October 19th promises to be a busy day with a packed schedule of key events. From financial announcements to high-stakes exams, political visits to international tensions, the day will see significant developments across various sectors. Keep reading to stay informed about these impactful events.
HDFC Bank has increased the income requirements for its premium credit cards, including ‘Infinia’, ‘Diners Club Black’, and ‘Regalia Gold’. This move aims to ensure these cards are issued to customers with a strong financial profile. The new eligibility criteria are effective immediately for new applications but do not affect existing cardholders.
Two employees of HDFC Bank, a manager and a cashier, tragically drowned in a flooded underpass in Faridabad after their SUV was submerged in rising water. Heavy rains in Delhi and the NCR region caused the underpass to flood, leading to the fatal incident.
The Reserve Bank of India (RBI) has imposed penalties on HDFC Bank and Axis Bank for non-compliance with various regulations, including those related to interest rates, customer service, KYC procedures, and agricultural lending. HDFC Bank was fined for offering gifts exceeding ₹ 250 crore to depositors, opening savings accounts for ineligible entities, and violating customer contact time regulations. Axis Bank was penalized for opening savings accounts for ineligible entities, violating customer identification code guidelines, and failing to adhere to collateral security requirements for agricultural loans.
The Indian stock market experienced a significant downturn last week, with eight of the top ten companies losing over Rs 1.28 lakh crore in market capitalization. IT giants TCS and Infosys were the hardest hit due to global recession fears. However, HDFC Bank saw a surge in its market cap, while LIC also gained. The broader market sell-off reflects potential exhaustion and consolidation due to premium valuations, weak Q1 results, and global market uncertainty.
A 38-year-old HDFC Bank employee, Rajesh Shinde, died of a sudden cardiac arrest while working at a branch in Uttar Pradesh’s Mahoba district. The incident, captured on video, has sparked discussions about the rising number of heart attacks and the importance of healthy lifestyles.
Paytm’s UPI services will no longer operate after March 15, 2024, as the Reserve Bank of India (RBI) has restricted Paytm Payments Bank from receiving funds. Paytm has partnered with major banks and is now authorized as a Third-Party Application Provider (TPAP) to continue providing UPI services. Users with ‘@paytm’ UPI handles will need to switch to new handles ending with ‘@ptsbi’ (SBI), ‘@pthdfc’ (HDFC Bank), ‘@ptaxis’ (Axis Bank), or ‘@ptyes’ (Yes Bank). This change will ensure uninterrupted UPI payments and compliance with RBI regulations.
Short-term Fixed Deposits (FDs) offer varying interest rates across banks in India. HDFC Bank, ICICI Bank, and Yes Bank provide rates between 3% and 7.25% for terms under one year. Public sector banks like SBI and PNB offer rates ranging from 3% to 7%. Small finance banks such as Unity Small Finance Bank and Jana Small Finance Bank provide competitive rates up to 8.50%. Investors should compare interest rates and terms offered by different banks to select the best FD option for their needs.
HSBC has adjusted its stance on HDFC Bank, increasing the price target from INR 1,750 to INR 1,850, while reiterating a Buy rating. The revision in the price target reflects revised EPS estimates and growth forecasts. HSBC expects HDFC Bank’s deposit growth to reach a CAGR of 17% and loan growth to reach a CAGR of 13% over the period from the fiscal year 2024 to 2027.
