ICICI Bank Canada Unveils ‘Money2India (Canada)’: A New Era in Mobile Banking
Introduction ICICI Bank Canada, a subsidiary of ICICI Bank, India’s largest private sector bank, has launched a new mobile banking app called ‘Money2India (Canada)’ that allows users to send money from any Canadian bank to any bank in India without the need for an ICICI Bank Canada account. Features The app, which is available for […]
Suzuki Motorcycle India and SMFG India Credit Co Join Forces: A New Era in Vehicle Financing
A Strategic Partnership Suzuki Motorcycle India Pvt Ltd (SMIPL), a leading two-wheeler manufacturer in the country, has partnered with SMFG India Credit Co Ltd (formerly Fullerton India Credit Co), a Non-Banking Financial Company (NBFC) and a member of Sumitomo Mitsui Financial Group (SMFG), to provide quick and hassle-free financing options for Suzuki two-wheeler customers. The […]
Mastercard Pioneers Healthcare Payments: Introduction of Virtual Card for Medical Claims
Mastercard, one of the world’s leading payment network processors, has announced a groundbreaking solution for medical claim payments in India. The company has partnered with one of the leading financial institutions in India and Remedinet, a cloud-based health tech platform that simplifies the back-end of cashless claims by connecting hospitals, insurers and third-party administrators. How […]
Sun Pharmaceutical Industries Expands Reach: Acquisition of Remaining Stake in Israel’s Taro
Sun Pharmaceutical Industries, India’s largest drugmaker, announced on Thursday that it will acquire the remaining 21.52% stake in Israel-based Taro Pharmaceutical Industries for ₹2,891.7 crore ($43 per share). This move will enable the merger of the two entities and consolidate Sun Pharma’s control over Taro, a key player in the generic dermatology market. Background Sun […]
Elevating Capital: State Bank of India’s Successful Raise of Rs 5,000 Cr via AT1 Bonds
State Bank of India (SBI), the country’s largest lender, has successfully raised Rs 5,000 crore through the issuance of additional tier-1 (AT1) bonds on January 18, 2024. The bond sale received an overwhelming response from a diverse range of investors, with an oversubscription of 2.65 times and 108 bids worth Rs 5,294 crore against the […]
Unpacking RBI’s Concerns Over Rising Personal Loan Disbursements by Banks
The Reserve Bank of India (RBI) has recently tightened the norms for personal loans disbursed by banks and non-banking financial companies (NBFCs) in order to curb the risks arising from the rapid growth of unsecured lending in the country. The central bank has increased the risk weights for personal loans, which will require lenders to […]
Government Seeks Public Feedback on Draft Bill Proposing Repeal of Indian Stamp Act
Background The Indian Stamp Act, 1899 is a fiscal statute that lays down the law relating to tax levied in the form of stamps on instruments recording transactions. The Act is over a century old and has been amended several times to enable a more modern stamp duty regime. However, some of its provisions have […]
DLabs at ISB, RBI Innovation Hub, and UBI Jointly Kickstart the `Build for Billions’ Program
DLabs at the Indian School of Business (ISB) has launched a new startup accelerator program called ‘Build for Billions’, in collaboration with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India (UBI). The program aims to bridge the gap between financial services and the informal economy, which comprises gig workers, migrant workers, domestic […]
Indian Overseas Bank and IREDA Collaborate for Co-Lending in Renewable Energy Projects
Indian Renewable Energy Development Agency Ltd. (IREDA) and Indian Overseas Bank (IOB) have signed a Memorandum of Understanding (MoU) to co-finance renewable energy projects across the country. The MoU was signed on 16th January, 2024, at IREDA’s Business Centre in New Delhi. Co-lending and co-origination support The MoU includes provisions for co-lending and co-origination support […]
Uncia Chain’: Unity Bank’s Innovative Partnership with Uncia for Supply Chain Finance
Introduction Supply chain finance (SCF) is a set of solutions that optimize cash flow by allowing businesses to lengthen their payment terms to their suppliers while providing the option for their large and SME suppliers to get paid early. This results in a win-win situation for the buyer and supplier. The buyer optimizes working capital, […]