Budget 2024: For micro, small & medium cos, a major funding boost
The upcoming budget may introduce a scheme to address credit gaps for MSMEs, potentially exceeding ₹10,000 crore. Interventions could include interest subvention and credit guarantees. The aim is to enhance credit access for the sector and promote growth. Stay updated for further developments as the budget approaches. Key Points
Economic TimesExport credit access may become easier amid geopolitical tensions
The government is evaluating ways to enhance export competitiveness by examining the export credit landscape. Seeking insights from exporters, it aims to address challenges and improve access to financial resources crucial for international trade. With a focus on reducing the cost of export credit, officials are studying best practices from other countries. This initiative comes as India's goods exports declined in FY24, prompting exporters to seek longer-term funding amid global uncertainty. Key Points
Economic Timescredit card rule change: How will refund or failed transaction be adjusted against your credit card bill?
Credit card rule change: The Reserve Bank of India (RBI) amended the Master Direction - credit Card and Debit Card – Issuance and Conduct Directions, 2022 on March 07, 2024. What has changed regarding credit card refunds and credit card bill payments? ET Wealth Online breaks it down for credit card users. Key Points
Economic TimesHow does your CIBIL score impact interest rates on loans? MintGenie explains
Relationship between CIBIL score and interest rate offered on loan is inverse. If you have a high credit score (usually considered to be above 700 or 720), lenders see you as a low-risk borrower and hence offer lower interest rate. Key Points
mintHow to protect your child against identify theft
Scammers have all sorts of ways to get information about kids—information they can use to steal their identity. And it may be years before it’s discovered. Key Points
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Young Indians' online purchases pay off for credit card companies
Credit card transactions jumped 30% to ₹1.7 lakh crore in January, with ecommerce and bill payments driving the surge. The younger generation's online purchases, benefitting from schemes like BNPL and EMIs, defied regulatory restrictions. Key Points
Economic Timescredit card spends jump 30 per cent in January
Reserve Bank of India (RBI) data showed that credit card transactions increased to Rs 1.7 lakh crore in January from Rs 1.3 lakh crore a year ago. In volume terms, the increase was 26%, to 330 million from 260 million, during this period. Key Points
Economic Timescredit card rule change: Can you change credit card billing cycle, due date multiple times now? What RBI n
Credit card new rule: The Reserve Bank of India (RBI) has tweaked its guidelines for credit cards. This could mean more control over your billing cycle, the period between your credit card statements. Previously, banks set your billing cycle. Now, the RBI's amendments to the 'Master Direction on credit and Debit Cards' might allow for more flexibility. It is important to set your billing cycle in a way that you can pay your credit card bill without any difficulty. Can you choose or change your credit card billing cycle and due date? Know what RBI says Key Points
Economic TimesMistakes in your credit report? Follow these 6 key steps to get them rectified soon
It is recommended to examine your credit report to identify any errors. Common mistakes include incorrect personal information, accounts that don't belong to you, accounts with inaccurate balances or payment statuses, and fraudulent activity. Key Points
mintHow can you negotiate lower interest rates with a good credit score?
It is vital to emphasise your good credit history and score during negotiations. Banks are more likely to offer favourable terms to borrowers with low credit risk. Key Points
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Using a credit card? From usage beyond limit to overlimit fees - top queries answered based on RBI’s new FAQs
Financial Literacy News: credit cards offer a convenient means to manage finances and enhance financial well-being. By using credit cards responsibly, individuals can build a positive credit history and improve their financial habits. Key Points
Times Of IndiaRBI ups scrutiny on credit cards
The Reserve Bank of India is tightening its grip on cobranded credit cards, a recently booming sector. This stricter scrutiny aims to prevent unregulated entities from gaining backdoor access to the credit card industry. Key Points
Economic TimesCan credit cards be used beyond the sanctioned credit limit? Check RBI’s latest FAQs
The Reserve Bank of India (RBI) has amended certain provisions which will come into effect from March 07, 2024. The RBI has also released latest FAQs related to credit Card and debit Card issuance. Key Points
Economic TimesWhat happens if you miss a personal loan payment and how to deal with it? MintGenie explains
Each lender operates under distinct policies and programs. Engaging in an open and honest dialogue with the lender is vital when addressing missed loan payments and exploring alternative solutions for managing such situations. Key Points
mintCarlyle's Head of Direct Lending Aren LeeKong Is Leaving the Firm
Carlyle Group Inc.’s direct-lending chief Aren LeeKong is leaving the firm, according to a memo seen by Bloomberg. Key Points
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JPMorgan Holds Private credit Tie-Up Talks With FS, Octagon
JPMorgan Chase & Co. has held discussions to partner with FS Investments and Octagon credit Investors to expand its reach in the $1.7 trillion private credit market, according to people with knowledge of the matter. Key Points
mintGSTN to share data with RBI's frictionless credit platform
The Indian government has allowed the GST Network to share data about GST-registered businesses with the Reserve Bank's 'Public Tech Platform for Frictionless Credit' based on their consent. This move aims to facilitate quicker loan processing for entities by providing lenders with shared Goods and Services Tax (GST)-related information. Key Points
Economic TimesSelf monitoring of credit scores up 73% in 2023: Report
The self-monitoring of credit scores by Indians has increased by 73% in 2023, leading to improved credit profiles, greater awareness of credit monitoring, and access to better credit offers. It also helps in managing debt and protecting against fraud. Key Points
Economic TimesHDFC Bank launches 4 new credit cards: Eligibility, fees and charges, features
HDFC Bank has launched new credit cards for self-employed. The four credit cards are BizFirst, BizGrow, BizPower, and BizBlack, as per an HDFC Bank press release issued on February 6, 2024. Key Points
Economic TimesNPCI working on ‘Digital Payments Score’ to improve the credit identity of Indians
India is an under penetrated market when it comes to retail credit, even when Indian Fintech companies are witnessing substantial growth in loan disbursals. In the first quarter of this fiscal, these Fintech companies disbursed a total of 22.2 million loans, growing 30.6% from the previous year, said a report by Fintech Association for Consumer Empowerment (FACE). Key Points
Economic Times
November measures on unsecured lending trims growth
The Reserve Bank of India's tightening measures on unsecured loans and credit card outstanding are impacting growth. Unsecured loans are growing at a slower pace of 22.9%, down from 24.3% prior to the central bank's actions. The outstanding unsecured loans amount to 13.33 lakh crore as of December. credit card outstanding growth has also slowed to 32.6% from 34.2%. Overall retail loans growth has decreased to 17.7% in December. The Reserve Bank of India's actions have had an impact on the lending market. Key Points
Economic Timescredit cards in India to soon hit 100-million mark, RBI data reveals
As of December 2023, there were 97.9 million outstanding credit cards, with a record 1.9 million additions during the month alone, the latest Reserve Bank of India (RBI) data revealed. Key Points
mintHow UPI could revolutionise consumer credit in India
Consumer credit in India is growing rapidly, but it is not reaching everyone. The industry primarily caters to affluent urban professionals. However, there is a push to broaden access and make growth more sustainable. The cost of adding new borrowers is a concern for lenders, especially for lower-income earners. One solution being explored is using India's smartphone-based payment protocol, Unified Payments Interface (UPI), to offer credit. This would reduce costs and allow lenders to serve a wider group of borrowers. Key Points
Economic TimesStress in some retail loans, lenders alerted: RBI report
India Business News: A recent RBI report highlights the growing stress in unsecured retail loans, urging lenders to closely monitor the situation. Find out more about the concerns raised by the report. Key Points
Times Of IndiaSoaring credit card dues a new source of concern for RBI
Despite the RBI's imposition of higher risk weights on unsecured lending, credit card outstanding has grown by 34 percent year-on-year as of end-November. The outstanding dues amount to Rs 2.4 lakh crore, accounting for 5 percent of retail loans. The RBI has been encouraging the use of technology and underwriting models to mitigate risk. Key Points
Economic Times
Beware of credit card traps! How to avoid high interest, debt trap & more: FAQs answered
India Business News: Learn how to avoid credit card traps, high interest rates, and debt traps. Get answers to frequently asked questions about credit cards. Key Points
Times Of IndiaKotak credit Cards - Now FREE of Joining & Annual Fees!
Kotak Mahindra Bank's free credit cards redefine the essence of a credit card. They are not just pieces of plastic; they are passports to a realm of financial possibilities, rewards, and privileges. Key Points
mintNew credit card rules: Know major changes in HDFC Bank SBI Card, ICICI Bank and Axis Bank credit cards
Several prominent Indian banks have significantly revised their credit card terms and offerings. Let's explore the noteworthy changes made by major banks in their credit card transaction policies. Key Points
Economic TimesJunk email, spam: Simple step to keep your mailboxes free
Junk emails, and spam often fill mailboxes of email users. There are ways to stop these Junk emails, and spam. Key Points
Economic TimesICRA sees bank credit growth at 12-13% in FY'25
Rating agency ICRA predicts healthy bank credit growth at 12-13% in the next fiscal, driven by comfortable asset quality levels and strong demand in services and retail segments. However, the upward repricing of the deposit base in H2 FY2024 is expected to offset these factors, leading to compression in interest margins. Key Points
Economic Times
NABARD projects credit potential of Assam at Rs 45,957 crore for the financial year 2024-25
The credit seminar was held on Thursday in Guwahati. Of the total projected credit potential, as much as Rs 21529.00 crore is towards Agriculture and Allied activities. Further, credit potential of Rs 19012.00 crore has been projected towards MSME sector, while credit potential for Informal credit – SHGs / JLGs have been pegged at Rs 2204.00 crore; Housing and Education Sector was projected at Rs 2239.00 crore. Key Points
Economic Times10 red flags that show you are falling into a debt trap
You may land in a debt trap without even realising it. Here are a few warning signs to note, before it is too late. Key Points
Economic Timescredit Suisse reinstates independent reviewer on Nazi account probe
Credit Suisse has reinstated an independent reviewer to oversee an investigation into the servicing of Nazi clients and Nazi-linked accounts, according to U.S. lawmakers who have probed the issue. Key Points
ReutersUncertain 2024 makes US companies refinance debt sooner, not later
Tight credit spreads and strong investor demand for highly-rated bonds has prompted some U.S. companies to refinance debt maturing in the next few years rather than wait for expected U.S. interest rate cuts in 2024 to lower borrowing costs. Key Points
ReutersLoans to NBFCs, trade and retail drive credit growth in October
On a year-on-year (y-o-y) basis, non-food bank credit rose 15.3 per cent in October 2023 compared with 18.3 per cent a year ago according to the latest data on sectoral deployment of bank credit was released by the Reserve Bank of India largely due to the merger impact of HDFc with HDFC Bank. Excluding the merger impact, credit offtake is higher 19.8 percent in October this year. Key Points
Economic Times
credit card EMI: You pay 18% more than the interest amount, even in 'No Cost EMI'
The interest rate that is charged on revolving dues of a credit card, can go typically up to 42% per annum, if you do not pay off the total dues by the due date. This is why many people covert their spends into EMIs. Moreover, due to various deals on offer many people opt for credit card EMI as payment option at the time of purchase. However, what if we tell you pay 18% more on interest amount and the story is no different in case of 'No Cost EMI'. Read on to know how. Key Points
Economic TimesPhonePe is set to launch consumer lending by January 2024
To begin with, the Walmart-backed company will work as a distributor for personal loans as it slowly builds up credit underwriting heft, they added. It is in the final stages of integrations with five lenders, a mix of banks and nonbanking finance companies. Key Points
Economic TimesRBI's move on unsecured consumer credit to constrain loan growth in the segment: Report
The Reserve Bank of India's recent decision to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, according to a report by Fitch Ratings. The tightening is seen as a credit-positive effort to control emergent systemic risks posed by consumer credit. Key Points
Economic TimesUS demand for new credit down in 2023, New York Fed survey shows
Demand for new credit in the U.S. over the last year has declined and will likely stay soft in the future, according to a survey released on Monday by the New York Federal Reserve. Key Points
ReutersA loan from Google: Why greater financial access must come with a degree of caution
Googles entry into MSME lending is an important step for a country with a huge financial inclusion gap. But industry experts say it would be important to focus on safety mechanisms. Key Points
Economic Times
How to build a strong credit score? Here are 5 smart ways
A credit score, ranging from 300 to 900, gauges creditworthiness for loans and purchases. It determines eligibility for loans, credit cards, and even influences employment checks. Key Points
mintAttractive credit schemes fuel sales of auto, electronics
For televisions and appliances, the share of no-cost EMI scheme-led purchases shot up to 60-65% in metro markets while in upcountry locations, it was 40-45% this calendar year till Diwali. For smartphones, market tracker Counterpoint Research said the share of such transactions now accounts for 33% of all transactions, up from 28% last year, with brands offering no-cost EMI schemes for ₹10,000-plus smartphones this year as compared to the usual ₹20,000-plus. Key Points
Economic TimesWhat is a good credit score to get a loan in India?
India Business News: A good credit score is crucial for loan approval. It ranges from 720 to 900 and reflects financial stability. Late payments and high credit utilizatio Key Points
Times Of IndiaDiwali offers 2023: Check SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank offers to get the best deals, di
Diwali shopping 2023: To maximise your savings this Diwali, you must know the latest offers and deals from the prominent banks — State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank. From instant discounts to cashback to rewards, there is something for everyone. ET Wealth Online has made a list of the top deals and discounts that banks are offering for Diwali 2023. Key Points
Economic TimesNY Fed: US Q3 credit card debt up on strong economy, as credit woes tick higher
U.S. total household debt levels rose in the third quarter amid strong growth in credit card borrowings fueled by a hot economy, although there were mounting signs some borrowers are facing increased challenges managing the money they've borrowed, a report from the Federal Reserve Bank of New York released on Tuesday said. Key Points
Reuters