Credit card

How credit card spending is linked to consumer confidence

Consumer spending by credit card remained robust in January and February, even after the end of the holiday season, a sign of growing consumer confidence and a recovery in consumption, at least among wealthier customers. Spending would improve further over time, according to trends, although February’s figures are a little lower than January’s, analysts said. […]

Credit card

rupay credit card: NPCI focuses on new customers to expand RuPay credit card base

The National Payments Corporation of India (NPCI) is focused on acquiring new customers to expand the base of native RuPay compatible credit cards, as the apex retail payments body is still a new entrant in this space, said a senior company official. “If you look at credit cards, we’ve recently entered the market and we’re […]

Credit card

Union Bank and NPCI launch credit card for MSME borrowers to meet business expenses

To overcome difficulties in meeting business-related expenses of MSMEs, Union Bank of India and National Payments Corporation of India (NPCI) have jointly launched a credit card for borrowers, offering interest-free credit up to at 50 days. “Union MSME RuPay Credit Card” is a new digital payment tool available for MSME customers of […]

Bank loan

Biggest bank loan scam in CBI history! ABG shipyard defrauds Rs 22,842 Cr with 28 banks in 5 years

The Central Bureau Of Investigation (CBI) has recorded the biggest bank loan scam in its history as Gujarat-based shipbuilding company ABG Shipyard committed fraud of Rs 22,842 crores. Apart from the agency file, it is the biggest fraud in the history of India. ABG Shipyard Ltd (ABGSL) is the flagship company of the ABG Group […]

Bank loan

Supervisory circulars issued against directors of ABG shipyard in bank loan fraud case

Image source: PTI Supervisory circulars issued against ABG shipyard administrators in nearly 23,000 crore fraud case Strong points CBI has issued lookouts against Rishi Kamlesh Agarwal, former chairman of ABG shipyard. Such circulars were also issued against 8 other people in a case of bank fraud over Rs 22,842 crore. Lookouts have been issued to […]

Bank loan

Gujarat shipbuilding firm booked for Rs 22,842 Crore loan fraud

In its biggest bank fraud case, the CBI has charged ABG Shipyard Ltd and its former Chairman and Managing Director Rishi Kamlesh Agarwal and others with allegedly defrauding a consortium of banks led by the State Bank of India out of more than Rs 22,842 crore.. Apart from Agarwal, the agency also named then-executive director […]

Bank loan

CBI delivers ABG shipyard for biggest bank loan fraud

New Delhi: In its biggest bank fraud case, the CBI has hired ABG Shipyard Ltd and its former Chairman and Managing Director Rishi Kamlesh Agarwal and others for allegedly deceiving a consortium of banks led by the State Bank of India by more than Rs 22,842 crore, officials said on Saturday. Apart from Agarwal, the […]

Bank loan

CBI hands over Chennai-based firm for multi-crore bank loan fraud

Representative image | Photo credit: IANS Highlights CBI booked a city-based food production company for defrauding multiple banks of over Rs 200 crore The CBI has filed a complaint against Oceanic Tropical Fruits Private Limited (OTFPL) According to the FIR filed by CBI, directors of company A Joseb Raj, Vimala […]

Bank loan

Bank loan books, asset quality at risk due to Omicron, according to ICRA

As the Omicron variant of Covid-19 cases spreads across the country, a potential third wave of viral infection poses a risk to the quality of banks’ assets, especially the restructured loan portfolio, according to the rating agency ICRA. “Banks have restructured most loans (during the second wave of Covid-19) with a moratorium of up to […]

Bank loan

CBI hands over two companies for alleged bank loan fraud

The CBI has registered separate bank fraud cases against two private companies involving loans of over ₹900 crore. In the first instance, the agency hired LEEL Electricals Limited and its directors for allegedly causing a loss of ₹307.10 crore to the SBI. The loan account was declared NPA in March 2019 and reported as fraud […]

Bank loan

HDFC Bank Loan Portfolio Grows 16.4% to Rs 12.6 Trillion in December Quarter

The loan portfolio of the country’s largest private lender, HDFC Bank, increased by 16.4% year-on-year (YOY) to Rs 12.6 trillion as of December 31, 2021 (Q3FY22) from 10, 82 trillion rupees a year ago. Sequentially, its advances increased by 5.1% from 11.98 billion rupees in September 2020 (Q2FY22). Commercial banks in India, […]

Bank loan

Bank loan fraud: ED attaches Rs 26-cr assets of Gujarat company, promoters

The attached assets include residential and commercial land, and their total value is Rs 26.25 crore. The Law Enforcement (ED) Directorate said on Monday that it had seized assets worth more than Rs 26 crore from a Vodadara-based company in a money laundering investigation linked to an alleged bank loan fraud of around Rs 2,654 […]

Bank loan

Bank credit: Agricultural, MSME and retail lending contributes to growing the bank loan portfolio

According to the latest bank credit sector deployment data released by the Reserve, bank credit rose 7.1% in November, above the 5.9% recorded in the same period a year ago, largely thanks in part to better growth in lending to individuals, agriculture and MSMEs. Bank of India Credit to agriculture and related activities remained robust […]

Credit card

Credit card spending drops month-over-month in November as holiday effect wears off

However, banks have become more cautious about issuing credit cards amid the two waves of the pandemic. As a result, outstanding credit card receivables grew more slowly. Credit card spending fell 12% month-on-month (MoM) in November, as the effect of holiday season spending wears off. The value of credit card transactions at point of sale […]

Credit card

Indian credit card spends Rs 1 lakh crore in October

“Digital transactions have increased a lot this year, which has boosted the use of credit cards. At the same time, e-commerce companies have come up with lucrative discounts and offers during the holiday season, further increasing spending, ”said Parijat Garg, a former credit bureau. official and expert in digital lending. Garg expects spending in November […]

Credit card

Credit card spends cookies surge; Maruti, Audi will raise vehicle prices and more

The Union Health Ministry said on Thursday that two cases of the Omicron variant of COVID-19 had been discovered in Karnataka. Credit card spending in India has seen a big increase thanks to the holiday season. India’s largest automaker will raise prices for its vehicles again, starting in January 2022. Audi has also announced a […]

Bank loan

West Bengal obtains a $ 135 million loan from the World Bank to modernize its rural electricity distribution network

The International Bank for Reconstruction and Development (IBRD) approved a $ 135 million loan to West Bengal to improve operational efficiency and reliability of electricity supply in some pockets of the state. IBRD and its concessional lending arm, the International Development Association (IDA), are also collectively referred to as the World Bank. The variable spread […]

Bank loan

Holiday season retail demand and MSMEs drive bank lending growth in October

Reflecting the surge in holiday demand, retail bank lending covering housing, vehicles and credit cards, etc., rose 11.7% year-on-year in October 2021, up from 8 , 7% in October 2021. Data from the Reserve Bank of India showed year-over-year growth in home loans was stable at 8.4% in October 2021 from 8.1% a year ago. […]

Bank loan

Execution management attaches assets of Rs 42 crore to Kolkata company – The New Indian Express

Through PTI NEW DELHI: Assets worth over Rs 42 crore of a Kolkata-based company seized in connection with money laundering investigation linked to alleged bank fraud case, announced on Monday the Directorate of Execution (ED). An interim order for the seizure of 11 properties of Shree Mahalaxmi Corporation Pvt Ltd has been issued under the […]

Bank loan

Vodafone Idea could get loan from state bank after India offers relief

(Bloomberg) – The ailing Indian unit of Vodafone Plc is in talks with the country’s largest lender over new loans, people familiar with the matter say in a deal that could pave the way for d other banks to provide credit and increase the trapped wireless operator’s chances of survival. The State Bank of India […]

Credit card

RBI wants you to remember 16 digit debit, credit card numbers, expiration, CVV. Know why

The Reserve Bank of India (RBI) is set in its ways on its revised guidelines on data storage policy. The RBI has rejected the proposal made by payment gateway companies for new regulations that could take effect from January 2022. The revised regulations prevent payment aggregators and merchants like Amazon, Flipkart and Netflix from storing […]

Credit card

Bank agent asks woman for ‘sexual favors’ for unpaid credit card dues

Aurangabad: In a shocking incident, a woman complained that third-party public sector debt collectors at the State Bank Of India (SBI) asked her for “sexual favors” instead of unpaid payments on her credit card account. credit. The victim’s husband said the incident happened in February when the New Delhi-based recovery company, owners and agents of […]