RBI approves Ashok Vaswani’s appointment as MD and CEO of Kotak Mahindra Bank; appointment is for three years from date of taking charge.
Kotak Mahindra Bank has got the RBI approval to acquire microlender Sonata Finance for Rs 537 crore.
Google Pay will offer sachet loans for merchants and consumers, a move that it said would help small businesses in India.
RBI imposes penalty of Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for violation of banking regulatory norms.
RBI asks banks and regulated entities to adopt risk-based approach for periodic updation of KYC, a move that is set to tighten customer due diligence norms.
The RBI has imposed a penalty of Rs 1 crore on Union Bank of India, Rs 64 lakh on RBL Bank and Rs 8.5 lakh on Bajaj Finance.
RBI slaps penalty of Rs 5.39 crore on Paytm Payments Bank for non-compliance with certain provisions, including KYC norms.
SBI Mutual Fund must ensure that the aggregate holding in the bank does not exceed 9.99% of the paid-up share capital or voting rights at all times.
Bank of Maharashtra increases fixed deposit rates by up to 125 basis points; some other banks expected to raise rates as well.
Prior to his new position, Bhavendra Kumar functioned as CGM and headed Canara Bank’s Delhi circle office with a business of over Rs 2.5 lakh crore.
Citing material supervisory concerns, RBI also orders Bank of Baroda to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of the suspension.
Government approves appointments of 12 general managers as executive directors of various public sector banks.
RBI will manage liquidity, inflation, growth, rupee and financial sector stability in an appropriate equilibrium like the legendary all-rounder Kapil Dev managed bowling, batting, fielding and captaincy, said Governor Shaktikanta Das.
Pointing out that certain components of personal loans are recording very high growth, RBI indicated that it will step in with prudential regulations to limit such unsecured lending should lenders remain reckless as it raises the risk of bad loans.
Muneesh Kapur has been appointed as executive director of RBI with effect from 3 October; he will look after the Department of Economic and Policy Research.
