Banking

HDFC Bank Receives RBI Approval for Stake Acquisition in Six Banks

HDFC Bank and its affiliated companies have obtained approval from the Reserve Bank of India (RBI) to acquire stakes in six prominent banks. This approval, received on January 5, 2024, grants HDFC Bank and its group entities the authority to...

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...