"The report envisions a financial ecosystem where encouraging...
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Banks to clear cheques within few hours from Oct 4: RBI
To improve the efficiency of cheque clearing and reduce 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...
SBI,ICICI Bank, HDFC Bank continue to remain systemically important banks: RBI
The framework for dealing with D-SIBs was issued in July 2014. The framework requires the RBI to disclose the names of banks designated as Domestic Systemically Important Banks (D-SIBs) starting from 2015 and place these lenders in appropriate buckets depending upon...
Consolidation of public sector banks leads to 4,837 branches being shut down
According to RBI, a total of 2,271 bank branches were closed in 2020-21, out of which 86 were completely shut, while 2,185 branches were adjusted to another branch Bhopal: Efforts to connect the poorest of the poor with banks are underway throughout the country, so...
SBI asks field functionaries to desist from mis-selling of insurance products
The bank asked the field functionaries to ensure that the branches conduct need-based selling of insurance products with strict compliance to the Assessment of Suitability and Appropriateness Framework (ASAF) and sourcing of business is undertaken for 100 per cent KYC...
Retail loans can become a source of systemic risk, warns RBI
'Empirical evidence suggests that a build-up of concentration in retail loans may become a source of systemic risk,'' the RBI said in its trends and progress in banking report for FY22 Mumbai: Retail loans, long considered a panacea for the banking system, may become...
Ministry asks banks to cease from using unethical practices to sell insurance policies
There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. The department has already issued a circular wherein it has been...
Axis Bank forays into retirement biz with pension fund management, crosses Rs 100 cr in AUM
The third largest private sector lender received a commencement of business certificate from the Pension Fund Regulatory and Development Authority (PFRDA) on September 20, and the AUM has been managed in the first 45 days of the business, as per a company statement...
Govt to take view on privatisation of public sector banks after consultation with dept, regulator
In the Union Budget for the financial year (FY) 2021-22, he said, the government's intent to take up privatisation of two PSBs and approval of a policy of strategic disinvestment of Public Sector Enterprises (PSEs) was announced The government on Monday said it will...
Govt extends bid submission deadline till Jan 7 for IDBI Bank sale
The government and the Life Insurance Corporation (LIC) hold 94.71 per cent of IDBI Bank and are looking to offload 60.72 per cent in the state-owned bank. The successful bidder will have to make an open offer of acquisition of 5.28 per cent of the public...
RBI shortlists 7 global consultancy firms to use AI, ML to improve regulatory supervision
On the data collection side, AI and ML technologies are used for real-time data reporting, effective data management and dissemination For data analytics, these are being used for monitoring supervised firm-specific risks, including liquidity risks, market risks,...
RBI Deputy Guv Rabi says whatever data on crypto is available is misleading
Data is not available. Whatever data is available is misleading. And making regulations in the absence of adequate information carries a high probability of us ending up with the wrong set of prescriptions," T Rabi Sankar said at a virtual conference hosted by the...