Banking

Reserve Bank of India (RBI) Sets New Directive for Private Banks: Two Whole-Time Directors Mandatory

In response to the evolving challenges and increasing intricacies within the banking sector, the Reserve Bank of India (RBI) has issued a crucial circular. This directive places the onus on private banks and wholly-owned subsidiaries of foreign banks to establish...

MeitY urges RBI to design more detailed KYC to ensure traceability

Illegal instant loan apps have become a significant problem in India, leading to financial scams and even driving some victims to suicide. These apps offer quick money but compromise users' privacy and security. To address this, the Ministry of Electronics...

RBI Imposes ₹2.5 Crore Penalty On L&T Finance For Non Compliance

  The Reserve Bank of India (RBI) has recently taken regulatory action against L&T Finance Limited by imposing a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on the company. This decision comes in the wake of...

HDFC Bank Unveils XpressWay Digital Platform for Swift Loans

HDFC Bank, a leading financial institution, has introduced its cutting-edge digital platform, XpressWay, to streamline and expedite its banking products and services. This innovation empowers customers to enjoy a more rapid and hassle-free banking experience. Diverse Product Offerings: XpressWay offers...

RBL Bank Introduces GO Savings Account

RBL Bank, a prominent player in the Indian banking sector, has announced the launch of its cutting-edge digital banking product, the GO Savings Account. This account introduces a novel subscription-based model, which combines simplicity and high-value benefits for customers seeking...

RBI initiates Pilot Run to Test E-Rupee for Inter-Bank Borrowing

Introduction The Reserve Bank of India has taken a significant step in the digital transformation of the nation’s financial landscape by initiating a pilot run to test the E-Rupee, a Central Bank Digital Currency (CBDC), for inter-bank borrowing. The E-Rupee...

RBI Inaugurates Sub-Office in Itanagar, Arunachal Pradesh

In a significant move, the Reserve Bank of India (RBI) has established a sub-office in Itanagar, Arunachal Pradesh, bolstering its commitment to financial inclusion and development in the region. Dr. Michael Debabrata Patra, Deputy Governor of RBI, inaugurated the sub-office...

Reserve Bank Holds 33rd Conference Of State Finance Secretaries

The 33rd Conference of the State Finance Secretaries was held in Mumbai on July 6, 2023. The conference, inaugurated by the Governor of the Reserve Bank of India (RBI), focused on the theme of 'Debt Sustainability: States' Perspective.' The event...

State Bank of India Appoints Kameshwar Rao Kodavanti as CFO

State Bank of India, the country's largest lender, has announced the appointment of Kameshwar Rao Kodavanti as its Chief Financial Officer (CFO). Kodavanti, who has been with the bank since 1991, assumed the position on July 1, 2023. This article...

AIBEA Introduces Bank Clinic to Assist Bank Customers with Grievance Redressal

AIBEA Introduces Bank Clinic to Assist Bank Customers with Grievance Redressal: The All India Bank Employees' Association (AIBEA) has announced plans to establish an online Bank Clinic to assist retail bank customers with grievance redressal. AIBEA General Secretary CH Venkatachalam stated...