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FDIC appoints former Fannie Mae chief Tim Mayopoulos as CEO of Silicon Valley Bank The Federal Deposit Insurance Corporation (FDIC) has appointed Tim Mayopoulos as the CEO of Silicon Valley Bank (SVB). Mayopoulos is the former CEO of Fannie Mae, one of the largest mortgage finance companies in the United States. He will succeed SVB’s…
The Reserve Bank of India (RBI) has given approval for the reappointment of Sumant Kathpalia as the Managing Director and CEO of IndusInd Bank. This approval has come after Kathpalia’s three-year term ended on March 23, 2023. The reappointment of Kathpalia has been approved for three years starting from March 24, 2023, until March 23,…
PMLA 2002 Amended to Include Cryptocurrency Trade The Indian government has recently amended the Prevention of Money Laundering Act (PMLA) 2002 to include transactions related to cryptocurrencies such as Bitcoin, Ethereum, and other digital currencies. This move comes after the Reserve Bank of India (RBI) had banned banks from dealing with cryptocurrency exchanges in 2018,…
Max Life partners with Ujjivan Small Finance Bank to offer life insurance solutions Max Life Insurance, one of India’s leading private insurance companies, has partnered with Ujjivan Small Finance Bank to provide comprehensive life insurance solutions to its customers. The strategic partnership will enable Ujjivan Small Finance Bank’s customers to access Max Life Insurance’s products…
RBI digital payment mission : RBI Launches Mission to Make Every Citizen a User of Digital Payment The Reserve Bank of India (RBI) has launched a mission to make every citizen a user of digital payment. The mission aims to achieve the goal of a less-cash society and promote digital payments as the preferred mode…
RBI’s new pilot project on Coin Vending Machines The Reserve Bank of India (RBI) has launched a pilot project to introduce coin vending machines (CVMs) in various cities across the country. The project is aimed at increasing the circulation of coins in the country and making them easily available to the public. The RBI has…
Federal Bank solar plant : Federal Bank installs 100 KWP Solar Plant at Aluva Office The Federal Bank, one of the leading private sector banks in India, has recently installed a 100 Kilowatt Peak (KWP) solar plant at its office in Aluva, Kerala. The solar plant has been set up on the rooftop of the…
RBI cancels license of Garha Co-operative Bank : RBI scraps license of MP-based Garha Co-operative Bank The Reserve Bank of India (RBI) has cancelled the license of Garha Co-operative Bank, which was located in Jabalpur, Madhya Pradesh. The move was made due to the bank’s weak financial position and unsatisfactory performance. This decision was taken…
Forex Reserves : Forex Reserves Decline by $8.31 bn to $566.94 bn India’s foreign exchange reserves declined by $8.31 billion to $566.94 billion in the week ended April 9, 2021, mainly due to a fall in foreign currency assets (FCA), as per the Reserve Bank of India (RBI) weekly statistical supplement data. The FCA, which…
World Bank Chief : World Bank Chief David Malpass to Step Down Early The World Bank President, David Malpass, announced his resignation from the position, effective October 1, 2022. This decision comes two years ahead of the end of his five-year term. Malpass was appointed as the President of the World Bank Group in April…
