County Banks Financial News

Also Read: Research well before borrowing from digital lending apps, says Madhusudan Ekambaram of KreditBee As the regulatory body progresses towards eliminating illegitimate lending apps, it's equally important for you to remain vigilant and detect fake lending apps independently. Here are some tips to help you identify and avoid illegitimate lending apps: The Reserve Bank of India (RBI) has stringent guidelines for fair lending practices. Legitimate lending apps or Loan Service Providers (LSPs) adhere to these regulations.

Kotak Mahindra Bank Ltd. expects the addition of the country’s sovereign bonds to JPMorgan Chase & Co.’s global indexes from June to boost banks’ liquidity and reduce the need to aggressively pursue deposits in the short term. The anticipated entry of overseas funds into India’s $1.2 trillion government debt market presents an opportunity for lenders including Kotak to sell part of their bond investments to these new buyers, according to Joint Managing Director K.V.S Manian. The move is expected to unlock funds for lending purposes and ease the pressure on banks that have been relying on costly deposits to disburse loans, Manian said in an interview. Kotak holds securities well in excess of the minimum statutory liquidity ratio mandated by the Reserve Bank of India, he said. Banks in India are the largest holders of government bonds.

HSBC, one of the world’s largest banking services, intends to broaden its array of tokenized assets. CEO Noel Quinn said the bank will ensure these offerings are firmly anchored in reality, the South China Morning Post reported Monday.

India alone. A recent report from Goldman Sachs highlights that this surge is not solely driven by traditional factors, indicating a shift in the dynamics of the gold market. The report underscores the significant role played by new incremental factors, particularly the surge in accumulation by Central Banks in emerging markets (EM) and increased retail buying in Asian markets including India have led to an increase in gold prices worldwide.

Bank Holidays in April 2024: All banks in India, including the State Bank of India (SBI) will remain closed today on April 13 on account of the second Saturday off. Banks in the country have leaves every second and fourth Saturday of the month. Further, April 13 will also be a weekend off for Sunday.

MUMBAI : Banks in India struggled to attract deposits in 2023-24 even as credit growth turned stronger. Data from RBI showed the credit-deposit ratio at its highest in at least 20 years as loan offtake rose across categories including home loans and other loans for consumption. At 80%, the credit-deposit or CD ratio is at its highest since 2005, from when this ratio is available, showed data from RBI.

Bank Holidays next week in April 2024: Bank customers can look forward to a long week of non-working days at their banks next week with five holidays slotted, including the weekends. In fact, in some states, the holidays stretch out further into the succeeding week too, with Monday and Tuesday also being holidays.

Investors are demanding higher yields to own the bonds of regional banks, threatening to further pressure lenders that are already being hit by rising deposit costs.

Lloyds Bank, Nationwide Building Society, NatWest Group, and property portal Rightmove collectively invested £10m (about $12.6m) in Coadjute, a blockchain firm focused on property transactions, according to a press release Tuesday.

Bank Holidays in April 2024: Banks will remain closed on April 1 for annual closing in most states across India. There are a few exceptions such as Chandigarh, Himachal Pradesh, Meghalaya, Mizoram, Sikkim, and West Bengal. The new financial year 2024-25 will begin on April 1 and all the banks are busy completing their fiscal year-end formalities.

HDFC Bank has informed its customers that National Electronic Funds Transfer (NEFT) transactions may not be available on April 1, 2024, due to procedures regarding financial year-ending. Even if the NEFT facility is available for select HDFC Bank customers, it may get delayed. So those who are planning to transfer money may avoid NEFT on Monday. Further, if you receive salary or other payments through NEFT transfer on April 1, 2024, they may also get delayed due to the same reason. HDFC Bank customers may use other transaction methods such as Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and Unified Payments Interface (UPI) to transfer money on April 1, 2024.

OTTAWA (Reuters) -Canada's banking regulator is limiting the number of highly leveraged loans in banks' residential mortgage portfolios, which have ballooned alongside house prices to make Canadian borrowers among the most indebted in the world, the Globe and Mail reported on Friday.

As we reported last week, Goldman Sachs is not short of applicants to its vacancy for a London investment banking analyst. Last time we looked, over 1,000 people had applied.

winning streak for a fourth consecutive week to hit new all-time highs --the best such streak in three months. The frontline indices Sensex and Nifty 50 hit fresh record highs in the previous session at 22,525.65 and 74,245.17 respectively and also gained about three per cent each in four weeks.

MUMBAI : Benchmark indices vaulted to record highs on Friday after India’s economy surprised the markets with a faster-than-anticipated pace in the December quarter, a momentum expected to continue led by large cap stocks. Banks, capital goods, and oil and gas stocks catapulted the Nifty index to a record high of 22,353.30 points, and the Sensex to 73,819.21 on Friday. This was driven by provisional domestic institutional investors buying of ₹3,814.53 crore and proprietary trader purchases of ₹618.58 crore, BSE data show.

A little-watched corner of Canada’s credit market is being shaken up by the country’s largest lenders as they pile into securities that shift credit risks to other investors — a play likely to be copied by their counterparts on Wall Street.

₹1 lakh loan obtained from a non-banking firm at 18% interest and a tenure of 36 months. The APR in this case would come in at 20.16%, data from MyMoneyMantra shows (see graphic). This is because the lender will be levying a processing fee, insurance charges and other upfront charges, which would be included in the APR.

BEIJING — China is encouraging banks and local businesses to accept foreign bank cards and is considering other steps to make mobile pay for international visitors even easier, said Zhang Qingsong, deputy governor of the People's Bank of China.

financial institutions (FIs) in the next financial year. In the interim Budget to be unveiled in the Lok Sabha on February 1 by Finance Minister Nirmala Sitharaman, sources said, the government would peg receipts from dividends from financial institutions at much higher level than Rs 48,000 crore estimated for the current fiscal. The current financial year estimate has already exceeded the Budget target as RBI paid a dividend of Rs 87,416 crore. With public sector banks and financial institutions posting good quarterly numbers during the current financial year, the dividend payout by them in the coming year would be higher compared to this year. So, it would be feasible to expect about Rs 70,000 crore as dividend payout from RBI and financial institutions in FY'25, sources said.

JSW Steel and Jindal Steel and Power gained up to 4% while Steel Authority of India Ltd saw its share price rise almost 6% on news flow around China Central Bank to cut reserve ratio requirement and boost economic growth. The People's Bank of China (PBOC) has decided to cut the reserve requirement ratio (RRR) for all banks by 50 basis points (bps) in February to boost the economic growth.