Banks violate RBI norms to deny zero-balance A/Cs
Posted Date : 28-Nov-2013 , 08:02:25 am | Posted By CASANSAAR
Banks have been found to use the Reserve Bank of India's norms as an excuse to avoid opening zero-balance accounts. In a sting operation conducted by a web portal, an IIT Mumbai professor sought to open a basic bank account in 19 banks without address or identity proof. In all the 19 branches, the p...
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RBI asks banks to fine-tune recovery, due diligence for NPAs
Posted Date : 21-Nov-2013 , 09:01:40 pm | Posted By CASANSAAR
In the wake of deteriorating asset quality in the banking system, which is hovering at record highs, the Reserve Bank today asked banks to strengthen their due diligence and improve the loan recovery process. "Banks need to not only follow the various measures put in place by the RBI and the go...
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Bank employees threaten strike on Dec 19
Posted Date : 20-Nov-2013 , 10:00:35 pm | Posted By CASANSAAR
Employee unions in public sector banks today threatened to go on nation-wide strike on December 19 to press for early wage revision.
The United Forum of Bank Unions in a meeting held in Chennaidecided to go on strike on December 19, Ashwini Rana, General Secretary of the National Organis...
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RBI asks NBFCs to take part in Lok Adalat on Nov 23
Posted Date : 20-Nov-2013 , 07:59:58 pm | Posted By CASANSAAR
The Reserve Bank today asked all the non-banking financial companies (NBFCs) to participate in the Lok Adalat on November 23 for settlement of any pending cases or dues.
"RBI has appealed to all Non-Bank Finance Companies (NBFCs) to participate in the Lok Adalat being organised by th...
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RBI directs PSU banks to give loans to women self-help groups at 7 per cent
Posted Date : 20-Nov-2013 , 10:45:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday directed public sector banks to provide credit to women self-help groups at the rate of 7 per cent per annum so as to get the benefit of interest subvention scheme under the Swarnajayanti Gram Swarozgar Yojana-Aajeevika (SGSY) scheme.
"PSBs will be subvent...
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Bharatiya Mahila Bank starts with 7 branches
Posted Date : 20-Nov-2013 , 10:32:31 am | Posted By CASANSAAR
Bharatiya Mahila Bank, the country’s first all-women commercial bank, commenced its operations on Tuesday with seven branches. However, doubts remain if the bank will succeed in achieving its objective of economic empowerment of women in remote villages.
“The setting up of the...
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Banks wrote off 1 lakh crore over last 13 years - RBI
Posted Date : 18-Nov-2013 , 08:53:15 pm | Posted By CASANSAAR
Reserve Bank deputy governor KC Chakrabarty has said banks have written off a whopping Rs 1 trillion in the past 13 years and criticised the lenders because as much as 95 per cent of these write-offs were for large borrowers.
"During the past 13 years what we see is t...
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Banks' slippage-recovery-upgrade ratio at all-time high: RBI
Posted Date : 17-Nov-2013 , 09:46:56 pm | Posted By CASANSAAR
The banking system's slippage to recovery and upgradation ratio has shot up to 257 as of March 2013 from 217 in March 2011 as banks have failed to implement efficient and speedy measures for recovering stressed assets, according to the Reserve Bank.
This increase in the slippages ratio was a tad ab...
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Axis Bank to be 'foreign-owned' after hike in overseas investments
Posted Date : 17-Nov-2013 , 09:43:40 pm | Posted By CASANSAAR
Axis Bank will become a "foreign- owned" lender, to be governed by FDI policy, following the go- ahead to its proposed increase in foreign investment holding to 62 per cent, entailing inflow of over Rs. 6,200 crore.
The proposal, recently cleared by the Foreign Investment Promotion Board,...
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New banking licences should not go to ‘clones’: FM
Posted Date : 16-Nov-2013 , 09:12:44 am | Posted By CASANSAAR
Union Finance Minister P. Chidambaram, on Friday, suggested that the Reserve Bank of India (RBI) should not issue new banking licences to entities that clone the existing banks.
“Most banks are clones to each other. I am inclined to think that there is more cloning than differentiatio...
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Bank NPAs: Net bad loans of 40 banks soar 38 pct to Rs 1.3 trillion in H1
Posted Date : 14-Nov-2013 , 07:44:52 pm | Posted By CASANSAAR
The net bad assets of the 40 listed banks have jumped 38 per cent to Rs 1,28,533 crore during the first half of this fiscal, from Rs 93,109 crore at the end of the last fiscal, and is likely to cross Rs 1.5 lakh crore by the end of the fiscal, says a study.
Out of the total 40 lis...
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RBI waives 'No Objection Certificate' criteria for investment from NRI into finance firm
Posted Date : 12-Nov-2013 , 08:40:20 am | Posted By CASANSAAR
The Reserve Bank today waived the requirement of No Objection Certificate(NoC) with regard to share transfer from residents to non-residents where the investee company is in the financial servicesdomain. On a review, it has now been decided that the requirement of NoC(s) will be waive...
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New bank licences: Sebi scans listed applicants, group firms
Posted Date : 11-Nov-2013 , 09:23:04 am | Posted By CASANSAAR
As RBI gears up to issue new bank licences, capital markets regulatorSebi has also a job at hand that is of scrutinising all applicants coming under its jurisdiction directly or through group entities.Sebi's scrutiny follows detailed queries shot off by RBI to various regulators in India and ab...
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RBI permits foreign banks' subsidiary to acquire private banks
Posted Date : 07-Nov-2013 , 08:31:48 am | Posted By CASANSAAR
The Reserve Bank permitted wholly-owned subsidiary (WOS) of foreign banks to acquire domestic private sector banks as well as set up branches anywhere in the country. It also allowed foreign bank subsidiary to list on local stock exchanges. However, foreign bank subsidiary will not be allo...
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Top 30 NPAs of PSBs account for one-third of total bad loans
Posted Date : 05-Nov-2013 , 08:44:05 am | Posted By CASANSAAR
Top 30 loan defaulters of the public sector banks account for one-third of the total gross non-performing assets of state-run lenders, according to the Reserve Bank data. The gross non-performing assets (GNPA) amount of top 30 accounts of public sector banks (PSBs) stood at Rs 63,671 ...
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Banks advised to tighten letters of credit sanction norms
Posted Date : 28-Oct-2013 , 09:48:46 am | Posted By CASANSAAR
The finance ministry wants state-owned banks to follow more stringent norms while issuing bank guarantees or letters of credit to borrowers, concerned that such type offunding results in double financing, which often leads to financial indiscipline among borrowers. A finance mini...
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RBI seeks information from applicants, regulators on new bank licences
Posted Date : 28-Oct-2013 , 09:45:39 am | Posted By CASANSAAR
Gearing up to issue new bank licences, RBI has shot off detailed queries to over two dozen applicants and various regulators in India and abroad as part of its due-diligence on those seeking to enter banking arena. The Reserve Bank of India (RBI) is in the process of granting new bank...
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Now pay your utility bills, school fees, remittances and other bills using bank accounts
Posted Date : 25-Oct-2013 , 08:09:30 am | Posted By CASANSAAR
Reserve Bank today constituted an advisory group to implement a national bill payment system that will enable households to pay utility bills, school fees, remittances and other bills using their bank accounts. "The RBI has announced the constitution of aGIRO Advisory Group (GAG)...
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Former Indian Bank chairman, four others sentenced
Posted Date : 24-Oct-2013 , 01:19:50 pm | Posted By CASANSAAR
A CBI court here yesterday sentenced former Chairman and Managing Director of Indian Bank M Gopalakrishnan and four others to one year imprisonment for defrauding various branches of the bank to the tune of about Rs 6.5 crore.
CBI Principal Sessions Judge S Malathi also ordered Gopalakrishn...
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Capital infusion by the Government in Public Sector Banks During 2013-14
Posted Date : 23-Oct-2013 , 06:18:53 pm | Posted By CASANSAAR
The capital infusion by the Government of India in Public Sector Banks (PSBs) is done with the twin objective of adequately meeting the credit requirement of the productive sectors of economy as well as to maintain regulatory capital adequacy ratios in PSBs. The G...
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Top 30 NPA accounts of PSU banks under govt scanner: FM
Posted Date : 22-Oct-2013 , 07:03:05 pm | Posted By CASANSAAR
Concerned over defaults by big borrowers, Finance Minister P. Chidambaram on Tuesday said the government is monitoring the top 30 NPA accounts in each PSU bank and asked the lenders to set up separate verticals to recover money from written-off accounts.
Talking to reporters after meeting t...
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RBI Governor launches new ISO 20022 compliant RTGS System
Posted Date : 20-Oct-2013 , 09:08:22 am | Posted By CASANSAAR
RBI Governor today said the newreal time gross settlement (RTGS) system for fund transfers will improve the efficiency of the country's financial markets."With its advanced liquidity and queue management features, the new RTGSsystem is expected to significantly improve the efficiency ...
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Arundhati Bhattacharya becomes first woman to head SBI
Posted Date : 08-Oct-2013 , 08:34:33 am | Posted By CASANSAAR
The government on Monday cleared the elevation of Arundhati Bhattacharya as the chairperson of the State Bank of India - the first woman chief of the country's largest lender - succeeding Pratip Chaudhuri who retired on September 30.Bhattacharya, 57, is the bank's 24th ...
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7 new bank licences coming, says FM
Posted Date : 06-Oct-2013 , 07:09:34 pm | Posted By CASANSAAR
The suspense over the number of new banking licences to be issued by the Reserve Bank of India (RBI) has ended. Finance Minister P Chidambaram said in Bangalore on Saturday that the RBI would shortly issue seven licences.
The announcement comes a day after RBI Governor Raghuram Raj...
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RBI permits banks to open branches without its nod
Posted Date : 20-Sep-2013 , 08:40:44 am | Posted By CASANSAAR
Within days of new RBI Governor Raghuram Rajan making comments to this effect, the central bank today allowed lenders to open branches, including in big cities, without its permission provided they fulfil certain conditions.
With the objective of further liberalising and rationalising the b...
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Close accounts using cards for online forex trading: RBI to banks
Posted Date : 18-Sep-2013 , 07:56:50 am | Posted By CASANSAAR
RBI today asked banks to close accounts of customers using credit or debit card for online forex trading transactions, which are prohibited.
As and when any bank comes across any prohibited transaction undertaken by its credit card or online banking customer, the bank will immediately close...
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Hackers come up with new tricks to attack bank accounts
Posted Date : 17-Sep-2013 , 08:29:28 am | Posted By CASANSAAR
Delhi police have stumbled upon a new modus operandi of e-banking fraudsters in which they first hack the Internet banking account of the target and then get mobile number blocked to prevent the bank customer from receiving SMS alerts about illegal transactions made by them.
In a recent ca...
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Foreign banks can open zero-balance accounts
Posted Date : 12-Sep-2013 , 08:44:35 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday said foreign bankswith branches in India could open zero-balance accounts. In a list of frequently asked questions issued by the central bank, it said basicsavings bank deposit account (BSBDA) guidelines were applicable to “all schedu...
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No car loan if annual income less than Rs. 6 lakh, says SBI
Posted Date : 11-Sep-2013 , 09:06:13 pm | Posted By CASANSAAR
Individuals with annual income of less than Rs. 6 lakh will not get a car loan from State Bank of India (SBI) as the bank has tightened eligibility conditions for its four-wheeler loan scheme with a view to minimising possible defaults.
The eligibility limit for loan issuance to salaried ...
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Banks expect no quick fix for NPA pain despite RBI warning
Posted Date : 10-Sep-2013 , 08:02:23 am | Posted By CASANSAAR
Despite the Reserve Bank of India's (RBI) hard talks against loan defaulters, banks are expecting more pain in terms of asset quality as the systemic gaps allow bad borrowers to divert funds and go scot-free under the garb of economic slowdown. Bankers said this trend has almost become viral an...
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