The Canara Bank launches its first digital banking branch “CANDI” in Bengaluru

The Canara Bank has launched its first digital banking branch “CANDI” at Spencer Towers in MG Road, Bengaluru to provide an end-to-end digital experience to customers. As a part of its digital campaign, the bank has introduced customer-friendly mobile apps ..

SIDBI starts full-fledged merchant banking operations to help Micro, Small and Medium Enterprises (MSMEs)

Recently, the Small Industries Development Bank of India (SIDBI) has started a full-fledged merchant banking operations to help Micro, Small and Medium Enterprises (MSMEs) utilise capital markets for their funding requirements. The purpose of the initiative is to enhance the ..

Axis Bank acquires Snapdeal-owned mobile wallet FreeCharge

Axis bank has acquired Snapdeal-owned mobile wallet FreeCharge in an all-cash deal worth Rs 385 crore to strengthen its position in the payments space. This acquisition is expected to help the bank take a significant step towards digital distribution of ..

RBI has introduced Incremental CRR

To absorb the surplus liquidity available in the banking system post demonetisation, the Reserve Bank of India (RBI) has mandated the banks to maintain incremental cash reserve ratio of 100% effective the fortnight ended November 26. It will be applicable ..

Union Cabinet approved proposal to levy 60% deduction on accounted deposits

The Union Cabinet has approved a proposal to levy close to 60% deduction on unaccounted deposits in banks above a threshold by amending the Income Tax (I-T) Act. The move was taken amid banks reporting over Rs 21,000 crore being deposited in ..

RBI proposes ‘Islamic Window’ in Banks

The Reserve Bank of India (RBI) has come up with a proposal for opening of ‘Islamic window’ in conventional banks for a gradual introduction of Sharia-compliant (interest-free) banking in the country. The move is aimed to ensure financial inclusion of ..