Banking

RBI Fines Bank of America, N.A., HDFC Bank

The Reserve Bank of India (RBI) took regulatory action on Thursday, imposing penalties on Bank of America, N.A. and HDFC Bank Ltd. for violations of specific norms. Additionally, penalties were levied on five cooperatives banks for non-compliance with various regulatory...

RBI Added 19 More To Its Unauthorized Forex Trading Platforms

  The Reserve Bank of India (RBI) has taken a significant step in safeguarding the interests of investors by updating its 'Alert List' of unauthorised forex trading platforms. The latest update includes 19 additional entities, bringing the total number to...

RBI Imposes Fine of ₹10.34 Crore on BoB, Citibank, and IOB

  The Reserve Bank of India, on 24 November, took stringent measures against Citibank, Bank of Baroda, and Indian Overseas Bank, imposing penalties totaling ₹10.34 crore. The penalties were imposed for contravention of regulatory norms, shedding light on deficiencies in...

RBI Takes Action Against Abhyudaya Cooperative Bank’s Governance Issues

In a move aimed at addressing governance-related concerns, the Reserve Bank of India (RBI) announced on Friday that it has superseded the board of Abhyudaya Cooperative Bank for a duration of 12 months. This action comes as a response to...

Bandhan Bank Board Approves Reappointment of Chandra Shekhar Ghosh as MD & CEO

The board of directors at Bandhan Bank has given the green light for the reappointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer (MD&CEO). The Kolkata-based private sector lender has extended Ghosh's tenure for a period...

Govt cancels IDBI Bank asset valuer appointing bid, fresh RFP to be issued

In a recent development, the government announced the cancellation of the bid process for appointing an asset valuer for the strategic sale of IDBI Bank Ltd. The decision stems from a lack of sufficient interest from bidders, as only a...

Private banks make largest single-day govt bond purchase in 7 years

Indian private sector banks recently orchestrated the most substantial single-session acquisition of government bonds in seven years, marking a significant shift in the country's financial landscape. Key Purchase Details Private sector banks collectively purchased government bonds totaling a net value...

RBI To Implement A New Penalty Framework For Banks

  The Reserve Bank of India (RBI) is reportedly contemplating a comprehensive review of its penalty system. The proposed changes under consideration involve a potential increase in penalty amounts. This adjustment could be based on factors such as the size...

Acko partners with R Madhavan as their ‘voice of the customer’

Introduction ACKO, the insurtech company making insurance convenient, transparent, and accessible for Indians, has partnered with renowned actor R Madhavan as its ‘Voice of the Customer’. This collaboration aims to dispel common misconceptions about insurance and empower consumers to make...

Karnataka Bank Partners with HDFC Life to Offer Insurance Products

Introduction Karnataka Bank, a leading Mangaluru-based private sector lender, has announced a strategic partnership with HDFC Life, one of India's premier life insurance providers. This collaboration aims to provide customers with a comprehensive suite of innovative and customer-centric financial solutions....