Banking

HDFC Bank Exits Protean eGov Tech, Sells Entire Stake

HDFC Bank divested its entire 3.20% stake in Protean eGov Technologies, amounting to 12,94,326 shares, for Rs 150 crore. The shares were sold at an average price of Rs 1,160.15 apiece through an open market transaction. Simultaneously, Nippon India Mutual...

SBI Bolsters Presence in GIFT City with Acquisition of Stake in CCIL IFSC

In a strategic move to expand its foothold within the Gujarat International Finance Tec City (GIFT City), the State Bank of India (SBI) has finalized the acquisition of a 6.125% stake in CCIL IFSC Limited. The transaction, valued at ₹6.125...

YES Bank Launches YES Grandeur: Elevating Banking for Elite Customers

In a strategic move to cater to the evolving needs of affluent and elite customers, YES Bank has introduced 'YES Grandeur,' a premium banking service designed to provide tailored financial and lifestyle solutions. Tailored Premium Services Under 'Yes Grandeur,' customers...

Govt will Receive 30% More Dividend From Public Sector Banks in FY24

Public sector banks (PSBs) are poised to deliver approximately 30% higher dividends to the government in FY24 compared to the previous fiscal year. The total dividends from PSBs are estimated at ₹18,013 crore for FY24, a significant uptick from ₹13,804...

Bank of Maharashtra Tops Among PSU Banks in Business Growth in FY24

Bank of Maharashtra has emerged as a top performer among public sector banks, showcasing impressive growth in total business and deposit mobilization. With a 15.94% rise in total business and a 15.66% increase in deposits, it outshines competitors like State...

SBI General Unveils ‘Surety Bond Bima’ for Infrastructure Projects

SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), has launched 'Surety Bond Bima' to support infrastructure development by providing a security arrangement for infrastructure projects. Purpose and Function This product, developed in line with the...

LIC Granted 3-Year Extension by Sebi to Achieve 10% Public Shareholding

In a move aimed at granting additional time to Life Insurance Corporation (LIC) of India to meet regulatory requirements, the Securities and Exchange Board of India (Sebi) has extended LIC's deadline to achieve a minimum 10% public shareholding. LIC, a...

RBI Approves Quant MF to Raise Stake in RBL Bank

The Reserve Bank of India (RBI) has granted approval to Quant Mutual Fund (MF) to increase its stake in RBL Bank to 9.98% by May 12, 2025. This approval, subject to conditions and provisions under the Banking Regulation Act, 1949,...

Enhancing Global Commerce Opportunities: YES BANK and EBANX Partnership

YES BANK, a leading private sector bank in India, is collaborating with EBANX, a global fintech firm specializing in payment solutions for emerging markets. Together, they aim to provide a comprehensive range of scalable payment solutions to merchants, facilitating seamless...

RBI Lifts Restrictions on Bank of Baroda’s ‘BoB World’ Mobile App

The Reserve Bank of India (RBI) has announced the lifting of restrictions on Bank of Baroda's BoB World mobile application, permitting the bank to onboard customers immediately. This decision follows the RBI's directive in October 2023 to suspend customer onboarding...