The Reserve Bank of India had raised quite a few eyebrows when it announced an unconventional 35 basis points rate cut during its bi-monthly policy meet earlier this month.
Broking firm Centrum has said overall loan growth for banks in the first quarter ending June dropped 1.2% QoQ led by modest net interest income and a sharp drop in pre-provision operating profits.
SBI announced processing fee waiver on car loans during the upcoming festival season in a bid to boost car sales. The bank is also offering the lowest interest rate starting 8.70% on car loans, with no escalation in interest.
Global card payments group Visa is critical of the Indian government’s decision to boost adoption of electronic payments by requiring banks and card payment networks to offer no-fee debit card transactions, a senior Visa executive said.
Amid the economy roiling through a slowdown in demand and consumption, State Bank of India (SBI) Chairman Rajnish Kumar on Sunday raised the pitch for a stimulus, saying that the credit demand remains subdued.
Country's largest lender State Bank of India on Sunday said that it is extending the repayment period for stressed automobile dealers by 15-30 days to help them out of current inventory builds-ups due to the slowdown in the sector and in economy.
Standard Chartered is targeting growing its private banking assets by 50% to about $100 billion in three to five years and will hire dozens of bankers in Hong Kong and Singapore towards that goal, a senior executive of the lender said.
The State Bank of India on Wednesday cut the benchmark lending rates by 15 basis points (bps) across tenors, shortly after the RBI slashed interest rates by a larger-than-expected 35 bps to boost the economy.
The Reserve Bank Governor Shaktikanta Das on Wednesday said the liquidity crisis situation in the country is easing and that the banking system currently has abundace of liquid money.