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Public Sector Banks in India Record Historic Profits in FY24, Surpassing Rs 1.4 Trillion Mark

In a remarkable turnaround, the public sector banks (PSBs) in India have achieved a significant milestone by collectively surpassing Rs 1.4 trillion in cumulative...

EPFO Introduces Auto-Claim Settlement for Education, Marriage, and Housing Advances

Effective May 6th, 2024, Employees' Provident Fund Organization (EPFO) has launched an auto-mode settlement system for advance claims related to education, marriage, and housing,...

RBI Lifts Restrictions on Bank of Baroda’s Mobile App Bob World

The Reserve Bank of India (RBI) has granted Bank of Baroda to resume on-boarding customers through its mobile application, Bob World. This decision comes...

RBI Directs Non-Bank Lenders to Adhere to Cash Payout Limit for Loans

India's Reserve Bank, in a recent move, cautioned non-bank lenders against surpassing the permissible limit of ₹20,000 ($240) for cash loans, aiming to curb...

Banks Poised to Boost Productivity and Revenue with Generative AI Integration: Report

In a recent analysis conducted by IT giant Accenture, the potential impact of Generative Artificial Intelligence (GenAI) on the banking sector has been unveiled,...

RBI to Combat Cyber Fraud, Including Restrictions on Suspicious Bank Accounts

Reserve Bank of India (RBI) is poised to introduce new guidelines aimed at bolstering the country's defenses against the rising tide of cyber crime....

CBDT Extends Deadline for Filing Form 10A/10AB to June 30, 2024

In a move aimed at easing the burden on taxpayers, the Central Board of Direct Taxes (CBDT) has extended the due date for filing...

RBI Directs Kotak Mahindra Bank to Halt New Credit Card Issuance and Customer Onboarding

The Reserve Bank of India (RBI) has instructed Kotak Mahindra Bank to suspend the issuance of fresh credit cards and cease onboarding new customers...

Bombay High Court Restricts Public Sector Banks’ Power on Look Out Circulars

The Bombay High Court declared that public sector banks lack the authority to recommend or request the central government for the issuance of Look...

India’s Economic Momentum Surges, RBI Anticipates Sustained 7% Growth Rate

The Reserve Bank of India's Monetary Policy Committee (MPC) member Shashanka Bhide has expressed confidence in the country's ability to sustain a robust growth...

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