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RBI cancels Madhavpura Mercantile's banking licence
The Reserve Bank of India (RBI) on Monday cancelled the banking licence of scam-hit Madhavpura Mercantile Cooperative Bank (MMCB) Ltd. The apex regulator cancelled the licence under Section 22 of the Banking Regulation Act, 1949 (AACS) late Monday evening as the bank failed to recover over Rs 1,100 crore. “RBI has cancelled the licence of MMCB on Monday evening as we were not able to make recovery.”

PNB reworks deal with MetLife to fit regulatory bill

Punjab National Bank (PNB), which had proposed to buy 30 per cent in MetLife Insurance for Rs 1, has reworked the sale agreement amidst the insurance regulator’s discomfort with the deal

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Bond yields ease on hopes of rate cut
Yields on government bonds continued to fall as comments from top official of the Reserve Bank of India (RBI) raised hopes of a rate cut in the upcoming monetary policy review this month.

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Bolloju appointed interim CEO of Deutsche Bank India
Shrinath Bolloju will succeed Gunit Chadha as the chief executive officer for Deutsche Bank’s India business, industry sources told Business Standard on Monday.

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Mumbai's Zoroastrian Cooperative Bank acquires Surat-based City Coop Bank

Mumbai-based urban cooperative bank, Zoroastrian Co-operative Bank Limited (ZCBL) has acquired Surat-based City Co-operative Bank Limited making the former a multi-state scheduled urban cooperative

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Volatile rupee keeps NRI forex funds away

It has been a month since the Reserve Bank of India (RBI) increased the ceiling on interest rates that Indian banks could offer to Foreign Currency Non-Resident (B) deposit holders. Bankers said

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