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Indian banks may soon start leveraging&nbsp;blockchain&nbsp;technology for Letter of Credit (LC), GST&nbsp;invoices and e-way bills. Along with reduced processing time and paperwork elimination&nbsp;due to&nbsp;blockchain&nbsp;technology, banks are expected to even prevent frauds like multiple issuances of LCs&nbsp;on a single&nbsp;invoice.
The largest&nbsp;public lender State Bank of India and 14 more banks have formed a new firm called the Indian Banks' Blockchain&nbsp;Infrastructure Company Pvt&nbsp;Ltd which will be at the helm of this transformation.
The use of&nbsp;blockchain&nbsp;technology by banks could be a&nbsp;boon for medium and small-scale enterprises (MSMEs) as tokenisation would make approvals, disbursements and settlements quick.&nbsp;Disbursements on domestic LCs, which used to take four to five days, can be done in four hours, as some reports suggest.
The industry has been exploring more complex use-cases such as collateralised loan disbursal, deeper credit rating, and even transaction traceability.
&nbsp;

SBI, HDFC, ICICI, others to leverage blockchain technology

Blockchain&nbsp;finds backers in the banking community, meet the Indian Banks&rsquo; Blockchain Infrastructure Co Ltd backed by SBI, ICICI, HDFC&nbsp;Bank and 12 others.&nbsp;
@HDFC_Bank
@ICICIBank
@Finacle
@Infosys
@naval
#blockchain
&nbsp;
&nbsp;

Blockchain&nbsp;finds more backers in the Indian banks community with leading banks&nbsp;like ICICI, HDFC&nbsp;Bank and SBI&nbsp;along with 12 others have&nbsp; come together to form a company Indian Banks&rsquo; Blockchain Infrastructure Co Pvt Ltd (IBBIC) with each having equal shareholding.&nbsp; The newly formed blockchain&nbsp;company will&nbsp;widen the blockchain application to the processing of Letters of Credit (LCs/LoCs), GST invoices, and e-way bills. Along with reduced processing time and paperwork elimination&nbsp;due to&nbsp;blockchain&nbsp;technology, banks are expected to even prevent frauds like multiple issuances of LCs&nbsp;on a single&nbsp;invoice. This will also be a big boost to medium and small-scale enterprises (MSMEs) as tokenisation would make approvals, disbursements and settlements faster. Operation and disbursements&nbsp;which used to take four to five days, can be done in four hours, as some reports suggest
The project is expected to use Infosys&rsquo; Finacle Connect, a blockchain-based platform that enables digitisation and automation of trade-related finance processes.

Profit booking kicked in on Dalal&nbsp;Street as bulls retreated into the weekend on a backfoot. Sensex&nbsp;shed&nbsp;984 points to end the day at 48,782 and the 50 stock benchmark Nifty shut shop at day's low at&nbsp;14,631 in Friday's trade.&nbsp;&nbsp;Profit booking weighed on&nbsp;markets&nbsp;following four straight sessions of gains despite the raging covid&nbsp;crisis in the nation.&nbsp;Buying in pharma stocks was the only spot of green on the screen, with Bank Nifty leading the losses in the sectoral indices&nbsp;with HDFC&nbsp;twins sinking 4%, followed by ICICI and Kotak&nbsp;Mahindra&nbsp;Bank.&nbsp;
On a weekly basis, both the frontline indices snapped their 3-week losing streak and added around 2% higher each.&nbsp;
&nbsp;

Profit booking on Dalal Street, Markets end at day's low with Sensex slumping almost a 1000 points

Sensex&nbsp;shed&nbsp;984 points to end the day at 48,782 and the 50 stock benchmark Nifty shut shop at day's low at&nbsp;14,631 in Friday's trade.&nbsp;

Bulls book some profit before the weekend

<ul>
<li>Profit booking seen, Sensex&nbsp;&amp; Nifty end at day's low on Friday</li>
<li>Sensex&nbsp;slides&nbsp;984 points, Nifty falls 246 points in trade&nbsp;</li>
<li>Banking stocks lead declines, HDFC&nbsp;twins top laggards</li>
<li>Covid&nbsp;crisis keeps buying pharma stocks active</li>
<li>Markets gain 2% for the week, snapping 3-week losing streak</li>
</ul>

Profit booking kicked in on Dalal&nbsp;Street as bulls retreated into the weekend on a backfoot. Sensex&nbsp;shed&nbsp;984 points to end the day at 48,782 and the 50 stock benchmark Nifty shut shop at day's low at&nbsp;14,631 in Friday's trade.&nbsp;&nbsp;Profit booking weighed on&nbsp;markets&nbsp;following four straight sessions of gains despite the raging covid&nbsp;crisis in the nation.&nbsp; Buying in pharma stocks was the only spot of green on the screen, with Bank Nifty leading the losses in the sectoral indices&nbsp;with HDFC&nbsp;twins sinking 4%, followed by ICICI and Kotak&nbsp;Mahindra&nbsp;Bank.&nbsp;
On a weekly basis, both the frontline indices snapped their 3-week losing streak and added around 2% higher each.&nbsp;
&nbsp;

Mortgage lender HDFC Ltd has increased interest rates on its various fixed deposit products having different maturities by up to 25 basis points (bps) with effect from March 30.
The increase in rates by the housing finance company comes at a time when all the lenders have been reducing interest rates on their fixed deposits.
For special fixed deposits up to Rs 2 crore and maturing in 33 months, HDFC is offering an annual interest rate of 6.20 per cent, according to the information available on its website. Deposits maturing in 66 months will fetch an annual rate of interest of 6.60 per cent.
For 99-month fixed deposits, the new rate has been kept at 6.65 per cen

HDFC increases FD rates up to 25 bps

Mortgage lender HDFC Ltd has increased interest rates on its various fixed deposit products having different maturities by up to 25 basis points (bps) with effect from March 30.
&nbsp;

<ul>
<li>HDFC Ltd increases interest rates on various fixed deposit products</li>
<li>HDFC&nbsp;raises FD rates upto&nbsp;25 basis points&nbsp;</li>
<li>33 month maturity &lt; Rs 2 cr, FD rate now at 6.2%</li>
<li>99-month fixed deposits rate at 6.65%</li>
</ul>

Mortgage lender HDFC Ltd has increased interest rates on its various fixed deposit products having different maturities by up to 25 basis points (bps) with effect from March 30.
The increase in rates by the housing finance company comes at a time when all the lenders have been reducing interest rates on their fixed deposits.
For special fixed deposits up to Rs 2 crore and maturing in 33 months, HDFC is offering an annual interest rate of 6.20 per cent, according to the information available on its website. Deposits maturing in 66 months will fetch an annual rate of interest of 6.60 per cent.
For 99-month fixed deposits, the new rate has been kept at 6.65 per cent

Samsung offers huge discounts on its online store for festive season

Samsung India has announced mega discounts and cashback offers on a wide range of Samsung products for consumers shopping online from Samsung&rsquo;s Online Store this festive season.&nbsp;
Consumers can get up to 40% discount on select Galaxy smartphones such as Samsung&rsquo;s flagship Galaxy S20+. The company is also offering up to 60% off on select accessories such as wireless chargers and JBL speakers.&nbsp;
There's even a 45% discount on a range of TV and Home Appliances such as The Frame television, Spacemax Family Hub French Door refrigerator and front-load Ecobubble with Hygiene Steam washing machine.
Samsung has also tied up with leading banks&ndash;HDFC, ICICI Bank and SBI&ndash;so that consumers shopping online from Samsung.com can get up to 12.5% cashback on their purchase.
The discounts and offers are valid for a limited period, from October 15 to November 16.

Samsung offers discounts, offers on its online store
Up to 40% discount on select Galaxy phones
Up to 60% on wireless chargers, JBL speakers
Grab 45% discount on TVs, smart appliances
Up to 12.5% cashback with HDFC, ICICI, SBI cards
Offers available until Nov 16

Samsung India has announced mega discounts and cashback offers on a wide range of Samsung products for consumers shopping online from Samsung&rsquo;s Online Store this festive season.&nbsp;
Consumers can get up to 40% discount on select Galaxy smartphones such as Samsung&rsquo;s flagship Galaxy S20+. The company is also offering up to 60% off on select accessories such as wireless chargers and JBL speakers.&nbsp;
There's even a 45% discount on a range of TV and Home Appliances such as The Frame television, Spacemax Family Hub French Door refrigerator and front-load Ecobubble with Hygiene Steam washing machine.
Samsung has also tied up with leading banks&ndash;HDFC, ICICI Bank and SBI&ndash;so that consumers shopping online from Samsung.com can get up to 12.5% cashback on their purchase.
The discounts and offers are valid for a limited period, from October 15 to November 16.

Aditya Puri: "Covid-19 is an opportunity to gain market share" | BOOM

The Indian banking system has been under stress for some time. When much of the economy is also facing severe pressure, there are concerns about whether our money as depositors is safe with the banking system or at the mercy of rising NPAs of our banks. BOOM Explains more with&nbsp; HDFC's Aditya Puri.
Aditya Puri, MD, HDFC Bank says that HDFC bank sees COVID-19 as a great opportunity. He says, "The whole world is in a turmoil. We are sitting on good capital, capital adequacy and deposits. Anybody who wants to sell his asset to me, I'm a buyer. And we are growing, you see the results. So we see this as an opportunity to gain market share. HDFC Bank will only become stronger and stronger over the next two to three years."
Watch BOOM's Govindraj Ethiraj interview Aditya Puri of HDFC bank on NPA's growth and the opportunity arising from COVID-19 restrictions throughout the world.

Markets end with mild gains; Nifty ends above 11,350

After a highly volatile session, the equity benchmarks ended with mild gains on Monday following global cues.
The Sensex ended the day 60 points in the green and the Nifty closed 0.19% higher at 11,355.
Infratel, HDFC&nbsp;Life, DrReddy, ITC and Hindustan Unilever were the top five gainers in the Nifty 50 index.

11,355.05&nbsp; 21.20 (0.19%)
38,417.23 +60.05 +0.16%

After a highly volatile session, the equity benchmarks ended with mild gains on Monday following global cues.
The Sensex ended the day 60 points in the green and the Nifty closed 0.19% higher at 11,355.
Infratel, HDFC&nbsp;Life, DrReddy, ITC and Hindustan Unilever were the top five gainers in the Nifty 50 index.

hdfc

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