SBI CREDIT CARD CHANGES
Banks cede consumer durable loans to NBFCs as credit cards take over small-ticket financing
Bank loans for washing machines and televisions are falling. Banks are now focusing on credit cards for these purchases. Non-banking finance companies are taking over this market. This trend is driven by the small loan amounts involved. Consumer durable loans represent a tiny fraction of total bank lending. This shift is expected to continue.
OnEMI Technology Solutions IPO Day 3: Issue subscribed 9.5 times as on final day. Check GMP, other details
The Rs 926 crore IPO of OnEMI Technology Solutions has seen moderate demand so far, with overall subscription at 60% by Day 2. Interest is largely driven by institutional investors, while retail participation remains weak. A subdued grey market premium below 1% signals cautious investor sentiment toward the issue.
IRS tax deadline extension for Washington disaster relief: New 2026 filing date, eligibility, process, refund insights and key updates
IRS tax deadline extension 2026: Washington residents hit by severe weather now have until August 15, 2026, to file taxes, thanks to an IRS extension. This relief, triggered by a FEMA disaster declaration, automatically applies to eligible individuals and businesses. Meanwhile, nationwide, Americans anticipate an average $1,700 refund, primarily for essentials like rent and groceries.
SBI Card revises late payment penalty charges: Key changes in credit card late payment structure from May 1, 2026
SBI Card has revised its late payment charges, effective May 1, 2026, impacting lower outstanding amounts. A new Rs 100 penalty now applies for dues between Rs 100 and Rs 500.
Kotak’s asset quality gains drive robust Q4 show: Dnyanada Vaidya
Kotak Mahindra Bank delivered strong Q4 results with unexpected margin expansion and declining credit costs. While management anticipates flattish margins ahead due to rising deposit rates, analysts believe growth in unsecured lending and CASA deposits, along with operating leverage and fee income recovery, can sustain a strong return on assets.
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SBI promotes 8 CGMs as DMDs in annual reshuffle
State Bank of India has elevated eight Chief General Managers to Deputy Managing Director positions. These promotions align with the bank's annual cycle. New DMDs are being assigned departments as existing officials retire. Several retirements are scheduled between June and September. This strategic move ensures continuity in leadership across key banking functions.
Rs 13 lakh cash payment for credit card bill triggers tax notice; man wins case after ITAT accepts ‘family gift’ explanation
A Mumbai man faced a tax notice for using Rs 13 lakh cash to pay his credit card bill. He explained the cash as gifts from his wife, father, and mother. The Income Tax Appellate Tribunal Mumbai accepted his explanation for a significant portion of the amount. The tribunal ruled in his favor, partially deleting the unexplained cash addition.
Off the tough route to loan recovery
A recent video from Pune shows loan recovery agents using force against a borrower. This incident reveals problems within Indian banks. Banks are aggressively seeking retail loans, leading to hasty credit assessments. Outsourcing recovery to private firms with skewed incentives contributes to harassment. Banks need to improve credit appraisal and regulate recovery agent fees to curb such misconduct.
Federal Bank to acquire 4.5 lakh Standard Chartered card portfolio
Federal Bank is set to acquire a significant credit card portfolio from Standard Chartered Bank. This deal involves approximately 450,000 cards. The acquisition will boost Federal Bank's existing credit card base. It will also strengthen its presence in major Indian cities. The transaction is expected to conclude by the end of 2026.
UGC NET June 2026 registration begins: Direct link, important dates, eligibility, fees & how to apply
The UGC NET June 2026 registration process has begun, with the National Testing Agency opening applications for the exam scheduled from June 22 to June 30 in CBT mode across 85 subjects. Conducted on behalf of the University Grants Commission, the exam determines eligibility for JRF, Assistant Professor roles, and PhD admissions. The application window remains open until May 20, with a correction facility available from May 22 to May 24, while admit cards are expected by June 15.
Standard Chartered to sell bulk of Indian credit cards to Federal Bank
Standard Chartered is selling a significant portion of its Indian credit card portfolio to Federal Bank. This move aligns with Standard Chartered's strategy to concentrate on its wealth management business in India. The deal is expected to be finalized by the end of 2026. Federal Bank views this acquisition as a valuable expansion of its retail credit operations.
Federal Bank to acquire StanC India credit card portfolio
Federal Bank is set to acquire a significant credit card portfolio of approximately 4.5 lakh cards from Standard Chartered Bank, India. This strategic move aims to bolster Federal Bank's existing card base, particularly in top Indian cities, and enhance its presence among urban, financially active consumers. The deal is expected to conclude by the end of 2026.
Credit cards for NRIs and H-1B workers: Check features, fees, documents required and benefits
Non-resident Indians can now get credit cards in India. These cards offer benefits for spending both in India and abroad. Several banks like ICICI, IDFC FIRST, Kotak, and Axis Bank provide options. Features include reward points, lounge access, and waivers on fuel and foreign transactions. Applicants need to provide specific documents for approval.
OnEMI Technology Solutions IPO Day 1: Check subscription status, GMP; Should you subscribe?
OnEMI Technology Solutions’ Rs 926 crore IPO opened with muted demand, seeing just 2% subscription early on Day 1. A modest GMP signals mild listing gains. While margins and profitability have improved, high unsecured lending exposure and regulatory risks keep brokerages cautious, suggesting investors wait for clearer growth visibility.
Credit cards 2026: Top credit cards for movies, entertainment, dining: Compare features and fees
Entertainment enthusiasts can now make their movie nights and dining experiences more affordable with specially designed credit cards. Cards like the PVR Inox Kotak, Axis My Zone, RBL Bank Play, and IDFC First Millenia offer attractive benefits such as movie ticket discounts, free subscriptions, and food deals.
OnEMI Technology’s Rs 926 cr IPO opens with steady GMP. Check price band, review and other details
The issue, priced in the range of Rs 162–171 per share, aims to raise about Rs 926 crore, comprising a fresh issue of Rs 850 crore and an offer for sale of Rs 76 crore. The IPO will close on May 5, with listing expected in early May.
India’s credit card market expands to 119 million, PSU banks gain in spends
India's credit card market has surpassed 119 million cards. HDFC Bank, SBI Cards, ICICI Bank, and Axis Bank dominate this sector. HDFC Bank is expanding its lead in both card numbers and spending value. Public sector banks are showing strong growth, especially in tier-2 and tier-3 markets. This expansion is driven by wider networks and partnerships.
Fintech firm Credilio raises Rs 78 crore led by Cornerstone Ventures
Fintech startup Credilio Financial Technologies has secured Rs 78 crore in funding led by Cornerstone Ventures, alongside Rs 23 crore in venture debt. The company aims to expand its customer base from one lakh to 50 lakh within three years, targeting underserved segments in tier II and smaller towns with its unique fixed-deposit-backed credit cards.
Can you apply for credit card without income proof?
While income proof is often perceived as mandatory for credit cards in India, it's not always the case. Banks consider various factors beyond salary, including credit score and repayment history. Secured credit cards against fixed deposits offer an accessible route for those without traditional income proof, enabling them to build a credit profile.
Expected credit loss rules: New provisioning framework to come into force in April 2027
The new ECL guidelines would introduce a "staging framework" for asset classification under the ECL approach, replacing the existing incurred-loss-based provisioning framework. However, the central bank said in a note that it would retain the current 90-day overdue rule for classifying NPA.
RBI finalises new risk weight norms
To be eligible, loans must be extended to individuals or small businesses with turnover up to ?500 crore, fall under standard retail products, remain within a ?10 crore exposure cap per borrower, and form part of a diversified portfolio where no single borrower accounts for more than 0.2%.
SBI cards sells Rs 1,800-crore bad loans to Integro Finserv
SBI Cards has taken a bold step in fortifying its financial health by offloading a considerable portion of its stressed credit card debt, valued at approximately ₹1,800 crore, to Integro Finserv. This transaction is a critical aspect of SBI Cards' plan to address mounting delinquencies and elevate the overall quality of its credit card offerings.
SBI Card Q4 Results: Net profit rises 14% YoY to Rs 609 crore, revenue up 6%
SBI Card and Payment Services reported a 14% year-on-year increase in net profit to Rs 609 crore for the fourth quarter of FY26. Revenue from operations saw a 6% rise to Rs 4,934 crore during the same period. The company's shares experienced minor losses following the announcement of these financial results.
iPhone 17 for just Rs 24,338? Reddit user shares smart strategy to save big, internet is impressed
A Reddit user reportedly purchased an iPhone 17 for just Rs 24,338, significantly below its Rs 82,900 retail price. This was achieved through a combination of bank discounts, cashback, selling an old iPhone, and claiming GST benefits. He shared that he sold a 25-month-old iPhone 15 for Rs 40,000 and this helped him save big.
Bank pays Rs 3.21 lakh compensation to customer for delay in credit card closure; know what RBI rules say
As per the Reserve Bank of India, any failure on the part of the card-issuers to complete the process of closure within 7 working days shall result in a penalty of Rs 500 per calendar day of delay payable to the cardholder, till the closure of the account provided there is no outstanding in the account.
From swipe to strategy: Your credit card now decides what you buy
Consumers now meticulously compare credit card offers before making purchases, turning transactions into value calculations. Credit cards are increasingly influencing buying decisions early in the cycle, acting as triggers for consumption and creating fragmented loyalty as users juggle multiple cards for specific benefits.
Looking for cashback and rewards? These 5 credit cards suit frequent buyers
Regular shoppers can significantly boost savings with the right credit card, earning cashback, reward points, and discounts on various platforms. Cards like Flipkart Axis Bank, IDFC First SWYP, SBI Simply Click, Tata NEU Plus HDFC, and Amazon Pay ICICI offer attractive features tailored to spending habits, helping users maximize rewards and reduce costs.
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