Banking

RBI’s Analysis Report on Trend and Progress of Banking in India 2022-23

The annual performance report of the Indian banking sector, compliant with Section 36(2) of the Banking Regulation Act, 1949, presents a comprehensive analysis of the sector's achievements and challenges. It encompasses cooperative banks and Non-Banking Financial Companies (NBFCs), providing insights...

RBI Data Indicates 97.5% Return of ₹2,000 Notes to Circulation

In a move that reshaped the currency landscape, the Reserve Bank of India (RBI) declared the withdrawal of ₹2,000 denomination banknotes on May 19 last year. As we approach a new financial era, it's crucial to understand the journey of...

ESAF Small Finance Bank and Edelweiss Tokio Life Insurance Partner to Offer Life Insurance

In a strategic move to elevate financial solutions for its customers, ESAF Small Finance Bank has officially entered into a bancassurance partnership with Edelweiss Tokio Life Insurance. This collaboration aligns the two organizations in their commitment to prioritizing customer needs,...

AU Small Finance Bank Appoints HR Khan as Non-Executive Chairman

AU Small Finance Bank announced the appointment of Harun Rashid Khan, former deputy governor of the Reserve Bank of India (RBI), as its Non-Executive Chairman. The appointment, effective January 30, 2024, received approval from the Board of Directors, RBI, and...

RBI’s Digital Payments Index (RBI-DPI) Surges to 418.77 in September 2023

The Reserve Bank of India's Digital Payments Index (RBI-DPI) surged to 418.77 in September 2023, showcasing a robust growth trajectory from 395.57 in March 2023 and 377.46 in September 2022. This remarkable uptick aligns with a 10.94% annual rise in...

RBI Imposes Major Restrictions on Paytm Payments Bank: Operations Limited Post-February 29

In a significant move, the Reserve Bank of India (RBI) has imposed major business restrictions on Paytm Payments Bank, effective from February 29. The regulatory action comes in response to persistent non-compliances and material supervisory concerns identified during a comprehensive...

Bank of Baroda’s Subsidiary ‘BOB Financial Solutions Limited’ Rebranded as BOBCARD Limited with Credit Reimagined Tagline

In a strategic move, Bank of Baroda's wholly-owned subsidiary for cards, 'BOB Financial Solutions Limited', has undergone a rebranding, emerging as 'BOBCARD Limited' with the tagline Credit Reimagined. The transformation includes a distinctive logo named Baroda Sun, featuring dual 'B' letterforms...

ICRA Upgrades FY24 Bank Credit Growth Forecast to 15%: Record Incremental Growth Anticipated

In a positive turn, ICRA has revised its bank credit growth estimates for FY24 upwards to 14.9-15.3%, surpassing the previous projection of 12.8-13.0%. The surge is attributed to robust performance in the retail segment and non-banking finance companies (NBFCs), according...

Zomato Payments Secures RBI Approval as Online Payment Aggregator

In a significant development, Zomato Payments Private Limited, the subsidiary of popular food delivery platform Zomato, has obtained the much-coveted payment aggregator (PA) license from the Reserve Bank of India (RBI). The approval, dated January 24, 2024, empowers Zomato Payments...

RBI Greenlights LIC’s Acquisition of 9.99% Stake in HDFC Bank

In a significant development, the Reserve Bank of India (RBI) has granted approval to Life Insurance Corporation of India (LIC) for acquiring up to 9.99% aggregate holding in HDFC Bank, the nation's largest private sector bank. The approval, based on...