Private banks cut more rates than PSBs as overall rate transmission improves, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Rate transmission, the pet peeve of the Reserve Bank of India has improved substantially following the introduction of external benchmarks with the private banks sniping more than public sector peers.

The overall lending rates have fallen as much as 100 basis points, with the weighted average lending rates for outstanding rupee loans of commercial banks fell 96 basis points between March 2020 and October 21, according to RBI data.

But these rates have fallen more sharply for private sector banks at 109 basis points compared to 85 bps dip for public sector banks and 187 bps for the foreign banks in the country.

The central bank has however cut its benchmark repo rate much higher by 115 bps during the period, and also introduced a number of measures to enhance liquidity of banks to deal with the pandemic induced crisis.

Policy transmission

Policy transmission has been at a much faster pace since the pandemic. In the 19-month period prior to the onset of the pandemic, the benchmark policy 135 bps. But the banks lowered their lending rates only by 15 basis points between March 2019 and March 2020.

A research paper by the Reserve Bank of India economist notes that the transmission of policy repo rate changes to deposit and lending rates of commercial banks (SCBs) has improved since the introduction of external benchmark-based pricing of loans.

The paper said that the transmission showed further improvement since March 2020 on account of sizeable policy rate cuts, and persisting surplus liquidity conditions resulting from various system level as well as targeted measures introduced by the Reserve Bank – cut in the cash reserve ratio (CRR)

requirements, long-term repo operations (LTROs), TLTROs, refinancing window for All India Financial Institutions (AIFIs), sector/segment specific liquidity measures (Mutual Funds, Small Finance Banks, Micro Finance Institutions/Non-Bank Financial Companies), special open market operations and regular OMOs.

External benchmarks

The share of external benchmark-linked loans in total outstanding floating rate loans increased from 2.4 per cent in September 2019 to 32 per cent in June 2021, contributing to a faster and fuller transmission.

There has been a concomitant fall in the share of MCLR-linked loans from 83.6 per cent to 60.2 per cent, over the same period, although these still have the largest share in outstanding floating rate loans.

As lending rates under the external benchmark regime undergo automatic adjustments with the changes in the benchmark rate, banks are incentivised to adjust their term as well as saving deposit rates to cushion their net interest margins and profitability, which then hastens the adjustment in banks’ marginal cost of funds, and MCLRs.

Earlier hurdles

While the Reserve Bank has periodically refined the process of interest rate setting by banks, transmission has hitherto been sluggish as banks relied on their own cost of funds, which is internal benchmarks.

“The systems were also characterised by opacity, especially regarding the interest rate resetting practices for existing borrowers,” the central bank said.

To address these rigidities, the RBI had decided to move to an external benchmark system – an interest rate outside the control of a bank and not necessarily linked to its internal costs – for select categories of loans (viz., all new floating rate personal or retail loans and floating rate loans to micro and small enterprises (MSEs) to the policy repo rate or 3-month or 6-month T-bill rate or other specified benchmarks effective October 1, 2019, and for medium enterprises effective April 1, 2020).



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Sensex jumps 214 points in early trade; Nifty tops 17,220, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


MUMBAI: Equity benchmark Sensex jumped over 214 points in early trade on Thursday, tracking gains in index majors HDFC twins, Reliance Industries and Maruti amid largely positive cues from Asian peers.

The 30-share index was trading 214.43 points or 0.37 per cent higher at 57,899.22 in initial deals. Similarly, the Nifty rose 53.95 points or 0.31 per cent to 17,220.85.

M&M was the top gainer in the Sensex pack, rising 2.38 per cent. HDFC, PowerGrid, Titan, Sun Pharma, Maruti, HCL Tech and Reliance Industries, were among the other gainers.

On the other hand, L&T, ICICI Bank, Nestle India, Axis Bank and Tech Mahindra were among the losers.

In the previous session, the 30-share BSE Sensex rallied 619.92 points or 1.09 per cent to close at 57,684.79. Similarly, the NSE Nifty surged 183.70 points or 1.08 per cent to 17,166.90.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with gains in mid-session deals, while Tokyo was in the red.

Stock exchanges in the US ended with losses in the overnight session.

International oil benchmark Brent crude rose 1.07 per cent to USD 69.61 per barrel.

Meanwhile, India’s merchandise exports rose 26.49 per cent year-on-year to USD 29.88 billion in November on better performance by key sectors, while the trade deficit hit a record high of USD 23.27 billion as imports of crude oil and gold spiked.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,765.84 crore on Wednesday, as per exchange data.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

How gamers are at the risk of cyber attacks, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


The rising cybercrimes are now targeting gamers using a crypto-mining malware called Crackonosh. The research shows this crime has so far made more than $2 million for hackers.

But it’s not targeting any gamers. Games that are “cracked” pirate copies of popular games come infected with this malware script, allowing hackers to secretly mine cryptocurrencies using the victim’s resources. These games include Grand Theft Auto V, Pro Evolution Soccer 2018, Jurassic World Evolution, and NBA 2K19 available for free on forums or torrent.

So, how does this exactly work?

The crime is called cryptojacking, and the way it works is by embedding malware on a computer or mobile device to steal its resources and mine cryptocurrencies.

Since mining cryptocurrencies use a considerable volume of electricity and need a high-performing PC to solve a critical mathematical equation, this attack risks gamers. So by using gamers’ high-performance resources from computers, hackers earn cryptocurrencies without bearing the overhead cost. The malware script works secretly in the victim’s computer and doesn’t get noticed easily. However, the symptoms of a victim are slowed down PCs and spike in electricity bills.

Moreover, the attack goes unnoticed by the user because once Crackonosh is inside the system, it modifies the computer’s registry to allow it to run in safe mode. This disables most antivirus software. It then boots the computer into a safe mode. Further, it replaces the Windows Security icon in Windows 10 with a fake one and disables other security software.

The malware creator is believed to be Czech because the name Crackonosh means “mountain spirit” in Czech culture. What’s more alarming is the fact that Avast, a cyber-security company, is now detecting over 800 cases on computers each day. But these are registered cases of computers that have Avast installed, meaning the spread of these crimes could be much higher.

Thus, this situation implies that there’s nothing like free lunch. Even though the games are free, the user eventually ends up paying a heavy sum for it. Even though the cryptojacking scripts do not comprise a user’s personal data, it exploits CPU processing resources and electric power. Some scripts come with worming capabilities that infect and compromise other servers and devices on the network.

So, what can you do about this scenario?

Removing the malware from the computer is a lengthy and complex process. It requires deleting files, scheduled tasks, and even registry keys. Therefore, the best remedy to this situation is prevention.

The applications or games should be installed from only the legitimate gaming stores. Next, the updates should be done from the developer’s website only. This attack is only executed once the user downloads games from unofficial pages like torrent or other third-party applications.

Remember, the cure to such crimes is prevention, thus, maintaining healthy security habits like using original gaming stores, and downloading updates straight from the developers can help you mitigate these risks in the first place.

The author is Vice President – International Sales at Array Networks



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Ransomware top threat for Indians in 2021, crypto scams surge, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


New Delhi: Cybercriminals continued to exploit people’s screen habits formed during lockdown to spread scams and ransomware was the top threat for Indians in 2021, followed by crypto scams, a new report showed on Wednesday.

Cybersecurity researchers observed a 38 per cent increase in ransomware attacks targeting consumers globally, when comparing the last five months of 2021 to the first five months of the year, whereas for India, that number stands at 65 per cent.

On the mobile side, adware and fleeceware were among the top threats, according to global security company Avast.

“The pandemic has changed nearly every aspect of everyone’s lives, and that includes the cyberworld too,” said Michal Salat, director of threat intelligence at Avast.

“Attackers’ methods are becoming more sophisticated. Cybercriminals are using techniques that make them harder to spot and carrying out more personalised cyber attacks. They are also adding new spins on tried and tested techniques, especially in social engineering type of attacks like scams,” Salat added.

Businesses globally also experienced an increased number of attacks during the June-October period to the tune of 32 per cent.

However, for India, this number was less than the global average and stood at 19 per cent.

In general, phishing attacks continued to increase during 2021.

The chances of businesses encountering phishing scams has increased globally by 40 per cent in the last five months of the year but was much lower in India with 13 per cent.

“Consumers, too, continue to be targeted by phishing scams with the increase in global (24 per cent) and India (23 per cent) figures being nearly the same,” the report noted.

This year, a wide variety of new threats aimed at profiting from or mining cryptocurrencies at users’ expenses were reported.

Some of the main ones that impacted many countries around the world were Crackonosh, and BluStealer.

In addition to Crackonosh and BlueStealer, the researchers also found cryptocurrency-stealing malware that was distributed through HackBoss, a Telegram channel which, at the time of discovery, had stolen over $560,000 from victims.

In September, the researchers found more than 19,300 Android apps that potentially exposed user data due to an incorrect configuration of the Firebase database — an Android tool that developers can use with the purpose of storing user data.

This affected a wide range of different apps, including lifestyle, fitness, gaming, food delivery and mailing apps in regions around the world.

“Cybercriminals kept up many of their tricks this year, using social engineering to spread malware to get their hands on people’s money, abusing technology such as stalkerware to violate people’s privacy or deceiving vulnerable audiences into paying for fleeceware apps or unneeded tech support,” said Salat.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

This Government Company Offers Up To 8.77% Interest On Fixed Deposits

Personal Finance

[ad_1]

Read More/Less


Non cumulative, Senior Citizens interest rates as on Dec 2, 2021

24-months 36-months 60-months
Monthly interest payout 7.50% 8.25% 8.50%
Quarterly interest payout 7.50% 8.25% 8.50%
Annual payout 7.50% 8.25% 8.77%

The cumulative interest rates being offered for non senior citizens is also more or less the same. Under the cumulative scheme you also have an opportunity to invest for 1-year period. For a 5-year period the interest rates go as high as 8.77%, which is the latest and updated as on December 2, 2021.

Cumulative fixed deposits senior citizens and non senior citizens as on Dec 2, 2021

Cumulative fixed deposits senior citizens and non senior citizens as on Dec 2, 2021

Non senior citizens Senior citizens
1-year 7.00% 7.25%
3-years 7.75% 8.25%
4-years 7.75% 8.25%
5-years 8.00% 8.50%

This is the best interest rates that you can probably get from any government owned institution in India. We suggest that investors invest in these deposits through a friendly app that the company has made available online.

How to invest in the fixed deposits of Tamil Nadu Power?

How to invest in the fixed deposits of Tamil Nadu Power?

We visited the office of Tamil Nadu Power to invest in the deposits. There was a rush of people for the fixed deposits, given that it is now impossible to get 8.50% on fixed deposits and also that the deposits were safe as they are a state government owned company.

Interestingly, the company also has a well developed app, where you can download and apply for fixed deposits online. There is also a call centre to help you with any assistance that you might need.

Are the fixed deposits of Tamil Nadu Power and Infrastructure Finance safe?

Are the fixed deposits of Tamil Nadu Power and Infrastructure Finance safe?

With attractive interest rates that go as high as 8.77%, the deposits of TN Power Finance Corporation is not a bad bet. Bank interest rates are around that 5.5% mark which is not attractive at all. Inflation is hovering around those levels, so the real rate of returns have been dismal. Given that the deposits of Tamil Nadu Power Finance and Infrastructure is fully owned by the government of Tamil Nadu, they are also safe.

For senior citizens who have been hit hard by low interest rates, these deposits could be a good bet. For non senior citizens too the deposits offer the best interest rates when compared to banks. We also believe that interest rates on fixed deposits would not go higher anytime soon and hence these deposits offer an attractive option for investors.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Buy The Stock Of This Logistics Player For Long-Term, Says Motilal Oswal

Personal Finance

[ad_1]

Read More/Less


Upside target of Rs 390 on the stock

TCI is India’s leading integrated multimodal logistics and supply chain solutions provider. The company has infrastructure comprising an extensive network of 1400+ company owned offices, 12 million sq. ft. of warehousing space, a strong team of 6000+ trained employees and a strong foundation.

“The unique multimodal capabilities of TCI would drive consistent growth in volumes and earnings across segments over the next few years. With the easing of fuel prices (on account of tax cuts), margins are expected to remain at elevated levels,” Motilal Oswal Financial Services has said in its report.

TCI: A strong player with a solid portfolio

TCI: A strong player with a solid portfolio

TCI has a well-blended portfolio, with a presence across the high-volume freight segment and value-added segments such as Integrated Supply Chain Solutions. The company also has niche high-margins segments such as Seaways.

Travel corporation of India is among the very few players that provide end-to-end logistic solutions with multimodal capabilities across road freight, rail, and coastal shipping.

“We expect Travel Corporation of India to clock a revenue/EBITDA/PAT CAGR of 17%/25%/33% over FY21-24. We reiterate our Buy rating, with revised target price of Rs 790 per share (16x FY24E EPS),” the brokerage has said.

Valuation and view on the TCI stock

Valuation and view on the TCI stock

Motilal Oswal Financials expects the growth momentum to continue with the pickup in economic activity and the normalization of transportation activity. The government reforms leading to formalization and market share gains for organized players such as TCI would help, the brokerage has noted.

“We expect TCI to clock a revenue/EBITDA/PAT CAGR of 17%/25%/33% over FY21-24E. The stock trades at 14x FY24 EPS. We maintain our Buy rating, with revised target price of Rs 790 per share (16x FY24E Earnings Per Share),” the brokerage has said.

The shares of Travel Corporation of India were last seen trading at Rs 708.50 on the NSE.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Bank unions call for two-day nationwide bank strike on Dec 16-17

Banking & Finance

[ad_1]

Read More/Less


The United Forum of Bank Unions (UFBU) has given a two-day nationwide strike call for banks on December 16-17 in opposition to the proposed privatisation of two public sector banks (PSBs).

“We have served Strike notice to both the IBA and the government,” CH Venkatachalam, General Secretary of All India Bank Employees Association (AIBEA) told BusinessLine.

The government is widely expected to introduce a Bill — the Banking Laws (amendment) Bill — in the Parliament’s ongoing winter session to pave the way for the privatisation of two public sector banks.

This Bill is yet to officially get Cabinet approval but sources say that this may have been discussed at today’s Cabinet meeting.

Also see: Just debate: Opposition needs to re-establish House scrutiny by debating laws, and not disrupting proceedings

UFBU, a representative body of nine bank unions, has been opposed to government’s privatisation attempts. In February this year — soon after the government announced in the Budget that two banks will be privatised — the UFBU gave a strike call for March 15–16, a success going by the expanded participation of bank employees and officers.

The UFBU, which met on November 29-30, has decided to unleash agitations including dharna in all State capitals up to December 4.

“On the day of the introduction of the Bill, there will be a demonstration/morcha before the Parliament,” said Venkatachalam. A Twitter campaign is planned for December 10. UFBU also plans to submit an online petition to the Prime Minister on December 14.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Anand Rathi Wealth Ltd IPO Opens Today: Should You Subscribe”

Personal Finance

[ad_1]

Read More/Less


About Anand Rathi Wealth

The Company commenced activities in Fiscal 2002 and is AMFI registered mutual fund distributor and has evolved into providing well researched solutions to its clients through a mix of wealth solutions, financial product distribution and technology solutions to a wide spectrum of clientele. As per CARE Advisory Research, the Company has been ranked amongst one of the top three non-bank mutual fund distributors in India by gross commission earned in Fiscal 2021, 2020 and 2019.

Since March 31, 2019 till August 31, 2021, the Company’s Asset Under Management (AUM) has grown at a CAGR of 22.74% to Rs 302.09 billion. As on August 31, 2021 the Company’s flagship Private Wealth vertical catered to 6,564 active client families across the country. Over 50% of its clientele has been associated with Anand Rathi Wealth Limited for more than 3 years. The Company has paid dividend at the rate of 50% in Fiscal 2021 and had issued bonus shares in August 2016 and July 2021.

What the experts say on subscribing to the Anand Rathi Ipo?

What the experts say on subscribing to the Anand Rathi Ipo?

Mr. Manoj Dalmia, founder and Director, Proficient Equities Private limited says that the company is India’s leading Non-banking wealth solution at a price bank of Rs 530 to Rs 550. “The GMP is at Rs 125 which is positive and good growth prospects due to retailers taking part in capital markets. The assets under management of Rs 29472 crores in the private wealth sector is spread across vast geography in India. We recommendation to apply only if it is oversubscribed on the final day, with the majority being NII and anchor investors,” Dalmia says.

Dr. Ravi Singh, head of Research and vice president, Share India says,”India’s Banking and Financial Service (BFSI) sector is offering tremendous growth opportunities due to the increasing retail participation in the capital market-linked businesses. However, the current market sentiments are not favourable and BFSI sector is the worst hit. Anand Rathi Wealth is showing a high valuation and the listing band is at upper band. We suggest investors to ignore the subscription and watch the company’s future growth,” he notes.

Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited and Anand Rathi Advisors Limited are the book running lead managers to the Offer

Disclaimer

Disclaimer

Investing in equities, including Initial Public Offerings poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Visa CEO: Covid caused permanent shift to digital payments

Banking & Finance

[ad_1]

Read More/Less


Al Kelly believes there has been a permanent shift in how consumers worldwide pay for goods and services. His 91-year-old parents are a prime example.

The CEO of payments processing giant Visa recently visited his mother just after she’d finished buying her groceries online — something she’d never done prior to Covid-19. “She said to me I cannot believe I wasn’t doing this before the pandemic,’” Kelly said in an interview with The Associated Press.

Kelly is more than five years into his tenure as the head of one of the world’s largest payments companies and arguably, one of the world’s best-known brands. Since he took over, the company’s stock has tripled in value as more of us pay with Visa’s credit and debit cards — a trend bolstered by the pandemic, as once cash-only establishments started accepting plastic and shoppers did more transactions online.

But while the shift to online shopping is helping Visa’s bottom line, the company is facing new forms of competition, particularly from Silicon Valley, who have debuted alternative forms of payment that go around the traditional Visa and Mastercard networks.

Also read: Cryptos, far from the regulators’ glare

The company has also gotten pushback from Washington, where skeptical policymakers have questioned Visa’s dominance of the payments industry. Visa abandoned its intent to purchase Plaid, a company that helps merchants and banks better accept online payments, after the Justice Department sued to stop the merger, citing antitrust concerns.

Pandemic push

Visa does not issue credit or debit cards. It’s a payment processor, providing the network between the bank that issues that card and the merchant accepting that card as payment. In exchange, Visa charges a fee from every transaction that runs on its network, which translates into billions of dollars in profit and revenue each year.

During the pandemic, more consumers became comfortable purchasing routine items online or with their smart phones to avoid risky in-person interactions. This was particularly seen in parts of the economy that have traditionally been cash-heavy such as grocery stores, coffee shops and bars.

Kelly pointed to the growth in debit card usage in the pandemic as an example. Debit cards are typically thought of as equivalent to cash in the payments industry — they can be used to buy items, but also to withdraw cash at an ATM.

In the past year, debit card purchasing volumes on Visa’s network rose 23 per cent from a year ago, while cash withdrawals were only up 4 per cent. “People are choosing not to get cash to shop but actually using their debit cards to shop now,” he said.

Also read: Digital payments remain strong, marginal decline in November

Any shift away from cash and digital payments will ultimately be good for Visa’s bottom line. Even a shift of 1 per cent or 2 per cent of consumers’ payments away from cash and onto credit and debit cards could result in tens of billions of dollars of additional transactions crossing over Visa’s network.

To talk about the size and scope of Visa often requires dealing in numbers that are usually reserved for describing the federal government. Visa processed $10.4 trillion in payments on its network in the fiscal year ended in September.

That’s up roughly 16 per cent from fiscal 2019, before the pandemic disrupted global trade and travel. The only payment processor larger than Visa is China’s UnionPay, which benefits as a payment monopoly bolstered by the large Chinese population and the world’s second-largest economy.

Competition

For decades, Visa and its primary competitor Mastercard have held the dominant market position in how people pay for goods and services, with American Express a distant third. But that duopoly is being challenged by the likes of Venmo, Affirm, PayPal and other fintech companies now providing payments services to both customers and merchants. Apple operates its own payment system.

And cryptocurrencies such as bitcoin, etherium and others still hold the promise of being alternative forms of payment outside the traditional banking system. In short, how one pays for goods and services is not as simple as “cash or credit” — with the credit choices being Visa, Mastercard or American Express — as it was five years ago.

Kelly sees Visa’s ubiquity as one of its strongest selling points as more competition arises. True to its old advertising slogan, “it’s everywhere you want to be,” Visa has had years to build out the infrastructure and merchant network to accept its cards. “There will always be new forms to pay, but they will still need an infrastructure that creates utility and security that they need,” he said.

Also read: WhatsApp gets NPCI nod for doubling payments user base

But the increased competitive space for payments has made some merchants start questioning whether Visa’s armour may be weakened. Merchants have long been upset with the fees they pay to the processors to accept credit cards — which typically range from 1 per cent to 3 per cent. It’s often a retailer’s largest expense after payroll and the cost of buying goods. Merchants have previously used their collective power in Washington to cap fees on certain types of transactions, particularly debit cards.

Amazon has said it will stop accepting Visa credit cards issued in the United Kingdom early next year, saying Visa’s fees are too high compared to Mastercard and other payment processors. Visa has pushed back. Visa and Amazon have a co-branded credit card together that is up for renewal soon, and Amazon may be looking for leverage.

“Consumers should be able to use their Visa cards wherever they choose,” Kelly said. ”When a merchant restricts choice, no one wins. In this case, the merchant is not respecting the choice of the consumer.”

Industry analysts and investors have taken the Amazon spat as a sign that Visa may face increased competition in coming years or may face future conflicts with big merchants upset with the fees they are paying to Visa and Mastercard to use their respective payment networks. Visa shares have fallen more than 7 per cent this month alone.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

IDFC FIRST Bank debuts FIRST Private Infinite Card, India’s first standalone metal debit card, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Mumbai (Maharashtra) [India], December 1 : IDFC FIRST Bank today announced the launch of FIRST Private Infinite, the country’s first-ever standalone metal debit card, in partnership with Visa, the global leader in digital payments.

FIRST Private Infinite is a lifetime free card designed specifically for customers who are part of the Bank’s FIRST Private program, a premium savings and wealth offering. The FIRST Private program offers an unrivalled banking and investment experience to customers and comes with a range of exceptional investment, banking, lifestyle and wellness benefits.

A statement black card, FIRST Private Infinite is crafted from hybrid metal with details etched in silver, created to deliver an exclusive payment experience. True to its top-of-the-line proposition, the benefits of FIRST Private Infinite debit card are specifically curated for premium cardholders and include complimentary domestic and international lounge access for cardholders and companions, unparalleled insurance coverage, a road assistance program and access to golf courses across the country.

Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “Metal cards are preferred by customers given their distinctive look and feel. Our FIRST Private Infinite debit card adds luxury and style to our customers’ payments experience. It is crafted to stand out fresh and aligns with the exclusivity of the FIRST Private program. As the industry’s first metal debit card, FIRST Private Infinite takes our cards portfolio to the next level of quality and excellence.”

T R Ramachandran, Group Country Manager, India and South Asia, Visa said, “At Visa, we are delighted to partner with IDFC FIRST Bank on their affluent debit proposition – the FIRST Private Metal debit card. A set of carefully curated benefits and experiences across travel, health & insurance, dining, entertainment and lifestyle, coupled with the power and promise of the Visa network and brand, is sure to resonate with affluent Indian consumers and households. We eagerly look forward to the launch and scale-up of this innovative card offering.”

IDFC FIRST Bank offers a comprehensive digital savings account solution that includes a seamless online account opening process, video KYC and a new age digital platform for mobile and netbanking with easy-to-navigate user interface. The Bank’s digital wealth management solutions are available to customers on the mobile app and netbanking platform which offer unique features such as a ‘Consolidated Investment Dashboard’.

Created in 2018 by the merger of renowned infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First, IDFC FIRST Bank, with a balance sheet of Rs. 1,72,502 crore, has provided over 30 million loans in its combined history and serves customers in over 60,000 villages, cities and towns across the length and breadth of the country. In a short time, the Bank has expanded to 599 branches, 185 asset service centres, 720 ATMs including 99 recyclers and 630 rural business correspondent centres across the country, a next-generation net and mobile banking platform and 24/7 Customer Care services, and is incrementally growing digitally. IDFC FIRST Bank is committed to bring high-quality banking at affordable rates to India. The Bank also offers technology-enabled corporate banking solutions.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,
1 … 12 13 14 15 16 … 16,280