Open banking is revolutionizing the financial sector by allowing banks and financial institutions to share customers’ financial data with authorized third parties. This shift from traditional banking practices unlocks innovative financial services and products, such...

The Budget 2023 revised tax structures increased standard deductions, and simplified capital gains tax, while boosting MSME support, infrastructure, and employment, and abolishing angel tax to aid startups. North Korean hackers from the Lazarus Group stole $230...

RBI's measures protect borrowers from high floating rates, enabling them to switch to fixed rates, adjust EMIs, extend tenures, or prepay without penalties. Banks and NBFCs must transparently communicate rate changes, disclose fees, and provide clear, quarterly loan...

This month, RBI improves the governance of Asset Reconstruction Companies (ARC’s) by strong compliance of rules for increasing participation and investment in distressed asset resolution. RBI requires banks to increase its provisions for project finance from 1-2% to...

This month, RBI banned Kotak Mahindra Bank from adding any new customers due to non compliance. This ban will continue until they fix the issue. SFBs can now covert to Universal Banks if they meet the criterion set by RBI. So far, only AU Small Finance Bank meets the...

RBI Governor raised UPI transaction limits and simplified e-mandates for recurring online payments, exempting debit transactions below Rs 1 lakh from OTP authentication, and enhancing user convenience for payments to hospitals and educational institutions via UPI...

The RBI's Reserve Bank Innovation Hub launched a Public Tech Platform for seamless credit, centralizing borrower data from banks, NBFCs, Fintech, and startups to boost efficiency. Axis Bank is piloting the platform, leveraging PAN, Aadhaar e-KYC, and Account...

HDFC Bank and HDFC Ltd merged, creating India's largest bank with a market capitalization of ₹14.6 lakh crore. HDFC Ltd shares were delisted, and HDFC Bank issued new shares to eligible shareholders in exchange, becoming the world's 4th most valued bank. IDFC Bank is...

The withdrawal of the ₹2,000 note was part of a demonetization effort to combat corruption and counterfeit currency. Initially rushed into circulation to meet demand, it inadvertently fueled hoarding and illegal activities. The RBI ceased printing these notes due to...