Government’s stake sale to meet SEBI’s minimum public shareholding norm of 25%; paring stake to 75% in four banks to bring in an estimated $3.3 billion.
Anil Ambani denies all the charges made by Bank of India and claims that he is being selectively singled out.
RBI clarifies that even after the deal, Sumitomo Mitsui Banking Corporation will not to be treated as promoter of Yes Bank as it would have involved additional regulatory requirements.
Under this scheme, borrowers can avail loans ranging from Rs 25,000 to Rs 25 lakh with a flexible tenure of up to three years.
State Bank of India, Bank of Baroda and Indian Overseas Bank have reduced their marginal cost of funds-based lending rates by up to 35 basis points across tenors.
Agniveers with a salary account at SBI can avail loans up to Rs 4 lakh without any collateral and with a complete waiver of processing fee.
SBI’s new IMPS charges will range from Rs 2-10 plus GST, for fund transfers above Rs 25,000 and up to Rs 5 lakh.
ICICI Bank slashes minimum balance requirement for savings account in urban areas to Rs 15,000, a few days after hiking it steeply to Rs 50,000.
RBI will introduce new mechanism to clear cheques within few hours; to curtail current processing system which takes up to two working days for cheques to clear.
India’s retail inflation falls for ninth month in a row, providing further room to RBI-led MPC to cut interest rates amid tariffs-led trade tensions with the US.
RBI Governor Sanjay Malhotra says banks are free to decide on what minimum balance they want to set; this issue does not fall under regulatory domain of RBI.
Bank Bachao Desh Bachao Manch urges Finance Ministry to intervene and reverse ICICI Bank’s “retrograde decision” as it “undermines principle of financial inclusion”.
Jay Kotak, son of Uday Kotak, says 90% of India makes less than Rs 25,000 a month. “A Rs 50,000 minimum balance implies a sum equal to ~94% of Indians monthly income is to be left with the bank at all times, else a fee!,” he tweets.
ICICI Bank’s employee attrition rate falls to 18% in FY25 from 24.5% a year ago; for HDFC Bank, it was 22.6% in FY25 and 26.9% in FY24.
ICICI Bank's new minimum balance rule is for customers opening accounts on or after 1 Aug; move to set it apart from other Indian banks in terms of mass customer access and expose it to widespread criticism for positioning it as “an elite bank”.
