Banking

RBI Sets 6.66% Interest Rate on GOI Floating Rate Bonds 2035

The Reserve Bank of India (RBI) has recently announced that the interest rate for the Government of India Floating Rate Bonds 2035 (GOI FRB 2035) will be set at 6.66% per annum. This rate will be applicable for the period...

SBI Payments & Pine Labs Boost Partnership for Digital Commerce Growth

In a major move towards expanding digital commerce, State Bank of India (SBI) Payments and Pine Labs have announced the strengthening of their 12-year-old partnership. This new phase of collaboration, which began on January 25, 2025, is focused on driving...

Banks Reevaluate Recovery Strategies as IBC Effectiveness Declines

The Insolvency and Bankruptcy Code (IBC), once a pivotal tool for resolving distressed assets in India, is experiencing a slowdown in case admissions. Banks are increasingly hesitant to utilize this channel due to diminishing recovery rates and prolonged resolution timelines....

RBI Greenlights NUCFDC to Boost Urban Cooperative Banks

The Reserve Bank of India (RBI) has approved the creation of the National Urban Cooperative Finance and Development Corporation (NUCFDC) to bolster the operational efficiency of Urban Cooperative Banks (UCBs) across India. This initiative aims to address challenges such as...

IDBI Bank Reappoints Rakesh Sharma as MD & CEO for 3 Years

IDBI Bank's Board of Directors has approved the reappointment of Rakesh Sharma as Managing Director and Chief Executive Officer (MD & CEO) for a three-year term, effective March 19, 2025. This decision follows the necessary approval from the Reserve Bank...

UPI’s Dominance in India’s Digital Payments Landscape

In 2024, the Unified Payments Interface (UPI) solidified its position as the cornerstone of India's digital payment ecosystem, accounting for 83% of all digital transactions, a significant rise from 34% in 2019. This surge underscores UPI's rapid adoption and the...

City Union Bank’s Consecutive Triumph at IBA Banking Technology Awards

City Union Bank (CUB) has once again demonstrated its technological prowess by securing seven prestigious awards at the 19th Banking Technology Conference, Expo & Citations 2023, organized by the Indian Banks Association (IBA) in Mumbai. This marks the second consecutive...

32.81% Surge in Complaints to RBI Ombudsman

In 2024, the Reserve Bank of India's (RBI) Integrated Ombudsman Scheme saw a significant 32.81% increase in bank customer complaints, reaching a total of 9.34 lakh. This rise highlights a growing concern regarding customer grievances in the banking sector. The...

P. Suriaraj Appointed Executive Director of Dhanlaxmi Bank

P. Suriaraj has assumed the role of Executive Director at Dhanlaxmi Bank, bringing with him a wealth of experience from his tenure at Tamilnad Mercantile Bank Ltd. His appointment is expected to bolster the bank's strategic initiatives and operational efficiency....

PNB Pioneers Real-Time Cybercrime Response with Clari5 Integration

Punjab National Bank (PNB) has become the first Indian bank to implement Clari5's National Cybercrime Reporting Portal (NCRP) Integration Solution, marking a significant advancement in fraud prevention and complaint management. This state-of-the-art system, developed in collaboration with the Indian Cyber...