The government is likely to cut spending for the current fiscal year by as much as Rs 2 lakh crore ($27.82 billion) as it faces one of the biggest tax shortfalls in recent years, three government sources said. Asia’s third largest economy, which is growing at its slowest pace in over six years because of […]

In a first, the Reserve Bank of India granted an “in-principle” approval to UP head-quartered multi-state urban co-operative bank (UCBs) -Shivalik Mercantile Co-operative Bank Limited- to transition into a Small Finance Bank Shivalik Mercantile Co-operative Bank, which has business operations in Uttar Pradesh, Uttarakhand and Madhya Pradesh has a total business size of Rs 1766

From this year, you would be paying no charges for bank transfers through NEFT (National Electronic Funds Transfer) or RTGS (Real-time Gross Settlement). The Reserve Bank of India (RBI) announced just after its July monetary policy review that processing charges levied on NEFT and RTGS transactions will not apply starting January 2020. But this news

With several bank employee unions deciding to join the all-India general strike or ‘Bharat Bandh’ on January 8, banking operations are likely to be affected on Wednesday. Ten central trade unions, with support from Left parties, have decided to sit on a strike to protest against the economic policies of the Narendra Modi government. Bank

While the official date of the merger of public sector banks is just a quarter away, some of the lenders getting merged are seeking a new name. According to a source, United Bank of India has written to the Government seeking a new name for the entity formed out of its merger with Punjab National

The new year 2020 will usher in several new rules for financial transactions cutting across debit cards, PAN cards, withdrawal of cash from ATMs and online transfers. From January 1, all old debit and ATM cards with a magnetic stripe will cease to work. This can be replaced with a new EMV chip debit card

All the private and public sector banks in India are closed on Sundays, 2nd and 4th Saturdays of the every month. Apart from the weekly holiday, the Banks in India are also closed on various public occasions like New Year, Republic Day, Holi, Durga Pooja, Ram Navmi, Diwali, Christmas, Eid, etc. Some of the public

State Bank of India (SBI), the country’s largest lender, on Monday cut its lending rates linked to the central bank’s repo rate by 25 basis points (bps) to 7.8%, lowering borrowing costs for small businesses and homebuyers. The new rate, SBI said, will be applicable from 1 January. “New homebuyers will get loans at an