Keyword : Banking

Banks strike withdrawn after a deal to hike wages by 15%

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

SBI’s extended hours in Maharashtra on April 4, many ICICI bank branches open today

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

Banking, insurance, travel going to be expensive due to service tax

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

Mallya case: banks to learn their lesson

The recent statement from the liquor baron Vijay Mallya indicating he may

Lessons from NPA crisis

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

Stories you must read over the weekend

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

A unified way of doing banking

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

Beyond the rate: Rajan’s prognosis for economy

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 exit from RBI?

Has Modi govt erred in Raghuram Rajan`s

Thus spake outgoing RBI governor Raghuram Rajan

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.

We respect Raghuram Rajan’s decision: Sitharaman

Commerce minister Nirmala  Sitharaman on Monday tried to play down the  controversy regarding RBI governor

“We have opened over 36 lakh accounts under PMJDY”

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

The potential of forensics

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

You will now need to submit KYC just once

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

Preventing bad loans

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

Banking and transport workers on strike against new labour policies

 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

NPAs have grown tremendously in last one year: Sitaram Yechury

 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

The road not taken

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

My NPAs, your NPAs

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

Rising NPAs as a principal-agent problem

In economics, a principal-agent problem refers to the existence of a moral hazard is

Why Modi’s next target is benami property

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

Purple is the new black

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

Mobile ATM: When joy knew no bounds

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

Demonetisation is a regressive and anti-poor measure: KC Chakrabarty

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

Demonetisation: Revised income tax returns may be scrutinised

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

Steps have been taken to tackle black money: Amitabh Kant

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

Govt, pvt sector must collaborate to bring women and migrants in formal banking

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

Two counts of failure

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

Demonetisation: Rule changed yet again

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

Demonetisation impact on formal remittances could be significant: Expert

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

Currency in circulation plunged by Rs 7.4 trillion up to December 2: RBI

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 launches Aadhaar Pay

 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

Review, comparison and step-by-step guide on BHIM app

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

BHIM app crosses one million downloads

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

Mumbai: Digi Dhan Mela held to promote cashless payment

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

Overhauling of banking system could be next

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

RBI imposes Rs 30 million penalty on Lakshmi Vilas Bank

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

Benami property, black money and demonetisation

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

India gets payments banks

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

Digital literacy awareness programme for senior citizens in Mumbai

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,

Hulkonomics and the 2D effect (Or how I learned to stop worrying and love demonetisation)

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

Report cash deposits of Rs 10 lakh or more: CBDT to banks

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

Cooperative banks can’t accept deposits under PMGKDS: RBI

The Reserve Bank of India has said that cooperative banks cannot accept deposits under Pradhan Mantri Garib Kalyan Yojana.

Decline in business sentiment: RBI survey

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 may delay Indian banks’ asset-quality recovery: Fitch

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

RBI cautions about Bitcoins

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

Does the nation have a right to know anything about DeMO-ReMo?

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

RBI keeps repo rate unchanged

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

RBI looks at rationalising debit card transaction rate for merchants

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

Countries are printing more and more of currency: RBI deputy governor

     “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

One UPA idea NDA is not pursuing: women’s bank

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

Why India needs a bullion bank

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

Bad loan clean-up prospects at Indian banks improving: Fitch

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

“Stressed assets liquidation key to de-clog bank balance sheets”

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

Need to swiftly restore public sector bank health: RBI dy 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

Capital infusion plan good for Indian public sector banks: Moody`s

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.

Bank recapitalisation plan will safeguard economic future: RBI chief

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

Payment of outstanding subsidy to fertiliser firms approved

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

Bharat-22 ETF launched to benefit investors

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



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