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RBI forms committee for periodic review of regulations
The review body will be advised by a group of six industry experts,...
More than 2 lakh camps organised till Sep 15 under fin inclusion saturation drive
This has resulted in the opening of over 61 lakh new Pradhan Mantri...
Generative AI set to improve banking operations in India by 46%: RBI Report
Generative Artificial Intelligence (AI) has the potential to improve banking operations in India by up to 46 per cent, according to a report by the Reserve Bank of India (RBI). The central bank noted that AI can help financial institutions better understand customer...
Liberty Mutual to pay $4.7 million for settling U.S. criminal bribery probe against its Indian subsidiary
In a letter made public on Monday, the Justice Department said the subsidiary, Liberty General Insurance, paid $1.47 million in bribes to six state-owned banks, which in exchange referred customers to its insurance products. Washington: US insurer Liberty Mutual will...
RBI panel recommends AI framework for finance sector
"The report envisions a financial ecosystem where encouraging innovation is in harmony, and not at odds, with mitigation of risk," the RBI said in a statement MUMBAI: An RBI panel has recommended that banks and other financial institutions formulate a policy to...
Banks to clear cheques within few hours from Oct 4: RBI
To improve the efficiency of cheque clearing and reduce settlement risk for participants, and to enhance customer experience, the RBI has decided to transition CTS from the current approach of batch processing to continuous clearing with 'on-realisation-settlement'....
Mule Account Menace: Lucknow’s local youths fall prey to global cyber fraud network
The funds come from a range of cybercrimes in India: online investment frauds, fake job or task schemes, sextortion, and bogus trading platforms. Victims' payments are funnelled into mule accounts before disappearing into the blockchain - beyond the jurisdiction of...
SBI General launches exclusive Health Insurance branches across Andhra Pradesh and Telangana
L to R-CS Setty, chairman, State Bank of India, Naveen Chandra Jha, MD & CEO of SBI General Insurance at the launch event of SBI General's exclusive Health Insurance branches across Andhra Pradesh and Telangana in Hyderabad CS Setty, chairman, State Bank of India,...
SBI Life’s corporate agency partnership with AU Small Finance Bank
SBI Life Insurance has entered a strategic corporate agency partnership with AU Small Finance Bank, the country’s largest Small Finance Bank. With this alliance, AU SFB will distribute SBI Life’s comprehensive portfolio of life insurance solutions, including...
RBI decides to keep interest rate unchanged at 5.5 pc
Sanjay Malhotra,Governor, Reserve Bank of India The Reserve Bank on Wednesday retained the GDP growth projection for the current fiscal year at 6.5 per cent while lowering the inflation forecast to 3.1 per cent from 3.7 per cent. Mumbai: After three successive...
15 more banks to implement RBI’s MuleHunter in next 2 months
MuleHunter is based on artificial intelligence and machine learning-based algorithms, and being given free to banks for now, Suvendu Pati, a chief general manager,RBI Mumbai: At least 15 more banks are set to implement the RBI-developed MuleHunter platform over the...
Nearly 6.6 lakh new PM Jan Dhan Yojana accounts opened in 1 month
A staggering 55.44 crore Jan Dhan accounts have been opened in India, 56 per cent of which belong to women, and the total amount in these deposits has surpassed Rs 2.5 lakh crore as of May 21 this year. New Delhi: Nearly 6.6 lakh new PM Jan Dhan Yojana accounts were...