FM Nirmala Sitharaman rules out GDP slowdown in September quarter as being ‘systemic’; says economic activity in Q3, with better public expenditure, is likely to compensate for the moderation.
RBI’s approval is for Canara Bank to divest its 13% stake in Canara Robeco Asset Management Company and 14.5% in Canara HSBC Life Insurance Company through the IPO route.
Public sector banks have shown improvement in their capital adequacy ratio and gross non-performing assets position post-merger, Minister of State for Finance Pankaj Chaudhary said.
The Reserve Bank of India has increased the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000 in order to encourage wider adoption of the popular instant payment system through mobile phones.
State Bank of India has written to RBI, requesting change in rules, and consider non-financial transactions like balance checking as well for tagging an account as operative.
The loan growth will be helped by implementation of Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY 2) and branch expansion.
RBI asks banks to urgently reduce number of inoperative or frozen accounts; banks need to take necessary steps and also report their numbers quarterly.
Total value of Rs 2,000 banknotes in circulation declines to Rs 6,839 crore as on 29 November; this was Rs 3.56 trillion on 19 May 2023.
Out of 500 new branches planned in FY25, 135 already opened till October-end, Minister of State for Finance Pankaj Chaudhary.
Zavron Finance has violated RBI guidelines on code of conduct in outsourcing of financial services in its digital lending operations; functions include credit appraisal, loan disbursal, fixing of rate of interest and KYC verification process.
State Bank of India launches nation-wide drive to raise awareness about importance of inoperative account activation.
Banks have seen a slower growth in personal loans while credit to industry and agriculture have gone up in October 2024, latest RBI data shows.
RBL Bank and Bajaj Finance end their 8-year-old partnership to roll out co-branded credit cards; bank says synergies as worked out originally have undergone significant changes.
India’s economy records weakest growth rate in nearly two years, shocking even economists who had anticipated a slowdown in Q2 but not to this extent.
After interviewing 15 candidates, Financial Services Institutions Bureau recommends Binod Kumar for post of MD and CEO of Indian Bank; he is currently serving as ED of Punjab National Bank.
