ICICI Bank Loans Tata Steel Rs 2,675 Crore
Tata Steel has received a significant boost of Rs 2,675 crore in its ongoing financial restructuring efforts. ICICI Bank stepped in, sanctioning a crucial debt facility with a three-year term. This timely intervention comes as the Indian banking sector experiences a positive uptrend in credit growth. Punjab National Bank (PNB) reported an impressive 11.5% loan […]
J&K Bank Teams with Paymart India for Virtual ATM
J&K Bank is shaking up the banking landscape in Jammu & Kashmir and Ladakh with the introduction of a Virtual ATM (VATM) facility. This strategic collaboration with Paymart India Pvt Ltd promises to enhance accessibility for customers, particularly in areas with limited traditional ATM reach. Cardless Convenience at Your Fingertips The VATM service streamlines cash […]
RBI Fines IDFC First Bank, LIC Housing Finance
The Reserve Bank of India (RBI) sent a strong message to the financial sector recently, imposing penalties on IDFC First Bank and LIC Housing Finance for non-compliance with regulatory norms. This move reinforces the central bank’s unwavering focus on maintaining a robust and fair financial ecosystem in India. IDFC First Bank Stumbles on Due Diligence: […]
RBI Launches UPI Cash Deposit, No ATM Card Required
The Reserve Bank of India (RBI) recently announced a groundbreaking move to further propel India’s digital payment ecosystem. Governor Shaktikanta Das, on April 5, 2024, revealed plans to introduce a UPI-based cash deposit facility. This eliminates the need for ATM or debit cards for cash deposits, marking a significant shift towards a more digital future […]
Namdev Finvest Secures $19M Funding from Maj Invest
Microtunneling further into India’s financial landscape, MSME-focused non-banking financial company (NBFC) Namdev Finvest has secured a fresh infusion of $19 million. The pre-Series C funding round, led by Maj Invest Financial Inclusion Fund III K/S, a private equity firm championing financial inclusion endeavors, will empower Namdev Finvest to extend its reach into underserved rural markets. […]
RBI Sticks to Repo Rate: Seventh Unchanged Period
In a move closely watched by financial markets and businesses, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to hold the key repo rate unchanged at 6.5% for the seventh consecutive time on April 5, 2024. This decision underscores the RBI’s unwavering commitment to reining in inflation and maintaining financial stability. Inflation […]
AU Small Finance Bank, Fincare SFB Merger Announced
The Indian financial landscape witnessed a historic shift on April 1, 2024, with the successful merger of AU Small Finance Bank (AU SFB) and Fincare Small Finance Bank (Fincare SFB). This first-of-its-kind consolidation in the small finance bank (SFB) space paves the way for a new industry leader. The merged entity boasts a customer base […]
SEBI Launches SCORES 2.0: Improving Investor Complaints
The Securities and Exchange Board of India (SEBI) recently unveiled a significant upgrade to its SCORES platform – SCORES 2.0. This revamped system aims to empower investors in the securities market by streamlining the complaint redressal process. Faster Resolutions and Streamlined Processes SCORES (SEBI Complaint Redress System) is an online portal designed for investors to […]
Axis Bank’s Max Life Insurance Stake Buy Gets CCI Approval
The Indian bancassurance sector is on the cusp of a significant transformation following the Competition Commission of India’s (CCI) approval on April 2, 2024, for Axis Bank’s proposed acquisition of a stake in Max Life Insurance Company Ltd. This development, announced in August 2023, entails Axis Bank infusing ₹1,612 crore into Max Life through a […]
Canara Bank-Health Loans, Savings Accounts for Women
Canara Bank took a significant step towards financial inclusion for women on April 3, 2024, by launching a compelling package of financial products. This initiative addresses two key areas: bridging the financial burden of healthcare and empowering women through tailored banking solutions. Addressing the Healthcare Gap: The centerpiece of this launch is the Canara Heal […]