The Reserve Bank had received 11 applications to set up bank under the Guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks The co-founder of e-commerce company Flipkart Sachin Bansal had acquired a majority stake in Chaitanya in September 2019...
Banking & Bancassurance
Frauds in PSBs dip 51 pc to Rs 40,295 crore; number of cases not falling fast enough: RBI
According to the RBI data on frauds reported by PSBs in all categories during FY22, the highest amount of Rs 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents The country's largest lender State Bank of India...
Govt to soon approve recast of Banks Board Bureau
The Delhi High Court(Delhi HC), while disposing one of the cases , has already disapproved BBB's power to select directors of public sector insurance companies while another case questioning the BBB's power to appoint CMDS of PSU general insurance companies will come...
IBA and 2 Insurance Councils want an IT vendor for setting up a single repositary for 35 crore Jan Suraksha schemes
`The existing data of Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana of approximately more than 35 crore customers since the start of the schemes(2015) need to be migrated from the individual/banks and insurers to the repository,’’...
EMIs and FDs to rise as RBI raises kay rate by 40 bps to 4.40%, CRR by 50 bps to check raging inflation
Reserve Bank of India Governor Shaktikanta Das said that Monetary Policy Committee (MPC) will retain its accommodative monetary policy stance at a time when globally inflation is rising alarmingly even as investment activity is showing some traction in the country...
LIC keen to retain some stake in IDBI Bank for bancassurance gains: Chairman
MR Kumar , chairman,, LIC “Strictly speaking, we are below the threshold limit of management control but then, what government really means is that management control is to be given in such a way that a private entity picks up and runs the bank, and government in the...
RBI imposes Rs 36 lakh fine on Central Bank of India for violating customer protection norms
It revealed non-compliance with the relevant directions to the extent the bank failed to credit (shadow reversal) the amount involved in the unauthorised electronic transaction to the customer's account within 10 working days from the date of notification by the...
India-UPI likely to dominate digital payments, BNPL to drive growth: Report
“We expect the payments industry to focus heavily on enhancing customer experience and providing customer options for payment, enhancing security, undertaking innovations in technology like distributed ledger technology (DLT) and emerging tech like IoT (Internet of...
DFS Secretary asks banks to soar up balancesheet; raise capital from market
Manthan 2022 was held to brainstorm with the top leadership of public sector banks and unlock next-generation reforms while continuing with the EASE journey, the ministry said. The last such exercise was held in 2019. Financial Services Secretary Malhotra urged banks...
Discord between value, valuation expectation in fintech, digitech space: Kamath
“It is a challenge between the value which has been created in each of these enterprises and then there is a valuation expectation. I think there is a discord between the value and the valuation,” Kamath, who is the chairman of National Bank for Financing...