RBI imposes penalty on Kotak Mahindra Bank, IDFC First Bank, PNB

 17 Apr 2025 07:20 PM

The Reserve Bank of India has levied penalties on Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank due to regulatory compliance deficiencies. Kotak Mahindra Bank faces a Rs 61.4 lakh penalty for non-compliance with loan system guidelines, while IDFC First Bank is fined Rs 38.6 lakh for KYC violations. Punjab National Bank received a Rs 29.

PSU banks zoom up to 23% in a month on RBI shift, growing focus on domestic themes. Time to invest?

 17 Apr 2025 12:43 PM

PSU banks have rebounded, delivering up to 23% returns in a month, driven by RBI’s rate cut stance and improving asset quality. Six out of the 12 stocks in the Nifty PSU Bank index have delivered double-digit returns — namely, Bank of India (BoI), Bank of Baroda (BoB), Indian Bank, Canara Bank, Punjab National Bank (PNB), and Union Bank of India.

ICICI Bank shares in focus as lender cuts savings account rates by 25 bps

 17 Apr 2025 08:06 AM

Earlier this week, HDFC Bank also reduced its savings interest rate by 25 bps, bringing it to 2.75% for balances under Rs 50 lakh. This marks HDFC’s first savings rate cut in five years. The State Bank of India (SBI) has already been offering 2.7% for balances under Rs 10 crore since October 2022.

RBI expands NBFC audit ambit to cover their service providers

 17 Apr 2025 01:02 AM

The Reserve Bank of India is intensifying scrutiny of NBFCs' partnerships with fintech loan service providers (LSPs). RBI officials are directly engaging with LSPs, focusing on KYC compliance, data handling, and customer communication transparency. The regulator is also evaluating concentration risks arising from over-reliance on a few LSPs, concerned about potential systemic vulnerabilities and cybersecurity threats.

Financial Intelligence Unit slaps Rs 37-lakh penalty on Union Bank of India

 16 Apr 2025 02:04 PM

Financial Intelligence Unit-India (FIU-IND) in its order dated April 15 imposed a penalty of Rs 37 lakh for "discrepancies observed in a matter for the year 2011 to 2014 in reporting of suspicious transaction".

Rupee gains 24 paise to 85.77 on weak dollar index

 16 Apr 2025 05:35 AM

The currency strengthened to 85.59/$1 levels during the day, before losing some ground due to importer hedging demand, while likely intervention by theReaerve Bank of India (RBI) contained excess gains. The rupee had closed at 86.04 the previous day.

SBI shares in focus on reducing lending rate by 25 bps

 15 Apr 2025 09:07 AM

State Bank of India has slashed its External Benchmark Based Lending Rate and Repo Linked Lending Rate by 25 basis points, following the RBI’s repo rate cut to 6.25%. Effective April 15, the move is set to ease EMIs for retail borrowers and could buoy rate-sensitive stocks. SBI shares had closed 1.7% higher ahead of the announcement.

SBI shares jump 2% on reducing lending rate by 25 bps

 15 Apr 2025 09:07 AM

State Bank of India has slashed its External Benchmark Based Lending Rate and Repo Linked Lending Rate by 25 basis points, following the RBI’s repo rate cut to 6.25%. Effective April 15, the move is set to ease EMIs for retail borrowers and could buoy rate-sensitive stocks. SBI shares had closed 1.7% higher ahead of the announcement.

SBI board approves RINL recast plan

 15 Apr 2025 12:05 AM

State Bank of India's board has approved a restructuring package for Rashtriya Ispat Nigam (RINL), paving the way for other government lenders to follow suit. The plan includes lower margin money and reduced interest rates, made possible by a recent capital infusion from the central government.

SBI lowers fixed deposit rates by 20 bps

 14 Apr 2025 09:51 PM

State Bank of India has decreased interest rates on its 444-day special fixed deposit plan by 20 basis points, setting the rate at 7.05%. This decision follows the central bank's reduction of policy rates. Simultaneously, SBI has lowered interest rates on loans linked to external benchmarks by 25 basis points, effective April 15, reflecting improved liquidity in the banking system.