The move is fueling fears pension funds and other longer-term...
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RBI cuts rates by 25 bps for a second time as US tariffs add to growth risks
Sanjay Malhotra, Governor, Reserve Bank of India RBI has lowered...
Global credit starts to wobble as market pain spreads
Overnight in Asia, the Markit Itraxx Asia ex-Japan index,...
RBI raises key rate, says inflation battle not over, lowers economic growth projection to 6.8 pc
"The MPC was of the view that further calibrated monetary policy action was warranted to keep inflation expectations anchored, break core inflation persistence and contain second round effects,” said Shaktikanta Das,governor, RBI The MPC lowered its GDP growth...
Govt to allow foreign funds to own over 51% in IDBI Bank
The current guidelines of the Reserve Bank of India restrict foreign ownership in new private banks. The government and Life Insurance Corporation of India together hold 94.71% in IDBI Bank and are looking to sell 60.72%. New Delhi: The Indian government will allow a...
‘Fintechs replacing banks a misconception; CBDC experience so far comforting’
"It's a misconception to view Fintech entities as a possible replacement to banks," he said, stressing that these modern age enterprises facilitate banking and are not a competition to banks in anyway. Mumbai: Speculation around fintechs replacing banks is a...
India Post Payments Bank cautions its customers from cyber frauds
India Post Payments Bank (IPPB) advised that customers should not use the mobile number of any third person for bank account opening and they have been advised not to accept or send any money without knowing the genuineness of the transaction New Delhi; Bank account...
YES BANK partners with Turtlefin
Mumbai: TurtleFin, an insurtech platform, has partnered with YES BANK, to sell insurance products to bank's customer through its technology platform – EasyNsure.The platform is already live with over 40 life and general insurance plans being readily available for...
Govt raises maximum tenure of PSU banks’ CEO to 10 years
As per a government notification dated November 17, 2022, the term for the appointment has been extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years The decision of the government would help banks to retain the talent who rise to...
Emerging Risks: Financial sector reliance on 2-3 big tech cos poses major risks, says Axis Bank CEO
Amitabh Chaudhry, managing director and chief executive warned that "the country's banking system now relies on two three big companies for their software service requirements, and this can lead to emerging risks in case these companies stop investing and ensuring...
FTX’s Bankman-Fried, celebrity promoters sued in US by crypto investors
The proposed class action filed late Tuesday night in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the U.S When the crypto exchange faltered on liquidity concerns, U.S. investors sustained $11 billion in...
DICGC settles claims worth Rs 8,516.6 crore in FY22
The number of insured banks registered with DICGC stood at 2,040 as on March 31, 2022 Since the inception of deposit insurance, a cumulative amount of Rs 295.9 crore was paid up to March 31, 2022 towards claims of 27 commercial banks, Rs 10,524.3 crore towards claims...
Customer protection lies at core of microfinance regulation, says RBI Deputy Governor
Considering the large customer base of microfinance at 6 crore borrowers, microfinance, Deputy Governor M. Rajeshwar Rao said, has emerged as one of the most important tools to foster financial inclusion Mumbai: Customer protection lies at core of microfinance...