Banking

YES Bank Collaborates with ANQ to Launch Pi and Phi Credit Cards

YES Bank has partnered with ANQ to introduce two innovative credit cards, Pi and Phi, aiming to blend traditional banking with fintech solutions. The Pi card offers digital-only credit on UPI for domestic transactions, while the Phi card provides physical...

Fi Secures NBFC License from RBI: Expanding Financial Services Offerings

Fi, a neobanking startup, backed by investors such as Peak XV and Temasek, has obtained a non-banking finance company (NBFC) license from the Reserve Bank of India (RBI), enabling it to provide loans from its own books. This development aligns...

ICICI Bank Joins India’s Top 5 Companies with Market Cap Surpassing Rs 8 Trillion

In a remarkable achievement, ICICI Bank has etched its name among India's top five companies by market capitalization, surpassing the Rs 8 trillion mark. The private lender's shares surged over 5%, propelling its market value to new heights and cementing...

RBI Imposes Monetary Penalties on Co-operative Banks

The Reserve Bank of India (RBI) has recently imposed monetary penalties on several co-operative banks for various regulatory violations. These penalties are based on deficiencies in regulatory compliance and are not intended to validate or invalidate any specific transactions or...

Commercial Paper Issuances Surge to Four-Year High

The Reserve Bank of India's decision to increase risk weights on bank loans to higher-rated non-banking financial companies (NBFCs) has led to a significant uptick in quarterly commercial paper (CP) issuances. This, coupled with investor confidence and diversified funding sources,...

RBI Guidelines for SFBs Transitioning to Universal Banks

The Reserve Bank of India (RBI) has issued guidelines for Small Finance Banks (SFBs) seeking to transition into Universal Banks, providing a pathway for conversion. This voluntary conversion is subject to specific criteria laid out by the RBI. Eligibility Criteria...

RBI’s Guidelines for Voluntary Transition of Small Finance Banks to Universal Banks

The Reserve Bank of India (RBI) has issued comprehensive guidelines outlining the voluntary transition path for Small Finance Banks (SFBs) seeking to become Universal Banks. These guidelines set specific eligibility criteria and procedural requirements for such a transition, aiming to...

IndusInd Bank’s Pilot Program with RBI’s Programmable CBDC: Revolutionizing Agricultural Finance

IndusInd Bank, in collaboration with Circularity Innovation Hub India Private Limited (CIH), has achieved a significant milestone by successfully executing the Reserve Bank of India’s pilot program on programmable Central Bank Digital Currency (CBDC). This pioneering initiative aims to revolutionize...

SBI Card MILES Launches Three Travel-Focused Credit Card Variants

SBI Card has introduced three variants of its travel-centric credit card, SBI Card MILES, catering to diverse travel needs. The variants—SBI Card MILES ELITE, SBI Card MILES PRIME, and SBI Card MILES—are designed to offer curated benefits to travelers, from...

Kotak Mahindra Bank Share Plunges 10% on RBI Action

Kotak Mahindra Bank's shares plummeted by 10% following punitive measures imposed by the Reserve Bank of India (RBI), which restrict the bank from onboarding new customers online and issuing fresh credit cards due to IT system deficiencies in 2022 and...