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<ul><li>Over 90% of education loans are provided by public-sector entities in India, according to the Reserve Bank of India. </li><li>For most PSUs and private banks, there is no security or marginal requirement value upto ₹400,000 loan amount. </li><li>The <keyword id="6360098" type="UNKNOWN" weightage="20" keywordseo="Education-loan">education loan</keyword> market witnessed a 25% dip in the last four years — with 250,000 students availing education loan as on March 2019.</li></ul>Most private banks now lend only to students enrolling in the partnered universities including Indian Institute of Technology (IITs), Indian Institute of Management (IIMs) and National Institute of Technology (NITs). In spite of that, a large chunk of education loans are provided by state-owned entities. Over 90% of education loans are provided by public-sector entities in India, according to the <a href="https://timesofindia.indiatimes.com/business/india-business/edu-loans-in-india-shrink-25-in-4-yrs/articleshow/69490291.cms">Reserve Bank of India</a> data. This may also be due to the lower interest rates offered by the public sector undertakings. The State Bank of India (SBI) offers upto ₹4 million loan, which is valid for a year after the completion of the course. The interest rate applicable on the loan ranges from 8.6% to 10.7% per annum. Others like Punjab National Bank (PNB) and Andhra Bank have no cap on the loan amount, with interest rates varying from 8.4% to 11.5%. While the private entities — HDFC Credila and South Indian Bank — offer slightly higher interest rate on education loans. HDFC Credila’s interest rates stand at over 12.55% on loans above ₹100,000. The South Indian Bank has interest rates between 9% to 16% on education loans. For most PSUs and private banks, there is no collateral (security or marginal requirement value) upto ₹400,000 loan amount. However, banks do require a collateral security of up to 5% for the loans exceeding the given amount. Drop in Loans In the larger picture, the education loan market witnessed a 25% drop in the last four years — with only 250,000 students availing education loan as on March 2019, TOI <a href="https://timesofindia.indiatimes.com/business/india-business/edu-loans-in-india-shrink-25-in-4-yrs/articleshow/69490291.cms">reported</a>. This is due to the increased defaults in this sector, adding to <keyword id="126418" type="ORGANIZATION" weightage="20" keywordseo="non-performing-assets">Non Performing Assets</keyword> (NPA) of banks. Indian banks saw a rise in education loan defaults, with the number of bad loans in education increasing from 7.3% to 9% in 2014, according to <a href="https://www.businessinsider.in/study-abroad-education-loans-in-india-see-rise-in-defaults/articleshow/68095265.cms">Indian Banks Association</a>. The Indian government is now stepping up its efforts to address challenges in the education sector. The expenditure on education has <a href="https://economictimes.indiatimes.com/industry/services/education/education-spend-rose-to-4-6-of-gdp-target-6-javadekar/articleshow/68245671.cms">reportedly</a> increased from 3.8% of GDP in 2014 to 4.6% in 2018, according to Prakash Javedekar, Union Human Resource Minister. See also: <a href="https://www.businessinsider.in/study-abroad-education-loans-in-india-see-rise-in-defaults/articleshow/68095265.cms">More Indian students are defaulting on their overseas education bank loans: Report</a> <a href="https://www.businessinsider.in/modi-government-announces-50-million-scholarship-for-minority-students/articleshow/69750288.cms">Indian government introduces ₹50 million scholarship for minority students — dedicating half of it to girls</a> <a href="https://www.businessinsider.in/budget-2019-what-is-eligibility-for-education-loan/articleshow/67734560.cms">Applying for an education loan? Here’s what you need to know</a>

Indian students are still relying on government banks for education loans

<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> cuts <keyword id="6354730" type="UNKNOWN" weightage="20" keywordseo="Home-loan">home loan</keyword> rate; ICICI cash in on the festive fervour, banks including SBI and ICICI have unveiled a host of benefits such as reduction in rates, waiver of processing fee and overdraft facility. 
 SBI has further slashed interest rates by 0.15 per cent for its home loans up to Rs 75 lakh, while <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> is offering overdraft facility along with the home loan. 
 SBI Home Loans are cheapest in the market and provide an excellent opportunity for both new home buyers as well as those who wish to switch over their home loan to SBI to save on <keyword id="6357050" type="COMPANY" weightage="20" keywordseo="EMI">EMI</keyword>, the bank said in a statement. 
 
SBI home loan would be available at 9.15 percent while women borrower will get at 9.10 percent. 
 
Another market major ICICI Bank is offering the salaried having an account with it, credit from Rs 5 lakh going up to Rs 1 crore against property owned by them. 
 The product, 'ICICI <keyword id="3805058" type="UNKNOWN" weightage="20" keywordseo="bank-home-overdraft">Bank Home Overdraft</keyword>', will offer dual advantage of a term loan as well as an overdraft facility, the bank said in a statement. 
 
"While the term loan provides customers with quick funds for immediate needs, the overdraft facility offers them the flexibility to access funds instantly for expenses, as and when required," it said. 
 
Those buying the overdraft loan from the bank would be able to utilise the funds for their personal needs such as for education, medical treatment, home renovation, marriage and overseas travel among others. 
 
Beginning from a minimum of Rs 5 lakh to a maximum of Rs 1 crore, customers will have the facility to avail a minimum 10 per cent of the total amount as term loan and maximum 90 per cent as an overdraft. 
 
ICICI Bank said the interest on term loan would be charged as per the equated monthly instalment, while on the overdraft the charges will be only on the utilised amount for the period the funds are used. 
 
On a Home Loan of Rs 50 lakh, reduction in interest rate by 0.15 percent by SBI will help a home buyer to save Rs 542 per month and approximately Rs 2 lakh during the loan tenure of 30 years, SBI said. 
 
According to SBI, the value of the savings on EMI of Rs 542 per month, if invested in a recurring deposit, will be approximately Rs 6 lakh at the end of the loan tenure. offers overdraft

SBI cuts home loan rate; ICICI offers overdraft

If you have an SBI (State Bank of India) account and would like to check the balance or get a mini statement, you can do so without going to ATM or using the net banking service. Yes! Here we are talking about the SBI Quick Missed Call Banking facility. SBI missed call Banking is a kind of service offered by SBI to its customers to let them know their account balance, get a mini statement and also do many other operations related to their account. Using the SBI Quick Missed Call Banking is very simple. To avail of this facility, you must first get your mobile number registered with the bank. You must ensure whether your mobile number is updated with the bank’s records. Know your <keyword id="6831830" type="UNKNOWN" weightage="20" keywordseo="sbi-account-balance">SBI account balance</keyword> in easy steps <ul><li>From the app store, download SBI Quick app on your Android, Windows, iOS or Blackberry phone. </li><li>Give a missed call to the bank’s pre-defined mobile numbers from your registered mobile number. </li><li>You will receive the balance information on your SBI account instantly on your mobile.</li></ul>Note: SBI Quick app does not need an internet connection as the service is provided via SMS and call. The other services you can do with SBI mobile banking facilities include enquiring for educational loans, applying for a home loan interest certificate, or getting an e-statement for the last six months. However, you cannot depend on this facility for any kind of financial transaction services. To carry out any kind of financial transaction, you must use the State Bank Anywhere App. See Also - <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance of SBI</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-activate-the-new-state-bank-of-india-atm-card-online/articleshow/74965906.cms">How to activate new SBI ATM card Online</a>

How you can check balance of SBI Account - know different ways to check account balance

<ul><li>On 9 October, <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) announced plans to purchase ₹450 billion worth of “good quality loans” off the balance sheets of non-banking financial companies. </li><li>The amount is exactly three times SBI’s original acquisition target of ₹150 billion for the current financial year. </li><li>The move will inject some much-needed liquidity into India’s NBFCs, which are finding it difficult to raise funds at feasible rates from debt markets. </li></ul>On 9 October, State Bank of India (SBI), India’s largest bank, announced plans to purchase ₹450 billion worth of “good quality loans” off the balance sheets of non-banking financial companies (<keyword id="6355260" type="UNKNOWN" weightage="20" keywordseo="NBFC">NBFC</keyword>), which are currently dealing with a shortage of funds. Subash Chandra Garga, the secretary of the government’s economic affairs department, tweeted his support of the move. 
 
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 The amount is exactly three times SBI’s original acquisition target of ₹150 billion for the current financial year. The NBFCs will sell the loans on a full-cash basis so as to finance their immediate lending operations. Despite reports that it has been <a href="https://www.business-standard.com/article/companies/centre-pressuring-lic-sbi-to-bail-out-il-fs-nirupam-118092900460_1.html">“pressured” </a>into giving the non-banking financial sector a lifeline, SBI seemed clear in its motivation. This is a good deal for the state-owned lender. It is purchasing the loans at very attractive rates given that NBFCs are struggling amid the potential default of <keyword id="6357293" type="UNKNOWN" weightage="20" keywordseo="ILFS">IL&amp;FS</keyword> and its subsidiaries, which has sparked a market meltdown and fears of a liquidity crisis. As a result of the crisis, NBFCs are unable to raise short-term funds from debt markets at feasible interest rates. This is a huge problem given that these institutions are important sources of funding for <keyword id="17408" type="DOMAIN" weightage="20" keywordseo="infrastructure">infrastructure</keyword> and housing projects as well as the MSME sector. More importantly, small businesses count on loans from NBFCs ahead of the festive sales season, which is scheduled to start this week. Setting aside the fact that SBI’s balance sheet will likely be strengthened with high-yielding assets, the move will inject some much-needed liquidity into India’s NBFCs. It will also help SBI achieve its priority-sector lending targets, under which it allocates a certain amount of its credit portfolio to the agriculture, MSME, housing and education sectors. When faced with a shortfall in its priority lending targets, India’s state-owned banks usually purchase loans from NBFCs, which lend to these sectors. Separately, the Reserve Bank of India is also doing its part to inject some liquidity into financial markets. On 9 October, the central bank announced that it was purchasing ₹120 billion worth of government securities to ease cash flow pressures in the financial sector ahead of the festive season.

Bailout or opportunism? India’s largest bank is tripling its loan purchases from desperate NBFCs

Incorporated in 1955, <keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> has been offering community service banking in India. One of the largest public sector banks in India, SBI is headquartered in Mumbai with its branches proliferated in nooks and corners of the country. Statistics show that <a href="https://www.capitalmarket.com/Company-Information/Information/About-Company/State-Bank-of-India/1375">SBI is the largest</a> state-owned banking and financial services company in the nation with more than 16,000 branches. SBI offers a portfolio of services and provides the most convenient tools, features and facilities for banking to its customers. Forbes magazine has identified SBI as the 10th most reputed company in the world. If you have a Bank Account with SBI (State Bank of India), you can check your account balance in quite a many ways including by dialing the toll-free number, SMS Banking, SBI Quick, Net Banking, Mobile Banking, and by visiting the ATM. <cmsannotation type="cmsannotation" annotationid="SBI Balance enquiry on the Toll-free Number" comment="subhead" text="SBI Balance enquiry on the Toll-free Number">SBI Balance enquiry on the Toll-free Number</cmsannotation> If you are an SBI customer, you can check your account balance through SMS banking services offered by the bank. Through this service, you can get your account balance details or a mini-statement. All that you have to do is to give a missed call or send an SMS from your registered mobile number to the SBI Balance enquiry number (toll free). Within a few seconds, you will get the balance details on your phone. Send SMS “BAL” to 09223766666 You can get your up-to-date SBI account balance information by sending an SMS “BAL” to the number 09223766666 from your registered mobile number. To get a mini statement, you can SMS “MSTMT” to 09223866666. The mini statement you get will have the full details of the last few transactions that happened on your account. <cmsannotation type="cmsannotation" annotationid="Check A/c balance by SBI Net Banking" comment="subhead" text="Check A/c balance by SBI Net Banking">Check A/c balance by SBI Net Banking</cmsannotation> SBI Account holders who have registered for net banking can use this service to check balance. In this process, you need to use your login id and password to log into your net banking account. Through this avenue, you can do balance enquiry, carryout funds transfer, or apply for personal loans, home loans or mortgage loans. SBI SMS Service You can register your mobile number to receive account balance via SMS. To register for this SBI SMS Service facility, follow the steps below. From the mobile number registered with SBI, SMS “REG&lt;space&gt;Account Number” to 09223488888. SBI will send you a message confirming the registration. Once this is done, you can use this service for several purposes including checking SBI account balance, get a mini statement, request for cheque book, get an e-statement, or get an education loan interest certificate or home loan interest certificate. <cmsannotation type="cmsannotation" annotationid="Balance check via mobile apps" comment="subhead" text="Balance check via mobile apps">Balance check via mobile apps</cmsannotation> SBI offers a number of mobile banking apps for the convenience of its customers. Some of the apps of SBI you can download and use on your mobile phone are SBI Anywhere, SBI Quick, SBI Online, and SBI Anywhere Saral (SBI mPassbook). Install any one of these apps on your mobile phone and follow the user friendly instructions for setting up. These apps make banking functions a pleasure and highly convenient experience for SBI customers. <cmsannotation type="cmsannotation" annotationid="Check balance account by SBI ATM Card" comment="subhead" text="Check balance account by SBI ATM Card">Check balance account by SBI ATM Card</cmsannotation> If you are an SBI customer, you can check account balance information at the ATM using the debit card issued by the bank. To know your account balance in this method, visit the SBI ATM and follow the steps below. Swipe your SBI debit card at the ATM When prompted, input the 4-digit ATM PIN Select the option “Balance Enquiry” Complete the transaction Using this method, you can also get the details of last 10 transactions by choosing the option “Mini Statement”. This command will get you the details of the last 10 transactions on your account in printed format. You can use this method to check your balance on the third party non-SBI ATM services also. There is a downside to using the ATM to check your account balance. SBI customers have a limited number of free ATM transactions per month. Once this number is exceeded, any additional transactions at the ATMs will invite a fee. So, it is advisable that you use other methods for balance check.

How to check account balance in SBI with enquiry number

When <keyword id="6379603" type="PERSON" weightage="80" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> was the deputy general manager at <keyword id="6354731" type="CITY" weightage="80" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) in 2001, she used to wonder why the bank is spending so much to maintain foreign operations' back office overseas. She couldn't do much at that time. Now as the chairman, she worked methodically and systematically to fix problems and used technology and recovery model to transform the bank. 
 

	According to her, red tape and a rigid bureaucratic structure made even the simplest of tasks difficult. Today, she is the bank's chairman and has not forgotten her 14-year-old idea. "I did not find traction then, so I am bringing it now," Bhattacharya told the Economic Times. 
	 

	Locating bank back offices in low-cost locations like India would seem a no-brainer. The fact that SBI is doing it now may seem ordinary but it is important in the context of the bank's history, its decision making process and its structure. 
	 

	India's biggest, oldest and most venerable bank faces multiple challenges at a time when the weight of bad loans alone, not to mention competition and costs, threatens to derail its plans. 
	 

	Bhattacharya would know more than anyone else that SBI may well get bypassed by the technology revolution if it does not take serious steps. She is not sitting idle, but she is not tearing up the system and creating a revolution either. She is working to identify problems and fix them. Technology and recovery will be the pillars on which SBI rests. When she decided to transform the bank from a staid state-run lender into a customer-friendly one, she went hunting for a technology hand familiar with the ways of the West, and hired former <keyword id="6386585" type="CITY" weightage="80" keywordseo="Barclays">Barclays</keyword> executive SK Bhasin as chief technology officer. 
	 

	"I have been looking across the globe for people who have done these things well to try and replicate some of their experience," says Bhattacharya. We have done all of these through IT (information technology). Without IT none of these things could be done well." State-run bankers, intensely focused on lending and raising deposits, rarely factored in technology in their lives. Bhattacharya's efforts in targeting future businesses is reflected in its recent business arrangements with <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword>, Snapdeal and many more digital-age companies, pushing the Essars and Chettiyars to the back seat. 
	 

	New businesses are future profits. But what about the bad loans of the past, which together with restructured loans are at 10% of total loans, making the industry technically insolvent. SBI is no exception to bad loans. Its gross bad loans and restructured loans are at Rs 83,434 crore, or 8.4% of total loans, equivalent to the government's spend on social issues like healthcare and education this year. 
	 

	"There is no point in getting impatient," says Bhattacharya. "It has to be done diligently. When the finance minister wanted to know the one thing that was my priority, I said we wanted a bankruptcy law." The Indian judiciary is notorious for prolonging decisions on disputes, and the promoters of companies, especially wealthy ones such as United Spirits' <keyword id="14678" type="PERSON" weightage="80" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> whose <keyword id="6373962" type="CITY" weightage="80" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> owes more than Rs 7,000 crore, have exploited the loopholes. But because the <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> government unlike previous ones does not provide defaulters with protective shields, bankers such as Bhattacharya are emboldened to take action. "We have a lot of angst against these promoters, who we believe are taking the system for a ride," says Bhattacharya. "If the promoter has taken money he has to give it back. There are no two ways about it. If they don't, their lives are going to be miserable. I have deep pockets to do it. There is no point in messing around." All this is not lost on foreign investors. SBI is the only top PSU lender where foreign funds are raising stake even as they have cut them in <keyword id="62034" type="CITY" weightage="80" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> and Bank of India. "I would say SBI is a private sector bank because the new CEO is phenomenal," says <keyword id="105152" type="PERSON" weightage="60" keywordseo="Avinash-Gupta">Avinash Gupta</keyword>, managing director and head of institutional equities at <keyword id="122772" type="CITY" weightage="80" keywordseo="Bank-of-America-Merrill-Lynch">Bank of America Merrill Lynch</keyword>. Gupta deals with a lot of foreign investors, many of whom are impressed by Bhattacharya's firmly-in-control attitude and her desire to change things. When Bhattacharya took charge in 2013, profits were sliding, bad loans were climbing, the economic climate had deteriorated and the private sector was poaching its clients . There was no point in waiting for the tide to turn. "I couldn't expect the external environment to suddenly turn around and give me good results," says Bhattacharya. What did she do? "Like any good housewife who will husband her resources when the chips are down to ensure every rupee helps make her go further," SBI turned prudent, she said. "When I talk about cutting expenses, I mean unwanted expenses. Not what is required to build business," she says. "All expenditure has to be controlled to yield the best results. A lot of us were travelling <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> (class) for quite a while." 
	 

	Lawyers and landlords are at the receiving end of Bhattacharya's measures to contain waste. The days of branches negotiating rent for branch offices are over. It is no longer done at the 11th hour, which often gives property owners the upper hand. Alerts come up 18 months before the lease expires, and the head office monitors and ensures it is done a year in advance. 
	 

	It is no secret that the judiciary and the system are as responsible for banks' ills as the banks themselves. While disputes run for months, bankers remain observers. But this is not the case with SBI anymore. Its advocates have been made accountable. "There are some advocates who keep taking adjournments, and there are others who move fast," says Bhattacharya. 
	 

	"I know every advocate's performance." While a lot of these issues are administrative in nature, what is the scene when it comes to its core business — lending? "She has a very clear-headed approach," said <keyword id="85088" type="PERSON" weightage="80" keywordseo="Romesh-Sobti">Romesh Sobti</keyword>, MD &amp; CEO of <keyword id="46717" type="CITY" weightage="80" keywordseo="IndusInd-Bank">IndusInd Bank</keyword>. "It's a well-defined approach to many issues the banking industry is facing. She is forthright in her ability to articulate issues not only facing SBI but also the banking industry," said Sobti. There is a paradigm shift. Tractor loans, treated as crop loans, are now automobile loans. Instead of waiting for the harvest to repay, the borrower has to pay on a monthly basis, like with equated monthly instalments in a car loan. 
	 

	"When a farmer gets money from a crop, it first goes to others — the teacher, grocer... banks are last on the list," says Bhattacharya. "Make them EMI-based. Can I give them loans which will yield a regular stream of income? We were lacking the customer connect." 
	 

	Many current and former SBI customers would agree. The question now is not just how quickly she can change perceptions about the bank but also how soon she can make the bank's cash machine churn out profits. With non-performing loans assuming alarming proportions, it will take all of Bhattacharya's combativeness to stem the rot.

	 
	(Image: Reuters)

Know how SBI chief Arundhati Bhattacharya changed India's largest bank for the better

New Delhi, Feb 1 () Shares of insurance companies came under selling pressure, tumbling up to 13 per cent, on the Budget day.
 Max Financial Services plummeted 12.78 per cent, ICICI Prudential Life Insurance Company Ltd plunged 10.93 per cent, SBI Life Insurance Company tumbled 10.02 per cent, The New India Assurance Company 7.16 per cent and HDFC Life Insurance Company 6.06 per cent on the BSE.
 A taxpayer opting for new income tax slabs and rates will have to forego a host of exemptions and deductions, including a standard deduction of Rs 50,000, tuition fee of children, and contribution towards insurance premium and provident fund.
 However, the new income tax system proposed by Finance Minister Nirmala Sitharaman in the Union Budget 2020-21 is optional and a taxpayer can choose to remain in the existing regime with exemptions and deductions.
 As per the Budget document, an individual taxpayer opting for the new tax regime will not be entitled for deduction under 80C of the Income Tax.
 Section 80C provides deduction for contribution towards insurance premium, deferred annuity, provident fund and certain type of shares.
 Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid). SUM SHW
SHW

Insurance stocks plummet up to 13 pc on Budget day

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

Mumbai, Apr Economists at SBI on Wednesday said a bulk of the Rs 1.75 lakh crore coronavirus aid package announced by the Cecludes budgeted elements and pitched for a Rs 3 lakh crore top-up to help the economy tide over the COVID-19-related challenges.Only Rs 73,000 crore of the Rs 1.75 lakh crore package announced by Finance Minister Nirmala Sitharaman last month is fresh money as the rest was already budgeted for, the economists said, adding a "large fiscal package" for affected industries" is necessary at this point.The already sagging economic growth is expected to go down further due to the COVID-19 pandemic, which has led to a three-week lockdown across the country starting March 25. Some analysts believe GDP growth will come at 2 per cent for FY21."... given labour and capital income loss of around Rs 3.60 lakh crore, the minimum subsistence fiscal package must be scaled up by Rs 3 lakh crore, over and above the incremental Rs 73,000 crore that was unleashed in the first phase," an SBI economist said in a note.The note said 98 per cent of the banking system's outstanding credit is in the 284 districts of the country affected by the COVID-19 and asked for needful attention to be given to the banking system.Joining other watchers, the economists at the country's largest lender also called for some relief to the troubled NBFCs sector, which has been excluded from the three-month moratorium on loan repayments to financial institutions, and warned that if things deteriorate there will be an erosion of capital for such entities.Similarly, from a labour perspective, the dent is maximum in the hotels, trade, education, petroleum and agriculture sectors, while self-employment accounts for 30 per cent of the GDP, it said."A fiscal package is imperative now," it reminded the policymakers. In what can be said as a brighter side, the economists estimated credit offtake has increased in the final fortnight of March across various verticals, despite the COVID-19 scares, which illustrates confidence within businesses of a surge in demand post-lockdown.They estimated the incremental credit offtake at Rs 2.10 lakh crore in March, of which agriculture will be Rs 10,000 crore, industry Rs 1.20 lakh crore, services Rs 60,000 crore and personal loans Rs 20,000 crore.The note welcomed talk of a staggered pullout from the lockdown and pitched for top preference to be given to agriculture and procurement, followed by inland transport (both roads and railways), a trading activity that supports over 25 crore households, hotel services and limited construction activity to be allowed in the unaffected areas.From a demographic perspective, they said the population should be divided into the hospitalised, immunity compromised, and healthy individuals and we should have a well-defined strategy for each group as there is no herd immunity in the population for COVID-19. AA MR

Economists pitch for Rs 3 lakh cr additional package to tide over COVID crisis

New Delhi, The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> Friday directed the government to ensure that all steps be taken to implement its decision to forego interest on eight specified <keyword id="10342500" type="UNKNOWN" weightage="20" keywordseo="categories-of-loans">categories of loans</keyword> paid upto ₹2 crore in view of the coronavirus pandemic. A bench headed by Justice <keyword id="247734" type="PERSON" weightage="20" keywordseo="Ashok-Bhushan">Ashok Bhushan</keyword> said the COVID-19 pandemic has not only caused serious threat to the health of the people but has also cast its shadow on the <keyword id="47276" type="PERSON" weightage="20" keywordseo="Economic-growth">economic growth</keyword> of the country as well as other countries in the entire world. The eight categories of loans are MSME (Micro, Small &amp; Medium Enterprises), Education, Housing, Consumer durable, Credit card, Automobile, Personal and Consumption. "Due to lockdown imposed by <keyword id="1576501" type="COMPANY" weightage="20" keywordseo="The-Government-of-India">the Government of India</keyword> in exercise of powers under the Disaster Management Act, 2005, there can be no denial that most of the businesses including private sector as well as public sector has been adversely affected. "For several months, large number of industries were not allowed to function and exemptions were granted only to few of the industries to run and carry on its activities, which were found essential and necessary in the fact situation," the bench, also comprising Justices R S Reddy and M R Shah, said. Although, gradually, due to Unlock- 1, 2 and 3, the industries and other business activities have been restored and the economy of the country is on track, although at a slow pace, it said. The apex court noted that moratorium period as granted by the Reserve Bank of India have continued from March 3 to August 31 for the period of six months. It noted the submission of Solicitor General Tushar Mehta that measures taken by the Centre in exercise of jurisdiction under the Disaster Management Act, 2005 to mitigate the hardships and miseries of few sectors. "As noted above, senior advocate Rajiv Dutta, counsel for the petitioner has expressed its satisfaction on the measures taken by the Government of India redressing grievances of the petitioner to the extent as noted above. "We dispose of the present writ petition with directions to the respondents to ensure that all steps be taken to implement the decision... so that benefit as contemplated by the Government of India percolates to those for whom financial benefits have been envisaged and extended," it said. The RBI had on March 27 issued the circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1, 2020, and May 31, 2020, due to the pandemic. Later, the moratorium was extended till August 31 this year. The pleas pertained to charging of interest on interest by banks on EMIs which have not been paid by borrowers after availing the loan moratorium scheme of RBI during March 1 to August 31. The top court's judgement came on a PIL filed by Agra resident Gajendra Sharma seeking directions to declare the notification dated March 27, 2020 issued by Reserve Bank of India as ultra vires to the extent it charges interest on the loan amount during the moratorium period. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-future-retail-astrazeneca-cadila-dhfl-mm-indraprastha-gas-gujarat-gas-mahanagar-gas-and-others/articleshow/79440358.cms" data-type="tilCustomLink">https://www.businessinsider.in/stock-market/news/top-stock-movers-future-retail-astrazeneca-cadila-dhfl-mm-indraprastha-gas-gujarat-gas-mahanagar-gas-and-others/articleshow/79440358.cms</a> <a href="https://www.businessinsider.in/business/corporates/news/two-protestors-barged-into-the-india-australia-match-ground-holding-signs-sbi-no-1b-adani-loan/articleshow/79441670.cms" data-type="tilCustomLink">https://www.businessinsider.in/business/corporates/news/two-protestors-barged-into-the-india-australia-match-ground-holding-signs-sbi-no-1b-adani-loan/articleshow/79441670.cms</a>

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