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<ul><li><keyword id="20025925" type="General" weightage="20" keywordseo="auto-sales" source="keywords">Auto sales</keyword> in August 2024 recorded a month-on-month decline.</li><li>One of the reasons for the decline in sales was excessive rainfall in the country.</li><li><keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> has urged banks and NBFCs to tighten funding for dealers with excessive inventory.</li></ul>Auto sales in India experienced a significant decline in August 2024, primarily due to excessive rainfall during this monsoon season, according to a report by the Federation of Automobile Dealers Associations (FADA). The report highlighted a 7.01% month-on-month (MoM) decline in overall retail auto sales, falling from 20.34 lakh units in July to 18.91 lakh units in August. Despite this monthly decline in sales, the auto sector witnessed a modest 2.88% year-on-year (YoY) growth compared to August 2023. "India saw 15.9% <keyword id="22508938" type="General" weightage="20" keywordseo="excess-rainfall" source="keywords">excess rainfall</keyword>, with a significant surplus in key regions, disrupting auto retail performance," said a report by FADA. <h2>Decline in sales</h2>The report added that the two-wheeler (2W) segment, despite showing a 6.28% year-on-year growth, registered a 7.29% month-on-month decline. As per the report, market saturation and weather disruptions were the key factors behind the decline in two-wheeler sales. <div type="Article" hostid="261" msid="113016216" title="August auto sales – Maruti Suzuki, Tata Motors and others report a decline in sales" mstype="2" mssubtype="0"></div> In the passenger vehicle (PV) segment, there was a 4.53% YoY and 3.46% MoM decline, while the commercial vehicle (CV) segment recorded an 8.5% MoM and 6.05% YoY decline. FADA noted that weak industrial demand and weather-related challenges were major contributors to the significant drop in commercial vehicle sales. <h2>Inventory levels continue to be a challenge</h2>FADA also highlighted growing inventory challenges in the PV segment, with stock days ranging between 70-75 days, representing approximately 7.8 lakh vehicles valued at ₹77,800 crore. The report noted that these high inventory levels, combined with aggressive OEM dispatches have created cash flow pressures for dealers, impacting their profitability. "Dealers under pressure due to aggressive OEM dispatches, with dealers facing cash flow challenges and reduced profitability" the report said. <h2>FADA urges banks to tighten funding</h2>To address this, FADA has urged banks and NBFCs to tighten funding for dealers with excessive inventory. Additionally, the report emphasized the need for dealers and OEMs to recalibrate their supply strategies to avoid a potential inventory crisis. For the upcoming months, the report paints an optimistic picture with the festive season offering growth opportunities. However, it also noted that the auto retail market must navigate challenges posed by weather uncertainties and inventory management. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

FADA urges banks to tighten funding to dealers as rains play spoilsport in August

If you're a salaried employee or a business owner who can't leave for a trip whenever you want and need to plan ahead, August is a great time for a vacation. In <keyword id="21604710" type="General" weightage="20" keywordseo="August-2024" source="keywords">August 2024</keyword>, there are some exciting long weekends thanks to holidays like Independence Day, Raksha Bandhan, and Janmashtami. This means it's a perfect time for you to plan a trip! If you plan your leave carefully, you can get up to five days off in a row. We're here to help you plan your August holidays and suggest some great travel options. We'll tell you about the top destinations you can visit near <keyword id="66" type="General" weightage="20" keywordseo="Delhi" source="Orion">Delhi</keyword>, <keyword id="6358070" type="General" weightage="20" keywordseo="Mumbai" source="Orion">Mumbai</keyword>, and <keyword id="6354321" type="General" weightage="20" keywordseo="Bengaluru" source="Orion">Bengaluru</keyword> during these long weekends. <h2>Here's a breakdown of the long weekends in August:</h2> <div type="image" title="Calender" msid="112289713" hostid="261" sizebytes="143659" caption="&amp;lt;p&amp;gt;Breakdown of the long weekends in August 2024.&amp;lt;/p&amp;gt;"></div> Now, let's look at great places to visit near Delhi, Mumbai, and Bengaluru during these weekends. <h3>Near Delhi:</h3>Jaisalmer, Rajasthan Known as the "Golden City," Jaisalmer is famous for its stunning sandstone architecture and desert landscapes. Explore the Jaisalmer Fort, Patwon Ki Haveli, and the picturesque Sam Sand Dunes, where you can enjoy a camel safari and witness a beautiful sunset. Munsyari, Uttarakhand A hidden gem in the Kumaon region, Munsyari offers breathtaking views of the Himalayan peaks. It's a paradise for trekkers, with routes like the Milam Glacier and Khaliya Top. The quaint village atmosphere and stunning natural beauty make it a perfect escape. Pushkar, Rajasthan A small town known for its sacred Pushkar Lake and the famous Brahma Temple, Pushkar is a spiritual and cultural destination. The vibrant Pushkar Bazaar is great for shopping, and if you're visiting in November, don't miss the famous Pushkar Camel Fair. <h2>Near Mumbai:</h2>Goa A popular beach destination, Goa offers a mix of sun, sand, and vibrant nightlife. Visit the beautiful beaches of Baga, Anjuna, and Palolem, explore historic churches like the Basilica of Bom Jesus, and enjoy water sports. Goa's rich Portuguese heritage and delicious seafood are added attractions. <div type="Article" hostid="261" msid="109562865" title="Things to do in Goa in monsoon to make the most out of your trip" mstype="2" mssubtype="0"></div>Alibaug A coastal town with beautiful beaches, Alibaug is ideal for a relaxing weekend. You can visit Kolaba Fort, enjoy water sports, or just unwind at the various beaches like Alibaug Beach and Nagaon Beach. Matheran A charming hill station free of vehicles, Matheran offers peaceful walks through nature. The views from Panorama Point and Charlotte Lake are breathtaking. You can also explore the many viewpoints that offer stunning landscapes. <h2>Near Bengaluru:</h2>Hampi, Karnataka: A UNESCO World Heritage site, Hampi is renowned for its ancient ruins and temples from the Vijayanagara Empire. Explore the Virupaksha Temple, Vittala Temple with its iconic stone chariot, and the Hampi Bazaar. The landscape of giant boulders and ancient structures makes Hampi a unique and fascinating destination. Chikmagalur: A paradise for coffee lovers, Chikmagalur is a hill station surrounded by coffee plantations. You can trek to Mullayanagiri, the highest peak in Karnataka, visit the serene Hebbe Falls, and explore ancient temples. Mysuru: A city rich in history and culture, Mysuru is famous for its magnificent Mysore Palace. You can also visit Chamundi Hill, St. Philomena's Church, and the vibrant Devaraja Market. The Mysore Zoo and Brindavan Gardens are other popular attractions. SEE ALSO: <a href="https://www.businessinsider.in/travel/india/webstories/10-most-beautiful-hill-stations-to-visit-in-north-india-this-august/slidelist/112213767.cms" data-type="tilCustomLink" target="_blank">10 most beautiful hill stations to visit in North India this August</a>

Plan the perfect August 2024 long weekend: Getaways from Delhi, Mumbai, and Bengaluru

<ul class="summary-list"><li>The International Longshoreman's Association will strike on October 1 if its wage demands aren't met.</li><li>The strike would impact the import and export of goods across most industries, from retail to cars.</li></ul>A major <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-congress-government-shutdown-ports-shipping-strike-september-30-2024-9">maritime workers strike</a> is looming, and it could mean a shutdown of key goods — from <a target="_blank" class="" href="https://www.businessinsider.com/plug-in-hybrid-prices-soaring-demand-electric-cars-2024-9">cars</a> to <a target="_blank" class="" href="https://www.businessinsider.com/walmart-vs-target-grocery-shopping-which-is-better-review-2024-9">food</a> — across the East and Gulf Coasts.The International Longshoreman's Association, the largest union of maritime workers in the US, announced last week that it was prepared to strike on October 1 if demands in their union contract, primarily <a target="_blank" class="" href="https://www.businessinsider.com/best-us-states-high-wages-salaries-worker-rights-california-2024-8">higher wages</a>, are not met."A sleeping giant is ready to roar on Tuesday, October 1, 2024, if a new Master Contract Agreement is not in place," ILA President Harold Daggett said in a statement.According to an ILA press release, the union wrote in a letter to its membership that its workers, who primarily work on shipping docks to load, unload, and inspect cargo and operate heavy machinery, are "struggling to pay their mortgages and rent, car payments, groceries, utility bills, taxes, and in some cases, their children's education," emphasizing the need for boosted pay in its upcoming contract.A strike would have <a target="_blank" class="" href="https://www.businessinsider.com/baltimore-bridge-collapse-impact-imports-exports-cars-coal-farm-equipment-2024-3">widespread implications</a> across the US, with significant shipment delays that could set off a chain reaction of disruptions."A prolonged strike could lead to weeks, or possibly months, of shipping delays and backlogs, worsened by limited rerouting options, high costs and time constraints," Abe Eshkenazi, CEO of the Association for Supply Chain Management, told BI. "The supply chain is inextricably linked, and as we enter the busiest shopping season of the year, businesses, retailers, and consumers alike will feel the impact of a stoppage."According to the National Association of Manufacturers, <a target="_blank" class="" href="https://nam.org/mapping-the-impact-of-a-port-strike-32072/?stream=issue-transportation-infrastructure">over half</a> of imports and exports come through the East and Gulf Coast ports, handling pharmaceuticals, vehicles, and retail, among other things, and generating an average of over $2.1 billion each day. Depending on the length of the strike, supply-chain disruptions could also lead to price hikes for consumers.The United States Maritime Alliance, which represents the companies that employ longshoremen, <a target="_blank" href="https://www.usmx.com/assets/content/public-resources/9-23-24_USMX_STATEMENT_Update_on_Status_of_USMX-ILA_Negotiations.pdf">said</a> on September 23 that despite attempts to resume bargaining with the ILA they "have been unable to schedule a meeting to continue negotiations.""Our goal remains the same — we want to bargain and avoid a strike, but time is running out if the ILA is unwilling to return to the table," USMX added. In a Monday statement, ILA said that the sides had communicated multiple times in the past weeks but that a stalemate remains in place over wage offers.<h2 id="384d3982-57cd-4459-bfb2-aa16e8cd673d">A strike could delay shipments and trigger price hikes</h2>If the union strikes, all industries will be impacted — but time-sensitive industries, like cars or pharmaceuticals, would face severe disruptions right off the bat, Mia Ginter, director of ocean export products and transportation company CH Robinson, wrote in an August <a target="_blank" href="https://www.chrobinson.com/en-us/resources/blog/prepare-for-a-potential-east-and-gulf-coast-port-strike/">blog post</a>."Many auto parts and components are imported through the East Coast, so the risk of production delays would be high," Ginter said.At the Port Authority of New York and New Jersey, operators are trying to bring in "as many ships as possible" ahead of a potential strike, director Bethann Rooney said in a <a target="_blank" href="https://www.youtube.com/live/M--o1uIqezs?t=6360s">press conference</a>. That includes encouraging the shippers to get as much cargo out as "humanly possible" and as quickly as possible.The retail industry could also face disruptions from the strike."Many retailers have already taken steps to mitigate the potential impact of a strike by bringing in products earlier or shifting products to the West Coast," Jonathan Gold, the National Retail Federation's vice president of supply chain and customs policy, told BI. "The global supply chain is a complex system and even a minor disruption would have a negative impact and cause delays at a critical time for both retailers and consumers."Gold <a target="_blank" href="https://nrf.com/blog/port-labor-strike-gets-closer-reality">wrote</a> in early September that holiday shipments would likely not arrive on time: "Manufacturers might not receive parts, materials and supplies needed for production, which will lead to assembly lines shutting down. And farmers won't be able to get their products to overseas markets, which could lead to lost sales."The port of New York and New Jersey ranks fourth among the country's top 25 ports for total tonnage, according to <a target="_blank" href="https://www.bts.gov/sites/bts.dot.gov/files/2024-01/2024_Port_Performance_Report_0.pdf">data from the Bureau of Transportation Statistics</a>. An <a target="_blank" href="https://www.mitre.org/news-insights/impact-story/capability-support-transportation-system-efficiency-resilience">analysis</a> by the nonprofit research group Mitre found that the strike would have a significant economic impact on ports in New York and New Jersey, with a daily loss of around $640 million."We are coordinating with partners across the supply chain to prepare for any potential impacts," Steve Burns, a PANYNJ spokesperson, told BI. "For the over 600,000 regional jobs our port supports and the $240 billion in goods moved through here each year, we urge both sides to find common ground and keep the cargo flowing for the good of the national economy."Grace Zwemmer, associate US economist with Oxford Economics, wrote in an early September note that it would likely take four to seven days to clear up the backlog from each day the strike continues, "meaning even a two-week strike could disrupt supply chains until 2025." She referred to estimates from Sea-Intelligence, which predicted that a strike would prevent 74,000 shipping containers from being unloaded each day. Additionally, she wrote that the strike would mean it would take longer for manufacturers to receive goods, which would, in turn, jack up prices for consumers.Meanwhile, trade groups <a target="_blank" href="https://documents.nam.org/COMM/Joint%20Association%20Coalition%20Letter%20to%20President%20Biden%20-%20East%20Coast%20Gulf%20Coast%20Port%20Labor%20Negotiations%20-%20Final%20091724.pdf">have called</a> on the Biden administration to step in and help negotiate a deal — or at least ensure negotiations continue instead of a strike. They warned that a labor stoppage could harm both the economy and consumers."A strike at this point in time would have a devastating impact on the economy, especially as inflation is on the downward trend," the trade organizations wrote.Some ports have already begun prepping guidance for customers should the union go on strike — the Port of Houston wrote in a memo that it would be extending its gate hours leading up to the strike to allow more time for the transport of goods, with other ports also scrambling to unload shipments in anticipation of the strike."Throughout the pandemic, Longshore workers never took a day off," ILA Executive Vice President Dennis Daggett <a target="_blank" href="https://ilaunion.org/union-will-be-on-right-side-of-history-if-it-must-strike-october-1-corporate-greed-must-end-ila-executive-vice-president-dennis-a-daggett/">said</a> on September 20. "We ensured the shelves were stocked and the supply chains stayed strong, even as we lost far too many of our own. Now, we need the public's support. The very corporations that profited off our hard work refuse to share those profits with the workers who make them possible."

Get ready for a dockworker strike that could disrupt everything from medicine to holiday gifts

Foreign Institutional Investors (FIIs) have been rapidly exiting Indian markets, and this high-speed exodus does not look like it will stop anytime soon. In October 2024, FIIs withdrew Rs 1,14,445.89 crores from Indian markets. Yesterday, FIIs withdrew $770.67 million from the markets, with equity outflows of $440.86 million and debt outflows standing at $327.44 million across various categories. Per NSDL data, hybrid outflows amounted to $2.31 million. While this may sound dissuading at first, a recent SBI report underlined that FIIs still hold a massive $ 18.241 billion in Indian markets. So far, FY25 has seen FII inflows worth $ 8.924 billion. However, the situation may quickly turn alarming as well, given that FII holdings in Indian equities have already come down to a 12-year low. Says Anirudh Garg, Partner and Fund Manager at Invasset PMS, "The current valuation of Indian stocks, trading at around 24 times expected earnings, appears high compared to Chinese stocks, which are at approximately 10 times. Economic concerns, including weak corporate earnings and declining consumer demand, further exacerbate this situation. Additionally, renewed fears of inflation and potential monetary tightening by central banks have led FIIs to withdraw from the Indian market." In the meantime, DIIs (domestic institutional investors) are stepping in big time. During October 2024, DIIs infused Rs 1,07,254.68 crore in Indian markets. In November so far, DIIs have been keeping the fund momentum going, infusing Rs 12,265.74 crore in India, while FIIs have offloaded Rs 16,445.49 crore this month. But despite this strong uptick, SBI's recent report suggests that consumer confidence in India remains below 100, signaling muted positivity and optimism in the economy. While household consumption is gradually recovering, it grew at 4% last year, much below the 7% levels recorded pre-pandemic. <h2>FII share in <keyword id="20868945" type="General" weightage="20" keywordseo="NSE-listed-companies" source="keywords">NSE-listed companies</keyword> takes a dip, DII stake rise </h2>FIIs share in NSE-listed companies stood at 15.98% in October, with assets under their custody in the equity segment coming to Rs 71.08 lakh crore last month. In September, this stood at Rs 77.96 crore. Experts suggest that this is likely to continue for some time to come. Mutual funds, on the other hand, saw their share in NSE-listed companies hit a record high of 9.58%, as opposed to their 9.32% stake in September 2024. FIIs turned net sellers in the debt segment as well in October, dumping $771 million in Indian markets. This comes after 2 consecutive months of healthy inflows in this segment in August and September 2024, where the figures stood at $2,806 million and $2,295 million, respectively.

FII stake in Indian equities dips to a 12-year low

<keyword id="19913110" type="General" weightage="100" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword>, the Governor of <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI), on October 26, received award for A+ grade in <keyword id="23702898" type="General" weightage="20" keywordseo="Central-Bank-Report-Cards" source="keywords">Central Bank Report Cards</keyword> 2024, for the second consecutive year. The award, presented by <keyword id="22224722" type="General" weightage="20" keywordseo="Global-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance" meta.hostid="261" meta.entityid="Global Finance">Global Finance</keyword> in <keyword id="21459434" type="General" weightage="20" keywordseo="Washington-D-C-" source="keywords">Washington D.C.</keyword>, USA, recognised RBI Governor's excellent performance and effective leadership in steering India's apex bank through complex economic challenges. In a social media post on X, RBI posted, "Governor @DasShaktikanta received the award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year. Presented by Global Finance at an event held today in Washington DC, USA." The Central Bank Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. Grades are based on an "A+" to "F" scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management. "A" represents an excellent performance, down through "F" for outright failure. Along with Das, Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan were also accorded an A+ grade. Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Harvesh Kumar Seegolam of Mauritius, Morocco's Abdellatif Jouahri, South Africa's Lesetja Kganyago and Sri Lanka's Nadalal Weerasinghe were amongst those who received the <keyword id="22446364" type="General" weightage="20" keywordseo="A-grade" source="keywords">A grade</keyword>. European Union's Christine Lagarde was given an A- grade. "After a difficult 2023, when geopolitical pressures gathered with tight monetary conditions to create a near-stagflationary environment in the eurozone, the central bank has managed to inch much closer to its 2% target with successive consumer price index (CPI) readings under 3% since February of this year, down to 2.4% in August", Global Finance noted on Lagarde's tenure. <keyword id="19951097" type="General" weightage="20" keywordseo="US-Fed" source="keywords">US Fed</keyword> Chairman Jerome Hayden Powell received an A- grade. Per the Global Finance website, "The Fed has debated in excruciating, and at times confusing, detail throughout this year when and whether to cut its benchmark rate from a 23-year high of 5.5%, a level held since July 2023. This September, the Fed finally turned the monetary ship toward a policy of easing, with a 50-basis point cut, which was at the higher end of forecasts." "Prior to the rate cut, economists agreed that confusion in the markets was a case of bad communication by the Fed, but Powell’s overall handling of policy has been praised. It is difficult to find much fault with the Fed’s approach to policymaking over the past year. The Fed has appropriately changed its tone in response", it continued. However, it also noted that more-substantial easing in the following months will be crucial to avoid a policy mistake and to secure Powell’s legacy. Powell's term as second-time chair of the Fed Reserve ends on May 15, 2026.

Shaktikanta Das receives award for A+ grade in Central Bank Report Cards 2024 in USA

<ul class="summary-list"><li>Goldman Sachs named 95 partners last week, including private wealth exec Brittany Boals Moeller.</li><li>The 39-year-old runs the Southeast region and leads strategy for young and women clients.</li></ul>Brittany Boals Moeller, one of Goldman Sachs' newly minted partners, didn't picture a career in finance when she joined the bank 17 years ago. She grew up in Jonesboro, Arkansas, where her parents were professors at the local university. After graduating from New York University in 2007, she thought she would work at Goldman Sachs for a few years to save up for graduate school, perhaps to study public policy or become a lawyer. But even when the financial crisis hit, which was an opportune time to go back to school, she didn't want to leave."At Goldman, you are given tremendous responsibility and opportunity young in your career if you prove yourself able," she told Business Insider in an interview. "I've never once been bored, and so it's an easy choice to stay."The 39-year-old is based in Atlanta and runs the Southeast region of Goldman Sach's private wealth division. While wealth management clients skew older, the division has a pipeline of rich millennial founders who work with the investment banking arm. Boals Moeller said these clients in their 30s and 40s are more likely to want more than investment advice, desiring services like concierge healthcare and bill pay that make their lives easier. To keep these clients loyal, she leads an initiative to cater to younger clients, including heirs and self-made entrepreneurs, and another that focuses on women customers."They're busy. They want simplicity. They need good people around them to help," she said.During the dealmaking drought, the <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-private-wealth-management-asset-david-solomon-2023-1">wealth management</a> business gained new prominence. "Quite frankly, private wealth management at Goldman Sachs has never been as much of a focus for the firm as it is today," division cohead John Mallory told BI in 2023.Boals Moeller said the business's current stature is the result of investments more than a decade in the making. She served as chief of staff to wealth management head Tucker York during the financial crisis. Around 2010, she embarked on a listening tour of every wealth office. The advisor feedback led to the bank expanding its offerings beyond investment and tax planning advice."We knew this going way back, and it certainly continues today, which is we are not purely an investment solution for our clients," she said. "Investments are critical and core to our work, but increasingly we're seeing that with the next generation of wealth owners today, they are seeking simplicity and solutions in all aspects of their life."Goldman Sachs' family office offering, Apex, launched a few years later. Now, the division offers chief financial officer services to help clients with not just estate planning but also lifestyle services like cybersecurity.Catering to these younger clients, whether they are old-money heirs or startup founders celebrating their first windfall, requires meeting them where they are. That usually isn't over a steak and martini lunch or 18 holes at the golf course. What entices these clients more, Boals Moeller said, is getting to meet like-minded people.Goldman Sachs holds events and conferences, often with star-studded lineups or in scenic locales. In August, Boals Moeller hosted a reception in Atlanta with singer Ciara and Marc-Kwesi Farrell, the founder of a rum brand that provided custom cocktails. In October 2023, Goldman Sachs hosted a conference in Deer Valley where billionaire Patrón founder John Paul DeJoria talked about keeping a business empire in the family. Sustainability and sports are particularly interesting to this demographic, with Goldman Sachs hosting a tour of a waste-to-clean-energy power plant in Copenhagen and bringing in Michelle Hynik, president of women's football club Utah Royals, to the Deer Valley summit.Advisors also introduce clients to each other when appropriate, such as a pre-IPO founder to an entrepreneur who has already been through the process."A lot of effort is put into helping people not only just manage the risk and obviously the investment side of things, but also the broader piece, which is how do we help you have an amazing corporate outcome from the sale of your business, and how do we help you as a family appropriately prepare for that?" she said.Advisors can meet with families one-on-one for financial education. However, many of these millennial and Gen-Z clients prefer digital education on their own time. Goldman Sachs has courses for children of clients as early as 15 years old. This Semester at GS program has six one-hour sessions that span trading talks from executives in global markets as well as personal finance topics like how to think about a credit score. These virtual sessions are cameras off, Boals Moeller notes."You don't have to be at a desk," she said. "It's not another hour of homework."

This new Goldman Sachs partner is leading the bank's strategy with young heirs and founders

<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> has regained approval from the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>) to onboard new UPI users, marking a significant turnaround for the fintech giant. This development follows a setback earlier this year when <keyword id="20410154" type="General" weightage="20" keywordseo="Paytm-Payments-Bank-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Bank Limited" meta.hostid="261" meta.entityid="Paytm Payments Bank Limited">Paytm Payments Bank Limited</keyword> (PPBL), an associate company of Paytm, was barred from adding new users to its UPI platform due to regulatory concerns raised by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI). <h2>Paytm gets permission to onboard new UPI users </h2> In a regulatory filing on Tuesday evening, Paytm disclosed that NPCI granted permission for the company to resume onboarding UPI users, provided it complies with all procedural guidelines and circulars issued by the corporation. “We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the Company to on-board new UPI users, with adherence to all NPCI procedural guidelines and circulars,” Paytm said in the filing. This move is seen as a relief for the company, which has been under scrutiny following the RBI’s intervention in January. The NPCI, which had previously allowed Paytm to operate as a Third-Party Application Provider (TPAP) for UPI transactions, has now reinstated its ability to bring new users onto the platform, albeit with strict conditions. Paytm can continue UPI operations through its partnerships with major banking institutions, including SBI, HDFC Bank, Axis Bank, and YES Bank. The NPCI’s approval comes after a thorough review of Paytm’s compliance with procedural guidelines, including those pertaining to risk management, app branding, multi-bank participation, and data privacy. The fintech firm has been instructed to adhere to key regulatory frameworks, such as the Payments and Settlement Act of 2007 and the Digital Personal Data Protection Act of 2023. This approval follows a request by Paytm’s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords">One97 Communications</keyword> Ltd (OCL), in August, seeking permission to resume UPI onboarding. The NPCI’s decision also reflects that Paytm has addressed concerns raised in the RBI’s directive from earlier this year, which had highlighted persistent non-compliance issues with its banking subsidiary, PPBL. On a related note, Paytm reported a strong financial performance for the quarter ending September 2024. The company posted a net profit of ₹928.3 crore, a marked improvement from the ₹290.5 crore loss it recorded during the same period last year. <h2>What had happened? </h2> For the unversed, in January 2024, the Reserve Bank of India (RBI) told Paytm Payments Bank Limited (PPBL) to stop accepting deposits and processing UPI top-ups. This decision stemmed from ongoing concerns about the bank’s compliance and serious issues that needed addressing. As a result, Paytm found itself unable to onboard new UPI users, significantly disrupting its growing customer base and raising doubts about its future in the crowded <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> market. However, things took a turn for the better in March 2024 when the National Payments Corporation of India (NPCI) gave Paytm the green light to resume UPI transactions. The catch? Paytm could only operate as a Third-Party Application Provider (TPAP), meaning it had to partner with established banks like SBI, Axis Bank, HDFC Bank, and YES Bank for its UPI services. While this arrangement posed some limitations, it allowed Paytm to keep moving forward and adapt to the regulatory challenges it faced in India’s digital payment landscape. (with PTI inputs)

Paytm can onboard new UPI users again, receives NPCI nod months after RBI restrictions

India's GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend, said <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> deputy governor <keyword id="20244361" type="General" weightage="20" keywordseo="Michael-Debabrata-Patra" source="keywords">Michael Debabrata Patra</keyword>. He was speaking at the New York Fed Central Banking Seminar organised by the <keyword id="20238413" type="General" weightage="20" keywordseo="Federal-Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve Bank" meta.hostid="261" meta.entityid="Federal Reserve Bank">Federal Reserve Bank</keyword> here on Monday. "...I do believe with all the strength of my conviction that India's time has come," he said, and highlighted the country heads into its future with the youngest population in the world with a median age of 28 years. Unlike in many parts of the world, the working age population is growing -- every sixth working age person is an Indian. Patra said that since independence in 1947, India's growth path has undergone three structural shifts with trend growth, having risen to 7 per cent during 2002-2019. After the severe contraction during the pandemic, a new growth trajectory averaging 8 per cent seems to be forming during 2021-24, he said. India is now regarded as the fastest growing major economy in the world. Already the fifth largest economy in terms of market exchange rates, it is poised to become the third largest economy by 2030, the senior RBI official said and added the country is already the third largest economy in terms of <keyword id="20776921" type="General" weightage="20" keywordseo="purchasing-power-parity" source="keywords">purchasing power parity</keyword>. "Our projections show that India's <keyword id="21013593" type="General" weightage="20" keywordseo="real-GDP-growth" source="keywords">real GDP growth</keyword> will be 7.2 per cent in 2024-25 and around 7.0 per cent in 2025-26 in a cyclical correction to the rebound from the pandemic. Thereafter, there is a strong likelihood that India's growth will revert to the 8 per cent trend," Patra said. On inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26. Consumer Price Index (CPI) based inflation fell below target during July-August but rose to 5.5 per cent in September on the back of a pickup in price momentum in some food items and adverse base effects inherent in year-on-year measurement. "Our projection indicates that these price pressures will persist in October and November before headline inflation realigns with the target from December 2024 and remains aligned in 2025-26," the deputy governor said. He also emphasised that India is emerging as a world leader in leveraging <keyword id="20181895" type="General" weightage="20" keywordseo="digital-technologies" source="keywords">digital technologies</keyword> for transformative change.

India likely to grow at 7.2% in FY25, says RBI deputy governor

<ul class="summary-list"><li>An index of non-US stocks saw their steepest decline since August this week. </li><li>The broad sell-off came after Trump's election win stoked fears of coming trade wars. </li></ul>Donald Trump's win has <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11">sent US stocks on a tear</a>, but for equities in the rest of the world, it's sparked a sell-off on fears of a widespread economic downturn due to tariff risks.An MSCI <a target="_blank" href="https://www.msci.com/indexes/index/899901">index</a> of large and mid-sized stocks outside the US tumbled 1.6% on Tuesday, its steepest daily drop since August.The Stoxx Europe 600 Index, meanwhile, lost 2.1% for its worst one-day drop in three months, while an <a target="_blank" href="https://www.msci.com/indexes/index/891800">index</a> of emerging market stocks dropped 2%. Another index shows emerging market currencies have nearly pared their year-to-date gains with a 1% drop since the election.The losses come a week after Trump's US election win and as the president-elect has appointed some key cabinet members.<a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">Trump's appointments</a> have shown a preference toward his most loyal supporters and those who he says share his "America First" protectionist agenda. Along the campaign trail, Trump proposed an across-the-board tariff of at least 10%, with a far steeper tariff of 60% on imports from China. If enacted, those duties would pose <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1mwwhu3*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTUxMDc3NS4zOTkuMS4xNzMxNTEyMDU5LjcuMC4w">huge obstacles</a> for international economies reliant on trade with the US.In Europe, analysts at Dutch bank ING say there could be a "full blown recession" under Trump's tariffs, while Germany in particular could suffer a <a target="_blank" href="https://www.reuters.com/markets/europe/bundesbanks-nagel-trump-tariffs-could-cost-germany-1-economic-output-2024-11-13/">1% hit to GDP</a>, according to the country's central bank president Joachim Nagel.China's already fragile economy, meanwhile, will only be further damaged by a new trade war. Analysts at UBS say tariffs would hamstring most trade between the two nations and likely affect China's GDP."The mooted 60% tariff on imports from China and a 10% tariff on imports from the rest of the world could make much of US-China trade unviable, reduce US domestic demand and corporate profits, and lead to lower GDP growth around the world, particularly in China," the analysts wrote in a note last week.As stocks in the rest of the world have faced steep declines, US shares have rallied sharply since the election.The S&amp;P 500 and the Dow Jones Industrial Average have each jumped to record highs, driven by gains in Trump trades like bitcoin, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11?_gl=1*jyqhh7*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTQxOTczNy4zOTIuMS4xNzMxNDE5NzcxLjI2LjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">Tesla</a> and shares of banks expected to benefit from deregulation and tax cuts.

Non-US stocks have seen their sharpest sell-off since August on fears over Trump's tariffs

<ul class="summary-list"><li>JPMorgan and Wells Fargo kick off bank earnings on Friday.</li><li>Expect lots of questions about how lower rates will impact business going forward.</li></ul>When Wall Street's biggest banks report earnings this week, led by JPMorgan Chase, investors will be listening closely for clues about how a changing interest-rate environment could impact business in 2025.The Federal Reserve in September cut the so-called federal funds rate by 50 basis points — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interest-rate-cut-ai-stocks-nvidia-broadcom-asml-tech-2024-9?_gl=1*1ax8rwf*_ga*MzQwMzI0MDQ1LjE3MjEzMDM4ODI.*_ga_E21CV80ZCZ*MTcyODQ5MTE5OC4yOTAuMS4xNzI4NDkxMjEwLjQ4LjAuMA..">the central bank's first cut</a> in more than four years. The September 18 move took place too late to impact third-quarter results, but stock research analysts are expected to pepper executives this earnings season about what a lower interest-rate environment might mean for business going forward.Lower rates can be a mixed blessing for banks. On the one hand, the Fed's campaign to increase the cost of borrowing has contributed to an era of sky-high returns for traditional lenders like JPMorgan, which have been making more money on loans than they have been paying for deposits. But that party was never going to last forever. (Indeed, top JPMorgan exec <a target="_blank" href="https://www.ft.com/content/c11b59f6-4827-4c4e-9f24-2f075b85f665">Daniel Pinto warned last month</a> that stock analysts' so-called NII expectations were too high.)Plus, lower rates could help unleash <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">the dealmaking backlog</a> that investment bankers have been talking about since the pandemic-era M&amp;A boom started to slow in 2022. Their bonuses are counting on it.Speaking of bonuses, third-quarter results will also be closely watched on Wall Street as an indication of how well investment bankers may get paid this year.JPMorgan and Wells Fargo will kick off earnings on Friday, followed by Goldman Sachs, Citi, and Bank of America on Tuesday. Morgan Stanley will report its earnings on Wednesday. Here are the top four things to look for this bank earnings season:<h2 id="629d7158-9393-4502-a5a4-b8a898b107c5">Investment banking</h2>Investment bankers have been predicting dealmaking will return since it started slowing in 2022. But this year, there are strong signs that companies are ready to start going public and merging again.<a target="_blank" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">Preliminary data compiled by LSEG</a> shows 425 mergers globally so far this year valued at more than $1 billion. That's up 24% from the same period in 2023. What's more, deals valued at greater than $10 billion were recently up 39% compared with the same period last year.The number of companies going public is also soaring. 106 US companies have gone public through the third quarter, raising a total of $24.7 billion, according to IPO tracker Renaissance Capital. That's up from 71 in 2022 and 108 in 2023 and on track to beat the $27 billion raised in those two years.Third-quarter results — and commentary about 4Q dealmaking so far — will be closely watched for further signs of progress in M&amp;A, equity underwriting, and debt underwriting.<h2 id="bf745d80-abee-4488-881c-e8551a17811c">Trading</h2>At the Barclays Financial Services conference in September, big bank executives warned that trading revenues may be muted compared to 2023.Goldman Sachs CEO David Solomon described a "more challenging macro environment, particularly in the month of August," and warned that the bank's trading business "is trending down close to 10%." Solomon cited the bank's revenues for FICC, or fixed-income, currencies and commodities, saying that results were "very, very strong" in the third quarter of 2023.At the same conference, JPMorgan's president and chief operating officer, Daniel Pinto, predicted that trading revenues would be "flat to slightly up 2%." "It was a bit more challenging environment to monetize client flows, particularly in rates," he said.<h2 id="723af9a4-99cc-49fd-b909-2fc736985cbb">Lending</h2>Stock analysts will be watching what banks say about net interest income, which is how much banks earn off the difference between what they pay on deposits and what they earn on loans. When the Fed started raising rates, banks were making out like bandits because they were able to charge more for loans more quickly than they were raising rates on savings accounts.But banks have been warning that this dichotomy wouldn't last forever, and loan growth has indeed been slowing as the economy slows. Lower rates could boost lending yet again, but that could take time. In the meantime, JPMorgan's Pinto in September warned that Wall Street stock analysts' 2025 predictions for NII of between $91.5 billion and $90 billion were too high, sending the bank's stock down."I think that that number will be lower," Pinto said at the Barclays Financial Services conference. "We are not going to guide on that now, but the $90 billion is a bit too high."<h2 id="b126e3af-7e38-4ed0-b6d7-4e67905737f9">Bonuses</h2>Banks tend not to talk about bonuses on earnings calls, but how bankers will be paid will be reflected in C-Suite comments about dealing and trading generally — as well as their predictions for the rest of 2024 and into next year.In good news, compensation expert Johnson Associates sees bonuses up this year across the board, an analysis that's reflective in part of <a target="_blank" href="https://www.osc.ny.gov/press/releases/2024/10/dinapoli-wall-streets-2024-first-half-profits-232b-were-793-higher-last-year">Wall Street's earnings results</a> so far this year. See here for the compensation expert's views on bonuses for debt underwriting, equity underwriting, sales and trading, and more.<div type="image" title="Wall Street bonus predictions" height="630" width="1950" msid="114096916" hostid="261" sizebytes="88820"></div>

4 trends to watch this bank earnings season

<ul class="summary-list"><li>The American Bankers Association is urging federal action on online financial fraud.</li><li>Banks are facing increased liability for scams, with $10 billion in losses reported last year.</li></ul>Remember the Spider-Man meme where <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mark-zuckerberg-posts-spiderman-meme-first-tweet-in-a-decade-2023-7">he points at himself</a>? Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams.For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. Banks, on the other hand, want the government to do more to prevent those scams in the first place.The problem is real. Almost 1 in 3 Americans have been the victim of a scam in the past year, with an average loss of $1,600 a person, according to a study from IPX, a financial analysis firm.According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. The agency's data also showed that consumers using payment apps reported <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/new-bill-zelle-fraud-payment-app-waters-blumenthal-warren-2024-8">losing $210 million</a>.It's also a major headache for the banks.American Bankers Association CEO Rob Nichols called for the federal government to create a national scam prevention strategy last week. Nichols also said that Congress should "create and fund" an Office of Scam and Fraud Prevention while speaking to bankers at the association's annual convention in October."The scale of fraud taking place every day is a massive burden for our country and for the millions of hardworking women and men whose lives are affected by it," Nichols said at the convention, according to Forbes. "It will take a united effort — with support from both inside and outside the banking industry — to win this fight."The government, meanwhile, has repeatedly called on financial institutions to improve compensation for victims who lose money to scams.In August, the Consumer Financial Protection Bureau launched an investigation into JP Morgan, Bank of America, and Wells Fargo, all part owners of Zelle.The investigation came after a Senate investigations committee found that reimbursements from the three banks for disputed transactions on the app fell from 62% in 2019 to 38% in 2023.Also in August, three Democratic senators introduced a bill that would update the 1978 Electronic Fund Transfer Act to require financial institutions to share more of the burden when consumers are victimized by fraud.Nichols said at the convention, however, that fighting back against fraud will require "a whole-of-government approach … that starts at the very top." He also said that the government should create "financial crimes intelligence centers." One already exists in Texas, which he said has been a "force multiplier for law enforcement" there.Nichols also called on the FTC to create a database of reported spam text messages available for "all legitimate businesses to access." Nichols said this kind of database would help banks monitor how scams are evolving and "educate their customers" more effectively."

Banks and the federal government point fingers as Americans lose billions to online scams

The Indian <keyword id="22196321" type="General" weightage="20" keywordseo="credit-card-industry" source="keywords">credit card industry</keyword> is struggling to grow, as new issues slow down on a year-on-year (YoY) basis. Not only has the growth i.e. issuance of new credit cards slowed down, but lenders are also becoming increasingly cautious of the asset qualities, a recent report by Nomura showed. From 19% in July 2024, the growth in the <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> spendings came down to 13% in August 2024. The year-to-date (YTD) growth has also significantly declined in FY25, currently standing at 17%, markedly down from 28% in FY24. For the fifth consecutive month, the number of new credit cards added to the system remained well below the 1-million, or 10 lakh mark. Around 9.2 lakh credit cards were added during the month, a slight uptick from the 7.55 lakh cards that came into the system In July 2024. However, there is growth in this space nevertheless, with about 10.55 crore active credit cards at present, marking a 15.6% YoY increase. Even the annualised spend per card, or the average amount spent via an annual card during an year grew 1% YoY to Rs 1.87 lakh. But this was far less than the 7% growth annual spends via one credit card saw in FY24. Meanwhile, what continues to burgeon consistently is the outstanding amount on these credit cards, which ballooned to Rs 2.7 lakh crore in June 2024, up from Rs 2.6 lakh crore in March 2024, and around Rs 2 lakh crore in the year ago period. To put this in perspective, pre-pandemic, the total outstanding amount stood at Rs 87,686 crore, which marks a 24% CAGR in this amount, in just a span of 5 years. <h2>Large drops, slowdown to sustain</h2>Even the monthly expenditure per card dropped 2% YoY to Rs 16,000 in August, 2024. Subsequently, the transaction volume via credit cards also dipped to 1.6% in August, along with the total amount of <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword>, which fell to Rs 1.69 lakh crore in August, from Rs 1.73 lakh crore in July. Also, there has been a hefty cutdown in provisions made for credit card reward points, which reflects in the quantum of credit card benefits that have been mowed out by companies of late, making credit cards far less lucrative than before. <h2>HDFC takes lead </h2>During August 2024, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC bank</keyword> added a total of 2.41 lakh credit cards, taking its total tally of active credit cards to 2.19 crore. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> came a second distant, adding 1.45 lakh credit cards during the month, which means that the second-largest credit card issuer now holds over 1.75 crore active credit cards. Axis Bank and SBI Cards also added 1.27 lakh and 1.1 lakh cards, respectively to their repertoire during the month, while the growth numbers at Kotak Mahindra Bank remained largely flat, stagnating the bank's total card tally at 54.13 lakh. This was due to the ongoing ban on the bank due to its weak IT infrastructural issues imposed by RBI in April 2024. If anything, the bank's number of credit cards declined by 61,191 during the month. Even as the festive season approaches, experts think that it is unlikely to make a major dent in credit card spendings, which are expected to see a further slowdown in the quarters to come.

Credit card growth experiencing a slowdown, as borrowers struggle to pay back loans

<ul><li>Axis Bank has launched an ultra-premium credit card for UHNIs.</li><li>The <keyword id="23066078" type="General" weightage="20" keywordseo="Axis-Bank-Primus-credit-card" source="keywords">Axis Bank Primus credit card</keyword> is among the most expensive credit cards in India.</li><li>Here’s everything you need to know about the ultra-premium credit card from Axis Bank.</li></ul>Credit cards have become a major part of India’s financial landscape in recent years. What was once seen as a luxury for the wealthy has now become more common with banks offering various benefits including <keyword id="19957380" type="General" weightage="20" keywordseo="lounge-access" source="keywords">lounge access</keyword> at airports, free tickets and more. Cards range from free cards for normal users to cards with thousands or lakhs in fees, aimed at high net worth (HNI) individuals. Axis Bank recently introduced Primus, the company’s ultra-premium credit card that is aimed at ultra-high net-worth individuals. <h2><keyword id="23066081" type="General" weightage="100" keywordseo="Axis-Bank-Primus" source="Orion">Axis Bank Primus</keyword> credit card <keyword id="23066080" type="General" weightage="20" keywordseo="annual-fee" source="keywords">annual fee</keyword></h2>The Axis Bank Primus credit card has a joining fee of ₹5 lakh, which increases up to ₹5.9 lakh when we include GST. In addition to this, the card has an annual fee of ₹3 lakh, which goes up to ₹3.54 lakh after including GST. This makes it the <keyword id="23066079" type="General" weightage="20" keywordseo="most-expensive-credit-card" source="keywords">most expensive credit card</keyword> in India, beating the Amex Centurion, which has a joining fee of ₹8.26 lakh and an annual fee of ₹2.95 lakh. <h2>Axis Bank Primus credit card benefits</h2><h3>Joining benefit</h3>As part of a joining bonus, users get the option to choose from either an ₹40,000 voucher from ITC or 25,000 Axis Edge Miles. <h3>Renewal benefit</h3>Users who pay the renewal fee get either an ₹20,000 voucher from ITC or 15,000 Axis Edge Miles. <h3>Lounge benefits</h3> Unlimited domestic and international lounge access for the primary card and add-on card holders. <h3>Travel benefits</h3> <ul><li>The card offers the following travel benefits: </li><li>Zero forex markup </li><li>Unlimited complimentary domestic airport meet and greets </li><li>Complimentary companion airfare </li><li>Up to 15% savings on international First and Business class fares </li><li>Complimentary upgrades at selected hotels across the world </li><li>Exclusive access to top restaurants across the world </li><li>Access to exclusive events and bespoke travel itineraries </li></ul><h3>Golf</h3> <ul><li>Four complimentary green fees at participating clubs for the primary cardholder at international courses. </li><li>Unlimited golf access via complimentary green fee and buggy in India. </li></ul><h3>Partners for miles transfer</h3>Air Asia, Air Canada, Air France – KLM, Air India, Air Vistara, Accor, Ethiopian Airlines, Etihad Airways, IHG Hotels &amp; Resorts, ITC, Japan Airlines, Marriott International Qantas Airways, Qatar Airways, Singapore Airlines, SpiceJet, Thai Airways, Turkish Airlines, United Airlines and Wyndham Hotels &amp; Resorts. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/fada-urges-banks-to-tighten-funding-to-dealers-as-rains-play-spoilsport-in-august/articleshow/113111945.cms">FADA urges banks to tighten funding to dealers as rains play spoilsport in August</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a>

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