Govt approves Rs 632 cr capital infusion in regional rural banks
Posted Date : 07-Jun-2012 , 01:57:39 pm | Posted By CASANSAAR
Union Cabinet has approved capital infusion of 632 crore rupees in some Regional Rural Banks to improve their capital to risk waited assets ratio. The Cabinet approved 50 percent share of the Central government and also decided to extend the scheme of capitalization of weak Regional Rural Banks by a...
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All rural branches of banks to impart financial literacy: RBI
Posted Date : 07-Jun-2012 , 07:43:08 am | Posted By CASANSAAR
The Reserve Bank Wednesday said all rural branches of banks will have to impart financial literacy.This move comes after the central bank found Financial Literacy and Credit Counselling Centres (FLCC) were located in the urban and semi-urban areas."Banks may consider setting up need based FLCs in ot...
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Banks sharing data with IT dept will help deter tax evasions
Posted Date : 01-Jun-2012 , 07:23:56 am | Posted By CASANSAAR
Banks agreeing to share data with the income tax authorities will help in checking accumulation of black money and keep tax evaders at bay, industry body Assocham said on Thursday."The Indian and the foreign banks operating in the country have agreed to give income tax authorities access to their da...
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Banking Laws Bill in Parliament on Monday
Posted Date : 20-May-2012 , 11:17:25 pm | Posted By CASANSAAR
Finance minister Pranab Mukherjee will move an amended Banking Laws (Amendment) Bill in Parliament on Monday. The Bill is likely to cap shareholders’ voting rights in private banks at 26% irrespective of their total holding, diluting the provisions of the original bill which had proposed to al...
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ICICI Bank raises foreign currency deposit rates
Posted Date : 09-May-2012 , 05:45:09 pm | Posted By CASANSAAR
ICICI Bank , India’s No. 2 lender, raises foreign currency deposit rates by up to 175 basis points, effective May 8. It raised rates for 1 to 2 year tenure by 75 basis points and for 3 to 5 year tenure by 175 basis points.
The move comes within a week of Reserve Bank hiking intere...
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Outstanding Credit of Scheduled Commercial Banks
Posted Date : 09-May-2012 , 08:40:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) maintains data on Outstanding credit of Scheduled Commercial Banks (SCBs), not on loans disbursed. Outstanding credit of SCBs is given below:
(Rs. Crore)
As on 31 March 2008
As on 31 March 2009...
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Subsidiarisation of foreign banks would be tax neutral: Finance Minister Pranab Mukherjee
Posted Date : 07-May-2012 , 10:35:04 pm | Posted By CASANSAAR
In order to encourage foreign banks to operate in India as subsidiaries, Finance Minister Pranab Mukherjee today said such move be tax neutral. "The Reserve Bank of India is formulating a scheme for subsidiarisation of Indian branches of foreign banks to ring fence Indian capital and I...
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Loans to Companies/ Industrial Houses by SCBs
Posted Date : 05-May-2012 , 08:06:54 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) maintains data on outstanding credit of Scheduled Commercial Banks (SCBs) to public, private corporate and household sectors and not on loans disbursed to different sectors of the economy. The outstanding credit of SCBs to Private Corporate Sector during ...
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Rural banks told to double home loan limit for priority sector
Posted Date : 28-Apr-2012 , 08:22:57 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked all regional rural banks to double the limit for home loans to Rs 10 lakh from Rs 5 lakh for lending for priority sector. An RBI notification issued in Mumbai said that increase in the limit will be applicable for the bank loans extended to non-governme...
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RBI asks banks to allow intra-bank account portability
Posted Date : 27-Apr-2012 , 10:57:56 pm | Posted By CASANSAAR
The Reserve Bank of India on Friday asked banks to allow intra-bank account portability in cases where full KYC (know your customer) details of the concerned account have been ascertained.The facility would enable the customers to shift their account to any of the desired branch any number of t...
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Cheque bouncing may also give rise to cheating case, rules SC
Posted Date : 25-Apr-2012 , 11:20:22 pm | Posted By CASANSAAR
For issuing a cheque without sufficient fund in one's account, a person can be tried for both bouncing of his cheque and for cheating as the two trials do not breach double jeopardy doctrine, the Supreme Court has ruled.
A bench of justices B S Chauhan and J S Khehar gave ...
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Federal Bank cuts base rate by 0.20% to 10.45%
Posted Date : 25-Apr-2012 , 05:29:39 pm | Posted By CASANSAAR
Kerala-based Federal Bank today cut its base rate or the minimum lending rate by 0.20% to 10.45% following last week's RBI reduction in the key policy rate.
The bank action will be applicable from May 2, it said in a statement.
he Reserve Bank had surprised all by slashing the re...
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Banks' earning to come under pressure due to Basel-III: Anand Sinha
Posted Date : 23-Apr-2012 , 05:04:59 pm | Posted By CASANSAAR
Earnings of banks are likely to come under pressure due to the higher capital requirements for the implementation of Basel-III norms, Reserve Bank of India Deputy Governor Anand Sinha said in Mumbai.
"There is going to be pressure on banks' earnings, not only in India but across the world. That's...
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MICR, IFSC code must on passbook, a/c statement: RBI
Posted Date : 22-Apr-2012 , 09:06:10 am | Posted By CASANSAAR
The Reserve Bank has made it mandatory for all banks to print the MICR and IFSE code on the passbook and statement of account of the customers."Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that information shoul...
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ICICI Bank, PNB cut lending rates by 25 bps after RBI rate cut
Posted Date : 19-Apr-2012 , 08:41:33 pm | Posted By CASANSAAR
Country's largest private bank - ICICI Bank - and the second largest state run bank- Punjab National Bank - lowered their lending and deposit rates taking a cue from the cut in policy rate by the Reserve Bank of India (RBI). The reduction in lending rate or base rate - the minimum rate at which...
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RBI prefers zero-balance accounts
Posted Date : 19-Apr-2012 , 07:26:29 am | Posted By CASANSAAR
You can open a zero-balance savings bank account anywhere in the country now, as the Reserve Bank of India (RBI) has mandated banks to offer a ‘basic savings bank deposit account’ with some minimum common facilities and not prescribe a minimum balance.Simply put, the basic banking curren...
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Probability of hiking policy rates not ruled out: RBI
Posted Date : 18-Apr-2012 , 04:39:35 pm | Posted By CASANSAAR
The Reserve Bank of India's governor, Duvvuri Subbarao, said on Wednesday the probability of raising interest rates is small but did not rule it out due to upside risks to inflation.
"I want to reiterate once again that the probability of hiking rates is not zero but it is small, just a...
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RBI asks banks to set up process to identify NPAs
Posted Date : 18-Apr-2012 , 02:12:15 pm | Posted By CASANSAAR
The Reserve Bank of India has asked banks to install a robust mechanism to identify stressed accounts and promptly restructure viable cases to preserve the economic value. The central bank has also mandated banks to have a proper system-generated segment-wise data on their NPA account...
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No more pre-payment charges on home loans
Posted Date : 17-Apr-2012 , 10:37:23 pm | Posted By CASANSAAR
Providing relief to home loan borrowers, the Reserve Bank on Tuesday asked banks not to levy any penalty on pre-payment of loans taken on floating rate."Though many banks have, in the recent past, voluntarily abolished the pre-payment penalties on their floating rate home loans, there is a need for ...
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Window dressing: Banks raise Rs 2 lakh crore in 6 days
Posted Date : 14-Apr-2012 , 12:09:10 pm | Posted By CASANSAAR
Commercial banks in the country raised a record Rs 2 lakh crore as deposits in the last six days of March, managing to achieve an annual growth of 17.4% and reaching the Reserve Bank's comfort zone. This is reckoned to be the largest window-dressing effort to shore up the deposit ...
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Govt to infuse Rs. 1500 cr in public sector banks
Posted Date : 13-Apr-2012 , 07:51:19 pm | Posted By CASANSAAR
The government will infuse about 1,500 crore rupees in the public sector banks during the current fiscal to enhance their financial strength. This was stated by the Finance Minister Pranab Mukheerjee at the 118th foundation day function of Punjab National Bank in New Delhi.Speaking on the occassion....
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RBI allows cooperative banks, RRBs to transfer funds online
Posted Date : 10-Apr-2012 , 08:30:10 am | Posted By CASANSAAR
To popularise electronic transfer of funds, the Reserve Bank of India (RBI) on Monday allowed regional rural banks (RRBs) and cooperative banks to participate in the centralised payment systems.
With this, all the banks can now transfer funds electronically through real time gross settlem...
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Banks should play a key role in promoting inclusive growth: Pranab
Posted Date : 08-Apr-2012 , 08:28:14 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee says, inclusive growth is a key strategy to achieve and banks should play a key role in promoting it. He was speaking at the 6th International Banking and Finance Conference 2012 in Mumbai on Saturday.Mukherjee underlined the need to ensure every segment of th...
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Govt committed to infusing funds in PSU banks, says FM
Posted Date : 07-Apr-2012 , 05:58:21 pm | Posted By CASANSAAR
The government will recapitalise the state-owned banks to help them tide over the problems arising out of slow economic growth, Finance Minister Pranab Mukherjee said in Mumbai on Saturday.
"Going forward if GDP growth slows down, there could be some impact on asset quality (of banks)," Mukherjee...
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Govt monitoring efforts to recover NPAs of banks
Posted Date : 04-Apr-2012 , 04:49:19 pm | Posted By CASANSAAR
With bad loans of banks touching Rs 1.27 lakh crore during April-December 2011, the Government today said that it is monitoring the efforts for the recovery of non-performing assets (NPAs) by lenders.
“(We are) aggressively looking at efforts to recover NPAs,” the Financial Serv...
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Banks to work full day this Saturday
Posted Date : 04-Apr-2012 , 08:40:48 am | Posted By CASANSAAR
In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7.
The Finance Ministry has asked all public sector banks to to function full day this coming Saturday instead of working half-day, official sources said. Us...
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D Sarkar takes over as Chairman and Managing Director of Union Bank of India
Posted Date : 02-Apr-2012 , 04:04:33 pm | Posted By CASANSAAR
Union Bank of India today said D Sarkar has taken over as Chairman and Managing Director (CMD) of the state-owned lender. Sarkar replaces M V Nair, who headed the bank for 6 years. He has taken charge as CMD of the Bank from April 1, Union Bank of India said in a ...
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RBI asks banks to improve NPA management
Posted Date : 29-Mar-2012 , 02:04:45 pm | Posted By CASANSAAR
The Reserve Bank today asked banks to improve their ability to manage stressed assets, but said there was nothing alarming about an unexpected rise in the NPA levels this fiscal. "Concerns (on NPA) are there. Banks have to improve their ability to manage NPAs. We have told banks what is their la...
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SBI hikes fixed deposit rates by upto 1%
Posted Date : 27-Mar-2012 , 09:38:13 pm | Posted By CASANSAAR
Country's largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per cent. The SBI said in a statement that the new rate...
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Cheques, drafts to be valid only for 3 months from April 01
Posted Date : 24-Mar-2012 , 08:10:52 am | Posted By CASANSAAR
Cheques and bank drafts will be valid only for 3 months with effect from 1st April. The step taken by Reserve Bank of India, RBI, will help mitigate frauds related to such instruments. The RBI has directed that with effect from April 1, 2012, banks should not make payments against cheques, draf...
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