Banking

Revised RBI Guidelines on Inoperative Accounts and Unclaimed Deposits

The Reserve Bank of India (RBI) has issued revised guidelines regarding the classification of accounts and deposits as inoperative accounts and unclaimed deposits by banks. Here's a breakdown What Constitutes an Inoperative Account? An account becomes inoperative if there are...

Household Financial Savings and Liabilities in India: RBI’s Assessment

The Reserve Bank of India (RBI) released its latest Financial Stability Report (FSR), revealing insights into the state of household financial savings and liabilities in the fiscal year 2022-23 (FY23). Despite a decline in gross household financial savings to 10.9%...

Tata Pay Secures RBI Payment Aggregator License for E-commerce Transactions

In a significant development, Tata Pay, the digital payments app under Tata Digital, has been granted a payment aggregator (PA) license by the Reserve Bank of India (RBI). This license positions Tata Pay among industry leaders such as Razorpay, Cashfree,...

RBI Significantly Raises Bulk Deposit Limit for Large UCBs to ₹1 Crore and Above

In a significant move, the Reserve Bank of India (RBI) has decided to substantially increase the bulk deposit limit for large urban co-operative banks (UCBs). The new limit now stands at ₹1 crore and above, a notable surge from the...

UPI ends 2023 with record transactions worth ₹18-lakh crore, up 42% y-o-y

In December, UPI transactions soared by an impressive 42% year-on-year, reaching an astounding value of Rs 18 lakh crore. The transaction volume witnessed a substantial 54% rise, totaling 1,202 crore. Remarkably, the month-on-month growth in UPI transaction volume was a...

FinMin allows 30th tranche of electoral bonds

The Indian government has granted approval for the release of the 30th tranche of electoral bonds, set to go on sale from January 2 to January 11, 2024. This development precedes the upcoming general elections later this year and coincides...

Mudra loans show record growth to ₹3-lakh crore in Q3 FY24

In a promising New Year development for small businesses, loans disbursed under the Pradhan Mantri Mudra Yojana (PMMY) have soared to an unprecedented ₹3-lakh crore in December 2023, showcasing a remarkable 16% year-on-year growth. Strong Momentum in Loan Sanctions The...

RBI Approves ICICI Pru Mutual Fund’s Acquisition of Stakes in Federal Bank, RBL Bank, and Equitas Small Finance Bank

The Reserve Bank of India (RBI) has granted approval to ICICI Prudential Asset Management Company Ltd (ICICI AMC) for the acquisition of up to 9.95% stake in Federal Bank. The approval, issued on December 28, comes with certain conditions in...

RBI Identifies SBI, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs)

The Reserve Bank of India (RBI) has reaffirmed State Bank of India (SBI), HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). Notably, SBI and HDFC Bank have been shifted to higher buckets, necessitating increased D-SIB buffer requirements...

RBI Unveils Forex Correspondent Scheme to Enhance Foreign Exchange Services

In a strategic move to enhance the accessibility of foreign exchange services, the Reserve Bank of India (RBI) is set to introduce a groundbreaking category of money changers known as Forex Correspondents (FxCs). This innovative approach is designed to streamline...