Banker Uday Kotak has said that private banks will account for half of India’s banking industry in the next five years due to shift in loan growth towards the private sector. Kotak added that...
Mar 21, 2018
The RBI has barred banks from issuing letters of undertaking (LoUs), the instruments used by Nirav Modi and Mehul Choksi to perpetrate the over $2 billion PNB fraud. RBI also barred lenders...
Mar 14, 2018
A month after Citi Bank banned the trade of cryptocurrencies, HDFC Bank has now disallowed its customers to do the same. HDFC Bank’s credit, debit, and prepaid cards would not be permitted to buy...
Mar 14, 2018
In the wake of the Nirav Modi-PNB scam, RBI officials are conducting a special inspection of letters of undertaking (LoUs) issued by state-run banks. The RBI is also reviewing the working of...
Mar 01, 2018
The Central Bureau of Investigation (CBI) has booked an auto dealer in Jamshedpur for allegedly defrauding the Corporation Bank to the tune of Rs 67.7 million (Rs 6.77 crore). The agency has...
Feb 28, 2018
Punjab National Bank (PNB) has said that the amount of fraudulent transactions could be Rs 13 billion (Rs 1,300 crore) more than the current estimate of about Rs 114 billion (Rs 11,400 crore).The...
Feb 27, 2018
PNB’s Rs11,400 crore fraud case is likely to increase borrowing costs in the short-term, as overseas lenders turn cautious about accepting bank guarantees issued by public sector banks. “When...
Feb 22, 2018
The CBI has widened the probe into the Rs11, 400 crore fraud at PNB to include the top brass. CBI has arrested a general manager or GM rank officer of PNB, Rajesh Jindal, who held the charge...
Feb 21, 2018
The Banks Board Bureau (BBB), which was set up by the government as a makeover platform for state-owned banks, will effectively close down in March. The term of BBB Chairman Vinod Rai , who was...
Feb 20, 2018
It has now become evident that several warnings issued by the RBI about the possibility of banking frauds, such as the PNB fraud, were ignored by bank managements. While RBI’s Financial...
Feb 20, 2018
Punjab National Bank, in an FIR filed with the CBI, submitted that its in-house investigation had not found any role of chartered accountants, the statutory auditors and empanelled valuers in the...
Feb 19, 2018
State-run UCO Bank has said that it has $411.82 million in exposure to fraudulent transactions carried out at Punjab National Bank (PNB). PNB said on Wednesday that it had detected fraudulent...
Feb 19, 2018
The government has announced capital infusion of Rs 881 billion in 20 public sector banks (PSB), with a major chunk flowing into the weaker banks to meet their capital adequacy requirements. ...
Jan 25, 2018
The government is considering increasing foreign investment limits in private banks to 100%, from 74% at present. It is also considering increasing foreign investment cap for public sector banks (...
Jan 17, 2018
The recent revival in strong macro-economic fundamentals and reforms for sustained growth is a reflection of the government’s commitment to proactively capitalise and empower the Public Sector...
Jan 02, 2018
SBI will initiate insolvency proceedings today against a dozen defaulting companies after failing to recast their loans by the December deadline. The bank will refer Videocon Industries, Visa Steel...
Jan 01, 2018
Sebi has directed Axis Bank Ltd to conduct an internal inquiry into the suspected leak of its June quarter financial results. Sebi held that based on first impression it seems that inside...
Dec 28, 2017
The RBI has blamed conflicts of interest among merchant bankers as one of the prime reasons for faulty project appraisals that has led to the piling up of huge NPAs in the system which has crossed...
Dec 26, 2017
The IMF, in its Financial System Stability Assessment (FSSA) for India, has suggested that India needs to strengthen the RBI’s independence to help it pro-actively supervise banks and deal with...
Dec 21, 2017
The RBI has placed Bank of India under its ‘prompt corrective action’ (PCA) framework due to the bank’s high non-performing assets (NPAs), insufficient common equity tier 1 capital (CET 1) and...
Dec 21, 2017
In the annual publication on banking ombudsman for 2016-17, RBI said that it received 30% more complaints against private banks such as HDFC and ICICI than in the preceding year and most of them...
Dec 20, 2017
The RBI has defended its new guidelines on merchant discount rate (MDR), saying that banks currently incur losses in the acquiring business (signing up new customers for point-of-sale or PoS...
Dec 14, 2017
The price of bitcoin swung wildly on Friday morning, going beyond $19,000 only to fall sharply within minutes, as the frenzy surrounding the virtual currency escalated just days before it starts...
Dec 07, 2017
The All India Bank Employees' Association (AIBEA) has put forth a list of demands related to loan defaulters and Government’s holding in public sector banks. Among other things, the association has...
Dec 05, 2017
Eight public sector banks (PSBs) have decided to raise capital from the market within four months as part of the Rs 2.11 lakh crore recapitalisation plan, according to official sources. Some banks...
Dec 04, 2017
Banks might clinch one-time settlements (OTS) with defaulting companies — on the RBI’s second list of defaulting firms — and take haircuts of 50-60% rather than face uncertainty in the courts. As...
Dec 03, 2017
The finance ministry has clarified that the central government has no plans to scrap the bank cheque book facility in the near future, according to a PTI report. Terming it as an integral...
Nov 24, 2017
Legal experts say that the government’s ordinance to amend the Insolvency and Bankruptcy Code (IBC) will not bar incumbent promoters from buying back their companies at a discount. According to...
Nov 23, 2017
The RBI might issue another list of around 50 loan accounts that are either under stress or close to being classified as NPAs. These accounts are in addition to the 41 that the RBI has already...
Nov 17, 2017
The Insolvency and Bankruptcy Board of India (IBBI) has introduced new rules that will subject promoters proposing turnaround plans for their companies to stringent creditworthiness and credibility...
Nov 08, 2017
S. Sriniwasan, managing director of Kotak Investment Advisors, said that the government’s plan to recapitalise public sector banks (PSB) could make it easier for distressed funds to buy loans....
Oct 31, 2017
RBI governor Urjit Patel said that recapitalisation of public sector banks will bring market discipline into such capital infusion programmes, compared to earlier ones and that a well-capitalised...
Oct 25, 2017
State Bank of India (SBI) became the first public sector bank to launch its wealth management service ‘SBI Exclusif’. Through this service, SBI, which is India’s largest bank, will target the fast-...
Jan 15, 2016
The scheduled commercial banks across country can offer end number of services through automated teller machines (ATMs). In a circular issued on Thursday, Reserve Bank of India said that these...
Jan 15, 2016