Banking

World Bank Approves $1.5 Billion Loan For Low Carbon Energy Sector

The World Bank’s Board of Executive Directors June 28, approved $1.5 billion in financing for a second operation to help India accelerate the development of low-carbon energy. The operation will seek to promote the development of a vibrant market for...

PNB Launches ‘Safety Ring’ to Enhance Internet and Mobile Banking Security

In response to rising cyber fraud incidents, Punjab National Bank (PNB) has introduced the 'Safety Ring' security feature. This optional mechanism provides an additional layer of protection against unauthorized access, aimed at minimizing potential financial losses for users of its...

Kotak Mahindra Mutual Fund Launches BSE PSU Index Fund

Kotak Mahindra AMC has introduced the Kotak BSE PSU Index Fund, a passive equity scheme mirroring the BSE PSU Index comprising 56 PSU stocks. This fund aims to capitalize on the strong momentum in public sector undertaking (PSU) stocks, which...

PSU Banks Pay ₹6,481 Crore Dividend to Govt for FY 2023-24

Four public sector banks, including Canara Bank, Indian Bank, Bank of India, and EXIM Bank, have collectively paid a dividend of ₹6,481 crore to the government for the financial year 2023-24. Finance Minister Nirmala Sitharaman received dividend cheques from each...

ICICI Lombard Introduces ‘Elevate’: Revolutionizing Health Insurance with AI

ICICI Lombard, a leading private general insurer in India, has launched 'Elevate', a pioneering health insurance product integrating AI technology. This innovative offering is designed to meet the diverse needs of modern lifestyles and unforeseen medical emergencies, emphasizing personalized solutions...

Bank of Baroda to Raise ₹7,500 Crore Through AT1 and Tier 2 Bonds

Bank of Baroda (BoB) plans to raise up to ₹7,500 crore through Additional Tier-I (AT1) and Tier-II bonds to meet regulatory requirements and support business growth. This capital will be raised in multiple tranches up to March 31, 2025, and...

RBI Has Cancelled Licence of 7 Co-Operative Banks Since Jan

The Reserve Bank of India (RBI) has once again cancelled the licence of a co-operative bank due to its deteriorating financial health. Since January, licences of Sumerpur Mercantile Urban Cooperative Bank Limited, Jai Prakash Narayan Nagari Sahakari Bank Ltd, Shree...

LIC Raises Stake in IDFC First Bank

State insurer Life Insurance Corporation of India (LIC) has expanded its stake in IDFC First Bank to 2.68%, purchasing the lender’s shares for ₹80.63 each. The overall acquisition cost is ₹1,500 Crore. IDFC First Bank to 20.02 crore shares LIC...

RBI Slaps ₹1.32 Crore Monetary Penalty on PNB

The Reserve Bank of India (RBI) on July 5 imposed a monetary penalty of ₹1.32 crore on Punjab National Bank (PNB) for violations related to loans and advances and Know Your Customer (KYC) norms. Violation Details The penalty was imposed...

RBI’s 29th Financial Stability Report (FSR) July 2024: An Overview

The Financial Stability Report (FSR) is a comprehensive, half-yearly publication that involves contributions from all financial sector regulators in India. It reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council on current and emerging risks...