Category: Banking

CBI files charge sheet against Deccan Chronicle Holdings Chairman, others in bank fraud case

Newsroom24x7 Desk The Central Bureau of Investigation has filed a charge sheet in the Court of additional chief metropolitan magistrate (ACMM) in Hyderabad against media baron and Chairman of Deccan Chronicle Holdings (DCHL) T. Venkatram Reddy, the vice chairman and certain other employees of this company and two other persons of another Hyderabad based company for

Continue reading

PM tells RBI to go for concrete targets for financial inclusion

Newsroom24x7 Desk Mumbai: Prime Minister Narendra Modi, today urged the Reserve Bank of India to take the lead in encouraging financial institutions to set concrete targets for financial inclusion over the next 20 years, to help transform the quality of life of the poor. “I come as a representative of the poor, underprivileged, marginalized and

Continue reading

US is closely watching the Chinese propelled Asian Infrastructure Investment Bank

Newsroom24x7 Desk Washington DC: When the Asian Infrastructure Investment Bank spearheaded by China has become a reality, the US has taken the stand that it shall form a definite view on this newly emerging global financial institution only after being sure that it is meeting the commitments vis-a-vis governance as well as social and environmental

Continue reading

RBI issues draft directions linked with Acquisition & Transfer of Control of NBFCs

Newsroom24x7 Desk Mumbai: The Reserve Bank of India today released the draft directions for approval of acquisition or transfer of control Non-Banking Financial Companies (NBFCs) seeking views and comments on it from all interested parties and the general public. The draft has been proposed based on representations received from NBFCs and other industry participants and once

Continue reading

UK banks agree to protocol to minimise the impact of branch closures

High street banks, consumer groups and the British government have signed up to an industry-wide agreement to minimise the impact of branch closures Newsroom24x7 Desk London: The major high street banks, consumer groups and the government today signed up to an industry-wide agreement to work with customers and communities to minimise the impact of branch closures

Continue reading

India bank reforms positive but face implementation risks

Newsroom24x7 Desk Mumbai/Singapore: The announcement of the creation of a specialised Bank Boards Bureau (BBB) in the recent Indian Union budget is likely to have a positive effect on corporate governance at state-owned Indian banks, says Fitch Ratings. However, this move, alongside various other smaller policy changes over the past year, have been limited in

Continue reading

Productivity improvement across all sectors is important for high national growth: Pranab Mukherjee

Newsroom24x7 Desk New Delhi: President Pranab Mukherjee has emphasised that the high growth that has been envisaged for India is possible only with productivity improvements across all sectors of the economy. Innovations in different segments, at different levels and for different sections will aid this process in no small measure. Mukherjee  was addressing (March 13)

Continue reading

RBI balance sheet presents a stable picture

Newsroom24x7 Desk Mumbai: A central bank balance sheet is a reflection of its various functions, particularly its role as a monetary authority and as banker to the Government and banks. The structure of assets and liabilities of the Reserve Bank are, more or less, in line with the balance sheet followed by most central banks. The

Continue reading

French authority slaps Euro 300,000 fine on SBI

Newsroom24x7 Exclusive Lalit Shastri Commission des sanctions (Commission of Sanctions) of France has held State Bank of India Paris guilty of large scale irregularities over a prolonged period in management of accounts, banking functions and more particularly unreconciled entries and insufficient control on daily entries and consequently the bank has been slapped a fine of Euro

Continue reading

Last year there was rise in complaints from Bank customers in India

Newsroom24x7 Desk Mumbai: Complaints about failure to meet commitment, non-observance of fair practices code, Banking Codes and Standard Board of India (BCSBI) Codes taken together constituted the largest category of complaints (26.6 per cent) received by the offices of Banking Ombudsmen (BOS) across the country during FY-2013-14. These were followed by card related complaints from bank customers

Continue reading

RBI keeps rates unchanged, tracking economy

Newsroom24x7 Desk Mumbai, Feb. 3: Reserve Bank of India Governor Raghuram Rajan today announced the Sixth Bi-Monthly Monetary Policy Statement, 2014-15 holding the interest rates steady at 7.5 per cent. Announcing the Monetary and Liquidity Measures on the basis of an assessment of the current and evolving macroeconomic situation, the RBI Governor said it has

Continue reading

India Policy Rate Cut to Have Minimal Credit Impact

Hong Kong/Singapore, Jan 20: The surprise decision by the Reserve Bank of India (RBI) to cut its policy rate by 25bps to 7.75% on 15 January, does not have a significant credit impact in the short term, says Fitch Ratings. From the sovereign ratings perspective, achieving a credible, low inflation environment is a key factor

Continue reading

Finance Ministry welcomes RBI decision to cut Repo Rate by 25 basis point

Newsroom24x7 Desk New Delhi, Jan. 16: Union Ministry of Finance says that the 25 basis point Repo Rate cut announced by the Reserve Bank of India (RBI) is a welcome move and consistent with strong and ongoing disinflationary trends identified in the Ministry’s Mid Year Economy Analysis presented to the Parliament last month. The Finance Ministry further states that

Continue reading

Transfers, postings in PSBs/FIs: GoI to follow policy of non-interference

Newsroom24x7 Desk New Delhi, Jan. 16: During Prime Minister Narendra Modi’s discussions with the Chief Executives of public Sector Banks and Financial Institutions (PSBs and FIs) at the “Retreat for Banks and Financial Institutions” called “Gyan Sangam” earlier this month at Pune it was conveyed “from the highest level” in categorical terms that the Government will not

Continue reading