The Sensex plunged nearly 2,500 points as Indian benchmark indices tumbled over 3% on Thursday and the Nifty 50 closed near the 23,000 mark. The market rout wiped out over Rs 11.5 lakh crore in the market capitalisation of all BSE-listed firms, dragging the total down to a little over Rs 427 lakh crore. The Sensex crashed 2,497 points to end at 74,207, while the Nifty 50 slumped 776 points to settle at 23,002 after briefly dipping below 23,000. Markets snapped a three-day winning streak and posted their sharpest fall in nearly two years. Market analysts claimed that surging crude prices and a hawkish Federal Reserve stance triggered the selloff. Besides, concerns around HDFC Bank also unsettled investors.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-may-impose-toll-and-taxes-on-ships-passing-through-strait-of-hormuz-1773918080590">Iran may impose toll and taxes on ships passing through Strait of Hormuz</a>&nbsp;Crude oil prices surged past $111 per barrel, raising fears of a prolonged disruption, while developments at HDFC Bank added to investor nervousness, even as global cues remained weak after the US Federal Reserve signalled limited room for rate cuts.&nbsp;Higher oil prices can push up inflation, weaken the rupee and hit corporate margins, putting pressure across sectors.&nbsp;Also Read: <a href="https://www.wionews.com/world/pakistan-major-nuclear-threat-to-us-besides-china-russia-and-n-korea-tulsi-gabbard-tells-senate-1773856393463">‘Pakistan major nuclear threat to US besides China, Russia and North Korea,’ Tulsi Gabbard tells Senate</a>&nbsp;Banking stocks led the decline, with HDFC Bank emerging as a key drag on the indices. The stock fell over 5% to around Rs 800 after part-time chairman Atanu Chakraborty resigned, citing “certain happenings and practices” within the bank that were “not in congruence with my personal values and ethics”.Other banking stocks such as Axis Bank, ICICI Bank, and State Bank of India also traded lower, weighing on benchmark indices.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-police-arrest-500-spies-for-sharing-information-with-enemies-and-anti-iranian-media-1773607871855">Iranian police arrest 500 ‘spies’ for sharing information with enemies and anti-Iranian media</a>&nbsp;IT stocks such as Infosys, TCS and Wipro remained under pressure amid weak global cues.Aviation stock IndiGo fell over 3% as rising fuel costs threaten margins, highlighting the immediate impact of higher crude prices. Coal India was among the few stocks showing resilience, supported by higher energy prices.&nbsp;Also Read: <a href="https://www.wionews.com/world/-they-say-i-m-what-netanyahu-mocks-rumours-of-his-death-posts-video-from-coffee-shop-1773591045235">‘They say I’m what?’ Netanyahu mocks rumours of his death, posts video from coffee shop</a>&nbsp;The US Federal Reserve has kept interest rates unchanged while signalling a cautious stance, keeping global liquidity tight and reducing the appeal of emerging markets.&nbsp;The Indian rupee weakened further, touching a record low of 92.63 against the US dollar.&nbsp;

Banking stocks led the decline, with HDFC Bank emerging as a key drag on the indices. The stock fell over 5% to around Rs 800 after part-time chairman Atanu Chakraborty resigned. Surging crude prices and a hawkish Federal Reserve stance also unsettled the investors.

The Sensex plunged nearly 2,500 points as Indian benchmark indices tumbled over 3% on Thursday and the Nifty 50 closed near the 23,000 mark. The market rout wiped out over Rs 11.5 lakh crore in the market capitalisation of all BSE-listed firms, dragging the total down to a little over Rs 427 lakh crore. The Sensex crashed 2,497 points to end at 74,207, while the Nifty 50 slumped 776 points to settle at 23,002 after briefly dipping below 23,000. Markets snapped a three-day winning streak and posted their sharpest fall in nearly two years. Market analysts claimed that surging crude prices and a hawkish Federal Reserve stance triggered the selloff. Besides, concerns around HDFC Bank also unsettled investors. Also Read: Iran may impose toll and taxes on ships passing through Strait of Hormuz Crude oil prices surged past $111 per barrel, raising fears of a prolonged disruption, while developments at HDFC Bank added to investor nervousness, even as global cues remained weak after the US Federal Reserve signalled limited room for rate cuts. Higher oil prices can push up inflation, weaken the rupee and hit corporate margins, putting pressure across sectors. Also Read: ‘Pakistan major nuclear threat to US besides China, Russia and North Korea,’ Tulsi Gabbard tells Senate Banking stocks led the decline, with HDFC Bank emerging as a key drag on the indices. The stock fell over 5% to around Rs 800 after part-time chairman Atanu Chakraborty resigned, citing “certain happenings and practices” within the bank that were “not in congruence with my personal values and ethics”. Other banking stocks such as Axis Bank, ICICI Bank, and State Bank of India also traded lower, weighing on benchmark indices. Also Read: Iranian police arrest 500 ‘spies’ for sharing information with enemies and anti-Iranian media IT stocks such as Infosys, TCS and Wipro remained under pressure amid weak global cues. Aviation stock IndiGo fell over 3% as rising fuel costs threaten margins, highlighting the immediate impact of higher crude prices. Coal India was among the few stocks showing resilience, supported by higher energy prices. Also Read: ‘They say I’m what?’ Netanyahu mocks rumours of his death, posts video from coffee shop The US Federal Reserve has kept interest rates unchanged while signalling a cautious stance, keeping global liquidity tight and reducing the appeal of emerging markets. The Indian rupee weakened further, touching a record low of 92.63 against the US dollar.

Banking stocks led the decline, with HDFC Bank emerging as a key drag on the indices. The stock fell over 5% to around Rs 800 after part-time chairman Atanu Chakraborty resigned. Surging crude prices and a hawkish Federal Reserve stance also unsettled the investors.

Sensex tanks 2,500 pts, Nifty ends down 3.3% at 23,000; Rs 12 lakh crore wiped off

Atanu Chakraborty, part-time chairman and independent director of HDFC Bank, resigned with immediate effect on Wednesday, drawing sharp attention on Dalal Street and raising several questions around internal practices in the bank. Chakraborty flagged several concerns in his resignation letter over the internal mechanism of the bank. "Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision." The letter added, "I confirm that there are no other material reasons for my resignation other than those stated above," Chakraborty said in a letter to the Chairman of Governance, Nomination, and Remuneration Committee of the bank. Chakraborty further wrote in the letter, "My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd, which created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of the merger are yet to fully fructify." Following resignation, Atanu Chakraborty told NDTV Profit, "HDFC Bank is an organisation I nurtured for 5 years. I am not pointing out any wrongdoings at the bank. My ideologies did not match with the organisation, and hence it was time to part ways."<h3>Who is Atanu Chakraborty?</h3>Chakraborty is a retired 1985-batch Indian Administrative Service (IAS) officer from the Gujarat cadre, with more than 30 years of experience in public policy and financial administration. He graduated in electronics and communication engineering from the National Institute of Technology, Kurukshetra and completed his MBA from the University of Hull in the United Kingdom. He served as Secretary in the Department of Economic Affairs under the Ministry of Finance and also worked with the Department of Investment and Public Asset Management, where he played a role in the disinvestment programme of the government. Over the course of his public service career, Chakraborty gained experience across multiple sectors, including finance, petroleum, infrastructure, and industry. His responsibilities ranged from coordinating economic policy and overseeing multilateral project financing to shaping capital market frameworks and managing privatisation efforts. After retiring from the civil services, Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the board of HDFC Bank as an independent director in May 2021 and later assumed the position of part-time chairman.&nbsp;His tenure came during a significant phase for the bank, including its merger with HDFC Ltd. In his resignation letter, Chakraborty termed the merger as a “momentous” development that “created a conglomerate under the bank”, while noting that “the benefits of the merger are yet to fully fructify”.&nbsp;Also read: <a href="https://www.wionews.com/india-news/who-is-matthew-vandyke-us-national-held-in-india-as-nia-investigates-hidden-links-1773855559300">Who is Matthew VanDyke? US national held in India as NIA investigates hidden links</a>

After retiring from the civil services, Atanu Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the HDFC Bank board as an independent director in May 2021 and later served as part-time chairman.

Atanu Chakraborty, part-time chairman and independent director of HDFC Bank, resigned with immediate effect on Wednesday, drawing sharp attention on Dalal Street and raising several questions around internal practices in the bank. Chakraborty flagged several concerns in his resignation letter over the internal mechanism of the bank. "Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision." The letter added, "I confirm that there are no other material reasons for my resignation other than those stated above," Chakraborty said in a letter to the Chairman of Governance, Nomination, and Remuneration Committee of the bank. Chakraborty further wrote in the letter, "My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd, which created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of the merger are yet to fully fructify." Following resignation, Atanu Chakraborty told NDTV Profit, "HDFC Bank is an organisation I nurtured for 5 years. I am not pointing out any wrongdoings at the bank. My ideologies did not match with the organisation, and hence it was time to part ways." Who is Atanu Chakraborty? Chakraborty is a retired 1985-batch Indian Administrative Service (IAS) officer from the Gujarat cadre, with more than 30 years of experience in public policy and financial administration. He graduated in electronics and communication engineering from the National Institute of Technology, Kurukshetra and completed his MBA from the University of Hull in the United Kingdom. He served as Secretary in the Department of Economic Affairs under the Ministry of Finance and also worked with the Department of Investment and Public Asset Management, where he played a role in the disinvestment programme of the government. Over the course of his public service career, Chakraborty gained experience across multiple sectors, including finance, petroleum, infrastructure, and industry. His responsibilities ranged from coordinating economic policy and overseeing multilateral project financing to shaping capital market frameworks and managing privatisation efforts. After retiring from the civil services, Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the board of HDFC Bank as an independent director in May 2021 and later assumed the position of part-time chairman. His tenure came during a significant phase for the bank, including its merger with HDFC Ltd. In his resignation letter, Chakraborty termed the merger as a “momentous” development that “created a conglomerate under the bank”, while noting that “the benefits of the merger are yet to fully fructify”. Also read: Who is Matthew VanDyke? US national held in India as NIA investigates hidden links

After retiring from the civil services, Atanu Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the HDFC Bank board as an independent director in May 2021 and later served as part-time chairman.

Who is Atanu Chakraborty? HDFC Bank chairman steps down citing 'ethical concerns'

A telephonic conversation between a banker and an army personnel has surfaced online. The employee, initially identified as Anuradha Verma from Mumbai HDFC Bank, is heard hurling abuses at another man, whose identity has not been established. The clip has drawn outrage from Social Media.&nbsp;

<blockquote class="instagram-media" data-instgrm-captioned data-instgrm-permalink="https://www.instagram.com/reel/DOv7KfbkwPM/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14" style=" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540px; min-width:326px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);"><div style="padding:16px;"> <a href="https://www.instagram.com/reel/DOv7KfbkwPM/?utm_source=ig_embed&amp;utm_campaign=loading" style=" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;" target="_blank"> <div style=" display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div></div></div><div style="padding: 19% 0;"></div> <div style="display:block; height:50px; margin:0 auto 12px; width:50px;"><svg width="50px" height="50px" viewBox="0 0 60 60" version="1.1" xmlns="https://www.w3.org/2000/svg" xmlns:xlink="https://www.w3.org/1999/xlink"><g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"><g transform="translate(-511.000000, -20.000000)" fill="#000000"><g><path d="M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 558.924,30.41 556.869,30.41 M541,60.657 C535.114,60.657 530.342,55.887 530.342,50 C530.342,44.114 535.114,39.342 541,39.342 C546.887,39.342 551.658,44.114 551.658,50 C551.658,55.887 546.887,60.657 541,60.657 M541,33.886 C532.1,33.886 524.886,41.1 524.886,50 C524.886,58.899 532.1,66.113 541,66.113 C549.9,66.113 557.115,58.899 557.115,50 C557.115,41.1 549.9,33.886 541,33.886 M565.378,62.101 C565.244,65.022 564.756,66.606 564.346,67.663 C563.803,69.06 563.154,70.057 562.106,71.106 C561.058,72.155 560.06,72.803 558.662,73.347 C557.607,73.757 556.021,74.244 553.102,74.378 C549.944,74.521 548.997,74.552 541,74.552 C533.003,74.552 532.056,74.521 528.898,74.378 C525.979,74.244 524.393,73.757 523.338,73.347 C521.94,72.803 520.942,72.155 519.894,71.106 C518.846,70.057 518.197,69.06 517.654,67.663 C517.244,66.606 516.755,65.022 516.623,62.101 C516.479,58.943 516.448,57.996 516.448,50 C516.448,42.003 516.479,41.056 516.623,37.899 C516.755,34.978 517.244,33.391 517.654,32.338 C518.197,30.938 518.846,29.942 519.894,28.894 C520.942,27.846 521.94,27.196 523.338,26.654 C524.393,26.244 525.979,25.756 528.898,25.623 C532.057,25.479 533.004,25.448 541,25.448 C548.997,25.448 549.943,25.479 553.102,25.623 C556.021,25.756 557.607,26.244 558.662,26.654 C560.06,27.196 561.058,27.846 562.106,28.894 C563.154,29.942 563.803,30.938 564.346,32.338 C564.756,33.391 565.244,34.978 565.378,37.899 C565.522,41.056 565.552,42.003 565.552,50 C565.552,57.996 565.522,58.943 565.378,62.101 M570.82,37.631 C570.674,34.438 570.167,32.258 569.425,30.349 C568.659,28.377 567.633,26.702 565.965,25.035 C564.297,23.368 562.623,22.342 560.652,21.575 C558.743,20.834 556.562,20.326 553.369,20.18 C550.169,20.033 549.148,20 541,20 C532.853,20 531.831,20.033 528.631,20.18 C525.438,20.326 523.257,20.834 521.349,21.575 C519.376,22.342 517.703,23.368 516.035,25.035 C514.368,26.702 513.342,28.377 512.574,30.349 C511.834,32.258 511.326,34.438 511.181,37.631 C511.035,40.831 511,41.851 511,50 C511,58.147 511.035,59.17 511.181,62.369 C511.326,65.562 511.834,67.743 512.574,69.651 C513.342,71.625 514.368,73.296 516.035,74.965 C517.703,76.634 519.376,77.658 521.349,78.425 C523.257,79.167 525.438,79.673 528.631,79.82 C531.831,79.965 532.853,80.001 541,80.001 C549.148,80.001 550.169,79.965 553.369,79.82 C556.562,79.673 558.743,79.167 560.652,78.425 C562.623,77.658 564.297,76.634 565.965,74.965 C567.633,73.296 568.659,71.625 569.425,69.651 C570.167,67.743 570.674,65.562 570.82,62.369 C570.966,59.17 571,58.147 571,50 C571,41.851 570.966,40.831 570.82,37.631"></path></g></g></g></svg></div><div style="padding-top: 8px;"> <div style=" color:#3897f0; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:550; line-height:18px;">View this post on Instagram</div></div><div style="padding: 12.5% 0;"></div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"><div> <div style="background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"></div> <div style="background-color: #F4F4F4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"></div> <div style="background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"></div></div><div style="margin-left: 8px;"> <div style=" background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"></div> <div style=" width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg)"></div></div><div style="margin-left: auto;"> <div style=" width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"></div> <div style=" background-color: #F4F4F4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"></div> <div style=" width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"></div></div></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"></div> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"></div></div></a><p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;"><a href="https://www.instagram.com/reel/DOv7KfbkwPM/?utm_source=ig_embed&amp;utm_campaign=loading" style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none;" target="_blank">A post shared by Log Kis Kisko Tokenge (@log.kis.kisko.tokenge)</a></div></blockquote>
<script async src="//www.instagram.com/embed.js"></script>

The phone call was regarding a loan recovery. During the phone call, Anuradha gets agitated, reportedly at the delayed response from the soldier. The soldier also tried to question the high interest rates. “You sanctioned me a loan of 15.85 lakh rupees. How are you charging interest at 16.23 lakh rupees?” This made her angry. She abused him and made objectionable remarks about disability and martyrs.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/brazil-plane-crash-spacex-cocaine-1758172641153">Australian pilot carrying 400 lbs SPACE X branded cocaine crashes and dies in Brazil</a><h2>Objectionable remarks</h2>"I've told you 75 times. Now, you're an idiot, so what can you do? If you were educated, you'd be working in a good company. You're an idiot, that's why you've been sent to the border. You idiot, you idiot," said Anuradha agitatingly.She said that he was trying to usurp the money that was her right. She then went on to say, “That is the reason why your kids are born disabled and you guys die at the border, hang up the phone. I also belong to a defence family. Come in 15 days, and I will see which Turram Khan you are and what kind of family you belong to.She also abused him, saying that she had been in the business with CRPF for 12 years, and if he was from a good family would not be living 15-16 lakh on loan. &nbsp;The army person could be heard saying he has the recording and he will take action against her. She responded unabatedly, asking him to do whatever pleases him.&nbsp;The soldier says, "Send me the service certificate you made." She replied, "Why didn't you take a screenshot? Why should I send anything? I'm your father's servant. I look crazy, and you're crying for five or six thousand rupees... put the phone down."&nbsp;People demanded strict action from HDFC Bank against the employee. However, HDFC Bank later clarified that the woman banker does not work with them.&nbsp;“Hi! We would like to clarify that the lady in the audio clip is not an employee of the Bank,” HDFC said.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-s-uk-visit-trump-vs-the-truth-1758199538444">British broadcaster Channel 4 marks Trump's UK visit airing special 'TRUMP vs THE TRUTH'</a>

A viral audio of a conversation between a Mumbai-based loan recovery agent and a soldier over the recovery of a loan, it heated up, and she abused him, calling him illiterate

A telephonic conversation between a banker and an army personnel has surfaced online. The employee, initially identified as Anuradha Verma from Mumbai HDFC Bank, is heard hurling abuses at another man, whose identity has not been established. The clip has drawn outrage from Social Media.

A viral audio of a conversation between a Mumbai-based loan recovery agent and a soldier over the recovery of a loan heated up, and she abused him calling him an illiterate

'You're illiterate that's why you're in army' - Mumbai banker abuses a soldier

Starting today, withdrawing cash from ATMs&mdash;or even just checking your balance&mdash;might cost you more. The Reserve Bank of India&rsquo;s (RBI) revised guidelines have come into effect from May 1, 2025, increasing the maximum fees banks can charge customers once they exhaust their monthly quota of free ATM transactions.
Whether it&rsquo;s a cash withdrawal, PIN change, or mini statement, every extra swipe beyond your free limit could now pinch your pocket a bit harder.
<h2 class="x_elementToProof">What&rsquo;s changing from May 1?</h2>
The RBI&rsquo;s updated circular allows banks to hike charges for ATM usage beyond the free limit. The fee cap has increased from ₹21 to ₹23 per transaction (plus GST), applicable on both financial (like cash withdrawals) and non-financial (like balance checks or PIN changes) transactions. These new rates are applicable across all banks and ATM operators.
So whether you&rsquo;re pulling out cash for groceries or just checking your balance after online shopping, expect to pay ₹2 more per extra transaction if you&rsquo;ve crossed your monthly limit.
<h2>How many free ATM transactions do you still get?</h2>
While the charges have gone up, the RBI has not changed the number of free monthly transactions:
<ul>
<li>At your own bank&rsquo;s ATMs: 5 free transactions/month (both financial and non-financial).</li>
<li>At other banks&rsquo; ATMs:</li>
<ul>
<li>Metro cities: 3 free transactions/month.</li>
<li>Non-metro cities: 5 free transactions/month.</li>
</ul>
</ul>
These limits include both types of transactions.
<h2 class="x_elementToProof">Why have ATM charges been increased?</h2>
According to the RBI, the revision aims to align customer charges with rising costs&mdash;such as ATM security, cash handling, maintenance, and software upgrades. Banks and ATM operators have long been lobbying for a hike, citing higher operating expenses.
The move is also intended to promote digital payments, especially in rural and semi-urban areas where mobile-based and MicroATM services are gaining traction.
<h2 class="x_elementToProof">Banks have already notified customers &ndash; Here&rsquo;s what&rsquo;s changing</h2>
Several leading banks have revised their ATM fee structures effective May 1, 2025. This includes HDFC Bank, Punjab National Bank (PNB), IndusInd Bank, and Kotak Mahindra Bank. Customers at these banks will now pay more for both financial and non-financial ATM transactions once they exhaust their monthly free limits.
<ul>
<li>HDFC Bank has raised its post-limit fee from ₹21 to ₹23 (plus GST) for all transactions.</li>
<li>PNB will charge ₹23 for financial and ₹11 for non-financial transactions (earlier ₹21 and ₹10 respectively); changes come into effect from May 9.</li>
<li>IndusInd Bank has adopted a flat ₹23 (plus GST) fee beyond the free quota.</li>
<li>Kotak Mahindra Bank now charges ₹23 for financial transactions (up from ₹21) and ₹10 for non-financial ones (up from ₹8.5).</li>
</ul>
Meanwhile, State Bank of India (SBI) revised its ATM fee structure earlier this year on February 1, 2025. It also standardized free usage across metro and non-metro areas&mdash;5 free transactions at SBI ATMs and 10 at other bank ATMs for most customers. Beyond this:
<ul>
<li>Financial transactions cost ₹15 at SBI ATMs and ₹17 at other bank ATMs.</li>
<li>Non-financial transactions are free at SBI ATMs, but ₹10 per transaction at other banks&rsquo; ATMs.</li>
</ul>
&nbsp;
<figure class="tinymce-table-div">
<table data-editing-info="{&quot;topBorderColor&quot;:&quot;#000000&quot;,&quot;bottomBorderColor&quot;:&quot;#000000&quot;,&quot;verticalBorderColor&quot;:&quot;#000000&quot;,&quot;hasHeaderRow&quot;:false,&quot;hasFirstColumn&quot;:false,&quot;hasBandedRows&quot;:false,&quot;hasBandedColumns&quot;:false,&quot;bgColorEven&quot;:null,&quot;bgColorOdd&quot;:&quot;#CCCCCC&quot;,&quot;headerRowColor&quot;:&quot;#000000&quot;,&quot;tableBorderFormat&quot;:0,&quot;verticalAlign&quot;:null}" cellpadding="0" cellspacing="0" id="x_table_0" style="width: 690px; height: 350px; border-collapse: collapse; border-width: 2px; border-spacing: 0px; border-color: rgb(0, 0, 0);" border="1">
<tbody>
<tr style="height: 54.3906px;">
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="x_elementToProof center" style="width: 109.688px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
Bank
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 242.766px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
Old Charges (Before May 1)
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 333.547px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
New Charges (Effective May 2025)
</td>
</tr>
<tr style="height: 54.3906px;">
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 109.688px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
HDFC Bank
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 242.766px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹21 + GST (All transactions)
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 333.547px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹23 + GST (All transactions)
</td>
</tr>
<tr style="height: 54.3906px;">
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 109.688px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
PNB
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 242.766px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹21 (fin), ₹10 (non-fin) + GST
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 333.547px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹23 (fin), ₹11 (non-fin) + GST (Effective May 9)
</td>
</tr>
<tr style="height: 54.3906px;">
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 109.688px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
IndusInd Bank
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 242.766px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹21 + GST (All transactions)
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 333.547px; height: 54.3906px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹23 + GST (All transactions)
</td>
</tr>
<tr style="height: 76.7812px;">
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 109.688px; height: 76.7812px; border-width: 2px; border-color: rgb(0, 0, 0);">
Kotak Mahindra Bank
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 242.766px; height: 76.7812px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹21 (fin), ₹8.5 (non-fin)
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 333.547px; height: 76.7812px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹23 (fin), ₹10 (non-fin)
</td>
</tr>
<tr style="height: 99.7656px;">
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 109.688px; height: 99.7656px; border-width: 2px; border-color: rgb(0, 0, 0);">
SBI (Revised Feb 1)
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 242.766px; height: 99.7656px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹15 (fin) SBI ATM, ₹17 (fin) other ATM, ₹0&ndash;₹10 (non-fin)
</td>
<td data-editing-info="{&quot;vAlignOverride&quot;:true}" class="center" style="width: 333.547px; height: 99.7656px; border-width: 2px; border-color: rgb(0, 0, 0);">
₹15 (SBI ATM), ₹17 (other bank ATM), ₹10 non-fin (other ATM)
</td>
</tr>
</tbody>
</table>
</figure>
&nbsp;
<h2>What&rsquo;s the interchange fee&mdash;and why it matters</h2>
The interchange fee is the charge your bank pays to the bank that owns the ATM you use. For instance, if you use an HDFC debit card at an SBI ATM, HDFC pays SBI. While customers don&rsquo;t pay this directly, it influences what banks charge after the free limit.
As of now, interchange fees remain unchanged:
<ul>
<li>₹17 for financial transactions</li>
<li>₹6 for non-financial transactions</li>
</ul>
However, this may be reviewed by ATM networks or the RBI in the future.
<h2 class="x_elementToProof">Are CRM machines affected too?</h2>
Yes, but with a catch. Cash deposits at Cash Recycler Machines (CRMs) remain free. However, if you withdraw money or check your balance at a CRM after crossing your free limit, the ₹23 + GST charge applies&mdash;just as it would at a regular ATM.

Business & Economy: Changes in ATM charges can lead to increased monthly expenses, and impacts one's overall budget management. Read more for more details.

Starting today, withdrawing cash from ATMs—or even just checking your balance—might cost you more. The Reserve Bank of India’s (RBI) revised guidelines have come into effect from May 1, 2025, increasing the maximum fees banks can charge customers once they exhaust their monthly quota of free ATM transactions. Whether it’s a cash withdrawal, PIN change, or mini statement, every extra swipe beyond your free limit could now pinch your pocket a bit harder. What’s changing from May 1? The RBI’s updated circular allows banks to hike charges for ATM usage beyond the free limit. The fee cap has increased from ₹21 to ₹23 per transaction (plus GST), applicable on both financial (like cash withdrawals) and non-financial (like balance checks or PIN changes) transactions. These new rates are applicable across all banks and ATM operators. So whether you’re pulling out cash for groceries or just checking your balance after online shopping, expect to pay ₹2 more per extra transaction if you’ve crossed your monthly limit. How many free ATM transactions do you still get? While the charges have gone up, the RBI has not changed the number of free monthly transactions: At your own bank’s ATMs: 5 free transactions/month (both financial and non-financial). At other banks’ ATMs: Metro cities: 3 free transactions/month. Non-metro cities: 5 free transactions/month. These limits include both types of transactions. Why have ATM charges been increased? According to the RBI, the revision aims to align customer charges with rising costs—such as ATM security, cash handling, maintenance, and software upgrades. Banks and ATM operators have long been lobbying for a hike, citing higher operating expenses. The move is also intended to promote digital payments, especially in rural and semi-urban areas where mobile-based and MicroATM services are gaining traction. Banks have already notified customers – Here’s what’s changing Several leading banks have revised their ATM fee structures effective May 1, 2025. This includes HDFC Bank, Punjab National Bank (PNB), IndusInd Bank, and Kotak Mahindra Bank. Customers at these banks will now pay more for both financial and non-financial ATM transactions once they exhaust their monthly free limits. HDFC Bank has raised its post-limit fee from ₹21 to ₹23 (plus GST) for all transactions. PNB will charge ₹23 for financial and ₹11 for non-financial transactions (earlier ₹21 and ₹10 respectively); changes come into effect from May 9. IndusInd Bank has adopted a flat ₹23 (plus GST) fee beyond the free quota. Kotak Mahindra Bank now charges ₹23 for financial transactions (up from ₹21) and ₹10 for non-financial ones (up from ₹8.5). Meanwhile, State Bank of India (SBI) revised its ATM fee structure earlier this year on February 1, 2025. It also standardized free usage across metro and non-metro areas—5 free transactions at SBI ATMs and 10 at other bank ATMs for most customers. Beyond this: Financial transactions cost ₹15 at SBI ATMs and ₹17 at other bank ATMs. Non-financial transactions are free at SBI ATMs, but ₹10 per transaction at other banks’ ATMs. Bank Old Charges (Before May 1) New Charges (Effective May 2025) HDFC Bank ₹21 + GST (All transactions) ₹23 + GST (All transactions) PNB ₹21 (fin), ₹10 (non-fin) + GST ₹23 (fin), ₹11 (non-fin) + GST (Effective May 9) IndusInd Bank ₹21 + GST (All transactions) ₹23 + GST (All transactions) Kotak Mahindra Bank ₹21 (fin), ₹8.5 (non-fin) ₹23 (fin), ₹10 (non-fin) SBI (Revised Feb 1) ₹15 (fin) SBI ATM, ₹17 (fin) other ATM, ₹0–₹10 (non-fin) ₹15 (SBI ATM), ₹17 (other bank ATM), ₹10 non-fin (other ATM) What’s the interchange fee—and why it matters The interchange fee is the charge your bank pays to the bank that owns the ATM you use. For instance, if you use an HDFC debit card at an SBI ATM, HDFC pays SBI. While customers don’t pay this directly, it influences what banks charge after the free limit. As of now, interchange fees remain unchanged: ₹17 for financial transactions ₹6 for non-financial transactions However, this may be reviewed by ATM networks or the RBI in the future. Are CRM machines affected too? Yes, but with a catch. Cash deposits at Cash Recycler Machines (CRMs) remain free. However, if you withdraw money or check your balance at a CRM after crossing your free limit, the ₹23 + GST charge applies—just as it would at a regular ATM.

ATM withdrawal just got costlier: What changes from May 1 and how it affects you

HDFC Bank Ltd. has sold a housing loan portfolio of about 60 billion rupees ($717 million), seeking to further lighten its credit load amid regulatory pressures on the industry as detailed in a report by Bloomberg.

The portfolio was sold to about half a dozen state-controlled banks through private deals, according to people familiar with the matter, who asked not to be identified as the information is not yet public.

The Mumbai-based bank also unloaded another pool of car loans worth about 90.6 billion rupees, securitized in a fixed-income product called pass-through certificates, the people said. The lender had been engaged in talks reported in late August by Bloomberg to offload the pool to about a dozen local asset management companies.

The deals confirm India’s largest bank in market value is intensifying efforts to shrink its retail loan portfolio amid heightened regulatory pressure to improve the sector’s credit-deposit ratios a measure of how much of an institution’s deposits are being lent out. The portfolio sales would help HDFC Bank improve its ratio which has worsened in recent years as credit growth outpaced deposits in the nation and following its merger with mortgage lender Housing Development Finance Corp.

The buyers who subscribed to the pass-through certificates, backed by HDFC’s car loans, included ICICI Prudential AMC, Nippon Life India Asset Management Ltd., SBI Funds Management Pvt., and Kotak Mahindra Asset Management Co., the people said. The certificates offered yields in the range of 8.02 per cent to 8.20 per cent monthly for three tranches, they said.

A spokesperson for the SBI fund confirmed the car-loan deal. HDFC Bank and other buyer funds didn’t immediately respond to Bloomberg’s requests for comments.

Brief history of HDFC Bank<o:p></o:p>

HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024.

The Reserve Bank of India (RBI) has identified the HDFC Bank, State Bank of India, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”.

As of April 2024, HDFC Bank has a market capitalization of $145 billion, making it the third-largest company on the Indian stock exchanges. It is also the sixteenth largest employer in India with over 173,000 employees, following its takeover of parent company Housing Development Finance Corporation.

‘Liquidity Issues’<o:p></o:p>

In June, HDFC also sold a 50 billion rupee loan portfolio. Its credit-deposit ratio stood at 104 per cent at the end of March, higher than the 85 per cent to 88 per cent rate in the previous three fiscal years, according to ICRA Ltd., an affiliate of Moody’s Ratings.

The fact that deposit growth is lagging that of credit “may potentially expose the banking system to structural liquidity issues,” the central bank said in August.

For its upcoming earnings report for the quarter that ended September, HDFC Bank is expected to show deposit growth of 13 per cent on-year, compared with an 8% increase in loans, according to Suresh Ganapathy, head of financial services research at Macquarie Capital.

<o:p>&nbsp;</o:p>

HDFC Bank Ltd. has sold a housing loan portfolio of about 60 billion rupees ($717 million), seeking to further lighten its credit load amid regulatory pressures on the industry as detailed in a report by Bloomberg.

HDFC Bank Ltd. has sold a housing loan portfolio of about 60 billion rupees ($717 million), seeking to further lighten its credit load amid regulatory pressures on the industry as detailed in a report by Bloomberg. The portfolio was sold to about half a dozen state-controlled banks through private deals, according to people familiar with the matter, who asked not to be identified as the information is not yet public. The Mumbai-based bank also unloaded another pool of car loans worth about 90.6 billion rupees, securitized in a fixed-income product called pass-through certificates, the people said. The lender had been engaged in talks reported in late August by Bloomberg to offload the pool to about a dozen local asset management companies. The deals confirm India’s largest bank in market value is intensifying efforts to shrink its retail loan portfolio amid heightened regulatory pressure to improve the sector’s credit-deposit ratios a measure of how much of an institution’s deposits are being lent out. The portfolio sales would help HDFC Bank improve its ratio which has worsened in recent years as credit growth outpaced deposits in the nation and following its merger with mortgage lender Housing Development Finance Corp. The buyers who subscribed to the pass-through certificates, backed by HDFC’s car loans, included ICICI Prudential AMC, Nippon Life India Asset Management Ltd., SBI Funds Management Pvt., and Kotak Mahindra Asset Management Co., the people said. The certificates offered yields in the range of 8.02 per cent to 8.20 per cent monthly for three tranches, they said. A spokesperson for the SBI fund confirmed the car-loan deal. HDFC Bank and other buyer funds didn’t immediately respond to Bloomberg’s requests for comments. Brief history of HDFC Bank HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024. The Reserve Bank of India (RBI) has identified the HDFC Bank, State Bank of India, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”. As of April 2024, HDFC Bank has a market capitalization of $145 billion, making it the third-largest company on the Indian stock exchanges. It is also the sixteenth largest employer in India with over 173,000 employees, following its takeover of parent company Housing Development Finance Corporation. ‘Liquidity Issues’ In June, HDFC also sold a 50 billion rupee loan portfolio. Its credit-deposit ratio stood at 104 per cent at the end of March, higher than the 85 per cent to 88 per cent rate in the previous three fiscal years, according to ICRA Ltd., an affiliate of Moody’s Ratings. The fact that deposit growth is lagging that of credit “may potentially expose the banking system to structural liquidity issues,” the central bank said in August. For its upcoming earnings report for the quarter that ended September, HDFC Bank is expected to show deposit growth of 13 per cent on-year, compared with an 8% increase in loans, according to Suresh Ganapathy, head of financial services research at Macquarie Capital.

HDFC Bank sells $717 million of home loans to bring down credit book

India's $433 billion banking sector faces a gloomy outlook following an unusual sell-off in HDFC Bank Ltd., the country's largest private sector lender. The top 12 largest banks in India are on track for their worst week since September, witnessing a collective market value loss of nearly $21 billion.

India's banking benchmark index starts 2024 in red

The Mumbai Police said on Tuesday (Dec 26) that the Reserve Bank of India (RBI) and other banks, including the HDFC Bank and ICICI Bank in the city, received a bomb threat. In an email, the sender said bombs were planted at 11 different locations across Mumbai.&nbsp;

The ominous threat&nbsp;explicitly demanded the resignation of Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das, setting a deadline for compliance.

Describing their alleged involvement in the "biggest scam in the history of India," the sender claimed to possess substantial evidence to substantiate these accusations.

<a href="https://www.wionews.com/india-news/india-bomb-blast-scare-near-israel-embassy-security-agencies-on-toes-673762">Also read | India: Bomb blast scare near Israel Embassy, security agencies on toes</a>

<h2>Specific targets and timeline</h2>

The threat outlined specific targets, including the RBI New Central Office Building in Fort, HDFC House at Churchgate, and ICICI Bank Towers at Bandra Kurla Complex.

The sender asserted that unless the stipulated resignations were tendered by 1:30 pm, 11 hidden bombs would detonate across the mentioned locations, triggering a potential catastrophe.

Mumbai Police swiftly initiated a comprehensive search operation across all locations mentioned in the threatening email. Despite the urgency of the situation, no explosives or suspicious objects were discovered during the thorough sweep.

Law enforcement also&nbsp;registered a criminal intimidation case, acknowledging the severity of the threat. Investigations are now underway to trace the origin of the email and unravel the motive behind the ominous threat.&nbsp;

In response to the potential threat, the police have heightened security measures around the implicated banks and the RBI office.&nbsp;

Also watch |&nbsp;Hindu woman files nomination for Pakistan elections; Hamas rejects Egypt's proposal

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hindu-woman-files-nomination-for-pakistan-elections-hamas-rejects-egypts-proposal-673760/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

As of now, neither the RBI nor the private banks implicated in the threat have issued official statements regarding the email. The silence from these financial institutions adds an element of uncertainty to the situation.

Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das have yet to respond to the demand for their resignation.&nbsp;

(With inputs from agencies)

The Mumbai Police said on Tuesday (Dec 26) that the Reserve Bank of India (RBI) and other banks, including the HDFC Bank and ICICI Bank in the city, received a bomb threat.

The Mumbai Police said on Tuesday (Dec 26) that the Reserve Bank of India (RBI) and other banks, including the HDFC Bank and ICICI Bank in the city, received a bomb threat. In an email, the sender said bombs were planted at 11 different locations across Mumbai. The ominous threat explicitly demanded the resignation of Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das, setting a deadline for compliance. Describing their alleged involvement in the "biggest scam in the history of India," the sender claimed to possess substantial evidence to substantiate these accusations. Also read | India: Bomb blast scare near Israel Embassy, security agencies on toes Specific targets and timeline The threat outlined specific targets, including the RBI New Central Office Building in Fort, HDFC House at Churchgate, and ICICI Bank Towers at Bandra Kurla Complex. The sender asserted that unless the stipulated resignations were tendered by 1:30 pm, 11 hidden bombs would detonate across the mentioned locations, triggering a potential catastrophe. Mumbai Police swiftly initiated a comprehensive search operation across all locations mentioned in the threatening email. Despite the urgency of the situation, no explosives or suspicious objects were discovered during the thorough sweep. Law enforcement also registered a criminal intimidation case, acknowledging the severity of the threat. Investigations are now underway to trace the origin of the email and unravel the motive behind the ominous threat. In response to the potential threat, the police have heightened security measures around the implicated banks and the RBI office. Also watch | Hindu woman files nomination for Pakistan elections; Hamas rejects Egypt's proposal As of now, neither the RBI nor the private banks implicated in the threat have issued official statements regarding the email. The silence from these financial institutions adds an element of uncertainty to the situation. Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das have yet to respond to the demand for their resignation. (With inputs from agencies)

India: Email bomb threat sent to RBI, HDFC, ICICI banks in Mumbai, demands FM’s resignation

HDFC Bank, one of India's leading financial institutions, announced on Wednesday that its merged loan book with Housing Development Finance Corporation (HDFC) reached approximately 22.45 trillion rupees ($273.77 billion) at the end of the June quarter, Reuters reported. This milestone follows the completion of the much-anticipated $40 billion merger between HDFC Bank and HDFC on July 1, making it the largest merger in India's corporate history and propelling the bank into the esteemed list of the world's top 10 banks based on market capitalisation.

According to HDFC Bank, its loan book experienced a significant 13.1 per cent growth in the June quarter compared to the previous year, although some figures may not be directly comparable. Furthermore, the merged entity reported that its deposits surged to around 20.64 trillion rupees by the end of June, marking a notable 16.2 per cent increase from the previous year.

HDFC Bank also revealed that the combined entity's liquidity coverage ratio, a crucial measure of the bank's cash-like assets, stood at approximately 120 per cent on a proforma basis for the quarter ending June 30.&nbsp;

Breaking down the figures, HDFC Bank's standalone gross advances soared to about 16.16 trillion rupees as of June end, representing a substantial 15.8 per cent growth, while deposits witnessed a notable 19.2 per cent surge to 19.13 trillion rupees. As for the combined advances of HDFC Bank Ltd. and Housing Development Finance Corp., they experienced a 13 per cent year-on-year increase, reaching 22.45 lakh crore rupees by June 30. Meanwhile, HDFC Bank's standalone advances recorded a 15.8 per cent growth, amounting to 16.55 lakh crore rupees.

The merger between HDFC Bank and HDFC was announced in April 2022 and officially took effect on July 1, although the record date for delisting HDFC shares from the exchanges is set for July 13. After this date, HDFC shareholders will receive HDFC Bank shares based on the agreed-upon swap ratio of 42 shares of HDFC Bank for every 25 shares held.

HDFC Bank reported impressive growth in its retail book, which rose by 20 per cent compared to the previous year, while commercial and rural banking loans experienced a similar growth rate of 20 per cent. Corporate and other wholesale loans showed an 11 per cent year-on-year increase.

It's important to note that due to the timing of HDFC's financial book closure a few days before June 30, some of the merged entity's numbers are not directly comparable to the same period last year, as stated by the bank.

(With Inputs from Reuters)

HDFC Bank, one of India's leading financial institutions, announced on Wednesday that its merged loan book with Housing Development Finance Corporation (HDFC) reached approximately 22.

HDFC Bank, one of India's leading financial institutions, announced on Wednesday that its merged loan book with Housing Development Finance Corporation (HDFC) reached approximately 22.45 trillion rupees ($273.77 billion) at the end of the June quarter, Reuters reported. This milestone follows the completion of the much-anticipated $40 billion merger between HDFC Bank and HDFC on July 1, making it the largest merger in India's corporate history and propelling the bank into the esteemed list of the world's top 10 banks based on market capitalisation. According to HDFC Bank, its loan book experienced a significant 13.1 per cent growth in the June quarter compared to the previous year, although some figures may not be directly comparable. Furthermore, the merged entity reported that its deposits surged to around 20.64 trillion rupees by the end of June, marking a notable 16.2 per cent increase from the previous year. HDFC Bank also revealed that the combined entity's liquidity coverage ratio, a crucial measure of the bank's cash-like assets, stood at approximately 120 per cent on a proforma basis for the quarter ending June 30. Breaking down the figures, HDFC Bank's standalone gross advances soared to about 16.16 trillion rupees as of June end, representing a substantial 15.8 per cent growth, while deposits witnessed a notable 19.2 per cent surge to 19.13 trillion rupees. As for the combined advances of HDFC Bank Ltd. and Housing Development Finance Corp., they experienced a 13 per cent year-on-year increase, reaching 22.45 lakh crore rupees by June 30. Meanwhile, HDFC Bank's standalone advances recorded a 15.8 per cent growth, amounting to 16.55 lakh crore rupees. The merger between HDFC Bank and HDFC was announced in April 2022 and officially took effect on July 1, although the record date for delisting HDFC shares from the exchanges is set for July 13. After this date, HDFC shareholders will receive HDFC Bank shares based on the agreed-upon swap ratio of 42 shares of HDFC Bank for every 25 shares held. HDFC Bank reported impressive growth in its retail book, which rose by 20 per cent compared to the previous year, while commercial and rural banking loans experienced a similar growth rate of 20 per cent. Corporate and other wholesale loans showed an 11 per cent year-on-year increase. It's important to note that due to the timing of HDFC's financial book closure a few days before June 30, some of the merged entity's numbers are not directly comparable to the same period last year, as stated by the bank. (With Inputs from Reuters)

HDFC Bank's Mega Merger: Creating a financial powerhouse worth $273.77 billion

The colossal merger of Housing Development Finance Corporation (HDFC) and HDFC Bank in India&nbsp;has left financial advisers with little to celebrate.

The $64 billion merger between HDFC and HDFC Bank has created one of the most valuable banks worldwide. But surprisingly, the advisers involved in completing the merger are reaping meagre rewards.

Sources familiar with the matter tell Bloomberg that approximately 18 advisers involved in the merger have had to settle for a fee pool of just over $1 million. Global banking giants like Citigroup, Goldman Sachs, JPMorgan Chase, and Jefferies were among the advisers.

In an interesting twist, big players like Morgan Stanley and Bank of America will be cornering the lion's share of the fee pool, leaving the rest with only a token amount.

The reason behind this seemingly disproportionate distribution lies in the limited role the advisers played during the merger process.&nbsp;

"India is a tough place from a fee perspective unless one can offer value-added services or is structuring complex transactions," Bloomberg quoted Pranav Haldea, managing director of Prime Database Group, as saying.&nbsp;

Apparently, the board and executives, led by Deepak Parekh, the then chairman of HDFC, were the main driving force behind the merger. As a result, many of the advisers were caught off guard, only learning about the merger a day before it was announced.

With minimal work to be done on the deal, their contribution was significantly diminished.

While Morgan Stanley and Bank of America received higher compensation, as they provided a fair opinion on the valuation, the remaining advisers reportedly did not have much to contribute. However, it is important to note that these struggles are not unique to india.

Financial advisers worldwide have been grappling with a drop in the value of mergers, acquisitions, and initial public offerings, amounting to a staggering $1 trillion year-on-year decline in the first half of this year. This downturn has forced many banks to implement job cuts in their investment banking divisions globally.

HDFC among the top 10 valuable banks&nbsp;

The newly-combined HDFC is the first Indian entity to rank among the world's most valuable banks. HDFC's entry into the top 10 marks a new challenge to some of the&nbsp;largest American and Chinese lenders, who have been occupying the&nbsp;top spots for several decades now.&nbsp;

The merged entity, valued at about $172 billion, is the fourth-most valuable bank in the world, behind JPMorgan Chase &amp; Co, Industrial and Commercial Bank of China Ltd, and Bank of America, according to data compiled by Bloomberg.&nbsp;

The colossal merger of Housing Development Finance Corporation (HDFC) and HDFC Bank in India has left financial advisers with little to celebrate. The $64 billion merger between HDFC and HDFC Bank has created one of the most valuable banks worldwide.

The colossal merger of Housing Development Finance Corporation (HDFC) and HDFC Bank in India has left financial advisers with little to celebrate. The $64 billion merger between HDFC and HDFC Bank has created one of the most valuable banks worldwide. But surprisingly, the advisers involved in completing the merger are reaping meagre rewards. Sources familiar with the matter tell Bloomberg that approximately 18 advisers involved in the merger have had to settle for a fee pool of just over $1 million. Global banking giants like Citigroup, Goldman Sachs, JPMorgan Chase, and Jefferies were among the advisers. In an interesting twist, big players like Morgan Stanley and Bank of America will be cornering the lion's share of the fee pool, leaving the rest with only a token amount. The reason behind this seemingly disproportionate distribution lies in the limited role the advisers played during the merger process. "India is a tough place from a fee perspective unless one can offer value-added services or is structuring complex transactions," Bloomberg quoted Pranav Haldea, managing director of Prime Database Group, as saying. Apparently, the board and executives, led by Deepak Parekh, the then chairman of HDFC, were the main driving force behind the merger. As a result, many of the advisers were caught off guard, only learning about the merger a day before it was announced. With minimal work to be done on the deal, their contribution was significantly diminished. While Morgan Stanley and Bank of America received higher compensation, as they provided a fair opinion on the valuation, the remaining advisers reportedly did not have much to contribute. However, it is important to note that these struggles are not unique to india. Financial advisers worldwide have been grappling with a drop in the value of mergers, acquisitions, and initial public offerings, amounting to a staggering $1 trillion year-on-year decline in the first half of this year. This downturn has forced many banks to implement job cuts in their investment banking divisions globally. HDFC among the top 10 valuable banks The newly-combined HDFC is the first Indian entity to rank among the world's most valuable banks. HDFC's entry into the top 10 marks a new challenge to some of the largest American and Chinese lenders, who have been occupying the top spots for several decades now. The merged entity, valued at about $172 billion, is the fourth-most valuable bank in the world, behind JPMorgan Chase & Co, Industrial and Commercial Bank of China Ltd, and Bank of America, according to data compiled by Bloomberg.

The great $64 billion HDFC merger leaves financial advisers with little to celebrate

The merger between Housing Development Finance Corporation (HDFC) and HTFC Bank Limited in India is valued at $64 billion. Financial advisors involved in the merger are receiving low compensation, with approximately 18 advisors sharing a fee pool of just over $1 million.

Low compensation for advisors in $64 Billion HDFC bank merger raises concerns

India's HDFC Bank will soon rank among the world's most valuable banks after completing a landmark merger.

The tieup of HDFC Bank Ltd. and Housing Development Finance Corp. will make the resulting entity fourth biggest in terms of equity market capitalisation, just behind JPMorgan Chae &amp; Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp.&nbsp;

The tieup is valued at about $172 billion, Bloomberg reported.

<h2>How big will be the new HDFC Bank entity?</h2>

The new entity will have nearly 120 million customers, more than the population of Germany. The branch network will increase to over 8,300 along with a collective headcount of over 177,000 employees.

Also read |&nbsp;<a href="https://www.wionews.com/trending/india-bank-job-advertisement-says-2021-batch-students-not-eligible-then-clarifies-402664">India: Bank job advertisement says ‘2021 batch students not eligible’, then clarifies</a>

In terms of market capitalisation, the bank will leave behind its Indian competitors State Bank of India and ICICI Bank with market capitalisations of about $62 billion and $72 billion respectively, the Bloomberg report added while citing data up to June 22.&nbsp;

<h2>HDFC-HDFC Bank merger&nbsp;</h2>

The merger of housing finance major HDFC with HDFC Bank, the country's biggest private lender, will come into effect on July 1, according to HDFC Chairman Deepak Parekh. The merger will reportedly mark the biggest transaction in India's corporate history.

The merger deal of HDFC Bank and HDFC was announced on April 4 last year.

The transaction was proposed to "create a large balance sheet and net worth that would allow greater flow of credit into the economy", according to the lender.

Also watch |&nbsp;World Business Watch: HDFC Bank's net profit jumps by 18.5%

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-hdfc-banks-net-profit-jumps-by-185-552990/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The bank had said that the merger will also enable it to underwrite larger ticket loans, including infrastructure loans.

HDFC Limited offers home loans to the Low Income Group (LIG) and Middle Income Group (MIG) segments under the affordable housing initiatives of the government. "Access to housing finance for this category would be improved further on account of low-cost funds available with HDFC Bank," the bank said.

After the merger deal, HDFC Bank will be entirely owned by public shareholders.&nbsp;The existing shareholders of HDFC will own 41 per cent of the lender.

Under the 25:42 swap ratio, every shareholder of HDFC will receive 42 shares of HDFC Bank for every 25 shares they own.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

India's HDFC Bank will soon rank among the world's most valuable banks after completing a landmark merger. The tieup of HDFC Bank Ltd. and Housing Development Finance Corp.

India's HDFC Bank will soon rank among the world's most valuable banks after completing a landmark merger. The tieup of HDFC Bank Ltd. and Housing Development Finance Corp. will make the resulting entity fourth biggest in terms of equity market capitalisation, just behind JPMorgan Chae & Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp. The tieup is valued at about $172 billion, Bloomberg reported. How big will be the new HDFC Bank entity? The new entity will have nearly 120 million customers, more than the population of Germany. The branch network will increase to over 8,300 along with a collective headcount of over 177,000 employees. Also read | India: Bank job advertisement says ‘2021 batch students not eligible’, then clarifies In terms of market capitalisation, the bank will leave behind its Indian competitors State Bank of India and ICICI Bank with market capitalisations of about $62 billion and $72 billion respectively, the Bloomberg report added while citing data up to June 22. HDFC-HDFC Bank merger The merger of housing finance major HDFC with HDFC Bank, the country's biggest private lender, will come into effect on July 1, according to HDFC Chairman Deepak Parekh. The merger will reportedly mark the biggest transaction in India's corporate history. The merger deal of HDFC Bank and HDFC was announced on April 4 last year. The transaction was proposed to "create a large balance sheet and net worth that would allow greater flow of credit into the economy", according to the lender. Also watch | World Business Watch: HDFC Bank's net profit jumps by 18.5% × The bank had said that the merger will also enable it to underwrite larger ticket loans, including infrastructure loans. HDFC Limited offers home loans to the Low Income Group (LIG) and Middle Income Group (MIG) segments under the affordable housing initiatives of the government. "Access to housing finance for this category would be improved further on account of low-cost funds available with HDFC Bank," the bank said. After the merger deal, HDFC Bank will be entirely owned by public shareholders. The existing shareholders of HDFC will own 41 per cent of the lender. Under the 25:42 swap ratio, every shareholder of HDFC will receive 42 shares of HDFC Bank for every 25 shares they own. WATCH WION LIVE HERE

India's HDFC to be among world's most valuable banks after mega merger

A bank executive bashed and cursed his colleagues on a video call meeting. This was a blatant display of a toxic work environment. Have you been a part of a toxic work culture? Molly Gambhir tells you more.

Gravitas: HDFC Bank executive humiliates colleagues

An officer of the Indian lender HDFC Bank was suspended on Monday (June 5) for his alleged unruly behaviour with his colleagues during an internal meeting held online.&nbsp;

In the video which has gone viral on Twitter, the officer of a Kolkata branch in the eastern state of&nbsp;West Bengal&nbsp;can be seen yelling at his junior colleagues for failing to meet sales targets of banking and insurance products.

HDFC Bank, in a statement, said, "This bears reference to a recent social media report. Basis a preliminary enquiry in the matter, the concerned employee has been suspended and a detailed investigation has been initiated which will be undertaken as per Conduct guidelines of the Bank".

The bank further emphasised having a zero-tolerance policy for any kind of misconduct that takes place in the workplace. It added that it firmly believes that all employees should be treated with dignity and respect.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/eurozones-inflation-tumbles-fuels-rate-cut-debate-in-european-central-bank-599500">Eurozone's inflation tumbles, fuels rate cut debate in European Central Bank</a>

In the viral video, the manager was demanding that his junior employees meet the target of selling 75 insurance policies per day.&nbsp;

"How many saving and current accounts have you opened in the last two days? Tell me. You were supposed to open 15, you have opened 5," the suspended employee was heard shouting in the video.&nbsp;

<h2>Mis-selling of insurance&nbsp;</h2>

In the past years, various instances have occurred where life insurance policies have been sold to customers who are above the age of 75 years in Tier II-III cities.&nbsp;

The branches of the big banks usually try to promote the products of their subsidiary insurers.

Bank executives, who especially belong to public sector banks (PSBs), have been under immense pressure from top management to ensure that third-party products like insurance are sold.&nbsp;

In case&nbsp;the employees fail to meet targets, then they have to face informal penal actions. However, if targets are met successfully, employees enjoy perks like parties in five-star resorts.

It is usual for banks to cross-sell insurance products of their subsidiaries, as well as those of other companies as well as loan products. Several times, banks insist customers purchase their policies along with loan products.

WATCH |&nbsp;World Bank approves loan worth $50.8 mn to help Bosnia | WION Climate Tracker

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-bank-approves-loan-worth-508-mn-to-help-bosnia-wion-climate-tracker-599125/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<h2>RBI issues caution</h2>

India’s Reserve Bank of India last month held a meeting of the board of directors of all private banks and public sector banks (PSBs) to discuss issues related to ethics and governance.

The finance ministry, concerned over the increasing incidence of mis-selling, directed heads of public sector banks to ensure that a strong mechanism is put in place to stop selling insurance policies to customers unethically.&nbsp;

Several complaints of fraudulent, banks adopting unethical practices and life insurance companies procuring policies from the bank customers have been received by the Department of Financial Services, in a letter addressed to managing directors and chairpersons of public sector banks.&nbsp;

<main>
<section>
You can&nbsp;now write for&nbsp;wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>
</section>
</main>

An officer of the Indian lender HDFC Bank was suspended on Monday (June 5) for his alleged unruly behaviour with his colleagues during an internal meeting held online.

An officer of the Indian lender HDFC Bank was suspended on Monday (June 5) for his alleged unruly behaviour with his colleagues during an internal meeting held online. In the video which has gone viral on Twitter, the officer of a Kolkata branch in the eastern state of West Bengal can be seen yelling at his junior colleagues for failing to meet sales targets of banking and insurance products. HDFC Bank, in a statement, said, "This bears reference to a recent social media report. Basis a preliminary enquiry in the matter, the concerned employee has been suspended and a detailed investigation has been initiated which will be undertaken as per Conduct guidelines of the Bank". The bank further emphasised having a zero-tolerance policy for any kind of misconduct that takes place in the workplace. It added that it firmly believes that all employees should be treated with dignity and respect. ALSO READ | Eurozone's inflation tumbles, fuels rate cut debate in European Central Bank In the viral video, the manager was demanding that his junior employees meet the target of selling 75 insurance policies per day. "How many saving and current accounts have you opened in the last two days? Tell me. You were supposed to open 15, you have opened 5," the suspended employee was heard shouting in the video. Mis-selling of insurance In the past years, various instances have occurred where life insurance policies have been sold to customers who are above the age of 75 years in Tier II-III cities. The branches of the big banks usually try to promote the products of their subsidiary insurers. Bank executives, who especially belong to public sector banks (PSBs), have been under immense pressure from top management to ensure that third-party products like insurance are sold. In case the employees fail to meet targets, then they have to face informal penal actions. However, if targets are met successfully, employees enjoy perks like parties in five-star resorts. It is usual for banks to cross-sell insurance products of their subsidiaries, as well as those of other companies as well as loan products. Several times, banks insist customers purchase their policies along with loan products. WATCH | World Bank approves loan worth $50.8 mn to help Bosnia | WION Climate Tracker RBI issues caution India’s Reserve Bank of India last month held a meeting of the board of directors of all private banks and public sector banks (PSBs) to discuss issues related to ethics and governance. The finance ministry, concerned over the increasing incidence of mis-selling, directed heads of public sector banks to ensure that a strong mechanism is put in place to stop selling insurance policies to customers unethically. Several complaints of fraudulent, banks adopting unethical practices and life insurance companies procuring policies from the bank customers have been received by the Department of Financial Services, in a letter addressed to managing directors and chairpersons of public sector banks. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

HDFC employee suspended for abusing colleagues in online meeting after video goes viral

HDFC Bank India's largest private lender, reported a 18.5% jump in net profit for the October-December quarter. This has been aided by higher top-line and healthy loan growth. Watch further to know more.

World Business Watch: HDFC Bank's net profit jumps by 18.5%

An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported.

The main aim of the report was not to pinpoint that the purchase breaches the sanctions imposed by the West on Russia in the wake of the Ukrainian invasion.&nbsp;Rather it seeks to highlight the various ways Russia can sell items abroad without heavily relying on the US dollar.

Citing an invoice dated June 5 and a source familiar with the matter, Reuters reported that HDFC Bank backed cement maker Ultratech's purchase of Russian coal from producer and trader SUEK for 172.7 million yuan ($25.74 million).

The HDFC Bank’s Mumbai branch of Andheri East issued the letter of credit for the deal, according to the invoice.

The dollar is the currency of choice for global trade in raw materials, but some traders say the yuan could be increasingly used to settle payments for supplies from Russia.

In the invoice, SUEK requests Ultratech remit the 172.7 million yuan to SUEK's account at the Shanghai branch of China Everbright Bank. SUEK lists the Hong Kong branch of international lender HSBC as the correspondent bank. &nbsp;A correspondent bank acts as a middleman in the transfer of money from one bank to another.

Reuters could not determine if a payment had been received by China Everbright or if HSBC or any other bank was involved in a transfer of funds. HDFC Bank and HSBC declined to comment. Ultratech, SUEK and China Everbright Bank did not respond to requests for comment.&nbsp;

It was not clear from the invoice which currencies were used to effect the yuan payment. The amount listed was quoted in Chinese yuan and Reuters reported last week that Ultratech imported 157,000 tonnes of coal from Switzerland-registered SUEK and agreed to settle the final payment in that currency.

Greater use of the yuan to settle payments could help insulate Moscow from punishment and bolster Beijing's push to further internationalise the yuan and chip away at the dominance of the U.S. dollar in global trade.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

&nbsp;

An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported.

An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported. The main aim of the report was not to pinpoint that the purchase breaches the sanctions imposed by the West on Russia in the wake of the Ukrainian invasion. Rather it seeks to highlight the various ways Russia can sell items abroad without heavily relying on the US dollar. Citing an invoice dated June 5 and a source familiar with the matter, Reuters reported that HDFC Bank backed cement maker Ultratech's purchase of Russian coal from producer and trader SUEK for 172.7 million yuan ($25.74 million). The HDFC Bank’s Mumbai branch of Andheri East issued the letter of credit for the deal, according to the invoice. The dollar is the currency of choice for global trade in raw materials, but some traders say the yuan could be increasingly used to settle payments for supplies from Russia. In the invoice, SUEK requests Ultratech remit the 172.7 million yuan to SUEK's account at the Shanghai branch of China Everbright Bank. SUEK lists the Hong Kong branch of international lender HSBC as the correspondent bank. A correspondent bank acts as a middleman in the transfer of money from one bank to another. Reuters could not determine if a payment had been received by China Everbright or if HSBC or any other bank was involved in a transfer of funds. HDFC Bank and HSBC declined to comment. Ultratech, SUEK and China Everbright Bank did not respond to requests for comment. It was not clear from the invoice which currencies were used to effect the yuan payment. The amount listed was quoted in Chinese yuan and Reuters reported last week that Ultratech imported 157,000 tonnes of coal from Switzerland-registered SUEK and agreed to settle the final payment in that currency. Greater use of the yuan to settle payments could help insulate Moscow from punishment and bolster Beijing's push to further internationalise the yuan and chip away at the dominance of the U.S. dollar in global trade. (With inputs from agencies) WATCH WION LIVE HERE

Indian cement maker used yuan to purchase Russian coal: Report

HDFC Bank, India's largest private lender, is buying its largest shareholder in a $40 billion deal, the country's largest ever, to create a financial services behemoth that can better meet surging credit demand.

HDFC Bank's collaboration with housing finance giant HDFC Ltd, which controls around 21% of the lender, will boost the bank's 68 million customers and dramatically extend its home loan portfolio, while also allowing for larger loans.

It will also help HDFC Bank close the gap with the state-run lender and bigger rival State Bank of India, while increasing competition in the home credit market as the pandemic's effects fade.&nbsp;

Several observers say that the merger's timing caught everyone off guard, and that it is a win-win situation for all parties.&nbsp;

"Clients will gain the most from the synergy created by the combination of HDFC Limited and HDFC Bank Limited, whether they are bank account holders, mortgage customers, or insurance customers," In an interview with Zee Media, Vibha Padalkar, Managing Director and Chief Executive Officer of HDFC Life, said.

In terms of total assets, the merger, which is anticipated to be completed in 18 months, would dramatically increase the bank's advantage over rival private sector peers ICICI Bank Ltd. and Axis Bank Ltd.

According to data as of December 31, the amalgamated HDFC Bank will have a loan book of Rs 17.9 trillion, far ahead of ICICI Bank's Rs 8.14 trillion and Axis Bank's Rs 6.65 trillion.

At the end of December, India's largest lender, State Bank of India (SBI), had total loans of Rs 26.64 trillion.&nbsp;

The merger comes as the Reserve Bank of India (RBI) continues to tighten non-bank lending regulations in order to bring them up to par with banks, leaving giant shadow banks with little incentive to operate independently.

In the midst of a surge in demand for house loans, the combined firm will benefit from adding a huge portfolio of mortgages.&nbsp;

(With inputs from agencies)

HDFC Bank, India's largest private lender, is buying its largest shareholder in a $40 billion deal, the country's largest ever, to create a financial services behemoth that can better meet surging credit demand.

HDFC Bank, India's largest private lender, is buying its largest shareholder in a $40 billion deal, the country's largest ever, to create a financial services behemoth that can better meet surging credit demand. HDFC Bank's collaboration with housing finance giant HDFC Ltd, which controls around 21% of the lender, will boost the bank's 68 million customers and dramatically extend its home loan portfolio, while also allowing for larger loans. It will also help HDFC Bank close the gap with the state-run lender and bigger rival State Bank of India, while increasing competition in the home credit market as the pandemic's effects fade. Several observers say that the merger's timing caught everyone off guard, and that it is a win-win situation for all parties. "Clients will gain the most from the synergy created by the combination of HDFC Limited and HDFC Bank Limited, whether they are bank account holders, mortgage customers, or insurance customers," In an interview with Zee Media, Vibha Padalkar, Managing Director and Chief Executive Officer of HDFC Life, said. In terms of total assets, the merger, which is anticipated to be completed in 18 months, would dramatically increase the bank's advantage over rival private sector peers ICICI Bank Ltd. and Axis Bank Ltd. According to data as of December 31, the amalgamated HDFC Bank will have a loan book of Rs 17.9 trillion, far ahead of ICICI Bank's Rs 8.14 trillion and Axis Bank's Rs 6.65 trillion. At the end of December, India's largest lender, State Bank of India (SBI), had total loans of Rs 26.64 trillion. The merger comes as the Reserve Bank of India (RBI) continues to tighten non-bank lending regulations in order to bring them up to par with banks, leaving giant shadow banks with little incentive to operate independently. In the midst of a surge in demand for house loans, the combined firm will benefit from adding a huge portfolio of mortgages. (With inputs from agencies)

In India's largest-ever M&A, HDFC to merge with HDFC Bank

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India.

After the border provocation, investment opportunities for China in India have become very limited.&nbsp;As part of new restrictions, all investments coming in from China will be watched, reported&nbsp;and scrutinised.&nbsp;A report from August 18 claimed that one of India’s most prominent banks ICICI has a new investor.

Who is the investor?

The&nbsp;investor is the People’s Bank of China, which is the central bank of the Chinese state.&nbsp;The same institution had invested in India’s HDFC limited in March.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-chinas-avenues-to-invest-in-india-are-shrinking-321556/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Recently, ICICI Bank raised Rs 15,000 crore from the market (over $2 billion). It is referred to as a Qualified Institutional Placement Exercise(QIP), which is a way for listed companies to raise capital without submitting legal paperwork or undergoing regulatory approvals.

Also read:&nbsp;<a href="/business-economy/chinas-central-bank-buys-175-crore-shares-in-hdfc-raises-stake-to-over-1-292242" hreflang="en">China's central bank buys 1.75 crore shares in HDFC, raises stake to over 1%</a>

The People’s Bank of China (PBC), then invested Rs 15 crore (over $2 million) and over 300 investors participated in the&nbsp;exercise. According to one claim, the PBC’s stake in ICICI is 0.0006, which is rather minuscule and owing to the fresh curbs for Chinese companies in India, it may not go up at all.

In March, HDFC limited reported that the PBC owns a little more than one per cent of its shares.&nbsp;The PBC had bought these shares from the open market, which is why the Indian government introduced new rules.&nbsp;Any investor from India’s border nations now needs government approval for investment.

Simply put, China can no longer just buy shares from the market. All Chinese companies will need to go through a government approval process first.

Long underway

Even before the border standoff in Ladakh, the Indian government had taken a stand against Chinese investments.&nbsp;In May, India’s finance minister Nirmala Sitharaman in a chat with&nbsp;WION promised more safeguards against hostile takeovers.

Now, India is taking specific and targeted measures to curb the flow of Chinese cash in the Indian economy.&nbsp;Chinese companies have now been restricted from participating in public procurement bids.&nbsp;In June, India made it mandatory for sellers on the government e-marketplace portals to clarify the country of origin of their goods.&nbsp;Following that, restrictions were placed on colour TV imports from China.

India is now considering measures to prevent trade partners in Southeast Asia from re-rerouting Chinese goods to India.

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India. After the border provocation, investment opportunities for China in India have become very limited.

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India. After the border provocation, investment opportunities for China in India have become very limited. As part of new restrictions, all investments coming in from China will be watched, reported and scrutinised. A report from August 18 claimed that one of India’s most prominent banks ICICI has a new investor. Who is the investor? The investor is the People’s Bank of China, which is the central bank of the Chinese state. The same institution had invested in India’s HDFC limited in March. Recently, ICICI Bank raised Rs 15,000 crore from the market (over $2 billion). It is referred to as a Qualified Institutional Placement Exercise(QIP), which is a way for listed companies to raise capital without submitting legal paperwork or undergoing regulatory approvals. Also read: China's central bank buys 1.75 crore shares in HDFC, raises stake to over 1% The People’s Bank of China (PBC), then invested Rs 15 crore (over $2 million) and over 300 investors participated in the exercise. According to one claim, the PBC’s stake in ICICI is 0.0006, which is rather minuscule and owing to the fresh curbs for Chinese companies in India, it may not go up at all. In March, HDFC limited reported that the PBC owns a little more than one per cent of its shares. The PBC had bought these shares from the open market, which is why the Indian government introduced new rules. Any investor from India’s border nations now needs government approval for investment. Simply put, China can no longer just buy shares from the market. All Chinese companies will need to go through a government approval process first. Long underway Even before the border standoff in Ladakh, the Indian government had taken a stand against Chinese investments. In May, India’s finance minister Nirmala Sitharaman in a chat with WION promised more safeguards against hostile takeovers. Now, India is taking specific and targeted measures to curb the flow of Chinese cash in the Indian economy. Chinese companies have now been restricted from participating in public procurement bids. In June, India made it mandatory for sellers on the government e-marketplace portals to clarify the country of origin of their goods. Following that, restrictions were placed on colour TV imports from China. India is now considering measures to prevent trade partners in Southeast Asia from re-rerouting Chinese goods to India.

Now, People’s Bank of China eyes another Indian bank

China is trying to exploit a crisis of its own making. First, the virus from China hit economies, now investors from China are taking over companies across the globe.

Governments in Australia and Europe are trying to check Chinese investments. Rules have been amended, scrutiny has been tightened. And now, India can be added to that list.&nbsp;

India's market regulator Sebi has sought details of all Chinese investments. China's Central Bank had bought shares in HDFC limited which is one of the biggest lenders in India. People's Bank of China now owns a little more than one per cent of HDFC.

Many are questioning this transaction. They are concerned about the possibility of a hostile takeover while that is unlikely.&nbsp; 
&nbsp; 
China's central bank owned 0.8 per cent of HDFC before, however, when the markets collapsed and HDFC's share value tumbled, they bought more shares.

Shareholding below one per cent is not disclosed, and thus, China's Central Bank was able to fly under the radar.

But China will not get a free pass anymore, because India is stepping up its scrutiny of Chinese investors. 
 
Transactions by Chinese companies and banks will be closely monitored now, especially, when the value of a stock is at historical lows. Both existing and new investments will be scrutinised.

The coronavirus outbreak has unleashed a global recession. There is a fear that Chinese investors could raid the global markets and buy failing companies for cheap to extend Beijing's influence on the global economy.

 
&nbsp; 
&nbsp;

China is trying to exploit a crisis of its own making. First, the virus from China hit economies, now investors from China are taking over companies across the globe.

China is trying to exploit a crisis of its own making. First, the virus from China hit economies, now investors from China are taking over companies across the globe. Governments in Australia and Europe are trying to check Chinese investments. Rules have been amended, scrutiny has been tightened. And now, India can be added to that list. India's market regulator Sebi has sought details of all Chinese investments. China's Central Bank had bought shares in HDFC limited which is one of the biggest lenders in India. People's Bank of China now owns a little more than one per cent of HDFC. Many are questioning this transaction. They are concerned about the possibility of a hostile takeover while that is unlikely. China's central bank owned 0.8 per cent of HDFC before, however, when the markets collapsed and HDFC's share value tumbled, they bought more shares. Shareholding below one per cent is not disclosed, and thus, China's Central Bank was able to fly under the radar. But China will not get a free pass anymore, because India is stepping up its scrutiny of Chinese investors. Transactions by Chinese companies and banks will be closely monitored now, especially, when the value of a stock is at historical lows. Both existing and new investments will be scrutinised. The coronavirus outbreak has unleashed a global recession. There is a fear that Chinese investors could raid the global markets and buy failing companies for cheap to extend Beijing's influence on the global economy.

Sebi seeks details of Chinese investments in India

China's central bank the people’s bank of china popularly known as People's Bank of China (PBOC) has purchased 1.75 crore shares in one of India's largest housing finance lenders, HDFC.&nbsp;

According to reports the deal that possibly happened in the March quarter has raised the total stake of PBOC in Indian firm to a little over 1 per cent. &nbsp;The shares of HDFC have come down by over 32% since the slide of Indian markets begun to post the outbreak of coronavirus.​&nbsp;

HDFC also owns over 20 per cent stake in HDFC bank, India's leading private sector bank. PBOC, an existing shareholder of HDFC earlier owned 0.8 per cent in the company as of March 2019.&nbsp;

The disclosure to stock exchanges has been made now since the stake has hit the 1 per cent regulatory threshold.&nbsp;

Amid the stock market crash, china has been buying stakes across major Asian financial institutions. Earlier in 2014, PBOC had picked up stakes in many high profile Italian companies during the eurozone debt crisis.

According to reports, Chinese banks were looking for newer avenues of investments in India.

The price at which shares were purchased could not be confirmed.HDFC stock saw a 33 per cent correction during the January-March quarter - from Rs 2,433.75 on January 1 to Rs 1,630.45 on March 31.

It had hit a low of Rs 1,501.80 apiece on the BSE on March 24, from where it saw a sharp rally to Rs 1,754 on March 27.

Central banks typically have investments in various asset classes including gold, foreign currencies and also bonds, including both government and corporate ones.&nbsp;

(With inputs from agencies)

China's central bank the people’s bank of china popularly known as People's Bank of China (PBOC) has purchased 1.75 crore shares in one of India's largest housing finance lenders, HDFC.

China's central bank the people’s bank of china popularly known as People's Bank of China (PBOC) has purchased 1.75 crore shares in one of India's largest housing finance lenders, HDFC. According to reports the deal that possibly happened in the March quarter has raised the total stake of PBOC in Indian firm to a little over 1 per cent. The shares of HDFC have come down by over 32% since the slide of Indian markets begun to post the outbreak of coronavirus. HDFC also owns over 20 per cent stake in HDFC bank, India's leading private sector bank. PBOC, an existing shareholder of HDFC earlier owned 0.8 per cent in the company as of March 2019. The disclosure to stock exchanges has been made now since the stake has hit the 1 per cent regulatory threshold. Amid the stock market crash, china has been buying stakes across major Asian financial institutions. Earlier in 2014, PBOC had picked up stakes in many high profile Italian companies during the eurozone debt crisis. According to reports, Chinese banks were looking for newer avenues of investments in India. The price at which shares were purchased could not be confirmed.HDFC stock saw a 33 per cent correction during the January-March quarter - from Rs 2,433.75 on January 1 to Rs 1,630.45 on March 31. It had hit a low of Rs 1,501.80 apiece on the BSE on March 24, from where it saw a sharp rally to Rs 1,754 on March 27. Central banks typically have investments in various asset classes including gold, foreign currencies and also bonds, including both government and corporate ones. (With inputs from agencies)

China's central bank  buys 1.75 crore shares in HDFC, raises stake to over 1%

HDFC Bank Ltd, India's largest private lender, on Saturday posted a nearly 33 per cent jump in standalone net profit for the quarter to December helped by growth in its loans portfolio.

HDFC Bank reported a net profit of 74.16 billion Indian rupees ($1.04 billion) for its third quarter, up from 55.86 billion a year earlier, it said in a regulatory filing.

That topped the 70.59 billion rupees expected by analysts on average, data showed.

Gross bad loans increased to 1.42 per cent of total loans from 1.38 per cent.

The bank's net interest margin (NIM), an indicator of profitability, remained stable at 4.2 per cent.

At a time when the industry has seen subdued loan growth, the bank saw its grow 19.9 per cent.

Deposits grew by 25.2 per cent, the bank said.

The bank remains well capitalised, with a capital adequacy ratio of 18.5 per cent&nbsp;at the end of the quarter, well above the regulatory requirement.

HDFC Bank Ltd, India's largest private lender, on Saturday posted a nearly 33 per cent jump in standalone net profit for the quarter to December helped by growth in its loans portfolio.

HDFC Bank Ltd, India's largest private lender, on Saturday posted a nearly 33 per cent jump in standalone net profit for the quarter to December helped by growth in its loans portfolio. HDFC Bank reported a net profit of 74.16 billion Indian rupees ($1.04 billion) for its third quarter, up from 55.86 billion a year earlier, it said in a regulatory filing. That topped the 70.59 billion rupees expected by analysts on average, data showed. Gross bad loans increased to 1.42 per cent of total loans from 1.38 per cent. The bank's net interest margin (NIM), an indicator of profitability, remained stable at 4.2 per cent. At a time when the industry has seen subdued loan growth, the bank saw its grow 19.9 per cent. Deposits grew by 25.2 per cent, the bank said. The bank remains well capitalised, with a capital adequacy ratio of 18.5 per cent at the end of the quarter, well above the regulatory requirement.

HDFC Bank third-quarter net up 33 per cent on loan growth, beats estimates

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable.

Moody's revised its outlook of six FIs to negative from stable. They are Exim India, HDFC Bank, Hero FinCorp, Housing and Urban Development Corporation, Indian Railway Finance Corporation and State Bank of India. The rating outlooks for Bank of India, Canara Bank, Syndicate Bank and Union Bank of India are maintained at stable.

Separately, Moody's downgraded the long-term counterparty risk assessment and long-term local currency counterparty risk rating of HDFC Bank's Bahrain branch and ICICI Bank's Bahrain Branch to Ba2(cr) from Ba1(cr) and Ba2 from Ba1 to align these ratings with Bahrain's local currency ceilings.

Also for ICICI Bank Bahrain Branch, Moody's downgraded the long-term foreign currency senior unsecured medium-term note programme rating and subordinate medium-term note programme rating to (P)Ba3 from (P)Ba2 to align these ratings with Bahrain's foreign currency bond ceiling.

Besides, Moody's changed the outlook to negative on ratings of eight non-financial corporates. They include Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd, Oil and Natural Gas Corporation Ltd, Oil India Ltd, Petronet LNG Ltd, Infosys Ltd and Tata Consultancy Services Ltd.

Similar action was taken against eight sovereign-linked infrastructure companies. They include NTPC Ltd, NHPC Ltd, National Highways Authority of India, Gail India Ltd, Power Grid Corporation of India Ltd, Adani Green Energy Restricted Group (RG-2) comprising of Wardha Solar (Maharashtra) Pvt Ltd, Adani Renewable Energy Ltd and Adani Transmission Restricted Group.

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable.

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable. Moody's revised its outlook of six FIs to negative from stable. They are Exim India, HDFC Bank, Hero FinCorp, Housing and Urban Development Corporation, Indian Railway Finance Corporation and State Bank of India. The rating outlooks for Bank of India, Canara Bank, Syndicate Bank and Union Bank of India are maintained at stable. Separately, Moody's downgraded the long-term counterparty risk assessment and long-term local currency counterparty risk rating of HDFC Bank's Bahrain branch and ICICI Bank's Bahrain Branch to Ba2(cr) from Ba1(cr) and Ba2 from Ba1 to align these ratings with Bahrain's local currency ceilings. Also for ICICI Bank Bahrain Branch, Moody's downgraded the long-term foreign currency senior unsecured medium-term note programme rating and subordinate medium-term note programme rating to (P)Ba3 from (P)Ba2 to align these ratings with Bahrain's foreign currency bond ceiling. Besides, Moody's changed the outlook to negative on ratings of eight non-financial corporates. They include Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd, Oil and Natural Gas Corporation Ltd, Oil India Ltd, Petronet LNG Ltd, Infosys Ltd and Tata Consultancy Services Ltd. Similar action was taken against eight sovereign-linked infrastructure companies. They include NTPC Ltd, NHPC Ltd, National Highways Authority of India, Gail India Ltd, Power Grid Corporation of India Ltd, Adani Green Energy Restricted Group (RG-2) comprising of Wardha Solar (Maharashtra) Pvt Ltd, Adani Renewable Energy Ltd and Adani Transmission Restricted Group.

Moody's takes rating action on 12 Indian FIs, 8 corporates, 8 sovereign-linked infra firms

Indian shares settled lower for a fourth straight session on Tuesday, weighed down by losses in financial stocks, with State Bank of India closing at an over one-month low.

The broader NSE Nifty ended 0.13% lower at 11,331.05, while the benchmark BSE Sensex closed down 0.13% at 37,982.74. Both closed at their lowest since mid-May.

State Bank of India dropped 2.5% and was the biggest percentage loser on both the indexes. The Nifty PSU Bank index fell 3.1%.

HDFC Bank Ltd, the country's biggest lender by market value, slipped 1.5% while its largest shareholder Housing Development Finance Corporation Ltd fell 2.2%.

Power Grid Corporation of India Ltd was the top gainer, closing 3.1% higher.

Indian shares settled lower for a fourth straight session on Tuesday, weighed down by losses in financial stocks, with State Bank of India closing at an over one-month low.

Indian shares settled lower for a fourth straight session on Tuesday, weighed down by losses in financial stocks, with State Bank of India closing at an over one-month low. The broader NSE Nifty ended 0.13% lower at 11,331.05, while the benchmark BSE Sensex closed down 0.13% at 37,982.74. Both closed at their lowest since mid-May. State Bank of India dropped 2.5% and was the biggest percentage loser on both the indexes. The Nifty PSU Bank index fell 3.1%. HDFC Bank Ltd, the country's biggest lender by market value, slipped 1.5% while its largest shareholder Housing Development Finance Corporation Ltd fell 2.2%. Power Grid Corporation of India Ltd was the top gainer, closing 3.1% higher.

Sensex, Nifty close lowest since mid-May, financials hurt most

Indian shares ended lower for a third straight session on Monday as financial stocks took a beating, with HDFC Bank Ltd closing at an over two-month low after quarterly provisions surged and asset quality deteriorated.

The broader NSE Nifty ended 0.64% lower at 11,346.2, while the benchmark BSE Sensex closed down 0.8% at 38,031.13. Both indexes marked their worst closing levels since mid-May.

Lending bellwether HDFC Bank, down 3.1%, was among the top drags on the indexes, after provisions jumped over 60%, gross bad loans ticked up, and loan growth slowed.

Housing Development Finance Corporation Ltd, which holds the biggest stake in HDFC Bank, was the biggest percentage loser on the indexes, closing 5.1% lower.

Meanwhile, Yes Bank Ltd surged 9.5% and miner Vedanta Ltd advanced 3.7%.

Indian shares ended lower for a third straight session on Monday as financial stocks took a beating, with HDFC Bank Ltd closing at an over two-month low after quarterly provisions surged and asset quality deteriorated.

Indian shares ended lower for a third straight session on Monday as financial stocks took a beating, with HDFC Bank Ltd closing at an over two-month low after quarterly provisions surged and asset quality deteriorated. The broader NSE Nifty ended 0.64% lower at 11,346.2, while the benchmark BSE Sensex closed down 0.8% at 38,031.13. Both indexes marked their worst closing levels since mid-May. Lending bellwether HDFC Bank, down 3.1%, was among the top drags on the indexes, after provisions jumped over 60%, gross bad loans ticked up, and loan growth slowed. Housing Development Finance Corporation Ltd, which holds the biggest stake in HDFC Bank, was the biggest percentage loser on the indexes, closing 5.1% lower. Meanwhile, Yes Bank Ltd surged 9.5% and miner Vedanta Ltd advanced 3.7%.

Nifty, Sensex close lower as HDFC Bank drags

Forbes ‘Global 2000’: Reliance Industries dominates India list; banks shine

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks.

The 30-share Sensex index jumped 177.51 points, or 0.49 per cent, to close at 38,862.23, while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95.

Tata Steel was the biggest gainer in the Sensex pack, rising 3.36 per cent, followed by Vedanta, Bajaj Finance, TCS, IndusInd Bank, Infosys, ONGC, Kotak Bank, HDFC Bank, HDFC, M&amp;M and ITC.

On the other hand, SBI, PowerGrid, Hero MotoCorp, NTPC, Sun Pharma, HUL, HCL Tech, Yes Bank and Asian Paints were among the top losers, shedding up to 1.46 per cent.

The market ended on a positive note with broad-based gains post two days of consolidation supported by favourable global cues on account of progress in US-China trade talks, said Vinod Nair, Head of Research, Geojit Financial Services.

US President Donald Trump on Friday said the United States and China are close to a trade agreement and something very "monumental" could be announced in the next four weeks.

Top Chinese and US officials are meeting in Washington to reach an agreement after the world's two biggest economies imposed tariffs on goods worth more than $360 billion.

"Metals and IT index outperformed given improvement in global investor sentiment and dollar strength. Mid and small caps were outperforming on account of relative value buying opportunities compared to large caps. Going ahead, investors focus will be on Q4 results season starting next&nbsp; 
week," Nair added.

The BSE metal, realty, Teck, IT, basic materials, finance and oil and gas indices ended in the green, gaining up to 2.03 per cent.

Broader indices too ended on a positive note, with the BSE Midcap and Smallcap rising up to 0.72 per cent.

Meanwhile, foreign institutional investors (FIIs) pulled out a net Rs 226.19 crore Thursday, while domestic institutional investors (DIIs) net bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed.

In Asia, Korea's Kospi inched up 0.14 per cent, Japan's Nikkei climbed 0.38 per cent and Topix gained 0.35 per cent.

In Europe, Frankfurt's DAX was down 0.16 per cent, while Paris CAC 40 rose 0.07 per cent, and London's FTSE moved up 0.07 per cent in early deals. 
On the macro front, the benchmark Brent crude futures slipped 0.30 per cent to $69.19 per barrel.

The rupee depreciated 7 paise to 69.24 against the US dollar intra-day.&nbsp;

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks.

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks. The 30-share Sensex index jumped 177.51 points, or 0.49 per cent, to close at 38,862.23, while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95. Tata Steel was the biggest gainer in the Sensex pack, rising 3.36 per cent, followed by Vedanta, Bajaj Finance, TCS, IndusInd Bank, Infosys, ONGC, Kotak Bank, HDFC Bank, HDFC, M&M and ITC. On the other hand, SBI, PowerGrid, Hero MotoCorp, NTPC, Sun Pharma, HUL, HCL Tech, Yes Bank and Asian Paints were among the top losers, shedding up to 1.46 per cent. The market ended on a positive note with broad-based gains post two days of consolidation supported by favourable global cues on account of progress in US-China trade talks, said Vinod Nair, Head of Research, Geojit Financial Services. US President Donald Trump on Friday said the United States and China are close to a trade agreement and something very "monumental" could be announced in the next four weeks. Top Chinese and US officials are meeting in Washington to reach an agreement after the world's two biggest economies imposed tariffs on goods worth more than $360 billion. "Metals and IT index outperformed given improvement in global investor sentiment and dollar strength. Mid and small caps were outperforming on account of relative value buying opportunities compared to large caps. Going ahead, investors focus will be on Q4 results season starting next week," Nair added. The BSE metal, realty, Teck, IT, basic materials, finance and oil and gas indices ended in the green, gaining up to 2.03 per cent. Broader indices too ended on a positive note, with the BSE Midcap and Smallcap rising up to 0.72 per cent. Meanwhile, foreign institutional investors (FIIs) pulled out a net Rs 226.19 crore Thursday, while domestic institutional investors (DIIs) net bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed. In Asia, Korea's Kospi inched up 0.14 per cent, Japan's Nikkei climbed 0.38 per cent and Topix gained 0.35 per cent. In Europe, Frankfurt's DAX was down 0.16 per cent, while Paris CAC 40 rose 0.07 per cent, and London's FTSE moved up 0.07 per cent in early deals. On the macro front, the benchmark Brent crude futures slipped 0.30 per cent to $69.19 per barrel. The rupee depreciated 7 paise to 69.24 against the US dollar intra-day.

Sensex ends 178 points higher, Nifty tops 11,600

The benchmark BSE Sensex plunged over 325 points and slipped below the 38,000-mark in early trade Monday, in tandem with weak global cues and depreciating rupee.

The 30-share index, which had lost 222.14 points on Friday, was trading lower by 325.49 points, or 0.85 per cent, at 37,845.24.

Reflecting the bearish mood, all the sectoral indices, led by realty, metal and auto, were trading in the negative zone with losses of up to 1.57 per cent.

Similarly, the NSE Nifty fell 103.90 points, or 0.78 per cent, to 11,353 after hitting a low of 11,342.90.

Brokers said, besides profit-booking in recent gainers, rupee's fall below the 69-mark against the dollar and weak cues from global markets weighed on investor sentiments.

Global cues turned weak tracking Friday's sell-off on the Wall Street after a weak manufacturing data from the US and Europe raised fears of an economic slowdown.

Laggards in domestic equities were Vedanta Ltd, Sun Pharma, Tata Steel, Kotak Bank, SBI, Tata Motors, RIL, ICICI Bank, Yes Bank, HDFC Ltd, Axis Bank, M&amp;M, L&amp;T, IndusInd Bank, ITC Ltd, HCL Tech, Bajaj Auto, HDFC Bank and Infosys, falling by up to 2.16 per cent.

Bucking the trend, shares Coal India, Maruti Suzuki and Hero MotoCorp rose up to 0.84 per cent.

Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds bought shares to the tune of Rs 1,374.57 core in Friday's trade, provisional data showed.

Globally, Hong Kong's Hang Seng plunged 2 per cent, while Japan's Nikkei dropped 3.14 per cent, Shanghai Composite Index fell 1.37 per cent in early trade. Singapore's Straits Times dropped 1.39 per cent. Taiwan Index shed 1.48 per cent.

The US Dow Jones Industrial Average had ended 1.77 per cent lower on Friday.

The benchmark BSE Sensex plunged over 325 points and slipped below the 38,000-mark in early trade Monday, in tandem with weak global cues and depreciating rupee.

The benchmark BSE Sensex plunged over 325 points and slipped below the 38,000-mark in early trade Monday, in tandem with weak global cues and depreciating rupee. The 30-share index, which had lost 222.14 points on Friday, was trading lower by 325.49 points, or 0.85 per cent, at 37,845.24. Reflecting the bearish mood, all the sectoral indices, led by realty, metal and auto, were trading in the negative zone with losses of up to 1.57 per cent. Similarly, the NSE Nifty fell 103.90 points, or 0.78 per cent, to 11,353 after hitting a low of 11,342.90. Brokers said, besides profit-booking in recent gainers, rupee's fall below the 69-mark against the dollar and weak cues from global markets weighed on investor sentiments. Global cues turned weak tracking Friday's sell-off on the Wall Street after a weak manufacturing data from the US and Europe raised fears of an economic slowdown. Laggards in domestic equities were Vedanta Ltd, Sun Pharma, Tata Steel, Kotak Bank, SBI, Tata Motors, RIL, ICICI Bank, Yes Bank, HDFC Ltd, Axis Bank, M&M, L&T, IndusInd Bank, ITC Ltd, HCL Tech, Bajaj Auto, HDFC Bank and Infosys, falling by up to 2.16 per cent. Bucking the trend, shares Coal India, Maruti Suzuki and Hero MotoCorp rose up to 0.84 per cent. Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds bought shares to the tune of Rs 1,374.57 core in Friday's trade, provisional data showed. Globally, Hong Kong's Hang Seng plunged 2 per cent, while Japan's Nikkei dropped 3.14 per cent, Shanghai Composite Index fell 1.37 per cent in early trade. Singapore's Straits Times dropped 1.39 per cent. Taiwan Index shed 1.48 per cent. The US Dow Jones Industrial Average had ended 1.77 per cent lower on Friday.

Sensex falls over 325 points on weak global cues

The BSE <a href="http://www.wionews.com/business-economy/sensex-drops-241-points-ahead-of-macro-data-releases-bank-it-stocks-crack-197158">Sensex fell </a>over 100 points in early trade Thursday on heavy foreign fund outflows amid rising global crude prices and a subdued trend at other Asian bourses.

The 30-share barometer, which had lost 840 points in the previous five sessions, was trading 120.01 points, or 0.33 per cent, lower at 35,914.10.

On similar lines, the NSE Nifty was down 40.95 points, or 0.38 per cent, at 10,752.70 points.

Traders said sentiment remained bearish on continued withdrawal of funds by foreign institutional investors and surging crude prices overseas.&nbsp;

Foreign portfolio investors sold shares worth a net Rs 676.63 crore, while domestic institutional investors bought shares worth a net Rs 713.10 crore Wednesday, provisional data showed.&nbsp;

In morning session on Sensex, the laggards that dragged the key indices down were Bharti Airtel, Coal India, NTPC, Kotak Bank, HUL, Bajaj Finance, RIL, PowerGrid, HDFC Bank, Infosys, HCL Tech, Asian Paint, ONGC, TCS, SBI, M&amp;M, HDFC, Tata Steel and IndusInd Bank, falling up to 2.48 per cent.

However, Yes Bank rallied up to 20 per cent after the Reserve Bank of India (RBI) said it had not found any divergence in the asset classification and provisioning done by the lender during 2017-18.

RBI assesses compliance by banks with extant prudential norms on income recognition, asset classification and provisioning (IRACP) as part of its supervisory processes.&nbsp;

Sectorally, oil and gas, realty, PSU, consumer durables, IT and metal indices led the losses, falling up to 1.44 per cent. &nbsp;

Meanwhile, the rupee depreciated 14 paise to 70.94 against the dollar. 
Brent crude futures were trading higher by 0.46 per cent at US $63.90 per barrel.

Stocks of state-run oil marketing companies such as IOC, BPCL and HPCL were down by up to 1.50 per cent.

A weak trend at other Asian markets too dented domestic trading sentiments, traders added.

Hong Kong's Hang Seng was down 0.50 per cent, Shanghai's Composite Index fell 0.32 per cent, Singapore's Straits Times shed 0.15 per cent and Korea's Kospi slipped 0.44 per cent. Japan's Nikkei, however, was a shade higher in late morning deals.

On Wall Street, the US Dow Jones Industrial Average ended 0.46 per cent higher in Wednesday's trade.&nbsp;

The BSE Sensex fell over 100 points in early trade Thursday on heavy foreign fund outflows amid rising global crude prices and a subdued trend at other Asian bourses.

The BSE Sensex fell over 100 points in early trade Thursday on heavy foreign fund outflows amid rising global crude prices and a subdued trend at other Asian bourses. The 30-share barometer, which had lost 840 points in the previous five sessions, was trading 120.01 points, or 0.33 per cent, lower at 35,914.10. On similar lines, the NSE Nifty was down 40.95 points, or 0.38 per cent, at 10,752.70 points. Traders said sentiment remained bearish on continued withdrawal of funds by foreign institutional investors and surging crude prices overseas. Foreign portfolio investors sold shares worth a net Rs 676.63 crore, while domestic institutional investors bought shares worth a net Rs 713.10 crore Wednesday, provisional data showed. In morning session on Sensex, the laggards that dragged the key indices down were Bharti Airtel, Coal India, NTPC, Kotak Bank, HUL, Bajaj Finance, RIL, PowerGrid, HDFC Bank, Infosys, HCL Tech, Asian Paint, ONGC, TCS, SBI, M&M, HDFC, Tata Steel and IndusInd Bank, falling up to 2.48 per cent. However, Yes Bank rallied up to 20 per cent after the Reserve Bank of India (RBI) said it had not found any divergence in the asset classification and provisioning done by the lender during 2017-18. RBI assesses compliance by banks with extant prudential norms on income recognition, asset classification and provisioning (IRACP) as part of its supervisory processes. Sectorally, oil and gas, realty, PSU, consumer durables, IT and metal indices led the losses, falling up to 1.44 per cent. Meanwhile, the rupee depreciated 14 paise to 70.94 against the dollar. Brent crude futures were trading higher by 0.46 per cent at US $63.90 per barrel. Stocks of state-run oil marketing companies such as IOC, BPCL and HPCL were down by up to 1.50 per cent. A weak trend at other Asian markets too dented domestic trading sentiments, traders added. Hong Kong's Hang Seng was down 0.50 per cent, Shanghai's Composite Index fell 0.32 per cent, Singapore's Straits Times shed 0.15 per cent and Korea's Kospi slipped 0.44 per cent. Japan's Nikkei, however, was a shade higher in late morning deals. On Wall Street, the US Dow Jones Industrial Average ended 0.46 per cent higher in Wednesday's trade.

Sensex drops over 100 points on weak global cues, foreign fund outflow

Five of the 10 most valued Indian companies together added Rs 65,426.16 crore in market valuation last week, with Tata Consultancy Services (TCS) topping the list.

Reliance Industries Ltd (RIL), HUL, ITC and Infosys were the other gainers, while HDFC Bank, HDFC, SBI, Kotak Mahindra Bank and ICICI Bank suffered losses in their valuation for the week ended Friday.

The market capitalisation (m-cap) of TCS soared by Rs 41,914.13 crore to reach Rs 7,62,015.52 crore.

The valuation of Infosys jumped Rs 11,511.39 crore to Rs 3,30,510.06 crore and that of Hindustan Unilever Ltd (HUL) surged Rs 9,362.11 crore to Rs 3,88,825.07 crore.

ITC added Rs 1,969.9 crore to its m-cap to stand at Rs 3,43,965.03 crore while RIL's valuation rose by Rs 668.63 crore to Rs 7,90,621.81 crore.

On the other hand, the m-cap of HDFC plunged by Rs 2,854.33 crore to Rs 3,37,188.31 crore and that of ICICI Bank slumped Rs 1,657.93 crore to reach Rs 2,28,361.75 crore.

Kotak Mahindra Bank suffered an erosion of Rs 1,344.92 crore to Rs 2,40,006.82 crore and State Bank of India (SBI) lost Rs 847.84 crore to Rs 2,53,726.02 crore.

The m-cap of HDFC Bank slipped Rs 625.71 crore to Rs 5,69,029.07 crore. 
In the ranking of top-10 firms, RIL stood at the number one spot, followed by TCS, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank.

Over the last week, the Sensex jumped 443.89 points, or 1.23 per cent to close at 36,469.43 on Friday.

Five of the 10 most valued Indian companies together added Rs 65,426.16 crore in market valuation last week, with Tata Consultancy Services (TCS) topping the list.

Five of the 10 most valued Indian companies together added Rs 65,426.16 crore in market valuation last week, with Tata Consultancy Services (TCS) topping the list. Reliance Industries Ltd (RIL), HUL, ITC and Infosys were the other gainers, while HDFC Bank, HDFC, SBI, Kotak Mahindra Bank and ICICI Bank suffered losses in their valuation for the week ended Friday. The market capitalisation (m-cap) of TCS soared by Rs 41,914.13 crore to reach Rs 7,62,015.52 crore. The valuation of Infosys jumped Rs 11,511.39 crore to Rs 3,30,510.06 crore and that of Hindustan Unilever Ltd (HUL) surged Rs 9,362.11 crore to Rs 3,88,825.07 crore. ITC added Rs 1,969.9 crore to its m-cap to stand at Rs 3,43,965.03 crore while RIL's valuation rose by Rs 668.63 crore to Rs 7,90,621.81 crore. On the other hand, the m-cap of HDFC plunged by Rs 2,854.33 crore to Rs 3,37,188.31 crore and that of ICICI Bank slumped Rs 1,657.93 crore to reach Rs 2,28,361.75 crore. Kotak Mahindra Bank suffered an erosion of Rs 1,344.92 crore to Rs 2,40,006.82 crore and State Bank of India (SBI) lost Rs 847.84 crore to Rs 2,53,726.02 crore. The m-cap of HDFC Bank slipped Rs 625.71 crore to Rs 5,69,029.07 crore. In the ranking of top-10 firms, RIL stood at the number one spot, followed by TCS, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank. Over the last week, the Sensex jumped 443.89 points, or 1.23 per cent to close at 36,469.43 on Friday.

Five of top-10 companies add Rs 65,426 cr in m-cap; TCS shines

The combined market valuation of six of the 10 most valued companies slumped by Rs 38,152.86 crore last week, with Reliance Industries Ltd (RIL) taking the steepest hit.

While Tata Consultancy Services (TCS), RIL, HDFC Bank, HUL, ITC and HDFC suffered losses in their market capitalisation (m-cap) for the week ended Friday, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank made gains. RIL’s market valuation tumbled by Rs 16,955.65 crore to Rs 6,96,639.64 crore.

The m-cap of Hindustan Unilever Ltd (HUL) dropped Rs 8,626.12 crore to Rs 3,85,361.63 crore and that of TCS dived Rs 8,198.96 crore to Rs 7,03,178.13 crore. HDFC’s valuation took a beating of Rs 1,501.96 crore to reach Rs 3,38,933.58 crore and that of ITC fell by Rs 1,469.63 crore to Rs 3,43,832.17 crore.

The market cap of HDFC Bank declined by Rs 1,400.54 crore to Rs 5,75,922.41 crore. In contrast, ICICI Bank added Rs 2,906.87 crore to its valuation to reach Rs 2,35,444.07 crore. SBI’s valuation went up by Rs 2,722 crore to Rs 2,65,506.48 crore and Infosys gained Rs 1,376.12 crore to Rs 2,88,658.41 crore. Kotak Mahindra Bank added Rs 391 crore to stand at Rs 2,37,787.86 crore.

In the ranking of top-10 firms, TCS was at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank. Over the last week, the Sensex fell 381.62 points or 1.05 per cent.

The combined market valuation of six of the 10 most valued companies slumped by Rs 38,152.86 crore last week, with Reliance Industries Ltd (RIL) taking the steepest hit.

The combined market valuation of six of the 10 most valued companies slumped by Rs 38,152.86 crore last week, with Reliance Industries Ltd (RIL) taking the steepest hit. While Tata Consultancy Services (TCS), RIL, HDFC Bank, HUL, ITC and HDFC suffered losses in their market capitalisation (m-cap) for the week ended Friday, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank made gains. RIL’s market valuation tumbled by Rs 16,955.65 crore to Rs 6,96,639.64 crore. The m-cap of Hindustan Unilever Ltd (HUL) dropped Rs 8,626.12 crore to Rs 3,85,361.63 crore and that of TCS dived Rs 8,198.96 crore to Rs 7,03,178.13 crore. HDFC’s valuation took a beating of Rs 1,501.96 crore to reach Rs 3,38,933.58 crore and that of ITC fell by Rs 1,469.63 crore to Rs 3,43,832.17 crore. The market cap of HDFC Bank declined by Rs 1,400.54 crore to Rs 5,75,922.41 crore. In contrast, ICICI Bank added Rs 2,906.87 crore to its valuation to reach Rs 2,35,444.07 crore. SBI’s valuation went up by Rs 2,722 crore to Rs 2,65,506.48 crore and Infosys gained Rs 1,376.12 crore to Rs 2,88,658.41 crore. Kotak Mahindra Bank added Rs 391 crore to stand at Rs 2,37,787.86 crore. In the ranking of top-10 firms, TCS was at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank. Over the last week, the Sensex fell 381.62 points or 1.05 per cent.

Top 10 most-valued companies including TCS, RIL, HDFC Bank lose Rs 38,153 cr in m-cap

<a href="http://www.wionews.com/business-economy/markets-open-on-flat-note-sensex-nifty-record-marginal-gains-in-early-trade-187634">Indian equity market started</a> the New Year on a positive note, with BSE benchmark Sensex rising over 186 points Tuesday on account of banking stocks rally following the Reserve Bank's comments that the banking sector is on a recovery path amid receding impaired assets load.

The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent.

Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent.

Besides financials, shares of telecom, IT, auto and pharma were in demand.

Leading the Sensex chart, Bharti Airtel shares rose 2.76 per cent, followed by HDFC (2.01 per cent) and Yes Bank (1.38 per cent).&nbsp;

Other gainers in the Sensex pack were HDFC Bank, SBI, Axis Bank, ICICI Bank, Infosys, Hero Motocorp, Tata Motors, SunPharma, Bajaj Finance, TCS, PowerGrid, ITC, Bajaj Auto, Maruti, Coal India, Larsen &amp; Toubro and RIL — rising as much as 1.3 per cent.

Among the losers were Mahindra and Mahindra, Tata Steel, ONGC, HUL, IndusInd Bank, Kotak Mahindra Bank, NTPC, Asian Paints, Vedanta, HCL Tech — falling as much as 3.75 per cent.&nbsp;

Analysts attributed the rise in banking stocks to the Reserve Bank Governor Shaktikanta Das' statement that the banking sector is on "course to recovery" as the afflicting non-performing assets recede.

The asset quality of banks showed improvement with gross non-performing assets' (GNPAs) ratio declining to 10.8 per cent in September 2018 from 11.5 per cent in March 2018, the Reserve Bank of India (RBI) said in its Financial Stability Report Monday.

Asian bourses are closed Tuesday on account of the New Year.&nbsp;

The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent. Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent.

Indian equity market started the New Year on a positive note, with BSE benchmark Sensex rising over 186 points Tuesday on account of banking stocks rally following the Reserve Bank's comments that the banking sector is on a recovery path amid receding impaired assets load. The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent. Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent. Besides financials, shares of telecom, IT, auto and pharma were in demand. Leading the Sensex chart, Bharti Airtel shares rose 2.76 per cent, followed by HDFC (2.01 per cent) and Yes Bank (1.38 per cent). Other gainers in the Sensex pack were HDFC Bank, SBI, Axis Bank, ICICI Bank, Infosys, Hero Motocorp, Tata Motors, SunPharma, Bajaj Finance, TCS, PowerGrid, ITC, Bajaj Auto, Maruti, Coal India, Larsen & Toubro and RIL — rising as much as 1.3 per cent. Among the losers were Mahindra and Mahindra, Tata Steel, ONGC, HUL, IndusInd Bank, Kotak Mahindra Bank, NTPC, Asian Paints, Vedanta, HCL Tech — falling as much as 3.75 per cent. Analysts attributed the rise in banking stocks to the Reserve Bank Governor Shaktikanta Das' statement that the banking sector is on "course to recovery" as the afflicting non-performing assets recede. The asset quality of banks showed improvement with gross non-performing assets' (GNPAs) ratio declining to 10.8 per cent in September 2018 from 11.5 per cent in March 2018, the Reserve Bank of India (RBI) said in its Financial Stability Report Monday. Asian bourses are closed Tuesday on account of the New Year.

Indian bourses begin 2019 on bullish note; Sensex soars 186 points

Banking operations will be affected Wednesday as close to 10 lakh employees of various public sector and some of the private and foreign banks are on a day-long strike to <a href="http://www.wionews.com/india-news/psu-bank-officers-to-observe-strike-today-185652">protest the proposed merger</a> of Vijaya Bank and Dena Bank with Bank of Baroda.

The nation-wide strike would impact banking services like deposits and withdrawal at branches, cheque clearances and issuance of demand drafts, among others.

In September, the government had announced a merger of state-owned Vijaya Bank and Dena Bank with the larger peer Bank of Baroda.

The merged entity will have a combined business of Rs 14.82 trillion, making it the third largest bank after State Bank of India (SBI) and HDFC Bank.

The unions are claiming that the merger is not in the interest of banks or their customers and will, in fact, be detrimental to both.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Tamil Nadu: Visuals of bank strike from Coimbatore. Nine bank associations are protesting against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda <a href="https://t.co/nqCvQXrGcU">pic.twitter.com/nqCvQXrGcU</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1077794391895482368?ref_src=twsrc%5Etfw">December 26, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The government wants banks to grow in size through this amalgamation but even if all public sector banks are bundled into one, the merged entity cannot find a place among the top 10 globally, said United Forum of Bank Unions (UFBU), which has called for the one-day strike.

"This merger will see a large number of branches getting closed and customers will have to face hardships as already banks are burdened with the implementation of various government schemes such as Jan Dhan Yojana, Mudra, social security insurance, and Prime Minister's housing scheme, among others," the union said.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/MadhyaPradesh?src=hash&amp;ref_src=twsrc%5Etfw">#MadhyaPradesh</a>: United Forum of Bank Union (UFBU) protesting against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda, in Bhopal <a href="https://t.co/R0zP2P6BWp">pic.twitter.com/R0zP2P6BWp</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1077812699608825856?ref_src=twsrc%5Etfw">December 26, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

UFBU is an umbrella organisation of nine unions, including the All-India Bank Officers Confederation, the All- India Bank Employees Association and the National Organisation of Bank Workers, among others.

Last week, public sector lender Bank of Baroda said the 'alternative mechanism' of the finance ministry had accorded in-principle approval for its merger with Dena Bank and Vijaya Bank.

The 'alternative mechanism' headed by Finance Minister Arun Jaitley had decided to merge the three banks with a view to creating a lender with considerable size, which will be stronger and sustainable.

The merger comes after the largest lender SBI merging its five subsidiary banks and taking over the Bharatiya Mahila Bank last year, which catapulted it to be among top 50 global lenders.

Last week, around 3.20 lakh bank officers from various state-run banks were on a one-day strike opposing the proposed merger and also seeking immediate wage revision.

Bank management has mandated the industry lobby Indian Bank Association (IBA) to negotiate the wages for employees in the scales 1-3 but the unions want this to be raised up to scale 7.

The wage talks are on for the past 13 months between the unions and IBA, the latter has offered a wage revision of 8 per cent.

In the past wage settlement, which was for the period from November 1, 2012, to October 31, 2017, the employees got a 15 per cent hike.

Banking operations will be affected Wednesday as close to 10 lakh employees of various public sector and some of the private and foreign banks are on a day-long strike to protest the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda.

Banking operations will be affected Wednesday as close to 10 lakh employees of various public sector and some of the private and foreign banks are on a day-long strike to protest the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda. The nation-wide strike would impact banking services like deposits and withdrawal at branches, cheque clearances and issuance of demand drafts, among others. In September, the government had announced a merger of state-owned Vijaya Bank and Dena Bank with the larger peer Bank of Baroda. The merged entity will have a combined business of Rs 14.82 trillion, making it the third largest bank after State Bank of India (SBI) and HDFC Bank. The unions are claiming that the merger is not in the interest of banks or their customers and will, in fact, be detrimental to both. Tamil Nadu: Visuals of bank strike from Coimbatore. Nine bank associations are protesting against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda pic.twitter.com/nqCvQXrGcU — ANI (@ANI) December 26, 2018 × The government wants banks to grow in size through this amalgamation but even if all public sector banks are bundled into one, the merged entity cannot find a place among the top 10 globally, said United Forum of Bank Unions (UFBU), which has called for the one-day strike. "This merger will see a large number of branches getting closed and customers will have to face hardships as already banks are burdened with the implementation of various government schemes such as Jan Dhan Yojana, Mudra, social security insurance, and Prime Minister's housing scheme, among others," the union said. #MadhyaPradesh: United Forum of Bank Union (UFBU) protesting against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda, in Bhopal pic.twitter.com/R0zP2P6BWp — ANI (@ANI) December 26, 2018 × UFBU is an umbrella organisation of nine unions, including the All-India Bank Officers Confederation, the All- India Bank Employees Association and the National Organisation of Bank Workers, among others. Last week, public sector lender Bank of Baroda said the 'alternative mechanism' of the finance ministry had accorded in-principle approval for its merger with Dena Bank and Vijaya Bank. The 'alternative mechanism' headed by Finance Minister Arun Jaitley had decided to merge the three banks with a view to creating a lender with considerable size, which will be stronger and sustainable. The merger comes after the largest lender SBI merging its five subsidiary banks and taking over the Bharatiya Mahila Bank last year, which catapulted it to be among top 50 global lenders. Last week, around 3.20 lakh bank officers from various state-run banks were on a one-day strike opposing the proposed merger and also seeking immediate wage revision. Bank management has mandated the industry lobby Indian Bank Association (IBA) to negotiate the wages for employees in the scales 1-3 but the unions want this to be raised up to scale 7. The wage talks are on for the past 13 months between the unions and IBA, the latter has offered a wage revision of 8 per cent. In the past wage settlement, which was for the period from November 1, 2012, to October 31, 2017, the employees got a 15 per cent hike.

Bank workers observe second nation-wide strike within week

hdfc-bank

Hdfc Bank, News on Hdfc Bank, stories on Hdfc Bank, articles on Hdfc Bank, Hdfc Bank stories at Wion, Hdfc Bank news, Hdfc Bank latest news

hdfc bank

Sensex tanks 2,500 pts, Nifty ends down 3.3% at 23,000; Rs 12 lakh crore wiped off

Who is Atanu Chakraborty? HDFC Bank chairman steps down citing ethical concerns

'You're illiterate that's why you're in army' - Mumbai banker abuses a soldier

ATM withdrawal just got costlier: What changes from May 1 and how it affects you

HDFC Bank sells $717 million of home loans to bring down credit book

India's banking benchmark index starts 2024 in red

India: Email bomb threat sent to RBI, HDFC, ICICI banks in Mumbai, demands FM’s resignation

HDFC Bank's Mega Merger: Creating a financial powerhouse worth $273.77 billion

The great $64 billion HDFC merger leaves financial advisers with little to celebrate

Low compensation for advisors in $64 Billion HDFC bank merger raises concerns

India's HDFC to be among world's most valuable banks after mega merger

Gravitas: HDFC Bank executive humiliates colleagues

HDFC employee suspended for abusing colleagues in online meeting after video goes viral

HDFC employee suspended for abusing colleagues in online meeting after video goes viral

World Business Watch: HDFC Bank's net profit jumps by 18.5%

Indian cement maker used yuan to purchase Russian coal: Report

In India's largest-ever M&A, HDFC to merge with HDFC Bank

Now, People’s Bank of China eyes another Indian bank

Sebi seeks details of Chinese investments in India

China's central bank buys 1.75 crore shares in HDFC, raises stake to over 1%

HDFC Bank third-quarter net up 33 per cent on loan growth, beats estimates

Moody's takes rating action on 12 Indian FIs, 8 corporates, 8 sovereign-linked infra firms

Sensex, Nifty close lowest since mid-May, financials hurt most

Nifty, Sensex close lower as HDFC Bank drags