IIFL Finance Gold Loans stopped by RBI Over Breaches
The Reserve Bank of India (RBI) has banned IIFL Finance Ltd. from sanctioning or disbursing new gold loans or assigning/securitising/selling any of its existing gold loans with immediate effect. The company can, however, continue to service its current gold loan portfolio through usual collection and recovery processes, the RBI said in a statement on Monday. […]
Fincare and AU Bank Merge with RBI Approval
The Reserve Bank of India (RBI) has given its green light to the first ever merger between two small finance banks (SFBs) in India. Fincare Small Finance Bank (Fincare SFB) and AU Small Finance Bank (AU SFB) will amalgamate from April 1, 2024, creating a banking entity with a network of 2334 branches and a […]
PNB Partners with EaseMyTrip for PNB EMT Credit Card
Punjab National Bank (PNB), one of the leading public sector banks in India, has partnered with EaseMyTrip, one of the largest online travel portals in India, to launch a co-branded travel credit card that targets mass to premium customer segments. The PNB EMT Credit Card promises to offer a variety of rewards and benefits for […]
Amit Shah Inaugurates NUCFDC for Urban Cooperative Finance
Cooperation Minister Amit Shah on Saturday inaugurated the National Urban Cooperative Finance and Development Corporation (NUCFDC), the apex body of Urban Cooperative Banks (UCBs), in New Delhi. The NUCFDC is expected to enhance the development, modernization and capacity of UCBs in the country. Shah said that the NUCFDC was formed after nearly 20 years of […]
Policybazaar Insurance Brokers Receives IRDAI Broker License
Policybazaar Insurance Brokers, a subsidiary of PB Fintech, has become a composite insurance broker after getting the final approval from IRDAI. This will allow the company to sell reinsurance products and expand its reach in the insurance sector. What is reinsurance and why is it important? Reinsurance is the practice of insurers transferring portions of […]
Kotak Mahindra Bank launches with Smart Choice Gold Loan
Kotak Mahindra Bank, one of the leading private sector banks in India, has announced the launch of Smart Choice Gold Loan, a new product that offers customers the benefits of low interest rate, zero processing fee, same-day disbursal and flexible repayment options against their gold ornaments. The product is aimed at aspirational consumers who want […]
Flipkart UPI Handle: A Leap in Digital Payments
Flipkart, India’s leading e-commerce platform, has launched its own UPI handle powered by Axis Bank for Android users. The handle, called “@fkaxis”, offers a convenient, secure and rewarding way to make payments, transfer funds and earn Supercoins. What is Flipkart UPI? Flipkart UPI is a payment service that allows users to create their own UPI […]
HDFC Bank Sells 90% Stake in HDFC Credila: RBI Approval
HDFC Bank, one of the leading private sector lenders in India, has recently received approval from the Reserve Bank of India (RBI) to sell a 90% stake in its education loan subsidiary arm, HDFC Credila, to a consortium of private equity firms. The deal is expected to boost HDFC Bank’s income in the fourth quarter […]
Paytm Fined ₹5.49 Crore by FIU
The Financial Intelligence Unit-India (FIU-IND) has imposed a penalty of ₹5.49 crore on Paytm Payments Bank Ltd (PPBL) for violating its obligations under the Prevention of Money Laundering Act (PMLA), the Ministry of Finance said in a release. This is the latest setback for the digital payments giant, which is also facing regulatory scrutiny from […]
RBI Okays Amazon Pay as Payment Aggregator
Amazon Pay, the digital payments arm of ecommerce giant Amazon India, has received a payment aggregator (PA) licence from the Reserve Bank of India (RBI), strengthening its merchant payments business. It can now offer online merchant payment services and has 6.6 crore wallets with operational revenue of Rs 2,093 crore in FY23. What is a […]