Priority sector Bank lending grows lower in Sept 2011
Posted Date : 07-Nov-2011 , 08:49:44 am | Posted By CASANSAAR
Bank lending to the priority sector grew at a lower rate of 11.1 percent in September 2011, against the growth of 19.1 percent inthe same month last year, on account of lower offtake by agriculture and housing segments and fall in micro credit. According to the Reserve Bank of India data, credit dis...
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e-payment system will reduce corruption: Pranab
Posted Date : 31-Oct-2011 , 06:46:13 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today expressed the hope that introduction of e-payment system by the government will help in increasing transparency and in reducing corruption. "A transparent payment trail would ensure the entire payment processes trackable ... this would be major initiative for ...
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RBI doubles transaction cap on small amount transfers
Posted Date : 30-Oct-2011 , 08:21:43 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has been making consistent efforts to achieve the objective of financial inclusion. There is a need to extend coverage to those who cannot open a bank account. It includes those working in far off places from home and have to transfer money to their families back ...
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Prepay loan without fine to housing finance companies
Posted Date : 20-Oct-2011 , 08:18:37 am | Posted By CASANSAAR
In a development that will cheer thousands of home owners who have availed of loans from any of the 54 housing finance companies (HFCs), the National Husing Bank (NHB) has banned the levy of pre-payment penalty.The NHB, which is the housing finance regulator, has also asked HFCs to ensure ...
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Govt to complete capital infusion in public sector banks by March end
Posted Date : 20-Oct-2011 , 08:15:03 am | Posted By CASANSAAR
The government on Wednesday said public sector banks including, State Bank of India, requires about 20,000 crore rupees in the current fiscal and the capital infusion would be completed by the end of March.Replying questions on the sidelines of a function in New Delhi the Financial Services Secretar...
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Taxmen to bank on high profit segments to meet target
Posted Date : 15-Oct-2011 , 09:51:20 am | Posted By CASANSAAR
Faced with an increased and "difficult" direct taxes target of Rs 5.85 lakh crore this fiscal, the taxmen will focus on high profit-making segments of the economy, a top official said today.
"These are difficult targets to achieve...We will check sections of the economy where profit...
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Govt paves way for easy loan recovery by banks
Posted Date : 14-Oct-2011 , 08:12:02 am | Posted By CASANSAAR
The Cabinet on Thursday cleared two amendment Bills paving the way for banks to recover loans from errant borrowers. The move would also help the financial institutions to reduce their non-performing assets and release funds for home, retail or corporate credit needs.
The Bills to a...
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New SBI management under govt scanner
Posted Date : 14-Oct-2011 , 08:10:13 am | Posted By CASANSAAR
The performance of the new State Bank of India Management is under the scanner, given the steep rise in the provisioning levels and the manner in which the country's largest lender handled the Moody's ratings downgrade. Top government officials are blaming the new management comprisin...
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Govt to infuse Rs 2 lakh cr into banks by 2020
Posted Date : 02-Oct-2011 , 04:36:46 pm | Posted By CASANSAAR
The government plans a whopping Rs 2 lakh crore capital infusion into the state-owned banks spread over 10 years, to help them meet fund requirement and comply with the Basel-III capital adequacy norms.
"[Capital infusion is] estimated at Rs 2 lakh crore by 2020 in public sector banks," D...
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NRIs can now open joint accounts with resident Indians
Posted Date : 16-Sep-2011 , 05:39:57 pm | Posted By CASANSAAR
Liberalising the foreign exchange rules, the Reserve Bank today allowed NRIs to hold joint account with Indian residents, a move that would help increase remittances. The central bank has also permitted sale proceeds of foreign investments in India to accrue to NRE/FCNR accounts after tax de...
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ICICI Bank to hire 6,000 people this fiscal for biz expansion: Chanda Kochhar
Posted Date : 09-Sep-2011 , 04:21:33 pm | Posted By CASANSAAR
Country's largest private lender ICICI Bank will recruit up to 6,000 people this fiscal to help its business growth and expansion, a top official said today. "Our business is growing between 18 to 20 per cent and we are also adding branches...its expected that we would hire between five to s...
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Banks should keep strong vigil on loan portfolio: Pranab
Posted Date : 08-Sep-2011 , 07:48:23 am | Posted By CASANSAAR
Cautioning that the economy is passing through turbulent times, Finance Minister Pranab Mukherjee today asked banks to maintain a strict vigil on the quality of their loan portfolio.
"The commitment to moderate levels of inflation has led to higher interest rates. In this environment, banks need ...
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No pre-payment fee on floater loans, says RBI
Posted Date : 07-Sep-2011 , 07:22:10 am | Posted By CASANSAAR
It's good news for those thinking of prepaying their home loans to lessen the EMI burden. The Reserve Bank of India (RBI) on Tuesday directed banks not to impose pre-payment charges on floating rate loans, a decision taken at its annual conference on banking ombudsman held on Monday.
Banks can, h...
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Parliament passes SBI Subsidiary Banks Bill
Posted Date : 05-Sep-2011 , 07:15:39 pm | Posted By CASANSAAR
Parliament on Monday passed a Bill which seeks to transfer powers to the Central Government from the Reserve Bank with regard to SBI subsidiary, State Bank of Hyderabad. The Lok Sabha approved the amendment made by the Rajya Sabha and passed the Bill. Though the Lok Sabha had already passe...
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RBI opening doors for corporates to enter banking industry but with conditions
Posted Date : 30-Aug-2011 , 07:44:23 am | Posted By CASANSAAR
After years of intense lobbying, business houses wanting to set up banks are spotting a ray of hope. The Reserve Bank of India is slowly opening the doors for corporates to enter the highly-regulated industry, but with caution, conditions and caveats. In draft guidelines issued on Monday, th...
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Some banks to get capital infusion of RS 2,000 crore
Posted Date : 29-Aug-2011 , 07:46:24 am | Posted By CASANSAAR
The government has decided to sanction Rs 2,000 crore to some public sector banks as part of its recapitalisation drive.
“We are in the process of sanctioning Rs 2,000 crore to a few public sector banks, but the the disbursement would take place at later date,” officia...
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In crises, banks may replenish ATMs by RBI borrowings
Posted Date : 27-Aug-2011 , 11:49:54 am | Posted By CASANSAAR
The Reserve Bank of India on Friday said banks can now replenish their automated teller machines (ATMs) with cash by borrowing up to 100 million rupees at one go from the central bank if a banking sector strike or any natural calamity creates a situation where ATMs may run out of cash.
"Depending...
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Debate on SBI Bill stalled in RS over technical flaw
Posted Date : 26-Aug-2011 , 08:00:30 am | Posted By CASANSAAR
To the embarrassment of the Government, discussion on a SBI subsidiary bill was stalled in the Rajya Sabha today after an error was detected by the Opposition.
As the debate was underway, BJP Deputy Leader SS Ahluwlaia pointed that a flaw in State Bank of India (Subsidiary Banks Laws) Amendment B...
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Only e-payments by PSBs from Sept 1
Posted Date : 22-Aug-2011 , 01:39:37 pm | Posted By CASANSAAR
Move aimed at speeding up process, checking corruption in funds’ transfer.
The Union finance ministry has told all state-owned banks and financial institutions to make payments only electronically from next month.
The move is aimed at checking corruption in transfer of funds ...
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Any bank can now join national financial switch: NPCI
Posted Date : 14-Aug-2011 , 04:29:44 pm | Posted By CASANSAAR
The National Payments Corporation of India (NPCI) has said any bank with round-the-clock core banking solution capabilities, with/out ATMs, can now join the national financial switch (NFS) through a sponsor bank. NPCI is an umbrella institution for all the Retail Payments Systems' in the coun...
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SBI, ICICI Bank raise base rates by 50 bps to 10%
Posted Date : 12-Aug-2011 , 08:26:32 am | Posted By CASANSAAR
The country's top two banks, State Bank of India (SBI) and ICICI Bank, on Thursday announced 50-basis point increases in their minimum lending rates, or base rates, to 10 per cent. The rate rises are effective from Saturday.
The banks had kept their lending rates unchanged since early J...
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Finance ministry to clear norms for new bank licences next week
Posted Date : 12-Aug-2011 , 08:21:48 am | Posted By CASANSAAR
The finance ministry will clear guidelines for new bank permits by next week, potentially setting the stage for the Reserve Bank to roll out licences after a gap of eight years. Once the finance ministry gives its go-ahead, RBI is expected to make the norms public and invite applications for ...
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Switch over to base rate from PLR system
Posted Date : 09-Aug-2011 , 09:57:40 pm | Posted By CASANSAAR
Following the announcement in the Annual Policy Statement for the year 2009-10, Reserve Bank of India (RBI) constituted a Working Group on Benchmark Prime Lending Rate (BPLR) to review the present BPLR system and suggest changes to make credit pricing more transparent. Based on the recommendations o...
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Gross NPAs of Public Sector Banks Stood at Rs.71,047 Crore as on 31st March,2011
Posted Date : 09-Aug-2011 , 09:39:08 pm | Posted By CASANSAAR
The Gross Non-performing Assets (NPA) of Public Sector Banks (PSBs) for the period ending March, 2011 stood at Rs. 71,047 crore.
The Gross NPA of State Bank of India for the period ending March, 2011 was Rs. 23,074 crore which constitutes 32% of total Gross NPAs of the PSBs.
This infor...
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Be vigilant to check NPAs; don't choke credit: FM to banks
Posted Date : 05-Aug-2011 , 06:33:27 pm | Posted By CASANSAAR
Concerned over rising Non- performing Assets (NPAs) of public sector lenders, Finance Minister Pranab Mukherjee today said banks must tackle the problem seriously but without choking credit.
"NPAs in public sector banks have witnessed an upward trend. I had a meeting with chiefs of these ba...
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5 banks including Indian Bank, Andhra Bank and Bank of Maharashtra hike lending rates
Posted Date : 01-Aug-2011 , 09:42:50 pm | Posted By CASANSAAR
Five banks, including Indian Bank, Andhra Bank and Bank of Maharashtra, have raised lending rates by up to 50 basis points in line with other lenders. The hike in interest rates come within a week of the RBI raising its key policy rates by a hefty 50 basis points to check high inflation. With the hi...
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Banks seek extension of deadline to adopt system to identify NPAs
Posted Date : 22-Jul-2011 , 03:00:22 pm | Posted By CASANSAAR
Public sector banks have requested the government to extend the deadline for moving towards the system of technology-based identification of non-performing assets. Banks have asked that the deadline, which was scheduled to expire on September 30, be extended for another six months.
Some b...
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4 PSU banks raise interest rates by up to 50 bps
Posted Date : 14-Jul-2011 , 07:03:00 am | Posted By CASANSAAR
As many as three state-owned banks including Oriental Bank of Commerce (OBC) and Indian Bank hiked interest rates by up to 50 basis points. While Indian Bank and Allahabad Bank raised base rate, or minimum lending rate by 25 basis points, OBC and IDBI Bank raised deposit rates by up to 50 basis poin...
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Cabinet likely to clear merger of SBICI with SBI tomorrow
Posted Date : 13-Jul-2011 , 09:42:14 pm | Posted By CASANSAAR
The government is likely to consider merger of State Bank of India Commercial and International Bank Ltd (SBICI) with the country's largest lender SBI at the meeting of Union Cabinet tomorrow. SBICI is a wholly owned subsidiary of SBI and functions as a private sector bank offering the an array of f...
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HDFC Bank launches Infinia, takes on American Express
Posted Date : 13-Jul-2011 , 11:30:06 am | Posted By CASANSAAR
A favourite of many global chief executives and celebrities, the American Express card, or Amex card, now has a competitor in India.
HDFC Bank, the second-largest private sector bank in the country, on Tuesday launched 'Infinia' cards for the uber-rich, high net worth community in Ind...
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