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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RBI raises concern over high exposure of Banks to infra, realty
Posted Date : 11-Oct-2014 , 06:40:48 am | Posted By CASANSAAR
Expressing concern over high exposure of banks to infrastructure and real estate sectors, fifa 15 coins RBI Deputy governor R Gandhi today cautioned lenders saying they cannot put all eggs into one basket.As an alternative, the deputy governor suggested looking at corporate bonds market, fifa coins ...
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Govt Asks PSU Banks To Tighten High-value Fixed Deposit Norms
Posted Date : 06-Oct-2014 , 02:36:50 pm | Posted By CASANSAAR
Following reports of frauds at Dena Bank and Oriental Bank of Commerce, the Finance Ministry has asked public sector banks to tighten norms for high-value fixed deposits (FD). As per preliminary forensic audit report, frauds worth Rs 436 crore were committed in these banks.
Banks have been asked to...
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Banking |
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Banks open 5.29 cr accounts under Jan Dhan, issue 1.78 cr RuPay cards
Posted Date : 03-Oct-2014 , 07:50:54 am | Posted By CASANSAAR
The Finance Ministry on Thursday said 5.29 crore bank accounts have been opened and 1.78 crore RuPay debit cards have been issued so far under Prime Minister Narendra Modi's flagship Jan Dhan Yojana.
"As on date, 5.29 crore accounts have been opened under PMJDY, of which 3.12 cror...
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Bankers seek clarity on tax treatment of new Additional Tier-I bonds under Basel-III
Posted Date : 02-Oct-2014 , 07:55:35 am | Posted By CASANSAAR
Bankers have sought clarity from the finance ministry on treatment of additional tier-I bonds under Basel-III guidelines that prescribe how much capital banks should hold. The government has been pushing banks to raise capital through this instrument, popularly known as AT1 bonds, to meet fund requi...
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Banks get a nudge from RBI to mine social media, know Customers better
Posted Date : 29-Sep-2014 , 08:57:44 am | Posted By CASANSAAR
The Reserve Bank of India is nudging banks to mine Facebook, Twitter and other social media data to access customers’ social profiles and possibly gain insights into individual customer behaviour.
RBI deputy governor, HR Khan, at a September 16 presentation in a conference in Mumbai, ...
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Syndicate Bank Chairman and Managing Director Sudhir Kumar Jain Sacked
Posted Date : 23-Sep-2014 , 02:41:03 pm | Posted By CASANSAAR
State-owned Syndicate Bank on Tuesday said that it has terminated its suspended chairman and managing director Sudhir Kumar Jain's term, with immediate effect.
"Syndicate Bank has informed the Exchange that the Central Government (vide their letter dated 22.09.2014), in terms of Sub-Clause ...
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No Need to Open Another Bank Account to Avail of Benefits Under Pradhan Mantri Jan Dhan Yojana (PMJDY)
Posted Date : 23-Sep-2014 , 11:58:35 am | Posted By CASANSAAR
Department of Financial Services, Ministry of Finance, Government of India has issued instructions that in case people are already holding bank accounts, they need not open another bank account to avail of benefits under Pradhan Mantri Jan Dhan Yojana (PMJDY). In fact insurance benefits are availabl...
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Finance ministry to PSBs: Nudge companies on loan recovery
Posted Date : 22-Sep-2014 , 07:35:58 am | Posted By CASANSAAR
The finance ministry has asked state-run banks to nudge their defaulting corporate borrowers to sell off their non-core assets and repay the loans from the funds raised. The move comes after the ministry directed these banks to constitute board-level committees to monitor recovery and put in pl...
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Banking |
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RBI wants segregation of CMD post, Panel to appoint Directors
Posted Date : 17-Sep-2014 , 08:06:46 am | Posted By CASANSAAR
The Reserve Bank of India has proposed segregation of chairman and managing director (CMD) posts and a separate committee for appointment of directors on the board of PSU banks.
On corporate governance reforms in PSU banks, RBI Deputy Governor R Gandhi said the central bank has already reco...
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RBI sets 70 years as upper age limit for MD, CEO of Pvt Banks
Posted Date : 09-Sep-2014 , 05:12:19 pm | Posted By CASANSAAR
The Reserve Bank today fixed 70 years as the maximum age for a person to hold office of MD & CEO and other Whole Time Director (WTD) in a private bank as stipulated in the new Companies Act.
"It has been decided that the upper age limit for Managing Director & Chief Executive Office...
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Jan Dhan Yojana: KPMG to validate number of accounts opened by Banks
Posted Date : 09-Sep-2014 , 07:49:22 am | Posted By CASANSAAR
The Finance Ministry has roped in professional services firm KPMG to undertake a validation exercise of the number of basic bank accounts opened by the banks under the Pradhan Mantri Jan Dhan Yojana (PMJDY).
KPMG’s confirmation of the number of accounts opened will help the Centre pit...
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Foreign banks allowed to lend in Indian rupees
Posted Date : 04-Sep-2014 , 08:20:07 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday said all recognised non-resident External Commercial Borrowing (ECB) lenders can extend loans in Indian Rupees by mobilising Indian Rupees through swaps undertaken with a bank authorised to deal in foreign exchange in India.
This relaxation is with a v...
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RBI amends Basel III guidelines for banks
Posted Date : 01-Sep-2014 , 09:08:13 pm | Posted By CASANSAAR
Indian banks can now issue Tier 2 capital with a minimum original maturity of 5 years as against 10 years previously, the Reserve Bank of India (RBI) said in a notification on Monday, amending some guidelines on Basel III implementation in India.
The RBI said banks can now issue additio...
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Two more banks under CBI scanner in loan scam
Posted Date : 29-Aug-2014 , 07:42:32 am | Posted By CASANSAAR
After the suspension of Syndicate Bank CMD S.K. Jain, top functionaries of two more public sector banks have come under the CBI scanner for suspected irregularities in the extension of credit facilities to private companies.
The CBI has instituted two preliminary enquiries to ascertain whet...
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PM to launch Jan Dhan Yojana today; 1 crore bank A/Cs to be opened on day 1
Posted Date : 28-Aug-2014 , 09:23:10 am | Posted By CASANSAAR
Prime Minister Narendra Modi will on Thursday launch Jan Dhan Yojana, a mega financial inclusion plan under which bank accounts and RuPay debit cards with inbuilt insurance cover of Rs 1 lakh will be provided to crores of persons with no access to formal banking facilities.
Plans are afoot to...
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RBI: People without valid documents can open Bank Accounts
Posted Date : 27-Aug-2014 , 08:54:45 am | Posted By CASANSAAR
The Reserve Bank of India has clarified that small accounts with banks can be opened even without officially valid documents.In a circular posted on its website, the banking regulator has said that a small account can be opened on the basis of a self-attested photograph and putting the pro...
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FinMin orders forensic Audit of UCO Bank
Posted Date : 27-Aug-2014 , 08:44:06 am | Posted By CASANSAAR
The government has ordered limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out any irregularities, if any, in sanction of loans.
"We have ordered a limited forensic audit after complaints were filed with regards to some accounts. Those ...
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Finance Ministry mulls splitting CMD post for PSU Banks
Posted Date : 25-Aug-2014 , 07:24:43 pm | Posted By CASANSAAR
Finance Ministry today said it is considering bifurcation of the post of Chairman and Managing Director in public sector banks to strengthen corporate governance in the light of recent cases of corruption.
“We are considering the proposal (to split CMD’s post),” Financial Se...
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Govt taking steps to Professionalise PSU bank management: FM
Posted Date : 21-Aug-2014 , 04:28:15 pm | Posted By CASANSAAR
Concerned over instances of corruption in the PSU banks, Finance Minister Arun Jaitley today said that government is taking steps to professionalise the management and help them strengthen their risk management system.
"Professionalising the management of the banks, we have taken so...
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Government, Banks tighten noose on top 50 loan defaulters
Posted Date : 16-Aug-2014 , 10:33:50 am | Posted By CASANSAAR
Top 50 non-performing asset (NPAs) cases in the banking sector are being closely monitored by both finance ministry and the banks that have been defaulted by the corporate houses such as Kingfisher Airlines.
The finance ministry has indicated that in case of evidence of fraud, criminal acti...
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