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Indian banks are expected to have steady growth in earnings and returns over the next 3–4 years, according to a recent report by Jefferies. It expects a 13% compound annual growth rate (CAGR) in loan growth for banks between FY24 and FY27, helmed by a supportive environment and expected adjustments in interest rates. "We expect steady growth in earnings and stable returns, Over FY24-27, the banks we cover should see 13% CAGRin loans We factor 25-50 bps cut in rates, &amp; depending on timing, NIMs will move," the report said. Depending on the timing, these rate cuts could impact banks' <keyword id="20076541" type="General" weightage="20" keywordseo="net-interest-margins" source="keywords">net interest margins</keyword> (NIMs), which measure the difference between interest income generated and interest paid to depositors. The report also notes that banks' net interest income (NII), a critical metric that is reflective of how much a bank earns from its lending, could grow at a steady 12% CAGR, which would support overall earnings growth. <h2>Rate cuts probable next year</h2>Per SBI Mutual Fund's monthly outlook for November 2024, while markets were initially speculating possible rate reductions in December this year or February next year these chances now stand dampened due to two reasons. First, elevated CPI numbers in September, which stood at a nine-month high, underlined the stickiness of food inflation. Secondly, RBI governor Das recently highlighted his hawkish stance at a conference, stating that "rate cuts at this stage would be premature and risky’. The report further adds that February 2025, or even April, would be a better time to discuss repo rate cuts in India. Even <keyword id="19985925" type="General" weightage="20" keywordseo="bank-credit-growth" source="keywords">bank credit growth</keyword> has continued to outpace deposit growth for two years now. However, they seem to be inching closer in the recent past. For instance, in October 2024, while bank credit growth remained at 12.7%, the deposit growth rate followed closely at 11.8%. This also means that banks are witnessing an elevated bank credit-to-deposit ratio, standing at 77% in October. <h2>Risks in unsecured lending </h2>However, Jefferies noted some areas of caution that could influence growth in other revenue streams, particularly fees. Growth in fees may be at risk due to expected declines in the disbursal of unsecured loans, which generally carry higher interest rates and generate higher fees for banks. October saw stress and defaults rising in the unsecured lending space, prompting the RBI to intervene. As a result, unsecured loans by banks have only grown by 12.1%, the lowest since the pandemic. Despite these risks, the report expects banks' return on assets (ROA) and return on equity (ROE) to remain healthy, underscoring the sector's stable profitability potential. The report also highlights that while the Nifty Banks index has risen by 19% over the past year, it has still underperformed the broader Nifty index, which delivered 27% returns in the same period. BSE Bankex has been along similar lines, generating returns worth 19% over one year. While the Nifty banks' index has a YTD (yield to date) of 7.63%, it continues to trail Nifty's YTD of 11.30%

Indian banks to have steady growth in earning over next 3-4 years, fees from unsecured lending may dip, notes Jefferies report

The <keyword id="21570567" type="General" weightage="100" keywordseo="credit-offtake" source="keywords">credit offtake</keyword> continued to grow at the rate of 13.9% year-on-year to reach Rs. 168.1 lakh crore for the fortnight ending July 12, 2024. However, the pace of growth was slow, a Care Edge report said. Credit offtake is a type of <keyword id="19946069" type="General" weightage="20" keywordseo="bank-credit" source="keywords">bank credit</keyword> that assists businesses in getting financing for future projects. The credit offtake increased by 14.0% year-on-year, but declined by 0.4% sequentially for the fortnight ended July 12, 2024. Over the last twelve months, credit offtake expanded by Rs. 20.4 lakh crore. The report attributed the sluggishness to the higher base effect and banks' focus on restraining the credit-to-deposit (CD) ratio. <keyword id="20218853" type="General" weightage="20" keywordseo="deposits" source="keywords">Deposits</keyword> grew by 11.3 % year-on-year for the fortnight, including the impact of the HDFC merger, reaching Rs. 211.8 lakh crore, driven by growth in time deposits. "The <keyword id="20575555" type="General" weightage="20" keywordseo="credit-to-deposit" source="keywords">Credit to Deposit</keyword> ratio stood at 79.4 % for the fortnight (July 12, 2024). Meanwhile, if we study the credit and deposit inflows over the past 3 months and 6 months, we can observe that credit offtake has lagged the deposit growth numbers. Hence, the <keyword id="20048508" type="General" weightage="20" keywordseo="CD-ratio" source="keywords">CD ratio</keyword> derived from these flows from January would be around 70% and from March would be approximately 54%," the report added. The report added that going forward, bank credit offtake could face challenges, and is likely to be tepid for the entire year. Inflows over the past three and six months show credit offtake at 5.3% for six months and 2.3% for three months, lagging behind deposit growths of 6.0% and 3.4% respectively. Deposits rose by 11.3% year-on-year for the fortnight, but declined by 0.5 % sequentially. In absolute terms, deposits expanded by Rs. 23.9 lakh crore over the last twelve months. The report anticipated that the deposit is expected to be strong in FY25, as banks focus on strengthening their liability franchise, sourcing funds through certificates of deposit, despite higher costs. As per the data in the report, the absolute growth in credit offtake was Rs. 8.4 lakh crore for six months, and Rs. 3.8 lakh crore for three months, lagging behind deposit growth of Rs. 11.9 lakh crore and Rs. 7.0 lakh crore for the same periods. The CD ratio has floated around 80 % since September 2023, standing at 79.4 % for the fortnight ending July 12, 2024, as per the report.

Credit offtake expanded by Rs. 20.4 lakh crore, deposits by Rs 23.9 lakh crore over the last 12 months

Kolkata, Outlook for bank <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> offtake remains positive in 2024 while deposit growth is expected to improve, according to the latest research report of <keyword id="19974164" type="General" weightage="20" keywordseo="careedge-ratings" source="keywords">CareEdge Ratings</keyword>. The report said that credit offtake continued to grow, increasing 20.3 per cent year-on-year to reach Rs 159.7 lakh crore for the fortnight ending January 12, 2024. The rise was due to the impact of the merger of <keyword id="19896378" type="General" weightage="20" keywordseo="hdfc" source="keywords">HDFC</keyword> with <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword> along with growth in personal loans. If the impact of the merger is excluded, credit grew at a lower rate of 16.1 per cent year-on-year for the fortnight compared to last year's growth of 16.5 per cent, the report said. Deposits also grew 13.1 per cent year-on-year the fortnight (including the merged impact). The report said that deposit growth is expected to improve in 2024. The outlook for credit offtake continues to remain positive in 2024 supported by factors like economic expansion and continued push for retail credit supported by increasing digitalisation, according to the report. Unsecured personal loans and <keyword id="19938496" type="General" weightage="20" keywordseo="nbfc" source="keywords">NBFC</keyword> advances might witness a certain level of cooling off, the report said, adding that currently, capital levels are quite comfortable for banks and NBFCs. Higher interest rates, inflation and global uncertainties regarding geo-political issues are other key factors which could weigh on credit growth, the report said. The credit-deposit (CD) ratio has been generally hovering below 80 per cent since September 2023, the report said. The CD ratio saw an uptick of 44 basis points and stood at 79.9 per cent in the fortnight ending January 12, 2024, reaching a three-year high. Deposits have seen relatively steady performance since the COVID times, the report said. However, in recent years, credit growth has been significantly outperforming deposit growth, it said.

Outlook for bank credit offtake remains positive in 2024: CareEdge Ratings

<ul class="summary-list"><li>Bank credit is seeing a sustained contraction for the first time since the Great Recession, according to Fed data.</li><li>That means businesses are borrowing less, as high interest rates chip away at confidence levels.</li></ul>A key gauge of economic health in the US has sunk into negative territory, adding credence to some of Wall Street's more pessimistic growth predictions.Bank credit levels have now fallen for three quarters in a row, according to <a href="https://fred.stlouisfed.org/series/BC0ACBQ158SBOG" target="_blank" rel="noopener">the Board of Governors of the Federal Reserve System</a> – the first sustained contraction since 2010.This is only the second such decline in more than half a century. The last one was during the Great Recession, brought about by the global financial crisis of 2008-2009.The extended slump in bank lending comes as many Wall Street experts continue to project a pessimistic outlook for the economy, despite the surprisingly upbeat trend seen in 2023. High-profile investor <a href="https://markets.businessinsider.com/news/stocks/gundlach-doubleline-spx-stock-market-outlook-recession-economy-unemployment-layoffs-2024-1">Jeffrey Gundlach sees a 75% chance of recession</a> this year, while private-equity billionaire <a href="https://markets.businessinsider.com/news/stocks/kkr-kravis-private-equity-inflation-rates-recession-economy-israel-ukraine-2024-1">Henry Kravis has warned of heightened economic uncertainty</a>.Economists David Rosenberg and Steve Hanke also <a href="https://markets.businessinsider.com/news/stocks/steve-hanke-stocks-economy-outlook-recession-inflation-forecast-fed-money-2024-1">expect a sharp downturn</a>, while market guru Gary Shilling has suggested a US <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-spx-recession-forecast-shilling-fed-rate-cuts-2024-1">recession may already be underway</a>.<div type="image" title="FRED credit" height="820" width="1318" msid="106994134" hostid="261"></div>"Bank credit is contracting for only the 2nd time in 50 years," Tilo Marotz, head of liquid assets at German insurer Continentale Versicherungsverbund, <a href="https://www.linkedin.com/feed/update/urn:li:activity:7153627084458766337/" target="_blank" rel="noopener">pointed out in a LinkedIn post</a> this week.The credit contraction means that companies are borrowing less, with higher interest rates making it more expensive to take out loans. When it's harder to raise debt, businesses are less likely to press ahead with spending projects, which can further drag on economic growth.Between March 2022 and July 2023, the Federal Reserve jacked up interest rates from near-zero to around 5.5% in a bid to clamp down on soaring consumer prices.The central bank has signaled that it'll start loosening monetary policy once it's confident that inflation will fall in line with its 2% target, but until then it'll be tougher for businesses to access credit.<h2>Recession warnings</h2>The US economy defied forecasters' gloomy predictions by dodging a recession last year, with <a href="https://www.businessinsider.com/taylor-swift-funflation-live-concerts-economy-bank-of-america-2023-10">strong consumer spending</a> helping to prop up growth. The country's gross domestic product expanded by a better-than-expected 4.9% in the third quarter – although that's predicted to have slowed to just 1.3% over the final three months of 2023, according to a survey of forecasters by the <a href="https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/spf-q4-2023" target="_blank" rel="noopener">Philadelphia Fed</a>.Some Wall Street gurus believe central bankers are now in a position to engineer a so-called "<a href="https://www.businessinsider.com/dream-economic-scenario-inflation-job-market-unemployment-growth-federal-reserve-2023-11">soft landing</a>," which refers to the dreamlike scenario where they manage to bring inflation down to 2% without triggering a spike in unemployment or a severe recession.Treasury Secretary <a href="https://www.bloomberg.com/news/articles/2024-01-05/yellen-declares-us-economy-has-achieved-soft-landing" target="_blank" rel="noopener">Janet Yellen</a> said the US economy was "seeing now what I think we can describe as a soft landing" earlier this month – while the Fed's own officials <a href="https://www.businessinsider.com/federal-reserve-meeting-minutes-recession-economy-inflation-interest-rates-powell-2024-1">haven't mentioned the dreaded r-word</a> since July, according to minutes from policymakers' last three meetings.But not everyone on Wall Street is so cheerful.JPMorgan Chase CEO <a href="https://markets.businessinsider.com/news/currencies/jamie-dimon-jpmorgan-bitcoin-crypto-recession-inflation-fed-rate-cuts-2024-1">Jamie Dimon</a> said earlier this month that he's still "a little skeptical of the <a href="https://www.businessinsider.com/personal-finance/goldilocks-economy">Goldilocks scenario</a>" – referring to an economy where the levels of growth, inflation, and unemployment look "just right"."I still think the chance of it not being a soft landing are higher than other people," the billionaire banker told <a href="https://www.youtube.com/watch?v=ynKTVv7EoMc" target="_blank" rel="noopener">Fox Business</a>."It's not terrible. It might be a mild recession or a heavy recession," he added, noting it's possible that the downturn bites in 2024.Top economists like Hanke and Rosenberg have repeatedly flagged the possibility that the US suffers a severe slump in growth. Hanke said this week that he believes a recession will soon "<a href="https://markets.businessinsider.com/news/stocks/steve-hanke-stocks-economy-outlook-recession-inflation-forecast-fed-money-2024-1">start to bite</a>", while Rosenberg warned in August that it'd take a "<a href="https://www.businessinsider.com/recession-forecast-economy-crash-markets-rosenberg-research-fed-jobs-labor-2023-9">miracle</a>" to avoid a downturn.The pessimists' outlook tends to hinge on a combination of factors – including the fact the economy is yet to feel the brunt of the Fed's aggressive rate increases and the potential for the ongoing wars in Ukraine and Gaza to drive up inflation and disrupt global trade.Contracting bank credit is another sign they could be proven right.

Bank credit is shrinking for the first time since the Great Recession - and that's a red flag for the economy

<ul><li><keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and Swiggy have announced the launch of a co-branded credit card.</li><li>The credit card will offer a 10% cashback on Swiggy and a 5% cashback on popular e-commerce platforms.</li><li>The card will be available to eligible customers in the next 7-10 days.</li></ul>HDFC Bank, India’s biggest bank has partnered with food and grocery delivery platform Swiggy to launch a co-branded credit card, the first such offering from Swiggy. The HDFC Swiggy co-branded credit card comes with several offers for customers and will be rolled out on the Swiggy app over the next few days, allowing eligible customers to apply for the credit card. The credit card will be hosted on the Mastercard payments network. “We recognise that modern-day consumers actively seek rewards, offers, and cashback programs that add value to their spending. Keeping this in mind, we have launched this all-encompassing card in partnership with HDFC Bank and Mastercard that makes everyday shopping moments across a range of categories more rewarding and convenient,” said Rahul Bothra, chief financial officer, Swiggy. <cmsannotation type="cmsannotation" annotationid="HDFC Bank Swiggy credit card benefits" comment="subhead" text="HDFC Bank Swiggy credit card benefits">HDFC Bank Swiggy credit card benefits</cmsannotation> The main highlight of the co-branded credit card from Swiggy and HDFC Bank is that it will offer a 10% cashback on spends on food, groceries and dining out on Swiggy. This means that you can avail a 10% cashback every time you order food, get groceries or use Dineout to eat at your favourite restaurant. In addition to this, the card also offers a cashback of 5% on platforms such as Amazon, Flipkart, Myntra, Ola, Uber, Zara, BookMyShow and more. Apart from this, users will get a flat 1% cashback on all other spends. It is to be noted that the cashback will be deposited in the form of Swiggy Money in the customer’s Swiggy account and will be usable only on its platform. As part of an introductory offer, users who get the co-branded credit card will get a complimentary 3-month membership of Swiggy One, the company’s premium membership. <cmsannotation type="cmsannotation" annotationid="Other HDFC Bank cards that offer cash back" comment="subhead" text="Other HDFC Bank cards that offer cash back">Other HDFC Bank cards that offer cash back</cmsannotation> This is not the first time that HDFC Bank has partnered with another platform to offer a co-branded credit card. The company already offers co-branded credit cards with companies like Tata Neu, IRCTC, Indigo and more. As part of this, the credit card offers a high cashback on spends on their respective platform and a nominal cashback on other platforms. <cmsannotation type="cmsannotation" annotationid="Zomato discontinues its credit card" comment="subhead" text="Zomato discontinues its credit card">Zomato discontinues its credit card</cmsannotation> Zomato had earlier partnered with RBL Bank to offer a co-branded credit card, which included access to its premium membership. However, the card has now been discontinued and users who had the card have been given the option to shift to another credit card from RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/business/news/here-are-the-top-10-companies-in-india-as-per-market-valuation/slidelist/102129586.cms">RIL to HDFC Bank to ITC – Here are the 10 most valuable Indian companies</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-3203-cr-in-q1-2023-24-on-improved-jlr-performance/articleshow/102108825.cms">Tata Motors posts net profit of ₹3,203 cr in Q1 on improved JLR performance</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-5-z-flip-5-galaxy-watch-series-6-and-more-set-to-launch-july-end/articleshow/101538049.cms">Samsung Galaxy Z Fold 5, Z Flip 5, Galaxy Watch Series 6 and more set to launch today</a>

HDFC Bank and Swiggy launch co-branded credit card – cashback, offers and more

Good morning, readers. Markets reporter George Glover here, writing to you from London while my colleague Phil Rosen is off on a well-deserved vacation.You've probably already clocked that the biggest story in markets right now is happening on this side of the Atlantic, with investors still mulling over <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">UBS's $3 billion rescue of its old foe Credit Suisse</a>.Today, I'm unpacking the biggest winners and losers from the takeover.UBS itself looks set to benefit as it's now <a href="https://markets.businessinsider.com/news/stocks/ubs-safest-bank-too-big-to-fail-credit-suisse-rescue-2023-3">"the world's safest bank" for depositors</a>, according to one analyst. But there's a bunch of losers from the historic deal as well — including the Saudi National Bank, the Federal Reserve, and investors who hold a little-known type of high-risk Credit Suisse bonds.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/ubs-credit-suisse-takeover-deal-winners-and-losers-stock-market-2023-3"></a>1. There's one big winner — and lots of losers — from the <a href="https://markets.businessinsider.com/stocks/cs-stock">Credit Suisse</a> rescue deal. <a href="https://markets.businessinsider.com/news/stocks/ubs-credit-suisse-takeover-deal-winners-and-losers-stock-market-2023-3?_gl=1*9630o4*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY3OTMwNTUyNi4zNjMuMS4xNjc5MzE5MzY2LjU3LjAuMA..">UBS stands out as the biggest beneficiary from the takeover</a>. It's managed to snap up a longtime rival at a fraction of its market value, with backing from its own government and the Swiss central bank."Under normal circumstances, I would say it is an absolutely fantastic deal for UBS," Morningstar equity analyst Johann Scholtz said Monday, per <a href="https://www.reuters.com/business/finance/ubs-swallows-doomed-credit-suisse-casting-shadow-over-switzerland-2023-03-20/" target="_blank" rel="noopener">Reuters</a>. "In the current environment, it is a bit more complicated as there is <a href="https://markets.businessinsider.com/news/stocks/ubs-credit-suisse-takeover-deal-winners-and-losers-stock-market-2023-3">a lot of uncertainty generally in the markets</a>."Some of the world's biggest investors are suffering, including the Saudi National Bank, which loaded up on Credit Suisse stock for 3.82 Swiss francs ($4.12) a share back in November. The deal announced Sunday afternoon valued Credit Suisse shares at just 0.76 Swiss francs, one-fifth of the price the Saudi National Bank paid.Other losers include holders of Credit Suisse's Additional Tier 1 bonds, which are special bonds that can be converted into shares if a bank's financial health falls below a certain level. The Swiss regulator said Sunday that it'd mark 16 billion francs ($17 billion) worth of Credit Suisse AT1s down to zero — and that's <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-stock-price-ubs-deal-bank-crisis-rescue-2023-3">weighed on other European bank stocks that issue similar bonds</a>.Lastly, the merger between UBS and Credit Suisse could be bad news for the Fed. As my colleague Theron Mohamed points out, <a href="https://markets.businessinsider.com/news/stocks/ubs-credit-suisse-banking-crisis-markets-economy-inflation-recession-rates-2023-3?_gl=1*f1wotf*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY3OTMwNTUyNi4zNjMuMS4xNjc5MzIwOTc4LjYwLjAuMA..">the central bank is now caught between a rock and a hard place</a>. If it pauses its interest-rate hiking campaign to shore up the banking system, inflation could start spiraling again — but if it raises borrowing costs, embattled banks like <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-downgrade-junk-credit-rating-banking-crisis-svb-2023-3">First Republic</a> could start feeling the heat.In other news:<a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-banking-crisis-regional-bank-stocks-deals-2023-3"></a><div type="image" title="Warren Buffett" height="2832" width="3776" msid="98863820" hostid="261" sizebytes="1366390"></div>2. US stock futures edge higher Tuesday morning as hopes grow that the worst of the banking crisis is over. Eyes are turning to the Fed meeting later today, as investors wait to see whether the turmoil will prompt a shift on interest-rate hikes. <a href="https://markets.businessinsider.com/premarket" target="_blank" rel="noopener noreferrer">Here are the latest market moves</a>.3. Earnings on deck: Nike, HealthEquity, and more, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. Bank of America says to load up on these stocks with a recession looming. US equity strategist Jill Carey Hall said an economic downturn will boost pizza restaurants, low price gyms like <a href="https://markets.businessinsider.com/stocks/plnt-stock">Planet Fitness</a>, and value-for-money retailers. <a href="https://www.businessinsider.com/best-stock-picks-to-buy-recession-investing-bofa-consumer-spending-2023-3">Here are 22 recession-proof stocks that the bank has given a "buy" rating</a>.5. Investors don't know what Jerome Powell is going to do next. Traders have started scaling back their rate-hike bets ahead of Wednesday's big announcement — but they're divided on whether the Fed will raise borrowing costs by 25 basis points or "pause" its tightening campaign. <a href="https://markets.businessinsider.com/news/stocks/bank-crisis-credit-suisse-ubs-takeover-federal-reserve-interest-rates-2023-3">Here's how the Credit Suisse rescue deal impacts the central bank</a>.6. Warren Buffett might swoop in to save the banks once again. The Berkshire Hathaway CEO made vital investments in Goldman Sachs and General Electric in late 2008 – and is reportedly in talks with senior White House officials to provide similar support to struggling regional banks. <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-banking-crisis-regional-bank-stocks-deals-2023-3">Buffett might not make as much money this time round, though</a>.7. Bitcoin soared to a nine-month high after the takeover deal was announced. Analysts including Fundstrat's Sean Farrell see the cryptocurrency as a hedge against the embattled banking system. <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-9-month-high-credit-suisse-ubs-bank-crisis-2023-3">Bitcoin hit its highest level since June 2022 Monday and was trading just below $28,000 at last check</a>.8. Two real-estate investors who've "flipped" 91 properties shared their top tips. Aria Khosravi and Alan Blue lost $9,000 on their second deal over a decade ago – but they've since built a seven-figure business. <a href="https://www.businessinsider.com/home-flipping-mistakes-to-avoid-real-estate-investing-2023-3">Here are three lessons they've learnt buying and selling houses over the past 14 years</a>.9. These stocks are rapidly boosting their market share thanks to AI and other disruptive tech. Portfolio manager Jason Tauber runs Neuberger Berman's Disrupters ETF. <a href="https://www.businessinsider.com/stocks-gaining-rapid-market-share-ai-disruptive-technology-2023-3">Here are his fund's top 10 weighted holdings right now</a>.<a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-downgrade-junk-credit-rating-banking-crisis-svb-2023-3"></a><div type="image" title="First Republic Bank share price on March 21, 2023" height="1032" width="1122" msid="98863823" hostid="261" sizebytes="36444"></div>10. First Republic shares fell 47% to hit a record low Monday. The San Francisco-based lender's share price has plunged during the ongoing banking crisis – and S&amp;P Global just slashed its credit rating for the second time in the space of a week despite it crafting a $30 billion rescue plan. <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-downgrade-junk-credit-rating-banking-crisis-svb-2023-3">Read more</a>.Curated by George Glover in London. Feedback or tips? Tweet <a href="https://twitter.com/GTAGlover" target="_blank" rel="noopener">@GTAGlover</a> or email gglover@insider.com.Edited by Anil Varma (<a href="https://twitter.com/AnilVarma7717" target="_blank" rel="noopener">@AnilVarma7717</a>) and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Everything you need to know about UBS's historic $3 billion deal to rescue rival bank Credit Suisse

Happy Saturday readers. I'm Phil Rosen. "Happy" is used loosely here, as the past week has been defined by <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-svb-bailout-banking-crisis-incompetence-regulators-2023-3">chaos and uncertainty</a> across the banking system. <a href="https://markets.businessinsider.com/news/stocks/svb-bank-crisis-morgan-stanley-inflation-outlook-2008-financial-crash-2023-3">Silicon Valley Bank</a> and <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-credit-suisse-shares-snb-loan-bank-crisis-2023-3">Credit Suisse</a> have stolen most of the headlines, but between others like <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-stock-price-strategic-alternatives-potential-sale-report-2023-3">First Republic Bank</a>, <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1fvtvw2*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODk3MTcwNS42OTAuMS4xNjc4OTc5NTU5LjQzLjAuMA..">Signature Bank,</a> and <a href="https://markets.businessinsider.com/news/currencies/crypto-market-outlook-banking-crisis-expert-forecasts-svb-signature-silvergate-2023-3">Silvergate Bank</a>, there's plenty to digest. Today, I've rounded up everything that you need to know to get caught up on <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-run-collapse-contagion-failure-bailout-financial-crisis-2023-3">the worst banking crisis since 2008</a>. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/credit-suisse-svb-bank-financial-crisis-stock-price-cds-saudi-2023-3?_gl=1*15wyc28*_ga*MTc1Njg3MTI2OS4xNjc4ODczMDU1*_ga_E21CV80ZCZ*MTY3OTA3MTc4Mi45LjEuMTY3OTA3MjM0Mi41Mi4wLjA."></a>1. Credit Suisse was losing the faith of investors long before this week. The scandal-hit lender has been feeling the pain since Silicon Valley Bank sparked the bank crisis. Here's a closer look on how it got to this point — <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-svb-bank-financial-crisis-stock-price-cds-saudi-2023-3">and why so many investors are concerned about what happens next.</a>2. SVB's collapse completely screwed things up for companies with bad credit. At the beginning of the week, the spread on junk-rated bonds relative to US Treasuries surged to the widest level since December. <a href="https://markets.businessinsider.com/news/bonds/silicon-valley-bank-collapse-high-yield-credit-junk-rated-bonds-2023-3?_gl=1*10c79br*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODk3MTcwNS42OTAuMS4xNjc4OTc4NDM2LjYwLjAuMA..">The bank's failure has also eliminated a key source of funding for startups that would usually be denied by traditional institutions.</a>3. Venture capitalists have never been more divided, with accusations flying over who killed their beloved Silicon Valley Bank. VCs who have worked in the field for years told Insider that they couldn't remember a time when there was so much infighting. <a href="https://www.businessinsider.com/svb-silicon-valley-bank-venture-capitalists-divided-blame-2023-3">One founder said that "it was an internet bullying thing that in 36 hours took down an institution that's been vital to the industry for so many decades."</a>4. Ray Dalio, the billionaire founder of Bridgewater Associates, sounded off on the financial turmoil. SVB's downfall marks a "canary in the coal mine" moment that will have repercussions well beyond the VC world, in his view. He explained how history illustrates that the current economic cycle could see more firms selling assets at major losses — <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-silicon-valley-bank-failure-markets-economy-fed-rates-2023-3?_gl=1*na15s5*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODk3MTcwNS42OTAuMS4xNjc4OTc4MTc4LjYwLjAuMA..">which is precisely what sparked this latest crisis</a>.5. No one is cheering about the implosion of SVB, but there could be a silver lining. Scary uncertainty aside, the event might just be what triggers a bull-run in the stock market. Expectations are growing that the Fed will pause its aggressive interest rate hikes, and <a href="https://markets.businessinsider.com/news/stocks/why-silicon-valley-bank-collapse-good-for-stock-market-rates-2023-3?_gl=1*1sb26l9*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODk3MTcwNS42OTAuMS4xNjc4OTc4MzE3LjU3LjAuMA..">that would mean a reversal of the primary source of pain for equities.</a>6. The biggest bank failure since 2008 is everyone's problem. There is a lot that's still unclear as the financial world sifts through the wreckage, but the fall of Silicon Valley Bank will be felt for years to come. <a href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3">Here's what the future could hold after the stunning collapse.</a> 7. A popular real-estate tax loophole could be eliminated. Doing so could crush the market. That's according to some experts speaking with Insider, who say that President Biden's plan to do away with the 1031 exchange could cause property values to plummet. <a href="https://www.businessinsider.com/1031-exchange-real-estate-investors-explain-impact-of-tax-deferral-2023-3">"Getting rid of the 1031 would decimate the market," one source said.</a>8. A top real-estate economist said the bank turmoil could actually help spark a faster housing rebound. There have already been signs of more activity in the housing market, and mortgage rates could end up falling faster than expected with a less hawkish Fed, according to Nadia Evangelou, senior economist for the National Association of Realtors. <a href="https://markets.businessinsider.com/news/stocks/housing-rebound-silicon-valley-bank-economist-homebuyers-markets-homebuying-economy-2023-3?_gl=1*197qjps*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODk3MTcwNS42OTAuMS4xNjc4OTc4NjQ0LjIzLjAuMA..">Find out why she's anticipating some near-term relief in affordability.</a>9. Goldman Sachs named its favorite growth stocks among financials. Traditional banks and regional names have taken sharp losses in the past week — <a href="https://www.businessinsider.com/stocks-to-buy-high-growth-financials-banks-svb-goldman-sachs-2023-3">but Goldman's strategists are confident that these 12 picks can rise above the crowd thanks to strong earnings growth</a>.10. Buy into this batch of bank stocks right now as uncertainty grips the banking sector. Bank of America strategists laid out 23 names that still offer upside despite the drag of SVB and Credit Suisse. <a href="https://www.businessinsider.com/investing-stock-picks-silicon-valley-bank-collapse-svb-2023-3">See the full list.</a>Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>Edited by Max Adams (<a href="https://twitter.com/maxradams" target="_blank" rel="noopener">@maxradams</a>) in New York and Nathan Rennolds (<a href="https://twitter.com/ncrennolds?lang=en">@ncrennolds</a>) in London.

Everything you need to know to catch up on Silicon Valley Bank, Credit Suisse, and the trouble rattling the financial world

<ul><li>A single $5 million trade in credit-default swaps for Deutsche Bank likely sparked last week's stock market decline, Bloomberg reported.</li><li>Credit-default swaps are an extreme form of insurance against the potential default of a company.</li><li>The trading instruments are incredibly illiquid, which means one small trade can lead to an outsized move.</li></ul>Last week's <a href="https://markets.businessinsider.com/news/stocks/deutsche-bank-shares-european-banking-crisis-stock-market-news-svb-2023-3?_gl=1*1v9kwrf*_ga*MTkxNzQzNjc2Mi4xNjYxNDU2MDU1*_ga_E21CV80ZCZ*MTY4MDAxOTUzMy45MDEuMS4xNjgwMDIwMjMxLjUyLjAuMA..">sharp decline in Deutsche Bank stock,</a> which helped spark a broad sell-off in global equity markets, could have been caused by a single trade in the bank's credit-default swaps.Regulators are investigating a $5.4 million trade on credit-default swaps tied to the bank's junior debt, according to <a href="https://www.bloomberg.com/news/articles/2023-03-28/a-single-bet-on-deutsche-bank-s-cds-is-seen-behind-friday-s-rout" target="_blank" rel="noopener">a Bloomberg report</a>.Deutsche Bank's <a href="https://markets.businessinsider.com/news/stocks/deutsche-bank-shares-european-banking-crisis-stock-market-news-svb-2023-3?_gl=1*1v9kwrf*_ga*MTkxNzQzNjc2Mi4xNjYxNDU2MDU1*_ga_E21CV80ZCZ*MTY4MDAxOTUzMy45MDEuMS4xNjgwMDIwMjMxLjUyLjAuMA..">credit-default swaps nearly tripled on Friday,</a> leading to a near-10% sell-off in the stock and a $33 billion decline in market value for an index that tracks European banks.The volatile move sparked fresh fears among investors <a href="https://www.businessinsider.com/a-banking-crisis-is-unfolding-worldwide-how-bad-is-it-2023-3">that the banking crisis that started with Silicon Valley Bank</a> earlier this month and spread to Credit Suisse shortly thereafter was about to hit one of Europe's largest banks. Credit-default swaps are a form of insurance against missed payments on debt. The trading instrument <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-scion-housing-market-bubble-gamestop-stock-2021-9?utm_medium=ingest&amp;utm_source=markets" rel="">was successfully used by some investors who bet against the housing market</a> in 2008, including Michael Burry of Scion Capital. Protection payouts on the credit-default swaps are triggered when a debt payment is missed. The relatively small trade that could have sparked the big sell-off on Friday highlights the illiquidity of credit-default swaps markets. In other words, one small trade can lead to an outsized move.And with nervous investors looking for any sign to flee after the biggest bank collapse since 2008, it makes sense that such a spike in insurance against a major bank's default could have triggered a global sell-off.The recent move in credit-default swaps tied to various banks also highlights the lack of transparency in the asset class, European Central Bank's top oversight official Andrea Enria said at a conference on Tuesday."There are markets like the single name CDS market which are very opaque, very shallow, very illiquid. With a few millions, you can move the CDS spreads and contaminate also stock prices and possibly also deposit outflows," Enria said.It is not known who made the credit-default swap trade or the reasoning behind the trade. One person familiar with the matter said the trade could have been a simple hedging trade, which makes sense given the ongoing fears in the banking market and the long-running issues at Deutsche Bank.

A large global sell-off last week was likely sparked by a single trade in Deutsche Bank's credit-default swaps

Welcome to the weekend. I'm Phil Rosen. Before we get to the news, I'd like to highlight a conversation I had with Katherine Jollon Colsher, the CEO of Girls Who Invest and a former Goldman Sachs exec. The program collaborates with UPenn's Wharton business school, and it teaches college women the fundamentals of markets, portfolio management, and finance. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a>Katherine Jollon Colsher is the chief executive officer and president of Girls Who Invest, a nonprofit that aims to help women enter asset management and other careers across Wall Street.This conversation has been lightly edited for length and clarity. Phil Rosen: Can you describe the goals of your program? Katherine Jollon Colsher: We work exclusively in the buy side, and we do focus exclusively on placing women in internships and frontline investing roles to advance more women portfolio managers. With that, our vision is for 30% of the world's investable capital to be managed by women by 2030.Among students, what's the demand and popularity like for Girls Who Invest?KJC: We work with over 125 investment management firms, which speaks to the demand and support for our mission within the industry. We also have nearly 2,000 alumni in just seven years. To put that into context, our first class was 30 women. This coming summer, our class will be over 550 women. So we're seeing unbelievable interest.How do you approach teaching new trends in investing or markets, like crypto or AI? KJC: All these topics come up in different ways. Using just one example, we have a whole session on AI and Big Data and every year we adapt to include emerging topics across all areas of the curriculum — whether it be our modules, discussions, keynotes, or industry panels. This is why it's important for us to have such a strong and dynamic faculty — they help set the tone to encourage dialogue and curiosity about the investment landscape.<a href="https://www.girlswhoinvest.org/" target="_blank" rel="noopener">Find out more about Girls Who Invest here.</a>What do you think of Katherine Jollon Colsher's vision and Girls Who Invest? Tweet me <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>, or email me <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.And here are the top stories from markets this week: <a href="https://markets.businessinsider.com/news/stocks/deutsche-bank-shares-european-banking-crisis-stock-market-news-svb-2023-3?_gl=1*1s02dj5*_ga*MTc1Njg3MTI2OS4xNjc4ODczMDU1*_ga_E21CV80ZCZ*MTY3OTY3NjUyNC4yNi4xLjE2Nzk2Nzc4MzIuMzYuMC4w"></a><div type="image" title="Deutsche Bank" height="1750" width="3500" msid="98995234" hostid="261" sizebytes="133578"></div>1. Deutsche Bank is the latest firm to spark banking fears. Shares of the German bank tumbled on Friday, as the cost of credit default swaps linked to its bonds shot higher. <a href="https://markets.businessinsider.com/news/stocks/deutsche-bank-shares-european-banking-crisis-stock-market-news-svb-2023-3">Investors are fretting about the health of Europe's banks following a turbulent month in both the US and Europe</a>.2. The DB jitters follow close behind a historic rescue of Credit Suisse by rival UBS. The takeover, announced last Sunday, was valued at about $3 billion and was brokered by the Swiss government and regulators to quell fears of a global banking crisis. <a href="https://markets.businessinsider.com/news/stocks/ubs-credit-suisse-takeover-deal-winners-and-losers-stock-market-2023-3">From companies to bondholders, these are the biggest winners and losers</a>.3. Bank of America recommends loading up on this batch of stocks ahead of a potential recession. An economic downturn will boost pizza restaurants and low-price gyms like Planet Fitness, BofA strategists said. <a href="https://www.businessinsider.com/best-stock-picks-to-buy-recession-investing-bofa-consumer-spending-2023-3">Here are 22 recession-proof stocks that the bank likes now</a>.4. Elon Musk said he sees "serious risk" of another Great Depression. The billionaire agreed that a downturn could strike if the Fed doesn't provide assistance to regional banks. <a href="https://markets.businessinsider.com/news/stocks/elon-musk-svb-warning-risk-bank-crisis-first-republic-economy-2023-3">Get the full details</a>.5. A Harvard professor and former IMF economist said the current banking crisis is a "worldwide phenomenon." A leading scholar of financial crises, Kenneth Rogoff, said the chaos in the sector was on the way well before Silicon Valley Bank imploded. <a href="https://markets.businessinsider.com/news/stocks/banking-sector-turmoil-worldwide-phenomenon-svb-bond-portfolio-assets-losses-2023-3">Moving forward, institutions are going to have to adapt to drastically different economic conditions</a>.6. US prosecutors charged crypto Terra founder Do Kwon with fraud after his arrest in Montenegro. He created two tokens that lost a combined $40 billion last year — <a href="https://markets.businessinsider.com/news/currencies/terra-founder-do-kwon-charged-fraud-crypto-us-prosecutors-terraform-2023-3">and he now faces an eight-count indictment, including securities and commodities fraud and conspiracy</a>.7. Billionaire investor Leon Cooperman said the US is going through a "textbook" financial crisis. It's going to be a long time before stocks hit a new high, according to the business mogul. <a href="https://markets.businessinsider.com/news/stocks/leon-cooperman-economy-financial-crisis-svb-collapse-stocks-fed-inflation-2023-3">He's also warned that markets could see a 20% plunge this year</a>.8. These 20 stocks can help you profit from a simple two-part investing strategy. The approach has consistently outperformed during volatile market cycles like the current one, BMO strategists said. <a href="https://www.businessinsider.com/stocks-to-buy-market-volatility-investing-strategy-dividend-growth-bmo-2023-3">Dig into the strategy and stock picks</a>.9. Morgan Stanley listed three key reasons why stocks shouldn't be rallying in the wake of bank bailouts. Elite strategist Mike Wilson said the financial trouble should hurt stocks, even though they have climbed as investors conclude authorities will help prevent contagion. <a href="https://www.businessinsider.com/stock-market-investing-banking-crisis-svb-credit-suisse-morgan-stanley-2023-3">Wilson broke down why bond investors are correct in being bearish</a>.10. Russia is using decades-old oil tankers on icy waters to dodge sanctions. The ships don't have sufficient insurance, the Washington Post reported, and they pose safety risks to the environment and ship crews as they navigate dangerous waters. <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-exports-energy-trade-old-ships-western-sanctions-2023-3">Moscow is deploying the vessels in an effort to prop up its struggling energy exports</a>. Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>Edited by Max Adams (<a href="https://twitter.com/maxradams" target="_blank" rel="noopener">@maxradams</a>) in New York and Nathan Rennolds (<a href="https://twitter.com/ncrennolds?lang=en" target="_blank" rel="noopener">@ncrennolds</a>) in London.

Deutsche Bank, Credit Suisse, and what to know about the financial turmoil — and how one company is working to boost the number of women on Wall Street

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

You Searched For "bank credit" and got 10 results

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