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Bank FDs will draw down from mutual funds if interest rates go up to 7.5-8%, says report
If banks raise interest rates on fixed deposits to 7.5-8%, there could be a flight to these products from mutual funds, Motilal Oswal Financial Services said in a report. In a report on mutual funds, it noted that equity flows are muted while the debt outlook is positive. Over the past couple of months, a few major trends have emerged, including absence of NFOs, because of the regulations, decline in AUM, sustained high outflows from the debt segment and decline in new SIP account openings, the report said.
BI India Bureau
Bank holidays in July 2022
Finance and financial planning is important in everyone’s life. When it comes to managing finances, banks plan an important role in our personal and professional lives. We depend on banks for several important functions like maintaining accounts, loans, deposits, safety lockers, money transfers and several others.
Rounak Jain
SBI, ICICI Bank, HDFC Bank and others hike fixed deposit interest rates – check out the latest FD interest rates
FD interest rates have been hiked by most of the banks, including SBI, ICICI Bank, HDFC Bank and others. This is the second FD interest rate hike, after the RBI increased interest rates twice in the last one month. Check out the latest FD interest rates in India in 2022.
German central bank believes retirement age must be linked to life expectancy
Germany's central bank recommended linking the retirement age to life expectancy in order to stabilise the country's statuto...
HDFC raises home loan interest rate by 50 basis points
The rate revision by the lender comes a day after the Reserve Bank of India raised the key lending rates or repo rate by 50 basis points to tame high inflation, which essentially meant the cost of borrowings were going to rise. Repo rate is the rate at which the central bank RBI lends short-term funds to banks.
Karuna Sharma
India’s biggest lender appoints Alok Kumar Choudhary as new MD soon after top brass rejig
Seasoned banker Alok Kumar Choudhary was appointed as the managing director of India’s largest public lending institution State Bank of India on June 07, 2022. He was the Deputy MD (DMD) of finance at the bank. Choudhary will be now responsible for spearheading retail business and operations at SBI for two years.
Bhakti Makwana
Not SBI, ICICI or even HDFC - this bank has the most number of microATMs in India
Micro ATMs were the fastest growing payment infrastructure in FY22, according to a report by ICICI Securities. MicroATMs are...
India's central bank denies reports that it is replacing Mahatma Gandhi with Tagore and Kalam on currency notes
The central bank Reserve Bank of India (RBI) cleared the air by saying that it has no proposal to bring about...
Rounak Jain
Kotak’s superapp for investments hopes to gain one million users by end of the year
Kotak Mahindra Bank today unveiled a new superapp for investments called Kotak Cherry. The new service will allow users to manage their investments across different instruments like equity, bonds, mutual funds and even pension schemes. Kotak says that eventually, other financial products like insurance, investment advisory service and more will be added to the platform. Kotak Mahindra Bank, one of India’s leading banks, today launched a new product called Kotak Cherry.
Karuna Sharma
Asia’s richest banker Uday Kotak might be grooming his son Jay Kotak for a top job at his bank
Jay Kotak, the son of Asia’s richest banker Uday Kotak and the VP of Kotak Mahindra Bank, was formally introduced to investo...
Kritti Bhalla
Indian companies raised $14 billion via IPOs and their i-bankers made $300 million in fees
The fiscal year 2022 witnessed the public debut of 52 companies — some good, some bad and some that failed to leave a mark on the stock market ever since their listing. Amidst this influx of IPOs, it’s the investment banks who have emerged as the winners.
Rounak Jain
The most valuable credit cardholders are not from HDFC, SBI, Citi or other major credit card companies
When you think of credit cards, the first few names that pop up in your mind are most likely HDFC Bank, State Bank of India, Citi, Axis Bank, ICICI Bank and perhaps even Kotak Mahindra Bank. However, what defines a credit card company’s quality of cardholders? And which company has the most valuable cardholders? We find out.
Rounak Jain
An Indian credit card user spends ₹14,500 a month on average – 20x more than debit card users
Credit cards are no longer in their infancy in India, according to a new report by India’s central bank, the Reserve Bank of...
RBI hikes repo rate by 40 basis points to 4.4% as it seeks to reign in inflation
The Reserve Bank on Wednesday announced a hike in cash reserve ratio (CRR) by 50 basis points to 4.5 per cent, effective May 21, which will take out Rs 87,000 crore liquidity from the system.
BI India Bureau
Here is a list of bank holidays in May 2022
We depend on banks for several reasons. Banks are in fact an integral part of our personal, social, and professional lives. Banks make it very convenient to handle finances, save and grow money, safe keeping, borrow loans, and do financial transactions with individuals, organisations and enterprises.
Bhakti Makwana
Zee Learn tumbles 20% as Yes Bank drags the firm into insolvency proceedings
Yes Bank filed an application before the National Company Law Tribunal to initiate a corporate insolvency resolution process...
Rounak Jain
From adjusting refunds against amount due to charges for disputes, here are the new credit card rules effective from July 1
The Reserve Bank of India has come out with a new set of guidelines aimed at protecting the interests of cred...
Rounak Jain
From no hidden charges to insurance on credit card frauds and lost cards, here are RBI's new guidelines for credit and debit cards
The Reserve Bank of India has issued a new set of guidelines for credit and debit cards. These guidelines inc...
Bhakti Makwana
Five banks that offer cheaper home loan rates in India
Home loan rates have been at their lowest level in the last 10 years, which has proven quite fruitful for the entire sector. However, this may change...
Rounak Jain
HDFC twins wipe out ₹2.5 lakh crore investor wealth, push HDFC out of top 10 largest companies in India
HDFC Bank and HDFC are bleeding investor wealth, wiping out over INR 2.5 lakh crore over the past 15 days. Earlier this mont...
Rounak Jain
You will soon be able to use UPI for cardless cash withdrawals at all banks and ATMs
Bank customers across India will soon be able to make cardless cash withdrawals from banks and ATMs using UPI. At present, c...
Rounak Jain
Yes Bank investors richer by a third in April alone as the bank continues to see growth in loans and deposits
Yes Bank’s shares have seen a tremendous rally in April, surging by a third since the beginning of the new fi...
Rounak Jain
HDFC and HDFC Bank announce merger of India’s largest housing finance company with the largest private bank
HDFC and HDFC Bank today announced a merger, bringing the housing finance company under the wings of HDFC Bank. While HDFC i...
BI India Bureau
Here is a list of bank holidays in April 2022
Banks are the backbone of any nation’s economy. Banks fulfill several financial functions in the economy for the nation, enterprise entities, businesses, organizations, and individuals. Some of the portfolio of services banks offer include accepting deposits, giving loans, wealth management, exchange of currency, money transfers, safe deposit lockers and others.
Bhakti Makwana
Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal
Axis Bank is all set to acquire US-based Citibank's consumer business in India for ₹12,325 crore. Axis Bank w...
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Antonia Wade, PwC's global CMO, tells Insider how B2B spending changes in tough economic times
Ban on single-use plastic kicks in across India as the country recognises the choking impacts of plastic waste on the environment
Bank FDs will draw down from mutual funds if interest rates go up to 7.5-8%, says report