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<ul><li>Three banks would be most impacted by the move as their capital ratios would be affected by 30-85 basis points.</li><li>Capital buffers will have to be further strengthened by banks if they want to lend to consumers for unsecured loans.</li><li>Borrowers with more than five personal loans rose from 1% in 2018 to 7.7% in March 2023, as per a report.</li></ul> Shares of <keyword id="116253" type="General" weightage="50" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword>, RBL Bank, <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and <keyword id="6653" type="General" weightage="50" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> are expected to come under pressure after the Reserve Bank of India asked lenders on Thursday to set aside more capital for consumer loans. This move is expected to impact the capital buffers of these banks. According to analysts, these banks would be most impacted by the move as their capital ratios would be affected by 30-85 basis points. For banks the first line of defense against bad loans is CET Tier 1 capital or Common Equity Tier 1 capital (CET1), which is the highest quality of regulatory capital, as it absorbs losses immediately when they occur. According to Motilal Oswal Financial Services, the CET 1 impact would be maximum for RBL/HDFC Bank/ICICI Bank at 84 basis points/72 basis points/64 basis points. Among non banks, SBI Cards would be the most vulnerable with a 416bp impact on capital ratios. Capital buffers will have to be further strengthened by banks if they want to lend to consumers for unsecured loans. If a bank had to set aside say ₹20 for loans, it will now have to set aside 25% more for every unsecured loan it issues. Not just this the banks will have to set aside more capital if they want to lend to shadow banks or non banking financial institutions as well. When cost of capital increases, so will lending rates. In the years after the pandemic broke, unsecured personal loans to retail borrowers have been on a steady rise. Not just banks but even non banks have been merrily issuing such loans to borrowers, and in many cases these borrowers have multiple such loans used for consumption. From 12-14% these loans are now growing at 30% rate. The central bank has cracked down on some non banks for not adhering to norms while underwriting such small ticket loans. The red flags have been flying high for a while now. According to proprietary research done by UBS, borrowers with more than five personal loans rose from 1% in 2018 to 7.7% in March 2023. New disbursement of personal loans to borrowers with weaker credit profiles accounted for 22% of disbursements. Of all banks, UBS was of the view that state-owned banks and non banking financial companies had a much higher share of weak borrowers compared to private banks. Analysts believe that pressure on net interest margins and higher credit costs to impact earnings of banks and shadow banks over FY24 and FY25. Paytm, a fintech company, has recently built a large loan portfolio which is mostly comprised of personal loans. With the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> cracking down on these loans, the loan growth will be impacted for Paytm too. Deepak Shenoy, CEO of Capital Mind, took to social media to explain the impact, “See how it affects SBI cards: SBI Cards had credit card receivables of ₹ 45,000 crore with 23% capital adequacy ratio (CAR). So ₹10,500 cr in capital (23% of ₹45Kcr). Increase risk weight to 125% means ₹45K cr=₹56K cr risk weighted assets.” Shenoy explains that if “SBI Cards wants to grow, and keep high CARs (min is 15% I think?) they’ll need to raise capital and dilute. Which means for the same profit = higher capital. Means lower ROEs.” ALSO READ: <a href="https://www.businessinsider.in/stock-market/markets/news/foreign-investors-continue-to-bet-big-on-banks-and-nibbling-on-small-and-mid-cap-stocks/articleshow/104462273.cms" data-type="tilCustomLink" target="_blank">Borrowers with multiple personal loans a big risk to profitability of banks and NBFCs</a>

RBI tightens norms on personal loans for banks and NBFCs; stocks to be under pressure

<ul><li><keyword id="9586347" type="UNKNOWN" weightage="20" keywordseo="Ashwini-Kumar-Tewari">Ashwini Kumar Tewari</keyword> will take over as the new MD and CEO of the Company with effect from August 1, 2020 for a period of two years.</li><li>In a regulatory filing on Thursday SBI Cards said that Prasad's resignation comes into effect from the close of business on July 31.</li><li>SBI Cards and Payments Services' MD and CEO Hardayal Prasad has resigned from the post owing to this voluntary retirement from the State Bank of India and Ashwini Kumar Tewari has been appointed the new MD and CEO.</li></ul> SBI Cards and Payments Services' MD and CEO Hardayal Prasad has resigned from the post owing to this voluntary retirement from the State Bank of India and Ashwini Kumar Tewari has been appointed the new MD and CEO. In a regulatory filing on Thursday SBI Cards said that Prasad's resignation comes into effect from the close of business on July 31. Ashwini Kumar Tewari will take over as the new MD and CEO of the Company with effect from August 1, 2020 for a period of two years. The filing said that the board on Wednesday approved the "appointment of Ashwini Kumar Tewari as Managing Director &amp; CEO (nominated by State Bank of India) of the company with effect from August 1, 2020 for a period of two years, subject to all the requisite approvals including approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the directors of the company". Shares of the company on the BSE are currently trading at Rs 706.05, higher by Rs 14.15 or 2.05 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Jio Glass – Akash Ambani and Isha Ambani announce Reliance’s latest product which offers holographic video calls</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-16-increase-leads-to-surge-in-infosys-share-price-too/articleshow/76973619.cms">Wipro share price 16% increase leads to surge in Infosys share price too</a> <a href="https://www.businessinsider.in/science/health/news/moderna-covid19-vaccine-will-be-in-final-stages-of-human-trial-starting-july-27/articleshow/76972580.cms">Moderna's COVID-19 vaccine will be in final stages of human trial starting July 27</a>

SBI Card CEO resigns, Ashwini Kumar Tewari to takeover

<ul><li><keyword id="470101" type="General" weightage="20" keywordseo="cashback" source="Orion">Cashback</keyword> is when consumers get a percentage of the transaction amount credited back to their account.</li><li>Depending on the provider, many <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> give a certain percentage cashback on each purchase. </li><li>Choosing a credit card that aligns with your spending habits and preferences helps maximise benefits. </li></ul>Credit cards come with several features to make them attractive. One of them is cashback on <keyword id="6380337" type="General" weightage="20" keywordseo="expenses" source="Orion">expenses</keyword>. The concept of cashback became mainstream in 1986 when Discover Financial Services, a division of Morgan Stanley, launched a credit card which had a cashback bonus on certain purchases. “Cashback is when consumers make purchases using their credit cards, and a percentage of the transaction amount is credited to their account. It's a transparent way for consumers to enjoy real benefits based on their spending. Depending on the provider, every card gives a certain percentage cashback on each purchase,” says Gaurav Chopra, founder and CEO of IndiaLends. In most cases the cashback is credited to your credit card account and is then adjusted with the next bill. Here are five credit cards that are offering healthy cashbacks, keeping in mind that one is approximately going to spend a lakh. Cashback SBI Credit Card This card offers 5% cashback on online <keyword id="52705" type="General" weightage="20" keywordseo="spends" source="Orion">spends</keyword> and 1% cashback on offline spends. If you spend ₹20,000 online and the rest offline, the annual cashback received is ₹21,600. HDFC Millenia Credit Card This card offers a 5% cashback on Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato and a 1% cashback on other spends. Assuming a breakup of ₹20,000 and ₹80,000 every month, the annual cashback comes to ₹21,600. Axis Bank Ace Credit Card It offers 5% cashback on bill payments, 4% cashback on Swiggy , Zomato and Ola and 2% cashback on all other spends. Let us assume a spend of ₹10,000 on bill payments and categories with 4% cashback and , and ₹90,000 on other spends every month, cashback during the year comes to ₹20,400. ICICI Amazon Pay Credit Card For prime members this card offers 5% cashback on spends on Amazon India, 2% cashback on Amazon Pay payments, 1% cashback on other expenses. Assuming you spend ₹10,000 on Amazon India, and ₹20,000 and ₹70,000 through the other means, it results in a cashback of ₹19,200 annually. Standard Chartered Smart Credit Card The card offers 2% cashback on online spends and 1% on all other spends. Assuming you spend ₹50,000 online and ₹50,000 otherwise every month, the cashback for the entire year is ₹18,000. Make the right choice Many credit cards in India offer enhanced rewards or cashback for specific categories such as dining, groceries, fuel, or online <keyword id="6368952" type="General" weightage="20" keywordseo="shopping" source="Orion">shopping</keyword>. “Tailor your spending to maximise rewards in these categories. Choose a credit card that aligns with your spending habits and preferences to maximise the benefits,” says Adhil Shetty, CEO, BankBazaar, a financial marketplace. For example, if your card provides higher cashback on fuel, use it for fuel purchases. If it offers extra rewards on online shopping, make your online purchases using that card. For example, you can order your groceries online instead of buying them from a store. However, to truly benefit from cashback and rewards, it's essential to pay your credit card bill in full and on time. Late payments can result in hefty interest charges that may outweigh the value of any rewards earned.

Five credit cards that offer the best cashback programs if you spend ₹1 lakh

New Delhi, May 11 () The challenging situation due to coronavirus pandemic will further push credit card transactions, a senior SBI Card official has said.He also said that now people will spend more to upgrade their homes as staying indoors is becoming inevitable."It is little early to say how the credit card industry is going to pan out. I have always been a big votary of digital payments. I think that opportunities will come back. Given whatever is the economic condition, I think transaction through credit cards will continue to see a rise," SBI Card MD and CEO Hardayal Prasad told in an interview.Assuming that the lockdown is removed in some places on May 17, the businesses will come back to normal to say about in 2-3 months, he added."After demonetisation, there was a big push towards the credit card industry, I think this (pandemic) is going to be even bigger than demonetisation."After demonetisation, cash was converted into digital (money/ transactions)...even if I get 5 per cent of that, that will be phenomenal. So, we are concentrating on what we can convert. Your cash spend can actually be your card spend. Now, if you are going to stay more time at home and you are not going out, you probably will look at more avenues also to make your house a better place," Prasad said.As people will stay more at home, they will vie for better products, may be a bigger televison set, a bigger fridge as they are not eating out and cooking at home, he added."So, we are looking at that kind of trend also to be emerging. People will feel that let's make home a better place, this is now my workplace and office as also this is the place where I live, so they will upgrade their homes if they are working (more) from homes," he said.Card spends towards travelling, staying at hotels, summer vacations, cinema and entertainment will be reduced, he said, adding the business is going to be a little challenging assuming things will get back to normal by October."Then there are lot of festivals also in between. In India, festivals play a major role in terms of spends. Looking at travel, I am told 60-80 per cent of their business happens during the summer, that will not happen now," said the CEO.However, he expressed confidence that some of the lost ground will be met as the big sales come up during winter festivals and new year.SBI Card is also looking at avenues such as co-branded cards where a lot of business proposition looks feasible, however, those with airlines will continue to see challenges for the time being.The company has co-branded card with the Apollo Hospitals group and hence people can get doctors' advice as well as pharmacy purchases online.Also, there is scope in the education sector as lot of people are now opting for online courses."Suddenly, there is massive uptick taking place in online education sector. Also, during Akshaya Tritiya, we also saw for the first time ever that there was almost Rs 5-6 crore purchase online on the jewellery side."If people are aware of the brand and products, they can do online purchases," Prasad said.SBI Cards and Payment Services Ltd, under the brand name SBI Card, has registered 28 per cent growth in credit cards to 1.05 crore in fiscal ended March 2020.SBI Card, promoted by the country's largest lender State Bank of India in a joint venture with the Carlyle Group, registered a jump of 44 per cent in its net profit to Rs 1,245 crore during 2019-20 as against Rs 865 crore in the preceding fiscal due to robust growth in cards number, spends and receivables.Improvement in cost to income ratio and fall in bad loan ratio to little over 2 per cent by March 31, 2020 also helped in posting good numbers.Recognising the unprecedented challenges in the economic situation due to COVID-19, the credit card company has created specific the virus related provision of Rs 489 crore.Prasad hoped that things may get back to track if companies move out from China to India alongside the government efforts to contain the economic fallout due to the pandemic."May be these can also propel the economy to rebound in a very strong way. So I think all these things have to be looked for some more time and to see what more the RBI and government can do so that the economy bounces back," Prasad said. KPM BALBAL

Pandemic to push credit card transactions further: SBI Card CEO

<ul><li>The Indian central bank, RBI, mandates that a late fee can be charged only three days after the due date. </li><li>If payment is not made by the due date, interest is levied on a daily basis with a GST of 18% additionally charged on the interest </li><li>Signing up for the autopay facility provided by the issuing bank, and setting up timely reminders for your due dates can help. </li></ul>Using a <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> comes with several advantages. You basically get an interest free loan for 45 days, you get reward points which you can redeem for goodies. Plus, it also helps build credit history. As long as you pay your dues on time, all is well and good. But if you cannot or do not, all hell breaks loose. Literally. What makes it worse is that penalties and late charges on credit cards have gone up in recent times. “We have seen a rise in penalty charges and penal interest rates across the board. This varies depending on the card and the usage. There’s no standard hike,” says Adhil Shetty, CEO, BankBazaar.com, an online financial marketplace. However, in most cases, the late payment fees have gone up by a few hundred rupees across slabs. Says Mohit Bedi, co-founder, Kiwi, a fintech that offers virtual credit cards, “Notable players have hiked their charges pertaining to credit cards including late payment fees in the last one year.” Shetty adds that around 11.67 million cards were added in the last financial year (FY23), and outstanding credit cards stood at 85 million at the close of the year. At the same time, credit card spends rose 47% year-on-year, and credit card dues went up by 31%. While the credit card segment is not showing any signs of stress, issuers are taking a number of steps to mitigate potential risks from creeping in as the demand for credit cards continues to rise. <cmsannotation type="cmsannotation" annotationid="The pinch of late payment fees" comment="subhead" text="The pinch of late payment fees">The pinch of late payment fees</cmsannotation> <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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Interest rate </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Late payment fees for outstanding amounts </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.50% </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹0-₹500: Nil ₹500 - ₹1000: ₹400 ₹1000 - ₹10,000: ₹750 ₹10,000 - ₹25,000: ₹950 ₹25,000 - ₹50,000: ₹1100 Greater than ₹50,000: ₹1300 </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.60% </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹0- ₹500: Nil ₹501 - ₹5,000: 500 ₹5,001 - ₹10,000: 750 Greater than ₹10,000: ₹1200 </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.60% </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹0- ₹100: Nil ₹100 to ₹500 : ₹100 ₹501 to ₹5,000: ₹500 ₹5,001 to ₹10,000: ₹600 ₹10,001 to ₹25,000: ₹800 ₹25,001 to ₹50,000: ₹1,100 Greater than ₹50,000: ₹1,300 </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.4-3.67% </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹0- ₹100: Nil ₹100 - ₹500: ₹100 ₹501- ₹5,000: ₹500 ₹5,001-₹10,000: ₹750 ₹10,001-₹25,000: ₹900 ₹25,001- ₹50,000: ₹1000 Greater than ₹50,000: ₹1200 </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.50% </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:top;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹0- ₹500: Nil ₹500- ₹10,000: ₹500 Greater than ₹10,000: ₹700 </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="What happens when you miss a credit card payment" comment="subhead" text="What happens when you miss a credit card payment">What happens when you miss a <keyword id="1069333" type="General" weightage="20" keywordseo="credit-card-payment" source="Orion">credit card payment</keyword></cmsannotation> It is noteworthy that the Indian central bank, RBI, mandates that a late fee can be charged only three days after the due date. Once that deadline is missed, you will have to pay a late fee, and also interest charges that could be as high as 3.6% or more per month. Even if you make the minimum payment you have to pay the interest charges. “Added to this it will have an impact on their credit score. Late payment fees charged on a credit card depend on the type of credit card and the amount due,” says Bedi. Moreover, if payment is not made by the due date, interest is levied on a daily basis with a GST of 18% additionally charged on the interest as per Government norms. Let us take an example. Payment made after due date: Transaction Date: 1 April 2023 Amount: ₹1,00,000 Statement Date: 6 April 2023 Minimum Amount Due: ₹5,000 (Usually 5% of non-EMI retail purchases + other charges such as joining fee, annual fee, etc.) Bill not paid by due date, but later on. Amount Paid: ₹50,000 Payment Date: 15 April 2023 Next Statement Date: 6th May 2023 ● Interest levied for 15 days (between 1nApril and 15 April): ₹1,726 (15*1,00,000*3.5%*12/365) ● Interest levied for 21 days (between 15 April and 6 May): ₹1,208 (21*50,000*3.5%*12/365) Total Interest levied = ₹2,934 GST on Interest = ₹528 Late Payment Fees = ₹1,000 (for eg. only) Total Interest + Penal Charges = ₹4,426 <cmsannotation type="cmsannotation" annotationid="With a little discipline you can avoid these charges" comment="subhead" text="With a little discipline you can avoid these charges">With a little discipline you can avoid these charges</cmsannotation> “The important thing to note is that the charges that have gone up are typically penalties and interest rates. With a little discipline, you can completely avoid them,” says Shetty. “Signing up for the autopay facility provided by the issuing and setting up timely reminders for your due dates is also important,” says Bedi. Moreover, today, most issuers allow users to convert purchases to EMIs at a very low interest rate. Some even have no-cost EMI options for select purchases. So it is possible for customers to revolve their credit without incurring very high interest rates. Things can go wrong only if you spend more and miss your payments, or pay the minimum amount due. To avoid these charges, you need to spend wisely and clear all your dues on time.

Late fees on credit cards rising  — Know rules, charges and how to avoid them

In the current landscape of increasing disposable income and a surge in point-of-sale transactions on e-commerce platforms, the usage of credit cards has experienced a notable upswing. A glance at the Reserve Bank of India’s data reveals a consistent rise in credit card spending that has been reaching new highs each month. Leveraging these insights into customer behaviour trends, <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> has identified opportunities and strategically introduced suitable credit products. Among these innovations, the Paytm co-branded credit cards stand out – offering customers lucrative discounts on various categories, including travel and movie tickets. Currently, Paytm has forged valuable partnerships with HDFC Bank and SBI Card, two of India’s leading credit card issuers. These collaborations not only generate substantial upfront distribution revenue but also establish a steady lifetime usage fee stream. Users can access these exclusive cards by applying on <a href="https://paytm.com/loans-credit-cards/credit-cards/">the Paytm app</a>. Paytm’s co-branded credit card business has grown significantly both in terms of new card issuances as well as spends. As of June 2023, Paytm boasts of an impressive count of 7.5 lakh activated credit cards, marking an increase of 1.6 lakh cards in the quarter. This trend is expected to grow, fuelled by the robust potential of cross-selling among Paytm’s extensive user base, many of whom have already taken loans through their platform. During the earnings call for Q1FY24, Paytm’s Founder and CEO Vijay Shekhar Sharma, underscored the instrumental role played by banks and NBFCs in ensuring easy credit availability for customers. He also believes there is a huge portion of customers still pending to come on board. “You can see the growth in the credit card spends, you can see the growth on BNPL equivalent, whether it is a large ticket or a small ticket on the counter is the growth direction. While the debit side has plateaued is not what I would say. There is a large customer base still pending to come on board. But definitely, credit is adding the flare of extra revenue and it will add to the net bps margin continuously,” said Sharma. Moreover, Sharma envisions a future where credit may become a choice of payment for many. “India is at the cusp of the next payments revolution where credit will become the mainstream payment choice. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments,” he had said during the launch of Paytm SBI Credit Card. Notably, the credit card industry in India remains largely under-penetrated, offering huge opportunities for market penetration and expansion. The landscape is open for astute players like Paytm who are poised to redefine and elevate the credit card experience for the Indian consumer. Disclaimer : This article has been reproduced from Paytm's blog. The opinions expressed are those of the organisation and do not necessarily reflect the views of Business Insider India. For further details, you can get in touch with our team on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Paytm’s growing leadership in credit ecosystem – co-branded credit cards at 7.5 lakh

New Delhi, Jun 15 () <keyword id="6534999" type="UNKNOWN" weightage="20" keywordseo="sbi-card">SBI Card</keyword> on Monday announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle-free customer onboarding process. This launch is in line with <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> Card's endeavour to establish an end-to-end paperless, digital sourcing and onboarding process, India's largest pure-play credit card issuer said in a release. "VKYC launch will not only have a substantial impact on fraud reduction, but it will also reduce cost of the KYC process by nearly half," it said. With social distancing being the new normal, VKYC enables a customer to undergo a completely presence-less journey, without the need to physically interact with anyone. As per the release, VKYC process uses techniques such as facial recognition, dynamic verification code, live photo capture facial recognition, and geotagging among others, as mandated by RBI guidelines, making it more safe and secure than physical KYC process. "We are a technology driven company and have made strategic investments to create state-of-the art infrastructure, both at the back end and front end, to improve our user experience. Technology has been meticulously deployed to digitise the customer journey at every step and make the entire process seamless," said Hardayal Prasad, MD and CEO, SBI Card said. He further said that in a scenario, where social distancing has become the norm, this feature holds immense relevance for the customers. "We expect it to gain significant traction." SBI Card has launched VKYC following recent RBI guidelines permitting Video based Customer Identification Process (V-CIP) as a method of establishing customer identity together with e-sign process.

SBI Card launches VKYC feature to ensure zero contact with customer

<ul><li>Sensex gained 0.59% to 38,273.73 points during the initial trade.</li><li> The Nifty50 rose 0.59% to 11,314.00. </li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Despite the mixed cues from global markets, Indian stock market opened on a positive note on Tuesday with the BSE Sensex gaining 0.59% to 38,273.73 points during the initial trade. The Nifty rose 0.59% to 11,314.00. On the Nifty50 chart, Grasim, ONGC, Eicher, Titan and UPL Limited were among the top gainers - rising as much as 5%, whereas, Indusind Bank, Tech M, JSW Steel were among the top losers. These are the top stocks that are buzzing on D-street today. Tata Motors gained nearly 2% during the morning trade <div type="image" title="Tata Motors August 18" msid="77605551" hostid="261"></div> Tata Motors gained nearly 2% during the morning trade after the company refuted claims of stake sales in its premium car segment JLR. The company said there is adequate liquidity with the company to manage its operations and capital expenditure. Yes Bank gained 3% during the early trade hours <div type="image" title="yes Bank August 18" msid="77605556" hostid="261"></div> Yes Bank shares gained 3% during the early trade hours after the bank in a notice to shareholders for the AGM said that it is looking at trebling up stock options to be granted to senior executives to 22.5 crore, which can be seen as a move to retain talent. SBI Cards up over 2% <div type="image" title="SBI cards August 18" msid="77605595" hostid="261"></div> The share price of SBI Cards was trading up over 2% after the company said it raised ₹500 crore via 5.75% 2023 bonds. Bandhan Bank gains nearly 2% <div type="image" title="Bandhan Bank August 18" msid="77605647" hostid="261"></div> Bandhan Bank shares gained nearly 2% after the Reserve Bank of India (RBI) lifted the restriction regarding the remuneration of Bandhan Bank’s MD and CEO after the promoter shareholding was brought down to 40% in line with the central bank’s norms. In September 2018, the RBI, among other restrictions, said that the remuneration of the MD and CEO of Bandhan Bank stands frozen at the existing level in view of non-compliance with RBI’s licensing norms for new private sector banks. Britannia gains nearly 2% during early hours of trading <div type="image" title="Britannia shares August 18" msid="77605697" hostid="261"></div> FMCG major Britannia gained nearly 2% during early hours of trading after the company said its board has declared an interim dividend of ₹83 per share for the current fiscal and approved issue of bonus debentures. Reliance Industries trades 2% higher <div type="image" title="RIL August 18" msid="77605757" hostid="261"></div> Reliance Industries shares were trading 2% higher after the Supreme Court asked Centre to clarify its stand on why Reliance Jio, which is earning revenue by sharing Reliance Communication’s (RCom) spectrum be not asked to pay the AGR related dues to the government. The Supreme Court will continue hearings in the AGR case today. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-today-ril-sbi-cards-hal-manappuram-airtel-bandhan-bank-britannia/slidelist/77603872.cms" data-type="tilCustomLink"> Top stocks to watch today— RIL, SBI Cards, HAL, Manappuram, Airtel, Bandhan Bank and more</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-byjus-investor-lightspeed-india-closes-its-third-fund-with-275-million/articleshow/77603896.cms" data-type="tilCustomLink">OYO, Byju's investor Lightspeed India closes its third fund with $275 million</a>

Top stock movers on Dalal Street today — Tata Motors, SBI Card, Bandhan Bank, RIL, Britannia

<ul><li>The cost of withdrawing cash from ATMs will rise by a rupee and relevant taxes in the new year</li><li>So far, RBI allows five free ATM withdrawals on all banks ATMs every month.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them</li></ul>Cash withdrawals from automated teller machines (ATM) will cost you more in the new year. Cash withdrawal fee through debit card or credit card of any public or private sector bank will now cost you ₹21 per transaction from ₹20 till now. Over and above the amount, there will be a tax under the goods and services tax (GST) regime. The first five ATM transactions in a month are free. The charges kick in from the sixth transaction. However, if you live in a metro city i.e. Bengaluru, Mumbai, Chennai, Delhi, Kolkata, and Hyderabadad, and you are a customer of <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and you decide to use, say, an <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword> ATM, then only three such transactions are free in a month. Banks have started notifying their customers about the change on their website. At HDFC Bank ATMs, only cash withdrawal transactions will be charged, non-financial transactions like balance enquiry, mini statement &amp; PIN change will be free. But if you are using an HDFC Bank card at other bank ATMs, then all transactions will be charged. Axis Bank has issued a similar notification to its customers where it has left the charges on non-financial transactions at ₹10. While ATM charges for every bank remain the same, the fees on non-financial transactions differ from bank to bank. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charges on non-financial transactions from other banks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹8.50 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8.50 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 per transaction </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-year-2022-in-india-ags-transact-adani-wilmar-prudent-corporate-advisory/slidelist/88492728.cms">LIC, AGS Transact, Adani Wilmar and other IPOs coming up in early 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rbl-bank-slumps-15-after-ceo-goes-on-leave-big-investors-are-eyeing-a-piece-of-the-pie/articleshow/88515146.cms">RBL Bank slumps 15% after CEO goes on leave ⁠— big investors are eyeing a piece of the pie</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-hp-adhesives-list-at-319-while-the-shares-were-allotted-at-274-per-share/articleshow/88515033.cms">HP Adhesives lists at 16% premium and investors gain ₹45 per share at opening</a>

HDFC Bank and Axis Bank remind customers that ATM withdrawals will cost ₹21 plus taxes from Jan 1 ⁠— check out the list of charges from top banks

Fintech platform <keyword id="7349800" type="General" weightage="100" keywordseo="bharatpe" source="Orion">BharatPe</keyword> on Wednesday said it has appointed former SBI <keyword id="14627699" type="General" weightage="50" keywordseo="card-cfo" source="Orion">Card CFO</keyword> <keyword id="13810597" type="General" weightage="50" keywordseo="nalin-negi" source="Orion">Nalin Negi</keyword> as its new chief financial officer, as it prepares for its initial public offering (IPO). In his new role, <keyword id="4151" type="General" weightage="80" keywordseo="negi" source="Orion">Negi</keyword> will take charge of the finance function for BharatPe and will be working towards making the company EBITDA positive by March 2023. He will report to <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, CEO, BharatPe and work closely with the <keyword id="14627700" type="General" weightage="50" keywordseo="board-of-bharatpe" source="Orion">Board of BharatPe</keyword>, the company said in a statement. "His experience of listing SBI Card will be instrumental for us as we aim to go public in FY25," said Sameer. BharatPe closed the first quarter of FY23 with over Rs 3,600 crore in total loans facilitated and $18 billion in annualised TPV in payments. "The company has become a preferred and trusted partner for millions of offline merchants in just 4 years of launch," said Negi, who will lead the financial readiness of the company as it prepares for the IPO. In April, the company announced the appointment of <keyword id="10012165" type="General" weightage="50" keywordseo="smriti-handa" source="Orion">Smriti Handa</keyword> as the Chief Human Resources Officer. The new appointment comes after BharatPe Co-founder Bhavik Koladiya moved on from the company to pursue other assignments. The company has seen several high-profile exits in recent months, including <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> (who triggered a major controversy at the platform); Chief Revenue Officer Nishit Sharma; and Head of Institutional Debt Partnerships, Chandrima Dhar. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/asus-unveils-a-new-lineup-of-laptops-featuring-zenbook-14-flip-oled-and-vivobook-s14-at-starting-price-of-49990/articleshow/93322315.cms">ASUS unveils a new lineup of laptops featuring Zenbook 14 Flip OLED and Vivobook S14 at a starting price of ₹49,990</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/aditya-birla-capitals-net-profit-jumps-42-to-429-crore/articleshow/93322293.cms">Aditya Birla Capital's net profit jumps 42% to ₹429 crore</a>

IPO-bound BharatPe appoints new CFO amid high-profile exits

The <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> is going to charge you Rs 100 extra if you pay up to Rs 2,000 via cheque. Payments made above Rs 2000 via cheque won’t attract any extra charges. <keyword id="6534999" type="COMPANY" weightage="20" keywordseo="SBI-card">SBI Card</keyword>, which has more than four million customers, started charging the fee from April 1. "A fee of Rs 100 will be charged for payments made by cheque for an amount less than or equal to Rs 2,000 w.e.f April 1, 2017," SBI Card stated. CEO of SBI Card <keyword id="4651208" type="UNKNOWN" weightage="20" keywordseo="Vijay-Jasuja">Vijay Jasuja</keyword> said that over 90 per cent of its customers make payments through non-cheque mode. "We have observed a trend of payment related disputes arising in small <keyword id="4426951" type="UNKNOWN" weightage="20" keywordseo="cheque-payments">cheque payments</keyword>, causing inconvenience to customers as well. We offer several seamless digital modes of payment which we are seeking to encourage, in line with the government's focus towards digital payments and this step will facilitate the same," the CEO said. Jasuja added that there will be no charge on cheque payments on holders of SBI Card Unnati which is targeted at first-time credit card users and aimed at inclusion of people into the organised financial stream. With a customer base of over 4 million, SBI Card operates through a footprint of more than 90 locations in India. SBI Card is a joint joint venture between State Bank of India and GE Capital. The joint venture operates through two companies. GE Capital Business Processes Management Services (GECBPMSL) takes care of the technology and processing needs of SBI Card while SBI Cards and Payments Services (SBICPSL) focuses on customer acquisition, marketing and risk management of SBI Card. Last month, SBI had said it would increase its stake in SBI Card to 74 per cent by June-end.

Are you a SBI Card user? Get ready to pay Rs 100 on small payments via cheque

<ul><li><keyword id="2179992" type="General" weightage="20" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> announced that its long-term CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> has gone on leave, with Rajeev Ahuja taking up the lead in the interim.</li><li>Apart from this, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> also intervened by appointing an additional director on the bank’s board.</li><li>Now, reports suggest that <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and DMart’s <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword> want to pick up a 10% stake in the bank.</li></ul>RBL Bank is in a mini crisis of sorts, with its long-term MD and CEO Vishwavir Ahuja going on a leave and the Reserve Bank of India appointing an additional director on the bank’s board. The stock tanked 20% on Monday (December 27), the first trading day after the decision was made public. <div type="image" title="RBL Bank 01_11_21 to 27_12_21." msid="88515164" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank share price since November, 2021&amp;lt;/p&amp;gt;"></div> The twist doesn’t end there, either – ace investors Rakesh Jhunjhunwala and DMart’s Radhakishan Damani have <a href="https://twitter.com/CNBCTV18News/status/1475296536980426752">reportedly</a> approached RBI to pick up a 10% stake in RBL Bank, likely to cash in on the opportunity on the horizon. On Friday, RBL Bank’s shares ended the day lower by nearly 3%. In 2021 so far, the company has lost a fourth of its value even as the Bank Nifty index gained over 11%. <cmsannotation type="cmsannotation" annotationid="Why is the RBI intervening in the affairs of RBL Bank?" comment="subhead" text="Why is the RBI intervening in the affairs of RBL Bank?">Why is the RBI intervening in the affairs of RBL Bank?</cmsannotation> While both RBI and RBL Bank have been tight-lipped about the trigger behind the central banker’s intervention, reports suggest that there’s likely more going on between the lines. One of the issues that has been repeated elsewhere is concerns about the asset quality of the bank – the gross non-performing assets (Gross NPA) ratio rose to 5.4% in the September quarter from 3.34% in the year before. Unpaid loans surged in the September quarter, as the moratorium on payments came to an end, particularly in the microfinance segment, which makes for 9% of RBL Bank’s total loan book. <div type="image" title="RBL Bank MFI GNPA ." msid="88516605" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank microfinance segment GNPA&amp;lt;/p&amp;gt;"></div> However, the rise in bad loans may not be reason enough for the RBI to step in. Earlier this year, RBI had approved Vishwavir Ahuja’s extension as the bank’s CEO till June, 2022. Ahuja going on leave mid-way through his term also signals that there are deeper issues at the bank which have not been disclosed to the public yet. “The sequence of events leading to the sudden exit of Mr. Vishwavir Ahuja along with the induction of Dayal from the RBI on the Board as additional member indicates that everything is not ok with the bank,” noted a letter by All India Bank Employees Association (AIBEA) to Finance Minister Nirmala Sitharaman. <cmsannotation type="cmsannotation" annotationid="If Jhunjhunwala and Damani are interested, there may be some things working at the bank" comment="subhead" text="If Jhunjhunwala and Damani are interested, there may be some things working at the bank">If Jhunjhunwala and Damani are interested, there may be some things working at the bank</cmsannotation> Billionaire investors Rakesh Jhunjhunwala and Radhakishan Damani reportedly want to pick up a 10% stake in RBL. The two are yet to comment on the matter and investors must take these unconfirmed reports with a handful of salt. As the following meme on social media reminds us: <div type="image" title="RJ RD RBL meme" msid="88516710" hostid="261"></div> According to RBL Bank’s new interim CEO Rajeev Ahuja, the bank’s financials remain strong. “These developments are not on account of any concern on advances, asset quality and deposits level of the bank. The bank has the full support of the RBI,” he said. In the September quarter, RBL posted a net profit of ₹30 crore as against a loss of ₹459 crore in the quarter before. This, the bank says, was due to an increase in provisions for the June quarter. Beyond the profits, RBL Bank’s fundamentals remain strong. Its liquidity coverage ratio stood at 155%, as against the 100% mandated by RBI. This means that in the short-term, the bank has enough cash to meet its obligations. RBL Bank’s credit card business – which constitutes 22% of the company’s total loan portfolio – has been a fast growing segment for the company. In fact, one broking firm, B&amp;K Research, recently argued that RBL’s credit card business is performing better than SBI Card, the country’s <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">second largest credit card issuer</a>. However, investors should keep in mind that it is still a small player with a 4% market share in the number of cards issued ⁠— even though it has grown from a mere 1% in 2017 ⁠— is trailing far behind SBI Card’s 19% market share. <cmsannotation type="cmsannotation" annotationid="How can the RBI appoint directors on a private bank’s board?" comment="subhead" text="How can the RBI appoint directors on a private bank’s board?">How can the RBI appoint directors on a private bank’s board?</cmsannotation> RBI has in the past appointed additional directors on the boards of banks like Yes Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank among others. According to Section 36AB of the Banking Regulation Act, 1949, RBI can appoint additional directors to protect the interests of the bank, its depositors, the banking regulations or the overall public interest. Update: Rakesh Jhunjhunwala has now <a href="https://twitter.com/blitzkreigm/status/1475310523960815622">denied</a> reports of acquiring a stake in RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-zee-entertainment-hp-adhesives-and-adani-transmission-among-hot-stocks-on-december-27/slidelist/88514134.cms">RBL Bank, Zee Entertainment, HP Adhesives, and Adani Transmission among hot stocks on December 27</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

You Searched For "SBI Card CEO" and got 12 results

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SBI Card launches VKYC feature to ensure zero contact with customer

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Top stock movers on Dalal Street today — Tata Motors, SBI Card, Bandhan Bank, RIL, Britannia

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HDFC Bank and Axis Bank remind customers that ATM withdrawals will cost ₹21 plus taxes from Jan 1 ⁠— check out the list of charges from top banks

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IPO-bound BharatPe appoints new CFO amid high-profile exits

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Are you a SBI Card user? Get ready to pay Rs 100 on small payments via cheque

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RBL Bank slumps 20% after CEO goes on leave

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