Banking

Asian Development Bank’s $2.6 Billion Sovereign Lending to India in 2023

The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023, aiming to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience. Focus Areas of ADB's Sovereign Loans The loans target projects...

RBI Imposes Penalty on HSBC for FEMA Violations

The Reserve Bank of India (RBI) has levied a penalty of Rs 36.38 lakh on HSBC Limited for breaching regulations outlined in the Foreign Exchange Management Act (FEMA). Specifically, HSBC failed to adhere to reporting requirements under the Liberalised Remittance...

RBI Imposes Penalty on ICICI Bank and YES Bank

The Reserve Bank of India (RBI) has penalized ICICI Bank and YES Bank for violations of regulatory norms pertaining to their financial positions as of March 31, 2022. Following supervisory inspections, the RBI issued notices to both banks, which subsequently...

Poonawalla Fincorp and IndusInd Bank Launch Co-Branded RuPay Credit Card

Poonawalla Fincorp Limited, in partnership with IndusInd Bank, has introduced the co-branded 'IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card'. This new card, designed to enhance customer experience with rewards and benefits, is available without any joining or annual...

RBI Launches PRAVAAH, Retail Direct Mobile App, and FinTech Repository

The Reserve Bank of India (RBI) Governor Shaktikanta Das has unveiled three major initiatives: the Pravaah portal, the Retail Direct Mobile App, and a FinTech Repository. These initiatives, previously announced in the RBI's bi-monthly Statement on Development and Regulatory Policies...

RBI Conducts Massive Liquidity Infusion Through Variable Rate Repo Auctions

The Reserve Bank of India (RBI) has taken proactive measures to address the prevailing liquidity deficit in the banking system. In its latest move, the central bank conducted a variable rate repo (VRR) auction of Rs 1.25 trillion, bringing the...

HSBC and SBI Acquire Stakes in CCIL IFSC

HSBC and State Bank of India (SBI) have made strategic investments in CCIL IFSC Limited, acquiring 6.125% stakes each, valued at ₹6.125 crore each. This move is aimed at bolstering their presence within Gujarat International Finance Tec (GIFT) City, India’s...

HDFC Bank Exits Protean eGov Tech, Sells Entire Stake

HDFC Bank divested its entire 3.20% stake in Protean eGov Technologies, amounting to 12,94,326 shares, for Rs 150 crore. The shares were sold at an average price of Rs 1,160.15 apiece through an open market transaction. Simultaneously, Nippon India Mutual...

SBI Bolsters Presence in GIFT City with Acquisition of Stake in CCIL IFSC

In a strategic move to expand its foothold within the Gujarat International Finance Tec City (GIFT City), the State Bank of India (SBI) has finalized the acquisition of a 6.125% stake in CCIL IFSC Limited. The transaction, valued at ₹6.125...

YES Bank Launches YES Grandeur: Elevating Banking for Elite Customers

In a strategic move to cater to the evolving needs of affluent and elite customers, YES Bank has introduced 'YES Grandeur,' a premium banking service designed to provide tailored financial and lifestyle solutions. Tailored Premium Services Under 'Yes Grandeur,' customers...