-
Posted Date : 19-Jan-2012 , 08:23:10 am | Posted By CASANSAAR
Every four-and-a-half days during this fiscal, at least one cooperative bank has been either penalized or stripped of its licence to operate, as the Reserve Bank of India (RBI) cracks down on rule violations by these banks. Overall, 73 such banks have either been penalized or asked to shut ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 507
-
Posted Date : 17-Jan-2012 , 09:02:20 pm | Posted By CASANSAAR
State Bank of India on Tuesday said it will be difficult for lenders to provide more funds to debt- ridden Kingfisher Airlines unless the airline pays Rs 100 crore to restore a bank guarantee invoked after the carrier failed to repay its loans or makes good the default. "It (Kingfisher Airlines)...
Continue Reading... Category : Banking | Comments : 0 | Hits : 251
-
Posted Date : 05-Jan-2012 , 09:12:21 pm | Posted By CASANSAAR
Country's largest lender State bank of India has said that its exposure to the ailing airline Kingfisher has become a bad loan, or in banking parlance a non performing asset. "Kingfisher has been unable to pay their dues. And since December 31 it has become a NPA," said SBI's chairman Pratip Chau...
Continue Reading... Category : Banking | Comments : 0 | Hits : 556
-
Posted Date : 03-Jan-2012 , 09:35:09 pm | Posted By CASANSAAR
The Finance Ministry is working on savings banks account number portability, which will allow a customer to retain his account number while changing his bank. "We want to do it [savings a/c number portability]. Right now there are some technical problems...We have identified them. We will o...
Continue Reading... Category : Banking | Comments : 0 | Hits : 722
-
Posted Date : 03-Jan-2012 , 08:44:47 am | Posted By CASANSAAR
As part of their efforts to raise more foreign currency resources from Indians abroad, commercial banks have revised rates on dollar- and pound sterling-denominated term foreign currency deposits for some maturities. The revision is based on the assessment of liquidity, asset liability and ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 266
-
Posted Date : 30-Dec-2011 , 08:18:45 am | Posted By CASANSAAR
To protect foreigners who lend to Indian NGOs in a violatile rupee market, the Reserve Bank of India (RBI) has permitted them to buy forward cover for their loans. The measures announced by RBI said foreign equity holders, including overseas organisations or individuals, can approach Indian bank to...
Continue Reading... Category : Banking | Comments : 0 | Hits : 260
-
Posted Date : 28-Dec-2011 , 08:57:28 am | Posted By CASANSAAR
The government has quadrupled the limits on loans that a bank's internal committee can approve, a move that could quicken credit clearance at 26 state-run banks, including the Bank of Baroda and Punjab National Bank. The government has directed banks to set up a credit approval committee - comp...
Continue Reading... Category : Banking | Comments : 0 | Hits : 291
-
Posted Date : 27-Dec-2011 , 08:18:40 am | Posted By CASANSAAR
The Financial Sector Legislative Reforms Commission (FSLRC) is considering a single, harmonised and uniform legislation applicable to all banks and giving the central bank the power to sanction takeover of a co-operative bank by commercial banks, said Mr Anand Sinha, Deputy Governor, Reserve Bank of...
Continue Reading... Category : Banking | Comments : 0 | Hits : 248
-
Posted Date : 24-Dec-2011 , 01:44:49 pm | Posted By CASANSAAR
A person cannot claim damages from bank if he fails to immediately block his lost ATM and money is unauthorisedly withdrawn by using the card, a district consumer forum has said.It said the bank would have been liable if the transaction of withdrawal of money took place after blockage of the card.A ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 553
-
Posted Date : 18-Dec-2011 , 08:36:34 am | Posted By CASANSAAR
Pointing to shortcomings in the quality of bank audits, the Reserve Bank of India (RBI) has said financial statements certified by accountants show lower non-performing assets than is actually the case. There is a difference between the levels of non-performing assets (NPAs) found during th...
Continue Reading... Category : Banking | Comments : 0 | Hits : 415
-
Posted Date : 09-Dec-2011 , 08:40:51 pm | Posted By CASANSAAR
Bank-wise/category-wise number of Directors in Public Sector Banks including State Bank of India, as per Reserve Bank of India (RBI) record, is annexed. Government Nominee Directors are appointed as per extant Guidelines. Non-Governmental Directors are elected under Section 9(3)(i) of the...
Continue Reading... Category : Banking | Comments : 0 | Hits : 534
-
Posted Date : 09-Dec-2011 , 08:10:57 am | Posted By CASANSAAR
The government has asked PSU banks for data on loans given to airlines industry, a move which has sparked some hopes among banks that the Centre may step in to protect their interest. There are fears that banks may have to set aside cash as a provision against the loans turning bad. Banks have t...
Continue Reading... Category : Banking | Comments : 0 | Hits : 214
-
Posted Date : 02-Dec-2011 , 08:34:22 am | Posted By CASANSAAR
The country's largest lender SBI has raised interest rates on Foreign Currency Non-Resident (FCNR) accounts and Non Resident-External rupee term deposits accounts by 5-15 basis points in order attract higher foreign deposit. While the public sector lender has raised interest rates by 12-15 basis...
Continue Reading... Category : Banking | Comments : 0 | Hits : 298
-
Posted Date : 23-Nov-2011 , 08:14:48 pm | Posted By CASANSAAR
RBI has directed cooperative banks not to make payments on cheques and other financial instruments that are over three months old from next fiscal. "RBI directs that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker's cheques bearing that date or an...
Continue Reading... Category : Banking | Comments : 0 | Hits : 305
-
Posted Date : 22-Nov-2011 , 08:29:32 pm | Posted By CASANSAAR
Looking to check banking fraud, the RBI has directed banks to report fraud cases of between Rs 1 lakh and Rs 50 lakh to the regional office of the Department of Banking Supervision."Fraud cases involving an amount more than Rs 1 lakh and up to Rs 50 lakh... (should be reported) to the R.O. (regio...
Continue Reading... Category : Banking | Comments : 0 | Hits : 316
-
Posted Date : 20-Nov-2011 , 08:24:51 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee said that the government will provide adequate capital to the state-owned banks during the current fiscal, a move that will help them to meet the international solvency norms. "I would like to reassure, that I will provide adequate capital to the ba...
Continue Reading... Category : Banking | Comments : 0 | Hits : 310
-
Posted Date : 19-Nov-2011 , 05:43:50 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked cooperative banks not to insist on signatures of both the joint account holders for withdrawal of a fixed deposit at the time of maturity if the account was opened with instruction that either of survivor could operate it. The RBI said in a communication to ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 722
-
Posted Date : 16-Nov-2011 , 03:26:35 pm | Posted By CASANSAAR
The government on Wednesday approved amendments to the Export-Import Bank Act to improve its ability to increase credit to exporters and importers and said it would now be tabled in parliament. The Export-Import Bank of India (Amendment) Bill, 2011 seeks to increase the authorised capital of the&nb...
Continue Reading... Category : Banking | Comments : 0 | Hits : 237
-
Posted Date : 14-Nov-2011 , 08:21:33 am | Posted By CASANSAAR
The country's largest public sector lender State Bank of India has said the prevailing crisis in Kingfisher Airlines would not have any impact on it's balance sheet due to small exposure to the beleagured company. "We have Rs 12 lakh crore balance sheet and our exposure in Kingfisher Airline was...
Continue Reading... Category : Banking | Comments : 0 | Hits : 354
-
Posted Date : 14-Nov-2011 , 08:16:17 am | Posted By CASANSAAR
The total value of transactions carried out using cheques across the country amounted to Rs7.64 lakh crore in September 2011, down by 1.4% over the same month last year, reports PTI. Banks had cleared cheques worth Rs7.75 lakh crore in September 2010, according to Reserve Bank of India (RBI) data. ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 248
-
Posted Date : 13-Nov-2011 , 09:16:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cancelled the banking licence of Gujarat Industrial Co-operation Bank. The bank’s fate became uncertain after RBI clamped restriction on it due to insolvency. The only saving grace is that 96 per cent of its depositors hold less than Rs 1 lakh in it...
Continue Reading... Category : Banking | Comments : 0 | Hits : 251
-
Posted Date : 12-Nov-2011 , 01:27:29 pm | Posted By CASANSAAR
Your investments in the small savings scheme -- post office savings scheme, National Savings Certificate, and public provident fund - will soon start earning higher interest rates that are benchmarked to market rates. The annual interest rate available on these schemes is at present below what a...
Continue Reading... Category : Banking | Comments : 0 | Hits : 637
-
Posted Date : 08-Nov-2011 , 07:54:00 am | Posted By CASANSAAR
In yet another customer-friendly move, the Reserve Bank of India has said signatures of both depositors are not needed for repayment of fixed or term deposits on maturity if such accounts are opened with instructions "either or survivor". In a recent notification, the RBI sa...
Continue Reading... Category : Banking | Comments : 0 | Hits : 501
-
Posted Date : 07-Nov-2011 , 08:49:44 am | Posted By CASANSAAR
Bank lending to the priority sector grew at a lower rate of 11.1 percent in September 2011, against the growth of 19.1 percent inthe same month last year, on account of lower offtake by agriculture and housing segments and fall in micro credit. According to the Reserve Bank of India data, credit dis...
Continue Reading... Category : Banking | Comments : 0 | Hits : 303
-
Posted Date : 31-Oct-2011 , 06:46:13 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today expressed the hope that introduction of e-payment system by the government will help in increasing transparency and in reducing corruption. "A transparent payment trail would ensure the entire payment processes trackable ... this would be major initiative for ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 282
-
Posted Date : 30-Oct-2011 , 08:21:43 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has been making consistent efforts to achieve the objective of financial inclusion. There is a need to extend coverage to those who cannot open a bank account. It includes those working in far off places from home and have to transfer money to their families back ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 417
-
Posted Date : 20-Oct-2011 , 08:18:37 am | Posted By CASANSAAR
In a development that will cheer thousands of home owners who have availed of loans from any of the 54 housing finance companies (HFCs), the National Husing Bank (NHB) has banned the levy of pre-payment penalty.The NHB, which is the housing finance regulator, has also asked HFCs to ensure ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 665
-
Posted Date : 20-Oct-2011 , 08:15:03 am | Posted By CASANSAAR
The government on Wednesday said public sector banks including, State Bank of India, requires about 20,000 crore rupees in the current fiscal and the capital infusion would be completed by the end of March.Replying questions on the sidelines of a function in New Delhi the Financial Services Secretar...
Continue Reading... Category : Banking | Comments : 0 | Hits : 245
-
Posted Date : 15-Oct-2011 , 09:51:20 am | Posted By CASANSAAR
Faced with an increased and "difficult" direct taxes target of Rs 5.85 lakh crore this fiscal, the taxmen will focus on high profit-making segments of the economy, a top official said today. "These are difficult targets to achieve...We will check sections of the economy where profit...
Continue Reading... Category : Banking | Comments : 0 | Hits : 363
-
Posted Date : 14-Oct-2011 , 08:12:02 am | Posted By CASANSAAR
The Cabinet on Thursday cleared two amendment Bills paving the way for banks to recover loans from errant borrowers. The move would also help the financial institutions to reduce their non-performing assets and release funds for home, retail or corporate credit needs. The Bills to a...
Continue Reading... Category : Banking | Comments : 0 | Hits : 327
- 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
