The RBI data showed a clear trend of increasing preference for term...
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RBI considers easing bank ownership rules as foreign interest grows
Banking remains one of the most guarded sectors of the Indian...
LIC tops PSUs chart with record Rs 19,013 cr profit in Q4
The insurance behemoth was followed by the country's biggest lender...
Make customers’ rights charter enforceable, says RBI panel
It has also recommended setting up of a regulated entities(REs) - agnostic common portal for lodging complaints, so that the customers of any RE can lodge complaints on a single platform. Mumbai: A panel set up by the RBI to examine and review the state of customer...
Max Life and Axis Bank celebrate 13 yrs of bancassurance partnership
The partnership has since inception served more than 25 lack customers with over Rs 3,81,900 Cr. worth of sum assured to cover their risks New Delhi: Max Life Insurance and Axis Bank, one of India’s largest private sector banks, celebrate the completion of thirteen...
Number of frauds rose in FY23, amount involved halved: RBI data
Frauds occurred predominantly in the category of digital payments (card/internet), in terms of number, said Reserve Bank's Annual Report 2022-23 The number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved...
Kangra Cooperative Bank’s account with RBI loses Rs 7.79 crore in cyber fraud case
The fraud took place in three separate transactions on as many consecutive days, the first being on April 19, 2023 Since the bank is financially supervised by the RBI and the current account which has been subjected to fraud is also with the regulator itself, the...
RBI may extend Sept 30 deadline for exchanging Rs 2000 currency notes, ID and form not needed to exchange
On why there was a deadline for exchanging these notes when they are going to continue as legal tender, Shaktikant Das, governor, RBI said that unless a particular time is stipulated, the process won't reach finality as people won't take it seriously. Otherwise it...
Public sector banks’ total profit crosses Rs 1 lakh crore-mark in FY23
From posting a total net loss of Rs 85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results NEW DELHI: Public sector banks' cumulative profit...
RBI to withdraw Rs 2,000 currency notes from circulation, to remain legal tender
The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said in a statement In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank...
China new financial regulatory body gets a chief
The National Financial Regulatory Administration(NFRA) is a new government body under the State Council tasked with consolidating supervision over the multi-trillion dollar financial industry It will replace the CBIRC and absorb some supervisory functions from the...
Banks to launch 100 days campaign to trace & settle unclaimed deposits: RBI
Balances in savings/current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as ''unclaimed deposits'' Recently, the RBI has also announced the setting up of a centralised web portal for...
RBI invites firms to participate in Greenwashing TechSprint
The number of investment products marketed as 'green' or making wider sustainability claims is growing. Exaggerated, misleading or unsubstantiated claims about Environmental, Social and Governance (ESG) credentials damage confidence in these products and the RBI wants...