Banking

Rama Mohan Rao Amara Appointed as SBI’s New Managing Director

The Indian government has appointed Rama Mohan Rao Amara as the new Managing Director (MD) of State Bank of India (SBI) for a period of three years. His appointment was approved by the Appointments Committee of the Cabinet (ACC) and...

RBI Lifts Restrictions on Edelweiss Group’s ECL Finance and ARC

The Reserve Bank of India (RBI) has lifted the supervisory restrictions on two entities of the Edelweiss Group—ECL Finance Ltd and Edelweiss Asset Reconstruction Company Ltd (Edelweiss ARC). These restrictions were imposed in May 2024 due to concerns over regulatory...

Public Sector Banks Record Net Profit of Rs 85,520 Crore In First Half FY2024-25

In the first half of FY 2024-25, Public Sector Banks (PSBs), including the State Bank of India (SBI), reported a net profit of ₹85,520 crore, marking an impressive 26% growth compared to ₹67,850 crore during the same period in the...

RBI’s Measures to Tackle Growing Unclaimed Deposits

The Reserve Bank of India (RBI) has taken significant steps to address the rising issue of unclaimed deposits, safeguarding depositor interests while introducing efficient mechanisms for reclaiming funds. Unclaimed deposits, defined as balances in savings/current accounts or term deposits inactive...

Manish Jain Appointed Executive Director at YES Bank

YES Bank announced that the Reserve Bank of India (RBI) had approved the appointment of Manish Jain as the Executive Director (Whole-Time Director) of the bank. Jain’s appointment is for a period of three years, starting from December 11, 2024,...

BOBCARD Launches TIARA Credit Card

BOBCARD has launched the TIARA Credit Card, a premium, women-centric offering designed to empower modern women. This card is packed with rewards across various categories such as travel, lifestyle, dining, entertainment, and health, providing women with the tools to manage...

Ajay Seth Assumes Additional Charge as Revenue Secretary

The government has assigned Economic Affairs Secretary Ajay Seth the additional charge of Revenue Secretary following the appointment of Sanjay Malhotra as the new Reserve Bank of India (RBI) Governor. This transition reflects significant administrative shifts in India's financial governance,...

Sanjay Malhotra Appointed as New RBI Governor

Sanjay Malhotra, a seasoned bureaucrat and Revenue Secretary, has been appointed as the 26th Governor of the Reserve Bank of India (RBI). A 1990-batch IAS officer from the Rajasthan cadre, he succeeds Shaktikanta Das, whose tenure ends on 10th December...

RBI Eases FCNR(B) Deposit Rates to Boost Foreign Inflows Amid Global Softening

The Reserve Bank of India (RBI) has raised interest rate ceilings on Foreign Currency Non-Resident Bank [FCNR(B)] deposits to attract foreign capital inflows. However, experts predict a limited impact due to the availability of cheaper foreign currency funding options in...

SBI Card Surpasses 20 Million Credit Cards Milestone

SBI Card has reached a significant milestone by surpassing 20 million credit cards in circulation, a testament to its growth since entering the credit card market in 1998. This achievement comes after a consistent rise in its card numbers and...