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UCO Bank becomes first lender to get RBI’s approval for rupee trade

UCO Bank

UCO Bank becomes first lender to get RBI’s approval for rupee trade Public sector lender UCO Bank has received the Reserve Bank of India’s (RBI’s) approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees. The Kolkata-based lender is the first bank to receive regulator’s approval following the RBI’s decision to allow ...

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RBI cancels licence of Solapur-based Laxmi Co-operative Bank

photo: Bloomberg

RBI cancels licence of Solapur-based Laxmi Co-operative Bank The Reserve Bank of India on Thursday said it has cancelled the licence of Solapur (Maharashtra) based The Laxmi Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. As per the data submitted by the cooperative bank, more than 99 per cent of the ...

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ICICI Bank launches ‘Festive Bonanza’, announces offers on home, auto loans

ICICI BANK

ICICI Bank launches ‘Festive Bonanza’, announces offers on home, auto loans ICICI Bank on Thursday launched special offers under a ‘Festive Bonanza’ scheme for several categories of loans including home loans, personal loans, automobile loans, tractor loans, gold and two-wheeler loans. For home loans, the private sector bank is offering a 50 per cent discount on processing ...

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Axis Bank starts giving loans through account aggregator framework

Axis Bank

Axis Bank starts giving loans through account aggregator framework Axis Bank on Thursday said it has started disbursing loans through the Account Aggregator (AA) framework, which enables easy and instant access to financial information of customers in a secure manner. The country’s third largest private sector lender has already gone live on multiple Account Aggregators like Anumati-AA, ...

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RBI orders M&M Financial to stop loan recovery via third party

RBI ( Bloomberg)

RBI orders M&M Financial to stop loan recovery via third party The Reserve Bank of India on Thursday directed Mahindra and Mahindra Financial Services (MMFSL) to stop using third-party services for loan recovery until further orders, citing “material supervisory concerns”. “The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the ...

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