the interest rates on savings accounts offered
by some of the bigger banks is lower than the interest rate on the post office
savings account.
Post office savings account is currently offering 4% per annum whereas SBI is
offering 2.70% per annum interest rate on its savings account. Similarly, ICICI
Bank is offering 3-3.5% per annum.
How interest rates are set for small savings schemes
The interest rates on small savings schemes are reviewed every quarter by the
government. The formula to arrive at the interest rates for small savings scheme
was given by the Shyamala Gopinath Committee. The committee had suggested that
the interest rates of different schemes should be 25-100 bps higher than the
yields of the government bonds of similar maturity.
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
Small Saving Schemes
sukanya samriddhi scheme
small savings schemes
small savings interest rates
sbi
ppf
nsc
icici bank
Read on App
Read on App
EXCLUSIVE
BANK STAFF ASSOCIATION THREATENS STRIKE AGAINST PRIVATIZATION
All Indian Banking Employees Association (AIBEA), in its central committee’s
meeting held in Indore, on Thursday announced plans to launch a series of all
India pen-down strikes in favour of five demands including privatization of
government banks, staff crunch and recovering of bad loans
* TNN
Click Here to Read This Story
*
*
*
*
*
*
*
*
Indore: All Indian Banking Employees Association (AIBEA), in its central
committee’s meeting held in Indore, on Thursday announced plans to launch a
series of all India pen-down strikes in favour of five demands including
privatization of government banks, staff crunch and recovering of bad loans from
big companies.
“If the government proceeds with any amendment to privatize the government or
cooperative banks, AIBEA will go on pen-down strike against it,” association
general secretary CH Venkatachalam said.
Staff crunch is a big issue against the government’s wish to increase services
to the customers, he said adding AIBEA is demanding adequate number of employees
i.e. around 2 lakh vacancies lying vacant in all the branches and headquarters
of the banks.
The association is also opposing filling up of the vacant posts through
outsourcing on contract basis by giving minimum wages, instead of appointing
permanent employees (regulation).
Venkatachalam alleged that in many of the banks, the management is violating the
loan settlements. The cooperative banks should be strengthened, instead of
privatization of the same.
“We will caution the government by giving memorandums and prior information
before going on strike” he said.
Today, total deposits of banks is around Rs 165 lakh Crore while total loans are
given to the tune of Rs 120 lakh Crore, Venkatachalam said. “Writing off loans
is a loss to the bank. As per March 2022 records, the total operating profit of
banks was Rs 2.08 lakh Crore but the net profit, after adjusting the bad loans,
was only around Rs 66,736 Crore” he said.
While the public money is being lost to write off bad loans, banks are
increasing service charges, reducing/decreasing rate of interest on
deposits/loans, to compensate it and it make the customers ultimate suffer. he
claimed adding there are presently around 1,150 willful defaulters in
non-performing assets (NPA) category. TNN
Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Banking
venkatachalam
ch venkatachalam
aibea
indian banking employees association
india
Read on App
Read on App
* Industry News
* Auto News
* Retail News
* Health News
* Telecom News
* Energy News
* CIO News
* Real Estate News
* Brand Equity
* CFO News
* IT Security News
* Government News
* Hospitality News
* HR News
* Legal News
* ET TravelWorld News
* Infra News
* B2B News
* CIOSEA News
* HRSEA News
* HRME News
* CONTACT US
ADVERTISE WITH US
We have various options to advertise with us including Events, Advertorials,
Banners, Mailers, Webinars etc.
Please contact us to know more details.
* SIGN UP FOR
ETBFSI NEWSLETTER
Get ETBFSI's top stories every morning in your email inbox.
50000+ Industry Leaders read it everyday
I have read Privacy Policy and Terms & Conditions and agree to receive
newsletters and other communications on this email ID.
* FOLLOW US
@ETBFSI
Follow @ETBFSI for the latest news, insider access to events and more.
*
*
*
*
*
* About Us
* Contact Us
* Advertise with us
* Newsletter
* RSS Feeds
* Embed ETBFSI.com Widgets on your Website
* Privacy Policy
* Terms & Conditions
* Guest-Post Guidelines
* Sitemap
Copyright © 2022 ETBFSI.com. All Rights Reserved.