Banking

RBI Approves IDFC-IDFC First Bank Merger

The Reserve Bank of India (RBI) has granted approval for the reverse merger of IDFC Ltd with its banking subsidiary, IDFC First Bank. The respective boards of IDFC First Bank and IDFC had previously greenlit the reverse merger in July....

Bank of Baroda To Sell 100% stake In Its New Zealand subsidiary

  Bank of Baroda (BoB), the second-largest public sector bank (PSB) in India, witnessed a surge in its share price, reaching a fresh 52-week high of ₹233.75 per share on the Bombay Stock Exchange (BSE). The boost came following the...

Indian Banks Achieve 12.2% Growth in FY23: RBI Report

The Reserve Bank of India (RBI) released a report applauding the performance of Indian banks and non-bank lenders, emphasizing the need for stronger governance and risk-management practices to fortify their balance sheets. Despite a remarkable 12.2% growth in the consolidated...

RBI Fines Four Gujarat Co-Operative Banks

  The Reserve Bank of India (RBI) recently took decisive action against four co-operative banks in Gujarat, slapping monetary penalties on them for various non-compliances. The penalties range from Rs 50,000 to Rs 7 lakh, reflecting the severity of the...

RBI Proposes Draft Framework for Self-Regulatory Organisations (SROs) in Banking and NBFCs

The Reserve Bank of India (RBI) has released a preliminary framework for self-regulatory organizations (SROs) aimed at overseeing banks, non-banking financial companies (NBFCs), and other entities under its regulatory purview. Seeking public input until January 25, 2024, the draft outlines...

RBI Boosts Liquidity Support in 7-Day VRR Auction on Dec 22

The Reserve Bank of India (RBI) is set to increase its liquidity infusion into the banking system through the 7-day variable rate repo (VRR) auction on December 22. The central bank, responding to a liquidity deficit near an 8-year high...

Challenges for Banks Exiting AIF Units: Limited Options in Absence of Secondary Market

Regulated entities like banks and NBFCs face a daunting task as they consider exiting their investments in alternative investment funds (AIFs). The Reserve Bank of India (RBI) has mandated a 30-day window for these entities to evaluate and liquidate their...

RBI Facilitates Card-on-File Tokenisation Directly at Issuer Bank Level

The Reserve Bank of India (RBI) announced on December 20 a pivotal decision to enable Card-on-File Tokenisation (CoFT) directly through card-issuing banks or institutions. This marks a shift from the previous method where a Card-on-File (CoF) token could only be...

RBI Ends Year-Long Wait, Grants Six Payment Aggregator Licences

After more than a year of anticipation, the Reserve Bank of India (RBI) has finally given its approval for at least six payment aggregator licences, signaling the end of the ban on entities such as RazorPay and Cashfree Payments from...

Unclaimed Deposits in Indian Banks Surge to ₹42,270 Crore, Marking a 28% Increase in 2023

In a revelation during the ongoing Winter Session, the Indian Parliament disclosed a concerning trend in unclaimed deposits within the country's banking sector. The unclaimed deposits have witnessed a substantial 28% annual rise, reaching a staggering ₹42,270 crore by the...