SBI MUMBAI METRO CARD
Consumer spending peaks in non-metro Indian cities: Visa
Visa, a global digital payments provider, revealed on Thursday that non-metro cities in India such as Dharamshala, Mullanpur, and Vishakapatnam are emerging as the biggest daily spenders. This insight comes from Visa Consulting and Analytics' consumer spending trends for the 2024 summer cricket season. Notably, there has been an overall increase in online transactions across all segments, with food and grocery delivery apps showing a 23% surge in usage.
6 big deadlines, rule changes in July 2024: Credit card rule changes, Paytm wallet, ITR deadline
Money changes in July: With July fast approaching, it's essential to keep track of upcoming money deadlines and rule changes. Here is a look at five money-related changes and deadlines in July.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
SBI Credit Cards rule change: Reward points not applicable on 22 credit cards for government transactions from July 15
SBI Card announced that accrual of reward points on government related transactions will be discontinued for certain credit cards from July 1, 2024. List of SBI Credit Cards where reward points will not be applicable on government related transactions.
Should you buy a house now before property prices soar or wait for home loan interest rates to drop?
A favourable wealth effect, driven by a sharp rise in the equity markets, is enticing many first-time homebuy ers to take the plunge, while affluent buyers are looking for second homes. If you are a fence-sitter, still unsure about when to buy a house, this market presents a big dilemma. Is it the right time to buy a house?
New RuPay payment mechanism using NFC: Know who will benefit from it and who may not need it
NFC sticker powered by RuPay: A silicon sticker powered by RuPay using near field communication (NFC) technology is set to be launched. This sticker can be fixed on any solid surface and requires no internet or power and is also waterproof. You can use this NFC sticker for payments at any NCMC enabled terminals in Assam ASTC, Delhi metro, Mumbai BEST, etc.
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Mumbai Voting Day Alert: Get 10% off Mumbai metro fares on May 20th; Check details inside
The MMMOCL operates metro line 2A between Andheri (west) and Dahisar (east) and line 7 between Dahisar (east) and Andheri (east). The initiative will boost voter turnout through the systematic voter education and electoral participation (SVEEP) programme to encourage Metro commuters to fulfil their civic duty and vote in elections, the release stated.
Chote miyan out, bade miyan in! How MF investors are shuffling their cards
Investors are shifting from smallcap to largecap funds due to better valuations and higher earnings growth expectations in large caps. Large cap schemes like Quant Large Cap Fund and Bank of India Bluechip Fund delivered high returns in FY24.
You now recharge these SBI cards online using Bharat BillPay platform
In an effort to further enhance traveller convenience, the State Bank of India (SBI) and NPCI Bharat BillPay have collaborated to onboard SBI NCMC cards on the Bharat BillPay network. This will ensure a hassle-free experience and avoid long waits for people reloading or topping up their cards online.
Bankruptcy court disposes off insolvency applications against Mumbai Metro One
Mumbai Metro One was the first metro project awarded in the country on a public-private partnership (PPP) basis and entails the design, financing, construction, operation and maintenance of about 12 km elevated metro operating between Versova and Ghatkopar with 12 stations en route, connecting the western and central suburbs of Mumbai.
NCMC card users for metro travel issued by other banks also facing recharge glitches due to restriction on Paytm Payments Bank
National Common Mobility Card: An official spokesperson from Mumbai Metro One Private Limited (MMOPL) told: "Due to recent restrictions by RBI on Paytm (our earlier NCMC partner), recharging of NCMCards is temporarily not available. However, we have made necessary arrangements for acceptance of all NCMCards for travel. One can travel in Mumbai Metro Line-1 using any NCMCard."
View: Sebi & RBI's hyperactivity catches market by surprise; but it's for restoring credibility
Recent hyperactivity at India’s banking regulator and securities watchdog surprises the market. Commercial lenders are accused of concealing bad loans, while investment banks under scrutiny for pushing IPOs past the line using mule accounts. Fintech firms in Bengaluru and traditional finance industry in Mumbai are feeling the regulatory pressure.
RBI eases rules for centre’s mobility card after limited success
The National Common Mobility Card can be used by commuters for payments at metros, buses, road toll plazas and fuel stations. Eventually, commuter trains linking suburbs to big cities are also expected to be brought into the fold.
The next Mumbai could soon come up in the financial capital's vicinity
There is a likelihood that the region's realty scene will change completely in the next 2 to 3 years, Navin Makhija, MD, The Wadhwa Group, said. The upcoming Navi Mumbai International Airport will further give a boost to the housing sector apart from driging overall economic development of the region, he added.
Banks to need Rs 84,000 cr excess capital due to RBI tweaks on unsecured loans: SBI Economists
In a recent report from the State Bank of India (SBI), economists have highlighted that the banking system in India is anticipated to require an additional Rs 84,000 crore of excess capital. This need arises from the revised risk weights on unsecured loans, as introduced by the Reserve Bank of India (RBI). The SBI economists, in their analysis released on Friday, also noted that the RBI is currently employing liquidity and macro prudential measures to attain the desired objectives of growth and inflation. Furthermore, they emphasized that the repo rates have reached their peak.
Morgan Stanley sees India outperforming China in 2024; adds RIL, DMart to focus list
India has delivered strong relative earnings, sustaining the strong market outperformance seen in 2022, while macro-fundamentals have withstood tightening financial conditions in the US. “India is set to establish secular economic and earnings outperformance vs EM,” the investment bank said in its 2024 outlook report.
These largecaps have ‘strong buy’ & ‘buy’ recos with upside potential of over 20%
In volatile markets, where there is a readjustment in valuation across midcap space, it is only a matter of time that the concept of relative valuation will come into play and large caps will get more attention from the market. Stocks from different sectors are making to the list, this week, stocks from Oil refining and marketing, private banks, insurance, auto ancillary and fertilizer space. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks.
Edelweiss IPO Fund restricts lump sum investments
"In thematic funds, investors often enter at the wrong time and often join after a period of high returns and get disappointed. With this move, we want to encourage investors to invest systematically and even out volatility," said Radhika Gupta, CEO of Edelweiss Mutual Fund.
Q2 results, yield movement, FII flows among 7 factors likely to hog Dalal Street this week
Indian benchmark indices ended the week with a net loss of over 1% due to factors such as rising US bond yields, firm crude oil prices, and weak earnings from IT companies. The upcoming week is expected to be volatile as several companies are set to release earnings and the October derivatives expiry is due. The Nifty 50 may trade within a range of 19,300 to 19,850, with the potential for a significant move in either direction
Don't expect bumper rewards on card spends this festive season
Analysts say the changes made by banks on credit cards this year reflect the new reality after the sharp 250-basis point increase in interest rates by the Reserve Bank of India (RBI) since May 2022 to restrain inflation. One basis point is 0.01 percentage point. ET analysed credit card rewards and charges for HDFC Bank, SBI Card and Axis Bank, which together make up more than 50% of the outstanding cards in the market.
Banks don't want you to overpay card dues
In a bid to curb efforts at money laundering and fraud, banks issuing credit cards are either blocking customers from paying an amount more than their current outstanding or refunding any excess amount paid into credit cards. A bank spokesperson said since a credit card is a lending product, not a savings account, customers are not allowed to park excess funds.
Global Fintech Fest 2023: SBI unveils ‘nation first transit card’
“The Nation First Transit Card powered by RuPay and National Common Mobility Card (NCMC) technology, is set to revolutionise the commuting experience and is aligned with the national vision of One Nation One Card,'' said Dinesh Kumar Khara, chairman, State Bank of India said.
Nine executives from SBI, arms in race to become Bank MD
The post fell vacant after former MD Swaminathan Janakiraman took over as deputy governor of the Reserve Bank of India (RBI) on June 26. SBI has four managing directors, each of whom handle different departments and are also part of the bank's board of directors.
State Bank of India files insolvency plea against Mumbai Metro One
State Bank of India (SBI) has approached the National Company Law Tribunal (NCLT) against Mumbai Metro One (MMOPL) to admit the company under the Corporate Insolvency Resolution Process (CIRP). The company is a joint venture between Anil Ambani-promoted Reliance Infrastructure (RInfra) and Mumbai Metropolitan Regional Development Authority (MMRDA).
Adani, Visa sign deal to bring co-branded cards for travellers
Visa has signed a co-branded card agreement with Gautam Adani's conglomerate allowing them to access 400m customers through Adani's airports and online travel services in India. Adani runs seven airports at present and is planning to bid on more across India. Visa CEO, Ryan McInerney said the cards will bring the benefits of retail, airports and online travel services to its users.
Three private equity firms eye Rs 2,000-crore Adani Capital buyout
Adani Capital's management - led by former Lehman Brothers and Macquarie investment banker Gaurav Gupta, who joined the conglomerate in 2016 - owns around 10% of the company. Promoters own nearly 90%, which is up for grabs.
State Bank of India rejigs senior leadership to boost dominance
Rajay Sinha, chief general manager in charge of global markets, will become managing director and chief executive at the brokerage arm SBI Capital Markets Ltd., the people said, asking not to be identified as the details aren’t public. Sinha replaces Amitava Chatterjee, who’ll now return to the bank to oversee its vertical catering to corporate clients.
Latest changes SBI Card customers should know
With effect from May 1, 2023, SBI Card has made several changes to credit card options and advantages. Several credit cards are available from SBI Card, and the offers vary based on the card type.
Noida Metro's anniversary gift: Free smart cards to commuters
The NMRC urged commuters to actively participate in the campaign and take maximum benefit of the offer. "This will also promote digital India campaign as card usage will get increased," the senior officer said. NMRC spokesperson Nisha Wadhwan said the metro operator has so far sold over 1.30 lakh smart cards.
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