Banking

LIC Granted 3-Year Extension by Sebi to Achieve 10% Public Shareholding

In a move aimed at granting additional time to Life Insurance Corporation (LIC) of India to meet regulatory requirements, the Securities and Exchange Board of India (Sebi) has extended LIC's deadline to achieve a minimum 10% public shareholding. LIC, a...

RBI Approves Quant MF to Raise Stake in RBL Bank

The Reserve Bank of India (RBI) has granted approval to Quant Mutual Fund (MF) to increase its stake in RBL Bank to 9.98% by May 12, 2025. This approval, subject to conditions and provisions under the Banking Regulation Act, 1949,...

Enhancing Global Commerce Opportunities: YES BANK and EBANX Partnership

YES BANK, a leading private sector bank in India, is collaborating with EBANX, a global fintech firm specializing in payment solutions for emerging markets. Together, they aim to provide a comprehensive range of scalable payment solutions to merchants, facilitating seamless...

RBI Lifts Restrictions on Bank of Baroda’s ‘BoB World’ Mobile App

The Reserve Bank of India (RBI) has announced the lifting of restrictions on Bank of Baroda's BoB World mobile application, permitting the bank to onboard customers immediately. This decision follows the RBI's directive in October 2023 to suspend customer onboarding...

RBI Revises Guidelines for Banks’ Capital Market Exposure in T+1 Settlement

In response to the introduction of the T+1 settlement regime for stocks, the Reserve Bank of India (RBI) has updated the guidelines for custodian banks regarding the issuance of Irrevocable Payment Commitments (IPCs). Under these revised guidelines, custodian banks issuing...

Ujjivan Small Finance Bank Names Sanjeev Nautiyal as MD & CEO

Ujjivan Small Finance Bank has announced the appointment of Sanjeev Nautiyal as its Managing Director and Chief Executive Officer (MD & CEO) for a tenure of three years, effective from July 1, 2024. The Reserve Bank of India (RBI) has...

HDFC Life Introduces No Jhanjhat Life Insurance Fatafat Campaign: Revolutionizing Insurance Purchase Experience

HDFC Life launches the No Jhanjhat Life Insurance Fatafat campaign, aimed at simplifying and expediting life insurance purchases through its online platform. The campaign underscores the importance of addressing India's low insurance penetration and vast protection gap. Seamless Online Experience Bid...

YES Bank Collaborates with ANQ to Launch Pi and Phi Credit Cards

YES Bank has partnered with ANQ to introduce two innovative credit cards, Pi and Phi, aiming to blend traditional banking with fintech solutions. The Pi card offers digital-only credit on UPI for domestic transactions, while the Phi card provides physical...

Fi Secures NBFC License from RBI: Expanding Financial Services Offerings

Fi, a neobanking startup, backed by investors such as Peak XV and Temasek, has obtained a non-banking finance company (NBFC) license from the Reserve Bank of India (RBI), enabling it to provide loans from its own books. This development aligns...

ICICI Bank Joins India’s Top 5 Companies with Market Cap Surpassing Rs 8 Trillion

In a remarkable achievement, ICICI Bank has etched its name among India's top five companies by market capitalization, surpassing the Rs 8 trillion mark. The private lender's shares surged over 5%, propelling its market value to new heights and cementing...