News That Matters

Tag: deposit

IndusInd Bank records meagre 4% deposit growth

IndusInd Bank records meagre 4% deposit growth

Finance
Mumbai: Private lender IndusInd Bank on Tuesday said it’s advances grew 13 per cent at the end of March 2020 much slower than the 20 per cent growth it had recorded in credit growth at the end of the December quarter. In value terms it’s advances stood at Rs 2.09 lakh crore versus Rs 1.86 lakh crore during the corresponding period last year. It’s deposits grew a paltry 4 per cent at the end of March to Rs 2.02 lakh crore versus Rs 1.94 lakh crore at the end of March 2019. It’s deposits had grown 23 per cent at the end of December. Out of the total deposits 34 per cent was contributed by retail and small business customers. It’s CASA ratio stood at 40.5 per cent at the end of March 2020, which was at 43.1 per cent in March 2019 and 42.4 per cent at the end of December. The bank had recently
You can soon deposit cash at any ATM

You can soon deposit cash at any ATM

Finance
Mumbai: After making payments interoperable between banks with its Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches. NPCI believes that an interoperable cash-deposit system enabled through its National Financial Switch (NFS), initially developed by Institute for Development & Research in Banking Technology (IDBRT), could help reduce the cost of currency handling for the entire banking system, said four people aware of the matter. This will also help ATM operators reduce the costs to replenish cash at ATMs, as the currencies deposited through the machines can be “recycled” for withdrawals as well. “All major private and public-sector banks have been asked
Stores accused of 'watering down' bottle deposit scheme

Stores accused of 'watering down' bottle deposit scheme

Science
Large retailers have been accused of trying to water down a proposed scheme to improve rates of bottle recycling.Environmentalists say large and small drinks containers alike should carry a catch-all deposit of more than 15p.But retailers say small "on-the-go" bottles cause most litter, so large bottles should not be subject to a deposit as they are mostly recycled at home.Ministers are still considering whether to exempt bigger plastic containers from the plans. How do bottle recycling schemes work?The UK proposal, part of the Resources and Waste Strategy, is likely to copy one of the schemes adopted in other countries.In Norway for instance, the shopper pays a deposit on every bottle - the equivalent of 10p to 25p depending on ...
United Bank of India raises deposit rates by 0.25%

United Bank of India raises deposit rates by 0.25%

Finance
NEW DELHI: State-owned India United Bank of India on Wednesday raised deposit rates across select maturities by 0.25 per cent. With the increase, fixed deposit rate for one-year tenure will increase to 6.5 per cent from existing 6.35 per cent, the bank said in a regulatory filing. The interest rate for fixed deposits between 1-3 years will increase to 6.25 per cent from 6 per cent. The bank has revised the rate of interest on domestic term deposits for less than Rs 1 crore, with effect from December 14, 2018, it said. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times
How to earn higher deposit rates

How to earn higher deposit rates

Finance
Traditional investors in bank fixed deposits are also buying into triple A-rated deposit-seekers such as HDFC, PNB Housing Fin, and Dewan Housing Finance, which now offer higher returns after the central bank raised the policy rates. Overall, companies have raised rates by 10-30 basis points on their fixed deposit plans that range from one to five-year maturities, dealers said. While DHFL took the lead by raising the rates immediately after the central bank policy announcement early August, PNB Housing Finance and Mahindra Finance are the two latest companies to offer more. HDFC raised rates for deposit plans more than Rs 2 crore. Mahindra Finance will increase rates by 30 basis points to offer 8% on one or two-year maturities. The new rates would apply from August 20. "Corporate fixed de...