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News Category : Banking

SBI cuts minimum average balance from Rs 5000 to Rs 3000
Posted Date : 26-Sep-2017 , 08:39:43 am | Posted By CASANSAAR

SBI has lowered the average minimum balance requirement under its savings account for metro customers to Rs 3,000 from Rs 5,000 earlier following protests. The bank has also decided to do away with the minimum balance requirement for minors and pensioners and has reduced the penal charges. In a s...

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Category : Banking | Comments : 0 | Hits : 49

FM calls for speedy and time-bound resolution of bad loans of banks
Posted Date : 21-Aug-2017 , 08:51:07 am | Posted By CASANSAAR

Finance Minister Arun Jaitley has assured balance-sheet stressed firms that the key objective of NPA resolution is not liquidation of their businesses but to save them. He said, the objective is to make sure that these valuable assets are preserved. Addressing an insolvency summit organised by Co...

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Category : Banking | Comments : 0 | Hits : 178

Banks stare at union strike on Tuesday, services may be hit
Posted Date : 21-Aug-2017 , 08:31:49 am | Posted By CASANSAAR

Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government's proposed consolidation move besides raising a host of other demands. Most banks have already informed their customers that functioning of br...

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Category : Banking | Comments : 0 | Hits : 275

Accidental Insurance for RuPay ATM Card Holders
Posted Date : 28-Jul-2017 , 10:16:39 pm | Posted By CASANSAAR

All RuPay ATM-cum-debit cardholders are presently eligible for accidental death and permanent disability insurance cover. RuPay Classic cardholders are eligible for cover of Rs.1 lakh, whereas RuPay Premium cardholders are eligible for cover of Rs.2 lakh. Insurance premium is paid by the National Pa...

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Category : Banking | Comments : 0 | Hits : 196

FM introduces bill to replace Banking Regulation Ordinance
Posted Date : 24-Jul-2017 , 06:24:14 pm | Posted By CASANSAAR

A bill to authorise the RBI to direct banking companies to resolve the problem of stressed assets was on Monday introduced in the Lok Sabha by Finance Minister Arun Jaitley. The Banking Regulation (Amendment) Bill, 2017, seeks to amend the Banking Regulation Act, 1949 and replace the Banking Regu...

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Category : Banking | Comments : 0 | Hits : 199

Jan Dhan deposits surge to Rs 64,564 crore
Posted Date : 17-Jul-2017 , 07:51:26 am | Posted By CASANSAAR

Deposits in Jan Dhan accounts have touched a new high of Rs 64,564 crore, of which over Rs 300 crore came in the first seven months of demonetisation, according to government data. The Pradhan Mantri Jan-Dhan Yojana (PMJDY), Prime Minister Narendra Modi's pet scheme, aims at bringing hitherto...

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Category : Banking | Comments : 0 | Hits : 222

Govt asks banks to deposit junked notes with RBI by July 20
Posted Date : 22-Jun-2017 , 07:03:44 am | Posted By CASANSAAR

The government has given a last chance to district cooperative banks, commercial banks and post offices to deposit the banned Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20, provided they were collected within the specified time period. After the November 8 shock demonetisation announ...

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Category : Banking | Comments : 0 | Hits : 371

Don't report frauds below Rs one lakh to police: CVC to banks
Posted Date : 17-Jun-2017 , 07:45:33 am | Posted By CASANSAAR

The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes. Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police. The decision was taken by ...

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Category : Banking | Comments : 0 | Hits : 463

ATMs to open accounts; allow cheque clearance and fund transfer
Posted Date : 13-Jun-2017 , 08:32:39 am | Posted By CASANSAAR

ATM manufacturer and service provider NCR Corporation on Monday unveiled a new multi-channel integrated solution to facilitate more functions on an ATM to reduce costs for opening newer branches for banks. The US-based company’s new CxBanking solutions have features in an ATM other than bas...

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Category : Banking | Comments : 0 | Hits : 370

Government plans more SBI-like mergers, India may soon have another global-sized bank
Posted Date : 09-Jun-2017 , 10:22:59 pm | Posted By CASANSAAR

Enthused by the success of SBI merger, the Finance Ministry is considering clearing another such proposal in the public sector banking space by this fiscal end with a goal to create 4-5 global sized lenders.  Five associate banks and Bharatiya Mahila Bank became part of SBI on April 1, 2017,...

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Category : Banking | Comments : 0 | Hits : 606

PSU banks to freeze branch expansion
Posted Date : 15-Apr-2017 , 08:00:19 am | Posted By CASANSAAR

At least 10 out of the 22 public-sector banks might freeze branch expansion this fiscal and make higher provisioning for bad loans, while 16 lenders are unlikely to give dividends for the just concluded FY17. This is part of the mandatory actions that banks have to comply with under RBI’s r...

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Category : Banking | Comments : 0 | Hits : 405

Five associate banks, BMB merge with SBI
Posted Date : 01-Apr-2017 , 05:46:40 pm | Posted By CASANSAAR

Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) today, catapulting the country's largest lender to among the top 50 banks in the world. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of ...

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Category : Banking | Comments : 0 | Hits : 502

Banks yet to file cases against 1,080 wilful defaulters
Posted Date : 27-Mar-2017 , 08:04:36 am | Posted By CASANSAAR

Banks are yet to file criminal cases against borrowers and promoters in 1,080 cases of wilful default accounts involving an amount of Rs 7,673 crore as of September 2016 despite the Reserve Bank instruction to them to launch legal proceedings including criminal action against wilful defaulters. In r...

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Category : Banking | Comments : 0 | Hits : 353

Bharatiya Mahila Bank to be merged with State Bank of India to ensure greater banking services
Posted Date : 21-Mar-2017 , 07:42:25 am | Posted By CASANSAAR

  Bharatiya Mahila Bank (BMB) to be merged with State Bank of India (SBI) to ensure greater banking services outreach to a larger number of women, at a faster pace    Union Government is committed to enhance the access to financial services to the population at large and...

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Category : Banking | Comments : 0 | Hits : 211

ICICI Bank, SBI saw most frauds in first 3 quarters
Posted Date : 13-Mar-2017 , 07:52:58 pm | Posted By CASANSAAR

As many as 455 fraud cases involving Rs one lakh and above were recorded in ICICI Bank between April 2016 to December 2016, data received from the Reserve Bank of India has showed. While ICICI topped the list of banks that have witnessed frauds, State Bank of India came second with 429 such cases, a...

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Category : Banking | Comments : 0 | Hits : 404

CBI books DGM and AGM of Union Bank of India for fraud
Posted Date : 08-Mar-2017 , 07:58:42 am | Posted By CASANSAAR

The Central Bureau of Investigation has registered a case against a Deputy General Manager (DGM) and the Assistant General Manager (AGM) of Union Bank of India in Mumbai and three directors for alleged violation of RBI guidelines during demonetisation. Additionally, proprietors of a private firm ...

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Category : Banking | Comments : 0 | Hits : 732

SC seeks reply of Centre, RBI on exchanging demonetised notes
Posted Date : 07-Mar-2017 , 07:43:30 am | Posted By CASANSAAR

The Supreme Court has questioned the Centre and the RBI on a plea made by petitioner, Sharad Mishra.   The plea brought in focus the allegation that people were not allowed to deposit the old currency notes of 500 and 1000 in the specified RBI branches.   The Supreme Court bench, heade...

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Category : Banking | Comments : 0 | Hits : 605

Govt warns banks over non-acceptance of PMGKY tax
Posted Date : 27-Feb-2017 , 07:42:18 am | Posted By CASANSAAR

The Government has warned banks of “de-authorisation” of branches if they refuse to accept taxes under the amnesty scheme PMGKY, which ends on March 31. The Finance Ministry, in a communication to heads of banks which are authorised to accept deposits under the Pradhan Mantri Garib Ka...

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Category : Banking | Comments : 0 | Hits : 290

Bank Unions call for strike on 28th Feb.
Posted Date : 27-Feb-2017 , 07:37:35 am | Posted By CASANSAAR

Operations at public sector banks are likely to be disrupted on Tuesday as nine unions under the aegis of United Forum of Bank Unions (UFBU) have called for a strike to press for various demands, including top executives’ accountability in view of mounting bad loans in the sector.Most of the b...

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Category : Banking | Comments : 0 | Hits : 467

CA Sunil Mehta appointed non-executive Chairman of PNB
Posted Date : 18-Feb-2017 , 08:36:15 am | Posted By CASANSAAR

Punjab National Bank (PNB) has a new non-executive Chairman in CA.Sunil Mehta. The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services (DFS) for the appointment of Mehta as non-executive Chairman of PNB, official sources said. He has be...

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Category : Banking | Comments : 0 | Hits : 398

Eight Executive Directors appointed in various Banks
Posted Date : 18-Feb-2017 , 08:26:46 am | Posted By CASANSAAR

Eight Executive Directors (EDs) have been appointed in various public sector banks on the recommendations of Banks Board Bureau. Neelam Damodharan and Atanu Kumar Das have been appointed as EDs in Bank of India. Damodharan is General Manager in Bank of Baroda and Das is GM in Vijaya Bank. K Sw...

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Category : Banking | Comments : 0 | Hits : 620

RBI to banks: Be quick to identify and declare fraudulent borrowers
Posted Date : 03-Feb-2017 , 08:17:08 am | Posted By CASANSAAR

Flagging instances of loan exposures getting seasoned as non-performing assets (NPAs) for three to four years before borrowers were declared as fraudulent, the Reserve Bank of India has called upon bankers to identify and declare loan accounts as fraud without wasting time. During FY16, advances-...

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Category : Banking | Comments : 0 | Hits : 426

Rs5,583 crore withdrawn from Jan Dhan accounts in a month post note ban
Posted Date : 31-Jan-2017 , 09:38:09 am | Posted By CASANSAAR

Jan Dhan accounts have witnessed net withdrawal of Rs5,582.83 crore since 7 December, the day deposits in these accounts soared to all time high in the backdrop of demonetisation. Total deposits in Jan Dhan accounts had increased to a record high of Rs74,610 crore on 7 December and thereafter, it...

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Category : Banking | Comments : 0 | Hits : 172

Tax to be levied on cash transaction over Rs 50,000
Posted Date : 25-Jan-2017 , 07:33:40 am | Posted By CASANSAAR

In an effort to discourage cash transactions throughout the country, the Chief Minister Sub Committee on Digital Payment today recommended to levy banking cash transaction tax (BCTT) on withdrawal of Rs 50,000 from banks. The committee-headed by Andhra Pradesh Chief Minister N Chandra Babu Naidu ...

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Category : Banking | Comments : 0 | Hits : 1824

Cabinet approves Short term market borrowing by NABARD for on lending to Cooperative Banks
Posted Date : 24-Jan-2017 , 09:55:13 pm | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its post-facto approval for the following decisions:                        i.        National Bank for Agriculture & Rural Development (...

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Category : Banking | Comments : 0 | Hits : 175

CBI arrests former IDBI Chairman in Vaijay Mallya loan default case
Posted Date : 23-Jan-2017 , 10:19:25 pm | Posted By CASANSAAR

Central Bureau of Investigation (CBI) has arrested former IDBI chairman in Vijay Mallya loan default case, according to sources. Four executives of Kingfisher Airlines and three more former executives of IDBI Bank were also arrested by CBI, according to reports.  Earlier in the day, in a dev...

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Category : Banking | Comments : 0 | Hits : 491

NSDL to seek final RBI go-ahead for payments bank
Posted Date : 21-Jan-2017 , 09:52:17 am | Posted By CASANSAAR

The leading depository NSDL on Friday said it will be applying "very soon" for the final licences to launch a payments bank and hopes to roll out the new entity over the next three months. "We have complied with all the requirements for the final licence and will be making the fina...

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Category : Banking | Comments : 0 | Hits : 162

Toll Free Helpline - 14444 for digital payments launched
Posted Date : 05-Jan-2017 , 08:38:24 am | Posted By CASANSAAR

The government, in collaboration with telecom and IT industry, has launched a toll-free helpline - 14444 - to address consumer queries on digital payments. The helpline will address questions regarding various platforms, including the newly-launched Bharat Interface for Money (BHIM), eWallets, Aa...

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Category : Banking | Comments : 0 | Hits : 467

RBI permits Paytm to launch its Payments Bank
Posted Date : 04-Jan-2017 , 08:49:39 am | Posted By CASANSAAR

Paytm Payments Bank, owned by One97 Communications and its founder Vijay Shekhar Sharma, received an approval to formally launch its services from the Reserve Bank of India (RBI), Sharma said in a blog post on Tuesday. A company official informed that the payments bank is expected to be launched by ...

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Category : Banking | Comments : 0 | Hits : 416

SBI pushes merger of 5 associate banks, Bharatiya Mahila Bank to next fiscal
Posted Date : 04-Jan-2017 , 08:40:50 am | Posted By CASANSAAR

SBI Chief Arundhati Bhattacharya has hinted that the mega merger of its five associate banks and Bharatiya Mahila Bank could be pushed to the next financial year as it is still awaiting the government notification in this regard.  Ms. Bhattacharya said undertaking the merger process in the l...

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Category : Banking | Comments : 0 | Hits : 341

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