HDFC Bank had reported a consolidated net profit of ₹18,834.88 crore in the year-ago period. File
| Photo Credit: Reuters

Image used for representative purpose only.
| Photo Credit: Reuters

Exact details of the alleged violations leading to the action against HDFC Bank were not immediately clear. File.
| Photo Credit: Reuters

Bombay Stock Exchange (BSE). File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty settled lower for the sixth straight session on Monday (October 7, 2024) due to heavy selling in bellwether stocks including HDFC Bank and Reliance Industries amid mixed trends in the global markets and outflow of foreign funds.

Falling for the sixth consecutive session, the BSE Sensex tumbled 638.45 points or 0.78% to settle at 81,050. During the day, it plummeted 962.39 points or 1.17% to 80,726.06.

The NSE Nifty slumped 218.85 points or 0.87% to end at 24,795.75.

From the 30 Sensex firms, Adani Ports & Special Economic Zones, NTPC, State Bank of India, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, Titan and UltraTech Cement were the major laggards.

Mahindra & Mahindra, ITC, Bharti Airtel, Infosys, Bajaj Finance, Tata Consultancy Services and Tech Mahindra defied the trend.

“The Indian markets have entered a consolidation phase with high risk of underperforming to Asian peers. This phase is marked by significant corrections in the broader market due to premium valuations. There is notable global arbitrage activity, with Chinese markets attracting substantial inflows driven by its attractive valuations and stimulus measures,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Global oil benchmark Brent crude surged 2.09% to $79.68 a barrel.

European markets were trading on a mixed note on Monday (October 7, 2024).

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul settled higher.

Wall Street ended with gains on Friday (October 4, 2024).

Investors are reassessing their portfolio positions and FIIs outflows are exacerbated. Amid escalating geopolitical tensions, the surging oil prices pose a further challenge to the domestic economy in the short term, Mr. Nair added.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,896.95 crore on Friday (October 4, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹8,905.08 crore, according to exchange data.

On Friday (October 4, 2024), the BSE Sensex tumbled 808.65 points to settle at a three-week low of 81,688.45, while NSE Nifty slumped 235.50 points to 25,014.60.

Last week, the BSE Sensex tanked 3,883.4 points, or 4.53%, and the Nifty slumped 1,164.35 points or 4.44%.

Mumbai:

The Reserve Bank of India (RBI) has imposed penalties totalling Rs 2.91 crore on Axis Bank and HDFC Bank for certain deficiencies in statutory and regulatory compliance. In a statement on Tuesday, the RBI said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain provisions of the Banking Regulation Act, and non-compliance with certain directions on ‘Interest Rate on Deposits’, ‘Know Your Customer (KYC)’ and ‘Credit Flow to Agriculture-Collateral free agricultural loans’.

A penalty of Rs 1 crore has been imposed on HDFC Bank for non-compliance with certain directions on ‘interest rate on deposits’, ‘recovery agents engaged by banks’ and ‘customer service in banks’, it said in another release.

Regarding Axis Bank, the RBI said a supervisory evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2023 and a review of activities of its subsidiary company was carried out. A notice was issued.

After considering Axis Bank’s reply to the notice, the RBI said charges against the bank were sustained, warranting imposition of monetary penalty.

The RBI said the bank had opened certain savings deposit accounts in the name of ineligible entities.

Also, it had allotted multiple customer identification codes to certain customers instead of a Unique Customer ldentification Code (UCIC) for each customer.

The RBI further said Axis Bank had obtained collateral security for agricultural loans up to Rs 1.60 lakh in certain cases.

A wholly owned subsidiary of the bank undertook the business of technology service provider, which is not the permissible business that can be undertaken by a banking company, it added.

In the case of HDFC Bank, the RBI said a statutory inspection for supervisory evaluation of the bank was conducted with reference to its financial position as on March 31, 2022. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank.

After considering the HDFC Bank’s reply to the notice, additional submissions made by it, and oral submissions made during the personal hearing, the RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty, the RBI said.

The RBI said HDFC Bank gave gifts (in the form of paying a first-year premium for the complimentary life insurance cover) costing more than Rs 250 to the depositors at the time of accepting certain deposits.

It opened certain savings deposit accounts in the name of ineligible entities and failed to ensure that customers are not contacted after 7 pm and before 7 am.

The central bank, however, added that the penalties are based on deficiencies in statutory and regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Exchange Data said that FIIs bought equities worth ₹2,208.23 crore on Tuesday (September 10, 2024). File
| Photo Credit: Reuters

Equity benchmark indices declined in early trade on Wednesday (September 11, 2024) after two days of gains amid selling in Tata Motors and weak trends in Asian markets.

The 30-share BSE Sensex fell 111.85 points to 81,809.44. The NSE Nifty dipped 39.2 points to 25,001.90.

Among the 30 Sensex firms, Tata Motors, ICICI Bank, Titan, HDFC Bank, JSW Steel, Tech Mahindra, UltraTech Cement and Axis Bank were the major laggards.

Asian Paints, Bharti Airtel, ITC and Hindustan Unilever were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The U.S. markets ended mostly with gains on Tuesday (September 10, 2024).

Foreign Institutional Investors (FIIs) bought equities worth ₹2,208.23 crore on Tuesday (September 10, 2024), according to exchange data.

Global oil benchmark Brent crude climbed 0.59% to $69.60 a barrel.

The BSE benchmark climbed 361.75 points or 0.44% to settle at 81,921.29 on Tuesday (September 11, 2024). The NSE Nifty surged 104.70 points or 0.42% to 25,041.10.

People walk past the Bombay Stock Exchange (BSE) building, in Mumbai.
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty declined in early trade on Tuesday (August 13, 2024) dragged by blue-chip HDFC Bank and fresh foreign fund outflows.

Also mixed trends from global markets failed to give direction to the domestic equities.

The 30-share BSE Sensex declined 134.27 points to 79,514.65 in early trade. The NSE Nifty dipped 38.65 points to 24,308.35.

From the 30 Sensex firms, HDFC Bank, Tata Motors, Asian Paints, Bajaj Finance, Power Grid and Hindustan Unilever were the biggest laggards.

Bharti Airtel, Sun Pharma, Tata Consultancy Services and Axis Bank were among the gainers.

Nine of the ten Adani group firms bounced back during the early trade after declining sharply during intra-day on Monday (Aigust 12, 2024)

In Asian markets, Seoul and Shanghai were quoting lower while Tokyo and Hong Kong traded in the positive territory.

The U.S. markets ended on a mixed note on Monday.

Foreign Institutional Investors (FIIs) again turned sellers on Monday as they offloaded equities worth ₹4,680.51 crore after a day’s breather, according to exchange data.

Retail inflation declined to a five-year low of 3.54% in July mainly on account of subdued prices of food items, and base effect, according to official data released on Monday.

“Market’s dismissal of the Hindenburg report as inconsequential is significant. The market which has been climbing all walls of worries has climbed this Hindenburg wall too, instilling confidence in retail investors and DIIs flush with money,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The dip in CPI inflation in July to 3.54% is positive, he added.

India’s industrial production slowed to a five-month low of 4.2% in June 2024, mainly due to poor performance of the manufacturing sector, though power and mining sectors continue to perform well, as per official data released on Monday.

Global oil benchmark Brent crude declined 0.90% to $81.56 a barrel.

The BSE benchmark ended lower by 56.99 points or 0.07% at 79,648.92 on Monday. The Nifty dipped 20.50 points or 0.08% to 24,347.

New Delhi:

Starting June 25, HDFC Bank will stop sending SMS alerts for UPI transactions up to Rs 100.

Now SMS notifications will be pushed only for transactions above Rs 100 (for money sent/paid) and above Rs 500 (for money received).

The lender informed its customers through emails that they would continue to receive email alerts for all UPI transactions.

Customers are asked to ensure that their mail is up-to-date to receive all notifications.

The lender however did not reveal the reason behind not sending SMSes for transactions below Rs 100.

Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet.

The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

Among others, a key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore, among others, have partnered or intend to partner with India on emerging fintech and payment solutions.

The share of UPI in digital payments in India has reached close to 80 per cent in 2023. Today, India accounts for nearly 46 per cent of the world’s digital transactions (as per 2022 data).

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Investors and brokers of a Rajasthan-based financial services watch the stock prices on a digital screen. File
| Photo Credit: ANI

Benchmark equity indices climbed in early trade on Tuesday amid buying in HDFC Bank and Reliance Industries along with a positive monsoon forecast.

The 30-share BSE Sensex climbed 194.9 points to 75,585.40 in early trade. The NSE Nifty went up by 59.95 points to 22,992.40.

From the Sensex firms, NTPC, JSW Steel, Tata Steel, Wipro, State Bank of India, Larsen & Toubro, Bajaj Finance, Mahindra & Mahindra, HDFC Bank and Reliance Industries were the biggest gainers.

Tech Mahindra, ITC, Power Grid, Asian Paints and Titan were among the laggards.

Equity benchmarks were on a record-breaking rally for the third straight day on Monday ahead of the results of Lok Sabha polls.

The results of the ongoing general elections will be declared on June 4.

“Nifty is expected to continue its upward trend, though key events like the exit poll results, GDP data, and May F&O expiry could influence the market. Positive monsoon forecasts are likely to support agricultural output and economic growth,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

India’s core monsoon zone covering most of the rain-fed agriculture areas in the country is likely to receive above-normal rainfall this season, the IMD said on Monday.

In Asian markets, Seoul and Hong Kong were quoting in the positive territory while Tokyo and Shanghai traded lower.

U.S. markets were closed on Monday for the Memorial Day holiday.

Global oil benchmark Brent crude climbed 0.23% to $83.29 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹541.22 crore on Monday, according to exchange data.

The BSE benchmark ended lower by 19.89 points or 0.03% at 75,390.50 on Monday. Intra-day, the barometer climbed 599.29 points or 0.79% to an all-time peak of 76,009.68.

The Nifty declined by 24.65 points or 0.11% to end at 22,932.45. The 50-issue barometer climbed 153.7 points or 0.66% to hit a new lifetime high of 23,110.80 during the day.

“As we approach the election results a bit of nervousness is visible in the market. The sharp correction in Nifty in the afternoon on Monday indicates this nervousness,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Around the festive months of October and November, a lot of brands release advertisements based on the theme of happiness, celebrations with family, and traditions. Similarly, a prominent brand, Nalli Silks, recently released an advertisement to promote their new designs. However, it was met with a lot of backlash as the model, who was wearing a beautiful saree, was spotted without a bindi. According to beliefs, any ethnic attire, especially during festivities is seen incomplete without proper jewellery and bindi. The bindi is also considered a symbol of good luck. Several users on the internet were disappointed with the same and #NoBindiNoBusiness started trending on social media. A section of people were also outraged because the advertisement also came at the auspicious time of Navratri.

Social Media Reactions

The missing bindi drew ridicule for the brand. Many dissatisfied users vented their frustrations online, with the hashtag “No Bindi No Business” trending on microblogging platform X, formerly Twitter. “Look at this advertisement. Even a traditional firm like Nalli is using a model who is not wearing a bindi and looking morose. Doesn’t look like a celebration,” said a user.

Did not expect this from @NalliSilk.

Where is the Bindi? #NoBindiNoBusinesspic.twitter.com/NmydqXydF9

— Kamal Vedā / कमल वेदा (@iKamalVeda) October 18, 2023

“First of all wear a Bindi. Nalli! You get most of your business from Hindus, who purchase silk sarees for Wedding, deepavali Pongal etc and still you try to play this ugly trick. Shameful!” remarked another person.

A third user said, “Sad to see even a brand like @NalliSilk falling for the grumpy, no-bindi, mourning look! #NoBindiNoBusiness.”

“People visit Nalli for festive shopping. This hardly seems festive,” added a user. “What’s this Dull, deadpan look without Bindi ? This is festival time, is she going to a funeral?” added another user.

“Never again buying from @NalliSilk , this is not a mistake this is on purpose,” commented a person. 

Some also added that they would “boycott” the brand completely. 

However, some people came in support of the brand. “Wat d F’s wrong wid ppl these days? Who r these custodians of culture who r slamming d Ad put out by Nalli Silks? We wear a bindi wen we feel lyk. Whether one’s spouse is dead or alive, doesn’t matter! It hs no bearing on wat we choose 2 wear or nt wear!” remarked a person.

New Advertisement

After a lot of criticism, Nalli Silks launched another advertisement which was shared by actor Soni Srivastava. In the clip, several models are seen dressed in Nalli Silk Sarees and are flaunting their jewellery and bindis.

The reel began with a woman wearing a bindi on her empty forehead, followed by others applying kajal, wearing nose rings and earrings and adding fragrant flowers to their one’s hair along with bangles and necklaces to give a festive vibe.

Similar Cases

Recently, HDFC Bank faced criticism for its new “Vigil Aunty” ad. In the advertisement, a character named “Vigil Aunty” was seen wearing a bindi resembling a stop sign. The advertisement was part of the 2022 HDFC campaign, which aimed to promote secure banking practices nationwide. HDFC Bank collaborated with actress Anuradha Menon to play “Vigil Aunty” for this cyber fraud awareness initiative.

However, the ad faced criticism online, with some people labelling it as anti-Hindu. An upset user wrote on X, “HDFC Bank What is this? How can you mock Hindu women like this? Do Hindu women wear bindi like this? What the need of a women in vigil army.” 

Another agreed, saying, “@HDFC_Bank @HDFCBank_Cares Whoever is your creative head, he/she lacks basic manners of respecting cultural sensitivities of a majority of your customers. $tupidity at it’s best.”