Banking

RBI Fines Axis Bank and HDFC Bank for Non-Compliance

The Reserve Bank of India (RBI) has levied fines on HDFC Bank and Axis Bank due to regulatory non-compliance. HDFC Bank has been fined ₹1.91 crore, while Axis Bank has received a ₹1 crore penalty. The penalties are imposed for...

RBL Bank Teams Up with IndianOil for New Credit Card

Private sector lender RBL Bank has launched a new credit card in collaboration with Indian Oil Corporation, named 'Xtra Credit Card,' as part of its strategy to moderately grow its credit card portfolio and enhance customer engagement. The move comes...

RBI imposes penalties on Godrej Housing, HUDCO, and Aadhar Housing Finance

The Reserve Bank of India (RBI) has levied penalties on three Non-Banking Financial Companies (NBFCs) for failing to comply with its directives on housing finance companies. The penalties are as follows: Godrej Housing Finance Limited and Aadhar Housing Finance Limited...

HDFC Bank Launches GIGA: Financial Services for India’s Gig Workforce

HDFC Bank has introduced GIGA, a new suite of financial products and services specifically designed for gig workers and freelancers in India. The initiative aims to cater to an estimated 30-50 million gig workers across various job sectors, from white-collar...

POP Launches India’s First Multi-Brand Co-Branded Card with RuPay & Yes Bank

POP, a fintech startup founded by former Flipkart employees, has introduced India's first multi-brand co-branded credit card in partnership with RuPay and Yes Bank. This innovative card, known as the YEB BANK POP-CLUB RuPay credit card, integrates major brands like...

Mastercard Launches Payment Passkey Service in India

Mastercard has globally debuted its Payment Passkey Service in India, aiming to enhance online shopping security and convenience. Unveiled at the Global Fintech Fest in Mumbai, this service, initially piloted with Indian payment leaders like Juspay, Razorpay, and PayU, along...

RBI Imposes Penalties on UCO Bank and Cent Bank Home Finance Ltd

The Reserve Bank of India (RBI) has levied penalties on two financial entities for regulatory non-compliance. UCO Bank has been fined Rs 2.68 crore for violating provisions related to current account openings, deposit interest rates, and fraud classification. Meanwhile, Cent...

LIC Pays ₹3,662 Crore Dividend to Indian Government

On Thursday, Life Insurance Corporation of India (LIC) presented a dividend cheque of ₹3,662.17 crore to Union Finance and Corporate Affairs Minister Nirmala Sitharaman. This follows the shareholder approval of a final dividend of ₹6 per share for 2023-24, up...

ESAF Small Finance Bank Launches Inori RuPay Platinum Credit Card

ESAF Small Finance Bank, in collaboration with the National Payments Corporation of India (NPCI), has introduced the Inori RuPay Platinum Credit Card. This premium financial product offers cardholders exclusive benefits and privileges. RuPay's Rising Dominance in Debit Card Issuance RuPay...

Jana Small Finance Bank Sweeps 4 Awards At ICC Emerging Asia Banking Conclave

Jana Small Finance Bank has once again cemented its status as a frontrunner in the Indian banking industry. The bank's commitment to excellence and innovation was recognized at the prestigious 2nd ICC Emerging Asia Banking Conclave & Awards, where it...