Manoj Mittal Takes Charge as SIDBI’s CMD After Appointment by Centre Introduction In a significant development, Manoj Mittal has been appointed as the Chairman and Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI) by the Centre. This move is seen as a strategic effort to strengthen the leadership of SIDBI, which…
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…
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…
Government Receives Rs 3,662 Crore Dividend from LIC The Government of India has recently received a substantial dividend of Rs 3,662 crore from the Life Insurance Corporation (LIC) of India. This significant financial influx is part of the annual profit distribution to its stakeholders, marking a notable event in the financial sector of the country….
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…
IRDAI Approves Appointment of Keki Mistry as Chairman of HDFC Life The Insurance Regulatory and Development Authority of India (IRDAI) has given its nod to the appointment of Keki Mistry as the Chairman of HDFC Life. The decision comes as a significant development in the insurance sector, as Mistry brings a wealth of experience and…
RBI Cancels AceMoney India NBFC License for Irregular Lending Practices The Reserve Bank of India (RBI) has taken stringent action against AceMoney India, a Non-Banking Financial Company (NBFC), by revoking its license due to irregular lending practices. The move comes in response to AceMoney India’s failure to comply with regulatory guidelines and norms set by…
M. V. Rao Elected as New Chairman of Indian Banks Association The Indian Banks Association (IBA) recently announced the election of M. V. Rao as its new Chairman. This appointment comes at a crucial time for the banking sector, amidst ongoing reforms and challenges. Rao, an experienced banker with a distinguished career spanning decades, brings…
Max Life Insurance Appoints Rajiv Anand as Chairman Max Life Insurance has recently made a significant announcement, appointing Rajiv Anand as its Chairman. This strategic move within the insurance sector has garnered attention and sparked discussions within the financial domain. Anand, with his extensive expertise and proven track record, is set to play a pivotal…
RBI Approves New Directors of Jio Financial Services The Reserve Bank of India (RBI) recently granted approval for the appointment of new directors to Jio Financial Services, a subsidiary of Reliance Industries Limited (RIL). This move comes as a significant development in the financial landscape of the country, underscoring the dynamism and strategic evolution within…
