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The festive season is here and with it, you are likely to make several purchases from e-commerce platforms, be it for yourself or for your friends and family. Choosing the right credit card for <keyword id="19957108" type="General" weightage="20" keywordseo="online-shopping" source="keywords">online shopping</keyword> can make a significant difference in how much you save and earn from your purchases. <keyword id="19953671" type="General" weightage="20" keywordseo="credit-cards" source="keywords">Credit cards</keyword> not only allow you to easily get products on credit, they can also make them cheaper thanks to cashback and reward points. You also get access to airport lounges, railway lounges, dining offers and more. In this post, we look at some of the <keyword id="23600028" type="General" weightage="100" keywordseo="best-credit-cards-for-online-shopping" source="Orion">best credit cards for online shopping</keyword> in India. <h2><keyword id="3294523" type="General" weightage="20" keywordseo="best-credit-cards" source="Orion">Best credit cards</keyword> for online shopping in India</h2><h3><keyword id="23600026" type="General" weightage="20" keywordseo="Amazon-Pay-ICICI" source="keywords">Amazon Pay ICICI</keyword> credit card</h3> <div type="image" title="Amazon Pay ICICI credit card" msid="114354421" hostid="261" caption="&amp;lt;p&amp;gt;Amazon Pay ICICI credit card&amp;lt;/p&amp;gt;"></div> The Amazon Pay ICICI Credit card is among the most popular co-branded credit cards, offered by ICICI Bank in partnership with e-commerce giant Amazon India. It’s great for those who regularly shop on Amazon, as it offers a 5% cashback on all purchases on the platform. Key Features: <ul><li>Cashback: Up to 5% cashback on Amazon purchases, and 2% cashback on other online shopping.</li><li>Additional cashback: Earn 2% cashback at partner stores, and 1% on all other spends.</li><li>No annual fee: Lifetime free credit card.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li></ul> <div type="Article" hostid="261" msid="113123752" title="Here are the benefits you get with India’s most expensive credit card with a ₹3.54 lakh annual fee" mstype="2" mssubtype="0"></div> <h3>HDFC Millenia credit card</h3> <div type="image" title="HDFC Millenia credit card" msid="114354433" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Millenia credit card&amp;lt;/p&amp;gt;"></div> The HDFC Millenia is a popular credit card from HDFC Bank and is among the most sought-after cards from the bank. This card offers good rewards on Amazon, Flipkart, Myntra and other online platforms. It is also good for utility bills and fuel spending. Key Features: <ul><li>Cashback: 5% cashback on Amazon, BookMyShow, Swiggy, Flipkart, Myntra and more. It offers 1% cashback on all other spends.</li><li>Lounge access: 1 complimentary lounge access per quarter.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li></ul><h3>Flipkart Axis Bank credit card</h3> <div type="image" title="Flipkart Axis Bank credit card" msid="114354438" hostid="261" caption="&amp;lt;p&amp;gt;Flipkart Axis Bank credit card&amp;lt;/p&amp;gt;"></div> With Amazon partnering with ICICI Bank, Flipkart joined the race and partnered with Axis Bank to launch the Flipkart Axis Bank credit card. The card offers 5% cashback on Flipkart and Cleartrip. Key Features: <ul><li>Cashback: 5% cashback on Flipkart and Cleartrip, 4% on preferred partners and 1% on other spends. </li><li>Lounge access: 4 complimentary lounge access per year on spending ₹50,000 during the previous 3 months.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li></ul> <div type="Article" hostid="261" msid="98090488" title="How to use credit card to make UPI payments" mstype="2" mssubtype="0"></div> <h3>Cashback SBI Card</h3> <div type="image" title="Cashback SBI credit card" msid="114354449" hostid="261" caption="&amp;lt;p&amp;gt;Cashback SBI credit card&amp;lt;/p&amp;gt;"></div> The Cashback SBI Card has quickly emerged as one of the most popular cards from the state-owned bank, beating its SimplyClick card, which was one of the preferred cards for online spending. The USP of this card is that it offers a flat 5% cashback on all online spending. Key Features: <ul><li>Cashback: 5% cashback on all online spends, without any merchant restrictions. It also offers 1% cashback on all offline transactions.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li><li>Annual fee waiver: Fee waiver on spending ₹2 lakh in the preceding year.</li></ul><h3><keyword id="23600027" type="General" weightage="20" keywordseo="Axis-Bank-Ace" source="keywords">Axis Bank Ace</keyword> credit card</h3> <div type="image" title="Axis Bank Ace credit card" msid="114354458" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank Ace credit card&amp;lt;/p&amp;gt;"></div> The Axis Bank Ace credit card is another excellent card, especially for those looking for a card for bill payments, utility spending and more. It is also one of the few credit cards that can be added to Google Pay. Key Features: <ul><li>Cashback: 5% cashback on all bill payments, mobile recharges and DTH recharges via Google Pay. It also offers 4% Swiggy, Zomato and Ola.</li><li>Lounge access: 4 complimentary lounge access per year on spending ₹50,000 during the previous 3 months.</li><li>Fuel surcharge waiver: 1% fuel surcharge waiver across all petrol pumps.</li></ul> <div type="Article" hostid="261" msid="102133212" title="HDFC Bank and Swiggy launch co-branded credit card – cashback, offers and more" mstype="2" mssubtype="0"></div> <h3>American Express SmartEarn credit card</h3> <div type="image" title="American Express SmartEarn credit card" msid="114354467" hostid="261" caption="&amp;lt;p&amp;gt;American Express SmartEarn credit card&amp;lt;/p&amp;gt;"></div> While it is more challenging to get American Express cards than other cards on the list, getting your hands on the SmartEarn credit card is relatively easy compared to other cards offered by American Express. Key Features: <ul><li>Reward points: 10X membership reward points on Flipkart, Zomato, Myntra, Uber, Ajio and more. 5X membership reward points on every ₹50 spent on Amazon.</li><li>Monthly spends: Earn 500 membership reward points on spending ₹2,500 in a month on 10X reward point partners.</li><li>Annual fee waiver: Fee waiver on spending ₹40,000 in the preceding year.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/finance/news/here-are-the-benefits-you-get-with-indias-most-expensive-credit-card-with-a-3-54-lakh-annual-fee/articleshow/113123752.cms">Here are the benefits you get with India’s most expensive credit card with a ₹3.54 lakh annual fee</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a> <a href="https://www.businessinsider.in/business/news/hdfc-bank-and-swiggy-launch-co-branded-credit-card-to-offer-discount-to-customers/articleshow/102133212.cms">HDFC Bank and Swiggy launch co-branded credit card – cashback, offers and more</a>

Best credit cards for online shopping this festive season

<ul><li>High input costs during the quarter impacted profitability of companies.</li><li>While many sectors delivered moderate growth in the latest quarter, analysts believe banks outpaced other sectors.</li><li>FMCG firms delivered healthy earnings reports in the latest Q2, but are wary of an inflationary environment.</li></ul>Corporate India’s performance in the September quarter has been healthy, based on the 386 companies that have already declared their results. “Quarterly financial performance shows that net sales continue to grow at a robust double digit pace of 22.9% in Q2FY23 against 22.3% in Q2FY22,” said economist Dipanwita Mazumdar from Bank of Baroda. Like the previous quarters, higher raw material costs continue to be a drag. The rise in commodity prices, however, led to high input costs that had an impact on the profitability of companies. “There seems to be divergence on the profitability frontier. Higher input costs have impinged on the PAT numbers which showed moderation in growth to 8.5% in Q2FY23 from 21.1% in Q1FY22 and pre-pandemic growth of 27.9% (supported by softer input prices at that time),” said Mazumdar. While many sector companies have delivered moderate growth in the latest quarter, analysts believe banks have outpaced them with better results. “Sector-wise, banks seemed to have performed better. Banks’ showed a double digit growth of PAT by 41.6% in Q2FY23 against 35.3% in Q2FY22, supported by higher interest income in the rising rate cycle,” said Mazumdar. Recently, <a href="https://www.businessinsider.in/stock-market/news/icici-bank-shares-hit-a-new-high-after-a-strong-q2-heres-what-the-analysts-are-saying/articleshow/95078908.cms">ICICI Bank reported a 26.5% YoY </a>increase in its NII to ₹14,787 crore, its peers HDFC Bank reported an 18.9% surge to ₹21,021 crore while <a href="https://www.businessinsider.in/business/corporates/news/axis-banks-net-profit-grows-70-to-5330-crore-in-q2/articleshow/94991414.cms">Axis Bank reported a 31% increase </a>to ₹10,360 crore during the period. She added that net sales of FMCG companies remained buoyant, growing by 19.3% in Q2FY23 compared to 12.1% in Q2FY22. While most FMCG firms delivered healthy earnings reports in the September quarter, companies remain wary of an inflationary environment. Recently, in September quarter earnings, <a href="https://www.businessinsider.in/business/corporates/news/huls-q2-net-profit-grows-20-to-2616-cr-says-its-cautiously-optimistic-in-the-near-term/articleshow/95014467.cms">HUL said that it remains cautious of inflation </a>impacting the demand environment and says it is ‘cautiously optimistic in the near-term’. For auto companies, Mazumdar believes, “While net sales have shown some moderation, it still maintained a double digit growth rate of 20.3% compared to 32.8% in Q2FY22.” However, she highlighted that festive cheer could not lift the consumer durables segment which saw an increase of just 0.7% in net sales for Q2FY23 compared to 35% in the same period of previous year. <keyword id="15362159" type="General" weightage="20" keywordseo="Q2-corporate-earnings-report" source="Orion">Q2 corporate earnings report</keyword> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sep-20 </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sep-21 </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sep-22 </td></tr><tr><td colspan="4" style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Sales </td></tr><tr><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Absolute, ₹.crore </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,13,796 </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,28,503 </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,72,311 </td></tr><tr><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY Growth, % </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.4% </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.3% </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.9% </td></tr><tr><td colspan="4" style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PAT </td></tr><tr><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Absolute, ₹.crore </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">77,027 </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">93,283 </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,01,250 </td></tr><tr><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY Growth, % </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.9% </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.1% </td><td style="border-left:solid #000000 0.98958pt;border-right:solid #000000 0.98958pt;border-bottom:solid #000000 0.98958pt;border-top:solid #000000 0.98958pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.5% </td></tr></tbody></table>Source: Ace Equity, bank of Baroda Research Stock markets cheer earnings Meanwhile, Indian equity markets have also performed pretty well as Sensex has gained more than 4% in the last one month, amid good corporate earnings and despite weak global cues. “Markets have managed to put on a good show so far amid the mixed global cues, however we’ve been seeing restricted participation. It’s banking which is leading from the front while others are playing a supportive role in between. The broader indices too are showing a mixed trend at present. Amid all, we feel the market tone would remain positive, however the focus should remain on stock selection and risk management,” said Ajit Mishra, VP - Research at Religare Broking. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-trade-higher-amid-mixed-cues-from-global-markets/articleshow/95113241.cms">Indian markets trade higher amid mixed cues from global markets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/jiomart-on-whatsapp-is-a-big-opportunity-for-paid-messaging-market-zuckerberg/articleshow/95114891.cms">JioMart on WhatsApp is a big opportunity for paid messaging market: Zuckerberg</a>

Q2 corporate earnings report: Banks perform well, moderate growth in FMCG, auto

<ul><li><keyword id="2179992" type="General" weightage="20" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> announced that its long-term CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> has gone on leave, with Rajeev Ahuja taking up the lead in the interim.</li><li>Apart from this, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> also intervened by appointing an additional director on the bank’s board.</li><li>Now, reports suggest that <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and DMart’s <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword> want to pick up a 10% stake in the bank.</li></ul>RBL Bank is in a mini crisis of sorts, with its long-term MD and CEO Vishwavir Ahuja going on a leave and the Reserve Bank of India appointing an additional director on the bank’s board. The stock tanked 20% on Monday (December 27), the first trading day after the decision was made public. <div type="image" title="RBL Bank 01_11_21 to 27_12_21." msid="88515164" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank share price since November, 2021&amp;lt;/p&amp;gt;"></div> The twist doesn’t end there, either – ace investors Rakesh Jhunjhunwala and DMart’s Radhakishan Damani have <a href="https://twitter.com/CNBCTV18News/status/1475296536980426752">reportedly</a> approached RBI to pick up a 10% stake in RBL Bank, likely to cash in on the opportunity on the horizon. On Friday, RBL Bank’s shares ended the day lower by nearly 3%. In 2021 so far, the company has lost a fourth of its value even as the Bank Nifty index gained over 11%. <cmsannotation type="cmsannotation" annotationid="Why is the RBI intervening in the affairs of RBL Bank?" comment="subhead" text="Why is the RBI intervening in the affairs of RBL Bank?">Why is the RBI intervening in the affairs of RBL Bank?</cmsannotation> While both RBI and RBL Bank have been tight-lipped about the trigger behind the central banker’s intervention, reports suggest that there’s likely more going on between the lines. One of the issues that has been repeated elsewhere is concerns about the asset quality of the bank – the gross non-performing assets (Gross NPA) ratio rose to 5.4% in the September quarter from 3.34% in the year before. Unpaid loans surged in the September quarter, as the moratorium on payments came to an end, particularly in the microfinance segment, which makes for 9% of RBL Bank’s total loan book. <div type="image" title="RBL Bank MFI GNPA ." msid="88516605" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank microfinance segment GNPA&amp;lt;/p&amp;gt;"></div> However, the rise in bad loans may not be reason enough for the RBI to step in. Earlier this year, RBI had approved Vishwavir Ahuja’s extension as the bank’s CEO till June, 2022. Ahuja going on leave mid-way through his term also signals that there are deeper issues at the bank which have not been disclosed to the public yet. “The sequence of events leading to the sudden exit of Mr. Vishwavir Ahuja along with the induction of Dayal from the RBI on the Board as additional member indicates that everything is not ok with the bank,” noted a letter by All India Bank Employees Association (AIBEA) to Finance Minister Nirmala Sitharaman. <cmsannotation type="cmsannotation" annotationid="If Jhunjhunwala and Damani are interested, there may be some things working at the bank" comment="subhead" text="If Jhunjhunwala and Damani are interested, there may be some things working at the bank">If Jhunjhunwala and Damani are interested, there may be some things working at the bank</cmsannotation> Billionaire investors Rakesh Jhunjhunwala and Radhakishan Damani reportedly want to pick up a 10% stake in RBL. The two are yet to comment on the matter and investors must take these unconfirmed reports with a handful of salt. As the following meme on social media reminds us: <div type="image" title="RJ RD RBL meme" msid="88516710" hostid="261"></div> According to RBL Bank’s new interim CEO Rajeev Ahuja, the bank’s financials remain strong. “These developments are not on account of any concern on advances, asset quality and deposits level of the bank. The bank has the full support of the RBI,” he said. In the September quarter, RBL posted a net profit of ₹30 crore as against a loss of ₹459 crore in the quarter before. This, the bank says, was due to an increase in provisions for the June quarter. Beyond the profits, RBL Bank’s fundamentals remain strong. Its liquidity coverage ratio stood at 155%, as against the 100% mandated by RBI. This means that in the short-term, the bank has enough cash to meet its obligations. RBL Bank’s credit card business – which constitutes 22% of the company’s total loan portfolio – has been a fast growing segment for the company. In fact, one broking firm, B&amp;K Research, recently argued that RBL’s credit card business is performing better than SBI Card, the country’s <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">second largest credit card issuer</a>. However, investors should keep in mind that it is still a small player with a 4% market share in the number of cards issued ⁠— even though it has grown from a mere 1% in 2017 ⁠— is trailing far behind SBI Card’s 19% market share. <cmsannotation type="cmsannotation" annotationid="How can the RBI appoint directors on a private bank’s board?" comment="subhead" text="How can the RBI appoint directors on a private bank’s board?">How can the RBI appoint directors on a private bank’s board?</cmsannotation> RBI has in the past appointed additional directors on the boards of banks like Yes Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank among others. According to Section 36AB of the Banking Regulation Act, 1949, RBI can appoint additional directors to protect the interests of the bank, its depositors, the banking regulations or the overall public interest. Update: Rakesh Jhunjhunwala has now <a href="https://twitter.com/blitzkreigm/status/1475310523960815622">denied</a> reports of acquiring a stake in RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-zee-entertainment-hp-adhesives-and-adani-transmission-among-hot-stocks-on-december-27/slidelist/88514134.cms">RBL Bank, Zee Entertainment, HP Adhesives, and Adani Transmission among hot stocks on December 27</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

RBL Bank slumps 20% after CEO goes on leave

<ul><li>Some credit cards have a joining fee, but the welcome offers that one gets may make the joining fee worthwhile. </li><li>In some cards, one can get the joining fee waived off if one <keyword id="52705" type="General" weightage="20" keywordseo="spends" source="Orion">spends</keyword> a certain amount of money within a given time. </li><li>Before getting a <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword>, it is important to understand the reward and redeeming structure. </li></ul>Credit cards are like a double-edged sword. If used wisely, they can bring a lot of benefits. But when not used judiciously, they can become a burden. With such a lot of options available, it is often difficult to find the right credit card, as every credit card comes with its own set of offers. We picked 5 credit cards for you across types and spending categories, that you can take a look at if you are planning to go for a new credit card. HDFC Infinia Credit Card Metal Edition For a joining/renewal fee of ₹12,500 this metallic card offers a range of benefits. You may enjoy complimentary nights and buffet offers at select ITC hotels along with a first-year Club Marriott membership that grants up to 20% discounts on dining and stays in the Asia-Pacific region. Plus there is unlimited access to <keyword id="1937199" type="General" weightage="20" keywordseo="airport-lounges" source="Orion">airport lounges</keyword> worldwide for both primary and add-on members. You can earn 5 reward points for every ₹150 spent and relish a 1+1 complimentary buffet at participating ITC hotels when you book a 3-night stay. Moreover, there are perks like unlimited complimentary golf games and coaching at various courses in India and globally. You can also benefit from a low 2% markup fee on foreign currency transactions. The card provides round-the-clock global personal concierge services, offering assistance for golf bookings, itinerary planning, private dining, international gift delivery, event planning, airport VIP services, and more. Amazon Pay ICICI Bank Credit Card The Amazon Pay Credit Card has some great offers especially if you shop on Amazon. It does not have any joining fees or annual charges. Also, <keyword id="45593" type="General" weightage="20" keywordseo="rewards" source="Orion">rewards</keyword> accrued using this card come without any limit or expiration. These rewards, earned through transactions, hold significant flexibility, allowing their use across a vast selection of over 10 crore products on<a href="http://www.amazon.in/"> www.amazon.in</a> and at more than 100 associated merchant partners. Prime members of Amazon can get a 5% <keyword id="470101" type="General" weightage="20" keywordseo="cashback" source="Orion">cashback</keyword> on transactions executed at<a href="http://www.amazon.in/"> www.amazon.in</a> when utilising this card, while non-Prime customers still benefit, earning a 3% cashback on similar transactions. Additionally, cardholders receive a 2% cashback when engaging with over 100 Amazon Pay merchant partners via this card. For all other payments, a 1% cashback is assured, on the top of any existing offers. Importantly, these earnings materialise as an Amazon Pay balance, so that they can be redeemed easily. SBI Card Elite At a joining/renewal fee of ₹4,999 this credit card offers various benefits. Users receive a welcome e-Gift Voucher worth ₹5,000, applicable across various travel and lifestyle brands. Additionally, they enjoy annual free movie tickets, earning up to 50,000 bonus reward points yearly, with extra points for specific spending milestones. The card provides 5X reward points on dining, departmental store, and grocery purchases, and 2x reward points on other expenses, excluding fuel. Cardholders gain access to the priority pass program, including international and domestic airport lounge visits. Furthermore, they receive Club Vistara Silver membership, earning points for flight spends and receiving an upgrade voucher. The card offers low foreign currency mark-up charges of 1.99% and rewards for international transactions. Specialised assistance for flower and gift delivery, along with online doctor consultations, is also provided. Axis Bank ACE Credit Card The Axis Bank ACE Credit Card has a joining fee of ₹499 which is waived off if you spend more than ₹10,000 in the first 45 days of card issuance . It entitles users to unlimited cashback on various expenditures. There is a 5% cashback on utility bill payments made through Google Pay and a 4% cashback on orders placed through Swiggy, Zomato, and Ola. For all other expenses, there is a 2% cashback. Moreover, cardholders enjoy complimentary access to domestic airport lounges, providing up to four free visits annually. The card further grants a fuel surcharge waiver, enabling a significant 1% waiver on fuel transactions at Indian fuel stations, applicable for transaction amounts ranging from ₹400 to ₹4,000. The maximum monthly benefit is capped at ₹500. Standard Chartered Manhattan Credit Card This credit card has some cool reward points for shopping. Upon payment of the joining fee of ₹999, cardholders receive a welcome with 5,000 reward points, kicking off their rewards journey right from the start. For those frequenting supermarkets, the card offers an attractive 5% cashback deal, subject to certain conditions and caps. You can also get 15% off on e-vouchers of top brands and 25% discount at Easemytrip till 31 January, 2024. Additionally, every expense adds up in the form of reward points. Cardholders earn 3X reward points for every ₹150 spent on all other transactions, allowing them to accumulate points swiftly and effortlessly across various purchases, beyond the specified categories. They can redeem these points for products at the 360 Degree Rewards portal. Furthermore, the card provides an opportunity for renewal fee reversal. By spending ₹1,20,000 in a year, users can enjoy the benefit of having the renewal fee waived off.

Five credit cards offering year-end schemes for shopping and travelling

<ul><li><keyword id="470101" type="General" weightage="20" keywordseo="cashback" source="Orion">Cashback</keyword> is when consumers get a percentage of the transaction amount credited back to their account.</li><li>Depending on the provider, many <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> give a certain percentage cashback on each purchase. </li><li>Choosing a credit card that aligns with your spending habits and preferences helps maximise benefits. </li></ul>Credit cards come with several features to make them attractive. One of them is cashback on <keyword id="6380337" type="General" weightage="20" keywordseo="expenses" source="Orion">expenses</keyword>. The concept of cashback became mainstream in 1986 when Discover Financial Services, a division of Morgan Stanley, launched a credit card which had a cashback bonus on certain purchases. “Cashback is when consumers make purchases using their credit cards, and a percentage of the transaction amount is credited to their account. It's a transparent way for consumers to enjoy real benefits based on their spending. Depending on the provider, every card gives a certain percentage cashback on each purchase,” says Gaurav Chopra, founder and CEO of IndiaLends. In most cases the cashback is credited to your credit card account and is then adjusted with the next bill. Here are five credit cards that are offering healthy cashbacks, keeping in mind that one is approximately going to spend a lakh. Cashback SBI Credit Card This card offers 5% cashback on online <keyword id="52705" type="General" weightage="20" keywordseo="spends" source="Orion">spends</keyword> and 1% cashback on offline spends. If you spend ₹20,000 online and the rest offline, the annual cashback received is ₹21,600. HDFC Millenia Credit Card This card offers a 5% cashback on Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato and a 1% cashback on other spends. Assuming a breakup of ₹20,000 and ₹80,000 every month, the annual cashback comes to ₹21,600. Axis Bank Ace Credit Card It offers 5% cashback on bill payments, 4% cashback on Swiggy , Zomato and Ola and 2% cashback on all other spends. Let us assume a spend of ₹10,000 on bill payments and categories with 4% cashback and , and ₹90,000 on other spends every month, cashback during the year comes to ₹20,400. ICICI Amazon Pay Credit Card For prime members this card offers 5% cashback on spends on Amazon India, 2% cashback on Amazon Pay payments, 1% cashback on other expenses. Assuming you spend ₹10,000 on Amazon India, and ₹20,000 and ₹70,000 through the other means, it results in a cashback of ₹19,200 annually. Standard Chartered Smart Credit Card The card offers 2% cashback on online spends and 1% on all other spends. Assuming you spend ₹50,000 online and ₹50,000 otherwise every month, the cashback for the entire year is ₹18,000. Make the right choice Many credit cards in India offer enhanced rewards or cashback for specific categories such as dining, groceries, fuel, or online <keyword id="6368952" type="General" weightage="20" keywordseo="shopping" source="Orion">shopping</keyword>. “Tailor your spending to maximise rewards in these categories. Choose a credit card that aligns with your spending habits and preferences to maximise the benefits,” says Adhil Shetty, CEO, BankBazaar, a financial marketplace. For example, if your card provides higher cashback on fuel, use it for fuel purchases. If it offers extra rewards on online shopping, make your online purchases using that card. For example, you can order your groceries online instead of buying them from a store. However, to truly benefit from cashback and rewards, it's essential to pay your credit card bill in full and on time. Late payments can result in hefty interest charges that may outweigh the value of any rewards earned.

Five credit cards that offer the best cashback programs if you spend ₹1 lakh

<ul><li>The Navi Mumbai based producer of metallic flexible flow solution products is backed by ace investor <keyword id="2528555" type="General" weightage="80" keywordseo="ashish-kacholia" source="Orion">Ashish Kacholia</keyword>.</li><li>It raised ₹103.68 crore from anchor investors like Societe Generale, Nippon Mutual Fund, Invesco and more.</li><li>The company intends to use the net proceeds towards loan payments, working capital needs, general corporate purposes and unidentified inorganic acquisitions. </li></ul>Mumbai-based <keyword id="17028500" type="General" weightage="100" keywordseo="aeroflex-industries" source="Orion">Aeroflex Industries</keyword> is opening its maiden public offer on August 22 and closes on August 24, with a price band of ₹102-108 per equity share. The company which makes metallic flexible flow solution products is backed by ace investor Ashish Kacholia. The ₹351 crore initial public offer (IPO) is a combination of fresh issue and offer-for-sale (OFS) with promoters and other shareholders offloading stake via the share sale. The net proceeds of the fresh issue will be utilised towards full or part repayment and/or prepayment of outstanding borrowings; funding working capital requirements and for general corporate purposes and unidentified inorganic acquisitions. Investors can subscribe to the issue with a minimum lot size of 130 shares, and in multiples thereof. Not more than 50% of the shares of the issue Qualified Institutional Buyers (QIB), not less than 15% to non-institutional investors and 35% reserved for retail investors. It raised ₹103.68 crore from anchor investors like Societe Generale, Nippon Mutual Fund, Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, and more. Apart from Kacholia, Jagdish Master and <keyword id="133219" type="General" weightage="80" keywordseo="vikas-khemani" source="Orion">Vikas Khemani</keyword> led Carnelian Fund and certain other investors bought approximately 7% stake in Aeroflex Industries before the IPO. Pantomath Capital Advisors is the book running lead manager while Link Intime India is the registrar of the issue. About the company The Navi Mumbai based company manufactures and supplies environmentally-friendly metallic flexible flow solution products to global as well as domestic markets. It has a single manufacturing facility situated in Taloja, Navi Mumbai spread across 3.59 lakh square feet of area. The flexible flow solutions include braided hoses, unbraided hoses, solar hoses, gas hoses, vacuum hoses, braiding, interlock hoses, hose assemblies, lancing hose assemblies, jacketed hose assemblies, exhaust connectors, exhaust gas recirculation (EGR) tubes and more. These solutions are used for transfer of substances be it air, liquid and solid — in any industrial or commercial ecosystem. They connect the origin and end points of various processes. For example, flow solution products are required in fire sprinklers, gas supply, fueling and hydraulics in aircrafts. These products replace flow solutions made of rubber and polymers. Flexible flow solutions made with stainless steel corrugation are becoming a preferred solution because of their numerous advantages, the company said. Financials &amp; risk factors <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹269 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹240.8 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹144.7 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27.5 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6 crore </td></tr></tbody><tbody></tbody></table>Source: DRHP The company said that it has no listed peers in India, but the segment it operates in is fragmented and diversified. It can face competition from other large and small global and domestic players. “Our Company is not a wilful defaulter however, we went into settlement process and our Company was categorised as wilful defaulter in the past, before the takeover of our Company by the present management,” the company said listing the risk factors. This is in relation to default of payment in 2011 with respect to consortium finance availed from State Bank of India, Axis Bank and others. Subsequently, in 2018, it was taken over by the present promoter under the settlement process, and all the outstanding amounts were paid off by them. “Our company has no dues payable to any lender forming part of the consortium including BoI and we have no dues certificate obtained from BoI and other lenders forming part of the consortium,” the company said. Mustafa Abid Kachwala, its whole-time director and CFO was on the board when the company was categorised as a ‘wilful defaulter’. “However, Mustafa Abid Kachwala has not been declared or categorised as a ‘Wilful Defaulter’. Considering his expertise in the field of accounts and finance, he was retained on our board even after the takeover,” the company said. In addition, the company said its exports are subject to duties or restrictions; and dependent on China for a significant portion of raw material and others as risk factors.

Aeroflex Industries IPO opens on August 22 with a price band of ₹102-108

<ul><li>Home loans have never been cheaper in the past one decade, and despite home prices being on the higher side, these rates present a good opportunity to buy a home.</li><li>On the other hand, government borrowings are now more expensive than home loans, which might seem bizarre.</li><li>However, there is a simpler explanation – read on to find out.</li></ul>Home loans are at their lowest in the past one decade, with banks and financing companies offering interest rates as low as 6.4% per annum. If you have been considering taking a <keyword id="6354730" type="General" weightage="20" keywordseo="home-loan" source="Orion">home loan</keyword> and buying your dream home, you might think this is perhaps a great time – and literally – a once-in-a-decade opportunity. More so when experts think home prices might not come down anytime soon. So, all things considered, the time does seem right. But have you wondered that banks and finance companies are willing to offer you – an individual – a home loan at a cheaper rate than what the Indian government pays on its borrowings? <div type="Article" hostid="261" msid="89322645" title="Want to buy your dream home? Know how the union budget may impact home prices" mstype="2" mssubtype="0"></div> The gulf in home loan interest rates and what the Indian government pays is exaggerated even more when you consider the fact that an individual is much more likely to default on a loan than the Indian government. What makes this even more absurd is the fact that not only can you borrow at a cheaper rate, but you can also claim deductions under the Income Tax Act, which further lowers your effective cost of borrowing, <a href="https://www.businessinsider.in/personal-finance/news/know-how-the-union-budget-2022-may-impact-home-prices/articleshow/89322645.cms">explained</a> Vikram Kotak, cofounder of Ace Landsdowne Investments, in an interview with Business Insider. <cmsannotation type="cmsannotation" annotationid="Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:" comment="subhead" text="Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:">Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Bank/Financier </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Starting interest rate (per annum) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.40% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.50% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.55% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Citibank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.75% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.75% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">LIC Housing Finance </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td></tr></tbody></table> Source: Banks, finance company websites <cmsannotation type="cmsannotation" annotationid="And here are the yields on government bonds:" comment="subhead" text="And here are the yields on government bonds:">And here are the yields on government bonds:</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Duration </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Yield </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1 year </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">4.57% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">5 years </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.19% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">10 years </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6.88% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">30 years </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">7.44% </td></tr></tbody></table> Source: Investing.com Higher the duration, higher the yield. Government bonds start to become more expensive than home loans from the 10-year tenure onwards. <cmsannotation type="cmsannotation" annotationid="So, what is the reason for this?" comment="subhead" text="So, what is the reason for this?">So, what is the reason for this?</cmsannotation> The explanation is simple – demand and supply. At the moment, the government has a much higher borrowing programme, which means that it has to make it more lucrative to purchase its bonds by offering higher yields. Since the COVID-19 pandemic, the Indian government has borrowed nearly ₹25 lakh crore, and it has a budget to borrow ₹11.6 lakh crore yet again next year. Once the market absorbs these bonds and the supply comes down, these yields will start reducing. On the other side, the Reserve Bank of India <a href="https://www.bloombergquint.com/business/rbi-policy-is-easy-liquidity-leading-to-mispricing-of-risk">improved</a> the liquidity in the system when the pandemic hit, but borrowings did not gather enough pace. This resulted in banks struggling to find ways to make money from the additional liquidity, and home loans were one of the avenues that they have explored by offering attractive rates of interest. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/know-how-the-union-budget-2022-may-impact-home-prices/articleshow/89322645.cms">Want to buy your dream home? Know how the union budget may impact home prices</a> <a href="https://www.businessinsider.in/personal-finance/news/what-is-an-updated-return-who-can-file-it-and-are-there-any-penalties-to-pay/articleshow/89278919.cms">What is an updated return, who can file it and are there any penalties to pay?</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-laptop-inches-closer-to-launch-could-be-powered-by-windows-10-and-an-arm-processor/articleshow/89400900.cms">Jio laptop inches closer to launch, could be powered by Windows 10 and an ARM processor</a>

Here’s why a home loan is cheaper for you than what the safest borrower in the country pays as interest

<ul><li>Buying a home remains one of the obsessions of the average Indian, with a very high ownership ratio in urban India.</li><li>While the Indian government has been hoping for real estate prices to cool down, it has set an outlay of ₹48,000 crore for affordable housing under the PM Awas Yojana.</li><li>But does the relatively high price of homes make home buying a good option in 2022?</li><li>Business Insider tries to decode this with the help of experts.</li></ul>Indians are <a href="https://www.livemint.com/Money/QdFkLbtD8iCeZWa1XLfggJ/Obsession-with-buying-a-house-Why-do-Indians-prefer-real-es.html">obsessed</a> with buying a house, and now might be a good time to get one. From tax incentives to historically low interest rates on home loans, now might be the time to buy your dream home. “When one gets a home, a poor person gets courage,” said Finance Minister Nirmala Sitharaman while announcing the budget, clearly outlining the government’s priority when it comes to homes. But before you make a decision, you should know what the <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">Budget 2022</keyword> has in store for home buyers, and how the new announcements may impact home prices going forward. In her Budget 2022 speech, Sitharaman also announced a slew of incentives for home buyers. The most eye-catching is the allocation of ₹48,000 crore for the Pradhan Mantri Awas Yojana (PMAY). But there’s a lot more to digest beyond that, and here’s what the experts think will impact home prices, thanks to Budget 2022. <cmsannotation type="cmsannotation" annotationid="What about the prices of homes?" comment="subhead" text="What about the prices of homes?">What about the prices of homes?</cmsannotation> The steady and multi-fold increase in prices of inputs used in constructing homes could be the biggest contributor to real estate prices not coming down. This is despite Piyush Goyal – one of the key ministers in the government, urging real estate developers to cool down prices of homes at a time when other sectors have also passed on price cuts to customers. “This government is more comfortable with real estate prices cooling off,” said Shubhada Rao, the founder of QuantEco Research. However, is there enough room for real estate prices to correct? Vikram Kotak, cofounder of Ace Landsdowne Investments, points out that while land prices may not have gone up by much in relative terms, the prices of other core inputs like cement have gone up by three to four times. And the fact that there is sustained demand makes it difficult for a price correction to take place – both in terms of the inputs as well as the finished product, which is the house itself. The relatively high prices of real estate may seem attractive from an investment standpoint, but Deepak Shenoy, the founder of Capitalmind, has a different view. “Houses are not investments if you live in them, they are expenses and therefore, I don’t consider them as useful investments,” he told Business Insider, which is something you will want to keep in mind before making your home purchase. <cmsannotation type="cmsannotation" annotationid="Why are home loans so cheap, then?" comment="subhead" text="Why are home loans so cheap, then?">Why are home loans so cheap, then?</cmsannotation> But houses are still an attractive avenue for banks and finance companies to lend money for, since they have a lower risk factor than, say, starting a business. This is one of the reasons why interest rates for home loans start around 6-7%, while business loans start at upwards of 8%, going all the way up to 21%. Apart from this, there are a multitude of tax incentives for home buyers, from additional deductions on the interest component, to exemptions on reinvesting the proceeds from the sale of an asset into a new home. For instance, under the provisions of the Income Tax Act, you can invest up to ₹50 lakh into a house or park the money from proceeds of a house property sale in qualifying investments to claim exemption from capital gains tax, which makes it one of the most lucrative tax incentives available in India. <cmsannotation type="cmsannotation" annotationid="Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:" comment="subhead" text="Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:">Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank/Financier </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Starting interest rate (per annum) </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.40% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.50% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.55% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citibank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.75% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.75% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LIC Housing Finance </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td></tr></tbody><tbody></tbody></table> Source: Banks, finance company websites <cmsannotation type="cmsannotation" annotationid="Should you invest in real estate stocks if you don’t want to buy a home?" comment="subhead" text="Should you invest in real estate stocks if you don’t want to buy a home?">Should you invest in real estate stocks if you don’t want to buy a home?</cmsannotation> If you have the additional income that you would like to invest in equity, the real estate sector could be one of the avenues for you to plough in some money, but what should you be looking out for, exactly? Shenoy says that the criteria that he would consider for real estate stocks is how well they are selling their inventory of homes, rather than the pressure or performance of the stocks themselves. If purchasing a home is not your top priority and if you expect the real estate sector to perform well over the next few years, real estate stocks could be an option worth considering. However, this is not investment advice, Shenoy added, so you will have to do your own due diligence. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/from-new-updated-it-return-to-surcharge-on-ltcg-at-15-here-are-the-personal-finance-highlights-from-budget-2022/articleshow/89268183.cms">From crypto tax to updated IT return, here are the personal finance highlights from Budget 2022</a> <a href="https://www.businessinsider.in/tech/enterprise/news/cognizant-reports-strong-revenue-growth-with-an-improving-attrition-rate/articleshow/89315375.cms">Cognizant is giving positive vibes to the Indian IT industry with strong revenue growth and an improving attrition rate</a> <a href="https://www.businessinsider.in/business/startups/news/budget-2022-mandates-all-startups-to-disclose-source-of-income-of-their-creditors/articleshow/89315291.cms">A tax guru explains all that is wrong with Indian government’s latest requirement for startups to disclose creditors’ source of income</a>

Want to buy your dream home? Know how the union budget may impact home prices

<ul><li>Uni claims to have issued 20,000 cards to date, with 1,000 new additions per day.</li><li>The company aims to issue one million <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> by the end of June 2022.</li><li>It raised $18.5 million from Lightspeed and Accel last year, nine months before officially launching its product.</li></ul><keyword id="12065183" type="General" weightage="20" keywordseo="indias-credit-card" source="Orion">India’s credit card</keyword> system is a mess to say the least. You need a credit score to get a credit card, you need a credit card to get a credit score. The loop continues. Now PayU India’s former chief executive (CEO) and cofounder Nitin Gupta — who also led Ola Financial Services — has embarked on a journey to make this process simpler with his latest venture Uni. He is joined by Prateek Jindal, who previously built Ola Money, and Laxmikant Vyas, who has previously headed Bajaj Finance. Founded last year in October, Uni is a fintech startup that offers a special Visa 1/3 card, in partnership with RBL Bank and Mauritius-based SBM Bank, to its customers. This offering works pretty much like a credit card, but divides all of the customer's transactions into three installments that have to be repaid over a period of three months without any interest. The customers also have the option to extend the timeline of these installments by paying a small carry forward fee. This carry forward fee is one of the sources of income for Uni, along with the interest they are charged. Like a credit card, Uni too earns on each transaction carried out by these 1/3 cards. Uni — which launched its first product in June 2021 — claims to have issued 20,000 cards to date, with 1,000 new customers being added every day. The company is aiming for a 10-fold growth by June next year and issue a million such cards. The one-year-old startup seems well funded to do so. Even before Uni was officially unveiled in October last year, the company had raised $18.5 million in seed funding from Lightspeed India and Accel. The company is <a href="https://entrackr.com/2020/08/exclusive-nitin-guptas-new-fintech-startup-set-to-raise-20-mn-from-accel-and-lightspeed/">estimated</a> to be valued at $40-45 million. One of the major perks of having a credit card is the cashbacks and rewards one earns on each transaction. Uni definitely lacks that to a large extent. A customer gets 1% cashback as reward if they choose to repay their entire bill in lump sum, instead of opting for three installments. This is still a lot less compared to the points and cashback you get on each transaction carried out by a regular credit card. The company plans to launch an in-app reward store next month. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Popular credit cards in India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Perks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank Ace Credit Card </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4-5% cashback on bill payments, mobile recharges, Swiggy, Zomato, Ola. 2% cashback on every other spend. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amazon Pay ICICI Card </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3-5% cashback on all purchases on Amazon. 1% cashback on each transaction, 2% reward points on recharge and bill payments. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> HDFC Regalia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,000 Reward Points on spending ₹5 lakh and priority dining facility in top restaurants across the country. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI BPCL Octane Credit Card </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.25% value-back on BPCL petrol pump. Ten reward points on every ₹100 spent on groceries, department stores, movie tickets and dining. </td></tr></tbody><tbody></tbody></table> Commenting on the same, Gupta told Business Insider that a credit card is for people that want rewards whereas the one-third card is for people who feel cash flow crunch in certain months of the year. “Most households face cash flow issues one or two months of the year. It’s a ₹30-50,000 gap. They don’t want to take a personal loan and deal with EMIs. What do they do? They tap into their fixed deposits or they borrow money from friends or family,” Gupta said, adding that one-third card allows them to avoid that all together with no interest or annual fees. Uni further added that their upcoming credit card range would also offer similar rewards. Uni is looking to launch its credit cards too — but many already exists Gupta agrees that there are several credit card companies in India and the customers have abundant options to opt for a credit card. But the reality is that only <a href="https://www.globenewswire.com/news-release/2020/11/03/2119495/0/en/Credit-Card-Users-in-India-2020-A-Comparison-of-Leading-Brands.html">three</a> in 100 Indians have a credit card. One of the major reasons behind this lag is the reliance on credit score. The <keyword id="12065180" type="General" weightage="20" keywordseo="former-payu" source="Orion">former PayU</keyword> India co-founder proposes to use newer methodologies and underwriting techniques to offer credit cards to Indian consumers. Uni offers its payments cards on the basis of credit scores as well, but will also tap into the following mechanisms from November onwards. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Proposed underwriting mechanisms </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accessing customers phone data to understand customers’ spending behavior and financial activities. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accessing bank data to get better insights into customer’s earning and spending activities. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reading into digital trails to understand the customers spending behaviour online </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Like the ‘Buy Now Pay Later’ mechanism, start with a smaller credit limit and increase the limit as customers stay punctual to past payments. </td></tr></tbody><tbody></tbody></table>Traditional credit card issuers do read into the banking data before issuing a credit card, but this has to be done at a more proactive basis, Gupta added. But having said all this, Uni may still face tough competition from dominant credit card issuers like State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and more. The company is also in competition with Bengaluru-based Slice and neo-bank Finin. SEE ALSO <a href="https://www.businessinsider.in/personal-finance/income-tax/news/income-tax-returns-filing-deadline-extended-again/articleshow/86070034.cms">Income tax filing deadline for FY21 extended to December 31</a> <a href="https://www.businessinsider.in/tech/mobile/jiophone-next-smartphone-launch-delayed-until-diwali-due-to-chip-shortage/articleshow/86087153.cms">JioPhone Next launch delayed until Diwali due to chip shortage</a>

Only 3 in 100 Indians have a credit card — this former PayU India cofounder is hoping to change that

Mumbai, <keyword id="9292761" type="UNKNOWN" weightage="20" keywordseo="equity-benchmark-sensex">Equity benchmark Sensex</keyword> jumped over 150 points in opening trade on Wednesday, tracking gains in index majors Infosys, TCS and HCL Tech amid a positive trend in other <keyword id="35189" type="COMPANY" weightage="20" keywordseo="asian-markets">Asian markets</keyword>. After swinging nearly 300 points in <keyword id="51932" type="PERSON" weightage="20" keywordseo="early-trade">early trade</keyword>, the 30-share <keyword id="416166" type="ORGANIZATION" weightage="20" keywordseo="BSE-Index">BSE index</keyword> was trading 141.15 points or 0.31% higher at 46,147.84. After similar movement, the broader NSE <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> advanced 43.15 points or 0.32% to 13,509.45. Infosys was the top gainer in the <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> pack, rising around 2%, followed by HCL Tech, Maruti, Tech Mahindra, TCS, M&amp;M and Titan. On the other hand, ONGC, NTPC, Axis Bank, HDFC, ICICI Bank and L&amp;T were among the laggards. In the previous session, Sensex ended 452.73 points or 0.99% higher at 46,006.69, and Nifty climbed 137.90 points or 1.03% to 13,466.30. Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth ₹1,153 crore on a net basis on Tuesday, according to provisional exchange data. "Concerns pertaining to the new coronavirus strain and possibility of imminent slowdown in global economy in the near term emerged as a threat for global equities, which may result in investors moving back to defensive stocks in coming days," said Binod Modi Head-Strategy at Reliance Securities. He noted that India is better placed compared to other nations given consistent reduction in new coronavirus cases and improvement in recovery rates. "While domestic equities are likely to remain volatile and trade in range bound in the near term, 3QFY21 corporate earnings are going to be crucial for the markets," he said. US equities finished mostly lower as continued surge in coronavirus cases in America and Europe weighed on investor sentiments, which also overshadowed satisfactory progress of vaccination roll out and passage of USD 900 billion stimulus bill, he added. Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo were trading on a positive note in mid-session deals. Meanwhile, the global oil benchmark Brent crude futures were trading 1.42% lower at USD 49.37 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-wipro-jubilant-foodworks-bajaj-auto-majesco-and-others/articleshow/79909712.cms">Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

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Only 3 in 100 Indians have a credit card — this former PayU India cofounder is hoping to change that

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