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Posted Date : 26-Mar-2015 , 05:13:59 pm | Posted By CASANSAAR
The RBI has instructed all banks, who deal with government business, to keep designated branches open on March 30 and 31. In a notification issued yesterday, the apex bank asked that all such banks shall keep the counters of their designated branches open for full day on March 30 and 31st. ...
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Posted Date : 23-Mar-2015 , 08:14:37 am | Posted By CASANSAAR
PSU banks have reported over 2,100 fraud cases involving a sum of Rs 11,022 crore in the first nine months of the ongoing fiscal, with PNB reporting the maximum number of such instances. An analysis of the data available with the Reserve Bank shows fraud cases, involving amount of Rs 1 lakh and a...
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Posted Date : 11-Mar-2015 , 06:51:19 pm | Posted By CASANSAAR
The government today said it has limited fiscal space to recapitalise PSU banks and they can raise funds from the market to meet their capital needs. "The government doesn't have space to give Rs. 20,000 crore or 25,000 crore (for capital infusion) ... If banks require fu...
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Posted Date : 01-Mar-2015 , 08:52:13 pm | Posted By CASANSAAR
According to the NSSO survey of 2013, there are 5.77 crore small business units, mostly individual proprietorships, which run small manufacturing, trading or services activities. Most of these ‘own account enterprises’ are owned by people belonging to Scheduled Caste, Scheduled Tribe or ...
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Posted Date : 27-Feb-2015 , 08:16:09 am | Posted By CASANSAAR
The government on Thursday approved new norms for the selection of managing directors and chief executive officers at five public sector banks (PSBs), paving way for the appointment of private sector candidates with flexible salary packages. The five banks are Bank of Baroda, Punjab National Ba...
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Posted Date : 24-Feb-2015 , 08:06:28 am | Posted By CASANSAAR
Second and fourth Saturdays will henceforth be holidays for banks. The remaining Saturdays in a month will be full working days. This was one of the agreements arrived at the meeting of the Indian Banks' Association with associations of bank employees and staff in Mumbai on Monday. ...
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Posted Date : 21-Feb-2015 , 01:23:14 pm | Posted By CASANSAAR
The nation-wide strike is to press for the wage-related demands of bankers. "Banks have been providing for a 15 per cent wage hike since November 2012. Thus, banks already have incorporated wage increase of 15 per cent into their accounting but their offering is 13 per cent only. "This is not acce...
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Posted Date : 16-Feb-2015 , 08:41:20 am | Posted By CASANSAAR
Bank employees are threatened to go on a strike for four days from February 25-28, followed by an indefinite strike from March 16th. The announcement comes after wage negotiations talks, between the United Forum of Bank Unions (UFBU) and the Indian Banks Association (IBA), wa...
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Posted Date : 09-Feb-2015 , 08:25:51 am | Posted By CASANSAAR
A liquidity mismatch in the banking system prompted the RBI to step in on Saturday and offer a two-day window to banks to tide over the situation. On Friday, rates in the collateralized borrowing and lending obligation (CBLO) — a facility through which banks can adjust their liqui...
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Posted Date : 07-Feb-2015 , 09:01:37 pm | Posted By CASANSAAR
Out of the current year’s budget, the Government of India has decided to infuse Rs.6990 crores in nine Public Sector Banks (PSBs) for which orders are being issued. This year, the Government of India has adopted a new criteria in which the banks which are more efficient would only be...
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Posted Date : 04-Feb-2015 , 08:42:31 am | Posted By CASANSAAR
Banks will soon have the power to convert loans into shares for taking over companies from truant borrowers while promoters who step in to turn around projects will have some breathing space. Lenders will be allowed to hold as much as 30% equity in a company and insert a conversion clause in loan do...
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Posted Date : 03-Feb-2015 , 10:15:59 pm | Posted By CASANSAAR
Reserve Bank of India today said it has received 72 applications for small finance banks and 41 applications for payment banks. Top corporate houses such as Reliance Industries Limited, Aditya Birla Group, Airtel, Vodafone and Future Group have approached the RBI to seek licences to set up small fin...
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Posted Date : 30-Jan-2015 , 08:10:42 am | Posted By CASANSAAR
Dismissing appeals filed by around 60 companies, the Supreme Court on Wednesday upheld the amendment to the Securitisation Act that gave power to every financial institution to decide a period after which a bad loan can be declared as a non-performing asset (NPA). Before the 2004 amendment ...
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Posted Date : 20-Jan-2015 , 10:47:06 pm | Posted By CASANSAAR
As many as 11.5 crore bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana, exceeding the enhanced target of 10 crore and covering 99.74 per cent of households, Finance Minister Arun Jaitley said today. “Most of India today is included in the banking system,” ...
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Posted Date : 20-Jan-2015 , 08:28:51 am | Posted By CASANSAAR
Right incentives are needed to encourage financial inclusion rather than just providing banks with account-opening targets which could result in large number of dormant accounts, CCI chief Ashok Chawla said today. Chawla, who had earlier served as Finance Secretary, said there are challenges ...
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Posted Date : 07-Jan-2015 , 04:28:08 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) has unearthed a mega scam of fraudulent foreign remittances worth Rs 15,000 crore, involving a number of dubious importers. The scam involves importers depositing fake bills of entries (of imports) in banks and remittances are made to unknown people ou...
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Posted Date : 03-Jan-2015 , 04:27:58 pm | Posted By CASANSAAR
Prime Minister Narendra Modi has said that cashless transaction is one of the solutions to the menace of black money. Addressing ICICI Foundation Day function in Mumbai Friday evening, Mr Modi advised banks to go for cashless transactions, which can help the government in rooting out the black money...
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Posted Date : 02-Jan-2015 , 09:02:12 am | Posted By CASANSAAR
Mergers and acquisitions among public sector banks will be a major theme at the two-day 'Gyan Sangam' in Pune on 2-3 January - a retreat of chiefs of financial institutions which will be attended by Prime Minister Narendra Modi, finance minister Arun Jaitley and Reserve Bank of India Governor Raghur...
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Posted Date : 01-Jan-2015 , 08:27:07 am | Posted By CASANSAAR
Based on the recommendations of Appointments Board chaired by the Governor, the Reserve Bank of India (RBI), the Department of Financial Services (DFS), Ministry of Finance, Government of India announced the appointment of MD & CEO of four Nationalised Banks. The appointments announced are as fo...
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Posted Date : 31-Dec-2014 , 08:24:50 am | Posted By CASANSAAR
Post office savings bank accounts can now be operated through ATMs. The Centre has amended the Post Office Savings Bank General Rules accordingly following the Budget announcement in this regard. This facility, however, will be available only in post offices that are on core banking solutio...
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Posted Date : 25-Dec-2014 , 10:17:50 am | Posted By CASANSAAR
Corporate Debt Restructuring cell of Reserve Bank of India, which has eased loan repayment worth Rs 3.7 lakh crore for top-end businessmen of the country, has refused to reply to an RTI query about its operations saying transparency law does not apply on it. Former Information Commissioner...
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Posted Date : 22-Dec-2014 , 09:26:03 pm | Posted By CASANSAAR
The amount of bad loans written off or restructured by the public sector banks (PSB) has more than doubled in the past three years ending March 2014 to Rs 42,447 crore. The rise in bad loans is being attributed to a slowdown in the economy which slipped to below five per cent in the two c...
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Posted Date : 17-Dec-2014 , 10:12:07 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) has imposed monetary penalty on two banks (ICICI Bank and Bank of Baroda) and cautioned three banks (State Bank of India, Axis Bank and State Bank of Patiala) for violating Know Your Customer (KYC)/ Anti Money Laundering (AML) instructions. ICICI Bank and Bank of...
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Posted Date : 17-Dec-2014 , 09:17:49 am | Posted By CASANSAAR
State-run banks saw a marked rise in incidents of fraud in the first three months of this fiscal, a list compiled by the government shows, adding to concerns over the management of these lenders.The data shows that fraudsters cheated these banks of Rs 2,417 crore of public money between April and Ju...
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Posted Date : 16-Dec-2014 , 08:51:28 am | Posted By CASANSAAR
To promote electronic payments, the Reserve Bank increased RTGS business hours to 12 hours from 8 am to 8 pm on weekdays, effective December 29. On Saturdays, the RTGS (real time gross settlement) system of online fund transfer will be open from 8 am to 3.30 pm, the RBI said in a circul...
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Posted Date : 15-Dec-2014 , 06:37:49 am | Posted By CASANSAAR
The RBI has released a charter of customer rights that lays down five basic rights that bank customers enjoy. Though a framework laying down service standards already exists, industry-watchers feel a direct intervention from the RBI could make the process more robust. "This will also simplify the pr...
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Posted Date : 10-Dec-2014 , 09:33:42 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for allowing Public Sector Banks (PSBs) to raise capital to meet their additional capital requirements under BASEL-III by diluting Government holding upto 52 percent in a phased manner. Out of 27 PSBs, ...
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Posted Date : 02-Dec-2014 , 12:15:48 pm | Posted By CASANSAAR
Government of IndiaMinistry of Finance 01-December-2014 Suggestions Invited from General Public for Improving Performance of Public Sector Banks (PSBS) Suggestions from general public as to how to improve performance of Public Sector Banks on various parameters are i...
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Posted Date : 01-Dec-2014 , 09:43:14 pm | Posted By CASANSAAR
The United Forum of Banking Unions (UFBU) will go ahead with its relay zonal strikes in various parts of India starting Tuesday to press for wage revision, a union leader said Monday. "The deputy chief labour commissioner in Mumbai convened a meeting between the banking union and Indian Ban...
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Posted Date : 30-Nov-2014 , 09:51:41 am | Posted By CASANSAAR
The Institute of Chartered Accountants said it has approached the Central Government for the mandatory audit of bank branches across the country. According to institute officials, the move would bring about more discipline in banks, especially on the lending front where non-performing asset...
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