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India Exim Bank Opens Nairobi Office to Boost East Africa Trade In a strategic move aimed at enhancing economic ties between India and East Africa, the Export-Import Bank of India (Exim Bank) has inaugurated its representative office in Nairobi, Kenya. This significant step underscores India’s commitment to bolstering trade and investment relations with countries in…
Moody’s Maintains Stable Outlook on Three Indian PSU Banks’ Ratings Moody’s, a globally renowned credit rating agency, has recently affirmed the stable outlook on the ratings of three prominent Indian Public Sector Undertaking (PSU) banks. This decision reflects the agency’s confidence in the resilience and stability of these banks despite the challenging economic environment. The…
RBI Launches Global Hackathon “Harbinger 2024” to Combat Financial Frauds The Reserve Bank of India (RBI) has taken a proactive step in the fight against financial frauds with the launch of its global hackathon, “Harbinger 2024”. This initiative aims to harness the collective intelligence and innovative spirit of the global community to develop technological solutions…
Sameer Bansal Appointed CEO of PNB MetLife In a significant move within the insurance sector, Sameer Bansal has been appointed as the Chief Executive Officer (CEO) of PNB MetLife. This appointment comes amidst a crucial time for the company, as it seeks to navigate through dynamic market conditions and expand its footprint in the insurance…
RBI Approves Zurich Insurance’s Acquisition of 70% Stake in Kotak General In a significant development in the insurance sector, the Reserve Bank of India (RBI) has given its nod to Zurich Insurance Group’s acquisition of a 70% stake in Kotak Mahindra Bank’s general insurance arm, Kotak General Insurance. This move marks a crucial milestone in…
PNB Board Approves 10% Stake Dilution in Canara HSBC Life Insurance via IPO The board of Punjab National Bank (PNB) has given the green light for the dilution of a 10% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd (Canara HSBC Life) through an Initial Public Offering (IPO). This decision marks…
State Bank of India Market Cap Crosses ₹8 Lakh Crore Milestone State Bank of India (SBI), the largest public sector bank in India, achieved a significant milestone as its market capitalization crossed the ₹8 lakh crore mark. This achievement highlights the robust performance and confidence of investors in the bank’s growth prospects. Market Cap Milestone…
UPI Breaks Record with 1.404 Billion Transactions in May; Sees 49% Year-on-Year Growth The Unified Payments Interface (UPI) in India has achieved yet another milestone by recording a staggering 1.404 billion transactions in the month of May. This feat marks a remarkable 49% year-on-year growth, showcasing the exponential rise in digital transactions and the increasing…
Axis Bank and Mastercard Introduce NFC Soundbox Axis Bank, in collaboration with Mastercard, has launched an innovative NFC (Near Field Communication) Soundbox. This device aims to revolutionize the payment experience for merchants and customers alike, offering a seamless and efficient method of transaction confirmation. The introduction of the NFC Soundbox is a significant advancement in…
RBI Imposes Penalty on HSBC for FEMA Violations The Reserve Bank of India (RBI) has recently levied a penalty on HSBC for violations of the Foreign Exchange Management Act (FEMA). The penalty amounts to a significant sum, marking another instance of regulatory action against financial institutions for non-compliance. Why this News is Important 1. Regulatory…
