ATM Withdrawals to Rail Tickets: 6 News Rules From May 1Â
The month of May is bringing several changes this year across various sectors, including banking, transportation, energy, and taxation. Here is a comprehensive overview of the key changes. Changes to Come into Effect ATM Withdrawals Starting from May 1, 2025, the Reserve Bank of India (RBI) has approved an increase in interchange fees for ATM…
Shipra Prajapati
Shaktikanta Das Appointed Principal Secretary to PM Modi
In a significant bureaucratic reshuffle, former Reserve Bank of India (RBI) Governor Shaktikanta Das has been appointed as the Principal Secretary to Prime Minister Narendra Modi, as per a government notification released today. The Appointments Committee of the Cabinet (ACC) has confirmed that Das’ tenure will be co-terminus with the Prime Minister’s term or until…
New India Cooperative Bank GM Hitesh Mehta Arrested
A holiday Mumbai court hearing on Sunday, February 16, remanded Hitesh Mehta, GM (General Manager) and accounts head of the New India Cooperative Bank, in Police custody till February 21. The 57-year-old Hitesh Mehta is accused of withdrawing Rs 122 crore from the lender’s Prabhadevi and Goregaon branches. The alleged fraud was discovered on Wednesday,…
Vipin
RBI Injects ₹40,000 Cr Into The Indian Banking System
The Indian banking system recently experienced a liquidity deficit of ₹2 lakh crore, with an average deficit of ₹1.5 lakh crore as of January, the RBI data shows. To address this deficit, the Reserve Bank of India injected around ₹40,000 crore into the banking system. The RBI used bids worth ₹30,760 from the overnight variable…
Himanshu
India’s GDP Expected To Grow At 6.4% In The FY25
On January 7, 2025, the centre released estimates for India’s GDP (Gross Domestic Product) growth rate in the current fiscal year. According to this estimation, the country’s GDP is predicted to grow at 6.4% in the fiscal year 2024-25, marking a four-year low and a sharp decline from 8.2% in FY24. A recent report from…
Private Banks At Risk Due To High Employee Attrition
The Reserve Bank of India (RBI) reported high employee attrition among private sector and small finance banks (SFBs). It has grown by 25%, posing a significant risk to operational activities. This increased employee attrition can significantly disrupt customer services, result in a loss of institutional knowledge, and increase recruitment costs. The RBI stressed on several…
Sanjay Malhotra Is The New Face Of RBI Leadership
The centre cabinet committee notified on Monday that Sanjay Malhotra had been appointed as the new governor of the RBI (Reserve Bank of India). Before this, he worked as a revenue secretary for the Ministry of Finance; Mr Malhotra will become the 26th governor of the RBI. Sanjay Malhotra, a 1990-batch Rajasthan cadre IAS Officer,…
RBI’s 5th Monetary Policy For The Financial Year 2024-25
After a two-day meeting of the MPC (Monetary Policy Committee) amid worrying headline inflation and GDP (Gross Domestic Product) figures, the 5th monetary policy of the current financial year 2024-25 will be unveiled today. Shaktikanta Das, the Governor of the RBI (Reserve Bank of India), will unveil the policy. This review will offer a framework…
Yash Sharma
Historic Kotak Mahindra Deal With Standard Chartered
The CCI (Competition Commission of India) approved Kotak Mahindra’s deal with Standard Chartered to secure its personal loan book worth Rs 4,100 Crore on November 26. According to this proposal, Kotak Mahindra’s India branch will acquire Standard Chartered’s personal loans portfolio. Kotak Mahindra is registered with the RBI (Reserve Bank of India) as a banking…
SBI Seeks $1.25 Billion: India’s Largest Loan In 2024
According to sources, the State Bank of India plans to borrow up to $1.25 billion, making it India’s largest dollar-denominated bank loan in 2024. The reason behind raising this loan is for general corporate purposes. Another reason for this loan is SBI’s plan to syndicate the loan among other lenders to distribute the risk. SBI’s…