Current Affairs - Banking

The Reserve Bank of India (RBI) approved payment aggregator business to Juspay, Zoho, and Decentro, enabling them to operate in India's payments space.

The Reserve Bank of India has opted to maintain the repo rate at 6.5 per cent in its latest bi-monthly monetary policy announcement. This decision suggests a continuation of the prevailing lending rates, aimed at supporting economic stability and growth amidst evolving financial conditions.

HDFC Bank and its affiliates were approved by the RBI to acquire up to 9.5% stake in ICICI Bank, Axis Bank, IndusInd Bank, YES Bank, Bandhan Bank, and Suryoday Small Finance Bank, as specified in the provided information.

Paytm Payments Bank is facing major restrictions imposed by the Reserve Bank of India (RBI), including prohibiting new deposits, credit transactions, and account top-ups from February 29th onwards, due to persistent non-compliance and supervisory concerns.

ESAF Small Finance Bank has partnered with Edelweiss Tokio Life Insurance to provide life insurance, aiming to diversify offerings and extend financial security to the unbanked. This alliance emphasizes ESAF's commitment to reaching the unbanked and underbanked population, especially in rural markets across India.