Banking

S&P Global Ratings Predicts RBI Interest Rate Cut in 2024-25 If Food Inflation Is Controlled

S&P Global Ratings, a major credit rating agency, anticipates that the Reserve Bank of India (RBI) might reduce interest rates in the fiscal year 2024-25, contingent on the containment of food inflation and the performance of the monsoon. India's Strong...

PayGlocal Receives In-Principle Approval from RBI for Payment Aggregator License

PayGlocal, a payment platform with a focus on cross-border transactions, has been granted in-principle approval by the Reserve Bank of India (RBI) for a Payment Aggregator (PA) license. This license will allow PayGlocal to onboard merchants onto its platform for...

Axis Bank Partners With IRMA To Promote Financial Inclusion And Literacy In India

  Recently, Axis Bank and the Institute of Rural Management Anand (IRMA) entered into a Memorandum of Understanding (MoU) to establish the Axis Bank Chair for financial inclusion at IRMA. This chair will play a pivotal role in advancing financial...

RBI Announces Phased Discontinuation of Incremental Cash Reserve Ratio (I-CRR)

The Reserve Bank of India (RBI) has unveiled a plan to gradually discontinue the Incremental Cash Reserve Ratio (I-CRR) in response to evolving liquidity conditions. This strategic move aims to ensure that the financial system remains stable and money markets...

HSBC India Launches E-Bank Guarantees to Modernize Trade Finance

HSBC India, in collaboration with the National E-Governance Services Ltd (NeSL), has introduced electronic bank guarantee services, a groundbreaking initiative that aims to streamline trade finance processes. This digital solution is designed to replace the traditional and time-consuming paper-based bank...

RBI Imposes Monetary Penalty On Four Co-operative Banks And One NBFC

  The Reserve Bank of India (RBI) has taken strict measures against several financial institutions for deficiencies in regulatory compliance. Monetary penalties have been imposed on four co-operative banks and a non-banking financial company (NBFC) as a result of their...

Finance Minister Nirmala Sitharaman inaugurates SBI branch in Sri Lanka

Introduction During her three-day visit to Sri Lanka, Finance Minister Nirmala Sitharaman inaugurated a new branch of the State Bank of India (SBI) in Trincomalee and engaged in crucial discussions with her Sri Lankan counterparts as part of the 12th...

BoB Appoints ‘Kadgatoor Sheetal Venkatesmurt’ As Head Of Digital Channels

  Bank of Baroda (BOB) is facing a significant change in its digital leadership as Akhil Handa, the head of digital lending, has decided to leave the organization. Handa was a key figure in the development of BOB's mobile banking...

More than 97% of ₹2,000 notes returned: RBI

The Reserve Bank of India (RBI) has provided an update on the withdrawal of ₹2,000 denomination banknotes as of October 31, 2023. The central bank's initial goal for introducing these banknotes was to meet the currency needs of the economy...

RBI To Directly Regulate Entities Facilitating Cross Border Payment Transactions

  In a recent circular, Reserve Bank of India (RBI) has announced its decision to directly regulate all entities that facilitate cross-border payment transactions related to the import and export of goods and services. This directive is aimed at ensuring...