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HDFC Bank to pause phone, SMS and WhatsApp banking overnight on Aug 22-23
During this period, Customer Care services such as Phone Banking IVR, Email support, Social Media channels, ChatBanking on WhatsApp, and SMS Banking will be unavailable, except for the toll-free number dedicated to hotlisting bank accounts and cards in case of loss or fraud.
However, customers can continue to access PhoneBanking Agent services, as well as digital channels including HDFC Bank NetBanking, MobileBanking, PayZapp, and MyCards for their transactions.
The bank stated that the scheduled maintenance is part of ongoing efforts to enhance system efficiency and improve the overall banking experience.
HDFC Bank expressed appreciation for customer cooperation, assuring that the upgrades will help improve service reliability in the future.
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Economic Times
3 hours ago
- Economic Times
Growth to get lift, boost for demand after GST rationalisation, say economists
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Time of India
3 hours ago
- Time of India
Growth to get lift, boost for demand after GST rationalisation, say economists
Domestic demand will get a boost after goods and services tax ( GST ) rationalisation, economists said, providing support to the economy that's seen likely taking a hit from the 50% duty levied on Indian imports by the US. Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency 'At a time where consumption demand has been uneven and felt pressure from high inflation and low nominal wage growth over the last couple of quarters, the proposed GST reforms are a positive, especially for essentials, aiding consumption by the lower and middle income class,' said Sakshi Gupta, principal economist at HDFC Bank . Simpler Slab Structure QuantEco Research economist Yuvika Singhal said, 'Any kind of reduction in taxes is positive for consumption as it leaves higher disposable income in the hands of consumers.' Prime Minister Narendra Modi had said in his Independence Day speech on Friday that GST reforms would provide relief to micro, small, and medium enterprises (MSMEs), local vendors and consumers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Philippines Solar Panels: See How Much It Will Cost To Install Them (See Prices) Solar Panel | Search Ads Learn More Undo The GST cuts on items will range from durables such as refrigerators and air conditioners to packaged foods and medical supplies. 'It's a much-needed development, and GST rationalisation is the need of the hour, apart from other reforms,' said Paras Jasrai, associate director at India Ratings and Research (Ind-Ra). The Centre has proposed that India move to a simpler, two-slab structure from four currently--retaining the 5% and 18% rates and scrapping the 12% and 28% levies, ET reported earlier. Live Events 'With indirect taxes having a wider reach, GST reforms can deliver a stronger boost,' said Gaura Sengupta, chief economist at IDFC First Bank . 'Rural consumption is improving but not broad-based enough to offset weak urban demand, so a fiscal push was needed—and these reforms provide that.' Local vs Global Jasrai said that lower stabs and tax rates will give consumption demand a significant boost, especially amid the uncertainty over trade tariffs that are seen impacting external demand. US President Donald Trump has imposed a 50% tariff on India, including a 25% penalty for importing Russian oil. The International Monetary Fund (IMF) and World Bank have cut global growth forecasts amid the prevailing trade uncertainty. Even so, India's domestic strength will stand out. 'Since domestic consumption makes up a larger share of the economy, India will remain resilient despite global headwinds,' said Singhal. An increase in spending activity will also lift gross domestic product (GDP). The boost to nominal GDP growth is estimated at 0.6 percentage point over 12 months using fiscal multipliers, said Sengupta. HDFC Bank's Gupta said the reform could boost demand for consumer durables if GST rates on items such as ACs and TVs are reduced. 'A more notable impact could also be seen for demand for two-wheelers and cars if the current GST rate of 28% is reduced to 18%,' she said. Singhal highlighted that fast-moving consumer goods (FMCG) companies will see a positive impact, depending on how and when the changes are implemented.
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Business Standard
10 hours ago
- Business Standard
S&P raises credit ratings of SBI, HDFC Bank, Tata Capital, 7 other firms
S&P Global on Friday upgraded the ratings of 10 leading Indian financial institutions, including SBI, HDFC Bank, and Tata Capital, news agency PTI reported. The decision came a day after the US-based agency lifted India's sovereign credit rating for the first time in 18 years. The long-term issuer credit ratings have been raised for seven banks — State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Union Bank of India, and Indian Bank. In addition, three finance companies — Bajaj Finance, Tata Capital, and L&T Finance — also received an upgrade. 'India's financial institutions will continue to ride the country's good economic growth momentum. These entities will benefit from their domestic focus and structural improvements in the system such as in the recovery of bad loans," S&P said. India's sovereign rating raised to 'BBB' On Thursday, S&P upgraded India's long-term sovereign credit rating to BBB from BBB-, with a stable outlook. This places India in the same category as Mexico, Indonesia, and Greece. It is India's first sovereign upgrade by S&P in nearly two decades. S&P cited economic resilience, fiscal consolidation, and better quality of public spending as the main reasons for the move. The rating upgrade comes days after US President Donald Trump announced a 50 per cent tariff on Indian goods and described the country as a 'dead economy'. Analysts believe the improved rating will strengthen India's case with international investors. 'India's buoyant economic growth, against the backdrop of an enhanced monetary policy environment that anchors inflationary expectations, supported this upgrade,' S&P added. India welcomes decision The Ministry of Finance welcomed the decision, stressing that India has balanced fiscal consolidation with major investments in infrastructure and inclusive growth. 'India will continue its buoyant growth momentum and undertake steps for further reforms to attain the goal of Viksit Bharat by 2047,' it said. Following the announcement, India's 10-year bond yield dropped sharply to 6.38 per cent before closing at 6.40 per cent — the biggest single-day fall in two months. The rupee also recovered some losses, ending at 87.56 against the US dollar. S&P further noted that while tariffs from the US could cause a one-time dent to growth, the long-term outlook for India remains strong. Outlook ahead Fitch Ratings and Moody's still keep India at the lowest investment grade with a stable outlook. However, S&P highlighted that India's commitment to fiscal discipline and better spending quality has already strengthened its financial profile. The agency expects India's GDP to grow 6.5 per cent this financial year, supported by consumer demand and government investments. It also projected policy continuity after upcoming state elections, which could aid further reforms and fiscal consolidation.
