: In a significant move towards enhancing customer convenience, Karnataka Bank has introduced the capability for its customers to pay direct taxes, including income tax and advance tax. The bank, already facilitating online remittances for customs duty and GST payments, expands its services to cover direct taxes, providing a seamless and user-friendly experience. This development follows the authorization granted to Karnataka Bank by the Reserve Bank of India (RBI), based on the recommendation of the Controller General of Accounts (CGA) from the Ministry of Finance. The bank is now authorized ..read more

North East Small Finance Bank (NESFB), backed by fintech startup slice, has appointed Satish Kumar Kalra, former Andhra Bank executive, as its interim Managing Director and CEO. The move follows approvals from the Reserve Bank of India (RBI) and the bank’s board, aligning with the ongoing merger plans between slice and NESFB. Kalra, with four decades of experience, will lead the merger process, focusing on operational optimization and seamless cultural integration. Expressing his enthusiasm, Kalra highlighted the groundbreaking nature of the cross-cultural collaboration between NESFB’s grassro ..read more

Approaching the end of 2023, we have witnessed significant technological transformations that have elevated business efficiency, enhanced data security, and streamlined connectivity. Notable advancements in generative AI, cloud computing, and cybersecurity have played a crucial role in these transformations. As we anticipate the dawn of 2024, the banking technology sector stands on the brink of an AI-driven revolution.Banks are now using advanced technologies to compete with fintechs. This is primarily visible in areas such as reducing the time to onboard customers, making payments ubiquitous ..read more

The Reserve Bank of India (RBI) announced on Thursday that it has imposed penalties of Rs 10,000 each on Bank of America, N.A., and HDFC Bank Ltd for non-compliance with specific norms. The penalty on Bank of America, N.A. was imposed for breaching the reporting requirements outlined in the Reserve Bank of India’s instructions concerning the Liberalised Remittance Scheme of FEMA 1999, according to a statement released by the central bank. In a separate statement, the RBI indicated that the penalty on HDFC Bank resulted from contraventions of directives related to the acceptance of deposits fro ..read more

The promoter of CSB Bank in India has obtained the Reserve Bank of India’s (RBI) consent to uphold a 26% stake in the bank, a deviation from the previously advised 15%, as confirmed by CSB’s announcement on Thursday. FIH Mauritius Investments Ltd (FIHM), which currently possesses a 49.72% stake in the Thrissur, Kerala-based bank according to BSE data, is mandated to reduce its ownership within 15 years from the conclusion of its investments. The RBI had earlier mandated bank promoters to diminish their shareholdings to 15% to ensure broader ownership of these financial institutions. However, f ..read more

Bank of America has been penalized with a $24 million fine by the Financial Industry Regulatory Authority (FINRA) following the actions of two former traders who engaged in deceptive “spoof” trading to influence the U.S. Treasuries market, as announced on Thursday. The practice of spoofing involves the placement of orders that traders subsequently intend to cancel. This strategy aims to fabricate false market activity, manipulating prices in a desired direction and enticing transactions that might not otherwise occur. According to FINRA, a junior trader and their supervisor at BofA Securities ..read more

ASX, the Australian stock exchange operator, has made a strategic move by enlisting Tata Consultancy Services (TCS) to revamp its clearing and settlement software. This decision follows the abandonment of a blockchain-based initiative that faced severe criticism and multiple delays before being shelved in the past year. The shift in approach signifies a departure from ASX’s 2017 announcement to lead the adoption of blockchain-like technology in financial infrastructure. Unfortunately, the blockchain effort encountered setbacks, leading to its abandonment. Now, ASX is opting for a less customiz ..read more

The Reserve Bank of India (RBI) announced monetary penalties on Axis Bank and Manappuram Finance, along with Anand Rathi Global Finance, for violations of specific directives set forth by the banking regulator. The penalties, amounting to Rs 90.92 lakh for Axis Bank, Rs 42.78 lakh for Manappuram Finance, and Rs 20 lakh for Anand Rathi Global Finance, were imposed due to non-compliance with various RBI guidelines. According to the RBI’s statement, these penalties were enforced for contravention of directions outlined in the ‘Reserve Bank of India (KYC) Directions, 2016’, ‘Loans and Advances – S ..read more

The Indian government has given its nod for the extension of the tenures of managing directors at two prominent public sector banks, Bank of Maharashtra (BoM) and Central Bank of India. As per insider reports, the Appointments Committee of the Cabinet (ACC) has sanctioned a six-month extension for A S Rajeev, the Managing Director and CEO of BoM, allowing him to continue in his role until his superannuation. Furthermore, ACC has greenlit an extension of the term for M V Rao, who holds the position of Managing Director and CEO at Central Bank of India. His tenure has now been prolonged until Ju ..read more

DCB Bank is planning to re-launch a secured credit card by the end of December, according to Managing Director and Chief Executive Officer Murali Natrajan. The bank, however, does not have immediate plans to launch traditional credit cards, as they take a long time to break even. Secured credit cards have similar features to traditional credit cards, but they are collateralized and offered against a fixed deposit. These cards are especially popular among self-employed customers who may not be eligible for traditional credit cards. Before COVID-19, secured credit cards were performing well, but ..read more