Union Bank of India's "Union Premier" Branches: Union Bank of India has launched “Union Premier” branches tailored for high-value customers in rural and semi-urban (RUSU) markets. These branches are designed to offer personalized banking services and a comprehensive range of products under one roof.
RBI Increases WMA Limits: The Reserve Bank of India (RBI) has increased the aggregate Ways and Means Advances (WMA) limit for State governments and Union Territories (UTs) by 28%, from ₹47,010 crore to ₹60,118 crore, effective from July 1, 2024. This revision, based on recommendations by a group of select State Finance Secretaries and considering recent expenditure data, aims to help States and UTs manage temporary mismatches in their cash flow.
New Chairman of SBI: The Financial Services Institution Bureau (FSIB) has selected Challa Sreenivasulu Setty as the next chairman of State Bank of India (SBI). Ashwini Tiwari and Vinay Tonse were two other contenders for the post. Setty will succeed the current chairman, Dinesh Khara, when he turns 63, the upper age limit for the position of SBI Chairman. His term is scheduled to end in August 2024.
