The Rs 47.66 lakh crore budget for 2024-25 has increased due to rise in expenditure and higher allocation for capital expenditure and social sector schemes.
This is Finance Minister Nirmala Sitharaman’s sixth consecutive budget, matching the record of former prime minister Moraji Desai.
HDFC Bank has applied to Monetary Authority of Singapore for a banking licence and is awaiting approval.
Appointment is for three years, effective from 29 April; Kutty has been part of DCB Bank leadership team for past 16 years
RBI proposes stricter rules for housing finance companies that accept public deposits to ensure that they come at par with NBFCs.
Retail inflation climbs to 5.69% in December while industrial production slips to low of 2.4% in November.
RBI slaps penalties totalling Rs 2.49 crore on three banks for various non-compliances; banks fined are Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank.
This is the second extension given by the Cabinet’s Appointments Committee to RBI Deputy Governor Michael Patra; on 15 January 2023, he was re-appointed for a year.
RBI asks Federal Bank to submit at least two new names for MD & CEO post; on 6 October, the bank had written to RBI seeking one-year extension for current CEO Shyam Srinivasan
Bank of Maharashtra cuts home loan rate by 15 basis points to 8.35% as part of its new year offer; processing fees on home loans also waived.
RBI says some concerns have emerged on the conduct of credit information companies during its supervisory assessment.
Punjab National Bank’s board has approved a proposal to raise Rs 7,500 crore capital through QIP or FPO.
RBI extends deadline for banks and NBFCs to implement modified norms for levying penal charges in loan accounts; to come into effect from 1 April 2024.
Government hikes interest rates on Sukanya Samriddhi scheme by 20 basis points and three-year term deposit scheme by 10 basis points for the January-March quarter.
In RBI’s list of systematically important banks, SBI and HDFC Bank move up a ladder and will have to maintain higher capital; ICICI Bank retains same bucket as last year.
