Banking

  • IDFC FIRST Bank and RuPay Introduce FIRST EA₹N RuPay Credit Card

    IDFC FIRST Bank has partnered with RuPay to launch the FIRST EA₹N RuPay Credit Card, a secured credit card that combines the benefits of a fixed deposit with the convenience of UPI transactions. This innovative card aims to provide users...

    Last updated on January 24th, 2025 04:38 pm
  • Skydo Receives RBI Nod as Cross-Border Payment Aggregator

    Skydo Technologies, a Bengaluru-based fintech firm, has received in-principle authorization from the Reserve Bank of India (RBI) to function as a Payment Aggregator-Cross Border (PA-CB) entity. This approval underscores Skydo's commitment to providing compliant, seamless, and cost-effective cross-border payment solutions...

    Last updated on January 24th, 2025 01:42 pm
  • RBI Tightens Guidelines for ARCs in Borrower Settlements

    The Reserve Bank of India (RBI) has introduced stricter guidelines for Asset Reconstruction Companies (ARCs) to enhance transparency and accountability in borrower settlements. These revisions aim to standardize procedures and align them with practices of banks and non-banking financial companies...

    Last updated on January 23rd, 2025 03:08 pm
  • RBI’s Strategic Liquidity Infusion to Stabilize Money Markets

    In a decisive move to address liquidity constraints in the Indian banking system, the Reserve Bank of India (RBI) has conducted a series of Variable Rate Repo (VRR) auctions, infusing a substantial ₹76,000 crore into the financial ecosystem. This initiative...

    Last updated on January 23rd, 2025 02:40 pm
  • Alok Kumar Agarwal Appointed CEO of Zurich Kotak General Insurance

    Alok Kumar Agarwal has been appointed as the Managing Director and Chief Executive Officer of Zurich Kotak General Insurance, effective January 1, 2025. He succeeds Suresh Agarwal in this role. Professional Background Prior to this appointment, Agarwal spent 22 years...

    Last updated on January 21st, 2025 04:44 pm
  • RBI Directs Banks to Use ‘1600xx’ Number Series for Transactional Calls

    In a move to combat financial fraud, the Reserve Bank of India (RBI) has mandated that banks and other regulated entities (REs) utilize the '1600xx' numbering series exclusively for transactional calls to customers. For promotional communications, the '140xx' series should...

    Last updated on January 21st, 2025 11:51 am
  • RBI Constitutes New Advisory Committee for Bank Licensing

    On January 20, 2025, the Reserve Bank of India (RBI) established a new Standing External Advisory Committee (SEAC) to evaluate applications for Universal Banks and Small Finance Banks (SFBs). This committee is chaired by former RBI Deputy Governor M. K....

    Last updated on January 21st, 2025 10:27 am
  • HSBC India Expands: RBI Approves 20 New Branches

    HSBC India has received approval from the Reserve Bank of India (RBI) to establish 20 new branches across key cities, marking the largest expansion granted to a foreign bank by the RBI in over a decade. Targeted Cities for Expansion...

    Last updated on January 20th, 2025 11:00 am
  • RBI Allows Overseas Banks to Open INR Accounts

    In a significant policy shift, the Reserve Bank of India (RBI) has authorized overseas branches of authorized banks to open Indian Rupee (INR) accounts for non-residents. This initiative aims to bolster the global use of the Indian Rupee in cross-border...

    Last updated on January 18th, 2025 12:32 pm
  • RBI’s Record Forex Intervention in November 2024

    In November 2024, the Reserve Bank of India (RBI) sold a record $20.2 billion in the foreign exchange market to stabilize the rupee amid significant foreign portfolio investor (FPI) outflows. This intervention increased the RBI's net short position in the...

    Last updated on January 18th, 2025 11:59 am