Banking

RBI Sets Up 10-Member Expert Committee On Benchmarking Of Its Statistics

The RBI on August 12, announced setting up a committee under deputy governor Michael Debabrata Patra on benchmarking the statistics regularly disseminated by it against global standards. The 10-member 'Expert Committee on Benchmarking of its Statistics' has been asked to...

RBI Tightens Norms for HFCs to Align with NBFCs

The Reserve Bank of India (RBI) has introduced stricter regulations for Housing Finance Companies (HFCs) to bring their public deposit norms in line with those for Non-Banking Financial Companies (NBFCs). This move aims to enhance regulatory parity between the two...

RBI Announces Continuous Clearing Of Cheques Under CTS

The Reserve Bank has revamped the cheque truncation system (CTS), which currently processes cheques with a clearing cycle of up to two working days, to improve the efficiency of cheque clearing and reduce settlement risk for participants, apart from enhancing...

RBI August 2024 MPC Meeting: Repo Rate Unchanged at 6.5%

The Reserve Bank of India (RBI) concluded its Monetary Policy Committee (MPC) meeting on Thursday, maintaining the benchmark interest rates at 6.5% by a 4:2 majority. This decision marks the ninth consecutive instance of unchanged rates, reflecting the central bank's...

Capital Small Finance Bank and Edelweiss Life Partner for Bancassurance

Capital Small Finance Bank (CSFB) and Edelweiss Life Insurance have joined forces in a bancassurance tie-up. This strategic partnership allows CSFB's 177 branches to offer Edelweiss Life's insurance products, enhancing CSFB's financial solutions and expanding Edelweiss Life's reach. Key Features...

RBI Revises NPA Provisioning Norms for Cooperative Banks

The Reserve Bank of India (RBI) has issued revised instructions for the treatment of Bad and Doubtful Debt Reserve (BDDR) across cooperative banks, aiming for uniformity in the accounting and prudential treatment of non-performing assets (NPAs). These new norms will...

RBI Cancels Licenses of 78 UCBs Since 2014

The Reserve Bank of India (RBI) has canceled the licenses of 78 Urban Cooperative Banks (UCBs) since 2014. Maharashtra has seen the highest number of cancellations, with 36 UCBs losing their licenses, followed by Uttar Pradesh (14) and Karnataka (8)....

The Launch Of A Smartwatch: Kotak Mahindra Bank, In Partnership With Tech Firm GOQii

Kotak Mahindra Bank Ltd has teamed up with GOQii to launch the Kotak – GOQii Smart Vital Plus smartwatch, revolutionising the way customers make payments. Priced at INR 3499, this innovative wearable device combines contactless payments with health monitoring features....

RBL Bank Launches RuPay Credit Cards With UPI And NCMC Functionalities

RBL Bank has announced integration of Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) services on RuPay Credit Cards it sells. The offering combines multiple payment capabilities into a single card. RBL Bank said the new RuPay Credit...

RBI Update on ₹2,000 Notes Withdrawal

The Reserve Bank of India (RBI) has reported that nearly 98% of ₹2,000 banknotes have been withdrawn from circulation as of July 31, 2024. The remaining ₹2,000 notes amount to ₹7,409 crore. The RBI will cease exchanging ₹2,000 notes on...