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Posted Date : 03-Mar-2014 , 07:07:48 pm | Posted By CASANSAAR
The Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. The central bank has asked banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public. The RBI clarified that the public can con...
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Posted Date : 02-Mar-2014 , 08:30:29 pm | Posted By CASANSAAR
The crisis-hit United Bank of India, which has run into losses amid suspiciously high bad loans, now faces fresh probes for possible lapses related to auditing and corporate governance norms. Capital market regulator Sebi has received complaints about possible violations to its corporate go...
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Posted Date : 28-Feb-2014 , 08:36:12 am | Posted By CASANSAAR
An expert committee appointed by the Reserve Bank of India has sought minutes of board meetings from banks, a move that bankers said could be aimed at ascertaining the role of shareholder promoters in influencing the day-to-day functioning of the lenders.The Nayak committee set up to review the gove...
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Posted Date : 25-Feb-2014 , 09:26:47 pm | Posted By CASANSAAR
The Bimal Jalan panel, which scrutinised applications for new bank licences, Tuesday submitted its report along with shortlisted entities to the Reserve Bank of India. "We have submitted report (on new bank licences) to RBI," Jalan, a former Reserve Bank Governor, said after a four-hour meeting her...
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Posted Date : 23-Feb-2014 , 10:48:55 am | Posted By CASANSAAR
United Bank of India, stuck with bad debts of Rs 8,546 crore, is likely to be bailed out through a merger with Union Bank of India than through a government infusion of capital. According to sources, the government will not want to re-capitalise United Bank, whose non-performing assets (NPA...
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Posted Date : 21-Feb-2014 , 03:11:00 pm | Posted By CASANSAAR
The chairperson and managing director of Kolkata-headquartered United Bank of India Archana Bhargava has taken voluntary retirement. Her retirement comes in the wake of a surge in bad loans and the bank posting a loss in the third quarter. United Bank’s gross non-performing a...
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Posted Date : 20-Feb-2014 , 07:56:24 am | Posted By CASANSAAR
The finance ministry has asked United Bank of India (UBI) to identify executives responsible for the lender's failure to spot swelling bad debt, resulting in a loss at the Kolkata-headquartered lender in the December quarter. The move comes as the ministry has mandated all...
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Posted Date : 19-Feb-2014 , 09:21:17 am | Posted By CASANSAAR
It faces an uncertain future in a market-driven economy as its pile-up of bad loans and weak capital structure leave little scope for the state-run bank to continue with a business-as-usual approach. Banks across the nation are facing tough times and hardly any banker is smiling these days, tha...
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Posted Date : 15-Feb-2014 , 08:30:59 am | Posted By CASANSAAR
In the wake of rapid asset quality deterioration at United Bank of India, the banking regulator has started a fresh audit of the lender—this one to scrutinize loans made in the current fiscal. The Reserve Bank of India (RBI) last year conducted routine audits at the Kolkata-based...
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Posted Date : 13-Feb-2014 , 10:49:13 pm | Posted By CASANSAAR
United Bank of IndiaBSE -1.00 % either deliberately or intentionally hid bad loans as its automated system to detect payment defaults was non-functional for more than two years, an audit by consultants Deloitte has found. The bank which has the highest bad loans among state-run lenders was downgrade...
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Posted Date : 24-Jan-2014 , 08:41:24 am | Posted By CASANSAAR
Indian Bank has decided to sell off some of its big loan defaulting accounts to asset reconstruction companies and cut down its non-performing assets (NPA), said a top bank official here Thursday. "We have identified 19 big accounts to be sold to asset reconstruction companies. Each ac...
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Posted Date : 12-Jan-2014 , 09:12:09 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will consider reducing the number of free ATM withdrawals, as recommended by Indian Banks' Association, in an effort to cut down on cash transactions in the economy. "We will examine that (IBA recommendation of cutting down number of free ATM transaction to 5...
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Posted Date : 11-Jan-2014 , 08:40:33 am | Posted By CASANSAAR
The Reserve Bank of India’s committee on comprehensive financial services for small businesses and low-income households headed by Nachiket Mor on Friday said that the Aadhaar process was adequate to enable every Indian to get a bank account by January 1, 2016. “Target is depend...
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Posted Date : 09-Jan-2014 , 08:53:49 am | Posted By CASANSAAR
People seeking loan against gold jewellery can now borrow more, as the Reserve Bank of India (RBI) on Wednesday allowed non-banking finance companies (NBFCs) to lend up to 75 per cent of the value of the metal from 60 per cent at present. "...it has been decided to raise the LTV (loan-to-alue) rati...
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Posted Date : 07-Jan-2014 , 06:20:29 pm | Posted By CASANSAAR
A debt-ridden executive of a reputed private bank and his two accomplices have been arrested for allegedly stealing Rs 49 lakh from the account of a dead NRI since November last year, police said today. The bank employee carried out the theft by transferring the amount to a fake account opene...
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Posted Date : 06-Jan-2014 , 08:51:08 am | Posted By CASANSAAR
Operations at all the public sector banks (PSBs) and regional rural banks are likely to be affected for two days from January 20 as the United Forum of Banks Unions (UFBU) has given a strike call, demanding wage revision as well as the resolution of certain other issues. UFBU national convener M V ...
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Posted Date : 02-Jan-2014 , 09:40:12 am | Posted By CASANSAAR
The Reserve Bank said non-bank financial companies ( NBFCs) do not have to make provision for guaranteed portion of loans for low income housing. In case of NBFC-MFIs, if the advance covered by Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) guarantee becomes non-performing, ...
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Posted Date : 31-Dec-2013 , 08:35:47 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has allowed banks to sanction loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery. "In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet...
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Posted Date : 17-Dec-2013 , 08:42:53 am | Posted By CASANSAAR
The Reserve Bank of India on Monday restricted foreign institutional investors (FIIs) from buying additional shares in HDFC Bank, the country's second-largest private lender, as their shareholding has exceeded the limit. Stakes held by overseas investors, including FIIs, non-residen...
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Posted Date : 16-Dec-2013 , 09:29:25 pm | Posted By CASANSAAR
Operations at public sector banks are likely to be hit on December 18 as trade unions have decided to go on day-long strike to press for wage revision and other demands. The conciliation meeting before the Chief Labour Commissioner between the unions and IBA has failed to find an amicable...
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Posted Date : 15-Dec-2013 , 09:32:03 am | Posted By CASANSAAR
Blaming "tardy" state-run banks for high level of non-performing assets, Finance Minister P Chidambaram Saturday said banks' boards and not the government should be held responsible for the situation. "If the bank boards cannot perform their duty, blame should stop with the bank boards and not with...
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Posted Date : 14-Dec-2013 , 08:13:25 am | Posted By CASANSAAR
Close on the heels of directing a forensic audit on United Bank of India, the RBI has initiated a special audit of another Kolkata-based lender, Allahabad Bank. The banking regulator has notified Allahabad Bank about the audit to assess the potential non-performing assets and ‘special...
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Posted Date : 10-Dec-2013 , 08:01:36 am | Posted By CASANSAAR
A Parliamentary panel Monday suggested the Reserve Bank should refrain from giving bank licences to corporates as the banking business is highly leveraged and involves public money. Headed by senior BJP leader Yashwant Sinha, the Standing Committee on Finance also asked the RBI to review the guidel...
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Posted Date : 07-Dec-2013 , 05:38:21 pm | Posted By CASANSAAR
ATM usage is likely to get costlier as banks are planning to hike ATM charges by Rs 6 per transaction. The proposal to hike charges comes after a few state governments asked banks to tighten security at ATMs following the brutal assault of a customer inside an ATM in Bangalore in November. ...
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Posted Date : 06-Dec-2013 , 08:28:57 am | Posted By CASANSAAR
As much as 25 per cent of the total non-performing assets (NPAs) in public sector banks (excluding SBI) is accounted for by 50 corporates with Kingfisher Airlines and Winsome Diamond topping the list. The combined default by the 50 corporates totalled to Rs 40,528 crore of bank loans. The t...
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Posted Date : 05-Dec-2013 , 08:58:19 am | Posted By CASANSAAR
To protect the financial system from risks emanating from large banks, the Reserve Bank of India (RBI) has floated draft guidelines for the domestic systemically important banks (D-SIBs) that would require such lenders to maintain an additional core capital of up to 0.80 per cent...
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Posted Date : 01-Dec-2013 , 08:45:40 am | Posted By CASANSAAR
The Reserve Bank aims to create awareness among people about not writing anything on the currency notes and that they need to keep them clean, Deputy Governor K C Chakrabarty said on Saturday. However, when asked if banks would stop accepting such notes from Januray 1, 2014 onwards, he said: ...
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Posted Date : 30-Nov-2013 , 09:11:01 pm | Posted By CASANSAAR
Debit card holders will be required to punch in their PIN numbers every time they use the card from Sunday, Dec. 1, a move aimed at minimising frauds. In June, the Reserve Bank had extended the deadline for implementation of mandatory PIN punching at Point-of-Sales (PoS) and merchant outlet...
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Posted Date : 30-Nov-2013 , 04:40:29 pm | Posted By CASANSAAR
Diluting its earlier tough stance, the Reserve Bank of India has decided to permit banks to undertake insurance broking business departmentally, subject to the requirements, including the minimum net worth of Rs 500 crore. "Banks desirous of offering insurance broking services should seek s...
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Posted Date : 29-Nov-2013 , 08:50:05 am | Posted By CASANSAAR
The Reserve Bank of India has initiated a special inspection of Kolkata-based United Bank of India, apparently prompted by an alarming rise in bad loans that has forced the bank to report a Rs 490-crore loss in the second quarter. While it's not unusual for RBI to undertake such a move, there was sp...
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