Retail and SME loans to deteriorate now: Moody's


Days after downgrading India's sovereign ratings, global credit ratings agency Moody's Investors Service said on Wednesday that the quality of retail and SME loans will also deteriorate.

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Extension of a moratorium on loan repayment to affect liquidity conditions of NBFCs: Icra


The extension of the moratorium on loan repayments till August by the Reserve Bank of India will impact non-banking financial companies' (NBFCs) collections and affect their liquidity conditions, says a report.

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Supreme Court issues notice to Centre, RBI on plea against interest on loans during the moratorium


The Supreme Court asked the Centre and the RBI to respond to a plea challenging the levy of interest on loans during the moratorium period, which has now been extended by another three months till August 31 due to the coronavirus pandemic.

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Banks likely to request Finance Ministry to extend the payment moratorium


FM Nirmala Sitiharaman and heads of state-run banks are set to work out ways to remove the irritants that are holding back delivery of credit to industries despite various measures from the government and the banking regulator, and review the progress of various schemes and tweak them if needed, said people familiar with the matter.

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Bank credit up 6.74% to Rs 102.69 lakh crore; deposits rise 9.82%


Bank credit and deposits grew by 6.74 percent and 9.82 percent to Rs 102.69 lakh crore and Rs 137.11 lakh crore in the fortnight ended April 24, latest data from the RBI showed. In the year-ago fortnight, bank loans had stood at Rs 96.20 lakh crore and deposits at Rs 124.83 lakh crore.

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RBI may extend the moratorium on loans by another 3 months


With the further extension of the nationwide lockdown, the RBI is considering a proposal for extending the moratorium on bank loans by another three months to help people and industry impacted by the ongoing lockdown to contain COVID-19.

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All payments via cards can now be contact-free


The Reserve Bank of India has given the green signal to the country’s payment networks — Visa, Mastercard, and NPCI — to allow tap-and-go functionality on card payments for all purchases at retail stores and shopping centers, a move aimed at making such transactions safer and contact-free during and after the coronavirus pandemic.

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Using your payment cards during coronavirus


Safety

With all these germs floating around, and COVID-19 in the air, personal safety has jumped to the fore. Gloves, masks, and sanitizers could become our new normal, and avoiding outside contact second nature. This means using things like a credit/debit card is inherently risky.

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Realty companies, NBFCs get leeway on commercial project loans


The Reserve Bank of India (RBI) on Friday threw a lifeline to non-bank lenders and real estate firms by allowing the former to restructure commercial realty project loans for a year. These finance companies will now be able to restructure such loans without those being classified as restructured assets and give fresh funding to developers.

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Banks readying debt recast for COVID-hit companies


The Indian Banks’ Association (IBA) is finalizing a special restructuring proposal to be offered to companies impacted by the COVID-19-induced disruption, bankers said. The proposal will allow banks to extend loan tenures without classifying them as nonperforming assets (NPAs).

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UPI transactions drop in March, RTGS shoots up due to lockdown


After constantly rising for the past several months, the volume, as well as value, of transactions through the UPI payment system dropped in March due to the 21-day nationwide lockdown imposed to combat the coronavirus infection.

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Know how to review your home loan regularly


Periodic reviews are a must

Financial prudence demands that you review your assets regularly. Why not extend this discipline to your liabilities as well? Like your loans. One such type of loan is a home loan. If you have opted for a home loan, it is important to keep track of the outstanding amount on it.

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Moratorium on your EMIs: Here's how it works


Much needed relief

The RBI had directed banks to provide a 3-month moratorium on term loans to its customers as a means to ease some of the burden considering the prevailing conditions owing to the coronavirus pandemic. Disruption in cash flows to individuals and businesses may have been the reason behind RBI's decision to provide relief to bank customers.

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21-day nationwide lockdown: For many, ePay's the way to buy essentials


Consumers are increasingly using digital payments to buy essential items and services such as food, grocery, medical supplies, telecom recharges and utility bills, amid the ongoing 21-day nationwide lockdown.

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RBI increases WMA limit of states, UTs by 30%


The Reserve Bank of India’s move to allow a moratorium of 3 months on loan repayments and reduction in repo rate by 75 basis points is expected to help both home buyers and realty developers manage their liquidity crunch in the backdrop of the outbreak of Coronavirus.

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Repo Rate cut, EMI moratorium to help homebuyers, developers manage liquidity


The Reserve Bank of India’s move to allow a moratorium of 3 months on loan repayments and reduction in repo rate by 75 basis points is expected to help both home buyers and realty developers manage their liquidity crunch in the backdrop of the outbreak of Coronavirus.

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India's largest lender slashes lending and deposit rates


The country's largest lender, State Bank of India, had recently slashed its lending and deposit rates, a rare move that followed on the heels of an Indian central bank rate cut to tackle the economic fallout from the coronavirus pandemic.

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Moratorium on loans: Here's what it covers and how it benefits you


What has RBI done?

Three-month moratorium on repayment of all kinds of retail loans — home, auto, personal, and education. You also don’t have to pay credit card dues.

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Indian banks seek easier loan repayment, NPA classification due to Covid-19


Lenders have asked the Reserve Bank of India (RBI) to allow more time before labelling a loan as bad debt, and they sought longer deadlines to meet certain capital standards as the coronavirus pandemic derails businesses, sparking concern over the financial health of banks.

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Banks credit grows at 6.13pc, deposits by 9 pc in 2nd half of February


Banks credit grew at 6.13 percent to Rs 101.04 lakh crore while deposits expanded by 9 percent to Rs 133.31 lakh crore in the fortnight to February 28, according to the latest Reserve Bank data.

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SBI cuts lending rates, housing and auto loans to be cheaper


State Bank of India (SBI) recently announced a reduction in its MCLR or marginal cost of funding-based lending rates by 10-15 basis points across tenors, and a cut in its fixed deposit interest rates. That marked the tenth cut in the MCLR so far in the current fiscal year.

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Digitizing transit payments key to a cashless economy


Inconvenience irritates consumers and leads to loss of business. But that’s where the next big opportunity for fintech innovators is.

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Banking game-changer gets Cabinet nod, 10 PSBs to soon turn into four megabanks


The Cabinet has approved the consolidation of 10 public sector banks (PSBs) into four 'megabanks', Finance Minister Nirmala Sitharaman announced recently.

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SBI to increase safe deposit locker rental charges by up to 50 pc


If you have a safe deposit locker with State Bank of India, be prepared to pay higher rentals as India's largest bank has decided to increase locker rental charges by up to 50 percent with effect from March 31, 2020.

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Visa says OTP not needed for routine transactions


Global card network provider Visa aims to phase out the two-factor authentication (2FA) process on routine card transactions during digital checkouts and replace the scrutiny layer with a risk-based prompt, where transactions deemed unusual or risky by banks would be vetted through a One Time Password (OTP) check.

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RBI introduces ‘Low KYC’ to help mobile wallets retain their customers


In a move set to bring relief to scores of mobile wallet firms such as Paytm, PhonePe, Amazon Pay and their several million users, the Reserve Bank of India (RBI)

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Vehicle loans from banks more than double in December quarter


The government’s outreach programme to ensure easier availability of auto finance boosted loan disbursal in the passenger vehicle segment in the October-December festive season of 2019, data shows.

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RBI offers 5-year CRR exemption to banks for auto, home, and MSME loans


The Reserve Bank of India (RBI) has recently said the amount equivalent to incremental credit disbursed by banks to specific sectors will be eligible for deduction from their deposits

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Digital payments at a record high in January


With the government’s focus on encouraging digital payments, IMPS, UPI and the BHIM app continued to go strong in the new year with all three registering new records in the amount of cash transacted last month.

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Private banks to gain most from Budget’s Rs 5 lakh cover


Private sector banks will be the biggest gainers of the government’s decision to hike deposit insurance cover to Rs 5 lakh from Rs 1 lakh in the Union Budget 2020. However, the higher insurance costs, estimated at Rs 28,400 crore, will be borne by the entire banking system.

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Banks approve reduced fees for UPI, RuPay


Banks have decided that they will not charge a part of the fees on Unified Payments Interface (UPI) and RuPay card transactions as long as the merchant discount rate (MDR) remains zero following the government announcement, three people aware of the matter said.

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What virtual credit cards are and how they work


What are these?

A virtual credit card is an electronic card that can be created using the bank’s net banking facility, by providing one’s credit or debit card details. No charges have to be paid for the same. As the name suggests, they need not be physically issued by card providers.

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Unsecured consumer loans are the fastest-growing, credit card dues at Rs 1L crore


Credit card balances and personal loans have recorded the highest growth rates as lenders expand the market, providing finance to those who had not borrowed before. Credit cards and personal loans recorded growth rates of 40.7% and 28%, respectively, year-on-year (YoY) in July-September (Q2FY20).

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Your 6-point guide to new card rules


Debit and credit card security

Now you can switch on and off your debit or credit card, a move aimed at enhancing security for digital transactions. The facility is part of a new set of rules issued by the RBI to banks to improve user convenience.

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You can soon deposit cash at any ATM


After making payments interoperable between banks with its Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) is pushing top banks to make a cash deposit to an interoperable feature at their ATMs and branches.

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Know why you should not take loan against PPF account


Late in December, the government made some tweaks to the Public Provident Fund (PPF). One of those changes was regards to the interest rate charged on loans take against PPF accounts.

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The events that led to external benchmarking of loans and what borrowers should do now


The Reserve Bank of India (RBI) announced a big change in the way interest rates on loans are calculated. The central bank mandated all banks to link their floating rate loans to an external benchmark instead of the marginal cost-based lending rate (MCLR).

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Bank credit grows 7.10% to Rs 99.47 lakh cr; deposits up 10% to Rs 130 lakh cr


Banks' credit and deposits grew by 7.10 percent and 10.09 percent to Rs 99.47 lakh crore and Rs 130.08 lakh crore in the fortnight ended December 20, according to the latest Reserve Bank data.

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Nine banks surpass FY20 targets for digital transactions


At least nine banks had by November already surpassed the government’s targets for digital payments for 2019-20 while ICICI Bank topped the monthly scorecard.

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Over 11.40 lakh transactions settled in the first 8 hours after RBI opens NEFT 24x7


Around 11.40 lakh transactions were settled in the first eight hours after widely-used NEFT was made operational on a 24X7 basis, the RBI said.

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RBI governor hints at the possibility of further rate cuts: RBI


Hinting at further rate cuts, Reserve Bank of India (RBI) governor Shaktikanta Das said that the central bank had paused in its rate cuts in December as it was waiting for an opportune time to ease policy.

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NEFT to be available 24x7 from December 16: RBI


The Reserve Bank of India (RBI),recently, said the National Electronic Funds Transfer (NEFT) facility should be made available by member banks participating in the payment system from December 16 on all days of the year, including holidays.

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RBI Keeps Repo Rate Unchanged; Lowers Growth Forecast to 5%


The Reserve Bank of India's six-member Monetary Policy Committee (MPC) unanimously kept the repo rate unchanged at 5.15 percent on Thursday. Repo rate is the key interest rate at which the RBI lends short-term funds to commercial banks.

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RBI to slash rates again, but still no respite for the economy


The Reserve Bank of India (RBI) will cut interest rates in December for the sixth time this year, and again before July, according to economists in a Reuters poll who forecast those reductions would either marginally boost the economy or have no impact.

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5 mistakes that will lower your credit score


For the sake of your home loan rate

Thanks to growing awareness around credit reports and scores over the years, the risk of defaults, delayed EMI and utility bill payments is widely known. Moreover, your credit score is not the only factor that banks use to determine credit-worthiness and risk.

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RBI has cut rates by 110 bps since April, but average lending rates go up 8 bps: Report


Despite the Reserve Bank making credit cheaper, lending rates are rising for borrowers after accounting for inflation and falling economic growth, a foreign brokerage said recently.

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How to get a personal loan with a lower interest rate


6 ways to do this

Generally, before sanctioning a personal loan, lenders consider many factors such as the loan amount you have applied for, your repayment capacity and maybe even the company you are working for. Interest rates on personal loans are usually higher than those on others like home and auto loans.

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No charges on NEFT online money transfer from January


Come January 2020, and customers may not have to pay any charges for transactions done through the popular NEFT system.

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How will India remember three years of Demonitisation


The magnitude of cash in circulation is directly linked to the level of corruption," Prime Minister Narendra Modi had said in his speech on 8 November 2016 that declared that all Rs 500 and Rs 1,000 notes (86% of the currency in circulation then) would no longer be legal tender.

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New compensation norms for private, financial bank honchos


The Reserve Bank of India (RBI) has recently issued compensation guidelines for whole-time directors and chief executives of foreign, private, small finance, payments banks and local area banks mandating the cash component of variable pay at 67 percent.

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Credit cards, EMI payments sparkle during Diwali sale


Payments through credit cards and equated monthly installments (EMI) showed strong growth during the Diwali and Dhanteras weekend, with many customers opting to purchase goods using credit.

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RBI may cut rates in December: report


The Reserve Bank of India may go for rate cuts in December as well as next year as a modest rise in recent inflation is outweighed by downside risks to the central bank's growth estimates, according to a report.

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No charges on digital payments made to large biz establishments from Nov 1


The government said banks or system providers will not impose charges or Merchant Discount Rate on customers as well as merchants on digital payments made to establishments having a turnover in excess of Rs 50 crore from November 1.

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SBI Reduces Key Lending Rates, Home Loans To Get Cheaper


State Bank of India or SBI, the country's largest lender by assets, announced a reduction in its benchmark lending rates across all tenors. The bank said its MCLR or marginal cost of funds-based lending rates will be reduced by 10 basis points

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RBI Reduces Repo Rate To 5.15%, Lowest Since April 2010: 10 Things To Know


The Reserve Bank of India (RBI) on Friday lowered the repo rate by 0.25 percentage point to 5.15 percent, in line with economists' expectations. The central bank's Monetary Policy Committee also maintained an accommodative stance on policy

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Bank credit grows by 10.26%, deposits 10.02%: RBI data


Bank credit and deposits grew at 10.26 percent and 10.02 percent to Rs 97.01 lakh crore and Rs 127.22 lakh crore, respectively, in the fortnight ended September 13, according to the recent RBI data.

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Corporate tax cut makes India an attractive destination for investment


Describing the government's move to slash corporate tax rate as a bold measure, RBI governor Shaktikanta Das said it has made India a very attractive destination for foreign investment.

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Tips to reduce your home loan EMI


Whenever you take a home loan, the interest rate payable on it and the tenure of the loan are the main determinants of the amount of equated monthly installment (EMI) you have to pay. Here are some ways how a new or an existing home loan borrower can reduce the EMI burden of their home loan efficiently.

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From Oct, loans to be linked to external benchmarks. Know this impact on borrowers


Major structural changes are afoot in the banking system. From 1 October, banks will move from the marginal cost of funds based lending rate (MCLR) regime to external benchmarking. What does it mean for you?

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SBI to move RBI to offer fixed-floating rate home-loans


The largest lender State Bank of India will be seeking clarifications from the Reserve Bank whether it can offer long-term home loans with fixed rates in the beginning and convert the same into floating rates later, chairman Rajnish Kumar has said.

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What are your rights if you can’t repay a loan?


Letting go of an asset funded through life savings can be a soul-crushing experience. However, it is a possibility you need to be prepared for in case of a slowdown-induced job loss or business failure. Remember, even if a borrower defaults, she does not surrender all rights to the asset or to fair treatment.

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How the mega banks mergers will impact you


With 27 public sector banks, including the second-largest PNB, being merged and reduced to 12, almost every other individual who has a savings account or fixed deposit with a public sector bank is likely to be impacted.

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India’s Digital Payments Growing Strong at 12.7% Annually: KPMG


Digital payments in India are witnessing thriving growth with a compound annual growth rate (CAGR) of 12.7 percent in the number of non-cash transactions, global advisory KPMG said recently.

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NextGen PSBs: Know which bank merged with whom


Continuing with its thrust to achieve Prime Minister Narendra Modi's dream of a $5 trillion economy, Finance Minister Nirmala Sitharaman announced the merger of the country's top Public Sector Banks (PSBs).

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No more visiting ATMs: Debit cards might soon be a thing of the past


Beginning of the end for debit cards

If the largest lender SBI has its way, it may herald the beginning of the end of the ubiquitous debit cards from the banking system as the bank plans to promote more digital payment solutions and eliminate the plastic cards.

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ATM transactions failed due to technical reasons won't be counted: RBI


The Reserve Bank of India (RBI) has asked commercial banks not to treat ATM transactions failing for technical reasons as well as non-cash withdrawal transactions - such as balance enquiries or checkbook requests - as part of the free transactions available to customers every month.

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Home, auto, other retail loans to become cheaper: Sitharaman


Home, auto and other loans are set to become cheaper as the government said the public sector banks will soon be lending at RBI's benchmark-linked rate and get an additional Rs 70,000-crore upfront capital infusion that will boost their lending capacity in the market by Rs 5 lakh crore.

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Now, transact round-the-clock: NEFT timings to change


The Reserve Bank of India will allow round-the-clock fund transfers through NEFT from December this year, it said in a statement on Wednesday. "This is expected to revolutionize the retail payments system of the country," noted the central bank.

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RBI cuts interest rate but the reduction in your home loan EMI will be slow


The country’s central bank has cut interest rates for the fourth time in a row. The repo rate cut has been cut by 35 basis points and now stands at 5.4%—the lowest since April 2010. With this, the RBI has reduced interest rates by 110 bps since the start of the year.

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India needs to grow at 9% to achieve PM's target of USD 5 trillion economy target: EY


The country will need to grow by 9 percent every year for five years continuously and raise aggregate investment rate to 38 percent of GDP to achieve Prime Minister Narendra Modi's target of turning India into a USD 5 trillion economy, EY has said.

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GST collection grows 5.8% to Rs 1.02 lakh crore in July month


Gross GST collections stood at Rs 1.02 lakh crore in July, marginally up from the previous month, official data showed recently. The July 2019 mop-up was, however, 5.8 percent higher than the Rs 96,483 crore collected in the same month last year.

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RBI cuts repo rate by 35 basis points to 5.40%


The six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) cut repo rate by 35 basis points (bps) in its third bi-monthly policy review of the financial year.

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State Bank of India tightens lending terms for auto dealers


State Bank of India has tightened lending terms dramatically for auto dealerships, according to a source and an internal memo seen by Reuters, seeking to reduce its exposure to risk from a sector in the midst of a sharp downturn.

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Over 18 crore loans sanctioned till March 31 under PMMY: Govt


Over 18 crore loans have been sanctioned till March 31 under the Pradhan Mantri Mudra Yojana(PMMY), Rajya Sabha was informed recently. Collateral-free loans up to Rs 10 lakh are extended to small or micro business enterprises and individuals to enable them to set up or expand their business activities under the scheme.

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Flipkart Launches Credit Card In Association with Axis Bank, Offers Cashback on Purchases


E-commerce major Flipkart has partnered with private sector lender Axis Bank to launch a co-branded credit card. The new co-branded card - powered by payments processor Mastercard - will offer benefits such as a 5 percent cashback on purchases made on Flipkart, Myntra and 2GUD platforms and a 1.5 percent cashback at more than 4000 restaurants across the country

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SBI Home Loans Get Cheaper: 10 Things To Know


State Bank of India (SBI) has reduced its benchmark lending rate by five basis points or 0.05 percent across tenors. The new rate, effective from July 10, 2019, marks the third reduction by SBI this financial year, the country's largest lender said in a statement.

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Banking sector performance improves as bad loans decline in 2018-19: Economic Survey


The performance of banking sector has improved as bad loans declined in the last fiscal, but financial flows are constrained due to fall in money raised from capital markets and stress in the non-banking financial sector, the Economic Survey 2018-19 said recently.

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Are Good times ahead for banking customers and home loan borrowers?


Even as Finance Minister Nirmala Sitharaman proposed to infuse capital of Rs 70,000 crore into public sector banks to boost credit for a "strong impetus to the economy", leveraging technology, offering online personal loans and doorstep banking also found a mention in her speech.

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Budget 2019: Know the Sitharaman's budget had for India's banks


In the Union Budget presented recently, Finance Minister Nirmala Sitharaman announced a Rs 70,000 crore capital infusion into public sector banks in an effort to boost credit.

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RBI Launches Application For Filing Online Complaints Against Banks


The Reserve Bank of India recently launched an application on its website for lodging complaints against banks and NBFCs with a view to improving customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI's grievance redressal process.

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Debit cards show up more at retail stores, less at ATMs


Want a fancy car registration number?

Bank customers are increasingly getting comfortable making payments through debit cards on swipe machines at Kirana stores and local retail outlets. Latest data from the RBI show that over a third of all debit card transactions were made at point of sale (PoS) terminals in April this year for the first time since demonetization.

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