Category: Banking

FM announces amalgamation of banks to achieve higher economic growth

Newsroom24x7 Network New Delhi: Finance & Corporate Affairs Minister Nirmala Sitharaman on Friday, 30 August 2019, announced the Union Government’s decision to consolidate Public Sector Banks (PSBs) for strong national resence & global reach. The banks being amalgamated together handle 82% of PSB business and 56% of Commercial bank business. These are being brought together

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Withdrawal of Minimum Balance Penalty by Banks: Government stand and RBI guidelines

Newsroom24x7 Network   New Delhi: According to Reserve Bank of India (RBI) guidelines, banks do not have any Minimum Balance requirement for Basic Savings Bank Deposit accounts (BSBD), including accounts opened under Pradhan Mantri Jan DhanYojana (PMJDY). As on March 2019, there were 57.3 crore BSBD accounts across the country including 35.27 crore (61.6%) Jan-Dhan

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Why speculate when Whispersinthecorridors is always first to tell you who goes where

Newsroom24x7 Network   New Delhi: Its not only in the case of the Bureaucracy, Corporate world, Banking sector and the Defence forces that  whispersinthecorridors.com always hits the bulls eye everytime it makes a forecaste but what’s amazing is that this platform is also a concrete source of credible information when it comes to projecting political developments well

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ACC clears reappointment of RBI Deputy Governor NS Vishwanathan

Newsroom24x7 Network New Delhi: The Appointments Committee of the Cabinet (ACC) on Monday 1 July 2019, approved the reappointment of NS Vishwanathan, Deputy Governor Reserve Bank of India (RBI) for a period of one year with effect from 4 july 2019 Rabindra Panwar, IAS (Bihar 1985), Secretary Ministry of Women and Child Development was on

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Compulsory retirement and sword of prosecution haunts the wayward civil servants and bankers

Newsroom24x7 Network New Delhi: After a thumping victory in the general Elections to Parliament, the Narendra Modi led NDA Government has started its second consecutive term in power at the Centre by giving the clear message that it will not tolerate the poor performers and the wayward in the all India services who fail to

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Bhavesh leads, Services’ boxers  on top, Haryana Girls dominate

Harpal Singh Bedi New Delhi: World Youth Bronze medalist, Bhavesh Khittimani outpunched his Manipuri opponent Bhimjit Singh Heikrujam to win the 52kg bout at the end of day 4 at the 3rd Youth National Boxing Championships in Rudrapur, Uttarakhand. Along with Bhavesh, three more boxers from SSCB advanced to the semi-finals, thereby ensuring a leaders

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Fitch downgrades long-term default and viability rating of ICICI and Axis banks

Newsroom24x7 Network Mumbai: Fitch Ratings has downgraded ICICI Bank Limited’s Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-‘ and its Viability Rating to ‘bb+’ from ‘bbb-‘. The Outlook on the IDR is Stable. Fitch has also affirmed ICICI’s Support Rating at ‘3’ and Support Rating Floor at ‘BB+’. A full list of rating actions

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No gold shifted from India to other countries in 2014 and thereafter

Newsroom24x7 Network Mumbai: Reserve Bank india today, 3 May 2019, stated categorically that no gold was shifted by the RBI from India to other countries in 2014 or thereafter. The RBI statement comes as a rejoinder to certain media reports. Underscoring that the reports in question are “factually incorrect”, RBI has further said thatIt is

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Investigations have led to detection of more than Rs. 11000 crore of credits in undisclosed foreign accounts: CBDT

Newsroom24x7 Network New Delhi: In the offshore accounts linked to around 700 Indian persons, as revealed by International Consortium of Investigative Journalists (ICIJ) from April 2013 onwards, sustained investigations conducted in these cases have led to detection of more than Rs. 11,010 crore of credits in the undisclosed foreign accounts so far. Moreover, in the

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Fictitious transaction of sale of property in Delhi: Banks and financial institutions cheated

Newsroom24x7 Network New Delhi: Delhi Police have registered a case of serious economic offences against few persons accused of have dishonestly and fraudulently, in conspiracy with each other and some other unknown persons have cheated multiple banks and financial institutions, including Aditya Birla Housing Finance Limited  (ABHFL),  Syndicate Bank, Canara Bank, Axis Bank, Indian Bank,

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Jet Airways is grounded as consortium of lenders refuse to fund critical services

Newsroom24x7 Network Mumbai: Late night this past Tuesday 16 April 2019, Jet Airways was informed by the State Bank of India (SBI), on behalf of the consortium of Indian Lenders, that they were unable to consider its request for critical interim funding. Since no emergency funding from the lenders or any other source was forthcoming,

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Fitch Ratings: RBI Governor resignation highlights risks to policy priorities

Newsroom24x7 Network Hong Kong/Singapore: The resignation of the Reserve Bank of India (RBI) governor on 11 December follows a period of government pressure on the central bank to spur economic growth, and highlights risks to the RBI’s policy priorities, says Fitch Ratings. The RBI’s efforts to address bad loan problems have the potential to improve

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Indian banks reflect weak core capitalisation and poor profitability

Newsroom24x7 Network Mumbai: Fitch maintains a negative sector outlook on Indian banks, to reflect the ongoing struggle of state banks with weak core capitalisation amid rising macro headwinds and poor profitability. Indian banks need significantly more capital than that the state has earmarked so far, given the size and complexity of the asset-quality problem and

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RBI discusses restructuring scheme for stressed MSMEs

Newsroom24x7 Network Mumbai: The Reserve Bank of India’s (RBI) Central Board met today in Mumbai and discussed the Basel regulatory capital framework, a restructuring scheme for stressed MSMEs, bank health under Prompt Corrective Action (PCA) framework and the Economic Capital Framework (ECF) of RBI. The Board decided to constitute an expert committee to examine the

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