NEW DELHI, June 16: Transactions through the popular UPI are set to become faster from Monday with National Payments Corporation of India (NPCI) mandating reduction in response time to as swift as 10 seconds for payments. UPI or Unified Payments Interface is a real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones. According to a recent NPCI circular, transactions including money transfer, status checks, and reversals will now be completed in 10 t

NEW DELHI, June 16: The countrys biggest lender State Bank of India (SBI) has reduced its lending rate by 50 basis points following the Reserve Banks policy rate cut, making loans cheaper for both existing and new borrowers. With the latest round of reduction, the Repo Linked Lending Rate (RLLR) of SBI would come down by 50 basis points to 7.75 per cent. It has also reduced the External Benchmark Based Lending Rate (EBLR) by similar basis points to [] The post SBI reduces interest rates by up t

New Delhi, Jun 13: Amid rate moderation by the Reserve Bank, Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on June 27, to discuss host of issues including review of financial performance and implementation of various government schemes. This is going to be the first review meeting after the Reserve Bank on Friday carried out a jumbo policy rate cut of 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to [] The post FM To Mee

MUMBAI, May 30: The Reserve Bank will prepare a framework for responsible and ethical adoption of artificial intelligence (AI) in the financial sector during the current financial year, the central banks annual report said. Driven by rapid advances in computing power and the vast availability of digital data, AI and machine learning (ML) technologies have seen growing interest and significant progress in recent years, with financial institutions globally and domestically increasingly adopting t

CHENNAI, May 25: Private sector Karur Vysya Bank expects its credit growth to be more than 2 per cent over the industrys overall growth during the current financial year, a top official said. The Tamil Nadu-based bank has lined up plans to open 28 new branches before the first half of the current financial year, particularly in Southern and Western parts of the country, the Banks Managing Director and CEO, Ramesh Babu, said. The financial landscape is witnessing a dramatic [] The post Karur Vysy

MUMBAI, May 2: The Reserve Bank of India on Friday rejigged portfolios of its deputy governors, with Poonam Gupta, who assumed charge recently, being given the key monetary policy department charge. The RBI has four deputy governors. The central bank shuffled the portfolios consequent on the appointment and assumption of charge by Gupta as deputy governor. Besides monetary policy, she has been assigned with the responsibility of seven other departments, including corporate strategy and budget,

MUMBAI, Apr 16:ICICI Bank has cut its savings account deposit interest rate by 0.25 per cent, according to the lenders website. The second largest private sector banks move comes days after larger rival HDFC Bank announced similar move amid a spate of cuts in deposit offerings following RBIs two back-to-back rate decreases. ICICI Bank depositors will earn a 2.75 per cent interest on their savings bank balances of up to Rs 50 lakh, the same as HDFC Banks offering, [] The post ICICI Bank cuts sav

NEW DELHI, Mar 30: Lenders of debt-ridden Reliance Capital have withdrawn petition filed against IndusInd International Holdings Ltd (IIHL) before appellate tribunal NCLAT. The Committee of Creditors (CoC) of Reliance Capital has informed NCLAT that the resolution plan was completely implemented by IIHL with the transfer of complete payment amounts in terms of the resolution plan. The CoC sought permission of the National Company Law Appellate Tribunal to withdraw its appeal filed against the N