HDFC Bank shares may gain amid potential MSCI Index weight change
The MSCI EM Index rebalancing in August, with the official announcement on August 13, will likely drive preemptive price action.
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The MSCI EM Index rebalancing in August, with the official announcement on August 13, will likely drive preemptive price action.
The Fund was never aware that Hindenburg was a partner of any of its investors, said the bank's spokesperson.
"To a certain extent, the year-on-year rise in the bank borrowing numbers is a reflection of the merger between HDFC and HDFC Bank. But apart from that, it is clearly a reflection of the tightness in the liquidity and that was, to a certain extent, exacerbated in the month of May because government spending was restricted during the Union election," said Soumyajit Niyogi, director at India Ratings & Research.
HDFC Bank has emailed its customers to inform them that an upcoming system upgrade will improve their banking experience by enhancing performance speed, extending capacity to manage high traffic, and increasing overall dependability.
Credit card base in India grew 18% YoY to reach 103 million, with HDFC bank adding the most new cards. However, Kotak Mahindra bank saw a sharp drop amid RBI restrictions. Card spending also grew 17% YoY to reach Rs 1.65 trillion. The credit card industry has seen a continuous decline due to caution about large unsecured loans and asset quality issues.
Public sector banks in India are navigating the credit card market, facing challenges with high NPAs. The focus on tier-II and tier-III cities is driving credit card sales, with State Bank of India and Bank of Baroda leading in card spending through subsidiaries. Specialized skills and appealing features are crucial for success, particularly in attracting younger consumers with modern products and reward points.
The All India Regional Rural Bank Employees Association strongly opposes the merger proposal, citing concerns about the treatment of RRB employees and the lack of tangible benefits from such mergers. They assert that the proposed merger is objectionable and anti-employee, highlighting historical mistreatment by larger banks and the absence of real relief for RRB staff.
ESAF Small Finance Bank has absorbed 5,200 employees from ESAF Swasraya Multi-State Agro Co-operative Society Ltd (ESMACO) as part of a strategic business restructuring. The bank will now directly manage the microloan portfolio, which was previously managed by ESMACO through banking outlets. The micro banking vertical will primarily serve the needs of the rural population through micro-loans, agriculture loans, vehicle loans, and home loans.
Over the last 12 months, credit offtake expanded by Rs 26.9 lakh crore to reach Rs 167.1 lakh crore as of June 14, 2024.
The solution, named "MSME Sahaj - End to End Digital Invoice Financing", has been developed that will provide solutions ranging from applying the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention.
Banks intensify scrutiny on new accounts to combat mule activities, adapting to evolving fraud tactics like forming private companies. Vigilant measures include verification visits, latitude data, and washout logic analysis to deter money laundering and digital frauds in the financial system.