LIC acquires 10 pc stake in Andhra Bank
Posted Date : 28-Jun-2011 , 10:37:53 am | Posted By CASANSAAR
The country's largest insurer, LIC, has hiked its stake in state-run Andhra Bank to 10 per cent through stock market purchase. Life Insurance Corporation (LIC) has bought over 5.58 crore shares or 9.99 per cent stake in Andhra Bank on June 21 through open market deals, Andhra Bank said in a disclosu...
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Swiss banks' foreign assets fall by about Rs 5 lakh cr
Posted Date : 19-Jun-2011 , 04:58:06 am | Posted By CASANSAAR
The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India.The securities kept by foreign entities in Swiss banks were valued at 2.39...
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Pranab asks banks to improve asset quality
Posted Date : 17-Jun-2011 , 09:29:53 am | Posted By CASANSAAR
Expressing concern over the rising non-performing assets (NPAs), finance minister Pranab Mukherjee on Friday asked banks to adopt better risk management practices and improve the quality of their assets.
"It is important for banks to constantly monitor and bring down the non-performing assets to t...
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73,000 villages to have banking facility by 2012: FM
Posted Date : 12-Jun-2011 , 09:36:17 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee today said 73,000 villages in the country would have banking facility by next year."By March 31, 2012, banking facility will be available in 73,000 villages across the country going by the current pace of work," Mukherjee said after inaugurating a Punjab Natio...
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Bank FDs still attractive than proposed rates of small savings
Posted Date : 09-Jun-2011 , 11:55:39 am | Posted By CASANSAAR
Bank fixed deposits would continue to remain more attractive for savers than long-term deposits under small savings schemes of post office despite the hike in interest rates proposed by the government panel.At the current market condition, the term deposit rates are as much as 50 basis points ...
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Banks may get to sell products of 4 insurance companies
Posted Date : 07-Jun-2011 , 08:16:36 pm | Posted By CASANSAAR
Banks may soon be allowed to sell products of four insurance companies. According to a report of the Committee on Bancassurance, banks may be allowed to tie up with any two sets of insurers - two in the life insurance sector , two in non-life, two in health, ECGC and AIC. Bancassurance, a distributi...
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Draft norms on new bank licences soon
Posted Date : 02-Jun-2011 , 09:00:07 pm | Posted By CASANSAAR
The Finance Ministry on Thursday said the Reserve Bank will come out with the draft guidelines on new bank licences soon.
“The RBI has given it (recommendations) to the Finance Ministry and is also consulting other stakeholders. Based on this, they will come out with draft guidelines ...
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Bank of India raises deposit rate by up to 2.5 per cent
Posted Date : 31-May-2011 , 09:35:33 pm | Posted By CASANSAAR
State-owned Bank of India (BoI) today raised fixed deposit rates on various maturities by up to 2.5 per cent.The bank increased the interest rate by 250 basis points (2.5 per cent) to 5.50 per cent for term deposits of 31-45 days' tenor. The deposit rate increase is the maximum in this slab, the ban...
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Banks' NPAs may rise due to rate hikes: Central Bank of India
Posted Date : 31-May-2011 , 11:11:33 am | Posted By CASANSAAR
Central Bank of India chief S Sridhar today said the industry's non-performing assets (NPAs) are likely to increase, as some smaller companies that borrowed during the low rates regime would find it difficult to service their loans due to the hike in rates."Some increase in NPAs cannot be ruled out ...
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Finance ministry okays norms for new bank licences
Posted Date : 27-May-2011 , 09:27:26 pm | Posted By CASANSAAR
The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidel...
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Pay savings a/c interest quarterly: RBI to banks
Posted Date : 26-May-2011 , 11:36:15 am | Posted By CASANSAAR
After asking banks to calculate the savings deposit rates on day to day basis at 4%, the Reserve Bank of India wants banks to pay the interest to depositors at a uniform period of three months.
At present, each bank follows its own schedule including monthly, quarterly and and half ...
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RBI to soon release guidelines on new bank branches
Posted Date : 26-May-2011 , 11:31:03 am | Posted By CASANSAAR
The Reserve Bank will soon release guidelines for implementing its proposal to locate at least a quarter of the new bank branches in the unbanked areas, which generally fall in the rural areas."RBI will issue guidelines for 25 per cent rural branches soon," said a banker present at the central...
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SBI to introduce green-channel banking at more branches
Posted Date : 11-May-2011 , 10:42:19 am | Posted By CASANSAAR
State Bank of India (SBI) will introduce "green-channel banking" at more of its branches to promote paperless work and to facilitate faster transactions for customers, SBI sources said.All major transactions, including withdrawals, deposits and remittances up to Rs 40,000, will be made through green...
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SBI rules out merger of affiliates this year
Posted Date : 26-Apr-2011 , 08:54:31 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee will review the performance of all public sector banks next month after they announce financial results for 2010-11, a senior official said.
"We will have a review meeting next month with the finance minister...may be towards the end of May," Department of Fi...
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New rules soon for better service to bank customers
Posted Date : 17-Apr-2011 , 11:15:27 am | Posted By CASANSAAR
Bank customers may soon expect better services and fast-track redressal of their grievances as RBI is likely to soon consider a fresh set of rules to improve the banks' customer service practices.
Almost a year after RBI put in motion a process to improve banks' customer service practices, a high...
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Finance Ministry to meet PSU bankers on April 26
Posted Date : 12-Apr-2011 , 09:29:45 am | Posted By CASANSAAR
Finance Ministry will hold annual performance review of public sector banks here on April 26 to evaluate various aspects including non-performing assets and financial inclusion.
The meeting will chaired by Financial Services Secretary S K Sharma instead of the usual practice of Finance Minister c...
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ICICI a foreign firm, subject to FDI norms: Govt
Posted Date : 02-Apr-2011 , 08:38:35 am | Posted By CASANSAAR
The government on Thursday said that ICICI Bank and other lenders whose more than 50 per cent equity is owned by overseas entities will be treated as foreign companies for the computation of foreign direct investment (FDI) in the country.
"ICICI is an Indian bank, but it is over 50 per cent (eq...
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Rabobank receives banking license in India
Posted Date : 02-Apr-2011 , 08:37:52 am | Posted By CASANSAAR
The Netherlands-based Rabobank on Friday said it has received approval from the Reserve Bank of India (RBI) to establish banking presence in the country through a maiden branch in Mumbai.
Rabobank is present in India through a wholly owned subsidiary, Rabo India Finance (RIF), which is register...
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Tight liquidity forces banks to borrow more from RBI
Posted Date : 15-Mar-2011 , 11:32:43 am | Posted By CASANSAAR
Advance tax outflows worth Rs 80,000 - 90,000 crore, coupled with year-end pressures to shore up their books, forced banks to borrow up to Rs 94,250 crore from the Reserve Bank of India on the first day after the reporting Friday. Banks are always looking at strengthening their...
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1,360 crore unclaimed funds in banks
Posted Date : 14-Mar-2011 , 09:33:48 pm | Posted By CASANSAAR
An estimated Rs 1,360 crore is lying unclaimed dein foreign and national banks in India. Data provided by RBI in response to Right to Information queries said that the apex bank had asked banks to redouble their efforts in tracking down customers and their legal heirs.
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