Banks Will Now Be Fined Rs 1 Cr For Violating Every Single Norm
Posted Date : 20-Apr-2013 , 04:55:46 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will now be able slap a penalty of Rs 1 crore on banks if they breach a single norm. If more than one norm is breached, then the fine will be multiples of Rs 1 crore. Earlier, the fine was Rs 5 lakh for a single violation.
The new norm came into effect after Section ...
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Banks may raise margin requirement for gold loans
Posted Date : 18-Apr-2013 , 08:34:24 am | Posted By CASANSAAR
Following a sharp fall in gold prices over the past few days, banks have started reviewing the margin requirement for loans against the yellow metal.
After dropping Rs 3,160 over the last three sessions, gold prices on Wednesday fell Rs 90 to Rs 26,350 per 10g, the lowest level since August 17, 201...
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SC orders banks to deposit Rs 400 crore
Posted Date : 16-Apr-2013 , 08:33:21 am | Posted By CASANSAAR
The Supreme Court, on Monday, ordered nationalised banks - Punjab National Bank, Union Bank of India and the Indian Bank - to deposit a sum of Rs 400 crore within 15 days with the Prothonotary and Master of Bombay High Court as part of the bank guarantee money due to the Boa...
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Finmin asks banks to bring down net NPA to 1% by Mar '14
Posted Date : 14-Apr-2013 , 09:03:05 pm | Posted By CASANSAAR
Setting a stiff target for all public sector banks, the Finance Ministry has directed them to expedite the recovery process and bring down net NPAs to 1 % of their total advances by the end of 2013-14 fiscal."We have asked banks to bring down their net NPA to 1 % of the total advances by March 201...
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FinMin asks PSU banks to limit loan write-offs
Posted Date : 31-Mar-2013 , 07:23:47 pm | Posted By CASANSAAR
The Finance Ministry has asked public sector banks to limit the amount of loan write-offs and sought details of recoveries made by them in the six years ending 2011-12 with an aim to improve the finances of PSU lenders.
It has also asked the banks to ensure that the amount written off b...
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Basel III norms for Indian banks from April 1: RBI
Posted Date : 23-Mar-2013 , 12:55:29 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will soon issue a notification for the implementation of the Basel III capita l regulations by Indian banks from April 1, central bank governor D. Subbarao said on Friday.
"We are going to issue a notification next week for banks to implement the Basel III ...
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Systems to prevent money laundering in India perfect, says RBI
Posted Date : 21-Mar-2013 , 05:06:43 pm | Posted By CASANSAAR
The Reserve Bank today sought to downplay the money-laundering allegations against three private sector banks, saying the country has a "perfect" system to prevent such offences and that not a single such transaction took place in the sting operation.
The country's three largest private banks -- IC...
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FM asks banks to recover NPAs from promoters' money
Posted Date : 19-Mar-2013 , 02:14:20 pm | Posted By CASANSAAR
Finance Minister P Chidambaram on Monday came down heavily on wealthy promoters of companies that were not servicing bank loans, citing losses. Expressing his concern over a surge in banks’ non-performing assets (NPAs) and cases of restructured accounts, he asked lenders to take stern action f...
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RBI further extends deadline for issuance of new format cheques
Posted Date : 19-Mar-2013 , 08:53:55 am | Posted By CASANSAAR
The RBI asked banks to issue newcheque books only under the new format and gave them time till July-end to withdraw the old format cheques. All cheques currently with customers in the old format (non-Cheque Truncation System) will continue to be valid for another four months (the earl...
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Chidambaram: RBI, FinMin starts inquiry into charges of money laundering by employees of 3 pvt sector banks
Posted Date : 18-Mar-2013 , 01:04:15 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said the RBI and finance ministry have started inquiry into charges of money laundering by some employees of 3 private sector banks. Speaking to newsmen after a meeting with the Chief executives of public sector banks and financial institutions in New Delhi, the ...
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Cobrapost expose: HDFC, ICICI, Axis Bank accused of money laundering
Posted Date : 14-Mar-2013 , 12:36:31 pm | Posted By CASANSAAR
A Cobrapost pan-India undercover investigation has accused HDFC Bank , ICICI Bank and Axis Bank of running a vast, nation-wide money laundering racket.
Cobrapost, an online magazene, conducted a sting operation across various bran...
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Banks' borrowing crosses Rs 1-lakh-cr on tight liquidity
Posted Date : 12-Mar-2013 , 08:04:17 am | Posted By CASANSAAR
The liquidity in the system has come under pressure, with banks’ borrowing at the Reserve Bank of India’s (RBI) liquidity window crossing the Rs 1,00,000-crore mark, ahead of payment of final instalment of advance tax.
This week, banks will draw more from RBI’s short-term liquidit...
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0 | Hits : 751
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All bank branches to exchange damaged notes: RBI
Posted Date : 05-Mar-2013 , 10:23:47 pm | Posted By CASANSAAR
The Reserve Bank of India on Tuesday asked banks to make available the facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, at all bank branches (including those of co-operative banks and regional rural banks).
This fa...
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RBI says financial inclusion plan key criteria for new bank licence
Posted Date : 04-Mar-2013 , 03:16:27 pm | Posted By CASANSAAR
Financial inclusion plan will be an important criteria for getting new bank licences in the private sector, the Reserve Bank of India (RBI) said on Monday.
The apex bank came out with new bank licence guidelines last month wherein it said the important criterion for processing application would be ...
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All-women bank to start operations from November: Chidambaram
Posted Date : 03-Mar-2013 , 04:54:05 pm | Posted By CASANSAAR
India's first all-women bank will start operations from November this year through six branches spread across the length and breadth of the country, Finance Minister P Chidambaram said today.
"It will be inaugurated in November. Initially we should start with at least one branch in each maj...
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Govt banks raise retail term deposit rates
Posted Date : 02-Mar-2013 , 08:34:18 am | Posted By CASANSAAR
Three state-run lenders have raised their retail term deposit rates by 25-125 basis points. United Bank of India increased interest rates on domestic term deposits below Rs 5 crore by at least 25 basis points, effective immediately. The Kolkata-based lender will now pay nine per cent on term deposit...
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Impose limit on global transactions of cards, RBI tells banks
Posted Date : 01-Mar-2013 , 02:53:25 pm | Posted By CASANSAAR
In order to check frauds, the RBI has asked banks to impose monetary limit for international transactions on credit and debit cards and refrain from issuing cards with global access unless specifically sought by the customer.
"All the active magstripe international cards issued by banks should have...
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0 | Hits : 709
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Banks can act as insurance brokers, KYC norms simplified
Posted Date : 28-Feb-2013 , 09:34:00 pm | Posted By CASANSAAR
With an aim to increase insurance sector's penetration, the government today said banks can act as brokers to sell policies and also simplified KYC norms for buying the product.
In a boost to the sagging insurance sector, Finance Minister P Chidambaram in his Budget also announced that insurance co...
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Get Ready for new Jobs at banking industry - Banks to give hikes in order to avoid poaching from new Banks.
Posted Date : 27-Feb-2013 , 03:05:12 pm | Posted By CASANSAAR
Middle and lower level management staff at lenders such as ICICI Bank, HDFC Bank, and IndusInd Bank are probably in for sweet pay increases this year as human resource managers strategise to ward off poaching by new banks.
The advent of new banks for the first time in ni...
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Realtors, brokerages free to run banks if they meet norms: RBI
Posted Date : 26-Feb-2013 , 05:25:19 pm | Posted By CASANSAAR
Reserve Bank Deputy Governor KC Chakrabarty today said the RBI is open to let realty and brokerages run banks if they meet the "fit and proper criteria" as detailed in the final guidelines.
"These are all legitimate businesses...if they can demonstrate that they satisfy all the requirements...
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Private companies, PSUs can set up banks, says RBI
Posted Date : 23-Feb-2013 , 09:14:04 am | Posted By CASANSAAR
Almost three years after it was first promised in theUnion Budget of 2010-11, the Reserve Bank of India has allowed all private and public sector companies to apply for bank licences, paving the way for business houses such as the Tatas, Aditya Birla group, L&T, ADAG, Mahindr...
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RBI issues guidelines for licensing of new banks in private sector
Posted Date : 22-Feb-2013 , 06:18:28 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) released final guidelines for issuing new bank licences on Friday, paving the way for corporate houses to enter the banking sector.
The RBI said it will allow applications for new bank licences until July 1, 2013, and in its statement did not exclude companies from a...
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Banks NPAs soar 43.1% in first 3 quarters to Rs 1.79 tln: Care
Posted Date : 21-Feb-2013 , 10:36:32 pm | Posted By CASANSAAR
Ratings agency Care today said non-performing assets of banks have increased by 43.1 per cent to Rs 1.79 trillion in the first three quarters of the fiscal. "The major problem confronting banks remains to be NPAs which have grown by 43.1 per cent on top of a similar growth last year,"...
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Two-day bank strike from February 20
Posted Date : 17-Feb-2013 , 08:41:05 am | Posted By CASANSAAR
There may be no banking transaction for two whole days in the country, as "not just the nationalised bank unions including their officers but even some of the private banks except ICICI Bank, have agreed to strike work on February 20 and 21," said CPI leader and AITUC general secretary&nbs...
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Government may inject $3.7 billion in banks in FY14: Source
Posted Date : 13-Feb-2013 , 06:17:37 pm | Posted By CASANSAAR
The government is likely to allocate 200 billion rupees for capital infusion in state-run banks in the next financial year, a finance ministry official with direct knowledge of budget talks told Reuters on Wednesday.
The official refused to be named as the information is a&nbs...
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RBI draft norms for loan restructuring may hit banks' earnings
Posted Date : 03-Feb-2013 , 06:37:18 pm | Posted By CASANSAAR
RBI's new draft guidelines for restructured loans are likely to hit earnings of banks by at least 3-8 per cent over the next two years, while some public sector banks are expected to get most impacted, a report by Bank of America Merrill Lynch has said. Reserve Bank last week iss...
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0 | Hits : 822
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RBI suggests bank charge for cash withdrawal & deposit through cheques
Posted Date : 01-Feb-2013 , 04:32:25 pm | Posted By CASANSAAR
RBI has suggested that banks should charge for cash withdrawal and deposit through cheques while the government agencies should do away with convenience charges for online payment of utility bills. As per the discussion paper floated by RBI, high cash withdrawals and deposits of cash by individ...
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Robbers clean out 40 lockers at Jalandhar bank
Posted Date : 21-Jan-2013 , 08:50:06 am | Posted By CASANSAAR
Jewellery and cash were stolen from 40 lockers in a daring break-in at the Punjab and Sind Bank branch on Pathankot road. Robbers broke into the strongroom by cutting through the thick iron gate with a gas cutter and opened the lockers the same way. Notes of 1,000rupee denominati...
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FinMin finalises norms for new bank licenses, sends to RBI
Posted Date : 16-Jan-2013 , 09:42:12 am | Posted By CASANSAAR
The finance ministry has finalised norms for new bank licenses and has sent its comments to the Reserve Bank of India (RBI). Sources say the finance ministry has asked the RBI to delete the clause prohibiting realty and stock broking firm promoters from applying for bank licence. The ministry s...
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0 | Hits : 823
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Bankers want RBI to allow interest on current accounts
Posted Date : 15-Jan-2013 , 09:25:23 am | Posted By CASANSAAR
Banks will ask the Reserve Bank of India to allow them to pay interest on current account deposits at tomorrow’s meeting, in the run up to the central bank’s monetary policy review.
Currently, banks don’t give interest on current accounts. Doing so, bankers believe, w...
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