Shares of public sector banks such as State Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, Indian Bank among others gained up to 3.3% after a Reuters report stated that India is planning to allow direct foreign investment in state-run banks of up to 49%, more than double current limits. The finance…
Mumbai: The new Regulatory Review Cell (RRC) set up within the Reserve Bank of India’s department of regulation will give a structure to regulatory changes, help quicken the review process and allow financial institutions to flag redundant rules and give feedback on dated regulations, bankers and analysts said. A permanent review mechanism for old regulations…
Private lender Yes Bank on Saturday said the Reserve Bank of India (RBI) has approved Sumitomo Mitsui Banking Corporation (SMBC) to acquire up to 24.99% of the bank’s paid-up share capital and voting rights. Importantly, RBI has clarified that following this acquisition, SMBC will not be classified as a promoter of Yes Bank. The bank…