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<ul><li>RBI has directed <keyword id="111876" type="General" weightage="20" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> to stop sanctioning and disbursing loans under ‘eCOM’ and ‘<keyword id="19506085" type="General" weightage="80" keywordseo="insta-emi-card" source="Orion">Insta EMI Card</keyword>’, with immediate effect.</li><li>The action is necessitated due to non-adherence to digital lending guidelines of <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, the banking regulator said. </li></ul>Indian banking regulator on Wednesday directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’, with immediate effect. “This action is necessitated due to non-adherence of the company to the extant provisions of digital lending guidelines of Reserve Bank of India, particularly non-issuance of Key Fact Statements to the borrowers under these two lending products and the deficiencies in the Key Fact Statements issued in respect of other digital loans sanctioned by the company,” the Reserve Bank of India said in a press release. These supervisory restrictions will be reviewed upon the rectification of the said deficiencies to the satisfaction of RBI, it added. Bajaj Finance is a non-banking financial company, with a customer base of 76.5 million. It has ₹2.9 lakh crore in assets under management (AUM) as of September 30, 2023. Its deposit book stood at ₹54,821 crore in the same period. It has also raised ₹8,800 crore via qualified institutional placement (QIP) earlier this month. (This is a developing story, and will be updated)

RBI directs Bajaj Finance to stop giving loans under eCOM, Insta EMI Card

<ul><li>For every month it takes to rectify this, Bajaj Finance may have to let go of 500,000 consumer durable loans.</li><li>JM Financial is of the view that this is a negative development from a sentiment perspective while actual growth/earnings impact is likely to be minimal.</li><li>Market expects a timely resolution of the problem, as growth drivers are still in place. </li></ul>The Reserve Bank of India earlier this month has directed Bajaj Finance “to stop sanction and disbursal of loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’, with immediate effect”. Despite the rap on its knuckles, the Street does not see this as a structural issue and the share prices of this non-banking finance company are unlikely to come under pressure over the medium-term. However, the impact on stock price will depend on how soon this gets rectified. For every month it takes to rectify this, Bajaj Finance may have to let go of 500,000 consumer durable loans, which have an average ticket size of ₹20,000, translating into ₹1,000 crore disbursements per month or 0.4% of the current AUM (assets under management), explains HSBC Global Research. Analysts say that Bajaj Finance is working to speedily comply with requirements of the RBI. RBI suspended loan disbursements for these two products due to “non-adherence of the company to the extant provisions of its Digital Lending Guidelines, particularly non-issuance of Key Fact Statements to the borrowers under these two lending products”. According to BAF’s Annual Report of FY23, the NBFC disbursed 28.2 million loans under eCOM facility. Analysts expect the issue to be resolved in three months. With the festive season behind, analysts expect the impact on loan disbursements to be not more than ₹500 crore. BAF’s ‘Insta EMI Card’ is a product that the lender provides to all new consumer durable customers when they avail of a loan. When the customer uses this card for a subsequent purchase, either on an e-Commerce website or for an online purchase through Bajaj Marketplace, Bajaj Mall, dealer tie-ups, etc., that transaction is an eCOM transaction. In FY23, BAF reported 2.8 million transactions through e- commerce platforms, 2.4 million loans through Bajaj Mall and 1.1 million B2B loans through digital EMI Cards (cumulatively translating to c0.5m loans per month). According to analysts, these get classified under B2B Sales Finance (consumer durable, rural or urban). The product has a high IRR (22-24%), high RoA (7-8%), low duration (around six months) and high profit contribution (c15% annually in our estimate), the longer the suspension lasts, the higher the loss. It then depends on how speedily the RBI can revert or if they want additional actions. Should this continue beyond two months, the impact on profits through lower AUM growth and lower RoA would compound, says HSBC. JM Financial is of the view that this is a negative development from a sentiment perspective while actual growth/earnings impact is likely to be minimal. This could weigh on the stock price in the near-term though JM believes repetition of such an event could lead to multiple de-rating. “We watch for quick resolution of the current issue and believe growth drivers are intact. After recent correction of around 10% from post-2QFY24 result highs and recent capital raise, stock is attractively valued at 4.8x FY25e P/BV and 23.5x FY25e P/E.”

RBI curbs on Bajaj Finance not a structural issue, multiples derating likely if issue persists

<ul><li>The <keyword id="9616131" type="General" weightage="20" keywordseo="bajaj-finance-stock" source="Orion">Bajaj Finance stock</keyword> fell by over 1% in early morning trade on Thursday.</li><li><keyword id="111876" type="General" weightage="20" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> has temporarily suspended sanction and disbursal of new loans under eCOM; and Insta EMI Card.</li><li>The banking regulator has said these supervisory restrictions will be reviewed upon the rectification.</li></ul>The stock of Bajaj Finance has volatile a day after the Reserve Bank of India (RBI) directed it to stop sanction and disbursal of loans under two of its products. It fell by over a percent in early morning trade on Thursday. But it rose fast from its lows, and is now 0.9% higher at 1 pm, at ₹7,293. On Wednesday evening, the Reserve Bank of India (RBI) directed the non-banking finance company to stop sanction and disbursal of loans under two of its products. The company responded to it, and said that it is taking actions after the RBI directive. It’s also temporarily suspending sanction and disbursal of new loans under eCOM; and online/digitally on Insta EMI Card. As per RBI, India’s banking regulator, the action is necessitated due to non-adherence of the company to the extant provisions of digital lending guidelines set by it. The main contention is about the non-issuance of Key Fact Statements to the borrowers under these two lending products and the deficiencies in the Key Fact Statements issued in respect of other digital loans sanctioned by the company. “Based on the supervisory concerns raised by the RBI, we will undertake a detailed review of the KFS and implement requisite corrective actions to the satisfaction of the RBI at the earliest. We reaffirm our commitment to rectify observations of the RBI in Key Fact Statement and comply with RBI Directions at the earliest, and will continue with our endeavor to provide seamless financial services to our customers,” the company said in a statement. The regulator also added that these supervisory restrictions will be reviewed upon the rectification of the said deficiencies to its satisfaction. Bajaj Finance is a non-banking financial company, with a customer base of 76.5 million. It has ₹2.9 lakh crore in assets under management (AUM) as of September 30, 2023. Its deposit book stood at ₹54,821 crore in the same period. It has raised ₹8,800 crore via qualified institutional placement (QIP) earlier this month. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

Bajaj Finance stock regains speed after fall in the morning

<ul><li><keyword id="20270096" type="General" weightage="20" keywordseo="equity-benchmark-indices" source="keywords">Equity benchmark indices</keyword> climbed in early trade on Friday, with the <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> reaching its fresh all-time peak.</li><li>The 30-share BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> jumped 470.92 points to 75,082.03 in early trade.</li><li>From the Sensex basket, <keyword id="19955371" type="General" weightage="20" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="83" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> jumped 6%, while Bajaj Finserv climbed nearly 5%.</li></ul>Equity benchmark indices climbed in early trade on Friday, with the Nifty reaching its fresh all-time peak, following a rally in shares of Bajaj Finance and positive trends from the <keyword id="20577663" type="General" weightage="20" keywordseo="US-markets" source="keywords">US markets</keyword>. The 30-share BSE Sensex jumped 470.92 points to 75,082.03 in early trade. The NSE Nifty climbed 139.5 points to hit a record peak of 22,787.70. From the Sensex basket, Bajaj Finance jumped 6 per cent, while Bajaj Finserv climbed nearly 5 per cent. The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans through eCOM and Insta EMI Card, the company said in a regulatory on Thursday. In November last year, the central bank had directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products -- eCOM and Insta EMI Card -- due to the company's non-adherence to the extant provisions of digital lending guidelines. "The removal of restrictions on Bajaj Finance's eCOM adds to the upbeat market sentiment. Investors are eagerly awaiting the US jobs report for April and keeping an eye on Q4 corporate earnings from India Inc," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. NTPC, ICICI Bank, Tata Steel and JSW Steel were the other major gainers. Bharti Airtel, Maruti, Asian Paints and Larsen &amp; Toubro were among the laggards. In Asian markets, Seoul and Hong Kong were trading in the positive territory while Shanghai quoted lower. Wall Street ended with gains on Thursday. "Global and domestic cues are positive for the markets. The decline in dollar index to 105.3, correction in the US 10-year bond yield to around 4.5 per cent and Brent crude below USD 84 a barrel will further strengthen the bulls. "The strong pillar of support for this market is the strong buying by DIIs facilitated by the sustained flow of funds," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Global oil benchmark Brent crude climbed 0.33 per cent to USD 83.95 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 964.47 crore on Thursday, according to exchange data. The BSE benchmark climbed 128.33 points or 0.17 per cent to settle at 74,611.11 on Thursday. The NSE Nifty went up by 43.35 points or 0.19 per cent to 22,648.20. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Nifty hits record peak in early trade; Bajaj Finance jumps 6%

<ul><li>Equity benchmark <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> plummeted over 700 points to sink below the 74,000 level and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> retreated from a record high on Friday.</li><li> Heavy selling pressure in <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, L&amp;T and HDFC bank counters also pulled indices down, traders said.</li><li>The 30-share BSE Sensex dropped 732.96 points or 0.98% to settle at 73,878.15 after soaring 484.07 points earlier in the day.</li></ul>Equity benchmark Sensex plummeted over 700 points to sink below the 74,000 level and Nifty retreated from a record high on Friday as investors pared exposure to telecom, capital goods and tech stocks. Heavy selling pressure in Reliance Industries, L&amp;T and HDFC bank counters also pulled indices down, traders said. The 30-share BSE Sensex dropped 732.96 points or 0.98 per cent to settle at 73,878.15 after soaring 484.07 points earlier in the day. From its intra-day high of 75,095.18, the benchmark tanked 1,627.45 points to the day's low of 73,467.73. The NSE Nifty also declined 172.35 points or 0.76 per cent to 22,475.85. The benchmark hit a record 22,794.70 in the early trade, up 146.5 points or 0.64 per cent. From the Sensex basket, Larsen &amp; Toubro, Maruti, Reliance Industries, Nestle, Bharti Airtel, <keyword id="19963567" type="General" weightage="20" keywordseo="ultratech-cement" source="keywords">UltraTech Cement</keyword>, Kotak Mahindra Bank and JSW Steel were among the major laggards. <keyword id="19955371" type="General" weightage="20" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="261" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> climbed nearly 1 per cent higher. The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans through eCOM and Insta EMI Card, the company said in a regulatory filing on Thursday. In November last year, the central bank directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products -- eCOM and Insta EMI Card -- due to the company's non-adherence to the extant provisions of digital lending guidelines. Bajaj Finserv, Mahindra &amp; Mahindra, State Bank of India, ICICI Bank and Infosys were among the other gainers. "Profit-booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market. However, the absence of significant negative surprises in Q4 earnings thus far, along with a decline in oil prices, might help to mitigate the downside. "Though the correction was broad-based, the large-cap stock was the key underperformer due to the moderation of FII's exposure to the domestic market," said Vinod Nair, Head of Research, Geojit Financial Services. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 964.47 crore on Thursday, according to exchange data. In Asian markets, Hong Kong settled in the positive territory, while Seoul ended lower. Markets in Tokyo and Shanghai were closed for the holidays. European markets were trading in the green. Wall Street ended with gains on Thursday. Global oil benchmark Brent crude declined 0.06 per cent to USD 83.62 a barrel. On Thursday, the BSE benchmark climbed 128.33 points or 0.17 per cent to settle at 74,611.11. The NSE Nifty went up by 43.35 points or 0.19 per cent to 22,648.20. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank">Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies</a><a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms" target="_blank">Bajaj Pulsar NS400Z launched at ₹1.85 lakh, becomes cheapest 400cc bike in the country</a>

Sensex tumbles 700 points amid broad-based selloff; Nifty slips from record

<ul><li><keyword id="111876" type="General" weightage="20" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword>’s market cap overtakes that of <keyword id="45123" type="General" weightage="20" keywordseo="hdfc" source="Orion">HDFC</keyword>, one of the largest home financing companies.</li><li>With this, Bajaj Finance is now the eighth largest company on the exchanges in terms of market cap.</li><li>The market capitalisation of the NBFC became ₹4.18 lakh crore more than that of HDFC at ₹4.17 lakh crore.</li></ul>Pune-based financial services company, Bajaj Finance, has now become the eighth largest company in the Indian market in terms of market capitalisation, even surpassing home financier major Housing Development Finance Corporation. Bajaj Finance is putting its best efforts to grow a digital community for its lending and credit business. It has now brought all its offerings under one app and has also done away with more physical credit cards. The app allows customers to secure loans, repay, get EMI cards, track their FDs, house insurance, investments etc. For future growth, the company is expecting investments from global giants for capital and technology partnerships. Bajaj Finance is also eyeing a banking license with its huge loan book. “We expect the digital transformation to start bearing fruit in terms of better cross-sell from the second half of FY23,'' said a Bernstein Research report. In fact, analysts believe the depth of offerings on the BAF app are in line or even better than apps of the large private sector banks. This offers Bajaj Finance a new lever for customer acquisition, engagement, and cross-sell. The market capitalisation of Bajaj Finance became ₹4.18 lakh crore more than that of HDFC at ₹4.17 lakh crore. Shares of Bajaj Finance surged more than 2% today as market momentum picked up slightly <a href="https://www.businessinsider.in/stock-market/news/indian-stock-market-is-bummed-out-for-at-least-three-reasons-and-none-of-them-are-going-away-in-a-hurry/articleshow/89561390.cms">after a stressful day on February 14</a>. India top ten biggest companies listed on the stock exchange <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Top 10 large companies </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Market capitalisation </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Reliance Industries </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹16.10 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">TCS </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹13.99 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">HDFC Bank </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹8.29 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Infosys </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹7.24 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Hindustan Unilever </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹5.39 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ICICI Bank </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹5.26 lakh crore </th></tr></thead><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;">SBI </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;">₹4.53 lakh crore </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;">Bajaj Finance </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;">₹4.18 lakh crore </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;">Housing Development Finance Corp </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;">₹4.17 lakh crore </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;">Bharti Airtel </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;">₹3.88 lakh crore </td></tr></tbody><tbody></tbody></table>Later, shares of Bajaj Finance came down slightly and at par with HDFC. On the other hand, home finance company HDFC is also doing well with strong demand but with multi-year low home loan rates. Adding to it, shares of other listed group companies have been underperforming the market for a long time now. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Companies </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;">Last one-year </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;">Bajaj Finance </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;">+24.10% </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;">Bajaj Finserv </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;">+55.78% </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 </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;">-18.96% </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;">-6.08% </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 Life Insurance </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;">-17.49% </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 Asset Management Company </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;">-26.85% </td></tr></tbody><tbody></tbody></table>Shares of the company will rise more as the core business i.e. home lending has got potential and is well on track to get transformed into an adaptable new age fin-tech, said analysts at ICICI direct. The brokerage firm expects the price to rise by 37% to ₹9,500 per share. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Brokerage firms </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;">Target price </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 Capital </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;">₹8,700 </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;">ICICIdirect </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;">₹9,500 </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;">Bernstein Research </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;">₹9,440 </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;">CLSA </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;">₹6,500 </td></tr></tbody><tbody></tbody></table>High return ratios, superior asset quality, high growth rates, which bounced back very fast post lockdowns and digital initiatives will keep multiples of Bajaj Finance well above best-in-class banks (like <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Kotak Mahindra) and be at par with companies like SBI Cards, said analysts at Axis Capital. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/these-are-discounts-and-perks-for-lic-policyholders-will-get-while-applying-for-the-ipo/articleshow/89585424.cms">These are discounts and perks for LIC policyholders will get while applying for the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/rbi-is-hiring-950-assistants-with-a-salary-of-36000-per-month/articleshow/89583515.cms">RBI is hiring 950 assistants with a salary of ₹36,000 per month</a>

Bajaj Finance’s strong digital move made it bigger than home loans giant HDFC

<ul><li>Uni claims to have issued 20,000 cards to date, with 1,000 new additions per day.</li><li>The company aims to issue one million <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> by the end of June 2022.</li><li>It raised $18.5 million from Lightspeed and Accel last year, nine months before officially launching its product.</li></ul><keyword id="12065183" type="General" weightage="20" keywordseo="indias-credit-card" source="Orion">India’s credit card</keyword> system is a mess to say the least. You need a credit score to get a credit card, you need a credit card to get a credit score. The loop continues. Now PayU India’s former chief executive (CEO) and cofounder Nitin Gupta — who also led Ola Financial Services — has embarked on a journey to make this process simpler with his latest venture Uni. He is joined by Prateek Jindal, who previously built Ola Money, and Laxmikant Vyas, who has previously headed Bajaj Finance. Founded last year in October, Uni is a fintech startup that offers a special Visa 1/3 card, in partnership with RBL Bank and Mauritius-based SBM Bank, to its customers. This offering works pretty much like a credit card, but divides all of the customer's transactions into three installments that have to be repaid over a period of three months without any interest. The customers also have the option to extend the timeline of these installments by paying a small carry forward fee. This carry forward fee is one of the sources of income for Uni, along with the interest they are charged. Like a credit card, Uni too earns on each transaction carried out by these 1/3 cards. Uni — which launched its first product in June 2021 — claims to have issued 20,000 cards to date, with 1,000 new customers being added every day. The company is aiming for a 10-fold growth by June next year and issue a million such cards. The one-year-old startup seems well funded to do so. Even before Uni was officially unveiled in October last year, the company had raised $18.5 million in seed funding from Lightspeed India and Accel. The company is <a href="https://entrackr.com/2020/08/exclusive-nitin-guptas-new-fintech-startup-set-to-raise-20-mn-from-accel-and-lightspeed/">estimated</a> to be valued at $40-45 million. One of the major perks of having a credit card is the cashbacks and rewards one earns on each transaction. Uni definitely lacks that to a large extent. A customer gets 1% cashback as reward if they choose to repay their entire bill in lump sum, instead of opting for three installments. This is still a lot less compared to the points and cashback you get on each transaction carried out by a regular credit card. The company plans to launch an in-app reward store next month. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></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;">Popular credit cards in India </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;">Perks </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 Ace Credit Card </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;">4-5% cashback on bill payments, mobile recharges, Swiggy, Zomato, Ola. 2% cashback on every other spend. </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;">Amazon Pay ICICI Card </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;">3-5% cashback on all purchases on Amazon. 1% cashback on each transaction, 2% reward points on recharge and bill payments. </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 Regalia </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;">10,000 Reward Points on spending ₹5 lakh and priority dining facility in top restaurants across the country. </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 BPCL Octane Credit Card </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;">7.25% value-back on BPCL petrol pump. Ten reward points on every ₹100 spent on groceries, department stores, movie tickets and dining. </td></tr></tbody><tbody></tbody></table> Commenting on the same, Gupta told Business Insider that a credit card is for people that want rewards whereas the one-third card is for people who feel cash flow crunch in certain months of the year. “Most households face cash flow issues one or two months of the year. It’s a ₹30-50,000 gap. They don’t want to take a personal loan and deal with EMIs. What do they do? They tap into their fixed deposits or they borrow money from friends or family,” Gupta said, adding that one-third card allows them to avoid that all together with no interest or annual fees. Uni further added that their upcoming credit card range would also offer similar rewards. Uni is looking to launch its credit cards too — but many already exists Gupta agrees that there are several credit card companies in India and the customers have abundant options to opt for a credit card. But the reality is that only <a href="https://www.globenewswire.com/news-release/2020/11/03/2119495/0/en/Credit-Card-Users-in-India-2020-A-Comparison-of-Leading-Brands.html">three</a> in 100 Indians have a credit card. One of the major reasons behind this lag is the reliance on credit score. The <keyword id="12065180" type="General" weightage="20" keywordseo="former-payu" source="Orion">former PayU</keyword> India co-founder proposes to use newer methodologies and underwriting techniques to offer credit cards to Indian consumers. Uni offers its payments cards on the basis of credit scores as well, but will also tap into the following mechanisms from November onwards. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Proposed underwriting mechanisms </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;">Accessing customers phone data to understand customers’ spending behavior and financial activities. </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;">Accessing bank data to get better insights into customer’s earning and spending activities. </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;">Reading into digital trails to understand the customers spending behaviour online </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;">Like the ‘Buy Now Pay Later’ mechanism, start with a smaller credit limit and increase the limit as customers stay punctual to past payments. </td></tr></tbody><tbody></tbody></table>Traditional credit card issuers do read into the banking data before issuing a credit card, but this has to be done at a more proactive basis, Gupta added. But having said all this, Uni may still face tough competition from dominant credit card issuers like State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and more. The company is also in competition with Bengaluru-based Slice and neo-bank Finin. SEE ALSO <a href="https://www.businessinsider.in/personal-finance/income-tax/news/income-tax-returns-filing-deadline-extended-again/articleshow/86070034.cms">Income tax filing deadline for FY21 extended to December 31</a> <a href="https://www.businessinsider.in/tech/mobile/jiophone-next-smartphone-launch-delayed-until-diwali-due-to-chip-shortage/articleshow/86087153.cms">JioPhone Next launch delayed until Diwali due to chip shortage</a>

Only 3 in 100 Indians have a credit card — this former PayU India cofounder is hoping to change that

India’s <keyword id="436047" type="UNKNOWN" weightage="20" keywordseo="Ecommerce">eCommerce</keyword> space is abuzz with new launches and key announcements in the last two days. On Tuesday, we heard how <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> plans to deliver right at your door steps in India. Yesterday, we heard about <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>’s partnership with Tribal Cooperative Marketing Development Federation of India Ltd. (TRIFED) to empower tribal artisans. And today, we have got the news that online shopaholics will soon get the freedom to buy as much as they can afford on credit as non-bank finance companies are working on interest-free installment plans for them. The information was revealed in an ET report, which stated that <keyword id="6357050" type="COMPANY" weightage="20" keywordseo="EMI">EMI</keyword> option is likely to be offered in the next six months. This option is now available only for buying from large brick-and mortar stores. The financial daily further revealed that <keyword id="6358511" type="COMPANY" weightage="20" keywordseo="Bajaj">Bajaj</keyword> Finance is leading the initiative and is a developing a payment gateway to suit the transactions. Other NBFCs are also evaluating similar opportunities. 

	"We are in talks with all the leading ecommerce sites to start 0% EMI schemes and currently finalising the mechanism since it would involve a change in technology in the back-end and the way the transaction will be completed," Devang Mody, Bajaj Finance's president for consumer business told ET.
 To start these 0% EMI schemes, lenders would need to make certain changes to their payment systems as the existing payment gateways for <keyword id="6357762" type="UNKNOWN" weightage="20" keywordseo="Online-shopping">online shopping</keyword> are suited for transactions through credit cards, debit cards or net banking. Manish Sharma, managing director at <keyword id="207192" type="COMPANY" weightage="20" keywordseo="Panasonic-India">Panasonic India</keyword> and president of the Consumer Electronics and Appliances Manufacturers Association, told the financial daily that NBFCs' interest-free credit facility to ecommerce consumers would further stimulate growth in online shopping. 

	He further added, "The EMI model works extremely well with the Indian consumer and eliminating the interest rate on online transactions will further increase the base of internet savvy consumers." 

	(Image: www.followup.cl)

Now shop on Flipkart, Snapdeal on zero interest EMIs

Investors' wealth eroded by Rs 2.25 lakh crore on Friday, the day when the <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> tanked 733 points, amid profit-taking and worries over premium valuations of local stocks. The 30-share <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords" meta.keywordsubtype="org" meta.entityname="BSE" meta.hostid="261" meta.entityid="BSE">BSE</keyword> benchmark dropped 732.96 points or 0.98 per cent to settle at 73,878.15 after soaring 484.07 points earlier in the day. From its intra-day high of 75,095.18, the benchmark tanked 1,627.45 points to the day's low of 73,467.73. The <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> of BSE-listed companies eroded by Rs 2,25,543.41 crore to Rs 4,06,24,224.49 crore (USD 4.89 trillion). "Markets failed to capitalise on the firm start despite upbeat US and European cues and crashed on the back of broad-based selling, as investors worried over premium valuations of local stocks offloaded their holdings. Weakness in banking, telecom, oil &amp; gas and realty stocks led the slump, even as Dow Futures indicated an upbeat start. "As valuation discomfort rises, investors are becoming choosy and taking select bets. Uncertainty over interest rate, gloomy geopolitical scenario and FII fund outflows have prompted investors to book profits at regular intervals," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. From the Sensex basket, Larsen &amp; Toubro, Maruti, Bharti Airtel, Nestle, Reliance Industries, JSW Steel, Kotak Mahindra Bank and UltraTech Cement were among the major laggards. Bajaj Finance climbed nearly 1 per cent higher. The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans through eCOM and Insta EMI Card, the company said in a regulatory filing on Thursday. Bajaj Finserv, Mahindra &amp; Mahindra, State Bank of India, ICICI Bank and Infosys were among the other gainers. "Profit-booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market. "However, the absence of significant negative surprises in Q4 earnings thus far, along with a decline in oil prices, might help to mitigate the downside. Though the correction was broad-based, the large-cap stock was the key underperformer due to the moderation of FII's exposure to the domestic market," said Vinod Nair, Head of Research, Geojit Financial Services. In the broader market, the BSE smallcap gauge declined 0.55 per cent and the midcap index dipped 0.21 per cent. Among the indices, telecommunication tanked 1.42 per cent, realty (1.09 per cent), services (1.01 per cent), teck (0.96 per cent), consumer discretionary (0.71 per cent), IT (0.64 per cent) and commodities (0.29 per cent). In contrast, healthcare and metal were the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,391.98 crore on Friday, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank">Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies</a><a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms" target="_blank">Bajaj Pulsar NS400Z launched at ₹1.85 lakh, becomes cheapest 400cc bike in the country</a>

Markets crash: Investors' wealth erodes by ₹2.25 lakh crore

Indian buyers bought about 56,000 smartphones online per hour during the first week of festive sales this year, according to a report by RedSeer. But that doesn’t mean all phones are worth buying. Diwali time is usually a good time for buying phones with good cameras. After all, fireworks are hard to click, and the best of the lot comes at night time, which means you need good options for low-light photography. Which is where phones from <keyword id="2210217" type="General" weightage="100" keywordseo="oneplus" source="Orion">OnePlus</keyword> come in, and the best part is that the company has some attractive festive offers on its devices too. Here are the best camera phones from OnePlus for this festive season. OnePlus 10 Pro With its 6.7 inch LTPO display and 120Hz refresh rate, the OnePlus 10 Pro is among the best smartphones to look at. However, the device also has a 48 megapixel primary camera on the back, accompanied by a 50 MP ultra-wide shooter and another 8MP sensor for telephoto shots. Together, that means that the three cameras can shoot fish-eye shots as Diwali fireworks litter the sky, or a nice bokeh of your friends all dressed up for the festival of lights. The 48MP primary shooter will of course take care of any other shots you want to take too. The Qualcomm Snapdragon 8 Gen 1 chipset keeps things fast and zippy, while 12GB of RAM ensures that the camera will pop-up without lag, irrespective of how much multi-tasking you’re doing. If you’re worried about storing all those photos, there’s 256GB of storage to boot. OnePlus is also offering a festive discount of ₹5000 on the OnePlus 10 Pro, along with instant bank discounts of ₹6000 on Axis and ICICI Bank debit and credit cards on OnePlus’ app and website, Amazon and OnePlus’ offline and Experience stores. <keyword id="13009425" type="General" weightage="20" keywordseo="oneplus-10r" source="Orion">OnePlus 10R</keyword> Prime Blue Edition and OnePlus 10R 5G The OnePlus 10R runs on the MediaTek Dimensity 8100 Max chipset, along with 12GB of RAM and 256GB storage inside. It has a triple camera setup on the back, with 50MP, 8mP and 2MP shooters, handling regular, ultra-wide and macro shots, respectively. You can get ₹2000 off on the OnePlus 10R and the OnePlus 10R Prime Blue Edition, as long as your minimum card purchase is worth ₹28,049. Axis Bank and ICICI Bank debit and credit card holders can get an additional ₹3000 bank discounts on the device as well, as long as their card values are at least ₹29,749. OnePlus 10T 5G The OnePlus 10T is part of the company’s flagship lines as well, and sports a 50MP primary camera, an 8MP ultra-wide shooter, and a 2MP macro camera. It runs on the Qualcomm Snapdragon 8+ Gen 1 chipset, and has 12GB RAM to boot. There’s a 6.7 inch 120Hz display to keep things fast and zippy as well. The company is offering up to ₹5000 off on Axis Bank credit and debit cards on the device during the festive sales on OnePlus.in, OnePlus Store App, Amazon.in, and OnePlus Experience Stores and other offline partner stores. Other OnePlus offers The festive period is also a good time for users to exchange older smartphones for new OnePlus devices, and this applies to iOS users too. The company is offering exchange offers of ₹10,000 on the OnePlus 10 Pro 5G, ₹3000 on the OnePlus 10R 5G, and ₹5000 on the OnePlus 10T 5G on OnePlus.in, OnePlus Store app, Amazon, and OnePlus’ Experience Stores and partner stores. Bajaj Finserve and HDFC Finance users can opt for 12 month no-cost EMI on devices like the OnePlus 10 Pro, OnePlus 10R 5G, OnePlus 10R Prime Blue Edition, OnePlus 10T 5G, and the OnePlus 9 series, by buying the devices from OnePlus Experience Stores and other partner stores, during the month of October. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

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