With bank withdrawals restricted, the Income Tax Department seems to be taking the opportunity to move in on a long-time target of tax evasion investigators — co-operative banks. Several co-operative banks in Kerala have got Income Tax Department notices seeking details of deposits. It is not known if banks in other states have also got similar notices. […]
Many bank branches are seeing unprecedented queues of people waiting to exchange their currency notes on Day 1 of the program, despite clear instructions that they can do so at any time over the next 50 days. Many people are waiting outside bank branches worried that if they don’t exchange their old notes today, it […]
Yes Bank has introduced a new billing machine for small businesses tying together Card & UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready-to-use basis. This will help small and medium businesses to do their billing and accept payments and also disburse small loans completely electronically at any time to participating merchants, said the […]
Yes Bank said it had successfully raised Rs 2,135 crore by placing long-term infrastructure bonds. The issue garnered Rs 2,135 crores against a base size of Rs 1000 crores, with Rs 1135 crores raised via exercising of the green shoe option. This is the single largest issuance of Infrastructure Bonds by Yes Bank till date. […]
Surendra Hiranandani, Chairman & Managing Director, House of Hiranandani welcomed the reduction of policy interest rates by the Reserve Bank of India today as part of its monetary policy review. “We welcome the new governor’s move to cut rates by 25 bps on the back of a favorable monsoon that has helped stabilize food prices […]
Kotak Mahidra Bank said it has agreed to acquire BSS Microfinance Pvt Ltd for Rs 139.2 crore in cash. BSS Microfinance Pvt Ltd is an non-banking micro finance institution. It exends microfinance to poor rural and semi urban women, primarily for income generating activities, and also for life quality improvement activities. As at June 30, […]
Credit Rating agency Brickwork Ratings India Pvt Ltd. downgraded bonds issued by Indian Overseas Bank from A- to BBB+. It maintained its outlook on the bonds as negative. The downgrade has come in the context of rising bad loans on the bank´s balance sheet. Indian Overseas Bank is one of the worst affected banks as […]
Financial service provider Intellect iGTB, formerly part of Polaris, said its banking solution has been launched on the cloud using the software-as-a-service model. Software as a Service is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is sometimes referred to as “on-demand software” […]
Bank of India said it had revised its base rate from 9.70% to 9.65 %. The revised rate will be in effect from Friday. Base rate is the minimum interest rate that the bank charges. It is not allowed to issue loans below this rate to any of its customers. Bank of India is a […]
The amount realised through the 5th Tranche of Sovereign Gold Bond (SGB) Scheme, is expected to cross Rs. 820 crore, the ministry of finance said. This was mobilised through over 2.00 lakh applications representing around 2.37 tonnes of gold. “These numbers are likely to go-up further as the receiving offices are still in the process […]
Yes bank, India’s 5th largest private sector bank, said its recently launched ´Yes tag´ ‘chat banking’ application has crossed 10,000 Transactions. Yes tag was launched recently by Yes bank and offers a ‘conversational smart banking’ experience and can be used to bank via five messaging platforms namely Facebook Messenger, Twitter, Skype, Telegram and WeChat. Users […]
Asserting there are no quick fixes for grave problems facing the public sector banks, mainly centered around close to Rs 5 lakh crore non-performing assets, ASSOCHAM President Mr Sunil Kanoria today said a paper brought out by the chamber clearly suggests mergers or consolidation of the PSBs is certainly no answer to the present crisis, […]
Standard Chartered, the UK-based bank, has urged its banking customers in India to change their ATM PIN numbers in light of increasing cases of ATM fraud. “For the security of your account, we would recommend that you visit our ATMs or call our helpline number and change your Debit Card PIN,” the bank said in […]
Central Bank of India said the ratings on its bonds have been downgraded by Brickwork Ratings due to a deterioration in its financial condition. The bank is among many government-owned lenders that have come under substantial stress in recent quarters due to loan defaults by big borrowers. Many private companies in India are defaulting on […]
ICICI bank, an Indian multinational banking and financial services company, said its shareholders will get a reservation of 18.13 lakh shares in the upcoming initial public offering of its subsidiary ICICI Prudential Life Insurance. Only individual shareholders will be eligible for this reservation. On September 8, the private sector bank had said that it is […]
Kerala-based privately owned Federal Bank said it has started a one-minute loan facility called Digital Personal Loans. “Customers can log into Bank’s website (www.federalbank.co.in) and avail personal loans in a minute. Upon the acceptance of the offer by the customer, the loan money is credited to his account immediately,” it said. “This facility neither requires […]
ICICI Bank, one of India’s largest private sector banks has started registering new, user-friendly usernames on its mobile app as part of the UPI advanced payment platform of the government of India. The usernames are in the format name@icici and can be registered by ICICI mobile app users and those who use its Pockets payment app. The process […]
Bank of Maharashtra announced the launch of its UPI mobile application in association with National Payments Corporation of India (NPCI). The mobile app will enable customers to pay and collect money from their smartphones without entering any bank account number. The ‘MahaUPI application’ shall enable our customers and customers of other banks to have a […]
Karnataka Bank became one of the first to launch its mobile application which is designed to accomodate the newly launched Unified Payments Interface (UPI) today. The mobile app which is named “KBL-SMARTz” is built on the UPI platform of the National Payments Corporation of India (NPCI) which will enable customers to pay and collect money […]
Kotak Mahindra Bank said it is now offering a lower home loan rate of 9.35% as part of a festive season discount and will also provide business loans and overdraft at up to 1% lower interest rate with 25% waiver on processing fees till 10th September. SBI already offers home loan rates of around 9.3%, while ICICI […]
