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RBI Allows AU Small Finance Bank to Deal with Foreign Exchange The Reserve Bank of India (RBI) has recently allowed AU Small Finance Bank to deal in foreign exchange (FX) services. The bank can now offer services such as outward remittances in foreign currency and issuance of foreign currency travel cards, among others. AU Small…
Shekar Rao Appointed as interim MD and CEO of Karnataka Bank The board of directors of Karnataka Bank has appointed P. Shekar Rao as the interim Managing Director (MD) and Chief Executive Officer (CEO) of the bank. The appointment is effective from May 1, 2023, until the next regular MD and CEO is appointed. Why…
RBI Issues Norms for Acceptance of Green Deposits by Banks The Reserve Bank of India (RBI) has recently issued guidelines for banks to accept green deposits. The move is aimed at promoting sustainable development and financing eco-friendly projects. The RBI has defined green deposits as term deposits of fixed tenure that are made with banks…
SBI to Launch New Current Accounts and Savings Accounts in FY24 to Attract Deposits State Bank of India (SBI) is set to launch new current accounts and savings accounts in the financial year 2023-24 to attract more deposits. This move is aimed at increasing the bank’s market share in the current account and savings account…
RBI to Launch Centralised Portal PRAVAH for Licencing Approval Applications The Reserve Bank of India (RBI) is set to launch a centralised portal called PRAVAH for all licencing and approval-related applications. The new portal is expected to simplify and streamline the entire process of applying for licences and approvals from the RBI. This move is…
RBI Keeps Repo Rate Unchanged at 6.5%: Here’s What It Means for Govt Exam Aspirants The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5%. This was announced by RBI Governor Shaktikanta Das on April 6, 2023. The repo rate is the rate at which the central bank lends…
Canara Bank launches Premium Payroll Account for Salaried Employees Canara Bank has launched a new Premium Payroll Account for salaried employees. The account offers a host of benefits, including free unlimited transactions on Canara Bank ATMs, a personal accident insurance cover of up to Rs. 10 lakh, and a health insurance cover of up to…
Unclaimed Deposits Transfer: Public sector banks transfer ₹35,012 cr unclaimed deposits to RBI As of February 2023, public sector banks (PSBs) in India have transferred unclaimed deposits worth ₹35,012 crore ($4.7 billion) to the Reserve Bank of India (RBI), according to a report by the central bank. The transfer of these funds was made under…
Axis Bank business management solution : Axis Bank Launches Business Management Solution for Merchants Axis Bank, one of India’s leading private sector banks, has recently launched a new digital solution for merchants that aims to simplify their business management tasks. The solution, called “Merchant Suite,” offers a range of features that enable merchants to manage…
Article: India’s Forex Reserves Rise by $5.98 Billion to $578.78 Billion India’s foreign exchange reserves have increased by $5.98 billion to reach $578.78 billion as of March 24, 2023, as per the data released by the Reserve Bank of India (RBI) on Friday. This rise in reserves can be attributed to the increase in foreign…
