All posts by banking

SBI opens branch at President’s Estate

Reported by | Updated: July 29, 2021

State Bank of India has opened a new branch at President’s Estate in New Delhi. President Ramnath Kovind inaugurated the new branch. Finance Minister Nirmala Sitharaman and Dr Bhagwat Kishanrao Karad, Minister of State for Finance, were present on the occasion. The branch will provide all types of banking services to the residents of President’s […]

Bank of Baroda to launch next generation digital platform

Reported by | Updated: July 29, 2021

Bank of Baroda will soon launch ‘bob World’, a next generation digital banking platform. The bank said ‘bob World’ would be the digital face of the bank and a modern mobile application, regrouping its various products and services under one common digital umbrella brand. At a function on the occasion of the 114th Foundation Day […]

Significant surge in MSME credit demand post unlocks

Reported by | Updated: July 29, 2021

The latest edition of the ‘SIDBI – TransUnion CIBIL MSME Pulse Report’ indicates that in FY 2021, loans worth ₹9.5 trillion were disbursed to MSMEs, against ₹6.8 trillion in the preceding year. Government interventions like Emergency Credit Line Guarantee Scheme (ECLGS) under the AtmaNirbhar Bharat program were major factor in driving this significant surge in […]

Yes Bank, Indiabulls Housing Finance in co-lending pact

Reported by | Updated: July 29, 2021

Yes Bank and Indiabulls Housing Finance have entered into a strategic co-lending agreement to offer home loans at competitive interest rates. The partnership aims at synergizing capabilities to provide an efficient and seamless experience to retail home loan customers. The 2 entities will follow the co-lending framework laid down by Reserve Bank of India, which […]

RBI allows non-banks to have access to payment systems

Reported by | Updated: July 29, 2021

The Reserve Bank of India has announced that it is allowing authorized non-bank Payment System Providers (PSPS) like PPI issuers, card networks and white label ATM operators to participate in Centralized Payments Systems as direct members. RBI said this is following a review of the extant arrangements and after detailed discussions with PSPs. This will […]

IFC invests in Federal Bank, gets 4.99% stake

Reported by | Updated: July 29, 2021

International financing firm IFC and 2 of the funds managed by it have made an equity investment of $126 trillion in Federal Bank to support the bank’s commitment to environmental, social and governance (ESG) standards. The 2 funds are LP and IFC Emerging Asia Fund. The investment enables IFC to have a 4.99% stake in […]

Cabinet okays amendment to DICGC Act

Reported by | Updated: July 29, 2021

The Union Cabinet has cleared amendments in the Deposit Insurance and Credit Guarantee Corporation Act, 1961, to provide relief to depositors in stressed banks. Once the amendments are passed depositors of banks under moratorium will no longer be required to wait for the Reserve Bank of India to rescue the bank to access their funds. […]

Emotional Intelligence – A Formidable Friend

Reported by | Updated: July 26, 2021

The covid pandemic has proved to be a formidable crisis. Fortunately, mankind has a mighty resource that it can rely on to handle such challenges – Emotional Intelligence (EI). But, EI does not come naturally or easily to everyone. Sneha Agrawal from Banking Frontiers interviewed 8 women leaders on how they enhance their emotional intelligence, […]

Union Bank of the Philippines get digital banking license

Reported by | Updated: July 23, 2021

Union Bank of the Philippines has obtained approval from the country’s regulator Bangko Sentral ng Pilipinas (BSP) to establish a wholly-owned digital banking subsidiary to be known as Union Digital Bank. The bank had entered the digital banking business through platform EON long before the issuance by the banking regulator of the framework to govern […]

IDFC can now exit IDFC First Bank

Reported by | Updated: July 23, 2021

The Reserve Bank of India had permitted infrastructure finance company IDFC to exit IDFC First Bank. RBI had earlier said that after the expiry of lock-in period of 5 years, IDFC can exit as the promoter of IDFC First Bank. IDFC had received a licence to set up a full service bank in 2013 and […]