Banking

RBI Monetary Policy Committee(MPC) Meeting Highlights – December 2023

In the latest RBI Monetary Policy Committee meeting, the key policy repo rate remains unchanged at 6.5%, reflecting the committee's unanimous decision. This marks the fifth consecutive meeting where the MPC opted to maintain the status quo on the repo...

RBI Cancels License Of Kolhapur Based Shankarrao Pujari Nutan Nagari Sahakari Bank Limited

  The Reserve Bank of India (RBI) made a significant move on Monday by canceling the license of Kolhapur-based (Maharashtra) Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji. The apex bank instructed the bank to cease all banking operations, effective...

iVIS Partners with ICICI Bank to Boost Security with Advanced E-Surveillance Services

In a significant development in the realm of banking security, iVIS, a subsidiary of Magellanic Cloud, has officially partnered with ICICI Bank to enhance the distribution of cutting-edge e-surveillance services across the bank’s branches. This strategic alliance leverages state-of-the-art AI/ML...

RBI inks pact with Bank of England on bond clearing settlement

Banking regulators in India and the United Kingdom (UK) achieved a significant milestone as they signed a Memorandum of Understanding (MoU). The focus of the MoU is the oversight of the Clearing Corporation of India (CCIL), a crucial entity in...

RBI’s Successful Withdrawal 97.26% of ₹2,000 Banknotes in India

The Reserve Bank of India (RBI) has achieved a significant milestone in its monetary policy as it successfully withdrew 97.26 percent of the ₹2,000 banknotes from circulation as of May 19, 2023. This move was initiated due to the fulfillment...

SBI MF Gets RBI Nod to Buy 9.99% Stake in Karur Vysya Bank

The Reserve Bank of India (RBI) has granted approval to SBI Mutual Fund (SBI MF) for acquiring up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank Ltd (KVB). This move signals a potential strategic...

RBI Fines Bank of America, N.A., HDFC Bank

The Reserve Bank of India (RBI) took regulatory action on Thursday, imposing penalties on Bank of America, N.A. and HDFC Bank Ltd. for violations of specific norms. Additionally, penalties were levied on five cooperatives banks for non-compliance with various regulatory...

RBI Added 19 More To Its Unauthorized Forex Trading Platforms

  The Reserve Bank of India (RBI) has taken a significant step in safeguarding the interests of investors by updating its 'Alert List' of unauthorised forex trading platforms. The latest update includes 19 additional entities, bringing the total number to...

RBI Imposes Fine of ₹10.34 Crore on BoB, Citibank, and IOB

  The Reserve Bank of India, on 24 November, took stringent measures against Citibank, Bank of Baroda, and Indian Overseas Bank, imposing penalties totaling ₹10.34 crore. The penalties were imposed for contravention of regulatory norms, shedding light on deficiencies in...

RBI Takes Action Against Abhyudaya Cooperative Bank’s Governance Issues

In a move aimed at addressing governance-related concerns, the Reserve Bank of India (RBI) announced on Friday that it has superseded the board of Abhyudaya Cooperative Bank for a duration of 12 months. This action comes as a response to...