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  • Steps to Recover NPAs
    Posted Date : 23-Aug-2012 , 10:32:56 pm | Posted By CASANSAAR

    Although the Gross non-Performing Assets of the Public Sector Banks (PSBs) as on March 2012 amounts to Rs. 112489 crore, all PSBs have reported profits for the financial year 2011-12. Banks are required to monitor NPAs and take steps to bring them down through recovery/other channels. RBI also ...

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  • About 10 lakh bank employees to go on strike on 22-23 August
    Posted Date : 20-Aug-2012 , 06:36:08 pm | Posted By CASANSAAR

    Around 10 lakh bank employees and officers working in 27 public sector banks including State Bank of India (SBI) and 12 old generation private sector banks and eight foreign banks will resort to two days nationwide strike on 22nd and 23rd August, says United Forum of Bank Unions (UFBU). UFBU is the ...

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  • Bank unions plan strike on August 22-23
    Posted Date : 17-Aug-2012 , 11:14:27 am | Posted By CASANSAAR

    A section of public sector bank employees plan to go on a two-day strike on August 22-23 to protest the proposed reforms in the banking sector and outsourcing of jobs.   The United Forum of Bank Unions (UFBU) has decided to go on nation-wide strike on August 22-23, the union said in a stateme...

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  • RBI to banks: Compensate customers for cheque clearance delay
    Posted Date : 14-Aug-2012 , 07:26:12 am | Posted By CASANSAAR

     In a big relief to the bank customers, the Reserve Bank today asked the banks to compensate them for delay in clearance of local cheques.Banks, as per the RBI directive, will have to pay the compensation at savings bank interest rate in absence of a specified rate, for delayed cleara...

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  • Govt asks public sector banks to open one account for each family
    Posted Date : 13-Aug-2012 , 07:00:34 am | Posted By CASANSAAR

    The government has asked state- owned banks to ensure one account per family to facilitate direct transfer of subsidy under 32 central schemes. In a communication to the public sector banks, theFinance Ministry has asked them to use the latest voter list as a reference for verifying that every house...

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  • Banking's big problem: NPAs and bad loans have returned to haunt banks
    Posted Date : 12-Aug-2012 , 08:31:00 am | Posted By CASANSAAR

    India's biggest bank, SBI, announced quarterly results earlier this week and the share price tanked. While the bank announced a big jump in net profit, its non-performing assets also rose sharply, confirming that weak growth and slowdown in key sectors such as power and steel were continui...

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  • RBI replaces ‘no-frills’ with basic savings a/c
    Posted Date : 11-Aug-2012 , 08:13:58 am | Posted By CASANSAAR

    The Reserve Bank of India, on Friday, asked banks to drop the ‘no-frills’ tag from the basic saving accounts as the nomenclature has become a stigma.   It has asked banks to provide the zero balance facility in the basic banking accounts along with ATM-cum-debit cards without any ...

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  • Over Rs 2,400 crore lying in inoperative bank accounts: RBI
    Posted Date : 29-Jul-2012 , 07:35:20 pm | Posted By CASANSAAR

    More than Rs 2,400 crore is lying as unclaimed deposits in the over one crore bank accounts across the country, the RBI has said in an RTI reply.   According to the data revealed by the RBI, the State Bank group has over Rs 233 crore unclaimed funds in its 10 lakh accounts, public sector bank...

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  • RBI imposes Rs 5 lakh penalty on Karad Urban Co-op Bank
    Posted Date : 17-Jul-2012 , 08:33:08 am | Posted By CASANSAAR

    The Reserve Bank has imposed a penalty of Rs 5 lakh on Maharashtra-based Karad Urban Co-operative Bank for violating guidelines on shifting of branch without the regulator's prior approval. "The bank had violated RBI instructions...which involved change in municipal ward number 35 to ...

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  • 49 Lakh debtors in default of Rs 1 lakh crore of banks: RTI
    Posted Date : 05-Jul-2012 , 06:24:46 pm | Posted By CASANSAAR

    Over 49 lakh debtors have defaulted in repaying loans totalling more than Rs one lakh crore from various nationalised banks in the country, an RTI query has revealed.The information was provided by individual banks to Om Prakash Sharma, an RTI activist and a former National Council member of BJP.The...

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  • SBI waives minimum balance criteria for savings bank account
    Posted Date : 03-Jul-2012 , 10:02:39 pm | Posted By CASANSAAR

    In order to attract new customers, State Bank of India (SBI) has done away with minimum balance criteria for saving banks account. SBI said in an advertisement that the bank will not levy any charge for breaching minimum balance criteria. It said that the facility is available to existing customers ...

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  • RBI says banks mislead investors on bad loans, calls for Sebi action
    Posted Date : 29-Jun-2012 , 08:31:56 am | Posted By CASANSAAR

    Deputy Governor K C Chakrabarty says monetary policy to ease once inflation comes down The Reserve Bank of India (RBI) has lashed out at banks for attributing their higher bad loans to a fallout of the automated bad loan recognition system, and said the capital market regulator should look into the ...

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  • Moody's downgrades 15 of world's biggest banks
    Posted Date : 22-Jun-2012 , 02:33:45 pm | Posted By CASANSAAR

    Ratings agency Moody's downgraded 15 of the world's biggest banks on Thursday, lowering credit ratings by one to three notches to reflect the risk of losses they face from volatile capital markets activities, but banks criticized the move as backward looking.   Morgan Stanley(MS.N), one of th...

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  • Beware, online bank accounts are at risk
    Posted Date : 19-Jun-2012 , 07:59:52 am | Posted By CASANSAAR

    Two of the most pervasive and dangerous types of software for stealing money from bank accounts have been improved and can now transfer money out automatically, without a hacker's supervision, researchers said. The latest variants of the widespread SpyEye and Zeus programmes have already stolen as ...

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  • RBI guideline to ease home loan payment process
    Posted Date : 16-Jun-2012 , 11:51:18 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has directed state and central co-operative banks to stop levying penalty on pre-payment of home loans on floating interest rates with immediate effect.In a notification, it said though many banks had in the recent past voluntarily abolished pre-payment penalties on f...

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  • RBI allows banks to accept spectrum as collateral
    Posted Date : 13-Jun-2012 , 09:17:45 am | Posted By CASANSAAR

    The Reserve Bank of India has approved the proposal to allow mobile phone companies to mortgage airwaves, a move that will allow telcos to use spectrum as collateral and raise funds from banks for the upcoming auctions. The RBI has said that banks will be allowed to seize airwaves in ...

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  • NPA detail of Banks in Last Three Year
    Posted Date : 11-Jun-2012 , 08:36:08 am | Posted By CASANSAAR

    Finance ministry concerned over rising bad loans and wants a variety of actions to check these; Pranab to meet financial institutions’ chiefs on Tuesday to discuss the issue   Concerned at the spurt in bad loans of public sector banks (PSBs), the Union finance ministry has asked them to...

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  • RBI cancels Madhavpura bank licence; liquidator to be appointed
    Posted Date : 08-Jun-2012 , 07:27:56 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) cancelled the licence of Madhavpura Mercantile Cooperative Bank (MMCB), bringing to an end its controversy-ridden 18-year operation as a multi-state cooperative bank.   In 2001, the bank faced a run on deposits following its alleged exposure to stock ...

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  • Govt approves Rs 632 cr capital infusion in regional rural banks
    Posted Date : 07-Jun-2012 , 01:57:39 pm | Posted By CASANSAAR

    Union Cabinet has approved capital infusion of 632 crore rupees in some Regional Rural Banks to improve their capital to risk waited assets ratio. The Cabinet approved 50 percent share of the Central government and also decided to extend the scheme of capitalization of weak Regional Rural Banks by a...

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  • All rural branches of banks to impart financial literacy: RBI
    Posted Date : 07-Jun-2012 , 07:43:08 am | Posted By CASANSAAR

    The Reserve Bank Wednesday said all rural branches of banks will have to impart financial literacy.This move comes after the central bank found Financial Literacy and Credit Counselling Centres (FLCC) were located in the urban and semi-urban areas."Banks may consider setting up need based FLCs in ot...

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  • Banks sharing data with IT dept will help deter tax evasions
    Posted Date : 01-Jun-2012 , 07:23:56 am | Posted By CASANSAAR

    Banks agreeing to share data with the income tax authorities will help in checking accumulation of black money and keep tax evaders at bay, industry body Assocham said on Thursday."The Indian and the foreign banks operating in the country have agreed to give income tax authorities access to their da...

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  • Banking Laws Bill in Parliament on Monday
    Posted Date : 20-May-2012 , 11:17:25 pm | Posted By CASANSAAR

    Finance minister Pranab Mukherjee will move an amended Banking Laws (Amendment) Bill in Parliament on Monday. The Bill is likely to cap shareholders’ voting rights in private banks at 26% irrespective of their total holding, diluting the provisions of the original bill which had proposed to al...

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  • ICICI Bank raises foreign currency deposit rates
    Posted Date : 09-May-2012 , 05:45:09 pm | Posted By CASANSAAR

    ICICI Bank , India’s No. 2 lender, raises foreign currency deposit rates by up to 175 basis points, effective May 8. It raised rates for 1 to 2 year tenure by 75 basis points and for 3 to 5 year tenure by 175 basis points.   The move comes within a week of Reserve Bank hiking intere...

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  • Outstanding Credit of Scheduled Commercial Banks
    Posted Date : 09-May-2012 , 08:40:48 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) maintains data on Outstanding credit of Scheduled Commercial Banks (SCBs), not on loans disbursed.  Outstanding credit of SCBs is given below:   (Rs. Crore)   As on 31 March 2008 As on 31 March 2009 ...

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  • Subsidiarisation of foreign banks would be tax neutral: Finance Minister Pranab Mukherjee
    Posted Date : 07-May-2012 , 10:35:04 pm | Posted By CASANSAAR

     In order to encourage foreign banks to operate in India as subsidiaries, Finance Minister Pranab Mukherjee today said such move be tax neutral. "The Reserve Bank of India is formulating a scheme for subsidiarisation of Indian branches of foreign banks to ring fence Indian capital and India...

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  • Loans to Companies/ Industrial Houses by SCBs
    Posted Date : 05-May-2012 , 08:06:54 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) maintains data on outstanding credit of Scheduled Commercial Banks (SCBs) to public, private corporate and household sectors and not on loans disbursed to different sectors of the economy.  The outstanding credit of SCBs to Private Corporate Sector during th...

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  • Rural banks told to double home loan limit for priority sector
    Posted Date : 28-Apr-2012 , 08:22:57 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has asked all regional rural banks to double the limit for home loans to Rs 10 lakh from Rs 5 lakh for lending for priority sector. An RBI notification issued in Mumbai said that increase in the limit will be applicable for the bank loans extended to non-governme...

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  • RBI asks banks to allow intra-bank account portability
    Posted Date : 27-Apr-2012 , 10:57:56 pm | Posted By CASANSAAR

    The Reserve Bank of India on Friday asked banks to allow intra-bank account portability in cases where full KYC (know your customer) details of the concerned account have been ascertained.The facility would enable the customers to shift their account to any of the desired branch any number of t...

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  • Cheque bouncing may also give rise to cheating case, rules SC
    Posted Date : 25-Apr-2012 , 11:20:22 pm | Posted By CASANSAAR

       For issuing a cheque without sufficient fund in one's account, a person can be tried for both bouncing of his cheque and for cheating as the two trials do not breach double jeopardy doctrine, the Supreme Court has ruled.   A bench of justices B S Chauhan and J S Khehar gave ...

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  • Federal Bank cuts base rate by 0.20% to 10.45%
    Posted Date : 25-Apr-2012 , 05:29:39 pm | Posted By CASANSAAR

    Kerala-based Federal Bank today cut its base rate or the minimum lending rate by 0.20% to 10.45% following last week's RBI reduction in the key policy rate.   The bank action will be applicable from May 2, it said in a statement.   he Reserve Bank had surprised all by slashing the repo...

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