Banking

RBI’s Digital Payments Index (RBI-DPI) Surges to 418.77 in September 2023

The Reserve Bank of India's Digital Payments Index (RBI-DPI) surged to 418.77 in September 2023, showcasing a robust growth trajectory from 395.57 in March 2023 and 377.46 in September 2022. This remarkable uptick aligns with a 10.94% annual rise in...

RBI Imposes Major Restrictions on Paytm Payments Bank: Operations Limited Post-February 29

In a significant move, the Reserve Bank of India (RBI) has imposed major business restrictions on Paytm Payments Bank, effective from February 29. The regulatory action comes in response to persistent non-compliances and material supervisory concerns identified during a comprehensive...

Bank of Baroda’s Subsidiary ‘BOB Financial Solutions Limited’ Rebranded as BOBCARD Limited with Credit Reimagined Tagline

In a strategic move, Bank of Baroda's wholly-owned subsidiary for cards, 'BOB Financial Solutions Limited', has undergone a rebranding, emerging as 'BOBCARD Limited' with the tagline Credit Reimagined. The transformation includes a distinctive logo named Baroda Sun, featuring dual 'B' letterforms...

ICRA Upgrades FY24 Bank Credit Growth Forecast to 15%: Record Incremental Growth Anticipated

In a positive turn, ICRA has revised its bank credit growth estimates for FY24 upwards to 14.9-15.3%, surpassing the previous projection of 12.8-13.0%. The surge is attributed to robust performance in the retail segment and non-banking finance companies (NBFCs), according...

Zomato Payments Secures RBI Approval as Online Payment Aggregator

In a significant development, Zomato Payments Private Limited, the subsidiary of popular food delivery platform Zomato, has obtained the much-coveted payment aggregator (PA) license from the Reserve Bank of India (RBI). The approval, dated January 24, 2024, empowers Zomato Payments...

RBI Greenlights LIC’s Acquisition of 9.99% Stake in HDFC Bank

In a significant development, the Reserve Bank of India (RBI) has granted approval to Life Insurance Corporation of India (LIC) for acquiring up to 9.99% aggregate holding in HDFC Bank, the nation's largest private sector bank. The approval, based on...

RBI Announces Revised Eligibility Norms for Urban Co-operative Banks (UCBs) Inclusion in Second Schedule

In a recent press release, the Reserve Bank of India (RBI) disclosed the revision of eligibility norms for the inclusion of urban co-operative banks in the second schedule of the Reserve Bank of India Act, 1934. The objective is to...

HDFC Bank Surpasses 20 Million Credit Card Milestone, Leading Indian Market

In a significant milestone, HDFC Bank, India's largest private sector bank, has emerged as the nation's first lender to reach 20 million active credit cards. The bank, dominating a quarter of the overall card market, commenced its credit card operations...

AU Small Finance Bank Receives CCI Approval for Merger with Fincare Small Finance Bank

On October 30, AU Small Finance Bank (AU SFB) announced its merger with Fincare Small Finance Bank, effective from February 1, 2024. The merger awaited approvals from critical stakeholders, including shareholders, the Reserve Bank of India (RBI), and the Competition...

YES BANK Achieves Milestone as First Indian Bank on RXIL’s ITFS Platform

In a groundbreaking move, YES BANK has become the inaugural Indian bank to execute an export finance transaction on RXIL Global IFSC Limited's International Trade Financing Services Platform (ITFS). The collaboration marks a significant stride in digitization and cross-border business...