The nation can heave a sigh of relief as public sector banks employees` have decided to withdraw the four day scheduled from February 25. This follows an agreement with the Indian Banks Association
While State Bank of India is going to extend the banking hours at all its branches in Maharashtra on April 4 (Saturday is normally half day) after three days of holidays, premier private sector ban
Savings will be taxed so will be spending. From Monday most of the services one buys will attract enhanced service tax of 14% and TDS (tax deducted at source) is going to charged on all kinds of FD
The recent statement from the liquor baron Vijay Mallya indicating he may
The bad loan in the name of Vijay Mallya is more than the total default on education loans in the country at a little over Rs 5,000 crore. But still his case is just a drop in the ocean of non-perf
At Kondhavguda village, most people are out in the forest to pick wild food or firewood, tending to farms, washing at streams or carving out bricks from a muddy ditch. Aadi Kumbruka looks much youn
The banking coverage might be poor in rural parts but in cities many people have at least two bank accounts. Keeping a tab on them is a hassle. More so, if you are managing them on a smartphone. Yo
In the second bi-monthly monetary policy statement of 2016-17, RBI governor Raghuram G Rajan on Tuesday decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged
Has Modi govt erred in Raghuram Rajan`s
Amidst the speculations and debate over serving a second term as Reserve Bank of India (RBI) governor, Raghuram Rajan declared that he would return to academia after his term finished in September.
Commerce minister Nirmala Sitharaman on Monday tried to play down the controversy regarding RBI governor
Oriental Bank of Commerce (OBC) has a reason to smile at a time when many of the public sector banks (PSB) are struggling due to bad loans, non-performing assets (NPA) and economic slowdown. Wh
Using IT in forensic science is no longer restricted to the realm of sci-fi. It can help the government and agencies in cracking cases like those arising from the Panama Papers, rising NPAs of
In a move that will save a lot of banking hassle for customers, the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) have directed banks and insur
The level of NPAs with public sector banks accumulating over the last many years has seen a sharp spike and is not going to come down in a short or medium time frame. It is also necessary for us to
Services like banking and public transport were largely affected on Friday as more than a million workers across various sectors were on a day-long nationwide strike, protesting against new l
CPI (M) general secretary Sitaram Yechury said top ten corporate houses alone owe a staggering amount of Rs 7 lakh crore to banks and financial institutions. Yechury, who had writte
In May 2014, a committee headed by PJ Nayak, former chairman and CEO of Axis Bank, came out with a report that laid out a roadmap for setting public sector banks (PSBs) free from the government&rsq
It is a common enough notion in the market and among investors that private sector banks have superior asset management skills and consequently, a miniscule amount of toxic assets. This popular nar
In economics, a principal-agent problem refers to the existence of a moral hazard is
Taking Rs 500 and Rs 1,000 notes out of currency is, of course, not enough to fight black money. In the days to come, the Modi government will have to take a series of moves to make this step e
The man standing in front of me shifted his weight from his left leg to the right leg. A minute later he gazed forlornly at the serpentine queue outside the ATM, adjusted his spectacles and shifted
Someone breathlessly said: “Mobile ATM has come. Mobile ATM has come.” The message had an electrifying effect on the employees. Amid whoops of joy, they promptly went scurrying out of t
Dr KC Chakrabarty, former deputy governor, Reserve Bank of India, headed currency management at the central bank before taking premature retirement in March 2014. Known for his frank an
If you are planning to file a revised income tax return following demonetisation, then be warned. The income tax department will be looking out for manipulation or fudging and such cases may be tak
The government has initiated numerous steps to combat the scourge of corruption and black money in the last two and a half years, said NITI Aayog CEO Amitabh Kant on Thursday. Addres
India ranks in the middle of a group of 26 emerging economies regarding access to formal financial services, according to a global study. The Brookings Financial and Digital Inclusion Project (FDIP
The Indian government has audaciously put the demonetisation show on the road, though with little consideration of infrastructural, banking and connectivity back-up. After making his own set of pol
One thing consistent about demonetisation has been the ever-changing rules. Monday saw a new rule in place. One can now deposit the scrapped currency of Rs 500 and Rs 1,000
The longer run impact of demonetisation on formal domestic remittances could be significant. Following up on a major financial inclusion initiative (Jan Dhan Yojana) and new payments banks, this mo
Liquidity conditions have undergone large shifts in Q3 so far, said the Reserve Bank of India which added that surplus conditions in October and early November were overwhelmed by the impac
IDFC Bank has announced the nationwide launch of IDFC Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution that uses a retailers’ own android smartphone to enable
Transferring and receiving money in banks was not easy until the launch of united payment interface (UPI)-based mobile banking, a product of national payments corporation of India (NPCI), a governm
The BHIM app has crossed a million registered users on Tuesday. The smartphone application for digital banking is available for Android phones and will soon be available for iOS users within a mont
To promote and generate awareness for digital payments for citizens Maharashtra government organised Digi Dhan Mela in Mumbai on Tuesday. Headed by NITI Aayog and the department of e
Over a period of time, banks may go in for mergers, consolidation and lots of thinking was going into the entire process, said Banks Board Bureau chief Vinod Rai. “The entire p
The Reserve Bank of India has imposed a monetary penalty of Rs 30 million on Lakshmi Vilas Bank Ltd. (LVB) for contravention of instructions relating to opening and operation of current accounts, e
The Demonetisation, the black money and the benami property, the three vibrant words in the Indian economy, has impacted the life of people across the country. In the fight against black money, pri
Payments Banks have now become a reality for the Indian banking industry, with Airtel becoming the first licence-holder to roll out its services for 29 states. The leading telecom service provider
A digital education and awareness programme was organised by Centre for the Study of Social Change (CSSC) under union ministry of social justice and empowerment. Principal Advisor,
A close friend, stock market wizard and intellectual sparring partner, also a Marvel Comics and Stan Lee fan, has been keenly following the demonetisation debate in media and elsewhere. &ld
Central Board Direct Taxes has asked banks to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of
The Reserve Bank of India has said that cooperative banks cannot accept deposits under Pradhan Mantri Garib Kalyan Yojana.
The Reserve Bank of India’s Industrial Outlook Survey has indicated a decline in business sentiments. This round of the survey was conducted during October-December 2016. The s
Demonetisation is likely to push back the recovery in Indian banks` asset quality, given the disruptive impact that cash shortages have had on the country`s large informal economy, said Fitch Ratin
The Reserve Bank of India has cautioned about virtual currencies, including Bitcoins. The RBI advised that it has not given any licence / authorisation to any entity / company to ope
The demonetisation of currency notes of Rs 1,000 and Rs 500 denomination that the government announced on November 8, 2016 and the subsequent remonetisation of the economy has affected almost every
The Reserve Bank of India (RBI) on Thursday kept the repo rate, which is the short-term lending rate, unchanged at 6.25 percent. Repo rate is the rate at which the central bank of a
The Reserve Bank of India (RBI) has sought public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions. MDR is the rate charged
“As regards death of currency, it is not a new subject. It has been predicted right from early 1950s,” said R Gandhi, deputy governor Reser
NDA has smartly appropriated a slew of UPA initiatives that it had opposed when in the opposition – from Aadhaar to DBT and financial inclusion. However, here is one initiative the government
India’s affinity for gold is a well-known fact, so is its dependence on gold imports to meet the domestic demand. More than 98 percent of the gold consumed in the country is met throu
Recent regulatory actions in India suggest the authorities are making a more concerted push to tackle banks` bad loan problems, says Fitch Ratings. "We believe that asset resolu
Swift, time-bound resolution or liquidation of stressed assets will be critical for de-clogging bank balance sheets and for efficient reallocation of capital, said Reserve Bank of India governor
“We need soon a much more powerful plan – “Sudarshan Chakra” – aimed at swiftly, within months if not weeks, for restoring public sector bank health, in current owne
Moody`s Investors Service says that the Indian government`s (Baa3, Positive) announcement of a Rs 2.1 trillion recapitalization plan for public sector banks is a credit positive for the sector.
A well-capitalised banking, and in general, financial intermediation, system is a pre-requisite for stable economic growth, said RBI governor Urjit Patel who added that economic history has shown u
The cabinet on Wednesday approved Special Banking Arrangement (SBA) for payment of outstanding subsidy to fertilizer companies. The Cabinet Committee on Economic Affairs chaired by p
The centre has launched BHARAT-22 exchange traded fund (ETF), managed by ICICI Prudential mutual fund to target an initial amount of about Rs 8,000 crore. The new fund offer is open till November 1
The free services of public sector banks are not being discontinued, said a top official. There were online reports that said all free services of public sector banks would be discon
“Demonetisation has created an entire system of digitisation and financial inclusion,” said PK Gupta, managing director (Retail and Digital Banking), State Bank of India, at the launch
Billionaire jeweller Nirav Modi, whose properties are being searched after
The Punjab National Bank`s fraudulent transactions worth Rs 11,300 crore should act as a strong trigger for the government for reducing its stake to less than 50 percent in the banks which should t
The dazzling diamond trade has been hit hard by the Nirav Modi episode, which saw the billionaire jeweller flee India just before a massive fraud amounting to Rs 11,000 crore was detected at a Punj
The large-scale fraud perpetrated on Punjab National Bank has hit its rating. Fitch Ratings has placed its Viability Rating of `bb` on Rating Watch Negative (RWN). The rating firm said it will reso
The Right to Information (RTI), used efficiently, could have helped activists and bankers expose irregularities much before they snowballed into full-fledged scams – the one at Punjab Nationa
Could RTI have saved banks from scams?
Diagnosing what ails India’s governance, Bihar chief minister Nitish Kumar used to name three units or offices that are so corrupted that they are beyond redemption: village patwaris, police
After becoming the brand ambassador for Punjab National Bank in 2016, cricket star Virat Kohli has appeared in advertisements promoting a variety of loans. Now that PNB is in deep soup over an alle
Modern banking in India is just about 250 years old. In the interim, we have witnessed dozens of crises, scams and scandals of varying degrees. In many cases, dozens, even more, banks failed. The r
All out efforts must be made by banks, regulators, government and India Inc to limit the collateral damage from the fraud in PNB, said Assocham. It cautioned over-reaction by the ban
As many as 18 people have so far been arrested in the Punjab National Bank fraud involving diamantaire Nirav Modi and his uncle Mehul Choksi, parliament was informed. As per Reserve
Pan India Rollout of 650 branches of the India Post Payments Bank is to commence from April, 2018, parliament was informed. Union minister Manoj Sinha said that the India Post Paymen
Recalling his thoughts at the Governance Now 1st India Banking Conclave in 2016, when former Reserve Bank of India deputy governor, SS Mundra had said banking sector reform is a journey and not des
Personalised banking, relationship managers, courteous but insistent calls to sell cards, insurance and other services – these are the positives one has come to associate with private and mul
Tata Tele Business Services (TTBS) introduced Smart Office solution to the SMEs in Mumbai. Smart Office is an innovative single box solution crafted to meet all Information and Communication Techno
Over the years, many of us have witnessed the rapid transformation in modes of communication; from the postman bringing letters, telegrams and money orders to our doorstep to telephones, cordless
In their eponymous book on debt crises, noted economists Carmen Reinhart and Kenneth Rogoff remarked that the most dangerous words in any language are: “This time is different.” The n
“The banking sector under the leadership of prime minister Narendra Modi has seen major announcements like the bold step of demonetization and PMJDY which were never seen before. We are now l
Finance minister Nirmala Sitharaman has announced what is described as ‘Big Bank’ reforms, consolidating the public sector banking by merging 10 banks into four. This will make Punjab N
The Inception The problem of surging NPAs on one hand and the issues of indebted companies on the otherwere the primary reason that gave birth to the Insolvency & Bankru
Genuine and bona fide default in business will no longer lead to the tag of criminality and punishment, as the government has decided to amend the company law. The union cabinet, chaired by prime m
Given the government guidelines under which units have to work and lack of bank support to the MSME sector, a V shape recovery cannot be expected, and the road ahead will be slow and painful.
Acknowledging that much needs to be done in the banking sector, BJP national spokesperson Sambit Patra has said that the government was working on the nitty-gritties. “As far a
The revival of the government’s reform agenda in response to the coronavirus pandemic shock has the potential to raise India’s medium-term growth rate, Fitch Ratings has said in a new a
The scheme of amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL) has been approved by the union cabinet on Wednesday. On November 17, to protect dep
In India’s banking system, non-performing asset (NPA) has been a very serious issue. Some or the other bank is regularly going out of or coming in to the RBI moratorium; the very recent examp
The Standing Committee on Finance of the parliament has come out with a report on implementation of the Insolvency and Bankruptcy Code (IBC) - pitfalls and solutions. It was presented in both house
Shopkeepers, businessmen and traders in Pune, Satara, Kolhapur,Raigad, Ratnagiri and Sindhudurg district that were affected by devastating floods can look forward to some financial help from distri
Union minister of finance and corporate affairs Nirmala Sitharaman Wednesday unveiled the fourth edition of the Public Sector Bank (PSB) Reforms Agenda for 2021, called ‘EASE 4.0’, in M
The Insolvency and Bankruptcy Code (IBC) 2016 was enacted in May 2016. It was a milestone event in the financial sector reforms. In its five years of journey, five key takeaways of IBC are as follo
The Reserve Bank of India (RBI) and the Monetary Authority of Singapo
The cabinet has cleared the formation of ‘National Asset Reconstruction Company Limited’ (NARCL) which will acquire “stressed assets” of about Rs. 2 Lakh crore in phases wit
After the recent announcement of the government guarantee for Security Receipts (SRs) to be issued by a public sector-owned National Asset Reconstruction Company Ltd (NARCL), there is a surge of in
An RBI appointed committee to review the working of Asset Reconstruction Companies (ARCs) recently submitted a report containing a set of 42 recommendations. The recommendations have been made to e
A few months after the Punjab and Maharashtra Co-Operative Bank Ltd (PMC Bank) was put under moratorium in September 2019, I met an announcer in a function on banking organised by an industry body,
At the outset, for those who are not familiar with the nomenclature ‘Hindu Rate of Growth’, it refers to the low economic growth in post-independent India till the 1990s, when several e
Finance Minister Nirmala Sitharaman Tuesday announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23. Presenting the Union Budget 2022-23 in the Parlia
The government needs to do to its disinvestment deals in a transparent and above-board manner and ensure that deals are free from the investigative scanner, well-known banker and chartered accounta
Escalating tensions between Russia and Ukraine have made the Indian government worried if the market situation is conducive but it will go ahead with the upcoming initial public offering of the sta
Merger is a corporate strategy involving two companies to combine and form a new legal entity under a common corporate name. Merger deals between industry rivals have always attracted considerable
Merger as a corporate strategy involves two companies coming together to form a new legal entity under a common corporate name. Mega merger deals have always attracted considerable attention from a
The 2020 Nobel Prize in economics was awarded to Paul Milgrom and Robert Wilson for their pioneering work in the auction theory. Milgrom developed bidding strategies in which bidders could learn ab
The cases of cyber fraud are rising again in India, after a dip in the first year of the pandemic, official figures show. In 2021-22, there were 13,951 cases of fraud, involving an a
In April 2021, the Reserve Bank of India (RBI) appointed a six-member committee headed by a former Executive Director of RBI to comprehensively review the functioning of Asset Reconstruction Compan
When discussing digital currency, you might think of one or two well-known varieties. There is the digital representation of currency that you access with mobile and online banking services. This c
In a judgment with far-reaching implications, the Supreme Court has held that the civil consequences of an account being declared as fraud under the Reserve Bank of India (Frauds Classification and
India Post Payments Bank, in collaboration with Airtel, on Friday announced the launch of WhatsApp Banking Services for IPPB customers, enabling them to access banking services on their mobile phon
Green Banking is an initiative taken by the banks to promote environment-friendly practices and reduce carbon footprint of their activities. Green financing (a part of ‘Green Banking’)
The total number of Jan Dhan accounts have crossed 50 crore as on August 9, as per the latest reports submitted by banks. Out of these accounts 56% accounts belong to women and 67% accounts have be
Indian banks` profitability is likely to continue to improve, although net interest margin (NIM) compression will limit earnings upside over the medium term, according to Fitch Ratings.
Banks across India are levying inconsistent service charges on basic savings accounts. A study, “Benchmarking Reasonableness of Service Charges by Banks in India”, uncovers and exposes
