Banking

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...

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....

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...

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...

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...

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...