Reserve Bank of India allows more banks to import gold
Posted Date : 19-Mar-2014 , 10:22:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has allowed more banks, including Axis Bank and Kotak Mahindra Bank, to import gold under the 80:20 scheme, a move seen as a precursor to easing restrictions on inward shipments of the metal.
The government and the RBI had imposed tough measures to control gold impor...
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RBI puts fraud detection expert on United Bank of India board
Posted Date : 19-Mar-2014 , 08:22:27 am | Posted By CASANSAAR
Reserve Bank of India on Tuesday inducted its official, Pravathy Sundaram, to the board of United Bank of India (UBoI).
As per the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970, the finance ministry nominated the official who holds a rank of chief general manager a...
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SBI becomes first Indian bank to have own payments Gateway
Posted Date : 14-Mar-2014 , 08:05:34 am | Posted By CASANSAAR
State Bank of India (SBI) chairperson Arundhati Bhattacharya launched its online electronic payments aggregator service -- 'SBIePay' -- at its corporate centre here today in the presence of its top management.
She said the possibility for other bank customers to use the facility wou...
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RBI may put cap on NPAs at 5% of Advances
Posted Date : 12-Mar-2014 , 10:17:52 pm | Posted By CASANSAAR
PSU banks with over 5% bad loans may have to sell their loans to asset restructuring companies (ARCs) in future. The Reserve Bank of India (RBI) and the ministry of finance are considering the option of putting a cap at the maximum amount of bad loans that a bank can have on its books.
The ...
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New bank licences in few weeks after EC's nod: RBI
Posted Date : 07-Mar-2014 , 09:48:33 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to issue a few new banking licences in the next few weeks after getting a go ahead from the Election Commission (EC) as the code of conduct for polls is in place.
"My sense is, if all goes well we should be able to do it in a few weeks...
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RBI likely to issue few bank licences: FM
Posted Date : 06-Mar-2014 , 08:40:12 am | Posted By CASANSAAR
The Reserve Bank is likely to issue a few bank licences notwithstanding the model code of conduct which came into force from today, Finance Minister P Chidambaram said.
"What the code of conduct has got to do with this (bank licence process). The government and regulators are discharging their norm...
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Bad loans, the biggest challenge for public sector banks: FM
Posted Date : 05-Mar-2014 , 11:08:03 pm | Posted By CASANSAAR
Worried over a further rise in bad loans, especially among large companies, Finance Minister P. Chidambaram, on Wednesday, exhorted public sector banks to effectively deal with non-performing assets (NPAs), their biggest challenge.
Addressing a press conference here after reviewing the perf...
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Deadline for exchanging pre-2005 Bank Notes extended
Posted Date : 03-Mar-2014 , 07:07:48 pm | Posted By CASANSAAR
The Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. The central bank has asked banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public.
The RBI clarified that the public can con...
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United Bank faces Auditing, Corporate Governance probes: Report
Posted Date : 02-Mar-2014 , 08:30:29 pm | Posted By CASANSAAR
The crisis-hit United Bank of India, which has run into losses amid suspiciously high bad loans, now faces fresh probes for possible lapses related to auditing and corporate governance norms.
Capital market regulator Sebi has received complaints about possible violations to its corporate go...
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0 | Hits : 888
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RBI-appointed Nayak panel seeks information on banks
Posted Date : 28-Feb-2014 , 08:36:12 am | Posted By CASANSAAR
An expert committee appointed by the Reserve Bank of India has sought minutes of board meetings from banks, a move that bankers said could be aimed at ascertaining the role of shareholder promoters in influencing the day-to-day functioning of the lenders.The Nayak committee set up to review the gove...
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New banking licences: Jalan panel submits report to RBI
Posted Date : 25-Feb-2014 , 09:26:47 pm | Posted By CASANSAAR
The Bimal Jalan panel, which scrutinised applications for new bank licences, Tuesday submitted its report along with shortlisted entities to the Reserve Bank of India.
"We have submitted report (on new bank licences) to RBI," Jalan, a former Reserve Bank Governor, said after a four-hour meeting her...
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United Bank of India may merge with Union Bank
Posted Date : 23-Feb-2014 , 10:48:55 am | Posted By CASANSAAR
United Bank of India, stuck with bad debts of Rs 8,546 crore, is likely to be bailed out through a merger with Union Bank of India than through a government infusion of capital.
According to sources, the government will not want to re-capitalise United Bank, whose non-performing assets (NPA...
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NPA-laden United Bank's CMD Archana Bhargava takes voluntary retirement
Posted Date : 21-Feb-2014 , 03:11:00 pm | Posted By CASANSAAR
The chairperson and managing director of Kolkata-headquartered United Bank of India Archana Bhargava has taken voluntary retirement.
Her retirement comes in the wake of a surge in bad loans and the bank posting a loss in the third quarter.
United Bank’s gross non-performing a...
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Finance minister asks United Bank of India to fix responsibility for non-performing assets
Posted Date : 20-Feb-2014 , 07:56:24 am | Posted By CASANSAAR
The finance ministry has asked United Bank of India (UBI) to identify executives responsible for the lender's failure to spot swelling bad debt, resulting in a loss at the Kolkata-headquartered lender in the December quarter.
The move comes as the ministry has mandated all...
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United Bank of India faces an uncertain future
Posted Date : 19-Feb-2014 , 09:21:17 am | Posted By CASANSAAR
It faces an uncertain future in a market-driven economy as its pile-up of bad loans and weak capital structure leave little scope for the state-run bank to continue with a business-as-usual approach. Banks across the nation are facing tough times and hardly any banker is smiling these days, tha...
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RBI begins fresh audit at United Bank of India
Posted Date : 15-Feb-2014 , 08:30:59 am | Posted By CASANSAAR
In the wake of rapid asset quality deterioration at United Bank of India, the banking regulator has started a fresh audit of the lender—this one to scrutinize loans made in the current fiscal.
The Reserve Bank of India (RBI) last year conducted routine audits at the Kolkata-based...
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United Bank hid bad loans, finds Deloitte audit report
Posted Date : 13-Feb-2014 , 10:49:13 pm | Posted By CASANSAAR
United Bank of IndiaBSE -1.00 % either deliberately or intentionally hid bad loans as its automated system to detect payment defaults was non-functional for more than two years, an audit by consultants Deloitte has found. The bank which has the highest bad loans among state-run lenders was downgrade...
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Indian Bank to sell big loan default accounts
Posted Date : 24-Jan-2014 , 08:41:24 am | Posted By CASANSAAR
Indian Bank has decided to sell off some of its big loan defaulting accounts to asset reconstruction companies and cut down its non-performing assets (NPA), said a top bank official here Thursday.
"We have identified 19 big accounts to be sold to asset reconstruction companies. Each ac...
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RBI to examine proposal for limiting free ATM transactions
Posted Date : 12-Jan-2014 , 09:12:09 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will consider reducing the number of free ATM withdrawals, as recommended by Indian Banks' Association, in an effort to cut down on cash transactions in the economy.
"We will examine that (IBA recommendation of cutting down number of free ATM transaction to 5...
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Aadhaar is adequate to open a bank account: RBI
Posted Date : 11-Jan-2014 , 08:40:33 am | Posted By CASANSAAR
The Reserve Bank of India’s committee on comprehensive financial services for small businesses and low-income households headed by Nachiket Mor on Friday said that the Aadhaar process was adequate to enable every Indian to get a bank account by January 1, 2016.
“Target is depend...
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RBI eases gold lending rules for non-bank finance companies
Posted Date : 09-Jan-2014 , 08:53:49 am | Posted By CASANSAAR
People seeking loan against gold jewellery can now borrow more, as the Reserve Bank of India (RBI) on Wednesday allowed non-banking finance companies (NBFCs) to lend up to 75 per cent of the value of the metal from 60 per cent at present.
"...it has been decided to raise the LTV (loan-to-alue) rati...
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Bank official, 2 others held for theft from dead NRI's account
Posted Date : 07-Jan-2014 , 06:20:29 pm | Posted By CASANSAAR
A debt-ridden executive of a reputed private bank and his two accomplices have been arrested for allegedly stealing Rs 49 lakh from the account of a dead NRI since November last year, police said today.
The bank employee carried out the theft by transferring the amount to a fake account opene...
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Bank employees to go on 2-day strike from January 20: UFBU
Posted Date : 06-Jan-2014 , 08:51:08 am | Posted By CASANSAAR
Operations at all the public sector banks (PSBs) and regional rural banks are likely to be affected for two days from January 20 as the United Forum of Banks Unions (UFBU) has given a strike call, demanding wage revision as well as the resolution of certain other issues.
UFBU national convener M V ...
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NBFCs not to make provision for guaranteed portion of loan: RBI
Posted Date : 02-Jan-2014 , 09:40:12 am | Posted By CASANSAAR
The Reserve Bank said non-bank financial companies ( NBFCs) do not have to make provision for guaranteed portion of loans for low income housing. In case of NBFC-MFIs, if the advance covered by Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) guarantee becomes non-performing, ...
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Banks allowed to lend up to Rs 1 lakh against gold jewellery
Posted Date : 31-Dec-2013 , 08:35:47 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has allowed banks to sanction loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery.
"In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet...
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RBI restricts FIIs' purchase of additional shares in HDFC Bank
Posted Date : 17-Dec-2013 , 08:42:53 am | Posted By CASANSAAR
The Reserve Bank of India on Monday restricted foreign institutional investors (FIIs) from buying additional shares in HDFC Bank, the country's second-largest private lender, as their shareholding has exceeded the limit.
Stakes held by overseas investors, including FIIs, non-residen...
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Bank unions to go on strike on Dec 18, PSU banks to be Hit
Posted Date : 16-Dec-2013 , 09:29:25 pm | Posted By CASANSAAR
Operations at public sector banks are likely to be hit on December 18 as trade unions have decided to go on day-long strike to press for wage revision and other demands.
The conciliation meeting before the Chief Labour Commissioner between the unions and IBA has failed to find an amicable...
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PSU banks themselves responsible for NPAs, not govt: FM
Posted Date : 15-Dec-2013 , 09:32:03 am | Posted By CASANSAAR
Blaming "tardy" state-run banks for high level of non-performing assets, Finance Minister P Chidambaram Saturday said banks' boards and not the government should be held responsible for the situation.
"If the bank boards cannot perform their duty, blame should stop with the bank boards and not with...
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To check for potential NPAs, RBI orders audit of Allahabad Bank
Posted Date : 14-Dec-2013 , 08:13:25 am | Posted By CASANSAAR
Close on the heels of directing a forensic audit on United Bank of India, the RBI has initiated a special audit of another Kolkata-based lender, Allahabad Bank.
The banking regulator has notified Allahabad Bank about the audit to assess the potential non-performing assets and ‘special...
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0 | Hits : 1259
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RBI shouldn't grant banking licences to companies: Parliamentary panel
Posted Date : 10-Dec-2013 , 08:01:36 am | Posted By CASANSAAR
A Parliamentary panel Monday suggested the Reserve Bank should refrain from giving bank licences to corporates as the banking business is highly leveraged and involves public money.
Headed by senior BJP leader Yashwant Sinha, the Standing Committee on Finance also asked the RBI to review the guidel...
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