Dinesh Khara, former chairman, State Bank of India Panel will look...
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IRDAI unveils Bima-ASBA for issuing life and health policies from March 1
Under Bima –ASBA facility, transfer of money from the prospect to...
DICGC’s cover on bank deposit beyond Rs 5 lakh, Bill allowing Composite licenses soon, says DFS Secy
Union Finance Minister Nirmala Sitharaman is launching Mutual...
ICICI Bank buys 25 lakh shares to make ICICI Lombard Gen Insurance subsidiary co
The move follows a May 2023 resolution by the bank's board to increase the bank's holding ICICI Lombard by another 4 per cent in multiple tranches Mumbai: Private sector lender ICICI Bank on Thursday said it has bought an additional 25.14 lakh shares of ICICI Lombard...
India’s rural-urban income gap declines sharply amid fall in poverty level: SBI Report
The states once considered laggards are showing the maximum improvement in rural and urban gap. States like Bihar, Uttar Pradesh, Madhya Pradesh are showing increasingly the impact of these factors, the report adds New Delhi: Along with the sharp decline in poverty in...
Hinduja Group to delist Reliance Capital from bourses, shares to be extinguished
“The liquidation value of the equity shareholder of RCL (Reliance Capital) is nil and hence, equity shareholders will not be entitled to receive any payment and no offer will be made to any shareholder of RCL,” according to an exchange filing by RCL Mumbai: Hinduja...
‘Money mule’ bank accounts on the rise in India: Report
Mule accounts are owned by people who are duped by fraudsters into laundering stolen/illegal money via their bank accounts. When such incidents are reported, the "money mule" becomes the target of investigations due to their involvement New Delhi: Banks in India need...
FSDC to formulate strategy to digitalise KYC process in financial sector, curbing illegal online lending
(Lto R) Shaktikanta Das, Governor, Reserve Bank of India, Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs and Bhagwat K Karad,,Union Minister of State for Finance at the 28th meeting of FSDC in New Delhi The FSDC on Wednesday discussed various...
Former LIC chairman MR Kumar appointed as non- executive chairman of Bank of India
The government, on Wednesday, has appointed MR Kumar, former chairman of Life Insurance Corporation(LIC), as a part-time non-official director as well as non- executive chairman of Bank of India for a term of three years. Kumar had completed his term as the LIC...
Indian regulators seek to crack down on potential fraud in financial sector
While Indian banks have boosted spending on technology to detect potential money laundering and prevent fraud, the cases are rising. The number of reported frauds of more than 100,000 rupees ($1,205) rose 68 per cent to more than 14,000 from April to September last...
RBI extends Paytm Payments Bank restriction deadline to March 15
As per a January 31 order of the central bank, PPBL was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29 Mumbai: The banking regulator...
RBI Deputy Governor urges banks to prioritize legal and cyber risks arising from AI
''With the adoption of AI and GenAI, laws are to be redefined. Industry needs to note that Digital Personal Data Protection (DPDP) Act rules are going to come soon, and banks may be in violation of some of it so it's important to start preparing for it,'' RBI Deputy...
RBI raises ceiling on remuneration of non-executive directors to Rs 30 lakh
"Considering the crucial role of non-executive directors in efficient functioning of bank boards and its various committees and in order to further enable the banks to sufficiently attract qualified competent individuals on their boards, it has been decided to revise...