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State-owned Bank of Baroda on Thursday announced special offers for its women account holders in celebration of International Women's Day on March 8. BoB MD and CEO Debadatta Chand said, "On this International Women's Day, we are pleased to extend our support to women and women-led enterprises and champion their journey towards financial empowerment and independence with a range of tailored offerings that provide enhanced value."from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/DW1uQYG
RBI and Bank Indonesia signed an MoU to promote the use of local currencies, Indian rupee and Indonesian rupiah, optimizing costs, settlement time, bilateral cooperation, developing an INR-IDR foreign exchange market, and establishing a framework for cross-border transactions.
Banks in several states will be closed on March 8 for Shivratri, followed by an extended weekend. Other holidays in March include Chapchar Kut, Bihar Diwas, Holi (Second Day), Good Friday, and March 26, 27, and 29 in specific states.
The CBI raided 67 locations in Rajasthan and Maharashtra, investigating an Rs 820 crore IMPS scam linked to UCO Bank. The probe focuses on 8,53,049 IMPS transactions that occurred between November 10 and November 13 last year. The raids took place in seven cities, as the central agency intensified its investigation. The official said searches in Rajasthan and Maharashtra.
Ashneer Grover, the former managing director of BharatPe, has written to the Reserve Bank of India (RBI), alleging that the company intentionally deceived the regulator by adding a convicted fraudster to its shareholding.
The Indian Banks Association (IBA) has invited bank unions to sign the wage revision settlement at Chennai on 11th March, 2024. The United Forum of Bank Unions has requested the implementation of a five-day working week in banks. In December, a MoU was signed between the bank employee unions and IBA, agreeing to a 17% increase in wages.
The Reserve Bank of India (RBI) has directed credit card issuers to provide their eligible customers with the option to choose from multiple card networks. Additionally, the central bank has prohibited card issuers from entering into agreements with card networks that restrict them from availing the services of other networks.
Banks in India are implementing stronger Know Your Customer (KYC) standards by adding additional verification layers to identify account holders. The government has formed a committee to ensure standardized and interoperable KYC norms across the financial sector.
RBI governor Shaktikanta Das said the central bank has approved a platform that will facilitate online merchants to receive payments from any bank via internet banking, without signing up for every bank. Bharat Bill Payment System, an arm of the National Payments Corporation of India, will implement a new system of interoperable netbanking payments.
The Reserve Bank on Monday barred IIFL Finance with immediate effect from sanctioning or disbursing gold loans after certain material supervisory concerns were observed in its gold loan portfolio. IIFL Finance can, however, continue to service its existing gold loan portfolio through the usual collection and recovery processes, the RBI said in a statement.
As the financial year ends, important deadlines in March 2024 include updating Aadhaar card, availing SBI FD schemes, and paying advance tax. Changes to the tax regime and SBI Card's minimum amount calculation rule are also in effect.
The Indian central bank is expected to take delivery of a $5 billion forex swap due to adequate dollar inflows and tighter rupee liquidity. Inflows into the debt market have aided dollar liquidity, and cash outflows towards direct taxes are expected. The central bank may choose to roll over the swap to manage the domestic liquidity situation.
Walmart-owned Flipkart on Sunday launched its UPI handle in partnership with Axis Bank. The UPI offering will initially be available for Android users. Flipkart is taking competition to the doors of its rival Amazon which runs its payment vertical Amazon Pay besides other payment firms like Paytm, PhonePe and Google Pay.
Flipkart has launched its UPI handle powered by Axis Bank for Android users. It can be used for online and offline merchant transactions, e-commerce transactions, recharges, and bill payments. UPI is already a preferred payment option. In 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion.
The combined market valuation of seven of the top 10 most valued firms in India increased by Rs 65,302.5 crore last week. TCS and ICICI Bank were the biggest gainers. Sensex climbed 663.35 points or 0.90%, and Nifty jumped 165.7 points or 0.74%. TCS, HDFC Bank, ICICI Bank, SBI, Bharti Airtel, Hindustan Unilever, and ITC experienced gains in their market capitalization. Reliance Industries, Infosys, and LIC saw a decline.
