In the wake of the coronavirus outbreak when the entire nation is advised to stay indoors ICICI Bank announced the launch of “ICICIStack”. ICICIStack incorporates comprehensive digital banking services and APIs (Application Programme Interface) that ensure uninterrupted banking experience to its customers. ICICIStack includes almost 500 banking services that cover all the requirements of retail…
The Union Cabinet approved the merger of 10 public sector banks into 4 entities is going to be effective from 1st April 2020. After this merger drive, the number of Public Sector Banks will reduce to 12 which was 27 before 2017. “The amalgamation is being done so that customers are able to reap the…
The Reserve Bank of India (RBI) has decided to waive all charges on fund transfer made through Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems from July 1, 2019. With a view to push digital transactions, it has been decided to do away with the charges levied on these fund…
The Reserve Bank of India (RBI) has decided to extend the RTGS (Real Time Gross Settlement) timings by one and a half hours from 4:30 pm to 6:00 pm. The new RTGS service window for customer transactions will be available to banks from 8 am to 6 pm on a working day and the final…
Based on the recommendations of an internal committee under the current executive director in charge of NBFC supervision, the Reserve Bank of India approved creating a specialized supervisory and regulatory structure for commercial banks, urban cooperative banks and non-banking financial companies (NBFCs). This specialized structure will include consolidating the different supervisory and regulatory activities and…
According to the Bank of Baroda (BOB) officials about the merger of Dena Bank and Vijaya Bank with Bank of Baroda, around 800-900 bank branches have been recognized which needs to be rationalized. “It does not make sense to have branches of Dena and Vijaya at the same location when both have been merged…
As per media reports, the Cabinet has approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda on 2nd January 2019. This merger will be effective from April 1st 2019. Once combined, Bank of Baroda will become second largest public sector bank of the country. The government has announced that there will…