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The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors. As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <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>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions. <h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day: <ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services. <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program. Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs. <h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible. <h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail. <h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years. <h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly. <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div>

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><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> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

<ul><li>Shouting or screaming is common, especially by <keyword id="636696" type="General" weightage="20" keywordseo="team-leaders" source="Orion">team leaders</keyword> in the sales function, which is a high pressure job, says Varada Pendse, an independent HR consultant. </li><li>Startups and their founders who chase fast growth are also proponents of a fashionable hustle culture that’s often dangerously close to abuse and toxicity. </li><li><keyword id="530113" type="General" weightage="20" keywordseo="hr-experts" source="Orion">HR experts</keyword> point out that the current law is also weak on harassment. </li></ul>A recent video of an HDFC Bank employee abusing his juniors on video call, went viral on social media. Enraged reactions have been pouring in since then with concerns being raised about lack of decorum, crazy targets set for employees and the overall work culture of an organisation. In the above case, HDFC Bank has <a href="https://twitter.com/HDFCBank_Cares/status/1665702138532757515?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1665702138532757515%7Ctwgr%5Ec242fb2427aa9cd56556f5d073e69e60398b1a1b%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.hindustantimes.com%2Findia-news%2Fhdfc-suspends-employee-after-video-of-him-abusing-co-workers-goes-viral-101685975962799.html">suspended the employee</a>, and initiated an investigation. “We at HDFC Bank have a zero tolerance policy for any form of misconduct at the workplace and firmly believe in treating all our employees with dignity and respect,” the bank said in a statement. While the vile screaming in the video has shocked many, HR (human resource) experts are not surprised and in fact say that it’s common across companies. “Workplace toxicity is not a rarity,” says Kamal Karanth, co-founder, Xpheno, a specialist staffing company, adding that toxicity manifests itself in different forms across teams and individuals — across sectors, not just banks. Varada Pendse, an independent HR consultant agrees that screaming is common, especially by team leaders in the sales function, which is a high pressure job with specific deliverables. “Berating employees, abusing and shouting is very standard. The usage of a four-letter word is also very consistent,” she adds. Yet another employee of a private bank that Business Insider spoke to alleges impossible targets which result in work hours that extend to 18 hours sometimes. Whose toxicity is it, anyway? Sales function, especially in banks and insurance companies, is a job of extensive pressures — and team leaders are mostly transferring the stress they feel from their seniors, to others down below. Most salespeople are high achievers who are also used to the culture of a toxic environment — and it has a cascading effect on the behaviour of the entire team. “They believe that it can give them results,” Pendse explains. Also, sales which is the lifeline of any organisation — is also a function where effort need not necessarily match the result. “If there is a role based on activity and not outcome there is a problem. A person may be working 10-15 hours a day, but the outcome may not necessarily reflect the activity,” explains A Balasubramanian, VP and business head at TeamLease Services. Experts believe that there are better ways in which management can motivate employees without passing on the heat they receive to their juniors. “If they can break it down into actionables that the juniors can absorb and execute it is great, otherwise it leads to such situations,” says Balasubramanian on the HDFC Bank viral video. Karanth says that startups and their founders who chase extensive growth in a short period of time —- are also proponents of a fashionable hustle culture. “It also rides dangerously close to abuse and toxicity. Good instructions empower individuals and their work, while abuse is debilitating. The thin line between instructions and abuse is hence the individual's intent behind the action,” he adds. From complaints box to social media Most organisations, be it large banks or even small firms, have HR policy that addresses most issues employees face at work. In most cases, complaints are encouraged. HR experts however say that the current law is also weak on harassment as such. “While there are provisions under the IPC for sexual harassment, there are no direct provisions for workplace abuse and harassment of non-sexual nature,” said Karanth. He adds that employees do have the right to invoke provisions related to defamation, slander, intentional use of abusive language, criminal intimidation etc. “When internal enterprise systems fail to hear and act against abuse, employees do have their individual right to seek civil or criminal action,” says Karanth. Pratik Vaidya, MD &amp; CVO, Karma Global, a staffing &amp; compliance organisation says that it’s necessary to have a workplace redressal committee within the organisation. “Generally, big organisations do have such a committee. The employee can approach the HR and complain of misconduct of the colleague and that can be recorded,” he added. The best way to tackle this problem is that the top management should guide team leaders to be more empathetic, according to Pendse. “The palate is shifting and the pandemic has changed the extent of resilience in people,” she explains.

Workplace toxicity is common but not enough gets recorded, say HR veterans

The rupee recovered from its all-time low level and settled 18 paise higher at 82.82 (provisional) against the US dollar on Wednesday, supported by easing crude oil prices. Forex traders said the weakness of the greenback in the overseas market, strong Asian peers and suspected intervention by the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) also helped the currency. However, sustained foreign fund outflows and a weak trend in domestic equities restricted the appreciation bias to some extent. At the interbank foreign exchange market, the local unit opened at 82.87 and touched an intra-day high of 82.74 and a low of 82.91 against the greenback. It finally settled at 82.82, registering a rise of 18 paise over its previous close. On Tuesday, the rupee had slumped 22 paise to close at its all-time low of 83 against the dollar. "The Indian rupee snapped a two-day fall as the dollar index wiped out most gains of Tuesday and crude oil declined more than 2 per cent to USD 80 a barrel. The stronger Asian currencies and suspected RBI intervention around 83 also supported the local unit," said <keyword id="329584" type="General" weightage="80" keywordseo="dilip-parmar" source="Orion">Dilip Parmar</keyword>, <keyword id="162421" type="General" weightage="80" keywordseo="research-analyst" source="Orion">Research Analyst</keyword> at <keyword id="103838" type="General" weightage="80" keywordseo="hdfc-securities" source="Orion">HDFC Securities</keyword>. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.52 per cent to 103.97. On the domestic equity market front, the 30-share BSE Sensex declined 636.75 points or 1.04 per cent to end at 60,657.45, while the broader NSE Nifty fell 189.60 points or 1.04 per cent to 18,042.95. Global oil benchmark Brent crude futures fell 2.13 per cent to USD 80.35 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 628.07 crore, according to exchange data. Meanwhile, the Indian services sector growth touched a six-month high in December, supported by a robust intake of new work and favourable market conditions, a monthly survey said on Wednesday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/adb-indian-govt-sign-220-mn-loan-agreement-to-improve-energy-security/articleshow/96729762.cms">ADB, Indian govt sign $220 mn loan agreement to improve energy security</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/the-ipo-momentum-will-continue-in-2023-at-least-for-sme-ipos-prime-database/articleshow/96728596.cms">The IPO momentum will continue in 2023 at least for SME IPOs-Prime Database</a>

Rupee gains 18 paise to close at 82.82 against US dollar

The rising demand for credit in last couple of days has prompted banks to garner funds aggressively through certificates of deposits (CD), bonds, and fixed deposits (FD). The need for aggressive fund raising arose after the surplus liquidity in the banking system dropped sharply from the record high. According to the data compiled by Prime database, banks have so far raised around Rs 42,000 crore through CDs. This was even after the rates on this instruments are rising sharply. The data also showed that Indian Bank, topped the fund raising list via CDs, raising worth Rs 13,550 crore, which was followed by <keyword id="6357149" type="General" weightage="80" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> raising Rs 6,550 crore and <keyword id="62034" type="General" weightage="80" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> raising Rs 2,875 crore so far in August. Apart from this, there are various banks such as <keyword id="6354731" type="General" weightage="80" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (SBI), Indian Overseas Bank, Indian Bank, Punjab National Bank, <keyword id="46013" type="General" weightage="80" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>, ICICI Bank, among others have increased their FD raised 5-20 basis points across maturities to attract more investors. "As liquidity is draining out in a calibrated manner from the system, banks are compelled to raise funds through CDs and even through fixed deposits. Some banks are offering special rates for higher FD amounts. With growth picking up, we can expect banks to aggressively raise funds from the market," said <keyword id="14789739" type="General" weightage="80" keywordseo="venkatakrishnan-srinivasan" source="Orion">Venkatakrishnan Srinivasan</keyword>, founder and managing partner at <keyword id="14790820" type="General" weightage="80" keywordseo="rockfort-fincorp" source="Orion">Rockfort Fincorp</keyword>, a Mumbai-based debt advisory firm. Banks credit growth has remained in double digits handily outpacing the deposit growth. The credit growth has increased in couple of weeks due to low base effect, small ticket size loans, higher working capital requirements due to elevated inflation and a shift to bank borrowings on account of high yields in the capital market. The bank credit has grown over 14 per cent on-year, as per data on the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> showed. Meanwhile, liquidity in the banking system has cropped sharply in last couple of months. Currently, it around Rs 45,000 crore, as compared to Rs 1.30 lakh crore last week. The sharp drop has been witnessed due to payments for government bonds and outflows on account of goods and service tax payments. Going forward, market participants expect banks to raise more funds because credit demand is likely to rise amid festive season. While, rates on the instruments will also rise due to narrowing of surplus liquidity. "This pace may continue with back of credit off take and <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> attempts to normalise liquidity, banks need to meet the demand and get the cheaper sources of funds be available so raising via CD and capital instruments to meet the credit demand and preparing oneself for this ahead of festivals and busy seasons," said <keyword id="261562" type="General" weightage="80" keywordseo="ajay-manglunia" source="Orion">Ajay Manglunia</keyword>, MD and Head Institutional Fixed Income at JM Financial. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/what-should-investors-ask-mukesh-ambani-at-his-companys-agm/articleshow/93727113.cms">What should investors ask Mukesh Ambani at his company’s AGM?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/instagram-is-reportedly-testing-a-new-feature-that-looks-like-an-imitation-of-fast-growing-app-bereal/articleshow/93727321.cms">Instagram is reportedly testing a new feature that looks like an imitation of fast-growing app BeReal</a>

Banks aggressively garnering funds via CDs, FDs amid firm credit off take

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s customers were reporting unable to conduct transactions using net banking and UPI payments platform.</li><li>The bank has stated that the problem is due to an outage at one of its data centres.</li><li>The Reserve Bank of India (RBI) has asked HDFC Bank to furnish more details about the cause of the outage.</li></ul>Customers of HDFC Bank were reporting problems with their net banking and digital payments. Many were unable to send transactions, others have gone so far as to say that they were unable to withdraw money from ATMs. <div type="image" title="Grids" msid="79344457" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s services down on BHIM, Google Pay and the bank&amp;#39;s own mobile app&amp;lt;/p&amp;gt;"></div> According to India’s largest private sector lender, there was been an outage at one of its data centres which has left certain services to be unable. HDFC Bank, however, did not divulge the cause of the data center’s downfall — whether it is due to internal or external causes, whether it is a glitch or sabotage. The Reserve Bank of India (<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-outage-rbi-seeks-details/articleshow/79359696.cms">RBI</a>) has asked the bank to furnish more details. <div type="twitter" handle="HDFCBank_Cares" handlename="HDFC Bank Cares" image="http://pbs.twimg.com/profile_images/880333363982159872/lA3myMTv_normal.jpg" favoritecount="0" retweetcount="0" status="@aayushi06 Hi, an unexpected outage at one of our data centres has impacted some of our services. We are working to… https://t.co/HiivPDftD9" createdat="1605979497000" id="1330200538680619008"></div> Complaints first started coming in at around 6:00pm in the evening on Saturday, November 21 and reached their peak at 8:00pm. <div type="image" title="hdfc bank downdetector" msid="79344482" hostid="261" caption="&amp;lt;p&amp;gt;Spike in problems with HDFC Bank over the last 24 hours&amp;lt;/p&amp;gt;"></div> <div type="twitter" handle="suraj64" handlename="suraj jethwa" image="http://pbs.twimg.com/profile_images/918921437183741952/-AVCbeQ7_normal.jpg" favoritecount="0" retweetcount="0" status="From last couple of hours I am not able to withdraw money from any of the ATM, even not able to transfer amount to… https://t.co/ATMTo06V3P" createdat="1605978558000" id="1330196602129174528"></div> <div type="twitter" handle="dirarivazhagan" handlename="Arivazhagan" image="http://pbs.twimg.com/profile_images/1247530095088001035/Ldk-1LdV_normal.jpg" favoritecount="59" retweetcount="1" status="#HDFC Bank down for the past one hour. No services for net banking and atm @HDFC_Bank" createdat="1605972265000" id="1330170206736486409"></div> Services resumed by Sunday morning, November 22. HDFC Bank too issued a statement saying, "The services impacted following the outage have been restored. While you may face intermittent issues as the system stabilizes there is no reason to worry now! Our sincere apologies for the inconvenience caused. Thank you for bearing with us during this period." SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/mount-everest-home-to-microplastics-and-melting-glaciers/articleshow/79324609.cms">Microplastics found at the highest point on Earth as the glaciers around Mount Everest’s death zone melt</a> <a href="https://www.businessinsider.in/tech/news/mumbais-massive-power-cut-last-month-may-have-been-the-work-of-hackers/articleshow/79318282.cms">Mumbai’s massive power cut last month may have been the work of hackers</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-panel-proposes-raising-promoter-stake-cap-allowing-nbfcs-to-become-banks-and-large-corporation-can-own-banks/articleshow/79323107.cms">RBI panel proposes recommendations that could redefine private bank ownership</a>

HDFC Bank’s net banking, UPI service and ATMs were down due to a 'data centre outage' but RBI demands more detailed information

<ul><li>Four banks and a finance company made it to the top ten Indian firms in the <keyword id="627892" type="General" weightage="20" keywordseo="forbes-global-2000-list" source="Orion">Forbes Global 2000 list</keyword>.</li><li>Reliance Industries topped the list this year after it became the first Indian company to cross $100 billion in revenues.</li><li>Three Indian banks <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword>, <keyword id="45123" type="General" weightage="20" keywordseo="hdfc" source="Orion">HDFC</keyword> Bank and <keyword id="42456" type="General" weightage="20" keywordseo="icici" source="Orion">ICICI</keyword> Bank occupied the next three spots in the Indian top ten.</li></ul>Four banks and a finance company made it to the top ten Indian firms in the Forbes Global 2000 list. The list of top ten is dominated by banks followed by energy companies like RIL, ONGC and Indian Oil. TCS is the only tech major to make it to the list. <cmsannotation type="cmsannotation" annotationid="Mukesh Ambani’s RIL holds on tight to its top spot" comment="subhead" text="Mukesh Ambani’s RIL holds on tight to its top spot">Mukesh Ambani’s RIL holds on tight to its top spot</cmsannotation> Reliance Industries added one more feather to its cap by topping the list this year after it became the first Indian company to <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-first-indian-company-to-near-100-billion-in-revenue/articleshow/91381614.cms" data-type="tilCustomLink">cross $100 billion in revenues</a>. At a global level, the company climbed <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-is-top-indian-company-in-forbes-global-2000-list/articleshow/91536920.cms" data-type="tilCustomLink">two spots this year</a> to the 53rd rank and a market cap above $228 billion, as per the list. It is also the only Indian company which made it within the top 100 of the global list. <cmsannotation type="cmsannotation" annotationid="Indian banks also get the spotlight" comment="subhead" text="Indian banks also get the spotlight">Indian banks also get the spotlight</cmsannotation> Three Indian banks SBI, HDFC Bank and ICICI Bank occupied the next three spots in the Indian top ten. Finance company HDFC came sixth while <keyword id="96188" type="General" weightage="20" keywordseo="axis" source="Orion">Axis</keyword> Bank occupied the tenth spot - highlighting the growth in the sector. <cmsannotation type="cmsannotation" annotationid="Central Bank policies might have aided the banks" comment="subhead" text="Central Bank policies might have aided the banks">Central Bank policies might have aided the banks</cmsannotation> Equity markets in general have been gaining from the lowered interest rates since the pandemic began. Banks too gained from the eased interest rates, and that coupled with good credit growth and improved recovery from stressed assets too helped both public and private sector banks. All the banks in the list declared a good growth in profits for the quarter ending March with good growth in net interest margins. <cmsannotation type="cmsannotation" annotationid="Economic revival a key factor" comment="subhead" text="Economic revival a key factor">Economic revival a key factor</cmsannotation> With the economy reviving, the banking sector continues to stabilize. Even analysts believe that the worst has passed for the lenders’ asset quality and loans. Pankaj Pandey, head of research at ICICI Direct, earlier this year said, “Banks have focused on balance sheet strengthening.” <cmsannotation type="cmsannotation" annotationid="State Bank of India (SBI)" comment="Subhead" text="State Bank of India (SBI)">State Bank of India (SBI)</cmsannotation> Global Rank: 105 Sales: $54.42 billion Market Cap: ₹3,97,189 crore ($51 billion) State Bank of India (SBI) is the second biggest public Indian company at the moment, with a global ranking of 105. It ranked number 2 in the list after RIL and has recently said that its provisioning for bad loans has come down, while its fourth quarter profits went up by 41%. <cmsannotation type="cmsannotation" annotationid="HDFC Bank" comment="subhead" text="HDFC Bank">HDFC Bank</cmsannotation> Global Rank: 153 Sales: $22.51 billion Market Cap: ₹7,16,641 crore ($92 billion) HDFC Bank came third in the top ten list and is one of the leading private sector banks in India. It has over 6,342 banking branches, 18,130 ATMs across 3,188 cities and towns in India. The company added 1,000 branches in the last fiscal year. <cmsannotation type="cmsannotation" annotationid="ICICI Bank" comment="subhead" text="ICICI Bank">ICICI Bank</cmsannotation> Global Rank: 204 Sales: $21.89 billion Market Cap: ₹4,70,856 crore ($60 billion) ICICI Bank is one of the largest private sector banks in the country which has been working towards reviving its books by outperforming in its growth and improving its margins for the last few years. It has a network of 5,418 branches and 13,540 ATMs across India. <cmsannotation type="cmsannotation" annotationid="Housing Development Finance Corporation (HDFC)" comment="subhead" text="Housing Development Finance Corporation (HDFC)">Housing Development Finance Corporation (HDFC)</cmsannotation> Global Rank: 268 Sales: $18.48 billion Market Cap: ₹3,86,636 crore ($49 billion) Housing Development Finance Corporation (HDFC) which ranked sixth in the top ten companies - is one of India’s leading financing companies. The growth in home loans and home purchases during the pandemic has helped the NBFC grow and improve its margins too. <cmsannotation type="cmsannotation" annotationid="Axis Bank" comment="subhead" text="Axis Bank">Axis Bank</cmsannotation> Global Rank: 431 Sales: $11.41 billion Market Cap: ₹1,95,272 crore ($25 billion) Axis Bank, which came in at number 10 in the Indian Forbes ranking list, has gained from lower credit costs and steady growth across all its business areas. It also acquired Citibank’s consumer business covering loans, credit cards, wealth management and retail banking in March this year. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/rupee-continues-to-fall-to-record-lows-and-it-might-affect-your-food-education-healthcare-and-other-expenses/articleshow/91535452.cms">Rupee continues to fall to record lows and it might affect your food, education, healthcare and other expenses</a> <a href="https://www.businessinsider.in/tech/news/elon-musk-puts-44-billion-twitter-deal-on-hold-over-fake-accounts/articleshow/91540983.cms">Elon Musk puts $44 billion Twitter deal on hold over fake accounts</a> <a href="https://www.businessinsider.in/business/news/indigo-flies-the-most-passengers-abroad-air-india-comes-next/slidelist/91537381.cms">Indigo flies the most passengers abroad — check out Air India, Spicejet’s share</a>

SBI to ICICI — five banks among top 10 public Indian companies in the Forbes Global 2000 list

<ul><li>HDFC’s net and mobile banking services are down for the second day in a row. </li><li>The bank says it’s a ‘technical glitch’ while the app and website cite ‘heavy traffic’ as the reason. </li><li>Most users are concerned about meeting the deadline for their credit card bill payments, normally due at the beginning of the month. </li></ul>HDFC Bank customers are unable to use net and mobile banking services the second day in a row. India’s fourth-largest bank had assured users that it’s only a ‘technical glitch’ and the system will be back online shortly. But even after 24-hours, their online banking services are still down. <div type="twitter" handle="HDFCBank_Cares" handlename="HDFC Bank Cares" image="http://pbs.twimg.com/profile_images/880333363982159872/lA3myMTv_normal.jpg" favoritecount="168" retweetcount="42" status="Due to a technical glitch, some of our customers have been having trouble logging into our NetBanking and MobileBan… https://t.co/CuK4CfbFDS" createdat="1575290741000" id="1201482566819123200"></div>

 HDFC is the largest private bank in the country and the largest holder of salary accounts in the country. That means everyone trying to pay off their bills monthly bills — especially, credit card bills — with November’s income but can’t. <div type="twitter" handle="Parth_Shahh" handlename="TheLazyAthlete" image="http://pbs.twimg.com/profile_images/1102051573662855170/BsG2Ev44_normal.jpg" favoritecount="0" retweetcount="0" status="What the hell is wrong with the #HDFC NetBanking and App portals? Need to pay my CC bills! Don’t blame me if I’m n… https://t.co/UMTl4e3EWC" createdat="1575358737000" id="1201767763468935168"></div>

 Users are asking if HDFC will cover the penalty for late payment its credit card bills since its own ‘glitch’ that is causing the delay. <div type="twitter" handle="TheMarathe" handlename="Krishna Marathe 🌈" image="http://pbs.twimg.com/profile_images/1166061481223315456/k0ntZGp0_normal.jpg" favoritecount="0" retweetcount="0" status="⁦@HDFCBank_Cares⁩ since your net banking services are STILL down, I need not fret about late fee for my credit card… https://t.co/l029crmQPO" createdat="1575350445000" id="1201732984623095808"></div>

 If users try to log in via net banking, they get a message that reads, “Dear user, the NetBanking system is busy processing heavy load from currently logged in customers, request to try after some time.” And if they go to the mobile app, the notification reads, “We are experiencing some heavy traffic, please try again after some time. Apologies for the inconvenience.” Reports of the outage started coming in on Monday morning and peaked in the evening at around 5 pm, according to <a href="https://downdetector.in/status/hdfc-bank/">Downdetector</a> — most of them from metropolitan cities like Delhi, Mumbai, Bengaluru, Kolkata, and Surat. As of Tuesday afternoon, HDFC’s services still aren’t functioning. The bank is yet to issue a deadline on when users can hope to see a resolution. See also: <a href="https://www.businessinsider.in/careers/news/sbi-kotak-mahindra-and-axis-bank-are-going-digital-hiring-for-ai-analytics-and-other-tech-profiles/articleshow/72342982.cms">SBI, Kotak Mahindra and Axis Bank are going digital — hiring for AI, analytics and other tech profiles</a> <a href="https://www.businessinsider.in/india/news/slowdown-or-not-these-indias-banks-and-shadow-banks-are-in-trouble/articleshow/71934562.cms">Slowdown or not, these India’s banks and shadow banks are in trouble</a> <a href="https://www.businessinsider.in/policy/news/rbi-revises-guidelines-on-how-much-to-pay-a-bank-ceo-in-india/articleshow/71896883.cms">RBI revises guidelines on how much to pay a private bank CEO and executives in India— including foreign banks</a>

Angry customers want HDFC Bank to cover late payment charges after mobile and net banking remain down for a second day in a row

<ul><li><keyword id="11148714" type="UNKNOWN" weightage="20" keywordseo="Crypto-Regulations">Crypto regulations</keyword> in India have been unclear, to say the least, but a concrete direction is expected later this year.</li><li>An RBI circular from 2018 was struck down by the country’s Supreme Court in March last year.</li><li>India has been working on a “calibrated” approach towards crypto, its finance minister had said.</li></ul>India’s <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> retracted an email sent to customers late last week, which warned them about dealing in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> transactions. The company had sent an email over the last weekend, which cited a 2018 order from the Reserve Bank of India (RBI) — the country’s central bank — to essentially say that cryptocurrency transactions are illegal in India. However, the central bank later clarified, on May 31, that the 2018 circular had been struck down by the Supreme Court of India (SC) and can’t be cited. “As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” the RBI had said in its <a href="https://rbidocs.rbi.org.in/rdocs/notification/PDFs/45VIRTUALCURRENCIES37FE644EF97F4A36AAB951C73A411E96.PDF">circular</a>. Post this clarification coming in from the RBI, HDFC Bank has sent fresh emails to its customers asking them to ignore the earlier cautionary note. “We wish to update you that in the light of the advisory issued by RBI…dated May 31, 2021, on ‘Customer Due Diligence for transactions in Virtual Currencies’, we request you to ignore our earlier communication dated May 28, 2021,” according to the email. “Inconvenience caused is regretted,” the new email from HDFC Bank <a href="https://twitter.com/DocumentingBTC/status/1400426099633528836/photo/1">said</a>. <div type="twitter" handle="DocumentingBTC" handlename="Documenting Bitcoin 📄" image="http://pbs.twimg.com/profile_images/1369025687743500288/-4tdBSu5_normal.jpg" favoritecount="2244" retweetcount="446" status="HDFC Bank, India’s largest private sector bank, just told its clients to “ignore” their previous warning about ‘Vir… https://t.co/yO0t7Y9DVN" createdat="1622722575000" id="1400426099633528836"></div> The State Bank of India had also sent letters to customers, meant to deter them from dealing in crypto. However, it didn’t cite the 2018 RBI ruling. “The Reserve Bank of India has repeatedly through its public notices cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies,” the SBI letter <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">said</a>. “RBI has not given any license/authorization to entities regulated by them to operate in cryptocurrency schemes or any form of virtual currencies such as Bitcoins,” the letter added. Where do India’s regulations on crypto stand? India’s cryptocurrency regulations have been unclear, to say the least. The issues began in 2018, when the RBI issued a circular that asked all financial entities regulated by it to stop dealing with crypto companies. This order was struck down by India’s Supreme Court in March last year, which cited proportionality concerns with the order. This led to a period of sustained growth for crypto exchanges in India, especially on the back of bull runs by various cryptocurrencies last year. Exchanges like WazirX have <a href="https://www.livemint.com/market/cryptocurrency/indias-largest-crypto-exchange-crossed-2-billion-in-trading-volumes-in-feb-11614759147828.html">recorded</a> up to $2 billion in total trading value in February this year, but that’s when issues began again. Just ahead of the budget session of India’s Parliament, a listing on the <a href="https://www.livemint.com/market/cryptocurrency/whats-in-store-for-the-country-s-crypto-industry-11616432928274.html">Parliament’s agenda</a> said that a new bill would be proposed during the session. This bill would aim to ban all cryptocurrencies in India, and lay the framework for an RBI-regulated central bank digital currency (CBDC). This led to confusion amongst traders, investors and the overall crypto community, about whether the industry would become illegal in India. The bill wasn’t brought up during the session, but that could have been because the second wave of COVID-19 infections in the country cut the Budget session short this year. But the concerns mounted late last month, when an <a href="https://www.businessinsider.in/cryptocurrency/news/users-not-able-to-deposit-money-on-indian-crypto-exchanges-right-now/articleshow/82831355.cms">informal guidance from the RBI</a> to banks, led lenders to stop dealing with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> and companies again. Exchanges had to stop taking rupee deposits from users, almost overnight, and haven’t been able to restore services since. However, regulations still remain unclear. There is no order, law or notice in India that makes dealing in cryptocurrency illegal. Finance Minister Nirmala Sitharaman has <a href="https://www.livemint.com/market/cryptocurrency/fms-push-for-calibrated-approach-on-crypto-trading-calms-frayed-nerves-11615112421872.html">said</a> that the government is considering a “calibrated” approach to cryptocurrencies in India, and a clearer direction is expected later this year. The crypto industry has also been working on <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">self regulating</a> under industry body IAMAI (Internet and Mobile Association of India). The Blockchain and Crypto Assets Council (BACC), which has been set up under the IAMAI, had welcome the RBI’s clarification earlier this week, and said it has set up a self-regulatory code of conduct for its members, which includes top exchanges like WazirX and CoinDCX. “It is well known that with 15 million users and upwards of 10,000 crores held by small investors, India is among the top players globally in the crypto market and for the welfare of the users it is very important that crypto assets are regulated,” the council said on June 1. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/gdp-growth-projection-revised-by-rbi-to-9-5-leaves-rates-unchanged/articleshow/83226348.cms">RBI leaves rates unchanged as it lowers GDP growth projection to 9.5%, targets 5.1% inflation</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-app-is-adding-a-new-feature-to-help-you-replace-snapchat-completely/articleshow/83226216.cms">WhatsApp rips off another Snapchat feature — this time Disappearing Mode</a> <a href="https://www.businessinsider.in/tech/apps/news/google-camera-app-is-expected-to-receive-an-update-that-lets-you-capture-the-night-sky-in-motion/articleshow/83228479.cms">Google Camera update might add the ability to capture the night sky in time-lapse</a>

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HDFC Bank’s net banking, UPI service and ATMs were down due to a 'data centre outage' but RBI demands more detailed information

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SBI to ICICI — five banks among top 10 public Indian companies in the Forbes Global 2000 list

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Angry customers want HDFC Bank to cover late payment charges after mobile and net banking remain down for a second day in a row

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