SBI Customers, Accounts Blocked for not Updating KYC? What You Should do Now

The State Bank of India has stopped functioning of several accounts for non-compliance with KYC (Know Your Customer) norms. SBI has frozen their accounts for not updating the KYC details by July 1. Many customers, many of whom stay abroad, are not being able to carry out any transaction with their SBI accounts.
#StateBankofIndia #Finance #Banking #CreditLending

14 hours ago

HDFC-HDFC Bank Proposed Merger Gets 'No Objection' Letter From RBI; Check Details

Reserve Bank of India’s (RBI) has given its ‘no objection’ for the merger of Housing Development Finance Corporation with the lender, according to a regulatory filing. The merger remains subject to various other statutory and regulatory approvals. It has cleared the path for the biggest such transaction in Indian corporate history.
#HDFC #Indian #Finance #Banking #CreditLending


ICICI Bank Hikes MCLR Rates by 20 Bps: See How Your Loan EMIs Will Be Affected

ICICI Bank has increased its marginal cost of lending rate, or MCLR, by 20 basis points across tenures. This comes at a time when several other banks are also raising their loan interest rates. This can be called a result of the RBI hiking its repo rates, as any tweak in repo rate will also affect the marginal cost.
#ICICIBank #Finance #CreditLending #Loans


RBI gives green signal to HDFC, HDFC Bank merger proposal

HDFC Bank on Monday said it has got banking sector regulator RBI’s nod for the merger proposal of its parent HDFC Ltd with itself. The bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion. The proposed entity will have a combined asset base of around Rs 18 lakh crore.
#RBI #Finance #Banking #CreditLending


HDFC and HDFC Bank merger proposal gets RBI nod

HDFC Bank on Monday said it has got banking sector regulator RBI's nod for the merger proposal of its parent HDFC Ltd with itself. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24.
#HDFC #Finance #Banking #CreditLending


Credit Card Holders: Banks to Pay You Rs 500 Each Day if They Don't Follow This Rule

The Reserve Bank of India has introduced a slew of new guidelines on how credit card issuers may operate. This includes changes in credit card closure, billing as well as issuance. The new rules have been introduced to ensure better transparency between cardholders and the issuer. The RBI with master directions on issuance and operation of credit and debit cards earlier this year.
#ReserveBankofIndia #Finance #CreditLending #CreditCards


Loans Getting Costlier As Banks Raise Interest: Here's What You Can Do For...

CIBIL Score is a credit rating assigned to borrowers by TransUnion CIBIL. The score is a three-digit number and ranges from 300 to 900. The higher score you have, the better it is. Generally, a score above 750 is considered good where the chances of loan approval become higher.
#TransUnionCIBIL #Finance #CreditLending #Loans


PNB Fixed Deposit Interest Rates Hiked for These Tenors: Check Latest FD Rates Here

Punjab National Bank has announced a hike in its fixed deposit interest rates. The PNB FD rates are applicable on deposits below Rs 2 crore and will be effective from July 4, Monday. Other rates have been kept unchanged by the public sector lender. Several lenders, including ICICI Bank, State Bank of India and HDFC Bank, have increased their interest rates for deposits.
#PunjabNationalBank #Finance #Banking #CreditLending

2 days ago

HDFC Bank records 21.5% loan growth in Q1

HDFC Bank registered a 21.5 per cent rise in loans to Rs 13,95,000 crore in the first quarter this fiscal. The credit book was Rs 11,47,700 crore as of June 30 last year. The bank purchased loans aggregating Rs 9,533 crore through the direct assignment route.
#HDFCBank #Finance #CreditLending #Banking

2 days ago

Bank FD: PNB vs HDFC Bank vs SBI; Check Detailed Comparison of Latest Interest Rates

Punjab National Bank (PNB) has raised its interest rates on fixed deposits below Rs 2 crore. The move will become effective from Monday, July 4. Several lenders, including ICICI Bank, State Bank of India and HDFC Bank, have increased their interest rates for both deposits and loans.
#PNB #Finance #Banking #CreditLending

3 days ago

Credit Card Users: This New Rule on Billing Cycle Will Help to Manage Finances Better

Understanding billing cycle is important for your financial planning. It will help you to save significantly in interest charges and late fees. Once a credit card is issued, the billing cycle usually remains fixed till you cancel the card. The Reserve Bank of India (RBI) has now allowed the customers to change their credit card billing cycles once, starting from this month.
#ReserveBankofIndia #Finance #CreditLending #CreditCards

4 days ago

Yes Bank Loan Borrowers: Bank Hikes MCLR ; How Much Will Home Loan, Car Loan...

The marginal cost of lending rate, a key point in deciding loan interests, has been hiked. The new Yes Bank MCLR rates have come into effect from July 1. The move comes almost a month after the Reserve Bank of India hiked its repo rates to 4.90 per cent.
#ReserveBankofIndia #Finance #CreditLending #Loans

4 days ago

Couple Saves Lakhs by Ditching Expensive Dates for Park Walks, Buys House...

Olivia Gill, 20 and Jack Eacott, 22, were confined inside during the peak of the pandemic. With no bars, restaurants, and pubs open, the couple resorted to simpler activities like a walk in the park or cooking at home. The lockdown helped Olivia and Jack save roughly £12,000, or roughly Rs 11.5 lakhs. They used this money to wield the ‘Help to Buy’ scheme.
#OliviaGill #Finance #CreditLending #Loans

5 days ago

Credit card spend crosses Rs 1.13 lakh Cr in May: RBI data

7.68 crore credit card holders spent about Rs 71,429 crore for buying online. The amount was spent through swipes at Point of Sale (PoS) machines stood at Rs 42,266 crore in May. HDFC Bank had the highest number of credit cards at 1.72 crore.
#RBI #Finance #CreditLending #CreditCards

1 weeks ago

Russia slips into historic default as sanctions muddy next steps

Russia defaulted on its external sovereign bonds for the first time in a century. The default is the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors. The grace period on about $100 million of trapped interest payments due May 27 expired.
#Western #Russia #Finance #CreditLending

1 weeks ago

Repo rate rise: Should you choose a fixed interest rate home loan?

Two consecutive rate hikes by the RBI indicate inflationary pressures are here to stay. Further rate hikes are expected and required to tame inflation. Only two months ago, home loan rates were trending at a decade low. Lenders have passed on the rate hikes to home loan borrowers.
#RBI #Finance #CreditLending #Loans

1 weeks ago

Russia defaults on foreign debt for first time in a century

Russia defaulted on its foreign-currency sovereign debt for the first time in more than a century. Kremlin has pushed back against the designation saying it has the money to meet the obligations. Russia missed the Sunday night deadline to meet a 30-day grace period on interest payments originally due May 27.
#Russia #Finance #CreditLending

1 weeks ago

Boris Johnson urges G7 'not to give up' on Ukraine, vows $525mn in loan...

UK PM Boris Johnson addressed the leaders of the G7 in the first in-person meeting ahead of the summit. He stressed that it is necessary to uphold pledges of backing Ukraine in the wake of intensifying Russian onslaught. Johnson said that any sign of fatigue or wavering in Western support to Kyiv will only pay directly into Russia's hands.
#BorisJohnson #Russian #Western #Ukraine #Finance #CreditLending #Loans

1 weeks ago

Credit Card Rules: No More Unwanted Credit Cards; Billing Cycle to Change from July 1

Reserve Bank of India has amended rules regarding credit and debit cards. These rules are going to come into effect from July `1, the central bank has said in a notification. The RBI has strictly prohibited the issue of unsolicited credit cards in its new credit card rules. Card-issuers will have to ensure that wrong bills are not raised and issued to cardholders.
#ReserveBankofIndia #Finance #Banking #CreditLending

1 weeks ago

RBI extends card tokenisation deadline by 3 months till September 30

The Reserve Bank of India (RBI) extended the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022. Industry stakeholders have highlighted some issues related to the implementation of the framework in respect of guest checkout transactions. A number of transactions processed using tokens are yet to gain traction across all categories of merchants.
#RBI #Finance #CreditLending #CreditCards

1 weeks ago