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  • Banks' earning to come under pressure due to Basel-III: Anand Sinha
    Posted Date : 23-Apr-2012 , 05:04:59 pm | Posted By CASANSAAR

    Earnings of banks are likely to come under pressure due to the higher capital requirements for the implementation of Basel-III norms, Reserve Bank of India Deputy Governor Anand Sinha said in Mumbai. "There is going to be pressure on banks' earnings, not only in India but across the world. That's w...

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  • MICR, IFSC code must on passbook, a/c statement: RBI
    Posted Date : 22-Apr-2012 , 09:06:10 am | Posted By CASANSAAR

    The Reserve Bank has made it mandatory for all banks to print the MICR and IFSE code on the passbook and statement of account of the customers."Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that information shoul...

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  • ICICI Bank, PNB cut lending rates by 25 bps after RBI rate cut
    Posted Date : 19-Apr-2012 , 08:41:33 pm | Posted By CASANSAAR

    Country's largest private bank - ICICI Bank - and the second largest state run bank- Punjab National Bank - lowered their lending and deposit rates taking a cue from the cut in policy rate by the Reserve Bank of India (RBI). The reduction in lending rate or base rate - the minimum rate at which...

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  • RBI prefers zero-balance accounts
    Posted Date : 19-Apr-2012 , 07:26:29 am | Posted By CASANSAAR

    You can open a zero-balance savings bank account anywhere in the country now, as the Reserve Bank of India (RBI) has mandated banks to offer a ‘basic savings bank deposit account’ with some minimum common facilities and not prescribe a minimum balance.Simply put, the basic banking curren...

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  • Probability of hiking policy rates not ruled out: RBI
    Posted Date : 18-Apr-2012 , 04:39:35 pm | Posted By CASANSAAR

    The Reserve Bank of India's governor, Duvvuri Subbarao, said on Wednesday the probability of raising interest rates is small but did not rule it out due to upside risks to inflation. "I want to reiterate once again that the probability of hiking rates is not zero but it is small, just as ...

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  • RBI asks banks to set up process to identify NPAs
    Posted Date : 18-Apr-2012 , 02:12:15 pm | Posted By CASANSAAR

    The Reserve Bank of India has asked banks to install a robust mechanism to identify stressed accounts and promptly restructure viable cases to preserve the economic value. The central bank has also mandated banks to have a proper system-generated segment-wise data on their NPA account...

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  • No more pre-payment charges on home loans
    Posted Date : 17-Apr-2012 , 10:37:23 pm | Posted By CASANSAAR

    Providing relief to home loan borrowers, the Reserve Bank on Tuesday asked banks not to levy any penalty on pre-payment of loans taken on floating rate."Though many banks have, in the recent past, voluntarily abolished the pre-payment penalties on their floating rate home loans, there is a need for ...

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  • Window dressing: Banks raise Rs 2 lakh crore in 6 days
    Posted Date : 14-Apr-2012 , 12:09:10 pm | Posted By CASANSAAR

       Commercial banks in the country raised a record Rs 2 lakh crore as deposits in the last six days of March, managing to achieve an annual growth of 17.4% and reaching the Reserve Bank's comfort zone. This is reckoned to be the largest window-dressing effort to shore up the deposit ...

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  • Govt to infuse Rs. 1500 cr in public sector banks
    Posted Date : 13-Apr-2012 , 07:51:19 pm | Posted By CASANSAAR

    The government will infuse about 1,500 crore rupees in the public sector banks during the current fiscal to enhance their financial strength. This was stated by the Finance Minister Pranab Mukheerjee at the 118th foundation day function of Punjab National Bank in New Delhi.Speaking on the occassion....

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  • RBI allows cooperative banks, RRBs to transfer funds online
    Posted Date : 10-Apr-2012 , 08:30:10 am | Posted By CASANSAAR

    To popularise electronic transfer of funds, the Reserve Bank of India (RBI) on Monday allowed regional rural banks (RRBs) and cooperative banks to participate in the centralised payment systems.   With this, all the banks can now transfer funds electronically through real time gross settlemen...

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  • Banks should play a key role in promoting inclusive growth: Pranab
    Posted Date : 08-Apr-2012 , 08:28:14 am | Posted By CASANSAAR

    Union Finance Minister Pranab Mukherjee says, inclusive growth is a key strategy to achieve and banks should play a key role in promoting it. He was speaking at the 6th International Banking and Finance Conference 2012 in Mumbai on Saturday.Mukherjee underlined the need to ensure every segment of th...

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  • Govt committed to infusing funds in PSU banks, says FM
    Posted Date : 07-Apr-2012 , 05:58:21 pm | Posted By CASANSAAR

    The government will recapitalise the state-owned banks to help them tide over the problems arising out of slow economic growth, Finance Minister Pranab Mukherjee said in Mumbai on Saturday. "Going forward if GDP growth slows down, there could be some impact on asset quality (of banks)," Mukherjee s...

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  • Govt monitoring efforts to recover NPAs of banks
    Posted Date : 04-Apr-2012 , 04:49:19 pm | Posted By CASANSAAR

    With bad loans of banks touching Rs 1.27 lakh crore during April-December 2011, the Government today said that it is monitoring the efforts for the recovery of non-performing assets (NPAs) by lenders.   “(We are) aggressively looking at efforts to recover NPAs,” the Financial Serv...

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  • Banks to work full day this Saturday
    Posted Date : 04-Apr-2012 , 08:40:48 am | Posted By CASANSAAR

      In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7.   The Finance Ministry has asked all public sector banks to to function full day this coming Saturday instead of working half-day, official sources said. Us...

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  • D Sarkar takes over as Chairman and Managing Director of Union Bank of India
    Posted Date : 02-Apr-2012 , 04:04:33 pm | Posted By CASANSAAR

     Union Bank of India today said D Sarkar has taken over as Chairman and Managing Director (CMD) of the state-owned lender. Sarkar replaces M V Nair, who headed the bank for 6 years. He has taken charge as CMD of the Bank from April 1, Union Bank of India said in a ...

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  • RBI asks banks to improve NPA management
    Posted Date : 29-Mar-2012 , 02:04:45 pm | Posted By CASANSAAR

    The Reserve Bank today asked banks to improve their ability to manage stressed assets, but said there was nothing alarming about an unexpected rise in the NPA levels this fiscal. "Concerns (on NPA) are there. Banks have to improve their ability to manage NPAs. We have told banks what is their la...

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  • SBI hikes fixed deposit rates by upto 1%
    Posted Date : 27-Mar-2012 , 09:38:13 pm | Posted By CASANSAAR

    Country's largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per cent. The SBI said in a statement that the new rate...

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  • Cheques, drafts to be valid only for 3 months from April 01
    Posted Date : 24-Mar-2012 , 08:10:52 am | Posted By CASANSAAR

    Cheques and bank drafts will be valid only for 3 months with effect from 1st April. The step taken by Reserve Bank of India, RBI, will help mitigate frauds related to such instruments. The RBI has directed that with effect from April 1, 2012, banks should not make payments against cheques, draf...

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  • RBI to monitor banks' global books; SBI, ICICI, BoB among banks to face scrutiny
    Posted Date : 24-Mar-2012 , 07:37:16 am | Posted By CASANSAAR

    The Reserve Bank of India will send its officials to thoroughly inspect the fast growing overseas operations of Indian banks as they do for the local business to ensure that events outside the nation do not rock the domestic business. State Bank of India, ICICI Bank and Bank of Baroda are amon...

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  • Capital requirements for co-ops to go up: RBI
    Posted Date : 23-Mar-2012 , 04:16:05 pm | Posted By CASANSAAR

    The Reserve Bank said that the minimum capital requirements for cooperative banks will soon go up to as much as 3 crore rupees from the present 15 lakh rupees. RBI Executive Director S Karuppasamy gave this information in Mumbai on Thursday. He said that depending on the location and area RBI is com...

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  • Improve customer service to stay relevant in financial market: FM to PSBs
    Posted Date : 12-Mar-2012 , 08:53:01 am | Posted By CASANSAAR

    Finance Minister Pranab Mukherjee asked Public Sector Banks, PSBs to improve customer service to stay relevant in the competitive financial market. Mr. Mukherjee said this while addressing at the golden jubille celebration of State Bank Staff College in Gurgaon. He said that banking is predominately...

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  • RBI raises bank rate to 9.5% for Urban Co-op Banks
    Posted Date : 07-Mar-2012 , 06:23:14 pm | Posted By CASANSAAR

    The Reserve Bank has hiked bank rate for Primary (urban) Co-operative Banks by 3.5 per cent to 9.5 per cent with effective from February 13, 2012. ”...it is determined that the bank rate should normally stay aligned to the MSF (marginal standing facility) rate. “Accordingly, it has bee...

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  • Reserve Bank asks banks to focus on recoveries of non-performing assets
    Posted Date : 29-Feb-2012 , 06:59:00 pm | Posted By CASANSAAR

    The Reserve Bank of India has asked Indian banks to focus on recoveries, bankers said after a Wednesday meeting with the central bank. However, the consensus was that non-performing assets are at manageable levels, bankers said after the meeting which also covered implications of Basel-III norms on...

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  • SBI waives levy on savings bank accounts without minimum balance
    Posted Date : 28-Feb-2012 , 08:00:03 am | Posted By CASANSAAR

    State Bank of India (SBI) has announced waiver of service charge for non-maintenance of minimum balance stipulations with respect to savings accounts. A circular addressed to Chief General Managers of all circles dated February 14 said that the waiver is being looked upon as a ‘major step for...

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  • SBI Cuts Interest Rates on Education Loans
    Posted Date : 27-Feb-2012 , 03:46:55 pm | Posted By CASANSAAR

    State Bank of India, the country's largest lender by assets, Monday cut interest rates on education loans in the first such move by a local bank after the central bank said the interest rate cycle has peaked. Loans of up to 400,000 rupees will now be charged an interest rate of 13.50%, down from 13...

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  • 7 bank unions call for strike on February 28; services may be hit
    Posted Date : 26-Feb-2012 , 01:37:56 pm | Posted By CASANSAAR

    As many as seven employees' unions of banks have given a call for strike on Tuesday, demanding stringent measures to recover bad loans and opposing outsourcing of non-core activities to the private sector."Seven bank unions of nine have given strike call for stringent and effective measures to re...

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  • RBI relaxes cap on banks’ forex positions
    Posted Date : 07-Feb-2012 , 08:04:42 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has marginally relaxed the banks’ individual limits on net open positions in foreign exchange, which were cut sharply in December. However, snapping four-session gaining spree, the rupee today lost 36 paise to close at 49.05/06 against the dollar due to fresh b...

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  • SBI waives service fee on SME loans under CGT scheme
    Posted Date : 06-Feb-2012 , 08:31:34 am | Posted By CASANSAAR

    Country's largest lender, State Bank of India, has decided to waive guarantees and annual service fees for loans to small and medium businesses guaranteed under the Credit Guarantee Fund Trust scheme.To improve credit flow to the SME sector, the government-appointed Credit Guarantee F...

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  • RBI allows pvt banks to conduct govt business
    Posted Date : 01-Feb-2012 , 08:27:30 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has decided to allow all private sector banks to undertake Central and state government business, which is still a forte of public sector banks and three large private players, ICICI Bank, HDFC Bank and Axis Bank.   Banks earn a fee while working as an agent of...

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  • Govt approves Rs 7,900 crore capital infusion in SBI
    Posted Date : 30-Jan-2012 , 09:47:02 pm | Posted By CASANSAAR

    The capital infusion will "increase the issued capital by SBI by way of preferential allotment of equity shares to the government to the extent of approximately Rs 7,900 crore including premium," SBI said in a filing with the BSE.The Government of India conveyed its approval today, it said. With the...

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