Banking

Surge in Deposits and Advances for Scheduled Banks to over ₹2-Lakh Cr each in December 1 Fortnight

Deposits and advances of all scheduled banks witnessed a remarkable surge, each exceeding ₹2-lakh crore in the reporting fortnight concluding on December 1, 2023, as per the Reserve Bank of India's (RBI) Scheduled Banks' Statement of Position in India. Key...

RBI Grants Authorization to Bandhan Bank for Pension Disbursement to Retired Railway Employees

Bandhan Bank recently announced its official authorization by the Reserve Bank of India (RBI) to facilitate pension disbursement through e-Pension Payment Orders (e-PPOs) on behalf of the Ministry of Railways. The bank is in the process of integrating with the...

Indian Banks Expand Overseas Presence to 417 in FY23: RBI Survey

Indian banks significantly increased their overseas presence, reaching 417 subsidiaries in the fiscal year 2022-23, up from 399 in the previous year, according to a recent Reserve Bank of India (RBI) survey. The survey encompasses 14 Indian banks with foreign...

SBI to sign 70 million euro LoC with KfW for solar projects

Empowering Solar Initiatives: SBI's €70 Million Line of Credit Agreement In a significant move towards sustainable energy, the State Bank of India (SBI) is set to sign a €70 million Line of Credit (LoC) with the German Development Bank KfW...

Poonawalla Housing Finance Becomes Grihum Housing Finance

In a strategic move following its acquisition by TPG Capital Asia, Poonawalla Housing Finance has undergone a significant rebranding, emerging with a new identity — Grihum Housing Finance. This transformation comes as TPG Capital Asia acquired a substantial 99.02% equity...

Bank Of India Launches Nari Shakti Savings Account For Women

  In a significant move towards women's financial empowerment, Bank of India has recently introduced the Nari Shakti Savings Account. This exclusive savings bank product is designed to cater specifically to women aged 18 and above who possess an independent...

RBI Raises UPI Limit For Healthcare And Education To Rs 5 Lakh

  The Reserve Bank of India (RBI) took a significant step on Friday by announcing an increase in the UPI payment limits from Rs 1 lakh to Rs 5 lakh. This decision is expected to reshape the dynamics of financial...

Union Bank of India Partners with Accenture for Digital Transformation

In a significant move towards digital advancement, Union Bank of India has joined forces with Accenture, a global professional services company. The collaboration is poised to bring about a transformative journey through the implementation of advanced analytics and cutting-edge technologies....

RBI Cancels License Of UP Based Urban Co-operative Bank

  The Reserve Bank of India (RBI) has taken a significant step by cancelling the license of Urban Co-operative Bank (UCB) located in Sitapur, Uttar Pradesh. This decision comes into effect from the close of business on December 07, 2023,...

Monetary Policy Tools in India: A Comprehensive Overview

Monetary policy tools are crucial instruments employed by the Reserve Bank of India (RBI) to regulate the money supply, influence economic growth, and manage macroeconomic factors like inflation and unemployment. Divided into Quantitative and Qualitative categories, these tools play a...