The Reserve Bank of India (RBI), the country’s central bank and banking regulator, today announced major policy decisions taken at its bi-monthly monetary policy review meeting held during 3rd to 5th October. While the RBI’s Monetary Policy Committee (MPC) kept key rates unchanged in its rate setting review, the policy measures announced cover significant areas […]
Industries such as banking and financial services and insurance (BFSI), and production and manufacturing showed the highest growth in hiring activity in 2021, while media and construction segments showed the biggest declines, said Monster.com India in its annual trends analysis. The BFSI and the manufacturing sectors both saw hiring rise by 31%, while telecom witnessed […]
With youngsters increasingly preferring non-traditional careers and gigs for their livelihoods, several financial services startups have also sprung up to target these customers who may not qualify for traditional banking services. In this direction, FPL Technologies, a two-year-old, Pune-based credit scoring company, announced that it has launched a free credit card targeting the youth, with […]
Infosys Ltd said Philippines-based UnionBank has selected its Finacle banking platform as its software of choice for easing its migration to a cloud architecture. The UnionBank of Philippines, a medium-sized bank with over 3,500 employees, is a traditional Infosys’ customer. Banks are increasingly moving from the traditional IT architecture — under which they buy accounting, […]
ICICI Bank’s Pockets wallet has become the first financial institution in India to be permitted to offer UPI IDs in its own name and make transactions directly without routing it via a bank account. So far, UPI IDs were reserved only for those who have an account with any recognized Indian bank, including co-operative banks. […]
Operating conditions for Indian non-banking financial companies/institutions (NBFCs or NBFIs) have improved slightly in the first two months of 2020, however, uncertainty levels continue to be high for certain segments within the sector such as housing finance and wholesale lending, global ratings agency Fitch said in a note today. “The recent fundraising by a number […]
Even as a large part of the country grapples with torrential rain and floods, scammers have set up fake bank IDs to get their hands on at least a part of the donations meant for disaster relief. For example, the original UPI ID for donating to Kerala’s disaster relief fund is keralacmdrf@sbi. However, given that […]
ICICI Bank, one of India’s top three lenders, has emerged as the No.1 target of bank fraudsters last year in terms of the sheer number of such incidents, overtaking bigger rival State Bank of India. ICICI Bank reported 374 medium and large sized incidents of fraud, beating back SBI, which came in with 338 such […]
Finance ministry on Thursday gave detailed numbers to detail the efforts that the Narendra Modi government has been making to overcome the problems created by corruption and bad loans in India’s public sector banks. Finance Minister Nirmala Seetharaman pointed out that a review in 2015 found that a huge chunk of loans issued in previous […]
India’s largest commercial bank, State Bank of India (SBI), launched ‘doorstep banking’ for senior citizens, the differently-abled and infirm customers, including those with visual-impairment. Under this facility, doorstep services will be made available to fully KYC-compliant customer holders with a valid mobile number registered with the bank and residing within 5-kilometre radius from their home […]
Paytm, India’s largest digital wallet player, is reportedly planning to set up 1,000 ATMs across the country under a branding tie-up with Tata Communications Payment Solutions Ltd. Although Tata Communications did not confirm the news, the network connectivity provider said it has a “co-branding alliance” with a “leading payments bank recognized as India’s largest digital […]
Days after it imposed a monetary penalty of Rs 7 crore on four PSU banks, the Reserve Bank of India has slapped a fine of Rs 1 crore on ICICI Bank for delays in the implementations of the new controls relating to the SWIFT system of international payments. The SWIFT (Society for Worldwide Interbank Financial […]
A day after it imposed monetary penalty of Rs 7 crore on four PSU banks, the Reserve Bank on Monday slapped a fine of Rs 4 crore on Mangaluru-headquartered Karnataka Bank for delays in the implementation of new controls relating to the SWIFT system of international payments. The private sector lender was one of the […]
Anil Ambani Group’s Reliance Communications has given up on reaching a debt resolution plan acceptable to all its lenders and has decided to start bankruptcy proceedings at the Mumbai National Company Law Appellate Tribunal. The original plan, unveiled in 2017, envisaged a step-by-step asset sale process through which the company planned to raise tens of […]
Punjab National Bank, hit by a $2 billion scam, said the government of India has purchased around 63.82 cr shares in the bank. At the current market price of Rs 71 each, the shares are worth Rs 4,530 cr. With this, the government’s stake in the bank has risen to 71.92% from 66.09%. The transaction […]
IndusInd Bank launched what it called India’s first dual, debit cum credit card. The ‘Duo’ card has two magnetic stripes on either edges and two chips on either ends. The card design uses the anagram technique to enhance and highlight the singularity of the Duo Card. IndusInd Bank, part of the Hinduja Group, is among […]
ICRA, a part of Moody’s Investors Service, revised its outlook on YES Bank’s borrowings to ‘stable’ from ‘positive’ on the basis of the Reserve Bank of India’s direction last week cutting short the tenure of the company’s CEO Rana Kapoor. “The revision in outlook to stable from positive considers the recent direction from RBI whereby […]
Indian banks will need between $40 bln to $55 bln (Rs 2.8 lakh cr to Rs 3.8 lakh cr) of additional capital to meet the Basel III capital adequacy norms set to come into effect next year, Fitch Ratings said, adding that most of the money will have to be put in by the tax […]
Six crore bank accounts opened under the Prime Minister’s Jan Dhan Yojana have been declared inoperative by banks due to lack of transactions, finance ministry said today. The frozen accounts constitute around 19%, or about a fifth, of the total 32 cr Jan Dhan accounts opened under the scheme. Banks are forced to declare an […]
The amount of money swindled by fraudsters from nationalized banks has jumped 359% in four years, RBI data revealed. The trend at nationalized banks is in contrast to that at private sector banks and SBI, where frauds are being increasingly brought under control. According to the RBI, nationalized banks lost a total of Rs 26,705 […]
