In December last year the regulator had said that it will release a discussion paper on various charges levied by banks and institutions for all kinds of digital transactions through credit cards, debit cards, wallets and Unified Payments Interface (UPI).
This comes as the government looks to push its flagship schemes such as Mudra Yojana and Start Up and Stand Up India to generate employment through entrepreneurship. Banks are now expected to conduct open house interactions and share their feedback with the government.
As per the latest data released by the Reserve Bank of India, credit growth continued its strong upward run with a 15.1% increase year-on-year, the fastest since April 2019, in the fortnight ended July 29. The bulk of the growth has been driven by retail loans - home loans and personal - while corporate demand is also showing signs of revival.
The country's largest lender reported a 14.93 per cent rise in advances to Rs 29,00,636 crore in the first quarter ended June 30, 2022 as compared to Rs 25,23,793 crore during the same period a year ago. Of this, retail loan registered a growth rate of 18.58 per cent while corporate advances improved by 10.57 per cent year-on-year at the end of June quarter.
“Transmission during the MCLR regime was far from satisfactory,†said RBI’s research paper, necessitating the introduction of external benchmark-based pricing of loans for the personal loans and micro & small enterprises, effective October 1, 2019, and for medium enterprises from April 1, 2020.
In the first quarter ended in June of the current fiscal year, the lender registered a decline of 22 per cent in net profit at Rs 561 crore as against Rs 720 crore in the year-ago quarter.
Nirmala Sitharaman said that while the earlier government also ran schemes, this government is working to empower the people and not just giving something as an entitlement. The government has thrown away the heavy legacy problems of the previous government by clearing the burdens on public sector banks, she said.
Jain, who was Global Indian of the Year in the ET Awards for Corporate Excellence in 2012, was born in Jaipur in 1963 and studied at the Shri Ram College of Commerce, New Delhi, and the University of Massachusetts.
In a tweet on Friday, CCI said it has approved the "proposed combination involving amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings."