MUMBAI: Uday Kotak, Asia’s richest banker by virtue of being the founder of Kotak Mahindra Bank, which he led for nearly two decades, on Saturday announced that he was stepping down as its managing director and CEO four months before the end of his term.The high-profile banker’s decision to become a non-executive director came as … Read more
MUMBAI: In a move that will make lenders extremely cautious in declaring borrowers as wilful defaulters or frauds, the Reserve Bank of India (RBI) has placed the responsibility of settling such cases with the board of directors.Under its new guidelines, the RBI has also passed on the responsibility of deciding on a compromise settlement to … Read more
NEW DELHI: The Reserve Bank of India (RBI) on Friday announced to withdraw the Rs 2,000 denomination banknotes from circulation. However, the Rs 2,000 notes will continue to be legal tender. The central bank has asked people to deposit the Rs 2,000 banknotes into their accounts and/or exchange them into banknotes of other denominations at … Read more
MUMBAI: ICICI Bank and Bank of Baroda have notified the increase in lending rates by 40 basis points (100bps = 1 percentage point) following a similar increase in key policy rates by the Reserve Bank of India (RBI) on Wednesday. Kotak Mahindra Bank raised its fixed deposit rates across multiple maturities for retail customers. The … Read more
NEW DELHI: The International Monetary Fund on Tuesday vowed to expand its work on crypto assets, amid a call from finance minister Nirmala Sitharaman to evolve a consensus to deal with digital assets. During a panel discussion early Tuesday morning (India time), Sitharaman flagged concerns over possible misuse of private digital currencies for money laundering … Read more