 Standard Chartered Bank, a British multinational banking and financial services company has launched a DigiSmart credit card. The primary focus of the Bank on the ever-growing segment of millennials. The credit card will offer instant discounts and benefits across key e-commerce categories of travel, entertainment, fashion, groceries, and food delivery around the year. The new credit card is available for a nominal monthly fee of only Rs 49. However, this fee will be waived off if the spends of the customer are Rs 5,000 or above in the previous month. |
| Source: The Hindu |
 Rating agency CRISIL has revised India’s fiscal year 2020 GDP growth forecast to 6.3%. CRISIL has lowered the GDP growth forecast from 6.9% to 6.3%. The growth was revised as the first-quarter growth rate of India reduced to a 25-quarter low of 5%. |
| Source: The Economic Times |
 The Reserve Bank of India has made mandatory for banks to link retail and MSME loans to external interest rate benchmarks. This new norm will be effective from 1st of October. Under this norm, banks have to link all of their new loan products, be it personal, housing or auto to an external benchmark rate. Banks have been allowed to choose any benchmark market interest rate published by the Financial Benchmarks India Private Ltd (FBIL). Banks can choose RBI’s repo rate, government of India’s three-month treasury bill yield published by the FBIL, government’s six-month treasury bill yield published by the FBIL or any other market interest rate published by the FBIL. |
| Source: The Live Mint |
 The Cabinet has approved a capital infusion of Rs 4,557 crore into IDBI Bank. The capital infusion process will be done through recapitalisation bonds under which The government will infuse the capital into the bank and the bank will buy the recapitalisation bonds from the government on the same day. The capital infusion aims to help the bank in its return to profitability. The capital infusion is also expected to help IDBI to come out of Prompt Corrective Action framework of the Reserve Bank of India. |
| Source: The Hindu |
 ECL Finance Ltd, a subsidiary of Edelweiss Financial Services, and Central Bank of India have signed an agreement for priority sector lending to Micro, Small and Medium Enterprise (MSME’s) customers. The partnership aims to facilitate speedy disbursal of credit across a bouquet of products, including machinery and business loans. Through this partnership, MSMEs will be offered a blended lower rate of interest, translating into a lower cost of funds, helping them deploy capital more effectively in their business. |
| Source: The Hindu |
 IDBI Bank will introduce two Repo Linked Products –Suvidha Plus Home Loan and Suvidha Plus Auto Loan from September 10. The new Home Loan and Auto Loan products will be offered to new customers having good credit score and minimum income of Rs. 6 lakh per annum. The Suvidha Plus Home Loan will be offered for up to Rs. 75 Lakh with a tenor of up to 35 years. The Suvidha Plus Auto loan will be offered for up to Rs. 25 lakh covering the on-road price with a tenor of up to 7 years. |
| Source- The Hindu Business Line |
 Union Finance Minister Nirmala Sitharaman has announced a big consolidation of public sector banks. Under the scheme of amalgamation, 10 public sector banks are to be merged into four banks. After the amalgamation, the total number of Public Sector Banks in the country will come down to 12 from 27 banks in 2017 |
The amalgamation of banks will be in the following manner:
|
| The government has also announced capital infusion of over Rs 55,000 crore into public sector banks: PNB (Rs 16,000 crore), Union Bank of India (Rs 11,700 crore), Bank of Baroda (Rs 7000 crore), Indian Bank (Rs 2500 crore), Indian Overseas Bank (Rs 3800 crore), Central Bank (Rs 3300 crore), UCO Bank (Rs 2100 crore), United Bank (Rs 1600 crore) and Punjab and Sind Bank (Rs 750 crore). |
| Source: The Live mint |
 India Ratings and Research has revised its projection of the India’s GDP growth in financial year 2019-20 to 6.7%. It has reduced the GDP growth rate from 7.3% to 6.7%. It expects GDP growth to recover to 7.4% in the second half of financial year 2019-20. |
| Source: The Hindu |
 Public sector Bank, Canara Bank has launched India’s first OTP facility for ATM withdrawals. This additional factor of authentication protects from unauthorized ATM cash withdrawals for cardholders. Now Canara Bank ATMs get safer and more secured with OTP facility on cash withdrawals above ?10,000 in a day. |
| Source: The Livemint |
 Indian Bank has opened MSME CPC (centralised processing centre) in Chennai. The centralised processing centre will give a boost to the bank’s MSME portfolio and will lead to speedy disposal of micro, small and medium enterprises’ loans. The bank has also deployed skilled manpower in the CPC to improve credit quality and shorten transaction processing time. |
| Source: The Hindu |
You need to login to perform this action.
You will be redirected in
3 sec
