Category: Savings Account

Reserve Bank of India (RBI) has licensed 26 banks and 7 non-banking companies to operate as Bharat Bill Payment Operating Units (BBPOUs). RBI had received 80 applications from banks and 62 applications from non-banking entities for the BBPOU license. The 26 banks include State Bank of India, HDFC Bank, Axis Bank, Bank of Baroda, Kotak […]

The Reserve Bank of India (RBI) released draft guidelines for granting on-tap universal banking licences to individuals and entities on May 5. The proposed licensing policy will be a departure from the current policy under which RBI periodically opens window for granting banking licenses. Under Raghuram Rajan’s tenure, RBI has already issued banking licenses to 2 universal […]

YES Bank has received in-principle approval from the Securities and Exchange Board of India (SEBI) to offer custodial services to financial market participants. The license of custodial services allows a bank or a financial institution to hold financial securities such as stocks, bonds and gold. YES Bank has already received an approval from Reserve Bank […]

Federal Bank, a leading private sector bank based out of Kerala, has inked an agreement with Transfast Remittance LLC, a leading provider of cross-border payment solutions, to provide inward remittance services to the bank’s NRI customers. Tansfast Remittance boasts an operations network than spans over 120 countries in Africa, Europe, Asia and North America. As […]

There is a financial emergency of a family member staying overseas and you need to remit money overseas via your Indian savings bank account. You know you need to have it done smoothly and quickly, but you may not necessarily know how exactly to go about doing the transfer -what the associated rules and regulations, […]

Small bank licensee, Ujjivan Financial Services Ltd, plans to open 100 bank branches in order to meet the regulatory norms of a small bank license. Ujjivan’s Rs 885-crore IPO was fully subscribed by 122% on May 2, the last day of its public issue. Although the RBI regulations require Ujjivan to have at least 25% […]

State Bank of India (SBI), the largest public sector bank in India, is expected to initiate a merger with its 5 associate banks in accordance with the instructions of the government. This step would be in line with the Indian government’s efforts to implement consolidation among state-owned lending institutions such as SBI and its associates. […]

Royal Bank of Scotland (RBS) has decided to close its corporate banking operations in India as a part of Chief Executive Ross McEwan's plan to limit RBS operations to 13 out of the present 38 countries. The decision to wind down its Indian units comes after its failure to find a buyer due to the stringent […]

DCB Bank has become the first domestic bank in India to provide biometric-based ATM services that won’t require people to enter their debit card PINs. The bank has installed an Aadhaar-based ATM at its corporate office in Lower Parel Area of Mumbai. It will test the new technology at its pilot ATM for more than […]

The Reserve Bank of India along with the 10 largest banks in India, have introduced a UPI (unified payment interface), a smartphone application that substantially reduces the time and cost of sending or receiving money using your cell phone. The app can be used to transfer amounts ranging from Rs. 50 to Rs. 1 lakhs […]