Budget 2020

Axis Bank to treat home loans of credit card defaulters as NPAs

(This story originally appeared in on Jan 28, 2021) MUMBAI: has said that those who get classified as defaulters on credit cards will see their home loans tagged as a non-performing loan as well. The bank has said that this is a part of its prudent provisioning practice in tackling troubled loans. From the lender’s […]

Budget 2020

We are not looking at undercutting competition in credit card market: IDFC First Bank CEO

Instead of charging 40% interest on revolving credit, we would charge customers rates ranging between 9% and 36% on the basis of the their track record, credit score, relationship with us and internal scoring, says V Vaidyanathan, MD & CEO, IDFC First Bank. IDFC First Bank is charging 9% annual interest on revolving credit for […]

Budget 2020

Bank credit grows by 5.73%, deposits by 11.34%

In the fortnight ended December 6, 2019, bank credit had stood at ₹ 99.35 lakh crore and deposits at ₹ 131.06 lakh crore. Bank credit grew by 5.73 % to ₹ 105.04 lakh crore while deposits increased by 11.34 % to ₹ 145.92 lakh crore in the fortnight ended December 4, the RBI data showed. […]

Budget 2020

Yes Bank aims to double credit card customer base in 2 years, grow book by 4-times: Head of credit card business

New Delhi: Private sector Yes Bank is looking to build a brand around its credit card business and aiming to double its customer base in the segment in the next two years, the Head of its Credit Card Business Rajanish Prabhu has said. Also, the bank is targeting a four-fold rise in its book value […]

Budget 2020

EPFO likely to credit 8.5 percent interest on EPF for 2019-20 by December

NEW DELHI: Retirement fund body EPFO is likely to credit 8.5 per cent rate of interest for 2019-20 in the employees’ provident fund (EPF) accounts of around six crore subscribers in one go by the end of December. Earlier in September this year, the Employees Provident Fund Organisation had decided to split 8.5 per cent […]

Budget 2020

NBFCs expect higher credit loss, says EY study

Non-Banking Financial Companies (NBFCs) are expecting higher credit loss as well as an increase in provision coverage rates, mainly due to the impact of the COVID-19 pandemic, according to a study. The study by EY is based on an analysis of the financial statements of 42 NBFCs for the year ended March 31, 2020. The […]

Budget 2020

Can credit rating agencies be liable for defaults? SAT to give its verdict

The Securities Appellate Tribunal (SAT), which hears appeals of securities markets, will render its verdict on liability of credit rating agencies (CRAs) in case of a debt market default. In September, Sebi had imposed a fine of Rs one crore on Brickworks, a CRA for not taking timely action in several instances. In its order, […]

Budget 2020

RBI pulls up HDFC over outages, tells bank to halt all digital launches, new credit cards

Private lender HDFC Bank on Thursday said the Reserve Bank of India has advised the bank to temporarily stop all digital launches and sourcing new credit card customers. This after the bank suffered its third big outage in the span of just two years. The RBI order also states that the lender’s board needs to […]