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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…
Asian Development Bank’s $2.6 Billion Sovereign Lending to India in 2023 ADB’s Financial Commitment to India In 2023, the Asian Development Bank (ADB) pledged $2.6 billion in sovereign loans to India. These funds aim to support various sectors, including urban development, power, industry, horticulture, connectivity, and climate resilience. The goal is to bolster India’s infrastructure,…
RBI Launches PRAVAAH, Retail Direct Mobile App, and Fintech Repository Introduction to RBI’s Latest Initiatives The Reserve Bank of India (RBI) has recently launched three significant initiatives: PRAVAAH (Platform for Regulatory Application, Validation And Authorisation), the Retail Direct Mobile App, and a Fintech Repository. These initiatives aim to streamline regulatory processes, enhance accessibility for retail…
Poonawalla Fincorp and IndusInd Bank Launch Co-Branded RuPay Credit Card Introduction of the New Credit Card Poonawalla Fincorp Limited and IndusInd Bank have collaborated to launch a new co-branded credit card named the ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’. This card aims to enhance the customer experience by offering various rewards and…
South African Regulator Fines SBI’s South Africa Branch In a recent development, the South African banking regulator has imposed fines on the South Africa branch of the State Bank of India (SBI). This move comes as part of the regulator’s efforts to enforce compliance with banking regulations and ensure the integrity of the financial system…
RBI Conducts Massive Liquidity Infusion Through Variable Rate Repo Auctions The Reserve Bank of India (RBI) has undertaken significant measures to tackle the prevailing liquidity deficit in the banking sector by conducting a series of Variable Rate Repo (VRR) auctions. In May 2024, the RBI infused Rs 7.75 trillion through nine VRR auctions, with the…
RBI Imposes Rs. 3.1 Lakh Penalty on Hero FinCorp for Fair Practices Code Violation Overview of the Incident The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 3.1 lakh on Hero FinCorp Limited. The fine was levied due to the company’s failure to adhere to the Fair Practices Code (FPC) guidelines…
HDFC Bank Exits Protean eGov Tech: Sells Entire Stake HDFC Bank’s Stake Sale Details HDFC Bank has recently divested its entire 3.20% stake in Protean eGov Technologies. The sale included 12,94,326 shares, which were sold at an average price of Rs 1,160.15 per share. This transaction amounted to a total of Rs 150 crore. The…
HSBC and SBI Acquire Stakes in CCIL IFSC HSBC’s Strategic Investment HSBC, a prominent global banking institution, has acquired a 6.125% equity stake in CCIL IFSC Limited for ₹6.125 crore. This strategic investment underscores HSBC’s commitment to expanding its market infrastructure in India, specifically within GIFT City, an emerging international financial services hub. SBI’s Parallel…
