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Finance Minister Sitharaman credited Modi government reforms for banking sector's record net profit, substantial NPA reduction, and enhanced financial inclusion through Jan Dhan and MUDRA schemes in a post in X(formerly Twitter)

India's banking sector records highest-ever net profit under PM Modi's government: Finance Minister

<h2>Finance Minister Sitharaman credited Modi government reforms for banking sector's record net profit, substantial NPA reduction, and enhanced financial inclusion through Jan Dhan and MUDRA schemes in a post in X(formerly Twitter)</h2>

Finance Minister Nirmala Sitharaman in a long post in X drew a parallel for the banking sectors' performance during the UPA government and the NDA government.&nbsp;
India's banking sector has reached a significant milestone, recording its highest-ever net profit, exceeding ₹3 lakh crores. As per Sitharaman, this achievement marks a dramatic turnaround from the pre-2014 era when the sector struggled with bad loans and mismanagement under the UPA government. Finance Minister Nirmala Sitharaman credits this success to the Modi government's comprehensive reforms and decisive leadership.
<blockquote class="twitter-tweet">
The Banking sector is considered the backbone of a nation&rsquo;s economy. Recently, India&rsquo;s banking sector achieved a significant milestone by recording its highest-ever net profit, crossing ₹ 3 lakh crores. This is in stark contrast to the situation before 2014 when <a href="https://twitter.com/INCIndia?ref_src=twsrc%5Etfw">@INCIndia</a>-led&hellip;
&mdash; Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) <a href="https://twitter.com/nsitharaman/status/1796412223117832557?ref_src=twsrc%5Etfw">May 31, 2024</a></blockquote>
<h3>UPA era challenges</h3>
Sitharaman highlights the challenges inherited from the UPA regime, where loans were often granted based on powerful connections rather than sound business propositions. This practice led to a surge in Non-Performing Assets (NPAs) and created a "Twin Balance Sheet" problem. Under the UPA, NPAs rose significantly, and banks faced substantial losses and capital erosion, hindering credit growth essential for economic development.
<blockquote class="twitter-tweet">
The UPA Alliance, dominated by dynastic parties, used banks for their own 'Parivar Kalyan' (family welfare). In contrast, our government has leveraged banks for 'Jan Kalyan' (public welfare). Efforts to expand banking in India faltered for decades due to Congress's limited&hellip;
&mdash; Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) <a href="https://twitter.com/nsitharaman/status/1796412235205783876?ref_src=twsrc%5Etfw">May 31, 2024</a></blockquote>
<h3>Comprehensive reforms</h3>
The Modi government implemented a strategic 4R&rsquo;s approach: Recognising NPAs transparently, Resolution and Recovery, Recapitalising PSBs, and Reforms. These measures aimed to address credit discipline, responsible lending, and improved governance. Key reforms included the creation of the Banks Board Bureau (BBB) for transparent selection of bank directors, the Insolvency &amp; Bankruptcy Code (IBC) for faster recoveries, and the Fugitive Economic Offenders Act of 2018 for seizing assets of economic offenders.
<blockquote class="twitter-tweet">
The banking sector turned around due to PM Shri <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a>'s strong and decisive leadership. Our government atoned for the UPA's sins in the banking sector through comprehensive and long-term reforms. The 2015 'Gyan Sangam' meeting with public-sector banks, led by the&hellip;
&mdash; Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) <a href="https://twitter.com/nsitharaman/status/1796412227052028319?ref_src=twsrc%5Etfw">May 31, 2024</a></blockquote>
<h3>Significant improvements</h3>
As per the Finance Minister, due to these reforms, the financial health of Public Sector Banks (PSBs) has improved markedly. In FY 2023-24, PSBs recorded a net profit of ₹1.41 lakh crores, almost four times higher than in FY 2014. Net NPAs declined to 0.76% from a peak of 7.97% in 2018, and gross NPA ratios also dropped significantly. Credit growth reached a decade-high of 16% in FY24, indicating a robust banking sector.
<blockquote class="twitter-tweet">
The 'Samudra Manthan' of sorts in the banking sector under PM Modi's leadership yielded positive results along with expected challenges during the 'churn&rsquo;. Due to our government&rsquo;s policy response to recognition of stress, resolution of stressed accounts, recapitalisation and&hellip;
&mdash; Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) <a href="https://twitter.com/nsitharaman/status/1796412231145685360?ref_src=twsrc%5Etfw">May 31, 2024</a></blockquote>
<h3>Enhanced financial inclusion</h3>
Finance Minister Nirmala Sitharaman also pointed out that the Modi government has prioritized financial inclusion through schemes like Jan Dhan and MUDRA, which have expanded banking access to millions. Over 52 crore Jan Dhan accounts have been opened, with significant deposits and a large percentage belonging to women and rural residents.
<h3>Commitment to future growth</h3>
In conclusion, Sitharaman emphasized the government's ongoing commitment to strengthening the banking sector, ensuring it supports India's path to becoming a developed nation by 2047. The reforms have transformed banks into pillars of public welfare, driving financial inclusion and economic growth.
Also watch: <a href="https://www.editorji.com/business-news/budget-reflects-actual-finance-ministry-operations-fm-nirmala-sitharaman-1716877727390">Budget reflects actual finance Ministry operations: FM Nirmala Sitharaman</a>

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

Amid global banking crisis, Finance Ministry seeks PSB's bond portfolio data

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

As per Business Standard, the Union finance ministry has asked public sector banks (PSBs) to furnish details of their bond portfolios ahead of their meeting with Finance Minister Nirmala Sitharaman on Saturday, amid the turmoil in global banks.
As an exercise to determine the resilience of banks against interest-rate risks, the ministry has specifically requested details on holdings under the held-to-maturity (HTM) and available-for-sale (AFS) portfolios, bankers said
While the HTM portfolio protects banks from potential losses on bond holdings, the government wants to ascertain how banks will respond in the case of large bond sales from that book, sources said.
Sitharaman will hold a meeting with all PSB heads on Saturday where she will review their work, including lending to infrastructure and flow of cash transfers to beneficiaries under various government flagship schemes.
Source: Business Standard&nbsp;

Amid the global banking crisis, finance minister Nirmala Sitharaman has called state-owned lenders' meet, reported Economic Times

Global banking crisis: FM calls state-owned lenders' meet

Amid the global banking crisis, finance minister Nirmala Sitharaman has called for a meeting of state-owned lenders.&nbsp;

Amid the global banking crisis, Finance minister Nirmala Sitharaman has called for a state-owned lenders' meet. As per a report by economic times, the meet is likely to be held on saturday. The FM will seek the lenders views on global concerns over the banking system's vulnerability due to monetary tightening.&nbsp;
Though experts have ruled out any possible spillover impact on domestic banks, the government wants to know from the lenders if any policy intervention is required.&nbsp;
The finance minister will also assess the performance of public sector banks as FY23 draws to a close, said the economic times report&nbsp;

In a tweet, Kotak Bank CEO, Uday Kotak highlighted the importance of risk-return assessments, saying that UBS' takeover of Credit Suisse is a signal for all bankers. 

'A signal for bankers', Uday Kotak on UBS takeover of Credit Suisse

"A signal for bankers", Uday Kotak on UBS takeover of Credit Suisse

In a tweet, Kotak Bank CEO, Uday Kotak highlighted the importance of risk-return assessments, saying that UBS' takeover of Credit Suisse is a signal for all bankers.&nbsp;

Veteran banker and CEO of Kotak Mahindra Bank reacted to UBS' takeover of Credit Suisse. Underscoring the importane of risk-return assessment, he said that this development was a signal for all bankers and stakeholders not to become obsessed with "size".&nbsp;
"Credit Suisse sold to UBS for 3 bn $. 60%discount to stock value at Friday closing. ~600 bn $ balance sheet sold for 3 bn $ equity value. 17 bn $ of AT1 bonds written off. A signal for all bankers and stakeholders, when risk return matrix is overtaken by obsession with size", tweeted Kotak.&nbsp;
Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.
Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers.&nbsp;

Silicon Valley bank shut down: a look at biggest banking failures since 2008

Silicon Valley bank shut down: a look at biggest banking failures since 2008

US regulators shuttered Silicon Valley Bank (SVB) on Friday and took control of its deposits, in what amounts to the biggest retail banking failure since the global financial crisis.
The move follows a dramatic 48 hours that saw the high-tech lender's share price plummet amid a run on deposits by concerned customers.
Below are some of the biggest retail banking failures, ranked by the value of their assets when they collapsed:
- HBOS (United Kingdom), on 09/17/2008 (Around $811 billion)
- Washington Mutual (United States), on 09/25/2008 ($307 billion)
- Silicon Valley Bank (United States), on 03/10/2023 ($209 billion)
- Sachsen LB (Germany), on 08/26/2007 (Around $92 billion)
- Bradford &amp; Bingley (United Kingdom), on 09/29/2008 (Around $63 billion)
- IndyMac (United States), on 07/11/2008 ($32 billion)
In addition, the global financial crisis also saw the failure of a number of corporate and investment banks, marked by the dramatic bankruptcy of Lehman Brothers on September 15, 2008.
Its assets at the time were worth $639 billion.
Also Watch:<a href="https://www.editorji.com/business-news/markets/global-financial-rout-erupts-after-silicon-valley-bank-seized-by-us-regulator-1678504139632"> Silicon Valley Bank collapses, largest retail bank failure since 2008</a>

Self-declaration through non face-to-face channels sufficient for Re-KYC process, says Reserve Bank of India

Re-KYC can be done online, says RBI 

No branch visit needed for Re-KYC, says RBI 

Self-declaration through non face-to-face channels sufficient for Re-KYC process, says Reserve Bank of India

Bank customers will no longer need a branch visit to update KYC information. This is as per new guidelines that have been put in place by the Reserve Bank of India. RBI&rsquo;s notification says, &ldquo;If there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process&rdquo;.
Banks will have to allow customers to self-declare KYC information without a branch visit, through channels such as registered e-mail ids, mobile numbers, online banking, and ATMs. In case of a change of address, the bank will have to undertake address verification within two months after the customer submits the updated address details through online channels.&nbsp; However, customers may have to do a fresh KYC if the documents with the bank are not updated with the list of offically valid documents or if such documents have expired. In such cases, the fresh KYC can be done by either visiting a bank branch or remotely through a video based customer identification procress (if enabled by the bank).&nbsp;&nbsp;
&nbsp;

State-owned SBI has filed an insolvency petition against the country's largest sugar firm Bajaj Hindusthan Sugar Ltd.
SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT).
In a regulatory filing, Bajaj Hindusthan Ltd informed that "we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd." The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016.
In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore and a turnover of Rs 5,607 crore.
On August 12, the company reported that for the quarter ended June of this fiscal year, its net loss stood at Rs 45 crore and total income at Rs 1,538 crore.
"During the June '22 quarter, due to delayed payment of loan instalment and coupon rate interest on optionally convertible debentures the lenders have classified the company's account as Non-Performing Assets (NPA) as per the RBI regulations on loan classification.
The lenders of the company have signed an ICA (Inter Creditors Agreement) on January 28, 2022 for resolution of the company's accounts, the company had said in the notes of accounts of financial statement for the first quarter.
The debt restructuring as per RBI's S4A scheme has improved the company's liquidity position, it said.
"However, keeping in view the status of outstanding cane dues and funds for servicing debt obligations, the company is further discussing with the lenders a debt resolution plan to have a lasting solution to improve its liquidity," Bajaj Hindusthan had said.
The resolution plan envisages reduction of its overall debt, realignment of its capital structure, payment of cane dues of farmers, increasing cane availability and supply etc.
"The company is also exploring/evaluating various options for corporate restructuring to streamline the business and enhance the company's value," Bajaj Hindusthan said.
Bajaj Hindusthan Sugar Ltd is India's leading sugar and ethanol manufacturing company.
Part of the Bajaj Group (Kushagra), it is headquartered in Mumbai, Maharashtra.
The company has fourteen sugar plants, all located in Uttar Pradesh.
These plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and alcohol distillation capacity of 800 kilolitres per day.
It is also one of the largest producers of ethanol and currently produces 38 million litres of ethanol per year. The company has increased its ethanol manufacturing capacity to roughly 218 million litres per year.
Bajaj Hindusthan said the company generates close to 430 MW of power from the bagasse produced at its sugar mills and supplies nearly 100 MW from it to the UP State Grid.
Additionally, it has five 90 MW coal-fired power plants adjacent to its sugar units which generate another 450 MW of electricity for the state grid. 

Is India's largest sugar manufacturer bankrupt?

Bitter Bankruptcy for Bajaj Hindusthan?

In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore

State-owned SBI has filed an insolvency petition against the country's largest sugar firm Bajaj Hindusthan Sugar Ltd.
SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT).
In a regulatory filing, Bajaj Hindusthan Ltd informed that "we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd." The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016.
In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore and a turnover of Rs 5,607 crore.
On August 12, the company reported that for the quarter ended June of this fiscal year, its net loss stood at Rs 45 crore and total income at Rs 1,538 crore.
"During the June '22 quarter, due to delayed payment of loan instalment and coupon rate interest on optionally convertible debentures the lenders have classified the company's account as Non-Performing Assets (NPA) as per the RBI regulations on loan classification.
The lenders of the company have signed an ICA (Inter Creditors Agreement) on January 28, 2022 for resolution of the company's accounts, the company had said in the notes of accounts of financial statement for the first quarter.
The debt restructuring as per RBI's S4A scheme has improved the company's liquidity position, it said.
"However, keeping in view the status of outstanding cane dues and funds for servicing debt obligations, the company is further discussing with the lenders a debt resolution plan to have a lasting solution to improve its liquidity," Bajaj Hindusthan had said.
The resolution plan envisages reduction of its overall debt, realignment of its capital structure, payment of cane dues of farmers, increasing cane availability and supply etc.
"The company is also exploring/evaluating various options for corporate restructuring to streamline the business and enhance the company's value," Bajaj Hindusthan said.
Bajaj Hindusthan Sugar Ltd is India's leading sugar and ethanol manufacturing company.
Part of the Bajaj Group (Kushagra), it is headquartered in Mumbai, Maharashtra.
The company has fourteen sugar plants, all located in Uttar Pradesh.
These plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and alcohol distillation capacity of 800 kilolitres per day.
It is also one of the largest producers of ethanol and currently produces 38 million litres of ethanol per year. The company has increased its ethanol manufacturing capacity to roughly 218 million litres per year.
Bajaj Hindusthan said the company generates close to 430 MW of power from the bagasse produced at its sugar mills and supplies nearly 100 MW from it to the UP State Grid.
Additionally, it has five 90 MW coal-fired power plants adjacent to its sugar units which generate another 450 MW of electricity for the state grid.&nbsp;

Loans get more expesive, India's largest bank, the State Bank of India (SBI) raised its benchmark lending rates by up to 50 basis points (or 0.5 per cent), a move that will lead to an increase in EMIs for borrowers.
The increase in lending rate comes days after the Reserve Bank of India hiked its benchmark lending rate by 50 basis points to tame inflation.
External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) have been raised by 50 basis points while the hike in Marginal Cost of funds-based Lending Rate (MCLR) is 20 basis points across all tenure.
The revised rates are effective from August 15, as per the information posted on SBI website.
SBI's EBLR rose to 8.05 per cent and RLLR increased by similar 50 basis points to 7.65 per cent.
Banks add Credit Risk Premium (CRP) over the EBLR and RLLR while giving any kind of loan, including housing and auto loans.
With the revision, one-year MCLR has increased to 7.70 per cent, from the earlier 7.50 per cent, while for two years it rose to 7.90 per cent and for three years to 8 per cent.
Most of the loans are linked to the one-year MCLR rate.The overnight to three-month SBI MCLR rate has been hiked to 7.35%, from 7.15%. The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.9% from 7.7% and three-year to 8% from 7.8%.
With the increase in lending rate, EMIs will go up for those borrowers who have availed loans on MCLR, EBLR or RLLR.
From October 1, 2019, all banks including SBI have migrated to an interest rate linked to an external benchmark such as RBI's repo rate or Treasury Bill yield. As a result, monetary policy transmission by banks has gained traction. 

SBI MCLR Rates : EMIs start to shoot up: SBI raises lending rates, here are the new rates

Calculate your EMI: SBI raises rates once again

Second rate hike from SBI in a month

The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.9% from 7.7% and three-year to 8% from 7.8%.

Loans get more expensive, India's largest bank, the State Bank of India (SBI) raised its benchmark lending rates by up to 50 basis points (or 0.5 per cent), a move that will lead to an increase in EMIs for borrowers.
The increase in lending rate comes days after the Reserve <a href="https://www.editorji.com/business-news/bank-of-england-warns-uk-to-fall-into-recession-this-year-amid-this-reason-1659670255508">Bank </a>of India hiked its benchmark lending rate by 50 basis points to tame inflation.
External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) have been raised by 50 basis points while the hike in Marginal Cost of funds-based Lending Rate (MCLR) is 20 basis points across all tenure.
The revised rates are effective from August 15, as per the information posted on SBI website.
SBI's EBLR rose to 8.05 per cent and RLLR increased by similar 50 basis points to 7.65 per cent.
Banks add Credit Risk Premium (CRP) over the EBLR and RLLR while giving any kind of loan, including housing and auto loans.
With the revision, one-year <a href="https://www.editorji.com/story/sbi-reduces-mclr-loans-to-get-cheaper-1581057452329">MCLR </a>has increased to 7.70 per cent, from the earlier 7.50 per cent, while for two years it rose to 7.90 per cent and for three years to 8 per cent.
Most of the loans are linked to the one-year MCLR rate. The overnight to three-month SBI MCLR rate has been hiked to 7.35%, from 7.15%. The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.9% from 7.7% and three-year to 8% from 7.8%.
With the increase in lending rate, EMIs will go up for those borrowers who have availed loans on MCLR, EBLR or RLLR.
<a href="https://www.editorji.com/business-news/personal-finance/sbi-hikes-rates-loans-emis-get-more-expensive-1650259103266">SBI hikes rates, loans &amp; EMIs get more expensive</a>
From October 1, 2019, all banks including <a href="https://www.editorji.com/business-news/personal-finance/sbi-hikes-rates-loans-emis-get-more-expensive-1650259103266">SBI</a> have migrated to an interest rate linked to an external benchmark such as RBI's repo rate or Treasury Bill yield. As a result, monetary policy transmission by banks has gained traction.&nbsp;

Citibank is exiting India's retail banking business as it sells its consumer unit to Axis Bank in an $1.6 billion all cash deal. Axis Bank emerged as the lead buyer after beating rivals like Kotak and gaining control of Citibank's 35 branches across India with 2.5 million account holders. Further, as part of the deal, Citibank will continue to service the customers during the integration period so services are not hindered. Axis will also take on 3600 employees from the Wall Street giant but the deal does not include it's institutional business. Citibank has been present in India for decades and was in fact one of the first banks to introduce credit cards into the Indian market. It is not just India where Citi is bidding goodbye, last year  Citibank had said that it will exit its consumer franchises in 13 markets and refocus on its more lucrative institutional and wealth management businesses. 

Axis Bank to buyout Citibank's retail business in India

Citibank, the pioneer which introduced credit cards into India bids goodbye to the retail unit as it sells business for $1.6 billion to Axis Bank in an all cash deal. 

Citibank checks out, sells retail biz to Axis bank

<ul>
<li>Citibank exits retail business in India sells unit to Axis Bank</li>
<li>Axis Bank to buy consumer unit of Citi&nbsp;for $1.6 billion&nbsp;</li>
<li>Axis Bank beats rival Kotak&nbsp;to acquire Citi&nbsp;banking unit in all cash deal&nbsp;</li>
<li>Citibank has 35 branches in India, 2.5 million account holders&nbsp;</li>
<li>Citibank one of the first banks to introduce credit cards to the Indian market</li>
</ul>

Axis Bank to acquire Citibank's India consumer business for $1.6 bn in all cash deal

Citibank is exiting India's retail banking business as it sells its consumer unit to Axis Bank in an $1.6 billion all cash deal.&nbsp; Axis Bank emerged as the lead buyer after beating rivals like Kotak&nbsp;and gaining control of Citibank's 35 branches across India with&nbsp;2.5 million account holders.&nbsp;Further, as part of the deal, Citibank will continue to service the customers during the integration period so services are not hindered.&nbsp; Axis will also take on 3600 employees from the Wall Street giant but the deal does not include it's institutional business.&nbsp; Citibank has been present in India for decades and was in fact one of the first banks to introduce credit cards into the Indian market.&nbsp; It is not just India where Citi is bidding goodbye, last year&nbsp; Citibank had said that it will exit its consumer franchises in 13 markets and refocus on its more lucrative institutional and wealth management businesses.&nbsp;

The Congress on Sunday claimed that ABG Shipyard used MoUs it signed with the Gujarat government during the 'Vibrant Gujarat' investors' summits to "influence" banks and secure loans of crores of rupees from them to commit the "biggest bank fraud".
The party alleged that those who managed the affairs of ICICI Bank at that time, would visit Vibrant Gujarat Global Investors' Summits, and "blindly" offer loan to the company despite knowing about the fraud.
Speaking to reporters, Congress's Rajya Sabha member from Gujarat, Shaktisinh Gohil, demanded a judicial inquiry into the fraud case and also asked the BJP government in the state to take back the land given to the company in Surat at token rate to set up a maritime university, of which "not even a brick is laid.""Gujarat government entered into MoUs worth crores of rupees with the man (Rishi Agarwal), who shared stage with the chief ministers during all the Vibrant Gujarat summits right from 2003 till 2015. These MoUs were used by ABG Group to influence the banks to carry out the biggest fraud," he said.On February 7, the Central Bureau of Investigation (CBI) booked Gujarat-based ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of two dozen lenders led by the ICICI Bank of of Rs 22,842 crore.

ABG Shipyard bank fraud: Cong alleges BJP used Vibrant Gujarat to 'influence' bankers

On February 7, the CBI booked ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of banks of over Rs 22,842 crore.

The Congress claimed that ABG Shipyard used MoUs it signed with the Gujarat government during the 'Vibrant Gujarat' investors' summits to "influence" banks and secure loans of crores of rupees from them to commit the "biggest bank fraud".
The party alleged that those who managed the affairs of ICICI Bank at that time, would visit Vibrant Gujarat Global Investors' Summits, and "blindly" offer loan to the company despite knowing about the fraud.
Speaking to reporters, Congress's Rajya Sabha member from Gujarat, Shaktisinh Gohil, demanded a judicial inquiry into the fraud case and also asked the BJP government in the state to take back the land given to the company in Surat at token rate to set up a maritime university, of which "not even a brick is laid." "Gujarat government entered into MoUs worth crores of rupees with the man (Rishi Agarwal), who shared stage with the chief ministers during all the Vibrant Gujarat summits right from 2003 till 2015. These MoUs were used by ABG Group to influence the banks to carry out the biggest fraud," he said.
Congress general secretary and chief spokesperson Randeep Surjewala alleged that the Modi government is running a "loot-and-escape" scheme for bank fraudsters and cited Nirav Modi, Mehul Choksi, Lalit Modi, Vijay Mallya, Jatin Mehta, Chetan and Nitin Sandesara, and several others who fled the country after duping Indian banks.
He said Agarwal and others are the "new gems" in the list.
"Complicity, collusion and connivance of those sitting in the highest echelons of power in the Modi government is writ large in India's biggest bank fraud involving ABG Shipyard and its promoters," Surjewala alleged at a press conference here.
Congress leader Rahul Gandhi also alleged that bank frauds to the tune of Rs 5.35 lakh crore have taken place during the BJP government and that these are good days only for Prime Minister Narendra Modi's "friends". On February 7, the Central Bureau of Investigation (CBI) booked Gujarat-based ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of two dozen lenders led by the ICICI Bank of of Rs 22,842 crore.

Buy Now, Pay Later (BNPL) mantra for consumerism seems to have hit the right chord with the young shoppers but seems to be off-key with the regulator. Reports indicate that the RBI has demanded data on the 'lending' and debt levels from the new BNPL segment. Business Standard reports the central bank has sought details of shadow banks’ BNPL arrangements with e-commerce players. Why one may ask is the RBI getting involved with personal shoppers? Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.The surge of spending under BNPL has sparked concern with regulators around just how much debt risk BNPL could be creating and what arrangements are being executed between the shadow banks and e-commerce players. 

EJ Explains: Why 'Buy Now Pay Later' is under the RBI's lens

Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.

Why 'Buy Now Pay Later' is under the RBI's lens

<div class="page" title="Page 6">
<div class="layoutArea">
<div class="column">
Digital lending (not restricted to BNPL), disbursements by RBI-sampled entities exhibited a more than 12-fold
</div>
</div>
</div>

Buy Now, Pay Later (BNPL) mantra for consumerism seems to have hit the right chord with the young shoppers but seems to be off-key with the regulator. Reports indicate that the RBI&nbsp;has demanded data on the 'lending' and debt levels from the new BNPL&nbsp;segment.&nbsp; Reports indicate that the central bank has sought details of shadow banks&rsquo; BNPL arrangements with e-commerce players.&nbsp; Why one may ask is the RBI&nbsp;getting involved with personal shoppers?&nbsp;Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt. The surge of spending under BNPL has sparked concern with regulators around just how much debt risk BNPL could be creating and what arrangements are being executed between the shadow banks and e-commerce players.

Banks are slowly beginning to increase FD rates now. First HDFC Bank and then over the weekend India's largest bank SBI as well raised rates trying to attract savers. According the SBI website, the bank has hiked the interest rate of FDs below Rs 2 crore with a tenure of 1 year to less than 2 years by 10 basis points. These FDs will now earn 5.1% (increased from 5%), with effect from January 15, 2022. Senior citizens will earn 5.6% (up from 5.5%).Even though this signals good news for savers it could very well be the precursor of rising loan rates in the country as well. In December 2021, SBI had increased its base rate by 0.10 percent or 10 bps. The new base rate, that is, 7.55% per annum has been effective since December 15. Banks across the board are likely to start 'normalising' rates as inflation remains high and the risk of rate hikes in 2022 increase from central banks. 

FD interest rate hike: Good for savers but could spell bad news for borrowers

According the SBI website, the bank has hiked the interest rate of FDs below Rs 2 crore with a tenure of 1 year to less than 2 years by 10 basis points. These FDs will now earn 5.1% (increased from 5%), with effect from January 15, 2022. Senior citizens will earn 5.6% (up from 5.5%).

Why the fixed deposit rate hike could spell bad news

SBI has hiked&nbsp; interest rate of FDs below Rs 2 crore with a tenure&nbsp; less than 2 years

Banks are slowly beginning to increase FD rates now. First HDFC&nbsp;Bank and then over the weekend India's largest bank SBI&nbsp;as well raised rates trying to attract savers.&nbsp; Also read:&nbsp;<a title="Budget 2022: Tax on cryptocurrencies, its definition and more" href="https://www.editorji.com/business-news/budget-2022-tax-on-cryptocurrencies-its-definition-and-more-1642390331244">Budget 2022: Tax on cryptocurrencies, its definition and more</a> According the SBI website, the bank has hiked the interest rate of FDs below Rs 2 crore with a tenure of 1 year to less than 2 years by 10 basis points. These FDs will now earn 5.1% (increased from 5%), with effect from January 15, 2022. Senior citizens will earn 5.6% (up from 5.5%). Even though this signals good news for savers it could very well be the precursor of rising loan rates in the country as well.&nbsp;In December 2021, SBI&nbsp;had increased its base rate by 0.10 percent or 10 bps. The new base rate, that is, 7.55% per annum&nbsp;has been effective since December 15. Banks across the board are likely to start 'normalising' rates as inflation remains high and the risk of rate hikes in 2022 increase from central banks.&nbsp;

It was an unmatched Christmas gift as a bank in London mistakenly deposited over $176 million into the bank accounts of thousands of customers. Customers of Santander woke up on Christmas morning to be surprised with double wages due to deposit mishap which the bank said was the result of a mysterious “scheduling issue."The bank is now working to undo that generosity, Santander confirmed via statement. Unfortunately for Santander, many of the deposits were made to accounts at other financial institutions, including HSBC, Barclays, and others. Santander will now use a process called ​​“bank error recovery” to collect the funds, though it’s unclear how many individuals have already spent the money, which could make this process a nightmare for the bank.
 

Bank accidentally deposits $176 million into people’s accounts

The bank is now working to undo that generosity, Santander confirmed via statement. Unfortunately for Santander, many of the deposits were made to accounts at other financial institutions, including HSBC, Barclays, and others.

<ul>
<li>Bank in London mistakenly deposits $176 mn in customers' accounts&nbsp;</li>
<li>Santander&nbsp;Bank faced&nbsp;scheduling issue which led to deposit mishap</li>
<li>Bank is now working to get money back from customers&nbsp;</li>
<li>'Bank error recovery' process started but unlikely to see full collection</li>
</ul>

Some employees saw their salaries double as&nbsp;payments from 2,000 business accounts were processed twice

It was an unmatched&nbsp;Christmas gift as a bank in London mistakenly deposited over $176 million into the bank accounts of thousands of&nbsp;customers.&nbsp; Customers of&nbsp;Santander&nbsp;woke up on Christmas&nbsp;morning to be surprised with double wages due to deposit mishap which the bank said was the result of a mysterious &ldquo;scheduling issue." The bank is now working to undo that generosity, Santander confirmed via statement. Unfortunately for Santander, many of the deposits were made to accounts at other financial institutions, including HSBC, Barclays, and others. Santander will now use a process called ​​&ldquo;bank error recovery&rdquo; to collect the funds, though it&rsquo;s unclear how many individuals have already spent the money, which could make this process a nightmare for the bank. 
Also Watch:&nbsp;<a href="https://www.editorji.com/business-news/personal-finance/meet-the-influencer-who-makes-upto-rs-70-lakhs-a-day-teaching-excel-1639376801328" target="_blank">Meet the influencer who makes up to Rs 70 lakhs a day teaching Excel</a>
&nbsp;

ATM cash withdrawal is going to cost you more after you exhaust your five free transactions monthly. As per the RBI notification from January 1, 2022, cash withdrawal fee through debit card or credit card of any public or private sector bank will now cost Rs 21 per transaction. Previously the customer paid Rs 20 per transaction once the free limit was exhausted so though effectively it seems like a minor hike of just Rs 1 it will also add on a tax under the goods and services tax (GST) regime.One must remember that even beyond 5 free transactions at your own bank, as per the RBI guidelines, the bank customers can do three free transactions in metro centres and five transactions in non-metro centres from other banks as well. 

ATM cash withdrawal charges hiked from today, here is what you need to know

Cash withdrawal fee through debit card or credit card of any public or private sector bank will now cost Rs 21 per transaction from the existing Rs 20.


ATM cash withdrawal charges hiked, here is what you need to know

More than&nbsp;5&nbsp;ATM&nbsp;transactions monthly&nbsp;will now cost you more&nbsp;
₹21 per ATM&nbsp;withdrawal after free limit is exhausted
Previous fee per transaction was&nbsp;₹20 after exhaustion of free limit
&nbsp;

You will have to pay more for ATM transactions from January 1; here's how much and why

ATM&nbsp;cash withdrawal is going to cost you more after you exhaust your&nbsp;five free transactions monthly.&nbsp;As per the RBI notification from January 1, 2022, cash withdrawal fee through debit card or credit card of any public or private sector bank will now cost Rs 21 per transaction.&nbsp; Previously the customer paid Rs 20 per transaction once the free limit was exhausted so though effectively it seems like a minor hike of just Rs 1 it will also add on a tax under the goods and services tax (GST) regime.
Also read:&nbsp;<a href="https://www.editorji.com/india-news/rbi-governor-warns-depositors-should-be-careful-while-chasing-high-return-1639298497339" target="_blank">RBI Governor warns: depositors should be careful while chasing high return</a> One must remember that even beyond 5 free transactions at your own bank, as per the RBI guidelines, the bank customers can do three free transactions in metro centres and five transactions in non-metro centres from other banks as well.&nbsp;

A bank in Mumbai was robbed on Wednesday evening and an employee was shot dead and this shocking incident was captured on surveillance cameras. Two assailants barged into an unguarded SBI branch at Dahisar and shot dead a helper attached to the bank Sandesh Gomane (25). The assailants then went in to threaten the cashier at gunpoint and fled with Rs 2.5 lakh in cash.According to the police, the incident took place at 3.27pm, three minutes before the bank's closing time. At the time of the incident, there was no security personnel guarding the bank, while its shutter was also half closed. Gomane who as per the CCTV footage approached the assailants was hit in the chest at a close range and collapsed.  The duo slipped out of the bank barefoot at 3.29 pm, two minutes after entering the bank. Since the two went straight the cashier and seemed to be familiar with the layout, the police suspect that they may have carried out a recce earlier.
The bank, located at Gurukul society at Dahisar West near railway station, is a small branch with only 8 to 10 employees. which include three women.

Caught On Camera: Robbery at SBI Bank in Mumbai, One employee shot dead

Two assailants barged into an unguarded SBI branch at Dahisar and shot dead a helper attached to the bank Sandesh Gomane (25). The assailants then went in to threaten the cashier at gunpoint and fled with Rs 2.5 lakh in cash.

Caught on camera: Daylight robbery at bank in Mumbai

Since the two went straight the cashier and seemed to be familiar with the layout, the police suspect that they may have carried out a recce earlier

A bank in Mumbai was robbed on Wednesday evening and an employee was shot dead and this shocking incident was captured on surveillance cameras. Also watch |&nbsp;<a title="GST rates, rules and other changes that take effect from from January 1" href="https://www.editorji.com/business-news/economy/gst-rates-rules-and-other-changes-that-take-effect-from-from-january-1-1640835426573">GST rates, rules and other changes that take effect from from January 1</a> Two assailants barged into an unguarded <a href="https://www.editorji.com/business-news/personal-finance/sbi-changes-imps-norms-service-charges-here-is-all-you-need-to-know-1641354703600" target="_blank">SBI </a>branch at Dahisar&nbsp;and shot dead a helper attached to the bank&nbsp;Sandesh Gomane (25). The assailants then went in to threaten the cashier&nbsp;at gunpoint and fled with Rs 2.5 lakh in cash. According to the police, the incident took place at 3.27pm, three minutes before the bank's closing time. At the time of the incident, there was no security personnel guarding the bank, while its shutter was also half closed.&nbsp;Gomane&nbsp;who as per the CCTV&nbsp;footage approached the assailants was hit in the chest at a close range and collapsed.&nbsp;&nbsp; The duo slipped out of the bank barefoot at 3.29 pm, two minutes after entering the bank. Since the two went straight the cashier and seemed to be familiar with the layout, the police suspect that they may have carried out a recce earlier.
The bank, located at Gurukul society at Dahisar West near railway station, is a small branch with only 8 to 10 employees. which include three women.

The restrictions on Punjab and Maharashtra Cooperative (PMC) Bank has been extended for another three months till the end of March next year.
Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process.
"Further action with regard to sanction of the scheme is under process," RBI said on Tuesday as it extended the restrictions for another three months till March 31, 2022, subject to review.
In September 2019, RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including a cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
The restrictions have been extended several times since then. The directions were last extended in June this year and are in place till December 31.
The draft scheme of amalgamation envisages a takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, RBI had said last month.
USFB, promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as 'joint investor', was granted a banking licence in October 2021. USFB started functioning on November 1

PMC Bank customers face hardship again! Restrictions extended by RBI

Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process.

PMC Bank customers face hardship again!

In September 2019, RBI had superseded the board of PMC Bank and placed it under regulatory restrictions

The restrictions on Punjab and Maharashtra Cooperative (PMC) Bank has been extended for another three months till the end of March next year.
Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process.
Also watch |&nbsp;<a title="Mukesh Ambani talks succession for the first time for his $200 billion Reliance empire" href="https://www.editorji.com/business-news/mukesh-ambani-talks-succession-for-the-first-time-for-his-200-billion-reliance-empire-1640749921718">Mukesh Ambani talks succession for the first time for his $200 billion Reliance empire</a>
"Further action with regard to sanction of the scheme is under process," RBI said on Tuesday as it extended the restrictions for another three months till March 31, 2022, subject to review.
In September 2019, RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including a cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
The restrictions have been extended several times since then. The directions were last extended in June&nbsp;this year and are in place till December 31.
The draft scheme of amalgamation envisages a takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, RBI had said last month.
USFB, promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as 'joint investor', was granted a banking licence in October 2021. USFB started functioning on November 1.&nbsp;

RBL Bank in the headlines with many twists and turns. From CEO leaving to the RBI appointing a board member to heavyweight Dalal Street veterans looking to buy a big stake. Here is what we know so far -:Change of guard The bank communicated that RBL Bank’s long-term MD and CEO Vishwavir Ahuja, has gone on leave with immediate effect. Ahuja's term was ending in June as is as the RBI had rejected his term extension. The RBI appointed an additional board member Yogesh Dayal to the the Mumbai based bank and the financial institution also announced it is elevating Executive Director Rajeev Ahuja as interim MD and CEO.Why is the street concerned?The move from RBI raised eyebrows as the appointment of an RBI nominee on a private sector bank board is a rarely invoked power and is especially done by the regulator to protect depositors.
In the past, where the RBI has put its people on the banks’ boards include Dhanlaxmi Bank, erstwhile Lakshmi Vilas Bank, and YES Bank. The common thread in all these cases was that there were governance concerns or troubled finances.
To calm investors, RBL Bank has informed the exchanges that business is as usual at the bank.Buzz of  the big bulls coming in Adding masala to this feauture, Ace investors Rakesh Jhunjhunwala and D-Mart’s founder RK Damani have  reportedly approached the Reserve Bank of India (RBI) to buy a 10 per cent stake in RBL Bank, according to a report by CNBC TV 18. According to the report, RBI is looking at the request.

RBL Bank: CEO exit, RBI board member entry, Jhunjhunwala Damani eye stake

The bank communicated that RBL Bank’s long-term MD and CEO Vishwavir Ahuja, has gone on leave with immediate effect. Ahuja's term was ending in June as is as the RBI had rejected his term extension. 

RBL Bank: The weekend saga you don't want to miss

Reports: Rakesh&nbsp;Jhunjhunwala and RK Damani&nbsp;approach RBI to buy stake in RBL&nbsp;Bank

RBL&nbsp;Bank in the headlines with many twists and turns. From CEO&nbsp;leaving to the RBI&nbsp;appointing a board member to heavyweight Dalal Street veterans looking to buy a big stake. Here is what we know so far -:
Also watch|&nbsp;<a title="Top Market Headlines: Quietest week of trade begins, radar of Omicron to new year bets&nbsp;" href="https://www.editorji.com/business-news/markets/top-market-headlines-quietest-week-of-trade-begins-radar-of-omicron-to-new-year-beats-1640572700785">Top Market Headlines: Quietest week of trade begins, radar of Omicron to new year bets&nbsp;</a> Change of guard&nbsp; The bank communicated that&nbsp;RBL Bank&rsquo;s long-term MD and CEO Vishwavir Ahuja, has gone on leave with immediate effect. Ahuja's&nbsp;term was ending in June as is as the RBI&nbsp;had rejected his term extension.&nbsp; The RBI&nbsp;appointed an additional board member&nbsp;Yogesh Dayal&nbsp;to the the Mumbai based bank and the financial institution also announced it is elevating Executive Director Rajeev Ahuja&nbsp;as&nbsp;interim MD and CEO. Why is the street concerned? The move from RBI&nbsp;raised eyebrows as the appointment of an RBI nominee on a private sector bank board is a rarely invoked power and is especially done by the regulator to protect depositors.
In the past, where the RBI has put its people on the banks&rsquo; boards include&nbsp;Dhanlaxmi Bank, erstwhile Lakshmi Vilas Bank, and YES Bank.&nbsp;The common thread in all these cases was that there were governance concerns or troubled finances.
To calm investors, RBL Bank has informed the exchanges that business is as usual at the bank. Buzz of&nbsp; the big bulls coming in&nbsp; Adding masala to this feauture,&nbsp;Ace investors&nbsp;Rakesh Jhunjhunwala&nbsp;and D-Mart&rsquo;s founder RK Damani have&nbsp; reportedly approached the Reserve Bank of India (RBI) to buy a 10 per cent stake in RBL Bank, according to a report by&nbsp;CNBC TV 18. According to the report, RBI is looking at the request.

Digital lending fraud alert as Reserve Bank of India (RBI) has now found that more than half of the 1,100 personal loan apps available are actually illegal. 

 600 Illegal Loan Apps Found in Stores, Says RBI.

Beware! More than half of the 1,100 personal loan apps available are actually illegal. 

Digital Lending Fraud

Around 2,562 complaints have been received from January 2020 to March 2021 against digital lending apps.&nbsp;

Digital lending fraud alert as the Reserve Bank of India (RBI) has now found that more than half of the 1,100 personal loan apps available are actually illegal.
Around 600 illegal loan apps&nbsp;were found among 1,100 unique Indian&nbsp;loan apps across 80 app stores, the central bank said in the latest report.
"As the number of lending apps grow, this trend would spike, since a user downloading a lending app cannot identify if the app is legitimate or not." The RBI&nbsp;also added that&nbsp;several copycat apps and websites will mushroom across the internet.
If a consumer uses such an app or website, it could collect the user&rsquo;s personally identifiable information (PII), financial data and other sensitive details, which can then be used to compromise the user&rsquo;s accounts, carry out phishing attacks and identity theft. Apart from affecting the user, it also damages the reputation of the company that the fake app is impersonating.
Most of these apps&nbsp;have keywords like 'quick loan', 'instant loan', etc, the RBI&nbsp;report mentioned.

Auto-Debit Rules: From October 1, 2021, you may have to make your auto-recurring payments or EMIs manually due to a rule imposed by the Reserve Bank of India (RBI). 

Auto Debit Rule: Auto debit set to fail from October 1, here is what you need to do

If you don't want your bill payments from credit card to OTT not to fail, here is what you have need to know before October 1

Auto debit set to fail from October 1, here is what you need to do

Auto Debit Rule: Banks will have to carry out additional factor authentication before auto debiting payments from credit or debit cards

Auto-Debit Rule : Auto debit norms are changing, so from October 1st&nbsp;your&nbsp;auto-debit instructions for payments of utility bills, insurance premiums, credit card bills and even your OTT&nbsp;subscription may not go through.&nbsp;According to the Reserve Bank of India&rsquo;s (RBI&rsquo;s) new guidelines the new auto-debit norms will be in effect from the start of October.&nbsp;
Remind me please...
Any recurring transactions debited automatically from debit, credit, or prepaid cards will require approval before the transaction goes through starting October 1. The bank will have to notify customers via SMS, email, or both, and can make the transfer only after customers approve the same. 
So what do I need to do?
Options are simple and only two. The first is to manually make a one-time payment every month on the merchant site , the second option is to use the net banking portal to set up&nbsp;auto-pay&nbsp;for utilities and other services that require recurring payments directly from the savings or current account instead of the card. Read/Watch Also:&nbsp;<a href="https://www.editorji.com/story/the-big-loan-bazaar-find-the-cheapest-loans-at-these-banks-1631867207343">The Big Loan Bazaar! Find the cheapest loans at these banks&nbsp;</a> Why is my bank not making this easier? Well, banks are in talks to develop a platform where e-mandates can be accessed by all the stakeholders but this is still work in progress.&nbsp; So what can I do to make sure all payments don't fail Visit your banks website on October 1 it will surely have a section to give e-mandates for payments.&nbsp;Check the list of merchants that the bank has enabled for additional factor authentication (AFA) and register afresh with each merchant whose service you use to permit them to continue charging your card for recurring payments.

State Bank of India (SBI) has reduced the home loan interest rates to 6.7 per cent for any loan amount.

SBI home loan rate cut: Cheaper rates for all loan amounts, here is what you need to know

Home loans slashed by India's largest bank, it is a mega 45 basis points cut from SBI. Check out all the details&nbsp;

Home loans slashed by India's largest bank

State Bank of India (SBI) has reduced the home loan interest rates to 6.7 per cent for any loan amount.

<a href="https://www.editorji.com/business-news/personal-finance/sbi-changes-imps-norms-service-charges-here-is-all-you-need-to-know-1641354703600" target="_blank">State Bank of India (SBI)</a> has reduced the home loan interest rates to 6.7 per cent for any loan amount. This is a festive offering by India's largest bank that is not only pulling rates to the lowest level in a decade but also making them available to both salaried and non-salaried people.
<h3>Also read:&nbsp;<a href="https://www.edtr.ai/aeg8" target="_blank">The Big Loan Bazaar! Find the cheapest loans at these banks</a> Home loan rate cut, what is the real saving?</h3>
The big move is the cut across all loan amounts, earlier a borrower availing a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15%. With the new rates the interest burden is brought down by a whole 45 basis points.&nbsp;
<h3>SBI&nbsp;home loan rate cut, how everyone benefits</h3>
The rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower in the past. The new rate of 6.7% is applicable to both as&nbsp;SBI has said that it has removed this distinction.&nbsp;
<h3>The festive bonanza from banks roll in</h3>
<a href="https://www.editorji.com/story/watch-sbi-opens-floating-atm-on-srinagar-dal-lake-1629618651017">SBI</a>&nbsp;has also waived off the processing fees completely and will be offering interest concession based on the credit score of the borrower.&nbsp;

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