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New Delhi [India], March 6 (ANI): The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has issued a directive aimed at enhancing consumer choice and competition in the credit card market. In a circular released on Wednesday, the RBI mandated that card issuers must provide their eligible customers with the option to choose from multiple card networks at the time of issuance or renewal. According to a press release, the central bank prohibited card issuers from entering into agreements with card networks that restrict them from availing the services of other card networks. The directive addresses concerns raised about restrictive practices prevalent in the credit card industry. The RBI identified arrangements between card issuers and card networks that limit customer choice as detrimental to the availability of options in the market. By taking decisive steps to promote consumer choice and fair competition, the RBI aims to foster a more dynamic and inclusive financial ecosystem. Key highlights of the RBI directive include the requirement for card issuers to offer eligible customers the choice of selecting from multiple card networks at the time of issuance or renewal of credit cards. This provision seeks to empower consumers by providing them with greater flexibility and control over their financial products. Additionally, the RBI has banned card issuers from entering into agreements with card networks that restrain them from availing the services of other card networks, aiming to promote fair competition and prevent anti-competitive practices. The directive provides definitions for authorized card networks, including American Express Banking Corp., Diners Club International Ltd., MasterCard Asia/Pacific Pte. Ltd., <keyword id="20846648" type="General" weightage="20" keywordseo="national-payments-corporation-of-india-rupay" source="keywords">National Payments Corporation of India-Rupay</keyword>, and <keyword id="20846647" type="General" weightage="20" keywordseo="visa-worldwide-pte" source="keywords">Visa Worldwide Pte</keyword>. <keyword id="20040916" type="General" weightage="20" keywordseo="limited" source="keywords">Limited</keyword>. Certain exemptions have been outlined as well, including an exemption for credit card issuers with a smaller customer base of 10 lakh or fewer active cards. The implementation timeline for the directive is set to be six months from the date of issuance of the circular, allowing card issuers and card networks sufficient time to comply with the new requirements. The directive underscores the RBI's commitment to promoting transparency, choice, and competition in the credit card market, with a focus on creating a more consumer-friendly financial ecosystem. With the issuance of this directive, the RBI reaffirms its role as a proactive regulator dedicated to safeguarding the interests of consumers and promoting a competitive and resilient financial system. (ANI)

RBI directs card issuers to offer choice among card networks, bans restrictive agreements

<ul><li>RBI has lifted a ban on payment system operator <keyword id="801932" type="General" weightage="20" keywordseo="diners-club-international" source="Orion">Diners Club International</keyword>, which means the card company can now on-board new users.</li><li>On April 23, India’s central bank had banned the US-based company from onboarding new domestic customers onto its card network for violating data storage norms.</li><li>Meanwhile, <keyword id="6368201" type="General" weightage="20" keywordseo="mastercard" source="Orion">Mastercard</keyword>, <keyword id="91294" type="General" weightage="20" keywordseo="american-express" source="Orion">American Express</keyword> are still restricted from doing new business in India.</li></ul>The Reserve Bank of India (RBI) has lifted a ban on payment system operator Diners Club International, which means the card company can now onboard new clients. In India, Diners Club has partnered with HDFC Bank. On April 23, the central bank had banned the US-based company from onboarding new domestic customers onto its card network for violating data storage norms. The regulator has lifted the ban on the Diners Club as it has complied with the stipulated norms. “In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect,” RBI said in a statement on November 9. Meanwhile, RBI’s ban on American Express and Mastercard continues. Along with Diners, RBI had barred another US-based payment system operator American Express. In July 2021, RBI had also restricted Mastercard for non-compliance with its local data storage norms. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/after-tata-motors-tvs-motor-may-raise-money-to-run-ev-business/articleshow/87602948.cms">After Tata Motors, TVS Motor may raise money to run EV business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/profit-margin-of-britannia-declines-in-q2-of-fy-2022/articleshow/87600806.cms">Britannia is unable to improve its profit despite a price increase — what’s next</a>

RBI removes ban on Diners Club International while restriction on Mastercard, American Express continues

<ul><li>Shaktikanta Das, the <keyword id="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI governor</keyword>, has revealed that work on <keyword id="10825928" type="UNKNOWN" weightage="20" keywordseo="indias-digital-currency">India’s digital currency</keyword> is in progress.</li><li>He noted that the project has the full attention of RBI, and that the bank is tying up “loose ends”.</li><li>A <keyword id="1624829" type="PERSON" weightage="20" keywordseo="digital-currency">digital currency</keyword> will help the RBI save on costs associated with printing notes, minting coins, and storing them.</li></ul>India is working on its digital currency and according to the RBI governor Shaktikanta Das, it could be revealed “very shortly”. However, he refrained from giving any specific timeline. Das was delivering a <a href="https://www.businessinsider.in/finance/banks/news/highlights-from-rbi-governors-keynote-address-to-bombay-chamber-of-commerce-and-industry/slidelist/81206348.cms">keynote speech</a> addressing the Bombay Chamber of Commerce and Industry, where he touched upon a wide range of topics, including the burning issue of the steep rise in petrol and diesel prices. Das also added that the digital currency project is “receiving our full attention” and that the bank is tying up the loose ends. When it is rolled out, India will join China, Singapore and others which have their own national digital currencies. Countries like Japan, Russia and Sweden are also working on their own alternatives. <cmsannotation type="cmsannotation" annotationid="What is a digital currency?" comment="subhead" text="What is a digital currency?">What is a digital currency?</cmsannotation> As the name signifies, digital currency is an electronic form of the national currency. It is managed, stored and shared in electronic form over the internet. Cryptocurrencies are also a form of digital currency. <cmsannotation type="cmsannotation" annotationid="How is digital currency different from bank notes and coins?" comment="subhead" text="How is digital currency different from bank notes and coins?">How is digital currency different from bank notes and coins?</cmsannotation> Simply put, digital currency is stored in an electronic form. You can hold them in digital wallets, for instance – similar to how we currently hold money in wallets offered by different companies like Paytm, PhonePe and others. Digital currencies will be completely electronic and come with their own benefits, some of which are explained below. <cmsannotation type="cmsannotation" annotationid="What are the benefits of digital currency?" comment="subhead" text="What are the benefits of digital currency?">What are the benefits of digital currency?</cmsannotation> Using digital currency will allow you to store money in digital wallets. Since the RBI does not have to print them, it saves on printing and material costs that are incurred for printing notes and minting coins. Additionally, since they are stored electronically, the RBI and banks save on costs that are incurred on storing notes and coins. Transactions made with digital currencies are also instantaneous since both the sender and receiver transact over the internet. This is fairly similar to how we currently transact via wallets or unified payments interface (UPI), electronic fund transfer (EFT) or other electronic modes of payment. “No fees will be required to paid to banks for money transfers or for holding a bank account,” <a href="https://economictimes.indiatimes.com/markets/stocks/news/how-can-a-digital-currency-from-rbi-change-your-world-an-ex-un-expert-decodes-cbdc-for-you/articleshow/81204657.cms">said</a> Massimo Buonomo, a former United Nations expert on blockchain and cryptocurrency, highlighting that there are more cost savings for everyone involved in the payments process – including banks and their customers. Buonomo further highlighted that the transaction fees collected by payment processing firms like Visa and MasterCard would also be saved while making payments using debit and credit cards. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/what-happens-if-the-government-bans-cryptocurrencies-should-i-sell-bitcoin-checkout-experts-views/articleshow/80782941.cms">“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill</a> <a href="https://www.businessinsider.in/stock-market/news/cryptocurrency-exchange-coindcx-raises-13-9-million-funding/articleshow/79850829.cms">Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out⁠ — the founder says he is hiring aggressively as volumes have tripled</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-wants-you-to-memorise-all-your-debit-and-credit-card-numbers/articleshow/81186570.cms">RBI wants you to memorise all your debit and credit card numbers — Amazon, Zomato, Netflix and others argue this will make online payments more tedious</a>

RBI's digital currency to be revealed 'very shortly' – governor says issues are still being sorted out internally

<ul><li><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> has launched Calibra – a digital wallet with its own <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> called Libra.</li><li>Libra will be officially launched in 2020. </li><li>However, India which is one of Facebook’s biggest markets is proposing a draft bill which could cryptocurrency users for 10 years.</li></ul>Facebook has announced its new product Calibra, a digital wallet which will be powered by its own cryptocurrency Libra. The wallet is expected to be officially launched in 2020 will be available on all of its platforms – messenger and WhatsApp. “Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass,” said Facebook’s official blog. While the launch of Libra has taken the world by storm, announcing social media giant’s entry into fintech, there is one growing concern. One of its biggest markets – India – is looking to ban crypto currencies. A <a href="https://www.indiatoday.in/business/story/draft-bill-proposes-10-year-prison-term-for-dealing-in-cryptocurrency-1544709-2019-06-08">draft bill</a> titled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 might slap a ten year jail sentence on those who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies”. India’s central bank Reserve Bank of India (RBI) had also stated its disregard for cryptocurrencies. In January 2019, the <a href="https://www.business-standard.com/article/economy-policy/do-not-want-cryptocurrencies-spreading-like-contagion-rbi-tells-sc-119011701084_1.html">RBI</a> had told the Supreme Court of India that it does not want the cryptocurrency to spread like “contagion”, adding the virtual currencies can be harmful. Meanwhile, Facebook has <a href="https://www.businesstoday.in/technology/news/facebook-gets-big-firms-on-board-uber-paypal-visa-to-invest-10-million-each-in-its-cryptocurrency/story/356365.html">big names</a> like Uber, PayPal, Visa and Mastercard on board to fund its cryptocurrency venture, with $10 million each. See Also: <a href="https://www.businessinsider.in/todays-tech-wrap-breaking-whatsapps-encryption-facebooks-cryptocurrency-unveiled-and-indias-cheapest-gaming-phone/articleshow/69841742.cms">Today's tech wrap: Breaking WhatsApp's encryption, Facebook's cryptocurrency unveiled and India's cheapest gaming phone</a>

Facebook's Libra faces obstacles in one of its biggest markets, because Indian regulators want to jail those who trade in cryptocurrency

Electric vehicle company <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword>'s shares have fallen by 4.9 per cent after Twitter users voted in favour of CEO <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> selling 10 per cent of his stake in the carmaker in order to pay taxes. Musk polled his Twitter followers on whether he should sell the shares, and while 57.9 per cent of more than 3.5 million participants had voted "yes," 42.1 per cent voted "no". The result could see him dispose of nearly $21 billion of stock, the BBC reported. Musk held the poll over the weekend in response to a "billionaires tax" proposed by US Democrats. He pledged that he would abide by the results of the poll, "whichever way it goes". The Democrats had proposed plans to target billionaires by taxing their assets, such as shares. As of 30 June, Musk's shareholding in Tesla came to about 170.5 million shares and selling 10 per cent would amount to close to $21 billion based on Friday's closing prices. The CEO, who currently owns a 23 per cent stake in Tesla, has yet to comment publicly on the Twitter poll result. Musk said on Twitter he takes no salary or bonuses from any of his companies, meaning he has no earnings on which to pay income tax, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-removes-ban-on-diners-club-international-while-restriction-on-mastercard-american-express-continues/articleshow/87607080.cms">RBI removes ban on Diners Club International while restriction on Mastercard, American Express continues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/after-tata-motors-tvs-motor-may-raise-money-to-run-ev-business/articleshow/87602948.cms">After Tata Motors, TVS Motor may raise money to run EV business</a>

Tesla share price falls 5% on Elon Musk's Twitter poll to sell 10% stock in the company

<ul><li>The private sector lender saw credit card spends more than double in August, compared to a 40% growth seen by SBI.</li><li>ICICI Bank has grabbed market share from HDFC Bank that was banned from launching new credit cards until August.</li><li>The ban on Mastercard, which ICICI Bank has less exposure to, also helped in boosting spends ahead of the festive season.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>As fear of a third Covid-19 wave in India eased and festive sales began, ICICI Bank surpassed State Bank of India in credit card spends in August. The private sector lender saw a 127% growth in its credit card spends in August, compared to last year. On the other hand, SBI had to make peace with a much slower growth of 40%, as per the latest <a href="https://rbi.org.in/Scripts/ATMView.aspx">data</a> from the Reserve Bank of India (RBI). <div type="image" title="icici bank stock." msid="86808665" hostid="261"></div> There are at least two reasons why ICICI Bank’s credit cards are getting swiped so often now. RBI had <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/893abfb4-95cb-4942-a555-312aef465ef4.pdf">banned</a> HDFC Bank from issuing credit cards in December last year due to multiple glitches in its digital banking system over the past two years. Even as the curb was lifted in August, it gave an opportunity to other lenders, including ICICI Bank, to grab credit card market share from HDFC Bank. <div type="image" title="hdfc bANK STOCK." msid="86808651" hostid="261"></div> “The growth in ICICI Bank credit card spends having surpassed SBI can also be attributed to higher spends per credit card due to quality of customers,” said Parijat Garg, an independent digital lending consultant. "Even as the number of cards issued by SBI and ICICI Bank have been largely similar, clearly ICICI Bank has seen higher credit card spends ahead of the festive season due to a better quality of customers that made higher-value transactions per card, compared to SBI customers,” he said. Among other lenders, IndusInd Bank Ltd. also saw its credit card spends more than double in August compared to last year, while market leader HDFC Bank Ltd. saw a 28% year-on-year increase. Top banks by credit card spends <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">As of Aug. 2021 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit Card Spends (in Rs Crore) </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">YoY increase (in %) </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MoM increase (in %) </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20595 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">15256 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">127% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank Of India </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">14550 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">40% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6830 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">69% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">CitiBank India </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3845 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">127% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3655 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">48% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3471 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">50% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">American Express </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2505 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2039 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">22% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Standard Chartered Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1071 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">77733 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">54% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: RBI On an overall basis, credit card spends rose 54% to ₹77,733 crore in August, compared to last year. Compared to July, the preceding month, however, the growth seemed tepid as overall credit card spends grew just 4%. The growth was partly due to a low base effect, as lockdown curbs affected mobility during August last year, which saw nearly two million Covid-19 cases and 28,000 virus deaths-- the <a href="https://www.bbc.com/news/world-asia-india-53981828">highest monthly tally</a> in the world since the pandemic began. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/triton-model-h-electric-suv-india-live-pictures-leaked/articleshow/86805977.cms">Exclusive: First live pics of Triton Model H electric SUV leaked ahead of next week’s launch</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-network-down-in-india-no-internet-no-calls/articleshow/86802857.cms">#JioDown: Reliance Jio network goes down in certain circles, users report they cannot use internet or make calls</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-paytm-oyo-and-ola-are-currently-valued-higher-than-ashok-leyland-indian-hotels-and-escorts/articleshow/86782880.cms">India's largest two-wheeler maker, biggest beer brewer and aluminum producer are smaller than startups like Byju's, Paytm, and OYO</a>

ICICI Bank leaves SBI behind in credit card spends as it chases HDFC Bank in pole position

<ul><li><keyword id="12453933" type="General" weightage="20" keywordseo="latent-view-analytics-ipo" source="Orion">Latent View Analytics IPO</keyword> opens today and concludes on November 12.</li><li>The data analytics services company is looking to raise ₹600 crore through public listing.</li><li>The grey market premium of the company’s shares show over 100% i.e ₹230 per share.</li></ul>Latent View Analytics is looking to raise ₹600 crore through the public listing of shares. The initial public offering (IPO) comprises a fresh issue of ₹474 crore and an offer for sale of ₹126 crore by existing shareholders and promoters. The IPO will open on November 10 and close on November 12. The 15-year old company provides analytics services such as data and analytics consulting, business analytics and insights, advanced predictive analytics, data engineering, and digital solutions. It provides services to blue-chip companies in technology, banking, financial services and insurance (BFSI), consumer packaged goods (CPG) companies and retail, industrials, and other industry domains. The company will utilise net proceeds from the fresh issue of the IPO into inorganic growth initiatives, working capital requirements of subsidiary Latent View Analytics Corporation and investment in subsidiaries to augment the capital base. Here are some of the important dates you should remember. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹190-₹197 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 10 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 12 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 17 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 18 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 22 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 23 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">76 </td></tr></tbody></table> The company has a presence across countries in the United States, Europe, and Asia through their subsidiaries in the United States, Netherlands, Germany, United Kingdom, and Singapore, and their sales offices in San Jose, London, and Singapore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-removes-ban-on-diners-club-international-while-restriction-on-mastercard-american-express-continues/articleshow/87607080.cms">RBI removes ban on Diners Club International while restriction on Mastercard, American Express continues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/after-tata-motors-tvs-motor-may-raise-money-to-run-ev-business/articleshow/87602948.cms">After Tata Motors, TVS Motor may raise money to run EV business</a>

Latent View Analytics IPO opens today: Check issue price, allotment date and key details here

<ul><li>SJS Enterprises is likely to announce its share allotment status today.</li><li>One of the leading players in the Indian decorative aesthetics industry is looking to raise ₹800 crore through the public listing of shares.</li><li>The IPO of the company was subscribed 1.59 times on the last day of bidding.</li></ul>SJS Enterprises, one of the leading players in the Indian decorative aesthetics industry is likely to announce the allotment status of its initial public offering (IPO) today, November 10. The IPO was open for subscription from November 1 to November 3. The IPO consists of a pure offer for sale of ₹800 crore with ₹710 crore by Evergraph Holdings Pte -- subsidiary of private equity firm Everstone who invested in 2015 and ₹90 crore by KA Joseph, managing director of the company. <keyword id="12289032" type="General" weightage="20" keywordseo="sjs-enterprises-ipo" source="Orion">SJS Enterprises IPO</keyword> received decent demand in subscription as it got subscribed 1.59 times in the three days of IPO bidding process. The grey market premium of the company’s shares show a premium of ₹25 from the higher end of the price band. The portion reserved for retail investors was oversubscribed by 1.38 times on the last day of the IPO bidding process. SJS Enterprises, one of the leading players in the Indian decorative aesthetics products like decals and body graphics, 2D appliques and dials, 3D appliques and dials, 3D lux badges, domes and many others. Here is how to <keyword id="12473649" type="General" weightage="20" keywordseo="sjs-enterprises-ipo-allotment" source="Orion">SJS Enterprises IPO allotment</keyword> status on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select ‘SJS Enterprises’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on ‘SJS Enterprises’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/after-tata-motors-tvs-motor-may-raise-money-to-run-ev-business/articleshow/87602948.cms">After Tata Motors, TVS Motor may raise money to run EV business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-removes-ban-on-diners-club-international-while-restriction-on-mastercard-american-express-continues/articleshow/87607080.cms">RBI removes ban on Diners Club International while restriction on Mastercard, American Express continues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/scoopwhoop-and-myglamms-parent-which-is-backed-by-amazon-is-now-valued-over-a-billion-dollars/articleshow/87608734.cms">ScoopWhoop and MyGlamm’s parent, which is backed by Amazon, is now valued over a billion dollars</a>

You Searched For "rbi ban on mastercard" and got 8 results

RBI directs card issuers to offer choice among card networks, bans restrictive agreements

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ICICI Bank leaves SBI behind in credit card spends as it chases HDFC Bank in pole position

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Latent View Analytics IPO opens today: Check issue price, allotment date and key details here

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SJS Enterprises IPO: Here’s how to check your IPO allotment status

Bhakti Makwana

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