Banking Sector

Easy tips to manage credit card dues

Easy tips to manage credit card dues

Credit cards are easy to swipe for making payments for purchases anytime, anywhere in the world, but managing & repaying the dues is always a hard task. If you too facing the same problem, here are some tips to help you out:

Keep the basic terms in mind: You must keep the basic terms, such as minimum-amount due, billing cycle and grace period, in mind as these terms will help you a lot in managing spending as well as repayment patterns. Surpassing the grace period could result in heavy interest costs.

SKS Micro reports 11% rise in income; shares jump

SKS Micro reports 11% rise in income; shares jump

Shares of SKS Microfinance jumped more than 5 per cent to touch Rs 139 apiece, after the country’s biggest micro lender reported impressive quarterly results.

For the quarter ended March 2013, SKS reported a year-on-year increase of 11 in income at Rs 95.09 crore, as against Rs 85.05 crore in the previous quarter. Net profit jumped from Rs 1.15 crore to Rs 2.70 crore.

23 banks & insurance firms facilitate money laundering: Cobrapost

23 banks & insurance firms facilitate money laundering: Cobrapost

Senior officials of 23 private as well as public sector banks and insurance companies are actively involved in the illegal activity of facilitating money laundering, a new sting operation by Cobrapost revealed.

The list of banks and insurances companies allegedly involved in facilitating money laundering includes Satate Bank of India (SBI), Life Insurance Corporation (LIC), Bank of Baroda, Canara Bank, Punjab National Bank, Indian Bank, Yes Bank, IDBI Bank, Federal Bank, Birla Sunlife and Reliance Capital.

RBI expected to cut repo rate by 25bps

RBI expected to cut repo rate by 25bps

Making a cut in repo rate should be easy for the Reserve Bank of India (RBI) as inflation levels, trade deficit have come down over the past few weeks, economists believe.

According to a recent poll carried out by DNA, economists expect the central bank to cut repo rate by 25 basis points (bps), while leaving the cash reserve ratio (CRR) untouched.

Money Laundering Case: RBI Initiating Action against ICICI, HDFC and Axis Banks

Money Laundering Case: RBI Initiating Action against ICICI, HDFC and Axis Banks

It was in last month that online portal named as Cobrapost took the names of the three banks, ICICI bank, HDFC Bank and Axis Bank for indulging in the act of money laundering.

The online portal said that they exposed these banks by carrying out a sting operation. Their investigation revealed that there were some bank officials who offered to launder unaccounted money in insurance schemes.

India’s Growth Rate Expected to Improve to Six Percent in Current Financial Year

India’s Growth Rate Expected to Improve to Six Percent in Current Financial Year

India's growth rate is expected to improve to six percent in current financial year, avowed the multilateral funding agency Asian Development Bank (ADB) as of Tuesday.

The forecasts are, however, dependent on many other factors like bad monsoon, slow headway on fiscal consolidation and reforms, and sustained slowness in the international economy. Reforms are required to help the country recover from the growth deceleration that emerged as a result of structural flaws, declining investment and fall in the current account deficit.

Media Alleges Bank of Baroda for Transferring Dawood Ibrahim's Funds

Media Alleges Bank of Baroda for Transferring Dawood Ibrahim's Funds

In an exclusive report yesterday, Firstpost alleged that the Nassau branch of Bank of Baroda in Bahamas has transferred Dawood Ibrahim's funds. Ibrahim has been reported to become the principal provider of the financial services to narcotics traffickers and jihadist across South Asia.

His business estimated to be more than $3.5 billion a year and uses reputed companies to get easy access to the global financial system. Bank of Baroda was reported to be involved in transferring Dawood Ibrahim's funds.

The euro slips close to four-month low of $1.2750

The euro slips close to four-month low of $1.2750

The eurozone's common currency, the euro, slipped to near its four-month low of $1.2750 on Wednesday as Italy's funding costs further intensified ongoing worries about the Cyprus problem.

In early trade on Thursday, the euro was trading at $1.2785, down nearly 7 per cent from its peak of $1.3711 last month. The common currency appears to be nearing the November trough of $1.2661.

The Japanese yen became stronger, as Japan's exporters improved and generated more funds ahead of end of financial year.

Weakness in economy hurt loan demand: says SBI chairman

Weakness in economy hurt loan demand: says SBI chairman

Weakness in the economy has led to sluggish demand for loans, according to State Bank of India (SBI) Chairman Pratip Chaudhuri.

In a recent interview, Mr. Chaudhuri said that loan demand had not been very strong, and that the small & medium enterprises and mid-corporate segments were posing the biggest challenge.

ICICI Bank Witnesses Rise after Slump

ICICI Bank Witnesses Rise after Slump

After witnessing a decline for past four sessions, ICICI Bank, which is accredited as India's biggest private sector lender, has made a comeback. It has registered growth by 5%, said officials.

It is said that the gain was the highest that the ban has witnessed since November 29, 2012. The growth has further widened the gap between bank's local shares and American Depositary Receipt (ADR). The gap is said to be beneficial for the purchase of the local stocks.