Banking

Yes Bank Introduces Veefin’s SmartFin for Digital Supply Chain Finance

In a strategic move to bolster support for Micro, Small, and Medium Enterprises (MSMEs), Yes Bank has introduced SmartFin, an advanced digital Supply Chain Finance (SCF) platform developed in collaboration with Veefin Solutions. The initiative reflects Yes Bank's commitment to...

SBI Launches Green Rupee Term Deposit (SGRTD): 10 Key Features

State Bank of India (SBI), the largest bank in the country, has introduced a special fixed deposit scheme known as the SBI Green Rupee Term Deposit (SGRTD). This initiative aims to gather funds dedicated to supporting environmentally-friendly projects, contributing to...

RBI Penalizes Three Banks for Violations: Dhanlaxmi, Punjab and Sind, ESAF

In a recent announcement on January 12, the Reserve Bank of India (RBI) disclosed monetary penalties imposed on Dhanlaxmi Bank, Punjab and Sind Bank, and ESAF Small Finance Bank. The move is part of the central bank's enforcement actions against...

Government Approves 1-Year Extension For RBI Deputy Governor Michael Patra

  The Indian government has recently announced the extension of the tenure of Michael Debabrata Patra as the Deputy Governor of the Reserve Bank of India (RBI) for an additional year. This marks the second time the government has decided...

NPCI Launches UPI-PayNow Linkage for Cross-Border Remittances between India and Singapore

In a significant move, the National Payments Corporation of India (NPCI) has introduced the UPI-PayNow linkage, facilitating direct remittances between India and Singapore. This collaboration, a result of close coordination between the Reserve Bank of India (RBI) and the Monetary...

IndusInd Bank Introduces ‘Samman RuPay Credit Card’ for Government Employees

In a strategic collaboration with the National Payments Corporation of India (NPCI), IndusInd Bank has launched the UPI-enabled 'Samman RuPay Credit Card,' exclusively tailored for government sector employees. This initiative aligns with the recent RBI permission allowing RuPay credit cards...

RBI’s Financial Stability Report (FSR) – December 2023: Key Highlights

The Reserve Bank of India (RBI) recently released the 28th issue of the Financial Stability Report (FSR), offering a comprehensive evaluation of the Indian financial system's resilience and potential risks. The report, based on the findings of the Sub-Committee of...

PNB Housing Finance’s NCD Ratings Upgraded by India Ratings to IND AA+ with Stable Outlook

India Ratings and Research (Ind-Ra) has upgraded PNB Housing Finance Limited's non-convertible debentures (NCDs) to 'IND AA+' from 'IND AA' with a stable outlook. The NCD limit has been split into bank loans and NCDs, with a corresponding 'IND AA+'...

Revised RBI Guidelines on Inoperative Accounts and Unclaimed Deposits

The Reserve Bank of India (RBI) has issued revised guidelines regarding the classification of accounts and deposits as inoperative accounts and unclaimed deposits by banks. Here's a breakdown What Constitutes an Inoperative Account? An account becomes inoperative if there are...

Household Financial Savings and Liabilities in India: RBI’s Assessment

The Reserve Bank of India (RBI) released its latest Financial Stability Report (FSR), revealing insights into the state of household financial savings and liabilities in the fiscal year 2022-23 (FY23). Despite a decline in gross household financial savings to 10.9%...