SBI Innovates to Attract Depositors Amid Rising Competition
To combat a slowdown in deposit growth, State Bank of India (SBI) is launching innovative products targeting younger generations. The bank is introducing flexible fixed deposit (FD) and systematic investment plan (SIP) combos, aimed at boosting savings and investment awareness among millennials and Gen Z.
Retail Credit Growth Set to Triple by 2030
Retail loans by Indian banks are projected to triple by 2030, driven by increasing demand for home loans, personal credit, and consumer goods financing. This surge reflects India's growing consumption and expanding middle class, positioning the retail lending sector as a key growth driver for banks.
Gold Reserves Surge as ETF Buying Rises
India’s gold reserves have increased significantly as investors flock to gold-backed exchange-traded funds (ETFs). With global economic uncertainty rising, gold remains a preferred safe-haven asset, boosting its demand across the country.
Cryptocurrency Exchange WazirX Granted Four-Month Relief
After a major cyberattack that wiped out ₹2,000 crore from WazirX, a Singapore court has granted the Indian crypto exchange a four-month moratorium to restructure its liabilities. The hack affected nearly 45% of WazirX's users, raising concerns over the security of digital assets in India.
UPI Usage Soars, But Users May Drop if Fees Are Introduced
India's popular Unified Payments Interface (UPI) has seen unprecedented growth, but a new survey suggests that 75% of users would stop using UPI if transaction fees are introduced. The government is exploring ways to maintain UPI's fee-free model to ensure its continued dominance in digital payments.
"Larsen & Toubro Secures ₹10,000 Crore Defense Contract"
Larsen & Toubro (L&T) has won a ₹10,000 crore contract from the Ministry of Defence to build naval vessels, boosting India’s defense manufacturing capabilities
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