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Posted Date : 11-Oct-2014 , 06:40:48 am | Posted By CASANSAAR
Expressing concern over high exposure of banks to infrastructure and real estate sectors, fifa 15 coins RBI Deputy governor R Gandhi today cautioned lenders saying they cannot put all eggs into one basket.As an alternative, the deputy governor suggested looking at corporate bonds market, fifa coins ...
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Posted Date : 06-Oct-2014 , 02:36:50 pm | Posted By CASANSAAR
Following reports of frauds at Dena Bank and Oriental Bank of Commerce, the Finance Ministry has asked public sector banks to tighten norms for high-value fixed deposits (FD). As per preliminary forensic audit report, frauds worth Rs 436 crore were committed in these banks. Banks have been asked to...
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Posted Date : 03-Oct-2014 , 07:50:54 am | Posted By CASANSAAR
The Finance Ministry on Thursday said 5.29 crore bank accounts have been opened and 1.78 crore RuPay debit cards have been issued so far under Prime Minister Narendra Modi's flagship Jan Dhan Yojana. "As on date, 5.29 crore accounts have been opened under PMJDY, of which 3.12 cror...
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Posted Date : 02-Oct-2014 , 07:55:35 am | Posted By CASANSAAR
Bankers have sought clarity from the finance ministry on treatment of additional tier-I bonds under Basel-III guidelines that prescribe how much capital banks should hold. The government has been pushing banks to raise capital through this instrument, popularly known as AT1 bonds, to meet fund requi...
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Posted Date : 29-Sep-2014 , 08:57:44 am | Posted By CASANSAAR
The Reserve Bank of India is nudging banks to mine Facebook, Twitter and other social media data to access customers’ social profiles and possibly gain insights into individual customer behaviour. RBI deputy governor, HR Khan, at a September 16 presentation in a conference in Mumbai, ...
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Posted Date : 23-Sep-2014 , 02:41:03 pm | Posted By CASANSAAR
State-owned Syndicate Bank on Tuesday said that it has terminated its suspended chairman and managing director Sudhir Kumar Jain's term, with immediate effect. "Syndicate Bank has informed the Exchange that the Central Government (vide their letter dated 22.09.2014), in terms of Sub-Clause ...
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Posted Date : 23-Sep-2014 , 11:58:35 am | Posted By CASANSAAR
Department of Financial Services, Ministry of Finance, Government of India has issued instructions that in case people are already holding bank accounts, they need not open another bank account to avail of benefits under Pradhan Mantri Jan Dhan Yojana (PMJDY). In fact insurance benefits are availabl...
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Posted Date : 22-Sep-2014 , 07:35:58 am | Posted By CASANSAAR
The finance ministry has asked state-run banks to nudge their defaulting corporate borrowers to sell off their non-core assets and repay the loans from the funds raised. The move comes after the ministry directed these banks to constitute board-level committees to monitor recovery and put in pl...
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Posted Date : 17-Sep-2014 , 08:06:46 am | Posted By CASANSAAR
The Reserve Bank of India has proposed segregation of chairman and managing director (CMD) posts and a separate committee for appointment of directors on the board of PSU banks. On corporate governance reforms in PSU banks, RBI Deputy Governor R Gandhi said the central bank has already reco...
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Posted Date : 09-Sep-2014 , 05:12:19 pm | Posted By CASANSAAR
The Reserve Bank today fixed 70 years as the maximum age for a person to hold office of MD & CEO and other Whole Time Director (WTD) in a private bank as stipulated in the new Companies Act. "It has been decided that the upper age limit for Managing Director & Chief Executive Office...
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Posted Date : 09-Sep-2014 , 07:49:22 am | Posted By CASANSAAR
The Finance Ministry has roped in professional services firm KPMG to undertake a validation exercise of the number of basic bank accounts opened by the banks under the Pradhan Mantri Jan Dhan Yojana (PMJDY). KPMG’s confirmation of the number of accounts opened will help the Centre pit...
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Posted Date : 04-Sep-2014 , 08:20:07 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday said all recognised non-resident External Commercial Borrowing (ECB) lenders can extend loans in Indian Rupees by mobilising Indian Rupees through swaps undertaken with a bank authorised to deal in foreign exchange in India. This relaxation is with a v...
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Posted Date : 01-Sep-2014 , 09:08:13 pm | Posted By CASANSAAR
Indian banks can now issue Tier 2 capital with a minimum original maturity of 5 years as against 10 years previously, the Reserve Bank of India (RBI) said in a notification on Monday, amending some guidelines on Basel III implementation in India. The RBI said banks can now issue additiona...
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Posted Date : 29-Aug-2014 , 07:42:32 am | Posted By CASANSAAR
After the suspension of Syndicate Bank CMD S.K. Jain, top functionaries of two more public sector banks have come under the CBI scanner for suspected irregularities in the extension of credit facilities to private companies. The CBI has instituted two preliminary enquiries to ascertain whet...
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Posted Date : 28-Aug-2014 , 09:23:10 am | Posted By CASANSAAR
Prime Minister Narendra Modi will on Thursday launch Jan Dhan Yojana, a mega financial inclusion plan under which bank accounts and RuPay debit cards with inbuilt insurance cover of Rs 1 lakh will be provided to crores of persons with no access to formal banking facilities. Plans are afoot to...
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Posted Date : 27-Aug-2014 , 08:54:45 am | Posted By CASANSAAR
The Reserve Bank of India has clarified that small accounts with banks can be opened even without officially valid documents.In a circular posted on its website, the banking regulator has said that a small account can be opened on the basis of a self-attested photograph and putting the pro...
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Posted Date : 27-Aug-2014 , 08:44:06 am | Posted By CASANSAAR
The government has ordered limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out any irregularities, if any, in sanction of loans. "We have ordered a limited forensic audit after complaints were filed with regards to some accounts. Those ...
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Posted Date : 25-Aug-2014 , 07:24:43 pm | Posted By CASANSAAR
Finance Ministry today said it is considering bifurcation of the post of Chairman and Managing Director in public sector banks to strengthen corporate governance in the light of recent cases of corruption. “We are considering the proposal (to split CMD’s post),” Financial Se...
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Posted Date : 21-Aug-2014 , 04:28:15 pm | Posted By CASANSAAR
Concerned over instances of corruption in the PSU banks, Finance Minister Arun Jaitley today said that government is taking steps to professionalise the management and help them strengthen their risk management system. "Professionalising the management of the banks, we have taken so...
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Posted Date : 16-Aug-2014 , 10:33:50 am | Posted By CASANSAAR
Top 50 non-performing asset (NPAs) cases in the banking sector are being closely monitored by both finance ministry and the banks that have been defaulted by the corporate houses such as Kingfisher Airlines. The finance ministry has indicated that in case of evidence of fraud, criminal acti...
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Posted Date : 09-Aug-2014 , 09:22:51 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has served an inquiry notice on IDBI Bank over a loan of Rs 950 crore it extended to Vijay Mallya-led troubled airline Kingfisher Airlines, saying this extent of exposure was not bona fide. The probe agency`s notice to IDBI comes days after it arrested the ...
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Posted Date : 08-Aug-2014 , 08:08:11 pm | Posted By CASANSAAR
State bank of India (SBI) and other commercial banks have a combined exposure of Rs 40,000 crore to scam-ridden Bhushan Steel and are in talks to appoint a management agency to monitor the operations of the company, said Arundhati Bhattacharya, chairman of the country’s largest lender. ...
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Posted Date : 08-Aug-2014 , 08:02:11 pm | Posted By CASANSAAR
As per Census 2011, 58.7% household are availing banking services in the country. Under the Swabhimaan campaign, the Banks were advised to provide appropriate banking facilities to habitations having a population in excess of 2000 (as per 2001 census) by March 2012. The banks identified approxi...
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Posted Date : 06-Aug-2014 , 08:23:31 am | Posted By CASANSAAR
You might expect renowned financial or business experts to sit on the boards of banks, but that isn't always true in the case of state-run banks. Petrol pump owners, a Doordarshan anchor, the head of a women's club, trustees of religious boards and a clutch of small-time politicians are some of the ...
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Posted Date : 05-Aug-2014 , 03:18:05 pm | Posted By CASANSAAR
S K Jain, suspended chairman and managing director (CMD) of Syndicate Bank, had allegedly prevented loans of over Rs 100 crore on Bhushan Steel and Prakash Industries from being declared as non-performing assets (NPAs), agency sources said on Monday. Jain was suspended...
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Posted Date : 01-Aug-2014 , 09:52:21 pm | Posted By CASANSAAR
With a view to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors’ accounts, Reserve Bank of India (RBI) issued guidelines dated May 6, 2014 to all Scheduled Commercial Banks on Opening of Bank Accounts in the Names of Minors w...
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Posted Date : 28-Jul-2014 , 08:04:06 pm | Posted By CASANSAAR
Union Bank of India has non-performing assets (NPAs) worth about Rs 3,350 crore from 20 defaulters. Replying to an RTI query, the bank, however, declined to share the names of the defaulters citing "commercial confidence". "List of the borrowers cannot be provided as they...
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Posted Date : 19-Jul-2014 , 08:44:43 pm | Posted By CASANSAAR
CBI has unearthed a Rs 250 crore scam in public sector Dena Bank wherein the branch manager and a private person allegedly took loan using forged documents on behalf of seven private companies which had deposits in the bank. CBI alleged that Vimal Barot of Showman Group in Mumbai ...
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Posted Date : 19-Jul-2014 , 08:04:17 am | Posted By CASANSAAR
RBI has advised boards of banks not to levy usurious interest rate including processing and other charges on loans. "It is not proposed to issue any guidelines to the banks to offer loans to borrowers at uniform rate of interest in view of variation in their costs, business models, margins etc,...
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Posted Date : 17-Jul-2014 , 08:53:32 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has set a minimum paid-up capital of Rs.100 crore for those who wish to set up payments and small banks. Releasing the draft guidelines for licensing of these banks, the RBI has said that the promoters will have to have an initial minimum capital of at least ...
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