Banking

India-Nepal Financial Cooperation Strengthened, Digital Payment to be Launched Soon

In a recent development, India and Nepal have bolstered their financial cooperation, with a focus on digital payments. This initiative aims to streamline cross-border transactions and enhance convenience for citizens of both nations. New Guidelines by Reserve Bank of India...

India’s GDP Growth Forecast: Close to 8% in FY24, Says SBI Report

The State Bank of India (SBI) has released a report predicting that India's GDP growth for the financial year 2023-24 is likely to be close to 8%. This optimistic forecast comes after India recorded an impressive 8.4% growth in the...

Kotak Mahindra Bank Introduces Smart Choice Gold Loan

Kotak Mahindra Bank has unveiled its latest offering, the Smart Choice Gold Loan, targeting aspirational customers seeking convenient and flexible loan options. This new product is designed to leverage the significant gold reserves held by Indian households, providing an easy...

Policybazaar Insurance Brokers, PB Fintech’s subsidiary, Receives IRDAI Approval for Composite Insurance Broker License

PB Fintech's subsidiary, Policybazaar Insurance Brokers, has secured approval from the Insurance Regulatory and Development Authority of India (IRDAI) to transition from a direct insurance broker to a composite insurance broker. This upgrade enables Policybazaar to sell reinsurance products in...

Amit Shah Launches National Urban Cooperative Finance and Development Corporation Limited (NUCFDC)

Home Minister Amit Shah inaugurated the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) in New Delhi. This umbrella organization aims to modernize and strengthen the Urban Cooperative Banking Sector, benefiting banks and customers alike. Key Points 1. Focus...

RBI Appoints S. Ravindran as Part-Time Chairman of Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) has taken a significant step by appointing S. Ravindran as the part-time chairman of Tamilnad Mercantile Bank Ltd. (TMB), marking a new chapter in the bank's leadership. This appointment, effective from February 29, extends...

Financial Intelligence Unit Imposes ₹5.49 Crore Fine on Paytm Payments Bank

The Financial Intelligence Unit-India (FIU-IND) has levied a penalty of ₹5.49 crore on Paytm Payments Bank Ltd for violations of the Prevention of Money Laundering Act. The penalties are attributed to the bank's involvement in facilitating illegal activities, including online...

RBI Revamps BBPS Norms for Enhanced Efficiency

The Reserve Bank of India (RBI) has introduced a revised regulatory framework for the Bharat Bill Payment Systems (BBPS), effective April 1, 2024. This overhaul aims to streamline bill payments, foster wider participation, and bolster consumer protection measures in light...

Jana Small Finance Bank, Dvara Money partner for digital banking

Dvara Money, a leading fintech company, has announced a strategic partnership with Jana Small Finance Bank Limited (Jana SFB). This collaboration aims to harness the technological capabilities of Jana SFB and the innovative Spark Money platform by Dvara Money to...

Amazon Pay Receives Final RBI Approval as Payment Aggregator

Amazon Pay, the fintech arm of Amazon India, has secured a payment aggregator license from the Reserve Bank of India (RBI), joining a select group of authorized organizations in the country. Strengthened Distribution Channels The approval allows Amazon Pay to...