Banking

India Post Payments Bank (IPPB) Introduces AePS Service Charges

India Post Payments Bank (IPPB) has implemented service charges for Aadhaar Enabled Payment System (AePS) transactions, effective from June 15, 2022. AePS is a bank-led model allowing online financial transactions at Point of Sale (PoS) terminals through Aadhaar authentication, enabling...

Neobank Revolut India Receives In-Principle Approval for PPI License from RBI

In a significant development, Revolut India, backed by Tiger Global and Softbank, has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI). This approval marks a crucial step for Revolut in expanding its...

HDFC Bank Becomes First Private Bank to Open Branch in Lakshadweep

Private lender HDFC Bank has opened a branch at Kavaratti Island in Lakshadweep, making it the only private sector bank to have a presence in the Union Territory. This branch is aimed at upgrading the banking infrastructure in Lakshadweep by...

ICICI Lombard Partners with Policybazaar to Expand Insurance Distribution

In a strategic move aimed at enhancing insurance distribution across India, ICICI Lombard General Insurance Company has forged a partnership with Policybazaar. This collaboration aims to leverage Policybazaar's digital platform to offer a wide range of insurance products to approximately...

Mudra Loans Surge Past ₹5 Lakh Crore Mark in FY24

In FY24, small business loans under the Pradhan Mantri Mudra Yojana (PMMY) witnessed a record surge, crossing the ₹5 lakh crore milestone, as per recent government data. Disbursements totaled ₹5.20 lakh crore, a significant increase from ₹4.40 lakh crore in...

SIDBI Partners with KarmaLife to Offer Micro Loans for Gig Workers

The Small Industries Development Bank of India (SIDBI) has forged a partnership with fintech platform KarmaLife to extend micro loans to gig workers. This collaboration aims to enhance financial inclusion for gig workers by leveraging KarmaLife's mobile app technology to...

RBI Imposes Penalties on IDFC First Bank and LIC Housing Finance

The Reserve Bank of India (RBI) has imposed monetary penalties on two financial institutions - IDFC First Bank and LIC Housing Finance - for non-compliance with various regulations. Penalty on IDFC First Bank The RBI has imposed a penalty of...

J&K Bank Introduces Virtual ATM Facility in Collaboration with Paymart India

In a strategic partnership aimed at enhancing banking convenience, J&K Bank has teamed up with Paymart India Pvt Ltd to launch a Virtual ATM (VATM) facility. This innovative service enables cardless cash withdrawals for customers through local retailers, particularly benefiting...

RBI Postpones Implementation of New Rules for Exchange-Traded Forex Derivatives

The Reserve Bank of India (RBI) has deferred the implementation of new regulations governing exchange-traded forex derivatives to May 3. These regulations, initially set to take effect imminently, aim to ensure participants in the market have genuine foreign-exchange exposure. However,...

RBI Monetary Policy, Repo Rate To Remain Steady For Seventh Time

RBI Monetary Policy Committee has decided by majority 5:1 to keep policy rates unchanged, Governor Shaktikanta Das announced on April 5.  He also that core inflation has declined steadily. It is the first bi-monthly monetary policy of 2024-25. The Reserve...