Category: Banking & Finance

Why gold loans continue to glitter in these trying times

Banking & Finance

[ad_1]

Read More/Less


Gold accounts for a large proportion of Indian household wealth and this asset has been coming in handy during the period of financial stress caused by the pandemic. Demand for gold loans was strong last fiscal year and the trend continues in 2021-22 too.

Demand for gold loans from micro enterprises and individuals – to fund working capital and personal requirements, respectively – has increased with the pick-up in economic activity and the onset of the festive season, which coincides with the easing of lockdown restrictions by several States, stated Crisil in a recent note.

Loans against gold jewellery portfolio of scheduled commercial banks surged by 59.1 per cent to ₹63,770 crore as on September 24, 2021 from ₹40,086 crore as on September, 2020, according to data with the Reserve Bank of India. SCBs LAGJ portfolio stood at ₹28,163 crore as on September 27, 2019.

 

Q2 disbursements

Second quarter results of banks reveal a continued demand for gold loans while gold loan-focussed non-banking finance companies also said there continues to be a robust appetite for these loans.

“We remain optimistic about gold loans. Year-to-date, gold loans have increased by 26 per cent and we forecast a growth of 25 to 30 per cent for gold loans this fiscal,” said Shyam Srinivasan, Managing Director and CEO, Federal Bank after the second quarter results.

 

The private sector lender’s gold loan disbursals rose to ₹15,976 crore in the quarter-ended September 30, 2021.

CSB Bank also reported a 10.3 per cent year-on-year increase in gold loans for the second quarter of the fiscal.

Second quarter results of gold loan-focussed NBFCs – Muthoot Finance and Manappuram Finance – are likely to shed more light on this trend but analysts said that they are likely to have seen good growth.

“We expect a healthy growth in the gold loan portfolio for Manappuram Finance and Muthoot Finance given the various attractive interest schemes introduced by these gold financiers to attract high ticket-size gold loan customers. Since gold prices have been stable, we expect gold financiers to offer some reprieve to customers (especially those who continue to pay the interest component) to repay rather than rush to auction off their gold,” said a recent report by Motilal Oswal.

IIFL Finance also reported a 19 per cent year-on-year growth in its gold loans AUM to ₹13,600 crore as of September 30, 2021.

 

Will growth sustain?

Umesh Mohanan, Executive Director and CEO, Indel Money pointed out that the economy is getting back on track but a large number of sectors are still badly impacted.

“People trying to reopen or restart their businesses need urgent cash, and for this gold loan is a convenient and fast option that does not require a credit check. Gold is in fact becoming an alternative capital option,” he said.

Indel Money has registered a growth of 25 per cent year-on-year in gold loans and expect the demand to continue. The average ticket size of loans is ₹75,000-85,000 and the average tenure is 1 year.

Experts point out that small business owners, many of whom took the moratorium or restructuring, may now find it difficult to get a loan from the bank.

In this case, gold loans prove to be a useful option.

VP Nandakumar, Managing Director and CEO, Manappuram Finance said, “With the unorganised sector also getting back on its feet, we expect improved growth in gold loans, microfinance, as well as our other business verticals.”

 

Assets under management (AUM) of non-banking financial companies (NBFCs), which primarily offer loans against gold, is expected to rise 18-20 per cent to ₹1.3 lakh crore this fiscal, according to Crisil’s forecast.

 

PSBs lead

According to a recent report by ICICI Securities, the organised gold loan industry, including agriculture loans, has grown at an even stronger pace since 2018-19, with a near 31 per cent growth in 2020-21 due to the cautious stance taken by financial institutes in other loan products due to pandemic-hit economy and higher gold prices.

 

Public sector banks held the largest market share of the organised gold loan industry (excluding agriculture loans) at about 44 per cent in 2017-18, compared to 34 per cent of specialised NBFCs and 12 per cent of private sector banks.

The report estimated that overall, the market share of banks in the organised gold loan industry including agri loans, increased to about 75 per cent in 2020-21 from about 73 per cent in fiscal year 2019-20.

“If banks versus NBFCs share in organised gold loan industry including agriculture loans is observed, banks’ share is estimated to have increased in fiscal year 2020-21 on the back of increased LTV or loan to value and risk aversion by banks in other loan products,” it noted.

However, operationally intensive nature of the business, existing well-distributed infrastructure across India and a well-established client base provide strong business moats for specialised NBFCs, it said.

Online gold loans are also now catching up.

Federal Bank in its investor presentation said disbursals through fintech enabled gold and micro lending platforms crossed ₹3,800 crore.

Recently, asset-backed digital lending platform Rupeek has signed an agreement with Kerala-headquartered South Indian Bank as a lending partner to provide online gold loan services. The service is, however, initially available in limited cities.

Gold prices, repayments

Experts note that gold prices have been stable, which has led to low delinquency amongst borrowers and has helped NBFCs fare better than banks in the business.

“While there has been a moderation in gold prices in the second half of FY21 with around 10 per cent decline in gold prices over peak of August 2021, the decline has been moderated in year to date 2021-22,” ICRA said, adding that gold loan NBFCs have reported low gross net performing assets (GNPAs) since fiscal year 2017-18.

Many NBFCs are also reworking the typical one-year tenure for gold loans to shorter tenures of three months or six months.

Gold loan auctions, which saw a spurt earlier this year, are also likely to normalise as the economic conditions improve.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

60 per cent of Indian shoppers used digital payments multiple times each week during festive season: Report

Banking & Finance

[ad_1]

Read More/Less


A majority of consumers in India are leveraging digital payments more frequently during the festive season, according to a new study conducted by YouGov and ACI Worldwide.

As per the report, frequent usage (2-3 times per week) of digital payments has increased from 57 per cent last year, while 6 per cent of respondents have no intention of using digital payments this festive season, declining from 9 per cent a year ago.

The research highlighted that digital payments continued to be the payment method of choice for festive season spending, with 60 per cent of consumers having used digital payments (including eWallets and UPI) multiple times per week for festive season purchases.

41 per cent of consumers chose digital payments as their preferred payment method, ahead of cash (26 per cent) and debit and credit card payments (23 per cent).

Digital payments were the preferred payment method for 41 per cent of respondents overall, rising to 50 per cent in the 25-34 age group. The over-45 age were divided in terms of their their payment preferences between card payments and digital payments almost equally (35 per cent and 33 per cent, respectively).

19 per cent of respondents used digital payments for purchases of ₹10,000 to ₹50,000 this festive season, in line with 21 per cent last year. Only 4 per cent made purchases exceeding ₹50,000, the same as last year.

57 per cent of respondents said that they use digital payments for groceries and essentials, which remains the most common category for digital payment purchases.

Nearly half of those surveyed used digital payments for apparel (48 per cent) and electronics (47 per cent), with other popular categories including household appliances (43 per cent) and homewares (41 per cent).

While concerns related to digital payments have dropped across the board, failed transactions continued to remain a top concern for 41 per cent of respondents, followed by data privacy (34 per cent) and poor internet connectivity (30 per cent). 14 per cent of respondents had no concerns with digital payments whatsoever.

It also highlighted the advantages of such payments as seen by respondents. 69 per cent feel digital payments offer greater financial transparency (better insights into how, when and what money is spent on) compared to other payment methods. Similarly, 69 per cent think digital payments offer better promotions, incentives, or cashbacks than other payment methods.

Concerns over digital payments fraud have decreased, with 24 per cent identifying it as a concern compared to 30 per cent last year. In line with this trend, digital payments are considered the most secure way to pay for 33 per cent of respondents, up from 24 per cent in 2020, and just behind cash-on-delivery (35 per cent).

“It is encouraging to see the heightened trust in digital payments by Indian consumers, which is also corroborated by the month-on-month growth in transaction volumes, increased frequency of usage among consumers and use of digital payments for higher value payments. This reinforces the fact that digital payments are becoming an even more integral part of our daily lives, as India continues to shine as a global leader in real-time, digital payments,” said Ankur Saxena, country leader, South Asia, ACI Worldwide.

70 per cent of respondents said that with the greater dependence on online shopping that developed during pandemic-related restrictions, they now prefer online to in-store shopping, the report further added. However, 60 per cent also said they look forward to in-person shopping if adequate precautions – including social distancing – are in place.

“While our research suggests that consumers will continue to seek the convenience of online shopping, they’re also looking forward to complementing it with in-store shopping experiences as pandemic restrictions ease,” continued Saxena.

“This highlights how merchants and payment providers will have to account for many different customer journeys, which cross over traditional channels. Omni-channel payments will emerge as a major focus for retailers,” he added.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Indian Bank reports ₹266.73 crore worth of fraud to RBI

Banking & Finance

[ad_1]

Read More/Less


Public sector lender Indian Bank has reported ₹266.73 crore worth of fraud to the Reserve Bank of India (RBI), it said in a regulatory filing on Saturday.

The bank has reported three non-performing accounts as fraudulent.

It detailed the Non Performing Accounts (NPAs) as that have been declared as fraud and reported to RBI as per regulatory requirements, it said in the filing.

The nature of fraud for all three accounts has been specified as “Diversion of funds.”

The lender has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of ₹166.89 crore, Pune Sholapur Road Development with the amount involved totaling ₹72.76 crore and M/s SONAC with an amount of ₹27.08 crore.

The bank further specified that as on September 30, 2021, it has held provisions worth ₹12.58 crore against SONAC.

In the case of M P Border Checkpost Development Co and Pune Sholapur Road Development, the provisions held were equal to the entire exposure, respectively.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Confident that NPAs will reduce ‘substantially’ in next few months: Bandhan Bank

Banking & Finance

[ad_1]

Read More/Less


In absolute terms, NPAs of the bank soared to Rs 8,763.60 crore from Rs 873.97 crore for the corresponding period last fiscal.

Private sector lender Bandhan Bank, which witnessed a massive 10-fold year-on-year rise in its non-performing assets (NPAs) for the second quarter this fiscal, has said it is confident that the NPA level will reduce “substantially” in the next few months as there is clear visibility of improving asset quality day-by-day.

The bank on Friday reported a whopping net loss of Rs3,008.59 crore for the second quarter on the back of Rs5,577.92 crore provisions as the lender saw a huge surge in bad loans. In absolute terms, NPAs of the bank soared to Rs8,763.60 crore from Rs873.97 crore for the corresponding period last fiscal. On a quarter-on-quarter basis, NPAs grew 36% from Rs 6,440.38 crore in the first quarter this fiscal.

“The option was to take it (provisions) over three quarters or take it upfront. But what happens is if I take it over three quarters, the people, the readers will not get the sense of what is the level of stress and how long it can remain. Today, when I am taking it upfront, I am taking the entire possible stress portfolio, whether it is restructuring or whether it is NPA upfront. As I am fully provided, going forward, it will be business as usual and you will see the real strength of Bandhan Bank what it used to be in the pre-pandemic period,” Sunil Samdani, chief financial officer, Bandhan Bank, told FE on Saturday.

During the second quarter, the bank made an accelerated provision on NPA accounts of around Rs1,500 crore. In addition to this, it also provided an additional standard assets provision amounting to around Rs 2,100 crore and provision on restructured assets amounting to around Rs 1,030 crore.

Asked about the Rs2,100 crore provisioning on the standard accounts, Samdhani said, “It is not that we are seeing stress against our standard book. Since we have restructured some accounts, when they come out of restructuring, surely there will be some portions that will fall into the NPAs. So, against that we have taken this provisioning.”

Bandhan Bank MD and CEO Chandra Shekhar Ghosh said this was a “right time” to make one-time provisioning and focus more on future growth. “In the ground level, there are very good improvements. The scenario is becoming normal as Covid-related lockdown restrictions have been removed in most parts of the country. Business is coming back. This is the right time we go for one-time provisioning and focuss more on future growth. It is better to make provision in one quarter and then register profits in the subsequent quarters,” Ghosh pointed out.

“Our bank’s collection efficiency on month-on-month basis improving in a good way. Credit growth is coming back. Whatever we are seeing now, we may see normalcy in the third quarter itself,” he said.

In a post-earnings conference call on Friday, Ghosh said the majority of the bank’s customers are either part paying or full paying their dues. “There is clear visibility of improving asset quality day-by-day. In the last month alone, we have seen that per day 14,000 customers standardized their accounts every day. I firmly believe that the most difficult period with respect to Covid-related disruptions and asset quality challenges are behind us,” he said. The lender was now in a position to accelerate the next phase of its growth with a strong balance sheet, he emphasised.

“If economic growth is coming back as the recoveries come in, there is a strong possibility of a part of this provisioning getting retained back. With credit growth rising, collection efficiency improving, recoveries gathering steam, we are confident that our NPA level will reduce substantially in the next few months,” Ghosh added.

Samdani, during the post-earnings conference call, said the bank was very confident that by the end of this fiscal it would be able to recover around Rs6,000 crore of bad loans. “If we look at collections, disbursement and demands from customers and DPD (days past due) position, there has been substantial improvement,” he added.

In September, the lender’s collection efficiency for non-NPA customers stood at 94%. Sector-wise, EEB (erstwhile microbanking segment) collection efficiency stood at 93% as against 77% in June. In Assam and West Bengal, collection efficiencies improved.

During the second quarter this fiscal, the bank’s gross NPAs as a percentage of total loans increased 964 basis points on year-on-year basis to 10.82% from 1.18% during the same quarter last fiscal. On a quarter-on-quarter basis, the gross NPA ratio soared 264 basis points from 8.18% in Q1FY22.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

DCB Bank Q2 net profit down 21%

Banking & Finance

[ad_1]

Read More/Less


DCB Bank reported a 21.08 per cent drop in its standalone net profit to ₹64.94 crore in the second quarter of the fiscal compared to ₹82.29 crore in the corresponding quarter a year ago.

The board of directors on Saturday also gave its in-principle approval to the lender to invest up to ₹2.04 crore to acquire 9.9 per cent shares in Svakarma Finance.

Svakarma Finance is an NBFC engaged in lending to micro, small and medium enterprises to meet their business requirements and to other financial institutions engaged in lending to these enterprises. In a stock exchange filing, the bank said it expects to complete the acquisition by December 31, 2021.

Meanwhile, for the quarter ended September 30, 2021, net interest income (NIM) declined by 3.3 per cent to ₹323 crore from ₹334 crore in the same quarter last fiscal. Net interest margin was at 3.37 per cent for the second quarter of the fiscal.

“NIM continues to be negatively impacted due to slippages and above normal liquidity maintained during this period,” DCB Bank said in a statement on Saturday.

Gross non performing assets

Non interest income however, increased by 21 per cent to ₹98 crore in the second quarter of the fiscal as against ₹81 crore a year ago. Provisions declined by 14.9 per cent to ₹86.33 crore in the July to September 2021 quarter from ₹101.45 crore a year ago.

Both gross non performing assets and net NPA slightly reduced in comparison to June 30, 2021. The Gross NPA as on September 30, 2021 was at 4.68 per cent of gross advances and net NPA was at 2.63 per cent compared to the gross NPA at 4.87 per cent and net NPA was at 2.82 per cent as on June 30, 2021.

However, they were significantly higher compared to September 30, 2020 when gross NPA was at 2.27 per cent and net NPA was at 0.83 per cent.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

IDFC First Bank Q2 net profit surges 50%

Banking & Finance

[ad_1]

Read More/Less


Private sector lender IDFC First Bank reported a near 50 per cent jump in its standalone net profit in the second quarter of this fiscal year, driven by growth in core operating income and lower net credit losses. The bank’s standalone net profit rose by 49.6 per cent to ₹152 crore in the second quarter of the fiscal from ₹101 crore in the second quarter of last fiscal.

Net interest income grew by 27 per cent year on year to ₹2,272 crore in the quarter ended September 30, up from ₹1,784 crore in the second quarter of last fiscal. Net interest margin improved to 5.76 per cent for the second quarter of the fiscal from 4.91 per cent as on September 30, 2020, and 5.51 per cent as on June 30, 2021.

“The NIM expansion was primarily driven by the gradual improvement in the cost of funds, mainly the cost of deposits,” IDFC First Bank said in a statement on Saturday.

Also see: IOB stays on strong profit curve

Other income surged to ₹779.70 crore for the second quarter of the fiscal from ₹166 crore a year ago.

The bank said fee income growth was contributed to primarily by the fees related to retail loans, transaction fees, distribution and wealth management fees.

Provisions double

Provisions however, more than doubled and increased by 122.5 per cent to ₹474.94 crore in the July to September 2021 quarter from ₹213.4 crore a year ago. But on a sequential basis, they dropped sharply from ₹1872.3 crore in the firs quarter of the current fiscal.

“The bank utilised ₹560 crore of Covid provision in the second quarter of the fiscal and carrying forward ₹165 crore of provision for future. The bank expects the net credit loss for the retail loan segment to normalise from here on assuming there is no further disruption in the economy due to a new wave of Covid-19,” IDFC First Bank said.

Asset quality remained under pressure although non performing loans declined on a sequential basis.

NPAs fall sequentially

Gross non performing assets rose to ₹4,485.52 crore as on September 30, 2021, amounting to 4.27 per cent of gross advances. This was lower than 4.61 per cent as on June 30, 2021 but significantly higher than 1.62 per cent a year ago.

Net NPAs also rose to 2.09 per cent of net advances as on September 30, 2021 compared to 0.43 per cent a year ago. But it was lower than 2.32 per cent at the end of the first quarter.

The bank said the impact of the second wave of the pandemic is gradually diminishing and this improvement is showing in the improvement in asset quality.

One infrastructure loan (Mumbai Toll Road account) had become NPA during the last quarter.

Also see: Automobile sales in the slow lane

On the overall bank level but for this one infrastructure account, which it hopes to cure in due course, the GNPA and NNPA would have been 3.47 per cent and 1.42 per cent respectively as of September 30, 2021.

Restructuring for the overall portfolio stood at 2.9 per cent of the total funded assets as of September 30, 2021.

V Vaidyanathan, Managing Director and CEO, IDFC First Bank, said, “We are seeing strong revival of the economy and strong demand for home loans, loan against property, MSME and consumer loans. The retail loan book is now highly diversified across over 10 lines of business and millions of customers.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Now, Greater Noida banks to also monitor escrow accounts, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


GREATER NOIDA: The Greater Noida Authority has decided to now include financial institutions and banks, which are associated with group housing projects, in the escrow account management procedure.

Until now, the authority has been setting up escrow accounts with private developers but did not allow participation of the banks that had provided funds to the developer for the project.

Issuing an order recently, the Authority paved the way for the banks concerned to become a stakeholder in the operating and monitoring of escrow accounts. Introduced in May 2016, along with RERA, the escrow account system was touted as the remedy to prevent the diversion of funds.

The amount deposited in the escrow account has to be used for specific purposes such as the construction of apartm-ent complexes. Also, the funds deposited in the escrow account are to be used for further construction activities.

The financial institutions and banks had asked the Authority to allow their participation in the monitoring of the escrow accounts. “It is similar to having another class monitor to discipline the students. The banks, which have provided funds to the developer, will be able to see that the money taken from the buyers is used for further construction activity of the same project,” said an officer.

The authority had mooted the changed structure of the escrow account in the recently held board meeting that took place on September 25. Following that, an order was issued to this effect on October 18, said officials.

In Greater Noida, around 1 lakh units in housing projects are in various stages of construction. Officials said that the same procedure will be followed while dealing with commercial and IT/ITes projects to avoid diversion of funds and ensure timely completion.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Check the full list here, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


In the upcoming week starting November 1, all private and government banks will remain closed for five days next week amid festivals such as Diwali and Bhai Dooj.

Banks will be closed for up to 17 days in the entire month.

According to the RBI list of holidays of November 2021, all banks across the country, except those in Bengaluru, will remain closed on Diwali, which falls on November 4.

Leaves on the second and fourth Saturdays of the month, and on Sunday would be uniformly applicable to all banks across the country.

Here is the complete list of bank holidays:

November 1 (Monday): Kannada Rajyostsava/Kut; banks in Karnataka and Manipur Kannada will be closed

November 3 (Wednesday): Naraka Chaturdashi; banks will be closed in Karnataka

November 4 (Thursday): Diwali Amavasaya (Laxmi Pujan)/Deepavali/Kali Puja; banks will be closed in all states except Karnataka

November 5 (Friday): Diwali (Bali Pratipada)/Vikram Samvant New Year Day/Govardhan Pooja; banks will be closed in Gujarat, Karnataka, Uttar Pradesh, Uttarakhand, Sikkim and Himachal Pradesh

November 6 (Saturday): Bhai Duj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba; banks will be closed in Sikkim, Manipur and Uttar Pradesh

November 10 (Wednesday): Chhath Puja//Surya Pashti Dala Chhath (Sayan ardhya); banks will be closed in Bihar and Jharkhand

November 11 (Thursday): Chhath Puja; banks will be closed in Bihar

November 12 (Friday): Wangala Festival; banks will be closed in Meghalaya

November 19 (Friday): Guru Nanak Jayanti/Karthika Purnima; banks will be closed in many states such as Maharashtra, Delhi, Uttar Pradesh, Jharkhand, Jammu and Kashmir and more

November 22 (Monday): Kanakadasa Jayanthi; banks will be closed in Karnataka

November 23 (Tuesday): Seng Kutsnem; banks will be closed in Meghalaya



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Equitas SFB net declines 60% on higher provisioning

Banking & Finance

[ad_1]

Read More/Less


Total income stood at Rs 991 crore, against Rs 852 crore, an increase of 16%.

Equitas Small Finance Bank (Equitas SFB) on Friday reported a 60% decline in its net profit to Rs 41 crore for the second quarter, compared with Rs 103 crore in the corresponding quarter of the previous fiscal, mainly on account of provisions made on restructured accounts. Total income stood at Rs 991 crore, against Rs 852 crore, an increase of 16%.

The gross NPA was at 4.64% in Q2FY22, compared with 4.58% in the previous quarter and 2.39% in Q2FY21. Net NPA stood at 2.37% in the quarter under review, as against to 2.29% in Q1FY22 and 1.09% in Q2FY21, The provision coverage ratio was at 50.09%, said a release by the bank.

PN Vasudevan, MD & CEO, said, “With no lockdowns and spread of virus largely under control, the bank saw an improved performance. While the overall GNPA remained steady compared to the first quarter, there was improved collection efficiency, leading to reduction in overdue cases between one and 90 days.”

Advances as of Q2FY22 was at Rs 18,978 crore, a growth of 13% YoY and around 81.44% of advances were secured loans. Strong revival of credit demand witnessed across products. The bank had the highest quarterly disbursement of Rs 3,145 crore in Q2FY22, it said.

Total advances restructured stood at Rs 1,401 crore, which forms around 7% of gross advances, and the bank carried a provision of Rs 196 crore towards the restructured book.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Yes Bank launches co-branded card with BankBazaar.com

Banking & Finance

[ad_1]

Read More/Less


Yes Bank on Friday announced the launch of co-branded credit card FinBooster in partnership with BankBazaar.com.

“Built around a unique proposition of credit fitness tracker, it aims to empower customers to not only keep a track of their credit worthiness but also improve their score basis review of factors impacting their credit score through an intuitive CreditStrong app subscription (credit fitness report), complimentary for the Cardholder for the first year,” it said in a statement.

Adhil Shetty, CEO – BankBazaar.com, said, “The most recent edition of the BankBazaar Aspiration Index revealed that while close to 90 per cent people knew what credit score was, less than 70 per cent could accurately point out the impact of their financial habits on their credit scores. This was the gap we saw among 22-45-year-old salaried professionals.”

Rajanish Prabhu, Head – Credit Cards and Merchant Acquisition, Yes Bank said, “Finbooster in partnership with BankBazaar is another step in our endeavour to enhance customer experience while strengthening our Credit Cards portfolio. Designed to promote credit health, the card empowers customers to boost their credit worthiness while continuing to earn rewards points through everyday spends across brands and merchants.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,
1 … 62 63 64 65 66 … 540