Relying on bank funding alone to fund India's farmers and forcing annual targets on them may not be a prudent idea
The first phase of Pradhan Mantri Jan Dhan Yojana (PMJDY) is scheduled to be completed by January 26, 2015, as against original plan of August 15, 2015.<br />
NABARD will be refinancing agricultural term loans extended by the cooperative banks and regions rural banks (RRB) to agriculturists.
Started in 2012 by a company owned by 10 local and foreign banks, RuPay competes with global payment firms Visa Inc and MasterCard Inc for the few customers in Asia's third largest economy able to afford a debit or credit card.<br />
The British operations are one of the largest for SBI's overseas business with seven branches. SBI nets 18 per cent of its total business from its vast overseas operations and it is looking at taking this to 25 per cent over the next three years.<br />
India Inc built businesses using bank funds and with very little of their own money at stake. The new norms on wilful defaults will end this game for crony capitalists.
The CBI on Tuesday arrested a leader of West Bengal's ruling Trinamool Congress and former director general of the state armed police Rajat Majumdar in connection with the multi-crore-rupee Saradha chit fund scam.
SBI, which is the lead bank of a lender consortium to the crippled carrier, has an exposure of over Rs 1,600 crore
SBI has only around Rs 4,000 crore at risk if all the 218 blocks are cancelled
Elaborating, RBI said where a banker has made a claim on the guarantor on account of the default made by the principal debtor, the liability of the guarantor is immediate.<br />
The rise in AUM during August was primarily due to inflows in equity funds, which was eventually helped by a strong stock market.<br />
Indian capital markets may be riding high on positive investor sentiments, but the latest report by World Economic Forum (WEF) shows that the country has plunged 35 places to 62nd rank in terms of effective regulation of the stock exchanges.<br />
The bigger concern is where did all the money raised by Saharas and PACLs - by defrauding the poor - go
There was a mountain of expectations built around Rajan. One year down the line, it looks like he indeed had a magic wand
The government and the Reserve Bank of India will this year negotiate to formulate a monetary framework for the central bank that lays more emphasis on inflation, the bank's Governor Raghuram Rajan has said.
PSU banks' gross NPAs are to be at 4.4-4.7 per cent as on March 31, 2015, as against 4.4 per cent as on March 31, 2014 and 4.6 per cent as on June 30, 2014, said the ICRA report.<br />
Banking system is the backbone and a proxy to the economy, hence damages caused to it can have serious ramifications on the overall economic stability as well.<br />
The RBI further said for lending in rupees, the lender would have to follow certain conditions, including currency swaps with authorised banks.<br />
The bank has reduced the interest rates on home loans of above Rs 75 lakh by 0.5 per cent from 10.75 per cent to 10.25 per cent, OBC said in a statement.<br />
Finance Ministry has asked the Reserve Bank to tighten lending norms to prevent borrowers from opening multiple current account outside their consortium banks.
The fund infusion in public banks is likely to depend on the extent of equity dilution by government.
RBI also asked banks to make suitable disclosures about timelines by conveying credit decisions through their websites
The inflow in equities during the month followed net investment of Rs. 5,000 crore in July, Rs. 3,340 crore in June and Rs. 105 crore in May.<br />
To tighten the regulatory noose around wilful defaulters, the Reserve Bank has suggested to the Securities and Exchange Board of India that such entities should be prevented from raising funds through capital markets.<br />
Expressing confidence that the new target would be achieved, the Sebi chief said that the regulator began working on this new system nearly two years ago.<br />
UBI had identified Vijay Mallya as a wilfuldefaulter and asked him to appear before the bank's panel tohear him out before declaring him as a wilful defaulter.
The global brokerage firm believes that there are three main reasons why the RBI is likely to go for a rate-cut even if the Fed hikes rates next year.
If real objective behind Modi's initiative is to upliftment of the poor through steady progress of financial inclusion, why is he excluding private sector banks from the plan?
The Securities Laws Amendment Act, which was cleared by Parliament earlier this month and amends all legislations governing capital markets