Telugu super news,Mumbai, August 9, 2023: HDFC Bank is conducting a nationwide drive under the campaign – ‘Purani Gaadi, Nayi Shuruaat’. This one-week campaign that started on August 7, 2023, is aimed at extending advances for purchase of used commercial vehicles and used construction equipment to transporters and contractors.
As a part of this initiative, HDFC Bank plans to reach approximately 50,000 transporters, contractors, and intermediaries across the country, especially in rural and semi-urban locations. The campaign is being run pan-India including in branches in Bengaluru, Kolkata, Ahmedabad, Mumbai, Jaipur, Chennai, Prayagraj, Hyderabad, Indore, Chennai, Delhi, Vadodara, Kochi, Jodhpur, Pune, Ludhiana, and Karnal.
During this week, HDFC Bank will also be conducting multiple large and small sized events across major transport hubs and with this, the Bank aims to increase its market share in the used commercial vehicle financing segment.
Rahul S Shukla, Group Head – Commercial & Rural Banking, HDFC Bank said, “We are excited about this initiative, where bank officials would be reaching out to customers in remote locations. This is going to help thousands of drivers become owners of trucks.”
Rajinder Kummar Babbar, Group Head, Transportation & Infrastructure Finance Group, HDFC Bank said, “It will also help the bank in adding new customers and increasing market share in this segment. Most of the funding in this segment qualifies under Priority Sector Lending.”
HDFC Bank is a leading player in Commercial Transportation segment and has been extending loans against Used Commercial Vehicles and Used Construction Equipment for over 20 years.
*Net Profit at ₹1,224 crore, registers strong growth of 62% YoY
* Operating profit at ₹3,019 crore, YoY growth of 47%
*Net Interest Income at ₹3,998 crore, YoY growth of 61%
*Net Advances at ₹1,65,403 crore, YoY growth of 20%
Telugu super news, hyderabad,july 25th,2023: IDBI Bank today, announced its quarterly results for Q1 FY24. The Net Profit stood at ₹1,224 crore for Q1 FY24, registering a strong growth of 62% YoY. The operating profit stood at ₹3,019 crore, with a YoY growth of 47%. NIM was recorded at 5.80%, with a YoY growth of 178 bps and the Net Interest Income stood at ₹3,998 crore with a YoY growth of 61%. Cost of Deposit stood at 4.12%.
CRAR stood at 20.33% with YoY growth of 76 bps. Return on Assets (ROA) was recorded at 1.49% (YoY growth of 46 bps) and Return on Equity (ROE) stood at 18.63% (YoY growth of 383 bps). Net NPA stood at 0.44% as against 1.26% as on June 30, 2022, down by 82 bps. Gross NPA at 5.05% as against 19.90% as on June 30, 2022, down by 1485 bps. PCR stood at 98.99% as against 97.78% as on June 30, 2022, up by 121 bps.
· Bank’s Gross and Net NPA excluding the infrastructure financing book which is a rundown mode, is
1.84% and 0.46% respectively.
Profitability
· Net Profit for the year stood at Rs. 2,437 crore compared to Rs. 145 crore in FY22. The quarterly net profit grew 134% YOY from Rs. 343 crore in Q4-FY22 to Rs. 803 crore in Q4-FY23 driven by strong growth in core operating income.
· In Q4-FY23, the Bank had trading gains of Rs. 216 crore and the Bank utilized Rs. 79 crore to increase the provision coverage ratio. Adjusting for these one time items, the net profit of the Bank would have been Rs. 701 crore for Q4-FY23. The Core ROE on this basis would have been 12.3% which has increased from ROE of 6.67% for Q4 FY 22.
· Net Interest Income (NII) for the year grew 30% YOY, from Rs. 9,706 crore in FY22 to Rs. 12,635 crore
in FY23. NII grew 35% YOY from Rs. 2,669 crore in Q4-FY22 to Rs. 3,597 crore in Q4-FY23.
· Fee and other Income for the year grew by 54% YOY from Rs. 2,691 crore in FY22 to Rs. 4,142 crore in FY23. It grew 40% YOY from Rs. 841 crore in Q4-FY22 to Rs. 1,181 crore in Q4-FY23. Retail fees constituted 91% of the overall fees for the quarter Q4-FY23.
· Core Operating Profit (NII plus Fees less Opex, excluding trading gains) for the year grew 67% YOY from Rs. 2,753 crore in FY22 to Rs. 4,607 crore in FY23. For the quarter, the core operating profit grew by 61% YOY from Rs. 836 crore in Q4-FY22 to Rs. 1,342 crore in Q4-FY23.
· Provisions for the year decreased by 46% YOY from Rs. 3,109 crore in FY22 to Rs. 1,665 crore in FY23.
Credit cost for FY23 was 1.16% against the guidance of 1.5%.
· ROA improved from 0.08% in FY22 to 1.13% in FY23.
· ROE for FY 23 improved to 10.95% from 0.75% in FY22.
· For the exit quarter, after adjusting for one-time items, RoA increased from 0.76% in Q4-FY22 to
1.23% in Q4-FY23. The ROE increased from 6.67% in Q4 FY 22 to 12.30% in Q4 FY 23.
Comments from Managing Director & CEO
Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We have built a strong foundation for the bank with a diversified customer deposits and diversified loan book.
More importantly, I’m happy to share that the asset quality remains high. On the retail side, the Gross NPA is 1.65% and the net NPA is at 0.55%, against the guidance of Gross NPA of 2.0% and NNPA of less than 1%. If we exclude the infrastructure financing book, which is anyway in run-down mode, the Gross NPA and Net NPA would be 1.84% and 0.46% at the overall bank level.”
We have registered our highest ever quarterly profit of Rs. 803 crores in Q4 FY 23 and the highest ever yearly profit of Rs. 2,437 crores in FY23.
We sincerely thank all our stakeholders for their goodwill towards us even while we were building the foundation with a strong deposit franchise and CASA of nearly 50%. Now the bank is firmly into profits, and we believe we can deliver strong financial performance from here on. The Bank would continue to focus on building a strong culture of customer friendliness, customer service, ethics, and high levels of corporate governance in the bank”.
Teligu super news, Hyderabad,April 3,2023:IDBI Bank has launched e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL) that replaces paper based BG issuance process with e-stamping and e- signatures. With this the Bank has achieved another milestone in its endeavor to offer digital and user friendly services to its customers. IDBI Bank sees this as a transformational change in the business ecosystem where bank guarantees are used in high volumes as the new initiative brings higher transparency and reduces turnaround time from days to minutes. e-BG can be processed with e-stamping and e-signatures and delivered instantly to the beneficiary all in a matter of few minutes. With secured transmission and enhanced transparency, beneficiaries are saved of efforts and time in verification of physical BGs.
Commenting on the services, Shri Rakesh Sharma, MD & CEO, IDBI Bank said, “Delivering safer and faster banking services to our customers through digital offerings has always been the principle key driver for major digital initiatives of the Bank. It is a matter of delight to join hands with NeSL for e-BG facility which has addressed the last mile challenge of digitisation of BG process through e-stamping and e-signature. It is a major step towards increasing ease of business for applicants and beneficiaries alike”.
Shri Debajyoti Ray Chaudhuri, MD & CEO of NeSL said “NeSL’s e-BG is a paperless and available in a digital form to the beneficiary of an e-BG on registration on the NeSL’s portal. The process of user registration is simple and one time. For bulk users of e-BGs, NeSL also offers integration with the ERP systems through an API. I congratulate the team at IDBI Bank who work tirelessly and in tandem with our team to roll out this product.”
Telugu Super News,India, March 23,2023: HDFC Bank today announced the launch of Regalia Gold Credit Card—a super-premium credit card with unparalleled features and benefits—in its Regalia range of credit cards.The card is packed with Best-in-Class Travel and Lifestyle benefits, allowing customers to redeem rewards for global travel and on a collection of premium brands via the exclusive Regalia Gold catalogue. It also offers cardholders complimentary airport lounge access globally, and premium milestone benefits.
Regalia Gold is HDFC Bank’s latest foray into the ‘Super Premium Category’. The credit card will be available to high-income individuals andis designed exclusively to cater to the needs and requirements of travellers and lifestyle enthusiasts.
“It is our endeavour to serve almost every customer segment. After a hiatus, travel and lifestyle segments are bothlooking robust in terms of growth. Tourism numbers remain strong. Lifestyle spends are increasing. A credit card tailor-made for travel and lifestyle needs, we believe will serve the needs of a wide customer base. Regalia Gold provides a one stop solution with a host of exclusive offers and benefits as well as access to global travel facilitators, airport lounges, and curated benefits on lifestyle brands,” saidMr.Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and Information Technology.
With the all-new Regalia Gold Credit Card, you get:
Best-in-class redemption program:
o Let’s you redeem rewards on global flights + hotel stays + airmiles and on a collection of premium brands via the exclusive Regalia Gold catalogue
Privileged Travel Experience:
o Club Vistara Silver Tier Membership & MMT Black Elite Membership
o Global Airport Lounge Access and Priority Pass Membership
o Complimentary Airport Cab Vouchers*
Rewarding Everyday Indulgences:
o 5X Rewards on Myntra, Nykaa, M&S, Reliance Digital
o 4 Reward Points per Rs.150 onretailspends*
Luxurious Milestone Benefits:
· Upto 2 Flight Ticket vouchers every year on annual spends milestones
· Marriott vouchersand more on quarterly spends milestones
HDFC Bank, India’s largest private bank, is the leading player in the payment’s ecosystem in the country with over 1.65 crore credit cards and, an overall cumulative card base of over 6 crore, including credit, debit, and prepaid cards; addressing the need of different market segments.
Telugu Super News,Hyderabad ,March 21,2023:Ujjivan Small Finance Bank Limited today announced the opening of its fifth branch in Hyderabad. Across the country, Ujjivan SFB has 610 branches with a customer base of more than 75 lakhs.
Ujjivan SFB offers term deposits at attractive interest rates, with one of the highest fixed deposit interest rates at 8.25% for regular customers and 8.75% for senior citizens for 560 days. The bank offers 8.25% interest for NRE and NRO customers for 560 days. The non-callable Platina FD is at 8.45% for 80 weeks (560 days).
Ujjivan SFB’s savings account offering includes the Privilege Savings Account, which comes with unlimited free transactions across any bank ATM, unlimited free fund transfers through net banking and mobile banking, and higher cash transaction and withdrawal limits. The bank also offers an exclusive Senior Citizen Account, a Garima Account for Women, and NR Accounts & Solutions. The bank’s Business Edge Current Account has flexible cash deposit limits, customised POS offers, and an OD facility through BusiMoni OD.
The bank also offers Business Loans for Micro, Small and Medium enterprises ranging from ₹10 lakhs to ₹10 Crores including loan against property and working capital finance to meet diverse needs with seamless banking experience. Under the Affordable Housing Loan, bank offers wide range of housing products like Home construction/purchase, Home Improvement and Composite Loans (Plot Purchase & Construction) at competitive pricing with doorstep services ranging from ₹ 5 lakhs to ₹75 lakhs for those looking to purchase/construct their dream home.
Speaking on the launch, Mr Ittira Davis, MD & CEO, Ujjivan SFB, said, “We are delighted to announce our new branch in Dilsukhnagar, the fifth in Hyderabad. We recently entered the market and are committed to making banking easy and accessible to the people of Hyderabad. We are delighted by the resounding response we received at the four recently launched branches in Hyderabad and are confident of the continued response. We witnessed a rising demand for banking solutions and are confident on delivering on the requirements with the launch of the new branch. We are committed to offering a healthy mix of banking solutions to the masses.”
Telugu Super News,India,March 17,2023:HDFC Bank Ltd has appointed Backbase to deliver their vision for a market-leading digital banking experience in India. Backbase powers HDFC Bank’s next-gen retail banking, enabling a more seamless customer experience across digital touchpoints in response to changing consumer expectations and new regulatory requirements.
HDFC Bank is India’s largest private sector bank, providing innovative products and smart banking solutions to over 70 million customers across India. A Backbase customer since 2016, HDFC Bank has renewed its agreement in line with its technical design principles of security, horizontal scalability, and remaining cloud agnostic.
Built as one unified platform to engage and orchestrate frictionless experiences across all touchpoints at every stage of the customer lifecycle across retail banking, business banking, digital lending, and wealth management, Backbase has helped 150+ banks and credit unions around the globe re-architect banking around their customers.
“Indian consumers expect digital banking to match the seamless experience of their favourite e-commerce and social media platforms. In addition to savvy UI, from savings to loans to payments and beyond, customers want to effortlessly complete transactions, easily and quickly, anytime and anywhere. Backbase’s banking platform has been assessed to be what we need and; we are confident that it will help us develop new services faster,” Ramesh Lakshminarayanan, CIO and Group IT Head, HDFC Bank said.
HDFC Bank’s next-gen customer-first internet banking architecture will be run and managed on the Backbase Engagement Banking Platform. The digital banking platform meets Indian money transfer regulations, via seamless integrations with Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), and UPI Payments, and encompasses enhanced, configurable local security features on par with local industry standards.
HDFC Bank continues to invest in technologies to improve customer experience and enhance efficiencies by providing a seamless experience to their customers across all platforms, on the back of a resilient infrastructure, building on the HDFC Bank Enterprise and Digital Factory established in June 2021.
“I’m delighted to continue partnering with HDFC Bank to bring platform-era banking to its millions of customers,” Jouk Pleiter, CEO, Backbase said. “We’ve worked tirelessly to earn the trust of HDFC Bank, and we’re excited to deliver a next-generation banking experience in one of the most important and innovative banking markets in the world.”
Localized delivery Backbase provides seamless local engineering, implementation and customer support, for banks in India, including HDFC Bank, through its Asia Customer Success hub and Hyderabad Backbase Development Center (BDC), freeing financial institutions to focus on delivering hyper-personalized experiences and support as well as generating new revenue streams. In addition, for banks with hybrid or pure cloud implementation, Backbase provides local support via our data centers within Mumbai and Hyderabad.
“Our strong local technology and engineering resources allow us to do it right the first time, and to do more with less,” Abhijit Chavan, Regional Vice President, Customer Success, Asia, Backbase explained. “Our engineering investment in India and customer success hub provides instant digital execution power to Indian financial institutions as they move to a unified banking platform architecture.”
Telugu Super News,India, March 3rd,2023: Indian Railway Catering and Tourism Corporation Ltd (IRCTC), the public sector undertaking under the Ministry of Railways, and HDFC Bank, India’s largest private sector bank today announced a partnership to launch one of India’s most rewarding co-branded travel credit cards. Known as the IRCTC HDFC Bank Credit Card, the newly launched co-branded card is in a single variant and is available exclusively on NPCI’s Rupay network.
It will provide exclusive benefits and maximum savings on bookings of train tickets booked through the IRCTC’s ticketing website and through IRCTC Rail Connect app. Additionally, IRCTC HDFC Bank Credit cardholders will enjoy an attractive joining bonus, discounts on bookings and access to the several executive lounges at railway stations across the country.
The card combines the strength of two leading Indian brands to deliver superior value and an enhanced customer experience to travellers. It will leverage HDFC Bank’s expertise as the market leader in card issuance in the country, offering its best-in-class rewards programme, and IRCTC’s unmatched services on train travel.
The credit card was launched by Ms. Rajni Hasija, Chairman & Managing Director, IRCTC, Mr. Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and IT, HDFC Bank and Ms. Praveena Rai, COO, NPCI at a launch ceremony held at New Delhi.
Commenting on the association, Ms. Rajni Hasija, Chairman & Managing Director, IRCTC said, “HDFC Bank is among the largest and most trusted banks in the country. We are delighted to partner with them for this initiative. The co-branded card offers exclusive access to newly opened state-of-the-art lounges available at most of the major railway stations. The credit card will help to streamline online transactions and at the same time offer best-in-class benefits as well as experience to our customers.”
Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and IT, HDFC Bank said, “HDFC Bank is committed to providing best-in-class banking services to the nation. The IRCTC HDFC Bank Credit Card will enable us to offer our card to millions of Indians across the country. Indian Railways is one of the biggest public sector enterprises in the country and we are delighted to be the first private sector bank to partner with IRCTC to enhance customer experience for train travellers, right from the time of booking their tickets. As the largest card issuer in the country, it is our endeavour consistently to find new ways to nurture and support the payments ecosystem in India.”
Ms. Praveena Rai, Chief Operating Officer – National Payments Corporation of India said, “At RuPay, we have customers at the heart of all our offerings & innovations. We are happy to partner with IRCTC & HDFC Bank for a cobranded credit card which will offer seamless payment convenience and appealing benefits to customers for rail travel as well as their shopping needs. With RuPay Credit Cards now enabled on UPI for payments, this cobranded card will provide impetus to further adoption and reach of digital payments across India.”
Key features and benefits of the IRCTC HDFC Bank Credit Card include:
Welcome Benefit – INR 500 Amazon voucher on card activation within 30 days of card issuance
5 Reward Points per Rs.100 spent on ticket bookings at www.irctc.co.in
5% Cashback on booking via Smart Buy
1 Reward Point per Rs.100 spent (not applicable on EMI, Fuel and Wallet re-load txns, on rental payments and Government related transactions)
8 Complimentary IRCTC Railway Lounge Access per year
Additional reward Points on AC ticket booking
INR 500 Welcome Gift voucher on card activation within 30 days of card issuance.
Gift Voucher worth INR 500 on spends of INR 30,000 within 90 days
1% Transaction charges waiver on IRCTC Website and App
IRCTC HDFC Bank co brand credit card customers can apply for the credit card through the websites of both IRCTC and HDFC Bank and access key details of the card through the app while enjoying a simple and even more rewarding experience. They can also walk in to the nearest HDFC Bank branch to apply for the card.
Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) is a “Mini Ratna (Category-I)” Central Public Sector Enterprise under Ministry of Railways, Government of India. IRCTC was incorporated on 27th September, 1999 as an extended arm of the Indian Railways to upgrade, professionalize and manage the catering and hospitality services at stations, on trains and other locations and to promote domestic and international tourism through development of budget hotels, special tour packages, information & commercial publicity and global reservation systems.
Telugu Super News,India,February23, 2023: India’s largest private sector bank – HDFC Bank, and UAE based financial services company – Lulu Exchange, have signed an agreement to strengthen cross-border payments between India and Gulf Cooperation Council (GCC) region.
In its first phase, the partnership will draw on Lulu Exchange’s expertise and regulatory framework to launch a digital inward remittance service titled ‘RemitNow2India’ that will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC Bank’s digital banking channels.
The partnership will also look to strengthen the existing relationship between the two entities in India, where LuLu Financial Group operates LuLu Forex and the NBFC division LuLu Finserv.
Speaking on the partnership, Arvind Vohra, Group Head – Retail Branch Banking, HDFC Bank said, “Our partnership builds on each other’s strengths. While HDFC Bank potentially gains access to remittances from Lulu Exchange’s employees, customers and other stakeholders, Lulu Exchange can capitalise on a trusted name with a vast network. As a bank, we can help the people in UAE particularly the Indian diaspora to send money conveniently and in a seamless manner into the country.”
Adeeb Ahamed, MD, LuLu Financial Group, commented, “We are delighted to partner with HDFC Bank and enable our remittance-as-a-service platform on their digital banking solutions. The UAE-India payments corridor is one of the largest in the world, and this partnership will build upon existing capabilities to ease money transfer for thousands of Indian expats living in the UAE, while setting the foundation for the eventual integration of this service in other parts of GCC where we have a presence.”
Both HDFC Bank and LuLu Exchange will leverage each other’s goodwill, trust, regulatory tech, and vast service network to extend this partnership through a series of online and offline initiatives.
Telugu Super News,Hyderabad,February 17,2023:Maruti Suzuki India Limited (MSIL) today announced the signing of a MoU (Memorandum of Understanding) with South Indian Bank. With this tie-up, Maruti Suzuki aims to help dealer partners streamline vehicle inventory funding and offer comprehensive retail financing solutions to their customers.
The MoU was signed in the presence of senior management from Maruti Suzuki and South Indian bank, from Maruti Suzuki Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Mr. Bhuvan Dheer, Executive Vice President, Sales, Mr. Vikas Kohli, Vice President, Allied Business and from South Indian bank Mr. Murali Ramakrishnan, MD & CEO, and other senior officials.
Speaking on the partnership,Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “We are delighted to partner with South Indian bank. This tie-up will provide financing solutions for our dealer partners as well as for our customers. Both Maruti Suzuki and South Indian bank are committed to delivering the best customer experiences.”
Sharing his thoughts on the alliance, Mr. Murali Ramakrishnan, MD and CEO, South Indian Bank, said, “It is our immense pleasure to have partnered with Maruti Suzuki, the largest passenger vehicle manufacturer in India. With our diverse finance solutions, we aim to provide convenient and comprehensive finance options and are confident that this partnership will cater to the business requirements of both companies and produce a great synergistic effect.”
