Politicians, TV anchors, pump owners on boards of Public sector Banks
Posted Date : 06-Aug-2014 , 08:23:31 am | Posted By CASANSAAR
You might expect renowned financial or business experts to sit on the boards of banks, but that isn't always true in the case of state-run banks. Petrol pump owners, a Doordarshan anchor, the head of a women's club, trustees of religious boards and a clutch of small-time politicians are some of the ...
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Syndicate Bank fraud: Jain helped hide Rs 100-cr NPAs
Posted Date : 05-Aug-2014 , 03:18:05 pm | Posted By CASANSAAR
S K Jain, suspended chairman and managing director (CMD) of Syndicate Bank, had allegedly prevented loans of over Rs 100 crore on Bhushan Steel and Prakash Industries from being declared as non-performing assets (NPAs), agency sources said on Monday.
Jain was suspended...
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RBI Issues Guidelines for Opening of Bank Accounts of Children
Posted Date : 01-Aug-2014 , 09:52:21 pm | Posted By CASANSAAR
With a view to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors’ accounts, Reserve Bank of India (RBI) issued guidelines dated May 6, 2014 to all Scheduled Commercial Banks on Opening of Bank Accounts in the Names of Minors w...
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Union Bank of India has NPAs worth Rs 3,350 crore
Posted Date : 28-Jul-2014 , 08:04:06 pm | Posted By CASANSAAR
Union Bank of India has non-performing assets (NPAs) worth about Rs 3,350 crore from 20 defaulters.
Replying to an RTI query, the bank, however, declined to share the names of the defaulters citing "commercial confidence".
"List of the borrowers cannot be provided as they...
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Banking |
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CBI exposes scam of Rs 250 crore in Dena Bank
Posted Date : 19-Jul-2014 , 08:44:43 pm | Posted By CASANSAAR
CBI has unearthed a Rs 250 crore scam in public sector Dena Bank wherein the branch manager and a private person allegedly took loan using forged documents on behalf of seven private companies which had deposits in the bank.
CBI alleged that Vimal Barot of Showman Group in Mumbai ...
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RBI asks banks not to charge usurious interest rate on loans
Posted Date : 19-Jul-2014 , 08:04:17 am | Posted By CASANSAAR
RBI has advised boards of banks not to levy usurious interest rate including processing and other charges on loans. "It is not proposed to issue any guidelines to the banks to offer loans to borrowers at uniform rate of interest in view of variation in their costs, business models, margins etc,...
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RBI sets Rs.100 cr floor capital for payments, small banks
Posted Date : 17-Jul-2014 , 08:53:32 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has set a minimum paid-up capital of Rs.100 crore for those who wish to set up payments and small banks.
Releasing the draft guidelines for licensing of these banks, the RBI has said that the promoters will have to have an initial minimum capital of at least ...
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Finance Ministry examining issues concerning merger of PSU Banks
Posted Date : 12-Jul-2014 , 09:25:11 pm | Posted By CASANSAAR
Finance Ministry today said it is examining various issues pertaining to mergers of public sector banks and that there will be some forward movement in the current year itself."This year, we will start something (consolidation) and next year something. This is very much doable and which will further...
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Govt tells PSBs to open 20 cr accounts in next 1 yr
Posted Date : 01-Jul-2014 , 08:17:04 am | Posted By CASANSAAR
The BJP Government wants public sector banks to go flat out on the financial inclusion front, asking them to open 20 crore basic savings bank deposit (BSBD) accounts for those at the bottom of the pyramid in the next one year.
Meeting the above mentioned target could prove an...
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Now, transfer funds from US to Indian bank accounts instantly
Posted Date : 18-Jun-2014 , 08:37:33 am | Posted By CASANSAAR
You can now transfer money from the United States to any bank account in India on an instant basis.
Punjab National Bank (PNB) and Nasdaq-listed Xoom Corporation have partnered to roll out instant bank deposit services to bank accounts in India.
The instant money transfer will be a...
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RBI to announce rules for on-tap bank licences soon
Posted Date : 15-Jun-2014 , 08:18:27 am | Posted By CASANSAAR
The RBI will ‘shortly’ come up with new guidelines for differentiated as well as full-service bank licences and they will be issued on-tap basis, its deputy governor R Gandhi said on Saturday.
“We are working on guidelines for both full-service commercial banks and differe...
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SBI to merge five subsidiary banks with itself
Posted Date : 11-Jun-2014 , 07:47:23 am | Posted By CASANSAAR
State Bank of India, the nation's biggest lender, will kick off consolidation in the banking industry by combining five associate banks as it prepares to fund the economy that is on the cusp of a strong growth like China two decades ago. The combination of the associates will enhance the asset ...
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Now, submit single proof of address to open bank account
Posted Date : 09-Jun-2014 , 09:34:53 pm | Posted By CASANSAAR
Migrant workers and transferred employees need to submit only one documentary proof of address (either current or permanent) while opening a bank account, according to the Reserve Bank of India.
In a notification, RBI said, “Henceforth, customers may submit only one documentary proof ...
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New Indian Government Seeks Issuance of More Bank Licenses
Posted Date : 30-May-2014 , 08:40:45 am | Posted By CASANSAAR
India's new government, led by pro-business Prime Minister Narendra Modi, wants regulators to issue more banking licenses to make the country's financial-services industry more competitive, the head of the Department of Financial Services said Thursday.
G.S. Sandhu, speaking to reporters af...
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RBI
Posted Date : 20-May-2014 , 08:19:26 am | Posted By CASANSAAR
Bank loans that aren’t non-performing assets (NPAs) yet but could turn problematic at some point vary anywhere between 4% and 8% of total advances, a sample study of a few public sector banks shows. Following a fiat from the Reserve Bank of India (RBI), banks have put in place a mechanism to s...
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RBI panel recommends one-licence policy for all banks
Posted Date : 15-May-2014 , 08:11:13 am | Posted By CASANSAAR
The RBI’s vision of a uniform licence regime for the banking sector was proposed in a panel report on Tuesday that recommended a one-licence policy for all banks , irrespective of the ownership pattern. This will include all public sector, private sector (old and new) and foreign banks operati...
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FM asks banks to be tough on wilful defaulters
Posted Date : 13-May-2014 , 10:46:47 pm | Posted By CASANSAAR
Exhorting public sector banks to take tough action against wilful defaulters, Finance Minister P Chidambaram today said a situation where "promoter is prosperous but company is sick" is not acceptable.
In his meeting with heads of state-owned banks, he said tough measures need to be...
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NPA also refers to Non Performing Administration
Posted Date : 11-May-2014 , 07:37:35 am | Posted By CASANSAAR
Former Reserve Bank of India Deputy Governor, K C Chakrabarty today said rise in Non Performing Assets (NPA) or bad loan in the banking system is also due to non performing administration.
“The issue of NPAs is due to Non Performing Administration. Discipline is requi...
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Rejected licence applicants can take strategic stake in banks, says RBI official
Posted Date : 09-May-2014 , 07:47:36 am | Posted By CASANSAAR
If an entity, whose application to become a bank has been rejected by the RBI, buys a strategic stake in a bank, then it does not amount to back-door entry into banking, according to a top RBI official.
Any person or entity that wishes to acquire more than five per cent stake in a bank is r...
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Banks find it easier to offload NPAs after RBI tweaks norm: Report
Posted Date : 04-May-2014 , 10:33:46 am | Posted By CASANSAAR
A sudden rush to sell distressed assets to asset reconstruction companies (ARCs) in Q4 could be attributed to the RBI allowing banks to write back the excess provisions made over the book value when the NPL is sold, says an HSBC report.
Earlier, if the sale was for a value higher than the n...
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RBI switches 30 banks to risk-based supervision
Posted Date : 03-May-2014 , 10:23:30 am | Posted By CASANSAAR
The Reserve Bank of India, scrapping its age-old practice of CAMELS inspection, has switched 30 banks to risk-based supervision, indicating what could be the beginning of the regulator's micro management of banks. The CAMELS (capital adequacy, asset quality, management, earnings, liquidity, and...
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High-level panel suggests setting up of FRA
Posted Date : 03-May-2014 , 10:19:23 am | Posted By CASANSAAR
The high-level working group set up to suggest strengthening of the resolution regime, on Friday, recommended setting up of a single Financial Resolution Authority (FRA) that is institutionally independent of regulators and the Government.
“The mandate of FRA will be to resolve failed...
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Private banks shun ARC route to offload bad loans
Posted Date : 27-Apr-2014 , 10:41:20 pm | Posted By CASANSAAR
Even as public sector banks have made a beeline to dispose of their bad loans to asset reconstruction companies (ARCs) in the March quarter, private banks are not only unenthused in adopting this route, but have virtually shunned this.
State-run banks, which are sitting on a mountain of bad...
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Companies can't use ECBs from same bank to repay loanst
Posted Date : 23-Apr-2014 , 08:04:10 am | Posted By CASANSAAR
The RBI has barred manufacturing and infrastructure companies from repaying rupee loans taken from domestic banks through the external commercial borrowing (ECB) route at their overseas branches/subsidiaries.
"If the ECB is availed from overseas branches/subsidiaries of Indian banks, th...
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After NPA firefight, United Bank to approach RBI for lifting of loan cap
Posted Date : 10-Apr-2014 , 08:38:35 am | Posted By CASANSAAR
United Bank of India — which brought down its gross non-performing assets (NPAs) by over R2,000 crore in the January-March quarter last fiscal — will soon approach the RBI for the removal of a R10-crore single-borrower threshold for advancing fresh loans.
Pointing out its succes...
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IDFC, Bandhan get Banking licences
Posted Date : 02-Apr-2014 , 10:02:25 pm | Posted By CASANSAAR
IDFC and Bandhan Financial Services Pvt Ltd on Wednesday won banking licences, with the RBI approving permits for only two of the 25 applicants.
A day after the Election Commission permitted it to go ahead with the issue of new banking licences, the Reserve Bank of India gave in-princ...
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RBI to propose steps to reduce window dressing by banks
Posted Date : 02-Apr-2014 , 06:26:29 am | Posted By CASANSAAR
The Reserve Bank will propose measures to reduce window dressing by banks, which tends to add to yearend liquidity pressures in the system. "We are discussing with bankers how to improve liquidity towards the yearend and not come to a path where banks are not willing to lend to each other," sai...
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Banks must not punish non-maintenance of minimum balance: RBI
Posted Date : 01-Apr-2014 , 09:44:28 pm | Posted By CASANSAAR
As part of a consumer protection initiative, the Reserve Bank of India on Tuesday asked banks not to levy penal charges on customers who don't maintain a minimum balance in basic savings bank accounts.
"Banks should also not take undue advantage of customer difficulty or inattention," RBI G...
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Election Commission to take a view on new bank licences on March 31
Posted Date : 27-Mar-2014 , 02:56:10 pm | Posted By CASANSAAR
The Election Commission will take a view on the issuance of new bank licences by the Reserve Bank of India (RBI) on Monday, March 31.
The model code of conduct has come into force with the announcement of general election earlier this month.
"I think most likely we w...
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Banks to remain open on March 29-31 for tax collection
Posted Date : 20-Mar-2014 , 07:57:37 am | Posted By CASANSAAR
Bank branches will remain open for full day on March 29, 30 and 31 to facilitate tax collection. While March 29 is a Saturday, March 30 is Sunday and March 31 is the last day of financial year and is a public holiday in some parts of the country.
“The Chairperson, Central Board of Excise and ...
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