Banking

30 Banks Join RBI’s UDGAM Portal for Unclaimed Deposits

The Reserve Bank of India (RBI) has announced that 30 banks are now participating in the UDGAM portal, designed for individuals to search for their unclaimed deposits/accounts. This portal, developed by the RBI, aims to provide a centralized platform for...

RBI Streamlines Net Banking with Interoperable Merchant Payments

Reserve Bank Governor Shaktikanta Das recently announced the forthcoming launch of an interoperable payment system for internet banking, aimed at enhancing the efficiency of digital payments in India. This move addresses the current challenges faced by both customers and merchants...

RBI Bans IIFL Finance from Giving Gold Loans: Reasons and Implications

The Reserve Bank of India (RBI) has taken stern action against IIFL Finance by imposing an immediate ban on the approval and disbursement of gold loans. This directive comes following a comprehensive inspection of the company's financial position as of...

RBI Approval: Merger of Fincare SFB with AU Small Finance Bank

The Reserve Bank of India has given its approval for the merger of Fincare Small Finance Bank Ltd. with AU Small Finance Bank, effective from April 1. The merger is sanctioned under Section 44A of the Banking Regulation Act, 1949....

India-Nepal Financial Cooperation Strengthened, Digital Payment to be Launched Soon

In a recent development, India and Nepal have bolstered their financial cooperation, with a focus on digital payments. This initiative aims to streamline cross-border transactions and enhance convenience for citizens of both nations. New Guidelines by Reserve Bank of India...

India’s GDP Growth Forecast: Close to 8% in FY24, Says SBI Report

The State Bank of India (SBI) has released a report predicting that India's GDP growth for the financial year 2023-24 is likely to be close to 8%. This optimistic forecast comes after India recorded an impressive 8.4% growth in the...

Kotak Mahindra Bank Introduces Smart Choice Gold Loan

Kotak Mahindra Bank has unveiled its latest offering, the Smart Choice Gold Loan, targeting aspirational customers seeking convenient and flexible loan options. This new product is designed to leverage the significant gold reserves held by Indian households, providing an easy...

Policybazaar Insurance Brokers, PB Fintech’s subsidiary, Receives IRDAI Approval for Composite Insurance Broker License

PB Fintech's subsidiary, Policybazaar Insurance Brokers, has secured approval from the Insurance Regulatory and Development Authority of India (IRDAI) to transition from a direct insurance broker to a composite insurance broker. This upgrade enables Policybazaar to sell reinsurance products in...

Amit Shah Launches National Urban Cooperative Finance and Development Corporation Limited (NUCFDC)

Home Minister Amit Shah inaugurated the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) in New Delhi. This umbrella organization aims to modernize and strengthen the Urban Cooperative Banking Sector, benefiting banks and customers alike. Key Points 1. Focus...

RBI Appoints S. Ravindran as Part-Time Chairman of Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) has taken a significant step by appointing S. Ravindran as the part-time chairman of Tamilnad Mercantile Bank Ltd. (TMB), marking a new chapter in the bank's leadership. This appointment, effective from February 29, extends...