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After RBI tightened its norms for unsecured consumer loans by raising the risk weight for banks and non-banking finance companies in November, Paytm has decided to slow down postpaid slow ticket loan that amounts to less than Rs 50,000

Paytm share price hits 20% lower circuit limit after it announced cut down on slow ticket postpaid loans

After RBI tightened its norms for unsecured consumer loans by raising the risk weight for banks and non-banking finance companies in November, Paytm has decided to slow down postpaid slow ticket loan that amounts to less than Rs 50,000

Paytm loans: Fintech company Paytm's shares have hit 20% lower circuit limit  reaching Rs 650 a piece. This after the company announced its plans to slow down its small ticket Postpaid loan. However, the company is looking to expand its high ticket personal and merchant loans. This the company said in an analyst meet on December 6.
Lower circuit limit is the minimum price a stock can reach in a particular day. 
The cut down on slow ticket loans comes, after RBI tightened the norms for unsecured consumer loans by raising the risk weight for banks and non-banking finance companies (NBFCs) in November.  
<h3>Paytm shares tumble</h3>
Shares of Paytm tumbled after analysts downgraded the stock as the company decided to bring down the level of unsecured loans under Rs 50,000 in a calibrated manner.
As per CNBC-TV18, brokerage firm Goldman Sachs downgraded the stock, shifting its rating from 'buy' to 'neutral' and revising the target price to Rs 840 apiece from the earlier Rs 1,250.
Similarly, Jefferies adjusted its target price to Rs 1,050 from Rs 1,300 but maintained a 'buy' rating. Bernstein also lowered its target price to Rs 950 from Rs 1,100. However, domestic brokerage firm Motilal Oswal maintained a 'buy' rating with a target price of Rs 1,025 apiece.
<h3>Postpaid loan reduction</h3>
As per the company, the postpaid loans could be down by 50% but will not have any impact on margins or revenue. Paytm also added the revenue impact will be minimal since postpaid had the lowest take rate. Slow ticket loan amounts to less than Rs 50,000
Also Read: <a href="https://www.editorji.com/business-news/markets/rbi-strengthens-regulations-on-personal-loans-for-banks-and-nbfcs-1700144975394">RBI strengthens regulations on personal loans for banks and NBFCs</a>
"On the back of recent macro development and regulatory guidance, in consultation with lending partners, in line with its continued focus on driving a healthy portfolio, the company has recalibrated the portfolio origination of less than ₹50,000, which is prominently the postpaid loan product and will now be a smaller part of its loan distribution business going forward," the company said in a media statement.
The company also assured that none of its lending partners have stopped lending to its customers. Paytm facilitates lending on its platform through its partnership with lenders such as Aditya Birla Finance Limited (ABFL), Piramal Finance, Shriram Capital and Tata Capital among others.
Paytm receives commissions as well as collection charges for the loans provided on its platform.
<h3>Users complain</h3>
Meanwhile several users in X(formerly Twitter), has complained about the postpaid services being slow since December 1. Some users even claimed that their accounts have been blocked for multiple users despite paying the loans on time.
Moneycontrol quoted some users who received messages saying that the platform is getting upgraded and security measures is being enhanced.
"We are upgrading the experience and enhancing security measures. We will be back soon" - the message received by users as seen by Moneycontrol.

Startup to Scaleup| Focus on Radian Finserv that aims to transform the gold loans landscape

<h2>Bulk of gold in India is not monetised says Sumit Sharma, Co-founder of Radian Finserv</h2>

When faced with financial emergencies, individuals often grapple with the choice between a personal loan and a gold loan. While personal loans offer convenience, gold loans present distinct advantages: quick access to funds, collateralized security, lower interest rates, flexibility in usage, repayment options, and minimal documentation. To delve deeper into this topic, we interviewed Sumit Sharma, Co-founder of Radian Finserv for our 15th episode of the Startup to Scaleup show.
Founded in Bangalore in 2021, Radian Finserv gained notice in the financial services sector for its unique gold loan approach. It swiftly expanded to 35 branches, serving approximately 5,000 customers, demonstrating notable growth in a brief span.
Also read/watch - <a title="Startup to Scaleup: Focus on Sugmya Finance which is transforming micro-lending with its digital focus" href="https://www.editorji.com/business-news/startups/startup-to-scaleup-focus-on-sugmya-finance-which-is-transforming-micro-lending-with-its-digital-focus-1700655566313#google_vignette">Startup to Scaleup: Focus on Sugmya Finance which is transforming micro-lending with its digital focus</a>&nbsp;
Sharma highlighted that Indian households have the largest gold holdings globally, surpassing even the gold reserves of the United States government. However, he added that the potential of this substantial gold reserve in Indian households, estimated at 25,000-28,000 tons, remains untapped. Sharma emphasized that most of these gold holdings remain unutilized or non-monetized. However, he noted a growing comfort among individuals in leveraging gold loans, signifying a changing attitude towards utilizing this dormant asset for financial support. Also read/watch - <a title="Startup to Scaleup: FableStreet, brand that redefines western workwear for Indian women" href="https://www.editorji.com/business-news/startups/startup-to-scaleup-fablestreet-brand-that-redefines-western-workwear-for-indian-women-1699445267706">Startup to Scaleup: FableStreet, brand that redefines western workwear for Indian women</a> &nbsp; While discussing some tips for gold loan customers, Sharma cautioned that while low-interest rates might seem attractive, they often come with various conditions and complexities. Sharma also emphasized the importance of responsible borrowing, urging customers to be diligent and mindful of the fine print regarding repayment terms. "This is crucial to avoid unforeseen challenges and ensure a smooth borrowing experience while using gold as collateral," Sharma added.&nbsp;

During December's wedding season, there's an increase in loan applications, notably embracing the "Marry Now, Pay Later" approach in personal loans.

India's metros see big surge in loans for weddings

<h2>During December's wedding season, there's an increase in loan applications, notably embracing the "Marry Now, Pay Later" approach in personal loans.</h2>

In the grand tapestry of Indian celebrations, weddings stand out as extravagant affairs where families spare no expense to create unforgettable moments. However, as the cost of weddings continues to soar, many are turning to financial institutions for support. Delhi, Mumbai, and Bangalore have emerged as hotspots for the highest demand in loans to finance these opulent celebrations.
The wedding season, especially in December, witnesses a surge in loan applications, with the concept of "Marry Now, Pay Later" gaining momentum in the personal loan sector. Banks and non-banking financial companies have capitalized on this trend, offering loans tailored explicitly for funding wedding expenses.
A critical factor influencing loan approvals is the credit score, with a benchmark of 750 points or higher being imperative for securing desired loan amounts. Those falling below this threshold may face limitations in accessing the required funds.
The wedding industry's colossal scale becomes evident as millions of weddings unfold nationwide, and credit facilities emerge as crucial tools in transforming dream celebrations into tangible realities. Yashoraj Tyagi, CEO of CASHe, emphasized to Mint the convenience of wedding loans with their swift approvals and adaptable repayment terms, enabling families to navigate the financial aspects of their festivities seamlessly.
The Confederation of All India Traders (CAIT) projects a staggering business worth ₹4.25 lakh crore within a mere 23 days of the ongoing Indian wedding season. This estimate underscores the significant economic impact of these celebrations on various sectors.
At CASHe there has been a notable spike in the demand for wedding-related loans since October, witnessing a substantial 20% increase compared to the preceding year. This surge is attributed to the evolving preferences of younger borrowers towards digital transactions and their increased awareness of accessible credit options mainly in metro cities like Banglore, Delhi and Mumbai, CEO Yashoraj Tyagi told Mint.
 Also Watch:<a href="https://www.editorji.com/business-news/economy/wedding-bells-about-35-lakh-weddings-to-facilitate-rs-4-25-lakh-crore-flow-in-businesses-1697537019411#google_vignette"> Wedding Bells: About 35 lakh weddings to facilitate Rs 4.25 lakh crore flow in businesses</a>

Prime Minister Narendra Modi during his Independence day speech had announced the plan to provide relief in bank loans for first-time homebuyers. This scheme would provide annual interest subsidy between 3-6.5% on up to Rs 9 lakh

Housing loan interest subsidy: Centre to spend Rs 60,000 crore over the next five years

Prime Minister Narendra Modi during his Independence day speech had announced the plan to provide relief in bank loans for first-time homebuyers. This scheme would provide annual interest subsidy between 3-6.5% on up to Rs 9 lakh

The Centre is mulling spending Rs 60,000 crore to provide subsidised loans for small urban housing over the next five years, reported Reuters. As per the report, the banks are likely to roll out the scheme in a couple of months, ahead of key state elections later this year and general elections due in mid-2024.
During the Independence Day speech in August, Prime Minister Narendra Modi had announced the plan to provide relief in bank loans for first-time homebuyers.
"We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, or slums, or chawls and unauthorised colonies," PM Modi had said in his August speech.
Also Read: <a href="https://www.editorji.com/business-news/sbi-home-loans-unveils-festive-discounts-here-s-all-you-need-to-know-1694425990629">SBI home loans: unveils festive discounts, here's all you need to know</a>
Reuters mentioned that the scheme will provide an annual interest subsidy of between 3-6.5% on up to Rs 9 lakh of the loan amount. Housing loans below Rs 50 lakh availed for a tenure of 20 years will also be eligible for the proposed scheme.
"The interest subvention will be credited upfront to the housing loan account of beneficiaries. The scheme proposed till 2028 is close to finalisation and will require approval of federal Cabinet," one government official told Reuters.
The official also mentioned that the quantum of subsidised credit will depend on demand for such homes and about 2.5 million loan applicants in low-income groups in urban areas will benefit from the scheme.&nbsp;
The report further mentioned that bank officials have started identifying the beneficiaries of the scheme.

Government is planning to borrow Rs 8.88 lakh crore which is 57.55% of the targeted gross market borrowing in the first half of FY24

Govt to borrow 57.55% of its year target in H1Fy24

Government is planning to borrow Rs 8.88 lakh crore which is 57.55% of the targeted gross market borrowing in the first half of FY24

The government is planning to borrow 57.55% of its projected gross market borrowing in the first half of the fiscal year 2024. The government will borrow Rs 8.88 lakh crore out of the finalised Rs 15.32 lakh crore.&nbsp; &nbsp; According to a statement released by Finance Ministry, the borrowing programme is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore. The borrowing will be spread under 3, 5, 7, 10, 14, 30 and 40 year securities.&nbsp; &nbsp; The government further added that it won't issue a fresh Sovereign Green Bonds in the first half of the year. It may be issued in the second half. The statement also mentioned that the government will continue carrying out switch operations to smoothen redemption profile.&nbsp; &nbsp; The government's borrowing is however lower than the borrowing in the first six months of 2022-23 which was at 59%. In the past few years the norm has been to borrow 60 to 63%

Rating agency CRISIL has revised the outlook on Vedanta's loans from stable to negative. This, due to an increased cash flow from Vedanta towards large maturing debt obligations at it parent company Vedanta Resources Ltd.

Vedanta's loan outlook now negative: CRISIL

Rating agency CRISIL has revised the outlook on Vedanta's loans from stable to negative. This, due to an increased cash flow from Vedanta towards large maturing debt obligations at it parent company Vedanta Resources Ltd.

Rating agency CRISIL has revised the outlook on Vedanta Ltd's term loans and debantures from stable to negative.
As per the report, this change reflects the possibility of higher-than-expected financial leverage and lower financial flexibility with reducing ratio of cash surplus to one-year maturities for FY23 and FY24. This is due to increased cash flow from Vedanta towards large maturing debt obligations at its parent company Vedanta Resources Ltd. The cash flowed to the parent company in the form of dividents.&nbsp;
However, CRISIL reaffirmed 'AA' rating for long term loans and debantures, 'A1+' rating for commercial paper and short-term bank facilities.&nbsp;
As per CRISIL ratings, Vedanta Ltd's parent company is in discussion with the lenders to refinance the upcoming debt maturities of Q1FY24. Currently, Vedanta Resources Ltd, has annual debt maturities of around $3 billion each in FY24 and FY25 with high near-term maturities of about $1.7 billion in the Q1FY24.
CRISIL also mentioned that the divident payout by Anil Agarwal led Vedanta for FY23 will be more than Rs 40,000 crore, including dividend payout by Hindustan Zinc Ltd (HZL) to its minority shareholders. Vedanta currently has cash balances only to cover for VRL&rsquo;s maturities for the H1 FY24.

Apple’s buy now, pay later service launching soon in US, check details 

Apple’s buy now, pay later service launching soon

Apple&rsquo;s buy now, pay later service launching soon in US, check details&nbsp;

According to a Bloomberg report, Apple Pay Later is set to launch soon in the US. It will allow customers to purchase items using Apple Pay on their iPhone, in four payments over six weeks with no interest. Creditworthiness will be evaluated based on past purchases of Apple hardware and services. This marks the first financial service from Apple to be fully supported by the company, not a third party. If a customer fails to pay on time, Apple Pay Later will be removed, and other features of their Apple ID may be disabled until their account is up to date. Currently, there is a large field test ongoing, whereby Apple Store retail employees are helping to test the new service. Apple Pay Later was originally slated for release in September 2022 but its development was postponed.

Kochhar was accused of misusing her position in the ICICI Bank in granting loans to Videocon group promoter Venugopal Dhoot in 2009 and 2011

Videocon loan case: Mumbai court remands Chanda Kochhar, husband in CBI custody till December 26 

Kochhar was accused of misusing her position in the ICICI Bank in granting loans to Videocon group promoter Venugopal Dhoot in 2009 and 2011

A special CBI court on Saturday remanded former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar to the CBI custody till Monday.
They were arrested on Friday in a case linked to alleged irregularities in an over Rs 3,000-crore loan provided to the Videocon Group when she was heading the private sector bank.
Kochchar had to resign from ICICI Bank in 2018 because of this multi-crore scam.&nbsp; Also Watch| <a href="https://www.editorji.com/india-news/local/videocon-loan-case-icici-bank-ceo-md-chanda-kochhar-husband-deepak-kochhar-arrested-1671852298885">Videocon loan case: ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar arrested</a>

A businessman in Delhi claimed that he was abducted and manhandled for failing to repay a loan.
The incident reportedly occurred on 6 August, when complainant Shobhit Agarwal was assaulted at his office at KG Marg. Some men allegedly barged into his office, threatened and assaulted him. He was also kidnapped before being dropped outside his office.
Agarwal had reportedly taken a loan of ₹20 lakh from a money lending firm. He claimed he repaid the amount on the day of the alleged assault.
Two men identified as Rohit and Mohit Ahlawat were arrested with further probe underway by Delhi police.

Delhi businessman kidnapped for not repaying loan; 2 men arrested: police

The incident reportedly occurred on 6 August, when complainant Shobhit Agarwal was assaulted at his office at KG Marg.

A businessman in Delhi claimed that he was abducted and manhandled for failing to repay a loan.
The incident reportedly occurred on 6 August, when complainant Shobhit Agarwal was assaulted at his office at KG Marg. Some men allegedly barged into his office, threatened and assaulted him. He was also kidnapped before being dropped outside his office.
<a href="https://www.editorji.com/india-news/2-arrested-for-murdering-man-in-udaipur-police-on-alert-due-to-protests-1656431669578">Udaipur Murder Case: 2 arrested for murdering man in Udaipur, prohibitory orders imposed</a>
Agarwal had reportedly taken a loan of ₹20 lakh from a money lending firm. He claimed he repaid the amount on the day of the alleged assault.
Two men identified as Rohit and Mohit Ahlawat were arrested with further probe underway by Delhi police.

Time to recalculate your EMIs as banks have started raising rates even before the RBI makes its next move. In the latest hike, ICICI Bank has hiked lending rates by 30 bps across tenures.This is the second rate hike from the private lender that had  hiked its external benchmark lending rate along with peers by 40 bps in early after the RBI's surprise hike. This adds to the inflation pressures on households at a time when savings or investment returns are not catching up.Despite a hike in FD rates they are no where close to beating out inflation. HDFC Bank is now offering 2.50-5.75% for different tenors on domestic term deposits of less than ₹2 crore, while ICICI Bank’s FDs also are in the same range. State Bank of India, which had last revised its FD rates, offers interest of 5.50% on tenors of five years and up to 10 years

Loans get more expensive, rates hiked again by banks 

This is the second rate hike from the private lender that had  hiked its external benchmark lending rate along with peers by 40 bps in early after the RBI's surprise hike.

RBI&nbsp;likely to raise rates on June 8 after monetary policy meet

Time to recalculate your EMIs as banks have started raising rates even before the RBI makes its next move. In the latest hike, ICICI Bank has hiked&nbsp;lending rates by 30 bps across tenures.
Not only ICICI&nbsp;but&nbsp;India's largest housing finance company HDFC has increased its retail prime lending rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) or floating rates are benchmarked, by 5 basis points.
Following that, Punjab National Bank (PNB), a state-owned bank, hiked its marginal cost of funds-based lending rate by 15 basis points. The increased rates go into effect on June 1 This is the second rate hike from the private lender that had hiked its external benchmark lending rate along with peers by 40 bps early after the RBI's&nbsp;surprise hike. This adds to the inflation pressures on households at a time when savings or investment returns are not catching up. Despite a hike in FD rates they are nowhere close to beating out inflation.&nbsp;HDFC Bank is now offering 2.50-5.75% for different tenors on domestic term deposits of less than&nbsp;₹2 crore, while&nbsp;ICICI Bank&rsquo;s&nbsp;FDs also are in the same range. State Bank of India, which had last revised its FD rates, offers interest of 5.50% on tenors of five years and up to 10 years

Now you don't have to stand in long queues at SBI branches for personal loans as the bank has introduced a facility that allows taking loans up to Rs 35 lakh via app!
With an aim to digitally empower customers and offer additional convenience, the country’s largest lender, State Bank of India (SBI) has announced the introduction of Real Time Xpress Credit (RTXC) on YONO.
However, this facility will only be available to salaried individuals and they must have their salary account with SBI. The bank account will be available digitally. 
SBI Real Time Xpress Credit Eligibility
Following people are eligible to get loans from YONO under the new scheme:
i. Individuals with Salary Account with SBI
ii. Minimum monthly income Rs 15,000
iii. Employees working with: Central/ state/quasi-government, Central PSUS and profit-making state PSUs, Educational institutions of national repute, Selected corporates with or without a relationship with the bank.

SBI’s launches instant loan via YONO app; here's how you can apply

With an aim to digitally empower customers and offer additional convenience, the country’s largest lender, State Bank of India (SBI) has announced the introduction of Real Time Xpress Credit (RTXC) on YONO.

With an aim to digitally empower customers and offer additional convenience, SBI&nbsp;has announced the introduction of Real Time Xpress Credit (RTXC) on YONO

Now you don't have to stand in long queues at SBI branches for personal loans as the bank&nbsp;has introduced a facility that allows taking loans up to Rs 35 lakh via app!
With an aim to digitally empower customers and offer additional convenience, the country&rsquo;s largest lender, State Bank of India (SBI) has announced the introduction of Real Time Xpress Credit (RTXC) on YONO.
However, this facility will only be available to salaried individuals and they must have their salary account with SBI. The bank account will be available digitally.&nbsp;
Also read/watch| <a title="Growing angst against airlines in India, here is what a survey shows" href="https://www.editorji.com/business-news/growing-angst-against-airlines-in-india-here-is-what-a-survey-shows-1653620915704">Growing angst against airlines in India, here is what a survey shows</a>
SBI&nbsp;Real Time Xpress Credit Eligibility
Following people are eligible to get loans from YONO under the new scheme:
i.&nbsp;Individuals with Salary Account with SBI
ii.&nbsp;Minimum monthly income Rs 15,000
iii.&nbsp;Employees working with:&nbsp;Central/ state/quasi-government, Central PSUS and profit-making state PSUs, Educational institutions of national repute, Selected corporates with or without a relationship with the bank. Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a&nbsp;November 2021 report&nbsp;by the Reserve Bank of India.

In a big move India's largest babk State Bank of India (SBI) has hiked loan rates which is going to hurt consumers as prices across the board continue to rise. SBI raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately. SBI's one year MCLR increases to 7.10% vs 7% earlier. The three year MCLR is now at 7.4% vs 7.3%. 

SBI hikes rates, loans & EMIs get more expensive

SBI raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately. 

SBI hike rates, loans & EMIs get more expensive

SBI hikes MCLR by 10 bps across tenors, effective April 15

In a big move India's largest bank&nbsp;State Bank of India (SBI) has hiked loan rates which is going to hurt consumers as prices across the board continue to rise.&nbsp;
Also read/watch| <a title="Infosys share price sinks; here is what brokerages are saying" href="https://www.editorji.com/business-news/new-timings-for-banks-and-forex-trade-check-the-details-here-1650256866497">Infosys share price sinks; here is what brokerages are saying</a> SBI&nbsp;raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately.&nbsp;
SBI's one year MCLR increases to 7.10% vs 7% earlier. The three year MCLR&nbsp;is now at 7.4% vs 7.3%.&nbsp;

Pakistan owes India Rs 10,000 crore. India gave loans to Pakistan worth Rs 300 crore, both pre- and post-Partition. And now, the unpaid amount has climbed to Rs 10,000 crore, including interest. This was the claim reportedly made in a petition to the Delhi High Court.
The public interest litigation, or PIL, was filed by a person named Om Sehgal. He reportedly argued that Pakistan has been using Indian money to attack India, and the Union government must take up the matter of repayment with Islamabad immediately.
The petitioner further claimed that files pertaining to loans given before Partition were misplaced from the Finance Ministry. Sehgal reportedly claimed he had over 100 letters corroborating the fact.
The petition reportedly said, "This money belongs to the people of India. Just after partition, around Rs 20 crore was given by India to Pakistan and with that money they attacked Kashmir. Thousands of people were killed but our money is still with Pakistan. It has now come to around Rs 1 trillion. In Pakistani currency it comes to Rs 2.5 trillion. Each bullet that our soldiers face is paid by our money. I can't say anything about political parties who are in government but request the court to pass directions."
The Delhi High Court however refused to entertain the PIL. A two-judge bench reportedly said that it was a government policy matter, and therefore the court cannot pass directions.
On behalf of the government, Additional Solicitor General Chetan Sharma reportedly argued that the petitioner might be right in his sentiments, but the matter should be left to the government.

Pakistan owes India Rs 10,000 crore in loans since before Partition, claims PIL. Watch what Modi govt, Delhi HC said

((GFX))
 HEADER - PIL CLAIMS PAK OWES INDIA CRORES
 Pakistan owes India Rs 10,000 crore Rs 300 crore loaned by India to Pak Loans given before &amp; after Partition Pak didn't repay, instead attacked India Govt of India must demand repayment Pre-Partition loan files misplaced by govt
*PIL as per reports &nbsp;
 Pakistan owes India Rs 10,000 crore. India gave loans to Pakistan worth Rs 300 crore, both pre- and post-Partition. And now, the unpaid amount has climbed to Rs 10,000 crore, including interest. This was the claim reportedly made in a petition to the Delhi High Court. The public interest litigation, or PIL, was filed by a person named Om Sehgal. He reportedly argued that Pakistan has been using Indian money to attack India, and the Union government must take up the matter of repayment with Islamabad immediately. The petitioner further claimed that files pertaining to loans given before Partition were misplaced from the Finance Ministry. Sehgal reportedly claimed he had over 100 letters corroborating the fact. The petition reportedly said, "This money belongs to the people of India. Just after partition, around Rs 20 crore was given by India to Pakistan and with that money they attacked Kashmir. Thousands of people were killed but our money is still with Pakistan. It has now come to around Rs 1 trillion. In Pakistani currency it comes to Rs 2.5 trillion. Each bullet that our soldiers face is paid by our money. I can't say anything about political parties who are in government but request the court to pass directions."
&nbsp;
 ((GFX))
 HEADER - WHAT GOVT ARGUED, WHAT HC SAID
 Delhi High Court refused to entertain petition 2-judge bench called issue govt policy matter Govt said petitioner may be right in sentiments Govt told court issue is under its jurisdiction
*as per reports
 The Delhi High Court however refused to entertain the PIL. A two-judge bench reportedly said that it was a government policy matter, and therefore the court cannot pass directions. On behalf of the government, Additional Solicitor General Chetan Sharma reportedly argued that the petitioner might be right in his sentiments, but the matter should be left to the government.
&nbsp;

<div>The petitioner further claimed that files pertaining to loans given before Partition were misplaced from the Finance Ministry.</div>

Pakistan owes India Rs 10,000 crore.&nbsp;India gave loans to Pakistan worth Rs 300 crore, both pre- and post-Partition.&nbsp;And now, the unpaid amount has climbed to Rs 10,000 crore, including interest.&nbsp;This was the claim reportedly made in a petition to the Delhi High Court.
The public interest litigation, or PIL, was filed by a person named Om Sehgal.&nbsp;He reportedly argued that Pakistan has been using Indian money to attack India, and the Union government must take up the matter of repayment with Islamabad immediately.
 The petitioner further claimed that files pertaining to loans given before Partition were misplaced from the Finance Ministry.&nbsp;Sehgal reportedly claimed he had over 100 letters corroborating the fact.
 The petition reportedly said, "This money belongs to the people of India. Just after partition, around Rs 20 crore was given by India to Pakistan and with that money they attacked Kashmir. Thousands of people were killed but our money is still with Pakistan. It has now come to around Rs 1 trillion. In Pakistani currency it comes to Rs 2.5 trillion. Each bullet that our soldiers face is paid by our money. I can't say anything about political parties who are in government but request the court to pass directions."
 The Delhi High Court however refused to entertain the PIL.&nbsp;A two-judge bench reportedly said that it was a government policy matter, and therefore the court cannot pass directions.
 On behalf of the government, Additional Solicitor General Chetan Sharma reportedly argued that the petitioner might be right in his sentiments, but the matter should be left to the government.

In yet another case of alleged high-profile bank fraud, the Central Bureau of Investigation booked ABG Shipyard and its Directors.&nbsp;The company has reportedly been accused of perpetrating a fraud worth a mind-boggling Rs 22,842 crore involving 28 banks.
ABG Shipyard allegedly owes Rs 2,925 crore to State Bank of India, Rs 7,089 crore to ICICI Bank, Rs 3,634 crore to IDBI Bank, Rs 1,614 crore to Bank of Baroda, Rs 1,244 crore to PNB, and Rs 1,228 crore to IOB, as per reports. Investigators have claimed that the company used the banks' funds for purposes other than for which they were released.
ALSO WATCH | Explained: Rs 1600 crore 'fraud', CBI raid on Ashoka University co-founders and its aftermath
The State Bank of India first filed a complaint against ABG Shipyard in November 2019, and the CBI sought clarifications on it in March 2020, as per reports.&nbsp;Subsequently, SBI reportedly filed a fresh complaint in August 2020, leading to a CBI FIR on February 7, this year.
The company's directors Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar have reportedly been booked.
ABG Shipyard allegedly committed fraud through diversion of funds, misappropriation, and criminal breach of trust.&nbsp;A forensic audit report showed the alleged fraud having occurred between April 2012 and July 2017, as per reports.
ABG Shipyard Ltd is the flagship firm of the ABG group, with&nbsp;shipyard in Gujarat's Dahej and Surat, as per reports.

India's biggest bank fraud charge? ABG Shipyard accused of Rs 22,842 crore scam by bank; CBI files case

The company's directors Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar have reportedly been booked.

In yet another case of alleged high-profile bank fraud, the Central Bureau of Investigation booked ABG Shipyard and its Directors. The company has reportedly been accused of perpetrating a fraud worth a mind-boggling Rs 22,842 crore involving 28 banks. ABG Shipyard allegedly owes Rs 2,925 crore to State Bank of India, Rs 7,089 crore to ICICI Bank, Rs 3,634 crore to IDBI Bank, Rs 1,614 crore to Bank of Baroda, Rs 1,244 crore to PNB, and Rs 1,228 crore to IOB, as per reports. Investigators have claimed that the company used the banks' funds for purposes other than for which they were released.
The State Bank of India first filed a complaint against ABG Shipyard in November 2019, and the CBI sought clarifications on it in March 2020, as per reports. Subsequently, SBI reportedly filed a fresh complaint in August 2020, leading to a CBI FIR on February 7, this year. The company's directors Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar have reportedly been booked. ABG Shipyard allegedly committed fraud through diversion of funds, misappropriation, and criminal breach of trust. A forensic audit report showed the alleged fraud having occurred between April 2012 and July 2017, as per reports. ABG Shipyard Ltd is the flagship firm of the ABG group, with&nbsp;shipyard in Gujarat's Dahej and Surat, as per reports.

<div style="margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: Calibri, Arial, Helvetica, sans-serif; vertical-align: baseline; color: #000000; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: inherit; vertical-align: baseline; color: #000000; background-color: #ffffff;">The company's directors Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar have reportedly been booked.</div>

In yet another case of alleged high-profile bank fraud, the Central Bureau of Investigation booked ABG Shipyard and its Directors.&nbsp;The company has reportedly been accused of perpetrating a fraud worth a mind-boggling Rs 22,842 crore involving 28 banks.
ABG Shipyard allegedly owes Rs 2,925 crore to State Bank of India, Rs 7,089 crore to ICICI Bank, Rs 3,634 crore to IDBI Bank, Rs 1,614 crore to Bank of Baroda, Rs 1,244 crore to PNB, and Rs 1,228 crore to IOB, as per reports. Investigators have claimed that the company used the banks' funds for purposes other than for which they were released.
ALSO WATCH | <a href="https://www.editorji.com/india-news/explained-rs-1600-crore-fraud-cbi-raid-on-ashoka-university-co-founders-and-its-aftermath-1641560342057" target="_blank">Explained: Rs 1600 crore 'fraud', CBI raid on Ashoka University co-founders and its aftermath</a>
The State Bank of India first filed a complaint against ABG Shipyard in November 2019, and the CBI sought clarifications on it in March 2020, as per reports.&nbsp;Subsequently, SBI reportedly filed a fresh complaint in August 2020, leading to a CBI FIR on February 7, this year.
The company's directors Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar have reportedly been booked.
ABG Shipyard allegedly committed fraud through diversion of funds, misappropriation, and criminal breach of trust.&nbsp;A forensic audit report showed the alleged fraud having occurred between April 2012 and July 2017, as per reports.
ABG Shipyard Ltd is the flagship firm of the ABG group, with&nbsp;shipyard in Gujarat's Dahej and Surat, as per reports.

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;

Bye Bye cheap loans! Be read to say this as the RBI policy meet is likely to signal and end to low rates and forecast a possible hike in February. 

RBI Policy Preview - What will the central bank deliver today

No rate hike this time but it may be the last of the good news from the central bank as it gears to tighten the liquidity belt. 

RBI Policy Preview - Central Bank verdict on rates today

RBI to shift&nbsp;the tone to prepare the markets for a change in February

Bye Bye cheap loans! Be read to say this as the RBI&nbsp;policy meet is likely to signal and end to low rates and forecast a possible hike in February.&nbsp;The RBI Monetary Policy Committee is meeting December 6-8.
Also watch |&nbsp;<a title="4 lakh income tax returns per day! Tax payers rush as deadline looms" href="https://www.editorji.com/business-news/personal-finance/4-lakh-income-tax-returns-per-day-tax-payers-rush-as-deadline-looms-1638761992826">4 lakh income tax returns per day! Tax payers rush as deadline looms</a> A poll conducted by ET had all 23 people surveyed not expecting a rate hike in December but half forecast a rise in the reverse repo rate (rate at which RBI&nbsp;borrows from banks) by at least 15 basis points to 3.5%.&nbsp;RBI&nbsp;has kept rates at pandemic lows since May 2020.&nbsp; Experts however are edging towards loan rates to rise by early next year as the RBI&nbsp;may gently suggest the end of the easy money stance in this meet. Working in favour of the 'normalisation' of rate is easing of inflation due to the cut in taxes and duties for fuel while surge in vegetable prices recently could have a temporary upswing for the retail print.&nbsp; RBI&nbsp;will release policy outlook on December 8 at 10:00 am.&nbsp;

With the&nbsp;festive season approaching, banks have started to reduce interest rates, some to the lowest in a decade. Here's a list of the top 10 banks with the lowest interest rates:

Citi&nbsp;Bank: 6.5%
Kotak&nbsp;Bank: 6.5%
Axis: 6.66%
LIC&nbsp;Housing Finance: 6.66%
SBI:&nbsp;6.70%
HDFC: 6.75%
Bank of Baroda: 6.75%
ICICI Home&nbsp;Loan: 6.75%
Bajaj Home Finance: 6.80%
Corporation Bank: 6.80%


The Big Loan Bazaar! Find the cheapest loans at these banks

With the&nbsp;festive season approaching, banks have started to reduce interest rates, some to the lowest in a decade. Here's a list of the top 10 banks with the lowest interest rates:
&nbsp;

List of top 10 banks with the lowest interest rates

Banks have started to reduce interest rates, some to the lowest in a decade

With the&nbsp;festive season approaching, banks have started to reduce interest rates, some to the lowest in a decade. The trend started with Kotak&nbsp;Mahindra&nbsp;Bank but the big boy SBI&nbsp;has beena&nbsp; disruptor slashing the rates across the board.&nbsp;Only with the launch of festive deals, borrowers can now get a home loan for any amount at a rate as low as 6.7 with a concession of 45 basis points. Processing costs have been waived and balance transfer loans are also eligible for the 6.7 percent home loan deal of the bank.&nbsp;Here's a list of the top 10 banks with the lowest interest rates:
Also read/watch:&nbsp;<a href="https://www.edtr.ai/aee2" target="_blank">SBI home loan rate cut: Cheaper rates for all loan amounts</a>
<ol>
<li>Citi&nbsp;Bank: 6.5%</li>
<li>Kotak&nbsp;Bank: 6.5%</li>
<li>Axis: 6.66%</li>
<li>LIC&nbsp;Housing Finance: 6.66%</li>
<li>SBI:&nbsp;6.70%</li>
<li>HDFC: 6.75%</li>
<li>Bank of Baroda: 6.75%</li>
<li>ICICI Home&nbsp;Loan: 6.75%</li>
<li>Bajaj Home Finance: 6.80%</li>
<li>Corporation Bank: 6.80%</li>
</ol>

India's largest lender State Bank of India (SBI) is offering a 0.75% discount on its already "lowest interest rates" on gold loans. The discount on interest rates is available till September-end.
SBI&nbsp;also claims the loan application process will require less paperwork and processing time. Here's how to avail gold loan using YONO SBI in 4 easy steps:
1. Apply for loan

Login to your YONO account
On the home page, click on the menu (three lines) on the top extreme left
Click on loans
Click on Gold Loan
Click on Apply Now
Fill in ornament details ( type, quantity, Carat and Net weight) along with all other details available in drop down ( Residential Type, Occupation Type), fill the Net Monthly Income and submit the application

2. Visit branch with gold: Visit the branch with gold to be pledged, 2 photos and KYC documents
3. Sign the document
4. Get loan
Rate of interest:&nbsp;7.5% per annum&nbsp;(including 0.75% discount)
Documents required for availing the loan:

Application for Gold Loan with two copies of photographs
Proof of Identity with proof of Address

Loan amount: Minimum &ndash; Rs. 20,000 | Maximum &ndash; Rs. 50 lacs
Margin: 25% (35% in case of Bullet Repayment Gold Loan)
Loan tenure: 36 months&nbsp;

SBI offers discount on gold loans; here's how to avail the lowest rate with least paperwork

SBI&nbsp;offers the gold loan with the 'lowest interest rates'. Step-by-step details here

SBI Gold Loan @ 7.5%/annum

Rate of interest:&nbsp;7.5% per annum&nbsp;(including 0.75% discount)

India's largest lender State Bank of India (SBI) is offering a 0.75% discount on its already "lowest interest rates" on gold loans. The discount on interest rates is available till September-end.
SBI&nbsp;also claims the loan application process will require less paperwork and processing time. Here's how to avail gold loan using YONO SBI in 4 easy steps:
1. Apply for loan
<ul>
<li>Login to your YONO account</li>
<li>On the home page, click on the menu (three lines) on the top extreme left</li>
<li>Click on loans</li>
<li>Click on Gold Loan</li>
<li>Click on Apply Now</li>
<li>Fill in ornament details ( type, quantity, Carat and Net weight) along with all other details available in drop down ( Residential Type, Occupation Type), fill the Net Monthly Income and submit the application</li>
</ul>
2. Visit branch with gold: Visit the branch with gold to be pledged, 2 photos and KYC documents
3. Sign the document
4. Get loan
Rate of interest:&nbsp;7.5% per annum&nbsp;(including 0.75% discount)
Documents required for availing the loan:
<ul>
<li>Application for Gold Loan with two copies of photographs</li>
<li>Proof of Identity with proof of Address</li>
</ul>
Loan amount: Minimum &ndash; Rs. 20,000 | Maximum &ndash; Rs. 50 lacs
Margin: 25% (35% in case of Bullet Repayment Gold Loan)
Loan tenure: 36 months&nbsp;

The largest public-lender State Bank of&nbsp;India on Saturday reduced its home loan interest rates to 6.70%. Women borrowers will get a special concession of five basis points.
In a good news for budget home buyers, SBI will now offer a&nbsp;6.70% rate for loans up to ₹30 lakhs and 6.95% for loans between ₹30 lakhs&nbsp;to ₹75 lakhs. Home loans above ₹75 lakhs get an interest rates of 7.05%.
Out of its total advances of ₹26 lakh&nbsp;crore, the home loan&nbsp;portfolio of the bank stands above ₹5 lakh crore.
&nbsp;

Good news for budget home buyers, SBI reduces home loan rates reduced

The largest public-lender State Bank of&nbsp;India on Saturday reduced its home loan interest rates to 6.70%. Women borrowers will get a special concession of five basis points.
&nbsp;

Good news for budget home buyer

The nation's largest bank State Bank of&nbsp;India on Saturday reduced its home loan interest rates to 6.7% and also announced a special rate for women at 6.55%.&nbsp;
In a move to attract new budget home buyers, SBI will now offer a&nbsp;6.70% rate for loans up to ₹30 lakhs and 6.95% for loans between ₹30 lakhs&nbsp;to ₹75 lakhs. Home loans above ₹75 lakhs will attract an interest rates of 7.05%.
At the current rate SBI&nbsp;is in direct competition for home loans from ICICI&nbsp;Bank and HDFC&nbsp;Bank. Axis bank however continues to have loan rates closer to 6.9%
&nbsp;

The central bank has asked all financial institutions to report accounts restructured due to the pandemic separately. RBI&nbsp;issued a statement to to lenders asking them to use new category, &lsquo;Restructured due to COVID-19&rsquo; while submitting information to&nbsp;Credit Information Companies.RBI&nbsp;has also given Banks, NBFCs and other lenders upto&nbsp;two months to update the information to credit bureaus.&nbsp;

RBI creates category for Covid loan restructuring 

The central bank has asked all financial institutions to report accounts restructured due to the pandemic separately. RBI&nbsp;issued a statement to to lenders asking them to use new category, &lsquo;Restructured due to COVID-19&rsquo; while submitting information to&nbsp;Credit Information Companies. RBI&nbsp;has also given Banks, NBFCs and other lenders upto&nbsp;two months to update the information to credit bureaus.&nbsp;

The central bank has asked all financial institutions to report accounts restructured due to the pandemic separately. RBI&nbsp;issued a statement to to lenders asking them to use new category, &lsquo;Restructured due to COVID-19&rsquo; while submitting information to&nbsp;Credit Information Companies.
RBI&nbsp;has also given Banks, NBFCs and other lenders upto&nbsp;two months to update the information to credit bureaus.&nbsp;

The central bank has asked all financial institutions to report accounts restructured due to the pandemic separately. RBI&nbsp;issued a statement to to lenders asking them to use new category, &lsquo;Restructured due to COVID-19&rsquo; while submitting information to&nbsp;Credit Information Companies. RBI&nbsp;has also given Banks, NBFCs and other lenders upto&nbsp;two months to update the information to credit bureaus.&nbsp;

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