Reserve Bank of India appoints P Vasudevan as new executive director The Reserve Bank of India (RBI) on Thursday said it has appointed P Vasudevan as Executive Director (ED) and he will look after three departments, including that of currency management. The appointment is with effect from July 3, RBI said in a statement. Prior to being ...

State Bank of India rejigs senior leadership roles to boost dominance Saikat Das State Bank of India, the country’s largest lender, is re-jigging its senior leadership positions with at least four key executives getting new roles, according to people familiar with the matter.   Rajay Sinha, chief general manager in charge of global markets, will become ...

PNB launches virtual branch in the Metaverse with immersive 3D experience PNB has developed the Bank’s Metaverse Branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops, it said. State-owned Punjab National Bank (PNB) on Thursday announced the launch of a virtual ...

Phonepe launches point-of-sale systems so vendors can accept card payments PhonePe has launched a new device called point-of-sale (POS) that allows merchants to accept payments through debit cards, credit cards, and UPI. This device comes with the PhonePe POS App installed and supports various transaction methods such as tap, swipe, dip, and interoperable dynamic QR codes. This move by ...

A snapshot of term insurance plans with 2 riders offered by various firms New tax norm to hurt insurers; stocks attractive for the long run: Analysts Irdai grants permission to Go Digit Life Insurance to commence business How to book train insurance for less than a rupee, claim up to Rs 10 lakh Go Digit General Insurance re-files preliminary IPO ...

3/4 of all Indian households are debt-free, 69% save in banking instruments An overwhelming 69 per cent of all households in India have saved in banking instruments while barely 4 per cent of the country’s households save in post office, revealed a survey conducted by the People Research on India’s Consumer Economy (PRICE) an independent, not-for-profit think tank. ...

India’s rural super rich are growing faster than the urban rich By 2030-31, the number of super rich households in India is expected to rise by five times to 9.1 million households, and by 2046-47 this is expected to go up to 32.7 million households, according to people Research on India’s Consumer Economy (PRICE), an independent, not-for-profit think-tank. The  ...

RBI permits UBS-owned Credit Suisse to keep Indian banking license The Reserve Bank of India (RBI) has granted permission to UBS, the owner of Credit Suisse, to retain the banking license for operations in India. This decision comes as UBS intends to reduce more than half of Credit Suisse’s workforce. Additionally, UBS has yet to determine the future of ...

Cleartax introduces platform for auto filing of ITR-2 Online tax filing platform Cleartax on Thursday announced the launch of an automatic filing feature for ITR-2. The ITR-2 is required for individuals and Hindu undivided families (HUFs) not earning through their business or profession but from capital gains, foreign income or agriculture.  In its new feature, taxpayers can upload ...

Indian state-run banks to be cautious buyers of govt bonds as yields rise Indian state-run banks are likely to turn more cautious in their government bond purchases amid rising yields, but will continue to increase their exposure at a more gradual pace, treasury officials said. “There was space in trading portfolios of state-run banks as they had booked ...