Tag: HSBC India

HSBC, Bajaj Housing Finance reduce home loan rates

Banking & Finance

[ad_1]

Read More/Less


HSBC India on Friday announced that it has reduced its home loan interest rates by 10 basis points from 6.55 per cent to 6.45 per cent per annum.

“This offer will be applicable for Balance Transfer Home Loans,” it said, adding that the special rate will be effective from October 1 to December 31. It is available across all loan amounts, and the bank has also waived off the processing fee for these loans, it added.

Also see: HSBC simplifies cross-border transactions

Bajaj Housing Finance also announced it has revised its home loan interest rate to 6.7 per cent per annum from 6.75 per cent per annum for salaried and professional applicants.

“Eligible applicants can transfer the balance amount on their home loan to Bajaj Housing Finance and avail the reduced interest rate,” it said.

The Home Loan Balance Transfer product comes with a top-up loan facility, where an applicant has the option to avail a sizeable top-up loan of ₹1 crore or more depending on eligibility.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

HSBC bets on digital growth in India as Citi, FirstRand wind up, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Amid Citibank and FirstRand Bank shutting down India operations, HSBC, one of the biggest foreign bank in India stays bullish.

The bank which posted $1 billion in profits in 12019 and 2020, has retained its growth forecasts for India despite the second wave of Covid.

While the bank rationalised its branch operations in India a few years earlier it grew business through digital channels. It sees a substantial part of its banking activities eventually moving towards digital, self-serve models.

HSBC’s number of customers has increased 37% since December 2017 to 10.5 lakh in December 2020. The bank’s pre-tax profits from India have been over $1 billion for 2019 and 2020.

Local linkage

HSBC has the advantage of having a strong presence in countries where the Indian diaspora is predominant. This includes the Middle East, Southeast Asia, Australia, Canada and the US. As a result, it has been able to target persons of Indian origin as well as Indians looking to invest in these markets or move there for studies.

It sees government measures like reduction in the corporate tax rate, production-linked incentives and the disinvestment plan pushing inward investment in India. Transaction banking, covering cash management, custody, trade and foreign exchange is the focus area for the bank. It also sees a tremendous opportunity for banks to partner with fintech in specific segments.

Despite the second wave, HSBC research has retained its growth forecast of 11.2% for FY22.

Focus on digitalisation

Recently the bank has partnered with Google Pay for tokenisation on its credit card portfolio.

The move is in line with the bank’s ongoing endeavour towards enhanced security and convenience for its card holders.

HSBC India on Thursday announced that it has collaborated with Google Pay (GPay) and VISA to enable secured tokenisation on its credit cards.

“This new feature will enable HSBC Credit Card customers to link their card to GPay and use it as a payment option to securely and digitally transact using their mobile phones – online and at merchant stores,” it said in a statement, adding that the feature is free but optional for its credit card users.

Recently, HSBC along with Tata Steel successfully execute a blockchain-enabled, paperless trade transaction – a global first for the steel industry. The live trade finance transaction involved the export of steel by Tata Steel, India to Universal Tube & Plastic Industries, UAE.

The end-to-end paperless trade transaction, executed over the Contour platform was made possible by a unique collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. The Letter of Credit (LC) was issued by HSBC UAE for Universal Tube & Plastic Industries, UAE (importer) with HSBC India as the advising and negotiating bank for Tata Steel, India (exporter).



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

HSBC remains bullish on India, to grow local biz, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


MUMBAI: HSBC has retained its growth forecasts for India despite the second wave of Covid and has said that it intends to grow its business in the country. The bank, which has around 39,000 employees here, gets a big chunk of revenue from the country and sees it as the third-largest economy by 2030.

Speaking to TOI, HSBC India CEO Surendra Rosha said, “We do not see short-term challenges with regard to things related to Covid dislocating our strategy.” Even as multinational rivals like Citi have announced their exit from the consumer business in India amid the pandemic, HSBC has said that it is going the other way.

While the bank did rationalise its branch operations in India a few years earlier, which gave an impression of shrinking, the customer base in India has grown. This is because of the shift to digital channels. “A positive development is that adoption of digital has increased and the payoff for investment in digital is much better than it was a few years ago,” Rosha added.

Rosha pointed out that HSBC’s number of customers has increased 37% since December 2017 to 10.5 lakh in December 2020. The bank’s pre-tax profits from India have been over $1 billion for 2019 and 2020. He added that India was among the top three markets for HSBC in 2020 and has always been part of the top five.

HSBC has the advantage of having a strong presence in countries where the Indian diaspora is predominant. This includes the UK, Middle East, Southeast Asia, Australia, Canada and the US. As a result, it has been able to target persons of Indian origin as well as Indians looking to invest in these markets or move there for studies.

While the overall economy has shrunk due to Covid, for a multinational bank like HSBC the opportunities have increased in the last 18 months. This is because of some government measures, which include a reduction in the corporate tax rate, production-linked incentives and the disinvestment plan. All of these provide an opportunity to facilitate inward investment. “Covid is a damper, but India is not an unknown quantity to global corporations. It is about telling them the opportunity in the next few years. So, Covid is not going to be a showstopper for foreign investment,” said Rosha.

Despite the second wave, HSBC research has retained its growth forecast of 11.2% for FY22. “We feel that if there is an impact in the first half of the fiscal, it will be made up in the second half. While the situation is evolving, what we have seen is that with the decline in cases there was a strong pick-up in economic activity,” said Rosha. “So, while we feel that growth will be similar to what the projections are, there will be some adjustment between the first half and the second half,” he added.

As part of its strategy of targeting Indians with an international connection, HSBC provides borderless banking services that allow customers to have a consolidated view of accounts across countries and lets them move money across markets.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

HSBC India partners with Google Pay for tokenisation on its credit card portfolio

Banking & Finance

[ad_1]

Read More/Less


HSBC India on Thursday announced that it has collaborated with Google Pay (GPay) and VISA to enable secured tokenisation on its credit cards.

“This new feature will enable HSBC Credit Card customers to link their card to GPay and use it as a payment option to securely and digitally transact using their mobile phones – online and at merchant stores,” it said in a statement, adding that the feature is free but optional for its credit card users.

The move is in line with the bank’s ongoing endeavour towards enhanced security and convenience for its card holders, it further said.

Tokenisation is the process of replacing a card’s sensitive information like card number, expiration date, security code with a device-specific alternate code, or ‘Token’.

“We believe that our partnership with Google Pay through tokenisation will be critical in ensuring that the security of our customers’ credit card details is not compromised. We are the first international Bank in the country to go live with this capability,” said Ramakrishnan S, Head-Wealth and Personal Banking, HSBC India.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,