Banking

FSIB Recommends Ashok Chandra as Next MD and CEO of PNB

The Financial Services Institutions Bureau (FSIB) has recommended Ashok Chandra as the next Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB). Currently serving as Executive Director at Canara Bank since November 2022, Chandra's banking career...

Ujjivan Small Finance Bank Receives RBI Approval for Foreign Exchange Services

Ujjivan Small Finance Bank has secured approval from the Reserve Bank of India (RBI) for foreign exchange services, marking a significant milestone in its operational capabilities. The bank has been granted the 'Authorised Dealer Category 1 licence,' allowing it to...

SBI Named Best Bank in India for 2024 by Global Finance Magazine

State Bank of India (SBI) has been awarded the title of Best Bank in India for 2024 by Global Finance Magazine during its 31st Annual Best Bank Awards, held in Washington, coinciding with the Annual Meetings of the IMF and...

SBI Raises ₹5,000 Crore via AT-1 Bonds at 7.98%

On Wednesday, State Bank of India (SBI) successfully raised ₹5,000 crore through the issuance of Additional Tier-I (AT-I) bonds, marking its first issuance for the current financial year. The bonds, which carry a coupon rate of 7.98%, are aimed at...

HDFC Life’s Commitment to DEI: A Dual Recognition Triumph

HDFC Life, a prominent player in India's insurance sector, has earned dual accolades for its commitment to Diversity, Equity, and Inclusion (DEI) by Avtar and Seramount. Recognised among the Best Companies for Women in India (BCWI) and as 'Exemplars of...

RBI Updates Alert List of Unauthorized Forex Trading Platforms

The Reserve Bank of India (RBI) has expanded its 'Alert List' of unauthorized forex trading platforms by adding 13 new entities, bringing the total to 88. This list includes names of entities not authorized to deal in forex under the...

Paytm Receives NPCI Nod to Onboard New UPI Users After RBI Restrictions

Paytm has received approval from the National Payments Corporation of India (NPCI) to onboard new UPI users, ending a nine-month embargo imposed by the Reserve Bank of India (RBI). This decision is expected to increase Paytm’s UPI transaction volumes and...

India and South Korea Set to Join FTSE Russell EMGB Index in 2025

Global index provider FTSE Russell has announced that India’s sovereign bonds will be included in its Emerging Markets Government Bond Index (EMGBI) starting September 2025. This follows similar inclusions by JP Morgan and Bloomberg Index Services, which could potentially attract...

RBI Bars Navi Finserv, 3 NBFCs for Lending Violations

The Reserve Bank of India (RBI) has barred four non-banking financial companies (NBFCs), including Sachin Bansal’s Navi Finserv, from sanctioning and disbursing loans starting October 21, 2024. The ban affects Navi Finserv, Asirvad Microfinance, Arohan Financial Services, and DMI Finance,...

HDFC Opens First Singapore Branch to Expand Global Presence

HDFC Bank has officially opened its first branch in Singapore as part of its strategy to expand its international operations. Granted a wholesale banking license by the Monetary Authority of Singapore (MAS), effective from October 15, 2024, the bank aims...