-
Posted Date : 08-Sep-2013 , 08:43:22 am | Posted By CASANSAAR
UAE's Central Bank has asked all banks and exchange houses to advise their customers not to carry rupees into India. The Central Bank also asked banks and money changers to warn their customers of the consequences of failing to do so. "The penalties stipulated in the new (Indian) law inclu...
Continue Reading... Category : Banking | Comments : 0 | Hits : 404
-
Posted Date : 03-Sep-2013 , 09:06:20 pm | Posted By CASANSAAR
The Reserve Bank on Tuesday asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of "innovative" housing financing schemes. "In view of the higher risks associated with such lump-sum disbursal of sanctioned housing lo...
Continue Reading... Category : Banking | Comments : 0 | Hits : 693
-
Posted Date : 25-Aug-2013 , 06:35:49 pm | Posted By CASANSAAR
Public sector banks face a shortage of 56,022 personnel across various cadres and the lenders are at different stages of filling these posts, official sources said. In the officer category, 25 public sector banks have 23,794 vacancies as of March, 2013. Of this, 5,815 officer level posts are inBank...
Continue Reading... Category : Banking | Comments : 0 | Hits : 583
-
Posted Date : 24-Aug-2013 , 08:08:56 am | Posted By CASANSAAR
The Reserve Bank today directed banks to adopt a uniform holidays calender to streamline cheque clearing system forCheque Truncation System (CTS) centres in New Delhi, Chennai and Mumbai."The CTS centres in New Delhi, Chennai and Mumbai will adopt RTGS holidays as ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 443
-
Posted Date : 23-Aug-2013 , 07:32:29 pm | Posted By CASANSAAR
The Reserve Bank of India penalised six public sector banks of Rs 6.5 crore for violating Know Your Customer (KYC)/Anti Money Laundering (AML) guidelines of the central bank. The six banks fined were Dena Bank (Rs 2 crore), Corporation Bank (Rs 1.5 crore), IDBI Bank and Indian Bank (Rs 1 cr...
Continue Reading... Category : Banking | Comments : 0 | Hits : 796
-
Posted Date : 20-Aug-2013 , 07:08:23 pm | Posted By CASANSAAR
As per provisional data received from the Reserve Bank of India (RBI), the Gross Non-Performing Assets (NPAs) of Public Sector Banks (PSBs) as on 30th June 2013 was Rs. 1,76,009 crore. The Gross NPAs of PSBs were Rs. 1, 12,489crore in March 2012 and Rs. 1, 55,890 crore...
Continue Reading... Category : Banking | Comments : 0 | Hits : 463
-
Posted Date : 19-Aug-2013 , 08:21:45 am | Posted By CASANSAAR
The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance. Cheraman Financial Services Limited(CFSL) will be floated by Kerala State Industrial Development Corporation to function as ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 317
-
Posted Date : 09-Aug-2013 , 09:38:02 pm | Posted By CASANSAAR
Insurance regulator Irda has allowed banks to act as brokers and sell products of more than one insurer so as to increase the penetration of the sector across the country. There is no capital requirement for insurance broking business carried out by banks, according to Irda (Licencing...
Continue Reading... Category : Banking | Comments : 0 | Hits : 233
-
Posted Date : 09-Aug-2013 , 05:32:26 pm | Posted By CASANSAAR
Paving the way for setting up of all-women bank , the government on Thursday approved Rs 1,000-crore seed capital for Bhartiya Mahila Bank Ltd. The Cabinet cleared setting up of all-women bank, sources said. Earlier this week, Minister of State for Finance Namo Narain Meena had said in a...
Continue Reading... Category : Banking | Comments : 0 | Hits : 320
-
Posted Date : 09-Jul-2013 , 01:49:51 pm | Posted By CASANSAAR
Tightening their noose on loan defaulters, banks have decided to 'name and shame' the guarantors of such borrowers as well by publishing their photographs and other details in newspapers and at notice boards of bank branches and community centres. Banks, mostly public sector lenders, began publishi...
Continue Reading... Category : Banking | Comments : 0 | Hits : 449
-
Posted Date : 06-Jul-2013 , 08:35:22 pm | Posted By CASANSAAR
A bank manager and two others have been arrested for allegedly demanding a bribe of Rs 7,000 from a farmer, police said today. Manager of Allahabad Bank, Auradeeh Branch, Ramesh Verma, a peon and a facilitator were arrested by a CBI team yesterday during a raid for demanding Rs 7000 as brib...
Continue Reading... Category : Banking | Comments : 0 | Hits : 615
-
Posted Date : 04-Jul-2013 , 08:12:46 am | Posted By CASANSAAR
The top 30 bad loans in each commercial bank are responsible for almost half of the gross non performing accounts (NPA) in the Indian banking system. The worst affected are foreign banks in the country where the top 30 non-performing loans account for 84% of the gross NPAs as on March 2013...
Continue Reading... Category : Banking | Comments : 0 | Hits : 685
-
Posted Date : 02-Jul-2013 , 05:17:02 pm | Posted By CASANSAAR
With 26 public and private sector companies applying for banklicences, Finance Minister P Chidambaramhas said that there was no ceiling on the number of entities which can be permitted to operate a bank. "I don't think there is a ceiling. I don't think there is a number...
Continue Reading... Category : Banking | Comments : 0 | Hits : 410
-
Posted Date : 29-Jun-2013 , 11:28:19 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed tough norms for banks involved in wealth and portfolio management services (W/PMS), mandating them to segregate sales and advisory activity, and threatened to bar them from money markets for violation of guidelines. It plans to put a blanket ban on t...
Continue Reading... Category : Banking | Comments : 0 | Hits : 209
-
Posted Date : 19-Jun-2013 , 08:23:40 am | Posted By CASANSAAR
Structural imbalances in the Indian bankingsystem's funding structure are diluting monetary policy transmission, crowding out corporates from money market and discouraging long-term savings in the economy. Banks' growing dependence on short-term deposits to fund an incr...
Continue Reading... Category : Banking | Comments : 0 | Hits : 226
-
Posted Date : 10-Jun-2013 , 06:53:11 pm | Posted By CASANSAAR
The Reserve Bank of India on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" rules. The central bank investigated the banks following an investigation ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 646
-
Posted Date : 06-Jun-2013 , 09:40:19 pm | Posted By CASANSAAR
In a move to curb the demand for gold, the finance ministry has asked the public sector banks not to sell gold coins to their customers. According to bankers, the view was communicated by the finance minister P Chidambaram and other finance ministry officials at a meeting today in th...
Continue Reading... Category : Banking | Comments : 0 | Hits : 284
-
Posted Date : 02-Jun-2013 , 01:15:06 pm | Posted By CASANSAAR
The Reserve Bank has extended the deadline for banks to complete the process of allotting a unique customer identification code to their customers, to March 31, 2014. Banks, however, will have to allot the unique customer identification code (UCIC) to all customers while entering ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 382
-
Posted Date : 18-May-2013 , 03:06:33 pm | Posted By CASANSAAR
Auditors of Canara Bank, India's fifth largest state-owned lender by assets, took objection to the management's decision to restructure loans of a particular borrower. The loan amounts to almost 20% of the bank's fresh restructuring of around Rs 18,110 crore in the March quarter. Fresh res...
Continue Reading... Category : Banking | Comments : 1 | Hits : 414
-
Posted Date : 07-May-2013 , 07:30:18 pm | Posted By CASANSAAR
In connection with Cobrapost, Red Spider 2 Expose which was released yesterday, Shri Rajiv Takru, Secretary, Department of Financial Services (DFS), Ministry of Finance had asked the Chairman cum Managing Directors (CMDs) of various Public Sector Banks (PSBs) and Life Insurance Corporation (LIC) of ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 351
-
Posted Date : 29-Apr-2013 , 09:22:41 am | Posted By CASANSAAR
The Reserve Bank is looking into sale of gold coins and gold-related investment products by about 30 banks to find out whether their employees are mis-selling such products to customers. The RBI move follows complaints of customers being induced by bank employees and non-staff members withi...
Continue Reading... Category : Banking | Comments : 0 | Hits : 330
-
Posted Date : 24-Apr-2013 , 06:51:12 pm | Posted By CASANSAAR
The Centre has appointed Archana Bhargava as Chairman & Managing Director of United Bank of India, a public sector lender. Prior to this appointment, Bhargava was an Executive Director at Canara Bank (since April 1, 2011). She has assumed charge of her new posting on Tuesday at...
Continue Reading... Category : Banking | Comments : 0 | Hits : 524
-
Posted Date : 21-Apr-2013 , 07:40:10 pm | Posted By CASANSAAR
With government set to launch the second phase of Direct Benefit Transfer(DBT) scheme, Finance Ministry has asked PSU banks to put in place robust automated systems to ensure that the beneficiaries list does not undergo any changes. "All banks...need to have robust automated syst...
Continue Reading... Category : Banking | Comments : 0 | Hits : 300
-
Posted Date : 20-Apr-2013 , 04:55:46 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will now be able slap a penalty of Rs 1 crore on banks if they breach a single norm. If more than one norm is breached, then the fine will be multiples of Rs 1 crore. Earlier, the fine was Rs 5 lakh for a single violation. The new norm came into effect after Section ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 730
-
Posted Date : 18-Apr-2013 , 08:34:24 am | Posted By CASANSAAR
Following a sharp fall in gold prices over the past few days, banks have started reviewing the margin requirement for loans against the yellow metal. After dropping Rs 3,160 over the last three sessions, gold prices on Wednesday fell Rs 90 to Rs 26,350 per 10g, the lowest level since August 17, 201...
Continue Reading... Category : Banking | Comments : 0 | Hits : 310
-
Posted Date : 16-Apr-2013 , 08:33:21 am | Posted By CASANSAAR
The Supreme Court, on Monday, ordered nationalised banks - Punjab National Bank, Union Bank of India and the Indian Bank - to deposit a sum of Rs 400 crore within 15 days with the Prothonotary and Master of Bombay High Court as part of the bank guarantee money due to the Boa...
Continue Reading... Category : Banking | Comments : 1 | Hits : 498
-
Posted Date : 14-Apr-2013 , 09:03:05 pm | Posted By CASANSAAR
Setting a stiff target for all public sector banks, the Finance Ministry has directed them to expedite the recovery process and bring down net NPAs to 1 % of their total advances by the end of 2013-14 fiscal."We have asked banks to bring down their net NPA to 1 % of the total advances by March 2014,...
Continue Reading... Category : Banking | Comments : 0 | Hits : 377
-
Posted Date : 31-Mar-2013 , 07:23:47 pm | Posted By CASANSAAR
The Finance Ministry has asked public sector banks to limit the amount of loan write-offs and sought details of recoveries made by them in the six years ending 2011-12 with an aim to improve the finances of PSU lenders. It has also asked the banks to ensure that the amount written off by ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 306
-
Posted Date : 23-Mar-2013 , 12:55:29 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will soon issue a notification for the implementation of the Basel III capita l regulations by Indian banks from April 1, central bank governor D. Subbarao said on Friday. "We are going to issue a notification next week for banks to implement the Basel III ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 474
-
Posted Date : 21-Mar-2013 , 05:06:43 pm | Posted By CASANSAAR
The Reserve Bank today sought to downplay the money-laundering allegations against three private sector banks, saying the country has a "perfect" system to prevent such offences and that not a single such transaction took place in the sting operation. The country's three largest private banks -- IC...
Continue Reading... Category : Banking | Comments : 0 | Hits : 387
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
