Banking

RBI Releases New Guidelines for ARCs Effective April 24, 2024

The Reserve Bank of India (RBI) has issued a comprehensive master direction for asset reconstruction companies (ARCs), which will come into effect from April 24, 2024. These guidelines aim to enhance the regulatory framework for ARCs and ensure their financial...

HDFC Life Leadership Transition: Keki Mistry Appointed Chairman

In a significant move, banker Deepak S Parekh has resigned from his positions as chairman and non-executive director of HDFC Life Insurance, effective April 18, 2024. Following this, Keki Mistry, who has been associated with the company since December 2000,...

Top Indian Banks in Asia-Pacific Region: S&P Global Report

According to a recent report by S&P Global, three Indian banks—State Bank of India (SBI), HDFC Bank, and ICICI Bank—have secured positions among the top 50 banks in the Asia-Pacific region based on their assets. State Bank of India (SBI)...

Airtel Payments Bank Launches NCMC-enabled Debit and Prepaid Cards

Airtel Payments Bank has introduced NCMC-aligned debit and prepaid cards in collaboration with NPCI, powered by RuPay. These cards are designed to support India's One Nation, One Card initiative. Savings account holders can avail NCMC-enabled debit cards, while wallet users...

Bandhan Life Insurance Unveils New Identity and Growth Strategy

Bandhan Life Insurance, formerly known as Aegon Life Insurance, has rebranded itself with the tagline 'Bharat Ki Udaan, Bandhan Se', reflecting its commitment to empowering the aspirations of India. Under the ownership of Bandhan Financial Holdings, the company is embarking...

RBI Approves Ajith Kumar KK as Dhanlaxmi Bank’s MD & CEO Amid Capital Raise

The Reserve Bank of India (RBI) greenlights Ajith Kumar KK's appointment as Managing Director & CEO of Dhanlaxmi Bank, marking a pivotal moment amidst the bank's preparations for a ₹300 crore rights issue. The leadership transition follows a series of...

SBI Life Launches IdeationX: Pioneering Life Insurance Innovation

SBI Life Insurance has inaugurated IdeationX, a groundbreaking initiative aimed at fostering life insurance innovation. This initiative encourages future leaders from top B-Schools to devise unconventional solutions that cater to evolving consumer needs in the insurance sector. Engaging B-Schools for...

RBI’s Ban on Bank of Baroda World App: Strengthening Measures Against Cyber Fraud

In response to a surge in cyber fraud incidents, including the Bank of Baroda World app scam, the Reserve Bank of India (RBI) halted Bank of Baroda's customer onboarding on its 'BoB World' mobile app in October 2023. The Finance...

LIC Increases Equity Stake in Hindustan Unilever by Over 5%

In a recent move, Life Insurance Corporation of India (LIC) announced that its stake in FMCG major Hindustan Unilever Limited (HUL) has surpassed 5%. The Corporation augmented its shareholding in HUL from 4.99% to 5.01% of the company's paid-up capital...

IMGC and Bank of India Partner to Offer Mortgage Guarantee-Backed Home Loans

India Mortgage Guarantee Corporation (IMGC) has entered into a strategic partnership with Bank of India (BOI) to introduce mortgage guarantee-backed home loan products. This collaboration targets salaried and self-employed individuals in the affordable housing sector, aiming to enhance accessibility to...