Finance News

Savings deposit growth in Q2 slumps to 9.4% YoY while FDs gain traction The growth of low-cost deposits – current accounts and savings accounts – slowed down sharply year-on-year in September 2022, due to the impact of liquidity conditions and interest rate hikes. The growth of money kept in current accounts held with banks moderated to 8.8 ...

Bank credit grows at 17.2% from 7% in September quarter, says RBI data Bank credit growth improved to 17.2 per cent in the September quarter 2022 from 7 per cent in the year-ago period, reflecting pick-up in economic activities. “Credit growth remained broad-based: all population groups and bank groups recorded double digit annual growth,” the Reserve Bank ...

Irdai endorses committee's view to lower obligatory cession to zero The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

Festivals boost credit card spends to record high of Rs 1.29 trillion Aided by festival season purchases, credit card spends touched an all-time high of Rs 1.29 trillion in October, the latest data released by the Reserve Bank of India (RBI) showed. This is 5.5 per cent higher than the previous month’s figure of Rs 1.22 trillion. On a year-on-year ...

Excess credit growth to limit Indian banks’ loss-absorbing ability: Fitch Global rating agency Fitch said on Monday that bank credit growth in excess of 13 per cent year on year in FY23 could put pressure on core equity tier ratios (CET1) of banks, especially public sector lenders. It may limit the buffers of Indian banks to absorb potential future ...

Strong bank loan growth in FY23 despite higher interest rates: Fitch Fitch Ratings on Monday said India’s bank credit will see strong growth in current financial year despite effects of higher interest rates. It said the strong loan growth should benefit net revenue, particularly as it will be coupled with wider net interest margins. “We see ...

What does ARPU mean? Your telecom operator and your favourite media platforms mention their average revenue per user, or ARPU, to analysing performance and flaunt their business health. Let’s understand what ARPU is

RBI permits banks to open 12 special vostro accounts for trade in rupees So far, not a single overseas trade transaction directly involving the rupee has taken place

Demonetisation: Can't put the clock back, govt tells Supreme Court Resisting the Supreme Court’s attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of “putting the clock back” and “unscrambling a scrambled egg”. The remarks by Attorney General R Venkataramani came after ...

Merger with home loan major HDFC to take 8-10 months more: HDFC Bank HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian ...