RBI deposit insurance framework overhaul introduces a risk-based premium system, strengthening banking sector stability and depositor protection. Know key details for exams. RBI Board Sanctions Overhaul of Deposit Insurance Framework The Reserve Bank of India (RBI) Board recently approved a comprehensive overhaul of the country’s deposit insurance framework. The new framework introduces a risk-based premium…
RBI Introduces Name Lookup for NEFT and RTGS: A New Milestone in Payment Systems The Reserve Bank of India (RBI) has introduced a significant feature in the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) systems: the name lookup feature. This addition aims to streamline and enhance the security of digital transactions in…
RBI’s Progressive Step Towards Financial Inclusion In a landmark move, the Reserve Bank of India (RBI) has permitted minors aged 10 years and above to independently open and operate bank accounts. This decision aligns with RBI’s vision of increasing financial literacy and inclusion among the younger generation. The step is intended to instill a sense…
Public sector banks (PSBs) in India have recorded a significant 33% increase in dividend payouts for the fiscal year 2023-24 (FY24). This surge in dividends indicates strong financial performance and stability in the banking sector. The higher payouts reflect improved profitability, asset quality, and capital adequacy among PSBs, aligning with the government’s broader financial sector…
State Bank of India Raises $500 Million via Five-Year Bonds Introduction: SBI’s $500 Million Bond Issuance The State Bank of India (SBI), one of India’s largest public sector banks, has successfully raised $500 million through the issuance of five-year bonds. This move highlights SBI’s robust financial standing and its efforts to diversify funding sources. The…
Bank of Baroda Introduces Special BOB Utsav Deposit Scheme for the Festive Season In a significant move to celebrate the festive season, Bank of Baroda has launched a special deposit scheme named the BOB Utsav Deposit Scheme. This initiative aims to offer customers attractive interest rates and enhance their savings during this auspicious time. The…
SBI Distributes Rs 6,959 Crore Dividend to Government SBI’s Dividend Distribution State Bank of India (SBI), the country’s largest public sector bank, has distributed a dividend of Rs 6,959 crore to the Government of India for the financial year 2022-23. This move is part of the bank’s annual dividend payout, which reflects its robust financial…
Landmark CDS Trade: SBI and Standard Chartered Embrace New RBI Norms In a significant move towards bolstering India’s financial infrastructure, State Bank of India (SBI) and Standard Chartered recently engaged in a landmark Credit Default Swap (CDS) trade, adhering to the latest norms set forth by the Reserve Bank of India (RBI). This groundbreaking transaction…
SBI Revolutionizes NRI Banking: Digital NRE & NRO Account Setup via YONO In a significant move that will revolutionize NRI banking, the State Bank of India (SBI) has introduced a seamless digital process for setting up NRE (Non-Residential External) and NRO (Non-Residential Ordinary) accounts through its YONO (You Only Need One) platform. This innovative step…
Indian Overseas Bank Introduces Innovative Scheme Allowing Customers to Use Any Name as Account Number Indian Overseas Bank (IOB) has recently launched an innovative scheme that empowers its customers to personalize their banking experience. The scheme allows IOB account holders to use any name of their choice as their account number. This unique initiative aims…
