In May, with zone-based relaxations, sourcing of new accounts has gradually increased, and new cards run rate has reached approximately 2,500 cards per day, SBI Card said.
The tax department has also revised the I-T return forms to allow assessees to avail benefits of various timeline extensions granted by the government following the COVID-19 pandemic.
According to fund managers and analysts, the 7.75 per cent Savings (Taxable) Bonds, 2018 was the favourite investment option for savers and pensioners who considered these bonds as safe and generating adequate returns.
This is the second reduction in fixed deposits interest rates by the lender in May. It had reduced its deposit rates on May 12.
Rajeswari, General Manager of New India Assurance, is set to replace AV Girija Kumar, who retires this month.
It has reported an increase in provisioning, including impact for COVID-19, at Rs 1,274 crore (Rs 398 crore for COVID-19). The HDFC board has proposed a final dividend of Rs 21 per share as against a final dividend of Rs 17.50 the previous year.
While the government last week announced a credit guarantee scheme for bank lending to the MSME sector and others, data shows that micro and small industries have, over the last four years, witnessed an even slower credit expansion.
Canara Bank's MD and CEO, L V Prabhakar, said: We are sure that once the lockdown is completely lifted, our customers would be able to avail the sanctioned facilities to the full extent and improve their business.
Reserve Bank of India (RBI) Governor Shaktikanta Das extended the moratorium on loan repayments by three more months in view of coronavirus (COVID-19).
Following the announcement by Reserve Bank of India (RBI) Governor Shaktikanta Das, the loan EMIs are set to get cheaper particularly the home loans that are linked to the marginal cost of funds-based lending rate (MCLR) of the lending banks.
Reserve Bank of India (RBI) Governor Shaktikanta Das announced a cut in the repo rate by 40 basis points (bps) to 4 per cent, while the reverse repo rate was reduced simultaneously to 3.35 per cent.
An RBI report states that private sector banks led the credit expansion with their share in the total credit successively expanding to 35.7 per cent in December 2019, from 32.2 per cent a year ago and 30.0 per cent two years ago.
Banks are already facing sluggish credit offtake and a spike in non-performing assets (NPAs) due to the lockdown and the contraction in the economy.
Kotak Mahindra Bank, through its debt capital markets team, will work closely with the Franklin Templeton Trustees, to assist with all portfolio actions in these six schemes that are being wound up, Franklin Templeton Mutual Fund said in a statement.
The minister said that "total relief will be worth Rs 1,500 crore," and added that this interest subvention is going to benefit over 3 crore people. Separately, she announced an extension of Credit Linked Subsidy Scheme (CLSS) for housing sector up to March 2021.
Banks which were pressing for a guarantee from the government to lend money to NBFCs despite the Reserve Bank of India opening a liquidity window for NBFCs and microfinance firms have welcomed the government guarantee announced in the stimulus package.
With the lockdown coming into effect from March 25, state-owned banks opened an additional line of credit of 10 per cent of the existing fund based on working capital limits, subject to a maximum of Rs 200 crore.
While bankers are pushing for this, and there is support for the proposal within a section of the government, the broader view in the Finance Ministry is that PSBs are “well-capitalised” and private asset reconstruction companies already exist in the banking system.
The RBI’s total gold reserves were 612.56 tonnes in the preceding fiscal ended March 2019. With the addition of more stocks, the value of gold reserves rose to $30.57 billion (around Rs 2,32,000 crore) by March 2020 from $23.07 billion in March 2019.
The rise in currency with the public comes despite appeals by the government and the RBI to use digital payment tools amidst the coronavirus outbreak.