Banking

Public Sector Banks Witness a 33% Surge in Dividend Payouts in FY24, Reflecting Strong Financial Growth

Public Sector Banks (PSBs) in India have shown remarkable financial improvement, as reflected in their highest-ever net profits and a significant rise in dividend payouts. In the financial year 2023-24 (FY24), the dividend payout by PSBs surged by 33% to...

RRBs Get Five More Years to Amortize Additional Pension Liabilities

The Reserve Bank of India (RBI) has granted Regional Rural Banks (RRBs) an additional five years from FY25 to amortize the additional expenditure arising from the revision in pensions. This decision follows concerns about absorbing the increased liability in a...

SBI Mutual Fund Launches Two New PSU Bank-Focused Schemes

SBI Mutual Fund has introduced two new investment schemes—the SBI BSE PSU Bank Index Fund and the SBI BSE PSU Bank ETF—which aim to provide investors exposure to India's public sector banking sector. Both schemes will track the BSE PSU...

Cabinet Approves ₹1,500 Crore UPI Incentive Scheme for Banks

The Union Cabinet has approved an incentive scheme of ₹1,500 crore for banks to promote Unified Payments Interface (UPI) transactions below ₹2,000 in FY 2024–25. Banks will receive a 0.15% incentive on such transactions made by small merchants, with a...

SEBI Reduces Minimum Investment in SSE to ₹1,000

The Securities and Exchange Board of India (SEBI) has reduced the minimum investment amount for Zero Coupon Zero Principal (ZCZP) instruments on the Social Stock Exchange (SSE) from ₹10,000 to ₹1,000. This decision, based on recommendations from the Social Stock...

RBI’s Net Short Position in Forward Market Swells to $77.5 Billion: Analyzing the Forex Trends

The Reserve Bank of India (RBI) has reported a significant rise in its net short position in the forward book, which expanded to $77.5 billion by the end of January 2025, up from $67.9 billion in December 2024. This increase...

US Overtakes UAE as India’s Largest Source of Remittances, Says RBI Survey

The Reserve Bank of India (RBI) released the results of the sixth round of India’s Remittances Survey (2023-24), revealing a shift in migration trends. More skilled professionals are migrating, leading to an increase in remittances from advanced economies, surpassing inflows...

Fitch Affirms Union Bank of India, PNB Rating at BBB- with Stable Outlook

Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Union Bank of India and Punjab National Bank (PNB) at 'BBB-' with a stable outlook. The rating reflects strong government support, a favorable operating environment, and improved risk profiles....

City Union Bank Becomes Exclusive Banking Partner of Sunrisers Hyderabad

City Union Bank (CUB) has officially partnered with Sunrisers Hyderabad (SRH) as its exclusive banking partner. This strategic collaboration aims to provide SRH fans, players, and staff with customised financial solutions, exclusive offers, and enhanced digital banking services. The partnership...

SBI to Launch Project Finance Unit for AI, Fintech, and E-Commerce

The State Bank of India (SBI), the country's largest public sector bank, is establishing a specialized unit to manage project financing for emerging industries such as artificial intelligence (AI), e-commerce, and fintech. This initiative is part of SBI's broader strategy...