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Posted Date : 19-Mar-2013 , 02:14:20 pm | Posted By CASANSAAR
Finance Minister P Chidambaram on Monday came down heavily on wealthy promoters of companies that were not servicing bank loans, citing losses. Expressing his concern over a surge in banks’ non-performing assets (NPAs) and cases of restructured accounts, he asked lenders to take stern action f...
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Posted Date : 19-Mar-2013 , 08:53:55 am | Posted By CASANSAAR
The RBI asked banks to issue newcheque books only under the new format and gave them time till July-end to withdraw the old format cheques. All cheques currently with customers in the old format (non-Cheque Truncation System) will continue to be valid for another four months (the earl...
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Posted Date : 18-Mar-2013 , 01:04:15 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said the RBI and finance ministry have started inquiry into charges of money laundering by some employees of 3 private sector banks. Speaking to newsmen after a meeting with the Chief executives of public sector banks and financial institutions in New Delhi, the ...
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Posted Date : 14-Mar-2013 , 12:36:31 pm | Posted By CASANSAAR
A Cobrapost pan-India undercover investigation has accused HDFC Bank , ICICI Bank and Axis Bank of running a vast, nation-wide money laundering racket. Cobrapost, an online magazene, conducted a sting operation across various bran...
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Posted Date : 12-Mar-2013 , 08:04:17 am | Posted By CASANSAAR
The liquidity in the system has come under pressure, with banks’ borrowing at the Reserve Bank of India’s (RBI) liquidity window crossing the Rs 1,00,000-crore mark, ahead of payment of final instalment of advance tax. This week, banks will draw more from RBI’s short-term liquidit...
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Posted Date : 05-Mar-2013 , 10:23:47 pm | Posted By CASANSAAR
The Reserve Bank of India on Tuesday asked banks to make available the facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, at all bank branches (including those of co-operative banks and regional rural banks). This fa...
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Posted Date : 04-Mar-2013 , 03:16:27 pm | Posted By CASANSAAR
Financial inclusion plan will be an important criteria for getting new bank licences in the private sector, the Reserve Bank of India (RBI) said on Monday. The apex bank came out with new bank licence guidelines last month wherein it said the important criterion for processing application would be ...
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Posted Date : 03-Mar-2013 , 04:54:05 pm | Posted By CASANSAAR
India's first all-women bank will start operations from November this year through six branches spread across the length and breadth of the country, Finance Minister P Chidambaram said today. "It will be inaugurated in November. Initially we should start with at least one branch in each maj...
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Posted Date : 02-Mar-2013 , 08:34:18 am | Posted By CASANSAAR
Three state-run lenders have raised their retail term deposit rates by 25-125 basis points. United Bank of India increased interest rates on domestic term deposits below Rs 5 crore by at least 25 basis points, effective immediately. The Kolkata-based lender will now pay nine per cent on term deposit...
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Posted Date : 01-Mar-2013 , 02:53:25 pm | Posted By CASANSAAR
In order to check frauds, the RBI has asked banks to impose monetary limit for international transactions on credit and debit cards and refrain from issuing cards with global access unless specifically sought by the customer. "All the active magstripe international cards issued by banks should have...
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Posted Date : 28-Feb-2013 , 09:34:00 pm | Posted By CASANSAAR
With an aim to increase insurance sector's penetration, the government today said banks can act as brokers to sell policies and also simplified KYC norms for buying the product. In a boost to the sagging insurance sector, Finance Minister P Chidambaram in his Budget also announced that insurance co...
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Posted Date : 27-Feb-2013 , 03:05:12 pm | Posted By CASANSAAR
Middle and lower level management staff at lenders such as ICICI Bank, HDFC Bank, and IndusInd Bank are probably in for sweet pay increases this year as human resource managers strategise to ward off poaching by new banks. The advent of new banks for the first time in ni...
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Posted Date : 26-Feb-2013 , 05:25:19 pm | Posted By CASANSAAR
Reserve Bank Deputy Governor KC Chakrabarty today said the RBI is open to let realty and brokerages run banks if they meet the "fit and proper criteria" as detailed in the final guidelines. "These are all legitimate businesses...if they can demonstrate that they satisfy all the requirements...
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Posted Date : 23-Feb-2013 , 09:14:04 am | Posted By CASANSAAR
Almost three years after it was first promised in theUnion Budget of 2010-11, the Reserve Bank of India has allowed all private and public sector companies to apply for bank licences, paving the way for business houses such as the Tatas, Aditya Birla group, L&T, ADAG, Mahindr...
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Posted Date : 22-Feb-2013 , 06:18:28 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) released final guidelines for issuing new bank licences on Friday, paving the way for corporate houses to enter the banking sector. The RBI said it will allow applications for new bank licences until July 1, 2013, and in its statement did not exclude companies from a...
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Posted Date : 21-Feb-2013 , 10:36:32 pm | Posted By CASANSAAR
Ratings agency Care today said non-performing assets of banks have increased by 43.1 per cent to Rs 1.79 trillion in the first three quarters of the fiscal. "The major problem confronting banks remains to be NPAs which have grown by 43.1 per cent on top of a similar growth last year,"...
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Posted Date : 17-Feb-2013 , 08:41:05 am | Posted By CASANSAAR
There may be no banking transaction for two whole days in the country, as "not just the nationalised bank unions including their officers but even some of the private banks except ICICI Bank, have agreed to strike work on February 20 and 21," said CPI leader and AITUC general secretary&nbs...
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Posted Date : 13-Feb-2013 , 06:17:37 pm | Posted By CASANSAAR
The government is likely to allocate 200 billion rupees for capital infusion in state-run banks in the next financial year, a finance ministry official with direct knowledge of budget talks told Reuters on Wednesday. The official refused to be named as the information is a&nbs...
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Posted Date : 03-Feb-2013 , 06:37:18 pm | Posted By CASANSAAR
RBI's new draft guidelines for restructured loans are likely to hit earnings of banks by at least 3-8 per cent over the next two years, while some public sector banks are expected to get most impacted, a report by Bank of America Merrill Lynch has said. Reserve Bank last week iss...
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Posted Date : 01-Feb-2013 , 04:32:25 pm | Posted By CASANSAAR
RBI has suggested that banks should charge for cash withdrawal and deposit through cheques while the government agencies should do away with convenience charges for online payment of utility bills. As per the discussion paper floated by RBI, high cash withdrawals and deposits of cash by individ...
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Posted Date : 21-Jan-2013 , 08:50:06 am | Posted By CASANSAAR
Jewellery and cash were stolen from 40 lockers in a daring break-in at the Punjab and Sind Bank branch on Pathankot road. Robbers broke into the strongroom by cutting through the thick iron gate with a gas cutter and opened the lockers the same way. Notes of 1,000rupee denominati...
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Posted Date : 16-Jan-2013 , 09:42:12 am | Posted By CASANSAAR
The finance ministry has finalised norms for new bank licenses and has sent its comments to the Reserve Bank of India (RBI). Sources say the finance ministry has asked the RBI to delete the clause prohibiting realty and stock broking firm promoters from applying for bank licence. The ministry s...
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Posted Date : 15-Jan-2013 , 09:25:23 am | Posted By CASANSAAR
Banks will ask the Reserve Bank of India to allow them to pay interest on current account deposits at tomorrow’s meeting, in the run up to the central bank’s monetary policy review. Currently, banks don’t give interest on current accounts. Doing so, bankers believe, w...
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Posted Date : 12-Jan-2013 , 09:30:51 am | Posted By CASANSAAR
The finance ministry has taken the first step towards setting up a holding company for public sector banks and will float a cabinet note for this shortly. Most international banks are held by a holding company and in the Indian context; this will help the government with equity infusion.  ...
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Posted Date : 10-Jan-2013 , 01:59:31 pm | Posted By CASANSAAR
Government today approved 12,200 crore rupee recapitalisation programme for public sector banks. The decision was taken in a Cabinet meeting held in New Delhi today.The recapitalisation programme has been undertaken with a view to redress the financial health of public sector banks. &nbs...
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Posted Date : 23-Dec-2012 , 08:12:14 pm | Posted By CASANSAAR
Borrowers from Non Banking Financial Companies (NBFC) now have time till 31 March 2013 to replace their old system bank cheques with new ones with added security features for their equated monthly instalment (EMI) payments, the Reserve Bank of India (RBI) said in a circular. The banking regulator...
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Posted Date : 21-Dec-2012 , 08:29:20 pm | Posted By CASANSAAR
The Banking Laws (Amendment) Bill 2011 was introduced in order to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980. The said Bill has been passed by both the Houses of Parliament during its just concluded Winter Session. Thi...
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Posted Date : 21-Dec-2012 , 07:49:59 am | Posted By CASANSAAR
In a move that could improve its flow of home loans business, State Bank of India is putting in place an online sanction process which allows the bank to instantaneously approve loan amounts by linking its portal with Credit Information Bureau of India (Cibil). ...
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Posted Date : 20-Dec-2012 , 09:13:01 pm | Posted By CASANSAAR
The objective of restructuring is to conserve valuable financial assets in a downturn, revival of entities and ensuring safety of the funds lent by the banks. Although, the Gross Non-Performing Assets (NPAs) and restructuring of loans of Public Sector Banks (PSBs) have shown an increasing trend, at ...
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Posted Date : 18-Dec-2012 , 09:09:08 pm | Posted By CASANSAAR
The Lok Sabha today passed the Banking (Amendment) Bill, aimed at attracting more foreign investment into the banking industry in yet another move by Prime Minister Manmohan Singh to open up Asia's third-largest economy. The Bill was passed after the government earlier today agreed to drop the cont...
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