BANKING

Need to overhaul business correspondent model of financial inclusion: Canara Bank CMD

The business correspondent (BC) model has been long considered the favourite choice of policymakers in connecting the last mile into financial inclusion, but it faces a huge trust deficit – so much so that even top bankers have been raising

RBI seeks more info from banking licence applicants

Inching a step ahead in the screening of applications for banking licences, the reserve bank of India (RBI) has asked the applicants to submit additional information by next week. It has also approached other regulators including the securities an

Independent research analysts to soon come under Sebi purview

The securities and exchange bureau of India (Sebi) is considering bringing in the ‘independent’ research analysts covering the Indian stock markets under its ambit in an attempt to minimise the risk of individuals/companies manipulatin

To attract more funds from govt, PSBs compete on providing cheap loans

Looks like the finance ministry’s move to encourage banks to give out cheap consumer loans, in return for greater capital, has done the trick. According to a report in The Economic Times, soon after the government announced its &lsq

Penalise willful defaulters but help genuine ones: FinMin tells PSBs

As bankers prepare for the review meeting with finance minister P Chidambaram on Tuesday, the finance ministry has suggested a two-way approach to check the mounting pile of bad loans. It has asked public sector banks (PSBs) to provide adequate su

Appoint nominees on boards of investee companies, govt tells LIC

With a view to ensuring protection of shareholders’ rights, the government has directed Life Insurance Corporation (LIC), which has investments in over 100 companies, to appoint nominees on boards of all those companies in which it has signi

RBI launches new RTGS system

Reserve Bank of India governor Raghuram Rajan, on Saturday, launched the revamped real time gross settlement (RTGS) system to facilitate real-time settlements of payments online. The governor is hopeful that the new system would enhance efficiency

HSBC to close all retail broking accounts in India after Dec 3

Hong Kong and Shanghai Banking Corporation (HSBC) which announced the shutting down of its retail broking and depository business in India has given customers a notice period till December to transfer securities lying in their de-mat accounts to o

Sebi to bring in new corporate governance norms

Following the passage of the new Companies Act, the securities and exchange board of India (Sebi) is looking to incorporate its provisions in the Sebi Act so as to enhance the corporate governance practices in listed companies. According

With WPI over 6%, rate cut unlikely

Looks like Reserve Bank of India (RBI) governor Raghuram Rhajan will have to wait longer before he can give in to popular demand of easing up interest rates thanks to persistent inflationary pressures. With the rise in the wholesale price index (W

Sebi proposes norms for consent settlement of disputes

The markets watchdog securities and exchange board of India (Sebi) has come out with new norms for settling administrative and civil disputes against defaulters barring cases of insider trading, employing manipulative practices and illegal raising

Major reforms in banking sector on anvil, says RBI Guv

In a major fillip to the banking structure in the country, the Reserve Bank of India is contemplating allowing entry of foreign banks to set up branches or acquire domestic banks, governor Raghuram Rajan has said. According to a report in

Sebi to permit REITs in India, issues draft guidelines

India’s real estate sector is neck deep in crisis with delays in completion of projects, demand having slowed down and interest rates remaining high. In order to add depth to the country’s real estate market, the securities and exchang

To boost liquidity, RBI further slashes MSF to 9%

Having faced the ire of investors for tightening liquidity conditions earlier in July, the Reserve Bank of India (RBI) has been working on easing those conditions so as to restore market sentiment. The apex bank on Monday slashed the marginal stan

It’s official, SBI gets its first woman chief

The country’s largest lender State Bank of India (SBI) got its first woman chairperson Arundhati Bhattacharya who assumed charge on Monday. Bhattacharya took over the post from Pratip Chaudhuri after he retired on September 30. The g

RBI finalises external committee on new bank licences

A three-member external committee to recommend granting of new banking licences was finalised by the reserve bank of India (RBI) on Friday. Apart from former RBI governor Bimal Jalan, whose name was announced earlier as the panel head, th

Sebi allows put and call options in M&A deals

In a major fillip to investment activity, the securities and exchange board of India (Sebi) has allowed investors to buy and sell shares under share purchase agreements (mergers and acquisitions). The move to legalise put and call options in share

Govt to inject more capital in PSBs

In another desperate measure to boost demand and enhance investment activity, the government has decided to inject more capital into the public sector banks (PSBs) over and above the sum of Rs 14,000 crore announced in the 2013-14 budget. However,

FinMin doubtful over use of overseas funds by financial institutions

Public sector financial institutions, which were recently given the approval to raise funds abroad, may not be able to utilize these funds completely, the finance ministry has said. According to a news report in Mint, the finance ministry

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