Immediate Licence Cancellation of Hiriyur Urban Co-op Bank by RBI
Immediate Cancellation The Reserve Bank of India (RBI) has cancelled the licence of The Hiriyur Urban Co-operative Bank Ltd., Hiriyur, with immediate effect. The bank has ceased to carry on banking business from the close of business on January 12, 2024. Reasons for Cancellation The Hiriyur Urban Co-operative Bank does not have adequate capital and […]
Dhanlaxmi Bank, ESAF Small Finance Bank, and Punjab and Sind Bank Face RBI Penalties
Overview of Penalties The Reserve Bank of India (RBI) has recently imposed monetary penalties on three financial institutions: Dhanlaxmi Bank, ESAF Small Finance Bank, and Punjab and Sind Bank. These penalties, amounting to a total of Rs 2.49 crore, were levied due to various non-compliance issues related to banking regulations. Dhanlaxmi Bank’s Non-Compliance Dhanlaxmi Bank […]
Expanding Reach: Swiggy and Tata Neu Collaborate with HDFC Bank for Cobranding
HDFC Bank, India’s largest private bank, has partnered with two of the country’s leading consumer platforms, Swiggy and Tata Neu, to launch co-branded credit cards. The cards, which are powered by Mastercard, offer attractive cashback and rewards to the customers across various online platforms. Swiggy HDFC Bank Credit Card The Swiggy HDFC Bank credit card, […]
Raksha Mantri Rajnath Singh Greenlights Group Insurance Scheme for BRO’s Casual Paid Labourers
Historic Welfare Enhancement Raksha Mantri Shri Rajnath Singh has approved a significant enhancement of welfare measures for the Border Roads Organisation’s (BRO) Casual Paid Labourers (CPLs). This move marks a substantial development in the support extended to these workers, who are employed in the construction of roads in challenging forward and border areas. Extension of […]
SBI Collaborates with Rural Development Ministry for SHG Loans: A New Chapter in Rural Financing
State Bank of India (SBI), the largest public sector bank in India, has partnered with the Ministry of Rural Development (MoRD) to launch a new financial product called Svyam Siddha, exclusively for women entrepreneurs in rural self-help groups (SHGs). This initiative is expected to boost rural financing and empower women-led enterprises in the country. Svyam […]
Hindustan Zinc and India Post Payments Bank Collaborate for CSR Beneficiaries’ Financial Inclusion
Transformative Alliance to Empower Rural Rajasthan In a significant move to revolutionize the financial landscape of rural Rajasthan, Hindustan Zinc Limited (HZL) and India Post Payments Bank (IPPB) have entered into a Memorandum of Understanding (MoU) to offer financial inclusion services to CSR beneficiaries. This groundbreaking alliance aims to create a substantial impact on the […]
SME Portfolio Boosts MAS Financial’s AUM to Over ₹10,000 Crore
Overview of MAS Financial’s Milestone Achievement MAS Financial Services Ltd., an established non-banking financial company in India, has recently achieved a significant milestone. The company’s consolidated Assets Under Management (AUM) crossed the ₹10,000 crore mark during the quarter, standing at approximately ₹10,225 crore as of December 31, 2023. This marks a notable year-on-year growth of […]
IT Demand Notices Worth Rs 3,529 Crore Received by LIC
Introduction Life Insurance Corporation of India (LIC), the largest insurance company in the country, has received two demand notices from the Income Tax authorities in Mumbai, amounting to Rs 3,529 crore. The notices pertain to the assessment years 2018-19 and 2019-20, and are based on the disallowance of certain expenses claimed by LIC. LIC’s response […]
Government Alert: Avoid Dialling ‘*401#’ with Unfamiliar Numbers to Prevent Malicious Calls
The Department of Telecommunications (DoT) has issued a consumer advisory to prevent cyber fraud involving malicious calls that ask users to dial *401# followed by an unknown mobile number. This action can activate unconditional call forwarding from the user’s mobile to the fraudster’s mobile, allowing them to receive all incoming calls and use them for […]
Mutual Fund Industry’s AUM Hits Rs 50 Lakh Crore Milestone: Latest Rs 10 Lakh Crore Achieved in Just One Year
Historic Growth in Mutual Fund Industry The Indian mutual fund industry has achieved a remarkable milestone, with its assets under management (AUM) surpassing Rs 50 lakh crore in December 2023. This growth is a significant indicator of the industry’s robustness and investor confidence. Surge in Systematic Investment Plans (SIPs) A key factor in this achievement […]