With State Bank of India (SBI), the country’s largest lender, and HDFC Bank, the second-largest private sector lender, deciding to accept payments made through the Unified Payments Interface (UPI), the digital payment system is likely to see robust growth in the days to come. With this, the number of banks accepting UPI payments stands at 28.

Launched on August 25 this year, UPI has made money transfer simpler by doing away with details such as bank account number, IFSC code, etc. Bankers had hailed it as the ‘WhatsApp moment’ for payments in India.

Fixed deposit investors, beware. The government's decision to abolish Rs. 500 and Rs. 1,000 notes and replace them with new currency notes to crack down on black money may spell bad news for fixed deposit investors.

With crores of cash pouring into banks everyday, some banks have sought to cut deposit rates. Banks need to reduce their deposit rates in order to pass on the benefits of Reserve Bank of India rate cuts, amounting to 175 bps since January 2015, to borrowers. So while borrowers can avail cheaper loans, fixed deposits will turn unattractive.

The country’s second-largest private-sector lender, HDFC Bank, has reduced the interest rate on one-year fixed deposits by 25 basis points (bps) to 7%, lower than the 7.05% offered by the State Bank of India (SBI) on deposits of the same tenure. SBI had effected a 10-basis point cut on its one-year deposits, effective October 24, to push the rate down to a six-year low.

HDFC Bank has also slashed rates on its two-year and three-year fixed deposits by 25 bps each to 7%. SBI pays interest at the rate of 7% and 6.5% on its two- and three-year deposits, respectively.

HDFC Bank cut its marginal cost of funds-based lending rates by 15 basis points across tenures, the bank said on its website. While Bank of India cut its MCLR rates for certain loan tenures by 10 bps, it said in a notification to the BSE.

The revised rates are in the range of 8.70-9.05% for HDFC Bank, and have been made effective today.

HDFC Bank reported net profit of Rs 3,455 crore, 20.4 per cent year-on-year growth in quarter ended September’16. This was in line with Bloomberg estimates of Rs 3,456 crore. Net interest income (interest earned less interest expended) at Rs 7,994 crore grew by 19.7 per cent year-on-year, while net revenue at Rs 9,233 crore expanded by 18 per cent year-on-year, slightly below Bloomberg estimates at Rs 10,144 crore.

Mortgage lender HDFC on Friday said it has raised Rs 500 crore through rupee-denominated bonds from overseas investors.

"The corporation has completed the fourth issue of rupee denominated-bonds to overseas investors of issue size Rs 500 crore," HDFC said in a regulatory filing to stock exchanges.

Largest mortgage lender Housing Development Finance Corporation (HDFC) has raised another Rs 500 crore by issuing rupee-denominated masala bonds to overseas investors, taking the tally to Rs 5,000 crore so far.

"With reference to the earlier letter dated October 12, 2016, informing about the opening of the fourth issue of rupee-denominated bonds to overseas investors, aggregating an amount up to Rs 500 crore," it said in a filing.

Mortgage lender HDFC on Thursday said it will raise up to Rs 500 crore through rupee-denominated bonds from overseas investors.

Pursuant to the approval of the Board of Directors of the corporation at its meetings held previously, the corporation is contemplating, subject to market conditions, undertaking the fourth issuance of Rupee Denominated Bonds to overseas investors...Issue size will be up to Rs 500 crore, HDFC said in a regulatory filing to stock exchanges.

HDFC Bank on Monday announced that it has selected software major Adobe's 'Marketing Cloud' platform to deliver personalised digital experiences to its 37 million customers.

HDFC Bank has developed a comprehensive e-mail marketing solution based on the Adobe platform that will span multiple outbound channels including email, SMS, social and mobile apps.

HDFC Bank on Thursday said it has raised Rs 6,700 crore by issuing bonds via private placement.

"The bank has issued and allotted on September 21, 2016 on a private placement basis, senior, unsecured, redeemable, long term, non-convertible bonds in the nature of debentures amounting to Rs 6,700 crore," HDFC Bank said in a regulatory filing.

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