Reserve Bank has directed banks to provide their eligible customers with an option to choose from multiple card networks at the time of issuing credit or debit cards, a move which will benefit card users. The central bank also asked issuers of credit cards not to enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks.
Posts tagged Rediff
Mkts ride on banking, IT shares to close at new highs (06-03-2024)
Among the Sensex firms, Kotak Mahindra Bank, Axis Bank, Bharti Airtel, Sun Pharma, HCL Technologies, Mahindra and Mahindra, Titan and Tata Consultancy Services were the biggest gainers. UltraTech Cement, NTPC, Maruti, JSW Steel, Power Grid and Tata Motors were among the laggards.
Nothing wrong with loan process: JM Financial (06-03-2024)
JM Financial on Wednesday said it had a “careful and detailed review” of the Reserve Bank’s order imposing restrictions on the company’s financing business and asserted that there was “no material deficiencies” in its loan sanctioning process. The Reserve Bank on Tuesday imposed restrictions on JM Financial Products Ltd after it found the company indulged in various manipulations, including repeatedly helping a group of its customers to bid for various IPOs (initial public offerings) by using loaned funds. “After careful and detailed review of the order issued by the RBI on the action against JM Financial Products Ltd, we strongly believe that there have been no material deficiencies in our loan sanctioning process.
Broking industry adds 4mn A/Cs for 3rd month (06-03-2024)
For the third month running, investors opened over four million new demat accounts in February, showing growing household confidence in stock markets and their increased risk appetite. Over 13.12 million new demat accounts have been opened in the last three months, taking the total count close to the 150-million mark. Demat accounts are needed for trading and holding shares electronically.
Banking system liquidity goes into surplus mode (06-03-2024)
The liquidity in the banking system moved into surplus almost after three months as the Reserve Bank of India (RBI) absorbed over Rs 40,000 crore from the market on Monday, predominantly on the back of increased government spending. However, this situation may be short-lived given the higher demand for funds to pay taxes and year-end targets, treasury executives said. Meanwhile, two variable reverse repo rate (VRRR) auctions held on Tuesday received weak response.
Digital to overtake TV in revenues by end of 2024 (06-03-2024)
It has been a slow year for the Indian media and entertainment (M and E) business. After two years of double-digit growth, it grew at just about 8 per cent in 2023 over 2022. It now stands at Rs 2.33 trillion in advertising and pay revenues.
Gautambhai Attends Mukeshbhai’s Party (06-03-2024)
Despite their business rivalry, Gautam Adani did attend the big pre-wedding event in Jamnagar hosted by Mukesh Ambani over the weekend.
Will Bull Run In PSU Banks Continue? (06-03-2024)
>It’s not easy to predict the market. But there are at least two positive factors to back the PSU banks, explains Tamal Bandyopadhyay.
Air India-Vistara merger gets Singapore’s nod (05-03-2024)
Singapore’s competition regulator CCCS on Tuesday said it has given conditional approval for the proposed merger of Air India and Vistara, more than a year after the announcement of the deal. This was one of the key approvals required for the transaction. The merger of Vistara with Air India under a deal, wherein Singapore Airlines will acquire a 25.1 per cent stake in Air India, was announced in November 2022. Vistara is a joint venture between Singapore Airlines and Tata Group.
Unemployment rate dips to 3.1% in 2023 (05-03-2024)
Unemployment rate for persons aged 15 years or above declined to 3.1 per cent in 2023, the lowest in the last three years, as per a report of National Sample Survey Organisation under the statistics ministry. According to Periodic Labour Force Survey (PLFS) for calender year 2023, the unemployment rate came down to 3.1 per cent in 2023 from 3.6 per cent in 2022 and 4.2 per cent in 2021. Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force.