Banking

Airtel Payments Bank Unveils A New Way To Pay with Smart Watch

Airtel Payments Bank, in collaboration with Noise and Mastercard, introduces a pioneering solution for contactless payments through the Airtel Payments Bank Smart Watch. This innovative wearable aims to revolutionize digital transactions, offering convenience and accessibility to urban customers. Smart Watch...

RBI Imposes Penalties on Tamilnad Mercantile Bank and DCB Bank

The Reserve Bank of India (RBI) has levied penalties on Tamilnad Mercantile Bank and DCB Bank for non-compliance with certain regulatory directions pertaining to interest rates on advances. Penalty on Tamilnad Mercantile Bank Amount: Rs 1.31 crore Reason: Non-compliance with...

RBI made its largest gold purchase since July 2022, acquiring 8.7 tonnes

In January, the Reserve Bank of India (RBI) made its largest gold purchase since July 2022, acquiring 8.7 tonnes of gold. This brought the RBI's gold holding to 812.3 tonnes, up from 803.58 tonnes in December 2023. The central bank's...

Axis Bank Commits ₹100 Crore to Enhance Cancer Care through National Cancer Grid

In an effort to advance cancer care in India, Axis Bank has pledged a significant contribution of ₹100 crore to the National Cancer Grid (NCG), in collaboration with Tata Memorial Centre. This partnership aims to bolster research, innovation, and digital...

RBI Unveils Draft Guidelines on Climate Risk Disclosures for Financial Institutions

Reserve Bank of India (RBI) released draft guidelines outlining a disclosure framework for climate-related financial risks applicable to various regulated entities (REs). These guidelines aim to ensure transparency and better management of climate risks within the financial sector. Entities Covered...

Bank of Baroda Launches bob Earth Green Term Deposit Scheme

Bank of Baroda, one of India’s leading public sector banks, has announced the launch of the bob Earth Green Term Deposit Scheme. The scheme aims to raise deposits that will be used to finance eligible environment-friendly projects and sectors, fostering...

RBI Directs Federal Bank and South Indian Bank to Stop Issuing New Co-Branded Credit Cards

The Reserve Bank of India (RBI) has issued notices to Federal Bank and South Indian Bank, directing them to halt the issuance of new co-branded credit cards. The two banks informed the stock exchanges about this development. Compliance with Regulatory...

Private Banks’ Share in Deposits Rises to 34%

Increasing Share of Private Banks The share of private sector banks in total deposits has risen significantly, reaching 34% as of December 2023, up from 25% at the end of the financial year 2017-18. This growth has been driven by...

SBI partners with Aurionpro for its transaction banking platform

Aurionpro Solutions has clinched a significant deal with the State Bank of India (SBI) for the license, implementation, and support of its cutting-edge cash management and transaction banking platform, iCashpro+. Valued at nearly Rs 100 crore, this prestigious contract entails...

Sidbi gets $24.5 million from GCF for ‘Avaana’ fund

The Small Industries Development Bank of India (SIDBI) has secured $24.5 million from the Green Climate Fund (GCF) for its inaugural anchored project, the Avaana Sustainability Fund (ASF), valued at $120 million. This funding marks a significant milestone in climate...