CREDITS
![Goldman Sachs posts strong Q2 profits on debt underwriting and fixed-income trading surge](https://img.etimg.com/thumb/msid-111756982,width-100,height-75,resizemode-4/markets/stocks/earnings/goldman-sachs-posts-strong-q2-profits-on-debt-underwriting-and-fixed-income-trading-surge.jpg)
Goldman Sachs posts strong Q2 profits on debt underwriting and fixed-income trading surge
Goldman Sachs' profit more than doubled in the second quarter, bolstered by higher fees from debt underwriting and a strong performance in its fixed-income trading business.
![New RBI credit card rule: Check if your credit card issuer bank is live on BBPS platform; full list of Bharat Bill Payment System billers](https://img.etimg.com/thumb/msid-111750806,width-100,height-75,resizemode-4/wealth/save/new-rbi-credit-card-rule-check-if-your-credit-card-issuer-bank-is-live-on-bbps-platform-full-list-of-bharat-bill-payment-system-billersa.jpg)
New RBI credit card rule: Check if your credit card issuer bank is live on BBPS platform; full list of Bharat Bill Payment System billers
New RBI credit card rule:Bharat BillPay is a unified ecosystem that links banks and non-banks in the bill aggregation industry, as well as billers, payment service providers, and retail bill outlets. Below is a list of credit card billers currently active on BBPS as of July 15, 2024.
![Citibank credit cards will be migrated to Axis Bank by July 15, 2024: Till when can you use your Citibank credit card post migration?](https://img.etimg.com/thumb/msid-111605844,width-100,height-75,resizemode-4/wealth/spend/citibank-credit-cards-will-be-migrated-to-axis-bank-by-july-15-2024-till-when-can-you-use-your-citibank-credit-card-post-migration.jpg)
Citibank credit cards will be migrated to Axis Bank by July 15, 2024: Till when can you use your Citibank credit card post migration?
Citibank credit cards: Axis Bank has informed that the migration of Citibank credit cards to Axis Bank credit cards will be completed by July 15, 2024. This is as per migration FAQs available on the Axis Bank website.
![Citibank credit cards migration to Axis Bank to be completed today: Know all about new credit card benefits, fees, rewards, features](https://img.etimg.com/thumb/msid-111746496,width-100,height-75,resizemode-4/wealth/spend/citibank-credit-cards-migration-to-axis-bank-to-be-completed-today-know-all-about-new-credit-card-benefits-fees-rewards-features.jpg)
Citibank credit cards migration to Axis Bank to be completed today: Know all about new credit card benefits, fees, rewards, features
Citibank credit cards migration to Axis Bank: The migration of Citibank credit cards to Axis Bank is expected to be finished by July 15. Once the migration is completed, customers can begin to enjoy the benefits of their new Axis Bank card using their existing Citi-branded card. Here is what you need to know about the migration of Citi credit cards to Axis Bank.
![Budget 2024: MSME data stack, alternative credit assessment models can bridge $530 bn credit gap, says industry](https://img.etimg.com/thumb/msid-111745366,width-100,height-75,resizemode-4/small-biz/sme-sector/budget-2024-msme-data-stack-alternative-credit-assessment-models-can-bridge-530-bn-credit-gap-says-industry.jpg)
Budget 2024: MSME data stack, alternative credit assessment models can bridge $530 bn credit gap, says industry
Industry experts highlight the pressing need to tackle the issue of cash flow problems for the MSME sector in the upcoming Budget on July 23.
![Budget 2024 presents an opportunity to usher key policy changes to unshackle our agriculture sector](https://img.etimg.com/thumb/msid-111735970,width-100,height-75,resizemode-4/opinion/et-commentary/budget-2024-presents-an-opportunity-to-usher-key-policy-changes-to-unshackle-our-agriculture-sector.jpg)
Budget 2024 presents an opportunity to usher key policy changes to unshackle our agriculture sector
As the Union budget nears, discussions on fiscal prudence and policy changes in the agriculture sector gain prominence. The focus shifts from minimum support prices to direct consumer-farmer interfaces and the need for more mandis. Recommendations for reforms in agricultural value chains, credit systems, and a comprehensive mineral strategy are highlighted. The upcoming budget presents an opportunity for significant policy shifts that could impact rural consumption and employment.
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Centre to pick up bond dues tab for MTNL
The government will pay MTNL bond interest, preventing a sovereign default after MTNL failed to deposit in an escrow account. Borrowers will be compensated per Department of Economic Affairs rules by July 20. MTNL's debt restructuring, involving ₹28,000-30,000 crore, includes staff transfers to BSNL and retirements. MTNL raised ₹2,480 crore in July 2023 via non-convertible debentures at 7.59% interest. The Department of Telecommunications and Beacon Trusteeship oversee payments. India Ratings downgraded MTNL to 'IND D', with a pre-default government guarantee.
10 common issues resolved by Bajaj Finserv customer care
Bajaj Finserv offers a range of products to customers and provides dedicated customer care for quick issue resolution. Common issues handled include EMI details, fixed deposits, credit card services, fraud reporting, loan applications, and technical support. Customers can contact customer care for assistance.
Kreditbee looks to tap private credit funds
"We will have one private round before the IPO. That will be our last private fund raise after which we will prepare for the IPO," said Madhusudan Ekambaram, co-founder & CEO, KreditBee. "The private round will happen within one year from now. After which we will look for the correct market conditions to list, and if the prevailing conditions continue it could happen one and a half years from now."
Bank credit growth outpaces deposits again, albeit at a sluggish pace
Bank credit grew 14% while deposits grew 11% year-on-year, highlighting concerns over asset-liability mismatches. RBI emphasizes the need for banks to address the gap. Governor stresses the importance of maintaining a balance between assets and liabilities.
Credit growth continues to outpace deposit growth in FY'25 as well
Significantly the growth in deposits as well as credit was lower than the year ago period reflecting a slowdown in economic activity due to the uncertainty on the economic outlook because of the Lok Sabha elections. Year-on-year credit and deposit growth in the same period of 2023-24 was higher at 16.3 percent and 12.9 percent respectively.
Now paying income tax through select credit cards can be rewarding; know how to pay income tax through credit cards
Tax payment using credit cards: "Currently, only a select few cards, such as the HDFC BizBlack and HDFC BizPower credit cards, offer rewards for tax payments. Besides these you can also use other credit cards which provide milestone benefits even on paying income tax using it like SBI Vistara Cards/IDFC Vistara Card," says Ankur Mittal, co-founder and CTO, cardinsider.com
HNIs looking to diversify warm up to private credit funds
High net-worth individuals are increasingly turning to private credit funds due to the removal of tax benefits for debt mutual funds. This shift reflects a growing interest in fixed-income options among the affluent segment.
Insolvency law fosters healthy credit culture: NFRA chief Pandey
On Tuesday, Ajay Bhushan Prasad Pandey, chairman of the National Financial Reporting Authority (NFRA), emphasized the importance of insolvency law for a healthy credit culture and its role in unlocking capital from unviable businesses for productive use through the resolution of bankrupt firms' stress. He highlighted that the Insolvency and Bankruptcy Code (IBC) has a significant role in strengthening the economy beyond just enabling lenders to recover dues from corporate debtors.
Incremental credit slows down until mid-June
Incremental loans increased Rs 2.79 lakh crore or 1.7 % this fiscal year up to June 14 compared to Rs 3.48 lakh crore or 2.5 percent a year ago reflecting a slowdown in credit demand for investments as well as working capital needs- and indicator of level of economic activity.
JM Financial consolidates wholesale and distressed credit biz
JM Financial Limited (JMFL) is set to consolidate its wholesale debt syndication and distressed credit business under a single platform. The move involves two acquisitions: a 42.99% stake in JM Financial Credit Solutions Limited (JMFCSL) and a 71.79% stake in JM Financial Asset Reconstruction Company Limited (JMFARC). The consolidation aims to transition from an on-balance sheet business model to a diversified originate-to-distribute/syndication model across various asset classes.
Sebi issues new guidelines to streamline operations of credit rating agencies
Markets regulator Sebi has issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies. The circular introduces specific timelines for dealing with appeals made by companies regarding rating actions carried out during periodic surveillance of ratings.
Bank of Maharashtra logs 19% loan growth in April-June
Bank of Maharashtra reported a 19% growth in credit to Rs 2.09 lakh crore for the April-June quarter, with outstanding credit at Rs 1.75 lakh crore. Total deposits increased by 9.44% to Rs 2.67 lakh crore, with Current Accounts and Savings Accounts declining to 49.86%. Credit Deposit ratio increased to 78.18%.
RBI tells banks to find ways to bridge the gap between credit and deposit growth
The meeting addressed various banking challenges including credit-deposit ratio, cybersecurity, and digital frauds. Governor Das emphasized the need for robust cybersecurity controls and customer awareness initiatives to curb digital frauds.
Attention credit card users! Big credit card rule changes in July of HDFC Bank, ICICI Bank, SBI Card, Citibank
Let us take a look at important credit card related changes of big banks that will come into effect in July.
Major credit card rule changes of big banks that will come into effect in July: SBI Card, HDFC Bank, ICICI Bank, Citibank
New credit card rules: Many major banks have implemented significant modifications to the credit card services. Let's examine the important changes to credit card services offered by these major institutions, which will take effect in July.
ITR filing: Credit card and forex spend reported separately by banks in AIS, know the impact and what you can do
Income tax return: While filing your ITR make a note that banks are now reporting total forex spends as a separate category in addition to total credit card spends. According to Gopal Bohra, Partner, N.A. Shah Associates, "Transactions through international credit cards are currently exempt from TCS, and accordingly, banks do not collect TCS. However, banks report all remittances under LRS through TCS filing, irrespective of whether TCS is collected or not."
Top fintechs dial NBFCs for secured credit partnerships
Fintech startups, having built trust as unsecured loan providers, are setting their sights on the secured credit market. Companies like PhonePe, Cred, and Paytm are seeking collaborations with non-banking financial institutions (NBFCs) to facilitate these secured loans. Lenders also want to work with fintechs for such products, as they look to source prime customers through these platforms.
India Ratings pegs bank credit growth at 15.4% for FY25
India Ratings has forecasted a 15.4% loan growth for banks in FY25. The rating agency believes a turnaround in private capital expenditure could alleviate any pressure on overall credit growth during the fiscal year.
Retail loans moderate for the 10th straight month
The Reserve Bank of India reported that bank lending to the retail sector moderated for the tenth consecutive month in May, reaching 17.8% from 19.1% a year ago. Corporate loans grew faster at 8.9% compared to 6% in May 2023. Non-food bank credit saw a 16.2% growth in May 2024 compared to 15.5% a year ago.
Effective ways to pay off your credit card debt faster
You need an action plan to reduce and eliminate this debt. Paying off credit card debt requires a hands-on approach, from determining the best repayment strategy to contacting creditors to negotiating interest rates. Text: Centre for Investment Education and Learning (CIEL)
HDFC Bank credit card charges, rules to change from August 1, 2024: Know about new late payment fee, bill payment rules
HDFC Bank announced major revisions to its credit cardholders about terms and charges. The following changes to your HDFC Bank credit card charges will come into effect on August 1, 2024.
Five-yr extension expected for export credit scheme
India is expected to extend a key support scheme for export credit to boost its export sector, which has been hit hard by a slowdown in developed countries. The commerce and industry ministry has proposed an extension of the interest equalisation scheme beyond June 30, providing a 3% benefit for manufacturer micro, small and medium enterprises (MSME) and a 2% incentive for exporters of 410 identified tariff lines.
Buy DCB Bank, target price Rs 175: Motilal Oswal
DCB Bank Ltd., incorporated in the year 1995, is a banking company (having a market cap of Rs 4301.69 Crore).
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