Banking

Shriram Housing Finance Rebrands as Truhome Finance

In a significant development, Shriram Housing Finance has rebranded itself as Truhome Finance, marking a pivotal shift in its corporate identity and strategic direction. This transformation follows the acquisition by Warburg Pincus and co-investors, including Qatar’s sovereign wealth fund, QIA....

PNB MetLife Joins Hands with Saraswat Bank for Financial Inclusion

On January 15, 2025, PNB MetLife India Insurance Company Limited announced a strategic bancassurance partnership with Saraswat Co-Operative Bank Ltd., India's largest urban co-operative bank. This collaboration aims to provide a comprehensive range of life insurance solutions—including savings, protection, retirement,...

Punjab National Bank and Indian Bank Appoint New MDs and CEOs

On January 16, 2025, the Indian government appointed new Managing Directors and Chief Executive Officers for two major public sector banks: Ashok Chandra at Punjab National Bank (PNB) and Binod Kumar at Indian Bank. Punjab National Bank (PNB) Appointment Ashok...

M. Rajeshwar Rao to Lead RBI’s Monetary Policy Department

The Reserve Bank of India (RBI) has appointed Deputy Governor M. Rajeshwar Rao to oversee the Monetary Policy and Economic Research Departments, following the completion of Deputy Governor Michael Patra's term on January 15, 2025. Transition in Leadership Michael Patra,...

PhonePe, ICICI Lombard Launch Maha Kumbh Mela Insurance

In anticipation of the Maha Kumbh Mela, scheduled from January 13 to February 26, 2025, in Prayagraj, Uttar Pradesh, PhonePe has partnered with ICICI Lombard General Insurance to offer specialized insurance coverage for attendees. This initiative aims to provide comprehensive...

HDFC Bank Secures RBI Approval to Acquire Stakes in Peer Banks

HDFC Bank, India's largest private sector lender, has received the Reserve Bank of India's (RBI) approval to acquire up to a 9.5% stake in Kotak Mahindra Bank, AU Small Finance Bank, and Capital Small Finance Bank. This strategic move is...

RBI Approves Merger of National and Cosmos Co-operative Banks

The Reserve Bank of India (RBI) has approved the merger of National Co-operative Bank (Bangalore) with Cosmos Co-operative Bank (Maharashtra), effective from January 6, 2025. This decision is part of ongoing consolidation efforts within India's banking sector. Following the merger,...

BharatPe to Sell 25% Stake in Unity Small Finance Bank

India's leading fintech company BharatPe is planning to sell up to 25% of its 49% stake in Unity Small Finance Bank (Unity Bank). The move is aimed at raising around $800 million (approximately Rs 6,500 crore) and is part of...

SBI Introduces ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ Deposit Schemes

The State Bank of India (SBI) has launched two innovative deposit schemes: 'Har Ghar Lakhpati' and 'SBI Patrons,' aiming to enhance financial inclusion and cater to diverse customer needs. Har Ghar Lakhpati: Pre-Calculated Recurring Deposit Scheme 'Har Ghar Lakhpati' is...

RBI’s 2024-25 Report on State Finances

The Reserve Bank of India's (RBI) recent report, "State Finances: A Study of Budgets of 2024-25," highlights significant improvements in the fiscal health of state governments post-pandemic, while also identifying areas requiring further attention. Fiscal Consolidation Achievements Gross Fiscal Deficit...