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ICICI Bank’s Market Cap Tops $100 Billion, Becomes Only Sixth Indian Company to Hit Milestone ICICI Bank, one of India’s leading private sector banks, has achieved a significant milestone as its market capitalization crossed the $100 billion mark. This achievement makes ICICI Bank only the sixth Indian company to reach this valuation milestone, underscoring its…
Karnataka Vikas Grameena Bank Receives National Award for APY Implementation Introduction: Karnataka Vikas Grameena Bank (KVGB) has been honored with the prestigious National Award for effectively implementing the Atal Pension Yojana (APY). This recognition underscores KVGB’s commitment to financial inclusion and social security in rural Karnataka. Implementation of Atal Pension Yojana: KVGB, a regional rural…
Axis Bank Acquires Additional Stake in Max Life Insurance for ₹336 Crore Board Approval Axis Bank’s Board of Directors, through its Acquisitions, Divestments, and Merger Committee, approved the acquisition of an additional stake in Max Life Insurance. The proposal, approved on June 19, 2024, involves an investment of ₹336 crore, increasing Axis Bank’s shareholding in…
RBI Penalizes Central Bank of India and Sonali Bank PLC for Violations The Reserve Bank of India (RBI) recently imposed penalties on Central Bank of India and Sonali Bank PLC for regulatory violations. This action underscores the central bank’s commitment to maintaining discipline and adherence to financial regulations in the banking sector. Penalties Imposed Central…
RBI Cancels Purvanchal Cooperative Bank’s Licence Financial Insufficiency and Regulatory Action The Reserve Bank of India (RBI) has revoked the licence of Purvanchal Co-operative Bank, situated in Ghazipur, Uttar Pradesh. The decision stems from the bank’s failure to maintain sufficient capital and sustainable earnings. This financial inadequacy led the RBI to take regulatory action to…
RBI Bags Risk Manager of the Year Award 2024 by London’s Central Banking Publication The Reserve Bank of India (RBI) has been honored with the prestigious “Risk Manager of the Year Award 2024” by London’s Central Banking Publication. This accolade recognizes the RBI’s exceptional risk management practices and its proactive approach in navigating the complex…
MEA and SBI Sign MoU to Enhance Digital Payments for Migrant Workers The Ministry of External Affairs (MEA) and the State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to integrate SBI’s payment gateway, SBIePay, with the eMigrate portal. This strategic collaboration aims to enhance digital payment services for Indian migrant workers,…
ATM Operators Push for Rs 2 Interchange Fee Hike Amid Viability Concerns In recent developments within the banking sector, ATM operators have been advocating for an increase in the interchange fee to Rs 2 per transaction. This move comes amidst growing concerns over the viability of operating ATMs, which have faced significant financial challenges in…
Prem Prabhakar Appointed MD and CEO of SBICAP Ventures Limited New Leadership at SBICAP Ventures Prem Prabhakar has been appointed as the Managing Director and Chief Executive Officer of SBICAP Ventures Limited (SVL). This significant appointment marks a new chapter for SVL, a wholly-owned subsidiary of SBI Capital Markets Limited, which is in turn a…
PNB Expanding Global Presence with Dubai Representative Office Punjab National Bank (PNB), one of India’s leading public sector banks, has taken a significant step towards expanding its global footprint by establishing a representative office in Dubai. This strategic move aims to enhance PNB’s international presence, cater to the growing banking needs of the Indian diaspora…
