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RBI backs IRDAI on distribution reforms
“It is primarily, I think, to consumer interest, to reduce costs...
AI asset valuations pose global risk, but cyber threat biggest concern for central banks: RBI Governor
``I think for us as central bankers, the most significant of these...
Banks to remain open on next Sunday, ahead of proposed 3-day strike, Sept salaryof govt employees to be paid on 25th: MoF
The release said the decision was aimed at ensuring that the banking needs of customers are not adversely affected for an extended period due to the strike and the preceding holidays. New Delhi: Public sector banks and regional rural banks will remain open and...
Govt urges bank employees to refrain from strikes, resolve issues through dialogue
"Given that most concerns of the unions have been substantially addressed, that the remaining demand continues to be examined, and that the Government continues to proactively introduce welfare measures for the banking workforce, bank employees are urged to refrain...
FinMin to meet PSB, RRB chiefs on Monday to ensure banking services during 3-day strike
United Forum of Bank Unions(UFBU) claims to represent 90 per cent of the banking workforce, and their other demands include updation and improvement of pension, a uniform dearness allowance formula for all pensioners and an option for employees covered under the...
IRDAI fines Canara HSBC Life and IndusInd bank Rs 1 cr each for violating norms
Indian insurance regulator IRDAI has imposed a fine of Rs one crore each on Canara HSBC Life Insurance and IndusInd Bank for violating regulations. Canara HSBC Life Insurance had sold a deferred annuity policy with an annual premium of Rs 2 lakh and a four-year...
UPI transactions above Rs 2,000 to attract 0.4% MDR from October 15, capped at Rs 300
The government notified changes in its payments legislation on Monday, specifying that banks cannot impose charges on payments via Unified Payments Interface transactions of up to 2,000 rupees ($20.93). New India: The introduction of Merchant Discount Rate (MDR) on...
Banking services impacted as unions go on nationwide strike to press for 5-day workweek
The strike call given by the UFBU, an umbrella body of seven unions representing 90 per cent of officer and employee strength, did not impact the functioning of private sector banks. NEW DELHI: Banking services, especially at public sector banks across the country,...
RBI Governor advises fintech firms against expanding business by exploiting regulatory gaps
Sanjay Malhotra,Governor, Reserve Bank of India Reserve Bank of India Governor Sanjay Malhotra cautioned companies against adopting a strategy of scaling first and seeking regulatory forgiveness later, saying that firms attempting to outrun regulations could...
China to pump $45 billion into state banks, insurers in capital-boosting push
Last week, the National Financial Regulatory Administration published draft amendments to the Insurance Law. The first such revisions since 1995 propose tighter oversight of insurers’ shareholders, higher minimal capital thresholds, a wider scope of insurers that...
Blue Machines AI launches Aurora, a BFSI-native speech-to-text model
Aurora is designed for real-time financial conversations in India, where customers frequently switch languages, combine English financial terminology with regional languages, and communicate over noisy or low-bandwidth telephone connections. Bengaluru: Blue Machines...
HDFC Bank CEO Jagdishan resigns amid governance concerns
Sashidhar Jagdishan, MD &CEO, HDFC Bank The issue of Jagdishan's reappointment has been a subject of intense speculation, especially after the surprising resignation of non-executive chairman Atanu Chakraborty in March this year, citing concerns on ethics and...