Taking a lead over rival lenders, HDFC Bank on Thursday announced its decision to cut its minimum lending rate (base rate) by 10 basis points (bps) to 9.6 per cent.
Effective from Saturday, HDFC Bank’s new base rate is below that of public sector lender State Bank of India (SBI) as well as private sector lender ICICI Bank.
HDFC Bank became the lender in the country’s to cut its minimum lending rate after the Reserve Bank of India (RBI) slashed its repo rate by 25 bps on 19th of March.
New Delhi, March 16 : HDFC Bank said Saturday it had retained Deloitte Touche Tohmatsu for an independent forensic inquiry into charges of money laundering levelled against it by an investigative news web site, based on a sting operation over five months.
The move comes even as ICICI Bank suspended 18 officials, pending inquiry into the money laundering allegations, while Axix Bank, the third private sector institution that was named in the expose, said an internal probe had been ordered.
The Reserve Bank of India (RBI) and the finance ministry also conducting independent investigations into the allegations.
Aniruddha Bahal, whjo is behind some major sting operations in the country exposing large scams, has discussed the latest Operation Red Spider with the media.
The new operation was aimed at exposing the nexus between India's top three private banks and politicians. The operations unearthed the money laundering activities at the banks in the country. The operation as conducted by a single reported working at CobraPost. The operation was conducted by CobraPost's associate editor Syed Masroor Hasan.
Indian bank, Axis Bank has launched an investigation after it was alleged that the bank is involved in money laundering activities.
The bank said that it will conduct a thorough investigation into the information that surfaced regarding the alleged money laundering activities at the bank. It said that the management looks at deviations form tis high standards very seriously.
HDFC Bank, India's second-biggest private sector lender, on Friday reported a 30 per cent year-on-year growth in its third-quarter net profit from Rs 1,429.66 crore to Rs 1,859 crore, mainly due to strong traction in fee-based income growth.
Net interest income and other income jumped 22 per cent and 26 per cent, respectively, in the three months ended December 31 from the corresponding period of the previous year. This was the 53rd quarter in a row in which HDFC Bank enjoyed an annual growth of 30 per cent or more in net profit. Fees and commissions, to key contributors to the bank's other income, climbed 24.3 per cent over the same period of time.
Indian Stock Market recovered towards the end of the trading session with support coming on heavy weight counters like ITC, TCS and HDFC. Indian markets were also helped by the positive trade in the European markets. BSE Sensex ended the day 51 points higher at 19742 and NSE Nifty managed a close above 6000.
Brokerage house Motilal Oswal has given sell calls for SAIL, JSW Steel and Tata Steel citing tough times for steel sector. Motilal Oswal has given sell rating for JSW Steel with a target price of Rs 478. JSW Steel closed a per cent lower at Rs 844 today.
Indian Stock market closed lower on Monday after registering moderate gains in the first week of year 2013. The market opened slightly lower and in the afternoon session, slipped further as the European indices opened weak.
Goldman Sachs has upgraded growth outlook for China and India. The brokerage house expects Asian region to grow better for year 2013 with focus on India and China.
HDFC Bank, the second-largest private sector lender in India, has announced its decision to slash its base rate by 10 basis points to bring it down to 9.7 per cent, from Tuesday, January 1, 2013.
From the start of the New Year, HDFC Bank will offer the lowest base rate among all major lenders, including public sector lender State Bank of India (SBI) and private sector lender ICICI Bank, both of which have base rate of 9.75 per cent.
It may be noted here that the base rate is the yardstick to which rates of all types of loans are linked.
PC Jeweller stock debuted the stock exchanges today with a premium of Rs 5 for retail investors. The company raised Rs 600 crore with public issue at a price of Rs 135 per share. Retail investors were given discount of Rs 5 per share.
The stock managed to rise during the afternoon session and touched intraday high of Rs 154.70 till 2.30 pm IST.
CARE received very good response in the secondary markets.
In order to woo customers, three private sector lender, viz. ICICI Bank, HDFC and Vijaya Bank, dragged home loan rates down.
ICICI Bank announced a cut of 0.25 per cent to 1 per cent in home loans as part of its special festival offer. The lending rate for home loans of up to Rs. 30 lakh has been cut from 10.50 per cent to 10.25 per cent.
For home loans of between Rs. 30 lakh and Rs. 3 crore, ICICI slashed interest rate from 11.50 per cent to 10.50 per cent.
Shares in HDFC Ltd (Housing Development Finance Ltd) slipped nearly five per cent on the Bombay Stock Exchange (BSE), after Carlyle Group LP quit the business by offloading its remaining stake in the company.
US-based private equity player Carlyle Group offloaded its entire 3.7 per cent stake or around 57 million shares in HDFC via the open market for nearly Rs 4,300 crore. Carlyle sold the shares at an average price of Rs 761.42 each.
Following the announcement of the stake sale, stock in HDFC slipped 4.89 per cent to close Rs 749.65 a share on Friday. At one point, the stock hit an intra-day 52-weekhigh of Rs 793.85 a share.
The asset liability committee(Alco) of HDFC Bank might decide to cut interest rate in its upcoming meeting later this week, the private sector lender's managing director & chief executive Aditya Puri said.
Speaking to reporters, Mr. Puri said, "When costs go down, interest rates will go down. The Asset Liability Committee will decide by how much the base rate will go down."
HDFC Bank's current base rate stands at 9.8 per cent, just five basis points above State Bank of India's 9.75 per cent.
Encouraged by some recent economic developments in the Indian economy, Asia Pacific-focused brokerage firm CLSA has recommended buy on private banks like ICICI Axis Bank and HDFC Bank.
In its latest report, the CLSA also recommended buy on Tata Steel and Tata Motors, thanks to the improving business of these two companies.
Private sector banks ICICI Bank, HDFC Bank and Axis Bank slashed interest rates on fixed deposits by 25 to 50 basis points across maturities ranging from a 91 days to lower than 5 years.
ICICI Bank and HDFC Bank, two of the leading private sector lenders in India, on Wednesday slashed interest rates on fixed deposits.
ICICI slashed interest rates across maturities that range between 91 days and five years. This private sector lender now offers a maximum 8.75 per cent on retail term deposits, 50 basis points lower than 9.25 per cent it had been offering earlier. But, the lender's new maximum rate is still higher then State Bank of India's maximum rate by 25 basis points.
India's HDFC Bank has marked the Teacher's Day with the launch of its new Teacher's Credit Card, which comes with several reward point options.
The bank is offering several reward points, weekend bonanza points, a waiver on petrol surcharge and 500 teacher's day special gift reward with the new Teacher's Credit Card, it said in a statement. The bank also said that it is the largest issuer of edit cards in the country with a customer base of 5.60 million as of March 31, 2012.
Over-regulation is a big hurdle in the success of Indian financial sector, HDFC Chairman Deepak Parekh said.
Mr. Parekh acknowledged that there was a need to be vigilant, but also warned that regulatory "overbearance" of the financial sector of India had become a key risk. He expressed his views on the topic during his speech at the Motilal Oswal Investors' conference on Monday.
Indian Stock Market closed at five month high on Monday. The BSE Sensex remained flat during most of the trading session but inched up in the last one hour of trade. BSE Sensex closed 75 points higher at 17633 and NSE Nifty closed at 5347, registering a gain of 27 points.
HDFC Bank Ltd has reported a 31 per cent rise in net profit to Rs 1,417 crore during the first quarter of the current financial year compared to Rs 1,085 crore recorded in the same quarter of the previous year.
The impressive growth in the bank’s net profit was mainly due to a strong growth in loans and interest and fee-based income. HDFC’s net interest income rose 22.33 per cent to Rs. 3,484.05 crore, while fee-based revenue increased 24 per cent to Rs1,143.3 crore from Rs922.7 crore in the same quarter of the previous year.
India's HDFC Bank has announced a reduction of 20 basis points in its minimum lending rate, which will come into effect now.
The bank said that the base rate will now come down to 9.8 per cent, while the benchmark prime lending rate will now be at 18.3 per cent. The bank's rate will now be below that of larger banks such as the State Bank of India (SBI) that stands at 10 per cent.
Mortgage giant Housing Development Finance Corporation (HDFC), on May 19, stated the board had forwarded its nod for lifting up the FII (foreign institutional investors) shareholding limit to 100%.
The move is precursor to forthcoming transfer of the form's warrants in equity by foreign investors, which would augment the total foreign institutional investors holding in HDFC further than the existing limit of 74%.