The money mule scam has reached Indian shores. Banks have noticed instances of fraudsters based overseas, posing as global payment companies, luring gullible people into joining them as "money transfer agents" and using their bank accounts to route ill-gotten money.
The Reserve Bank of India (RBI) is likely to reiterate its view that it would be comfortable only with holding companies at the top in financial services groups when it releases final guidelines on setting up bank holding companies or financial holding companies by November 15.
ICICI Bank, the country's second-largest bank, has stopped lending to borrowers from the sub-prime segment, while the biggest player in small loans, Citigroup, has made its processes more stringent.
ICICI Bank, the country's second largest bank, has sold roughly 45 per cent of its sticky home loans to the Asset Reconstruction Company India Ltd (Arcil) in a first step towards creating a market for retail loans that have turned bad.ICICI Bank sold Rs 360 crore of non-performing home loans at a price around the book cost, confirmed Rajiv Sabharwal, senior general manager, ICICI Bank.
RBI's warning was delivered by Governor Y V Reddy at an address to bank chiefs during the mid-term review of the monetary policy on October 30. Reddy told bank chiefs he would not hesitate to recommend to Parliament that the ULA be extended to the banking sector if they did not charge reasonable rates of interest.
The Mumbai-based recovery chief does not want to be identified but says his greater concern is not that non-performing loans would rise from the already elevated levels. Coordinated opposition to recovery efforts could lead to banks withdrawing altogether from lending to this sub-prime segment in India that otherwise depends on informal money lenders.
We are focusing on how to make banking affordable for the customer. The bank is bullish on retail business, says Suresh Gurumani.
The RBI is drafting a comprehensive study on the credit card market and a best practices code for credit card issuers.
Now you can withdraw money and simultaneously get your passbook updated at the automated teller machine (ATM) instantly.
The RBI is working on a comprehensive set of guidelines that will make banks responsible for ensuring that their recovery agencies do not recruit individuals with a criminal background.
Chidambaram clears holding company for insurance & mutual fund subject to RBI clearance.
The Reserve Bank of India has issued a fresh directive to banks having less than the required capital to address ownership issues and take steps to increase their net worth to a minimum of Rs 300 crore (Rs 3 billion).
The Reserve Bank of India is unlikely to sanction higher capital market exposure limits to banks which are closer to reaching the regulatory ceiling.
In an interview to Business Standard on the eve of the UTI bank's rechristening to Axis Bank, its head honcho P Jayendra Nayak, talks about his vision for the bank in the next two years.
The RBI had raised the issue with thegovernment, stating that foreign banks buying majority stakes in non-deposit-taking NBFCs (NBFC-ND) would provide room for regulatory arbitrage.
The two had signed an operating agreement for cross-selling each other's products recently.
Foreign banks say they have been caught in a "conflict" situation with respect to the manner in which the Reserve Bank of India (RBI) conducts inspections at their branches.
The Reserve Bank of India (RBI) has finally retreated from its position that UTI Bank split the post of chairman and managing director when the incumbent P J Nayak's term ends on July 31, 2007.
The sharp rise in home loan rates of private sector banks is forcing their customers to switch loyalties.
RBI may have no choice if UTI Bank's shareholders approve the same.
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