Bank

SBI makes online money transfer cheaper, cuts NEFT and RTGS charges

After lowering the Immediate Payment Service (IMPS) charges, the State Bank of India (SBI) on Thursday reduced charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions by up to 75% effective July 15. The reduced charges will be applicable on the transactions done through internet banking and mobile banking services offered by the bank, according ... Read More »

It’s official, Indian banks’ health will worsen

The Reserve Bank of India is pushing banks hard on NPAs, but the resolution of bad loans will be a long haul. Photo: Aniruddha Chowdhury/Mint Those who have been hoping that the worst is behind the Indian banking industry are a disappointed lot. Going by the Reserve Bank of India’s (RBI) June Financial Stability Report, the risks to the banking ... Read More »

Small Business Lending from Big Banks and Institutional Lenders Surges, Biz2Credit Reports

Big banks and institutional lenders continue giving small businesses a reason to smile. According to the newly released Biz2Credit Small Business Lending Index report for November 2016, loan approval rates at both big banks and institutional lenders continued to rise, improving to new highs. What’s more, small banks also showed an increase in small business loan approval rates. The only drop in ... Read More »

Bank of England: pay figures will fuel raging interest rate debate

Bank of England may be amenable to higher rates of interest. Photograph: Hannah Mckay/Reuters There is more fuel for the raging debate around UK interest rates this week, with official figures on pay growth out on Wednesday. Investors and policymakers alike are looking for any signs that a tight labour market can translate into faster pay growth, a trend that ... Read More »

Axis Bank Launches Super Bike Loans; To Fund 95% Of Costs

Mumbai: As the higher engine displacement ‘super bikes’ catch fancy of the Indian consumer, Axis Bank on Wednesday introduced a special loan product, offering to fund up to 95 per cent of the costs. The loans, which are for motorcycles with an engine displacement of over 500 cubic centimetres (cc), will come at a price tag of 10-11 per cent ... Read More »

ICICI Prudential to take over Sahara Life’s insurance business

ICICI Prudential is the only company to be publicly listed as of now. Photo: AFP New Delhi: ICICI Prudential Life Insurance Co. Ltd has agreed to take over the life insurance business of Sahara India Life Insurance Co. Ltd, which was effectively wound up by the regulator last month. “ICICI Prudential Life has agreed to take over the policyholders’ liabilities of ... Read More »

Why Trump just slapped new sanctions on Chinese banks

cThe Trump administration’s months-long effort to be gentle in encouraging China to rein in North Korea is officially over. On Thursday, the White House announced that it’s slapping sanctions on a Chinese bank, a Chinese company, and two Chinese individuals for their ties to North Korea — an unambiguous sign that patience over China’s reluctance to help curtail Pyongyang’s nuclear ... Read More »

Don’t underestimate the power of the UK economy – it’s more resilient than you think

The outcome for the UK economy seems more positive than first thought Reuters Janet Yellen was in London this week, talking with Lord Stern at the British Academy. My main thought watching her was how lucky the Americans were to have her as chair of the Federal Reserve Board: calm, sensible, measured and wise. But of course the rest of ... Read More »

UK banks ordered to hold more capital as consumer debt surges

The Bank of England has warned against spiralling consumer borrowing. Photograph: Maxim Zmeyev/Reuters The Bank of England is to force banks to strengthen their financial position in the face of a rapid growth in borrowing on credit cards, car finance and personal loans. The intervention by Threadneedle Street means banks will need to set aside as much as £11.4bn of ... Read More »

Bank employees body questions need for turnaround plan for 10 weak govt banks

In March, the centre had asked weak public sector banks to come up with turnaround plans by setting stiff targets for improving asset quality, bad loan recovery, cost control, capital utilization, etc. Photo: Mint Mumbai: The All India Bank Employees’ Association (AIBEA) has questioned the purpose of a turnaround plan for 10 weak public sector banks (PSBs) identified by the ... Read More »