Banking

RBI’s OMO Auction Sees ₹1.87 Trillion Bids Amid Liquidity Crunch

The Reserve Bank of India’s (RBI) Open Market Operation (OMO) purchase auction on February 20, 2025, witnessed an overwhelming response from banks and financial institutions. Against an offer of ₹40,000 crore, the auction received bids worth ₹1.87 trillion, highlighting the...

Bank Credit to NBFCs Falls to 4-Year Low at 6.7% in 2024: RBI

Bank lending to Non-Banking Financial Companies (NBFCs) has slowed significantly, hitting a four-year low of 6.7% in 2024, according to the latest data from the Reserve Bank of India (RBI). This decline is mainly due to higher risk weights imposed...

SBI Cuts India’s FY25 GDP Forecast to 6.3%

The State Bank of India (SBI) has revised India's GDP growth forecast for the fiscal year 2024-25 (FY25) to 6.3%, slightly below the National Statistical Office’s (NSO) projection of 6.4%. This adjustment reflects concerns over slowing economic momentum, particularly in...

RBI Unveils RBIDATA App for Seamless Economic Data Access

The Reserve Bank of India (RBI) has introduced RBIDATA, a new mobile application that provides seamless access to macroeconomic and financial data related to the Indian economy. This app is designed to cater to a wide range of users, including...

LIC Unveils ‘One Man Office’ to Digitally Empower Agents

The Life Insurance Corporation of India (LIC) has introduced a new digital initiative called the ‘One Man Office’ (OMO) to enhance the efficiency of its agents by providing 24x7 digital services. Launched on February 17, 2025, this initiative aims to...

SBI Cards Appoints Salila Pande as New MD & CEO

SBI Cards and Payment Services Ltd has announced a major leadership change along with a financial update. Salila Pande has been appointed as the next Managing Director and Chief Executive Officer (MD & CEO) of the company, effective April 1,...

Karnataka Bank Marks 100 Years with New Product Launches

Karnataka Bank marked its 100th anniversary on February 18, 2024, by unveiling two new financial products aimed at expanding its customer base and strengthening its market presence. The bank introduced a specialized savings account for children and a high-interest term...

RBI Ombudsman Called As “रिज़र्वबैंक ओम्बड्समैन योजना 2021”

The Lokpal and Lokayuktas Act, 2013 mandates the establishment of Lokpal at the Union level and Lokayuktas at the State level to investigate allegations of corruption against public officials. The term "Lokpal" is exclusively designated for the body created under...

South Indian Bank Launches ‘SIB Quick FD’ for Seamless Digital Investment

South Indian Bank (SIB) has introduced a groundbreaking digital solution, ‘SIB Quick FD,’ designed to make investing in Fixed Deposits (FDs) more convenient and accessible for its customers. This innovative service allows individuals to seamlessly open Fixed Deposits using funds...

RBI Fines Shriram Finance, Ujjivan SFB, and Nainital Bank for Violations

The Reserve Bank of India (RBI) has taken strict action against three financial institutions—Shriram Finance, Ujjivan Small Finance Bank, and The Nainital Bank Limited—by imposing monetary penalties for non-compliance with various regulatory norms. The penalties were imposed under the Banking...