Banking

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...

RBI Fines Canara, BOI, and J&K Bank for Non-Compliance

The Reserve Bank of India (RBI) has recently imposed monetary penalties on Canara Bank, Bank of India, and Jammu & Kashmir Bank due to various regulatory compliance deficiencies. Jammu and Kashmir Bank Penalty Amount: ₹3.31 crore Reason: Violation of norms...

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...

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...

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...

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...

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...