RBI issues final norms for payment, small finance banks
Posted Date : 28-Nov-2014 , 08:44:15 am | Posted By CASANSAAR
Introducing a new concept of niche banking in India, RBI on Thursday issued final norms for payment banks and small finance banks that would allow mobile firms and supermarket chains, among others, to enter the banking arena to cater to individuals and small businesses.
The move, aimed at dee...
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FM Revises the Target of Opening of Bank Accounts under PMJDY to 10 Crore by 26th January, 2015
Posted Date : 28-Nov-2014 , 08:21:55 am | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley revises the target for opening of accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) from 7.5 crore to10 crore by 26th January, 2015. This will amount to opening of one account for each household in the country. The Finance Minister also asked the offi...
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Finance ministry revives proposal to set up holding company for state-run banks
Posted Date : 27-Nov-2014 , 07:58:11 am | Posted By CASANSAAR
The finance ministry has revived a proposal to set up a holding company for state-run banks that will find it easier than individual lenders to raise capital and deploy it in banks that need it the most.The government is re-examining the structure of the holding company to see whether it will be via...
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RBI Governor Slams Banks for Hiding NPAs
Posted Date : 26-Nov-2014 , 08:30:40 am | Posted By CASANSAAR
In his most hard-hitting speech against recalcitrant defaulters, Reserve Bank of India governor Raghuram Rajan has said that the amount written off by banks as bad debts in the last five years would have been enough to fund the education of 15 lakh of the poorest children in the top private universi...
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Banks collect Rs 6,000 crore in deposits from 7.9 crore accounts under Jan Dhan Yojana
Posted Date : 26-Nov-2014 , 07:53:05 am | Posted By CASANSAAR
Banks have collected over Rs 6,000 crore by opening 7.9 crore accountsunder the Pradhan Mantri Jan Dhan Yojana, said a senior Finance Ministry official. "PMJDY is for the people, and especially for the women. The objective of the scheme is to bring the people to the financial wor...
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10 names shortlisted for appointment as CMDs in 8 PSU banks
Posted Date : 25-Nov-2014 , 08:26:42 am | Posted By CASANSAAR
A High-level search panel headed by Reserve Bank Governor Raghuram Rajan has shortlisted 10 Executive Directors for the post of Chairman and Managing Director (CMD) in eight public sector banks. Bank of Baroda Executive Directors (ED) B B Joshi and P Srinivas, Punjab & Sind Bank's ...
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Banks employees will go on relay zonal strike from December 2
Posted Date : 23-Nov-2014 , 10:22:11 pm | Posted By CASANSAAR
Employee unions of public sector banks across the country will go on zone-wise relay strike from December 2 to 5 to press for wage revision. The public sector bankemployees had stopped work on November 12 on the wage issue, affecting services like cheque clearance and withdrawal from ...
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Inform customers about fall in minimum balance in advance: RBI to banks
Posted Date : 21-Nov-2014 , 05:21:11 pm | Posted By CASANSAAR
The Reserve Bank of India has asked banks to inform their customers about a fall in minimum balance well in advance. The apex bank has also directed that penal charges should be levied only to the extent of shortfall in such balances. The guidelines with respect to levying of penal charges for non-m...
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FM Directs Bankers to Increase flow of Credit to Various Sectors and take Steps to Reduce their NPA
Posted Date : 20-Nov-2014 , 08:07:13 pm | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley said that the Government has taken steps to streamline the process of appointment of Chief Executive Officers (CEOs) and Executive Directors (EDs) of the Public Sector Banks(PSBs) to introduce objectivity in the process. This will play a major role ...
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Kotak Mahindra Bank to Acquire ING Vysya Bank
Posted Date : 20-Nov-2014 , 07:57:27 pm | Posted By CASANSAAR
The board of Kotak Mahindra Bank has approved a merger with ING Vysya Bank. Kotak Mahindra Bank and ING Vysya Bank are private sector banks, offering a wide range of financial services.
The combined entity will have over 1,200 branches across the country and a market value of nearly Rs 1 la...
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Madras High Court notice to RBI, IBA on PIL challenging ATM usage regulation
Posted Date : 19-Nov-2014 , 08:42:31 am | Posted By CASANSAAR
Madras High Court bench here today ordered notice to Reserve Bank of India and the Indian Banks Association on a PIL seeking to quash the recent circulars by the apex bank regulating the number of free ATM transactions in six metros from November 1. A division bench comprising Justice V Dhanapa...
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Gujarat IAS Hasmukh Adhia nominated RBI director
Posted Date : 18-Nov-2014 , 08:19:28 am | Posted By CASANSAAR
Gujarat bureaucrat Hasmukh Adhia has been nominated as a director on the Central Board of Directors of the Reserve Bank of India.
The 1981-batch IAS officer, who hails from Rajkot, was nominated by the Central government to replace Gurdial Singh Sandhu.
"The Central Gover...
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FinMin review meeting with chiefs of PSU banks, FIs on Nov 20
Posted Date : 17-Nov-2014 , 07:52:08 am | Posted By CASANSAAR
The Finance Ministry has called a meeting of chiefs of public sector banks on November 20 to review their financial performance and Jan Dhan Yojana, among other things.
Chief executives of financial institutions like Nabard and NHB are also attending the meeting.
"Finance Minister Ar...
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HC quashes RBI communication on NBFC interest rate
Posted Date : 15-Nov-2014 , 07:57:49 am | Posted By CASANSAAR
Quashing a RBI communication, Madras High Court bench here said the apex bank cannot wash off its hand of the responsibility of regulating interest rates charged by non-banking financial companies (NBFCs) and asked it to look into the matter in terms of Fair practice Code as well as c...
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Jan Dhan accounts close to target, but over 75% have no balance
Posted Date : 13-Nov-2014 , 07:52:44 am | Posted By CASANSAAR
Two-and-a-half months before the deadline, banks, led by the government-owned ones, are within a striking distance of reaching the target of opening 75 million accounts under the Pradhan Mantri Jan Dhan Yojana of the Narendra Modigovernment.
The data show close to 72.5 million accoun...
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PSU Banks on nation wide strike today
Posted Date : 12-Nov-2014 , 08:40:54 am | Posted By CASANSAAR
The employees of Public sector banks will be on a nation wide strike today to press for their demand of wage revision. Nine banking unions have decided to join it.Normal banking operations like cheque clearance and withdrawal in public sector banks are likely to be affected due to the strike. B...
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RBI tightens rules for Shadow Banks
Posted Date : 11-Nov-2014 , 07:01:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has tightened rules for so-called "shadow banks", raising minimum capital requirements and restricting deposits with a set of changes that it hopes will protect consumers and the market without stifling growth.
Non-banking financial companies (NBFCs...
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Public sector banks employees to hold strike on Wednesday
Posted Date : 10-Nov-2014 , 08:23:17 pm | Posted By CASANSAAR
Normal banking operations such as cheque clearance in public sector banks across the country are likely to be hit on Wednesday as employees have decided to go on one-day nation-wide strike to press for wage revision.
"In negotiations held today, Indian Banks Association (IBA) stuc...
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Online banking data stealing virus on the prowl in cyberspace
Posted Date : 06-Nov-2014 , 08:34:17 am | Posted By CASANSAAR
Cyber security sleuths have alerted online banking customers in the country against the malicious activity of a deadly 'Trojan' virus which steals classified data and passwords of a vulnerable user. "It has been reported that variants of a new banking Trojan dubbed as 'Dyreza' are spreading. Th...
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Free ATM transactions to be curtailed from tomorrow
Posted Date : 31-Oct-2014 , 10:17:42 pm | Posted By CASANSAAR
From Saturday (November 1), frequent withdrawal of money from ATMs will be costlier with the Reserve Bank of India (RBI) having imposed a limit of 3 cross-bank transaction per month from other banks and 5 from same bank.
As per the new RBI guidelines passed earlier in August, a customer will have t...
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RBI Allows Urban Cooperative Banks to Act as PAN Service Agents
Posted Date : 30-Oct-2014 , 09:06:11 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has allowed all urban cooperative banks (UCBs) to act as PAN service agents.
Earlier, only financially sound and well-managed UCBs were allowed to act as PAN service agents. They were allowed to do so only after entering a tie-up with UTI Infrastructure and T...
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Govt denies extension to CMD of Punjab National Bank
Posted Date : 30-Oct-2014 , 09:05:48 pm | Posted By CASANSAAR
The government has not given extension to Punjab National Bank Chairman and Managing Director K R Kamath after he completed his 5-year term in the PSU bank yesterday.
As per the government rules, the CMD and Directors are appointed in public sector entities for a period of five years or u...
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Government cancels appointment of 8 state-run bank CMDs, 14 EDs
Posted Date : 28-Oct-2014 , 08:09:34 am | Posted By CASANSAAR
The government on Monday cancelled the appointment of eight chairmen-cum-managing directors and 14 executive directors of state-run banks appointed by the previous UPA government.In a statement released late on Monday, the finance ministry said the decision was taken after a committee set up to exam...
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25 European banks fail stress test, 12 have fixed holes already
Posted Date : 27-Oct-2014 , 08:10:27 am | Posted By CASANSAAR
Twenty-five banks including Italy's Banca Monte dei Paschi di Siena SpA failed a stress test led by the European Central Bank, which said almost half of them must act to raise more capital. The central bank in Frankfurt identified a 25 billion-euro shortfall ($32 billion) for the region's lenders, a...
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RBI asks banks to partially freeze KYC non-compliant accounts
Posted Date : 21-Oct-2014 , 11:00:27 pm | Posted By CASANSAAR
Customers who have not complied with KYC (know your customer) requirements despite repeated reminders may face trouble as the Reserve Bank of India (RBI) has asked banks to partially freeze and subsequently close such accounts.
"As regards non-compliance of KYC requirements by the customers despite...
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Bombay HC issues notice to RBI on ballooning NPAs
Posted Date : 17-Oct-2014 , 08:24:15 am | Posted By CASANSAAR
The Bombay High Court has issued notice to the Reserve Bank of India in connection with a PIL which alleges that the non-performing assets (NPA) of nationalised banks swelled up from Rs 455 crore for the year ended March 2008 to Rs 9,190 crore in March 2012.
However, according to the R...
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Now, you can send Money through Facebook, Twitter
Posted Date : 14-Oct-2014 , 09:10:27 am | Posted By CASANSAAR
Social networking sites are slowly emerging as mini-banks for users!
While private sector lender Kotak Mahindra Bank (KMB) has launched a Facebook-based instant fund transfer service in India, French banking major Groupe BPCE is teaming up with Twitter to allow its customers to ...
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RBI asks Banks to comply with address proof norms
Posted Date : 14-Oct-2014 , 09:08:40 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said banksshould ensure that customers are not unnecessarily asked to submit additional proofs of addresses for current addresses, in cases where proofs of addresses for permanent addresses are already available.
In June 2014, RBI had said cu...
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RBI to announce final Norms on Small Banks, Payment soon
Posted Date : 13-Oct-2014 , 08:08:11 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Deputy Governor, S S Mundra, has said that the central bank plans to announce the final norms on small and payment banks next month.
“We have received comments (on the discussion paper). Soon, in a month or so, the RBI will come out with the final guide...
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5. 52 Crore Accounts Opened under PMJDY as on 7.10.2014; Deposit of Rs. 4268/- Crore have been Mobilized under PMJDY
Posted Date : 11-Oct-2014 , 07:53:39 am | Posted By CASANSAAR
The progress of Pradhan Mantri Jan Dhan Yojana (PMJDY) was reviewed by the Mission Director in a VC Meeting with the Executive Directors and other senior officers of public sector banks and major private sector banks on 09.10.2014. The meeting was also attended by representatives of National Payment...
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