Beena Parmar

Beena Parmar

Beena Parmar has been is a banking and finance journalist for over 6 years. She loves to read about politics, society

Articles by Beena Parmar
The interest rate loan war intensified on Tuesday, with HDFC Ltd, the biggest non-bank mortgage player in the country, on Tuesday citing lower borrowing costs to slash home loan rates,(BLOOMBERG NEWS)
The interest rate loan war intensified on Tuesday, with HDFC Ltd, the biggest non-bank mortgage player in the country, on Tuesday citing lower borrowing costs to slash home loan rates,(BLOOMBERG NEWS)

Lending rate cuts spread to NBFCs; Indiabulls, HDFC, BoI slash rates

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON JAN 04, 2017 11:15 AM IST
The interest rate loan war intensified on Tuesday, with HDFC Ltd, the biggest non-bank mortgage player in the country, on Tuesday citing lower borrowing costs to slash home loan rates, a day after two of its biggest competitors — SBI and ICICI Bank.
Prime Minister Narendra Modi is seen on the television inside a restaurant as he address the nation on December 31. Modi had asked banks to “keep the poor, the lower middle class, and the middle class at the focus of their activities” and to act with “public interest” in mind.(AFP)
Prime Minister Narendra Modi is seen on the television inside a restaurant as he address the nation on December 31. Modi had asked banks to “keep the poor, the lower middle class, and the middle class at the focus of their activities” and to act with “public interest” in mind.(AFP)

More banks slash lending rates: ICICI, Kotak Mahindra, Dena Bank follow SBI

Mumbai, Hindustan Times | By Beena Parmar
UPDATED ON JAN 02, 2017 10:50 PM IST
Two private sector banks slashed a key lending rate on Monday as a surge in deposits following the ban on high-value bank notes sparked a race among the country’s lenders to woo consumers with cheaper home and vehicle loans.
After State Bank of India and few other public sector banks, Kotak Mahindra Bank becomes the first private bank to cut lending rates by up to 0.45% in the new year.(Arun Sharma/HT PHOTO)
After State Bank of India and few other public sector banks, Kotak Mahindra Bank becomes the first private bank to cut lending rates by up to 0.45% in the new year.(Arun Sharma/HT PHOTO)

After SBI, Kotak Mahindra becomes first pvt bank to cut rates

Hindustan Times | By Beena Parmar, Mumbai
PUBLISHED ON JAN 02, 2017 02:23 PM IST
After State Bank of India and few other public sector banks, Kotak Mahindra Bank becomes the first private bank to cut lending rates by up to 0.45% in the new year.
A screen displaying the State Bank of India (SBI) logo before the start of a news conference in Kolkata.(Reuters)
A screen displaying the State Bank of India (SBI) logo before the start of a news conference in Kolkata.(Reuters)

What happens to your home loan after State Bank of India cut rates

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON JAN 02, 2017 12:16 PM IST
State Bank of India, country’s largest bank will charge an interest rate of 8.65% on home loans up to Rs 75 lakh, while for women the interest rate would be 8.60%.
A man takes photo of his colleague with a mobile phone in front of a screen displaying the State Bank of India (SBI) logo before the start of a news conference in Kolkata.(Reuters file)
A man takes photo of his colleague with a mobile phone in front of a screen displaying the State Bank of India (SBI) logo before the start of a news conference in Kolkata.(Reuters file)

Cheaper loans in store: SBI, Union Bank and IDBI slash lending rates

Hindustan Times | By Beena Parmar, New Delhi
UPDATED ON JAN 02, 2017 12:00 AM IST
Country’s largest bank, State Bank of India reduced it’s loan rates sharply by 0.9 percentage points across all tenure loans. This is one of the steepest cut since the global crisis in 2008.
People outside the Reserve Bank of India (RBI) to exchange their old high-denomination banknotes in New Delhi on December 30.(Reuters)
People outside the Reserve Bank of India (RBI) to exchange their old high-denomination banknotes in New Delhi on December 30.(Reuters)

RBI allows NRIs to exchange old Rs 500, Rs 1000 banknotes up to June 2017

Mumbai, Hindustan Times | By Beena Parmar
UPDATED ON JAN 01, 2017 07:39 PM IST
Non-resident Indians (NRIs) can exchange old Rs 500 and Rs 1000 notes till June 30, 2017, the Reserve Bank of India said on Saturday.
SBI chairman Arundhati Bhattacharya at her office in Mumbai, India, on Thursday, December 29, 2016(Anshuman Poyrekar/HT)
SBI chairman Arundhati Bhattacharya at her office in Mumbai, India, on Thursday, December 29, 2016(Anshuman Poyrekar/HT)

Demand has not gone away, people have just deferred discretionary spending: SBI chief Arundhati Bhattacharya

Hindustan Times | By Beena Parmar and Ramsurya Mamidenna
PUBLISHED ON DEC 29, 2016 08:43 PM IST
On the eve of the expiry of one of India’s most bold economic measure since 1991, the chairman of India’s largest commercial bank is confident that demonetisation would benefit. But she is candid enough to admit that the corporate loan book and SMEs are worrisome
SBI chairman Arundhati Bhattacharya feels a cashless economy will usher in efficiencies(PTI/file)
SBI chairman Arundhati Bhattacharya feels a cashless economy will usher in efficiencies(PTI/file)

Benefits will outweigh short-term demonetisation pains, says SBI chairman

Hindustan Times | By Beena Parmar and Ramsurya Mamidenna, Mumbai
PUBLISHED ON DEC 29, 2016 06:12 PM IST
Demonetisation has hastened year-end exits by foreign investors, but in the long run, digital efficiency will replace the clumsy ‘cash and pay’ tradition, Arundhati Bhattacharya said
Chairman Kingfisher Airlines Vijay Mallya speaks at an event during the Civil Aviation Week - Airport & Airline 2007 Expo or AA 07, in New Delhi, India, Tuesday, March 27, 2007. The three day expo features equipment and services for airports and airlines, aiming to highlight the progress being made in the Indian civil aviation sector. (AP Photo/Gurinder Osan)(AP)
Chairman Kingfisher Airlines Vijay Mallya speaks at an event during the Civil Aviation Week - Airport & Airline 2007 Expo or AA 07, in New Delhi, India, Tuesday, March 27, 2007. The three day expo features equipment and services for airports and airlines, aiming to highlight the progress being made in the Indian civil aviation sector. (AP Photo/Gurinder Osan)(AP)

No bad loans after March 2017 may be too tall a target

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 29, 2016 11:13 AM IST
Banks are likely to miss the March 2017 deadline for cleaning up their balance sheets, given the slow progress on resolution of bad loans.
Banks are likely to witness a weak third quarter due to subdued demand for home, vehicle and consumer loans, bringing loan growth to a 54-year low.(AP)
Banks are likely to witness a weak third quarter due to subdued demand for home, vehicle and consumer loans, bringing loan growth to a 54-year low.(AP)

Demonetisation impact: Demand for loans at 54-year low

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 27, 2016 11:05 AM IST
Banks are likely to witness a weak third quarter due to subdued demand for home, vehicle and consumer loans, bringing loan growth to a 54-year low.
SBI says handling cash is very costly.(HT Photo)
SBI says handling cash is very costly.(HT Photo)

‘Cash costly,allow banks to charge for cash transactions’

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 26, 2016 10:34 AM IST
The country’s largest bank, State Bank of India, wants the government to allow banks to charge customers for cash transactions, said a senior executive.
Men stand in queue with old 500 Rs notes in front of the RBI office in Kolkata after demonetisation.(Subhankar Chakraborty/HT PHOTO)
Men stand in queue with old 500 Rs notes in front of the RBI office in Kolkata after demonetisation.(Subhankar Chakraborty/HT PHOTO)

After Axis Bank, Kotak Mahindra under I-T scanner for suspicious accounts

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 23, 2016 02:46 PM IST
After Axis Bank, Kotak Mahindra Bank came under the Income Tax (I-T) lens with two suspicious accounts reported on Friday. According to reports, fake accounts worth Rs 70 crore were found in their Kasturba Gandhi Marg branch in New Delhi. The accounts were in the name of Ramesh Chand and Raj Kumar.
MDR is a commission that banks charge merchants for every transaction on its card machine. A bank typically earns an MDR of 0.75% for transactions up to ₹2,000 and 1% for those above ₹2,000.
MDR is a commission that banks charge merchants for every transaction on its card machine. A bank typically earns an MDR of 0.75% for transactions up to ₹2,000 and 1% for those above ₹2,000.

Digital push costly, banks to pay 800 cr to install 1m PoS devices

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 23, 2016 11:05 AM IST
MDR is a commission that banks charge merchants for every transaction on its card machine. A bank typically earns an MDR of 0.75% for transactions up to 2,000 and 1% for those above 2,000.
The Reserve Bank of India’s latest restriction on deposits over Rs 5,000 in old currency notes has saddled bankers with more work, apart from also having to face irate customers asking them for explanations as to why they couldn’t come earlier.(Sushil Kumar/HT Photo)
The Reserve Bank of India’s latest restriction on deposits over Rs 5,000 in old currency notes has saddled bankers with more work, apart from also having to face irate customers asking them for explanations as to why they couldn’t come earlier.(Sushil Kumar/HT Photo)

Demonetisation: RBI rule on deposits over Rs 5000 puts bankers in customers’ line of fire

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 21, 2016 12:50 PM IST
The Reserve Bank of India’s latest restriction on deposits over Rs 5,000 in old currency notes has saddled bankers with more work, apart from also having to face irate customers asking them for explanations as to why they couldn’t come earlier.
Employees are expected to see an average 10% increase in salary in 2017 -- lower than the 10.3% rise doled out this year. However, after taking into account the inflation effect, the hike would be a meagre 4.8%, according to the latest report by global consultancy Korn Ferry Hay Group.
Employees are expected to see an average 10% increase in salary in 2017 -- lower than the 10.3% rise doled out this year. However, after taking into account the inflation effect, the hike would be a meagre 4.8%, according to the latest report by global consultancy Korn Ferry Hay Group.

Feature phones set to get their own mobile banking platform

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 09, 2016 12:54 PM IST
Employees are expected to see an average 10% increase in salary in 2017 -- lower than the 10.3% rise doled out this year. However, after taking into account the inflation effect, the hike would be a meagre 4.8%, according to the latest report by global consultancy Korn Ferry Hay Group.
The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bimonthly monetary policy review in Mumbai.(Reuters)
The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bimonthly monetary policy review in Mumbai.(Reuters)

Will all the banned notes return to the system? Urjit Patel non-commital

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 07, 2016 07:06 PM IST
RBI governor says benefits to accrue in long term, evades direct answer on quantum of money that will come back into the system
The Reserve Bank of India will most likely cut key interest rates later today with economists betting between 0.25% to 0.50% as the quantum of reduction.(PTI)
The Reserve Bank of India will most likely cut key interest rates later today with economists betting between 0.25% to 0.50% as the quantum of reduction.(PTI)

Post-demonetisation, RBI likely to cut interest rates maximum by 0.50% today

Hindustan TImes | By Beena Parmar, Mumbai
UPDATED ON DEC 07, 2016 12:05 PM IST
The Reserve Bank of India will most likely cut key interest rates later today with economists betting between 0.25% to 0.50% as the quantum of reduction.
Banks may be flush with cash after demonetisation pushed people to deposit old Rs 500 and Rs 1,000 notes into bank accounts, but it has also compounded problems. Banks, already operating on wafer-thin margins, are expected to take a hit on their earnings due to low demand, delaying their ability to pass on the rate cuts widely expected in RBI’s monetary policy on Wednesday.(Reuters)
Banks may be flush with cash after demonetisation pushed people to deposit old Rs 500 and Rs 1,000 notes into bank accounts, but it has also compounded problems. Banks, already operating on wafer-thin margins, are expected to take a hit on their earnings due to low demand, delaying their ability to pass on the rate cuts widely expected in RBI’s monetary policy on Wednesday.(Reuters)

With credit demand down, banks may struggle to pass on any rate cut

Hindustan Times | By Ramsurya Mamidenna and Beena Parmar, Mumbai
UPDATED ON DEC 07, 2016 10:56 AM IST
Banks may be flush with cash after demonetisation pushed people to deposit old Rs 500 and Rs 1,000 notes into bank accounts, but it has also compounded problems. Banks, already operating on wafer-thin margins, are expected to take a hit on their earnings due to low demand, delaying their ability to pass on the rate cuts widely expected in RBI’s monetary policy on Wednesday.
Digital wallet companies, including Paytm, MobiKwik, Freecharge and Itzcash, have seen multifold growth in their transaction volumes as they cashed in on the acute shortage of physical currency, following the government’s demonetisation drive.
Digital wallet companies, including Paytm, MobiKwik, Freecharge and Itzcash, have seen multifold growth in their transaction volumes as they cashed in on the acute shortage of physical currency, following the government’s demonetisation drive.

As govt’s cashless payment tool battles faults, e-wallets gain

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 07, 2016 11:20 AM IST
Digital wallet companies, including Paytm, MobiKwik, Freecharge and Itzcash, have seen multifold growth in their transaction volumes as they cashed in on the acute shortage of physical currency, following the government’s demonetisation drive.
People stand in line outside a bank to withdraw cash in New Delhi.(PTI)
People stand in line outside a bank to withdraw cash in New Delhi.(PTI)

Cash supply to banks up by 50% as RBI steps up printing of currency

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON DEC 01, 2016 06:18 PM IST
A State Bank of India executive said they had seen a 50% increase in cash supply in the last three days, which coincides with payday that has brought back long queues at banks and ATMs.
Govind Singh, MD, Utkarsh Micro Finance Pvt Ltd.(Aniruddha Chowhdury/Mint)
Govind Singh, MD, Utkarsh Micro Finance Pvt Ltd.(Aniruddha Chowhdury/Mint)

Utkarsh bank to offer higher rates to woo savings customers

Hindustan Times | By Beena Parmar, Mumbai
PUBLISHED ON DEC 01, 2016 11:27 AM IST
Utkarsh Micro Finance Ltd, which got the RBI’s approval to set up a small finance bank on Monday, will offer higher savings rates from January 14, 2017, to attract customers and set up their deposit base.
It will offer average loans of Rs 15-20 lakh at 18-20%.(Reuters)
It will offer average loans of Rs 15-20 lakh at 18-20%.(Reuters)

IDFC ties up with Capital Float to lend to small firms

Hindustan Times | By Beena Parmar, Mumbai
PUBLISHED ON NOV 29, 2016 01:12 PM IST
Passers by are reflected on the logo of the Reserve Bank of India (RBI) outside its headquarters in Mumbai.(AFP)
Passers by are reflected on the logo of the Reserve Bank of India (RBI) outside its headquarters in Mumbai.(AFP)

RBI move to hold on to bank deposits may hit interest rates

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON NOV 28, 2016 10:27 AM IST
The Reserve Bank’s move on Saturday of retaining with it all cash deposits with banks made between September 16 and November 11 is likely to result in a marginal rise in costs for banks, as about 3.5 lakh crore of money will flow out to the RBI from the surge of deposits made in the wake of the November 8 demonetisation.
A bank staff member hands Indian 500 rupee notes to a customer in Mumbai.(AFP Photo)
A bank staff member hands Indian 500 rupee notes to a customer in Mumbai.(AFP Photo)

RBI stipulates additional CRR to suck out surplus liquidity

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON NOV 26, 2016 09:33 PM IST
Banks will have to park the entire incremental deposits they get from the money inflow in the form of deposits through deposit of old currency notes after the demonetisation move announcement.

Lenders fear misuse of RBI’s relief measure for small borrowers

Hindustan Times | By Beena Parmar, Mumbai
PUBLISHED ON NOV 26, 2016 02:36 PM IST
Banks, already reeling under the rising pile of non-performing assets, are worried that the RBI’s move to extend the repayment period for small borrowers in the wake of the demonetisation, could actually them to take a payment holiday.
While websites, including eBay and OLX, are listing notes of varied denominations for sale, a simple Google search throws up an aggregator website, for-sale-in, which gives information about all deals available online on the sale of currency notes.
While websites, including eBay and OLX, are listing notes of varied denominations for sale, a simple Google search throws up an aggregator website, for-sale-in, which gives information about all deals available online on the sale of currency notes.

Online sale of bank notes gains currency

Hindustan Times | By Anirban Ghoshal and Beena Parmar, New Delhi/mumbai
UPDATED ON NOV 24, 2016 11:18 AM IST
While websites, including eBay and OLX, are listing notes of varied denominations for sale, a simple Google search throws up an aggregator website, for-sale-in, which gives information about all deals available online on the sale of currency notes.
People queue outside an ATM of State Bank of India (SBI) to withdraw money in Kolkata.(Reuters File Photo)
People queue outside an ATM of State Bank of India (SBI) to withdraw money in Kolkata.(Reuters File Photo)

Nearly 1 lakh ATMs recalibrated till today: Will it become easier to withdraw cash?

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON NOV 23, 2016 10:59 AM IST
Close to one lakh ATMs, which account for about 45% of the cash vending machines in the country, will be recalibrated by Wednesday morning and made ready to dispense currency notes of Rs 500 and Rs 2,000, officials have said.
You can soon buy your vegetables, fruits, your favourite paan and even the road-side chaat food through Paytm, Mobikwik, Freecharge or JioMoney.(HT File Photo)
You can soon buy your vegetables, fruits, your favourite paan and even the road-side chaat food through Paytm, Mobikwik, Freecharge or JioMoney.(HT File Photo)

Now buy paan or chaat through the m-wallet

Hindustan Times | By Beena Parmar, Mumbai
PUBLISHED ON NOV 23, 2016 10:12 AM IST
You can soon buy your vegetables, fruits, your favourite paan and even the road-side chaat food through Paytm, Mobikwik, Freecharge or JioMoney.
Prepaid instruments can be issued as smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers and any such instrument which can be used to access a pre-paid amount.(Representative Photo)
Prepaid instruments can be issued as smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers and any such instrument which can be used to access a pre-paid amount.(Representative Photo)

Small merchants can transfer up to Rs 50K via digital wallets till Dec 30: RBI

Hindustan Times | By Beena Parmar, Mumbai
UPDATED ON NOV 22, 2016 11:06 PM IST
Small merchants can now transfer funds up to Rs 50,000 through semi-closed prepaid instruments (PPIs) linked to bank accounts.
Members of the Congress protest against the Centre’s demonetisation move, in Coimbatore on Monday.(PTI)
Members of the Congress protest against the Centre’s demonetisation move, in Coimbatore on Monday.(PTI)

Demonetisation: Breather for borrowers, cash rules tweaked for farmers

Hindustan Times | By Mahua Venkatesh, Aloke Tikku, Beena Parmar, New Delhi/mumbai
UPDATED ON NOV 22, 2016 01:16 AM IST
The government provided on Monday a breather for borrowers saddled with the cash crunch in the country, giving additional 60 days to repay home, car, farm and other loans worth up to Rs 1 crore.
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