Latest news with #RegionalRuralBanks
Mint
09-05-2025
- Business
- Mint
Nirmala Sitharaman asks banks to stay vigilant, ensure services as border tensions soar
New Delhi: Finance Minister Nirmala Sitharaman has instructed Indian banks to bolster their operational and cybersecurity preparedness, especially in border regions, as tensions with Pakistan escalate. During a Friday meeting with financial sector leaders, she stressed the need for uninterrupted services and prioritized the safety of bank staff and their families. Senior officials from the ministry of finance, Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), National Payments Corporation of India (NPCI), and Indian Computer Emergency Response Team (CERT-In) were also present. The meeting focused on assessing the banking sector's operational and cybersecurity readiness, including the resilience of digital platforms such as Unified Payments Interface (UPI) and internet banking. Sitharaman emphasized the need for glitch-free banking services and robust emergency protocols. 'Nirmala Sitharaman directed banks to conduct regular audits of their cybersecurity systems and data centres and ensure that all digital and core banking infrastructure is fully firewalled and monitored round the clock to prevent breaches or any hostile cyber activity," the ministry of finance said in a statement. She also instructed banks to appoint two senior officials at the headquarters—one to oversee cyber-related issues and the other to manage operational functions such as ATM cash availability and branch functionality. These officials are to report incidents in real time to CERT-In and relevant government bodies. To maintain financial stability, Sitharaman directed insurance companies to ensure the timely settlement of claims and continuous customer service. She also urged sponsor banks to provide support to Regional Rural Banks (RRBs), which often serve the most remote and vulnerable populations. Meanwhile, bank executives informed the minister that anti-DDoS systems had been deployed, mock drills were being conducted, and cybersecurity teams were operating round the clock in close coordination with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC), the statement said. Anti-DDoS systems are designed to protect online services and applications from Distributed Denial-of-Service (DDoS) attacksthat aim to cripple systems with traffic. "Sitharaman reiterated that the Government of India is firmly committed to national security and economic stability, and noted that the country's banking and financial system remains robust and resilient," the statement added.
Economic Times
03-05-2025
- Business
- Economic Times
Post-consolidation, RRBs' share in GDP to rise to 5.2% by FY30 from 3.7% in FY24: PwC report
India's Regional Rural Banks (RRBs) are set to play a growing role, with their business expected to rise to around 5.2 per cent of GDP by Financial Year (FY) 2030 from 3.7 per cent in FY24 post-consolidation, according to a latest report by PwC. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Economy New Delhi: India's Regional Rural Banks (RRBs) are set to play a growing role, with their business expected to rise to around 5.2 per cent of GDP by Financial Year (FY) 2030 from 3.7 per cent in FY24 after the recently announced consolidation, according to a latest report by report added that the expansion in the RRB's business will be a key step in supporting India's long-term goal of becoming a USD 30 trillion economy by 2047."Following consolidation, the total RRB business as a percentage of India's GDP is expected to reach 5.2% by FY30 from 3.7%6 as of FY24, helping the nation in its journey towards becoming a USD 307 trillion economy by 2047," PwC said in the April 8, the Department of Financial Services (DFS) notified the amalgamation of 26 Regional Rural banks (RRBs) on the principles of 'One State One RRB'. This was the fourth phase of the amalgamation of RRBs The amalgamated RRBS across 11 states and Union territories have come into effect from May 1, the improvement in the efficiency of the RRBs due to amalgamations in the past, the Ministry of Finance rolled out an amalgamation plan in November 2024 for consultation with consultation with stakeholders, amalgamation of 26 RRBs in 10 States and 1 UT has been carried out with a primary focus on improvement in scale efficiency and cost the latest amalgamation, there will be 28 RRBs in 26 states and 2 UTs with more than 22,000 branches covering 700 predominant area of operation is in rural areas, with approximately 92 per cent of branches in rural or semi-urban the previous three phases - Phase I (FY 2006 to FY 2010), the number of RRBs was reduced from 196 to 82; Phase II (FY 2013 to FY 2015), the number of RRBs was reduced from 82 to 56; and Phase III (FY 2019 to FY 2021), the number of RRBs was reduced from 56 to to the Department of Financial Services' website, the Regional Rural Banks (RRBs) were established in 1975 to develop the rural economy by providing, for the development of agriculture, trade, commerce, industry and other productive activities in the rural areas, credit and other facilities, particularly to small and marginal farmers, agricultural labourers, artisans and small entrepreneurs.
Time of India
03-05-2025
- Business
- Time of India
Post-consolidation, RRBs' share in GDP to rise to 5.2% by FY30 from 3.7% in FY24: PwC report
New Delhi: India's Regional Rural Banks (RRBs) are set to play a growing role, with their business expected to rise to around 5.2 per cent of GDP by Financial Year (FY) 2030 from 3.7 per cent in FY24 after the recently announced consolidation, according to a latest report by PwC. #Pahalgam Terrorist Attack India strikes hard! New Delhi bans all imports from Pakistan How Pakistan is preparing for the worst as India weighs response If India attacks Pakistan, China & B'desh should seize 7 NE states, says Yunus' aide The report added that the expansion in the RRB's business will be a key step in supporting India's long-term goal of becoming a USD 30 trillion economy by 2047. "Following consolidation, the total RRB business as a percentage of India's GDP is expected to reach 5.2% by FY30 from 3.7%6 as of FY24, helping the nation in its journey towards becoming a USD 307 trillion economy by 2047," PwC said in the report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Jacket Every Hiker Needs [Buy Now] Trek Kit India Shop Now On April 8, the Department of Financial Services (DFS) notified the amalgamation of 26 Regional Rural banks (RRBs) on the principles of 'One State One RRB'. This was the fourth phase of the amalgamation of RRBs . The amalgamated RRBS across 11 states and Union territories have come into effect from May 1, 2025. Live Events Considering the improvement in the efficiency of the RRBs due to amalgamations in the past, the Ministry of Finance rolled out an amalgamation plan in November 2024 for consultation with stakeholders. After consultation with stakeholders, amalgamation of 26 RRBs in 10 States and 1 UT has been carried out with a primary focus on improvement in scale efficiency and cost rationalisation. Post the latest amalgamation, there will be 28 RRBs in 26 states and 2 UTs with more than 22,000 branches covering 700 districts. Their predominant area of operation is in rural areas, with approximately 92 per cent of branches in rural or semi-urban areas. In the previous three phases - Phase I (FY 2006 to FY 2010), the number of RRBs was reduced from 196 to 82; Phase II (FY 2013 to FY 2015), the number of RRBs was reduced from 82 to 56; and Phase III (FY 2019 to FY 2021), the number of RRBs was reduced from 56 to 43. According to the Department of Financial Services' website, the Regional Rural Banks (RRBs) were established in 1975 to develop the rural economy by providing, for the development of agriculture, trade, commerce, industry and other productive activities in the rural areas, credit and other facilities, particularly to small and marginal farmers, agricultural labourers, artisans and small entrepreneurs.
The Print
01-05-2025
- Business
- The Print
Amalgamation of 26 Regional Rural Banks (RRBs) takes effect
'Amalgamation of 26 Regional Rural Banks (RRBs) in 11 States/UT takes effect from today, marking a significant step toward strong RRBs, better governance, improved credit flow and financial inclusion,' Department of Financial Services said in a post on X. New Delhi [India], May 1 (ANI): The recently amalgamated Regional Rural Banks (RRBS) across 11 states and Union territories have come into effect today (Thursday). On April 8, the Department of Financial Services (DFS) notified the amalgamation of 26 Regional Rural banks (RRBs) on the principles of 'One State One RRB'. This was the fourth phase of the amalgamation of RRBs. Considering the improvement in the efficiency of the RRBs due to amalgamations in the past, the Ministry of Finance rolled out an amalgamation plan in November 2024 for consultation with stakeholders. After consultation with stakeholders, amalgamation of 26 RRBs in 10 States and 1 UT have been carried out with primary focus on improvement in scale efficiency and cost rationalization. Post the latest amalgamation, there will be 28 RRBs in 26 states and 2 UTs with more than 22,000 branches covering 700 districts. Their predominant area of operation is in rural areas with approximately 92 per cent of branches in rural or semi urban areas. In the previous three phases — Phase-I (FY 2006 to FY 2010) number of RRBs was reduced from 196 to 82, Phase-2 (FY 2013 – FY 2015) number of RRBs was reduced from 82 to 56 and Phase-3 (FY 2019 to FY 2021) the number of RRBs were reduced from 56 to 43. According to the Department of Financial Services' website, the Regional Rural Banks (RRBs) were established in 1975 to develop the rural economy by providing, for the development of agriculture, trade, commerce, industry and other productive activities in the rural areas, credit and other facilities, particularly to small and marginal farmers, agricultural labourers, artisans and small entrepreneurs. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
NDTV
28-04-2025
- Business
- NDTV
Higher ATM Fees, Rural Bank Mergers: Here's What Will Change Starting May 1, 2025
Starting May 1, 2025, a few important financial changes will be coming into effect, affecting citizens across the country. The most prominent change remains the revised framework for ATM transaction charges, in addition to the government pushing ahead with its drive to make the rural banking system efficient by consolidating the regional banks. ATM withdrawal charges: After the Reserve Bank of India (RBI) approved a hike in ATM interchange fees, the amount a bank pays to another for using its services -- the customers will have to fork a little extra while withdrawing cash from ATMs. Customers will now have to pay Rs 23 per transaction after exhausting their free monthly limit. This is an increase from the current charge of Rs 21 per transaction. Customers are allowed: Five free transactions per month (both financial and non-financial) at ATMs of their own bank. Three free transactions per month at ATMs of other banks in metro cities. Five free transactions per month at ATMs of other banks in non-metro areas. Also Read | ATM Withdrawals To Get Costlier From May 1: Check New Charges One State-One RRB Earlier this month, the Finance Ministry started its 'One State-One RRB (Regional Rural Bank)' drive in 11 states, under which 15 RRBs across 11 states will be amalgamated into one. The scheme will come into effect from May 1 and is intended for achieving better operational efficiency and cost rationalisation. "The Central Government hereby provides for the amalgamation of the said Regional Rural Banks into a single Regional Rural Bank, which shall come into effect on and from the 1st day of May, 2025 with such constitution, property, powers, rights, interests, authorities and privileges; and with such liabilities, duties and obligation," a notification by the Finance Ministry said. With this fourth round of consolidation of regional rural banks (RRBs), the number would reduce to 28 from the existing 43. Savings account and FD interest rates Starting May 1, savings account holders at RBL Bank will receive interest payments monthly instead of quarterly. As per an email from the bank, the highest interest rate, which depends on the balance kept, in its savings account stands at 7 per cent. "The Interest will be calculated and accrued daily, based on the end of day balance in your account and will be paid/credited to your account on a monthly basis," read the email. Meanwhile, Shriram Finance Limited (SFL), an NBFC under the Shriram Group, has revised its Fixed Deposit (FD) interest rates, according to a report in The Economic Times. Senior citizens aged 60 years or above will receive an additional interest of 0.50 per cent per annum, while women depositors will receive an extra 0.10 per cent interest per annum.
