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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NRIs warned against taking rupees into India
Posted Date : 08-Sep-2013 , 08:43:22 am | Posted By CASANSAAR
UAE's Central Bank has asked all banks and exchange houses to advise their customers not to carry rupees into India. The Central Bank also asked banks and money changers to warn their customers of the consequences of failing to do so. "The penalties stipulated in the new (Indian) law inclu...
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RBI stops down payment scheme for home loans
Posted Date : 03-Sep-2013 , 09:06:20 pm | Posted By CASANSAAR
The Reserve Bank on Tuesday asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of "innovative" housing financing schemes.
"In view of the higher risks associated with such lump-sum disbursal of sanctioned housing lo...
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Public sector banks faces shortage of 56,000 employees
Posted Date : 25-Aug-2013 , 06:35:49 pm | Posted By CASANSAAR
Public sector banks face a shortage of 56,022 personnel across various cadres and the lenders are at different stages of filling these posts, official sources said.
In the officer category, 25 public sector banks have 23,794 vacancies as of March, 2013. Of this, 5,815 officer level posts are inBank...
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Follow uniform holiday calender for CTS cheque clearing: RBI
Posted Date : 24-Aug-2013 , 08:08:56 am | Posted By CASANSAAR
The Reserve Bank today directed banks to adopt a uniform holidays calender to streamline cheque clearing system forCheque Truncation System (CTS) centres in New Delhi, Chennai and Mumbai."The CTS centres in New Delhi, Chennai and Mumbai will adopt RTGS holidays as ...
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RBI fines 6 banks for violation of KYC norms
Posted Date : 23-Aug-2013 , 07:32:29 pm | Posted By CASANSAAR
The Reserve Bank of India penalised six public sector banks of Rs 6.5 crore for violating Know Your Customer (KYC)/Anti Money Laundering (AML) guidelines of the central bank.
The six banks fined were Dena Bank (Rs 2 crore), Corporation Bank (Rs 1.5 crore), IDBI Bank and Indian Bank (Rs 1 cr...
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NPAs of Public Sector Banks
Posted Date : 20-Aug-2013 , 07:08:23 pm | Posted By CASANSAAR
As per provisional data received from the Reserve Bank of India (RBI), the Gross Non-Performing Assets (NPAs) of Public Sector Banks (PSBs) as on 30th June 2013 was Rs. 1,76,009 crore. The Gross NPAs of PSBs were Rs. 1, 12,489crore in March 2012 and Rs. 1, 55,890 crore...
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Kerala government gets Reserve Bank of India nod for Islamic banking
Posted Date : 19-Aug-2013 , 08:21:45 am | Posted By CASANSAAR
The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance. Cheraman Financial Services Limited(CFSL) will be floated by Kerala State Industrial Development Corporation to function as ...
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Irda allows banks to act as insurance brokers
Posted Date : 09-Aug-2013 , 09:38:02 pm | Posted By CASANSAAR
Insurance regulator Irda has allowed banks to act as brokers and sell products of more than one insurer so as to increase the penetration of the sector across the country. There is no capital requirement for insurance broking business carried out by banks, according to Irda (Licencing...
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Cabinet approves setting up of all-women bank
Posted Date : 09-Aug-2013 , 05:32:26 pm | Posted By CASANSAAR
Paving the way for setting up of all-women bank , the government on Thursday approved Rs 1,000-crore seed capital for Bhartiya Mahila Bank Ltd.
The Cabinet cleared setting up of all-women bank, sources said.
Earlier this week, Minister of State for Finance Namo Narain Meena had said in a...
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Banks to NAME & SHAME guarantors for loan defaulters
Posted Date : 09-Jul-2013 , 01:49:51 pm | Posted By CASANSAAR
Tightening their noose on loan defaulters, banks have decided to 'name and shame' the guarantors of such borrowers as well by publishing their photographs and other details in newspapers and at notice boards of bank branches and community centres.
Banks, mostly public sector lenders, began publishi...
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Bank manager, two others arrested for demanding bribe
Posted Date : 06-Jul-2013 , 08:35:22 pm | Posted By CASANSAAR
A bank manager and two others have been arrested for allegedly demanding a bribe of Rs 7,000 from a farmer, police said today.
Manager of Allahabad Bank, Auradeeh Branch, Ramesh Verma, a peon and a facilitator were arrested by a CBI team yesterday during a raid for demanding Rs 7000 as brib...
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Top 30 bad loans responsible for half of gross non performing accounts (NPA)
Posted Date : 04-Jul-2013 , 08:12:46 am | Posted By CASANSAAR
The top 30 bad loans in each commercial bank are responsible for almost half of the gross non performing accounts (NPA) in the Indian banking system. The worst affected are foreign banks in the country where the top 30 non-performing loans account for 84% of the gross NPAs as on March 2013...
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No ceiling on number of new bank licences: FM
Posted Date : 02-Jul-2013 , 05:17:02 pm | Posted By CASANSAAR
With 26 public and private sector companies applying for banklicences, Finance Minister P Chidambaramhas said that there was no ceiling on the number of entities which can be permitted to operate a bank. "I don't think there is a ceiling. I don't think there is a number...
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Banks should have separate wealth management unit: RBI draft
Posted Date : 29-Jun-2013 , 11:28:19 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed tough norms for banks involved in wealth and portfolio management services (W/PMS), mandating them to segregate sales and advisory activity, and threatened to bar them from money markets for violation of guidelines. It plans to put a blanket ban on t...
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Long-term liability key to improve funding gap in India's banking system
Posted Date : 19-Jun-2013 , 08:23:40 am | Posted By CASANSAAR
Structural imbalances in the Indian bankingsystem's funding structure are diluting monetary policy transmission, crowding out corporates from money market and discouraging long-term savings in the economy. Banks' growing dependence on short-term deposits to fund an incr...
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ICICI, Axis, HDFC Bank fined over Rs. 10 crore for violating KYC norms
Posted Date : 10-Jun-2013 , 06:53:11 pm | Posted By CASANSAAR
The Reserve Bank of India on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" rules.
The central bank investigated the banks following an investigation ...
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