Following Anand Sinha's elevation as Reserve Bank of India (RBI) deputy governor, S Karuppasamy has been promoted an executive director (ED) to fill the vacancy. Prior to this, Karuppasamy was the regional director (Kolkata).
At present, the auto sector accounts for about 60 per cent of India's current machine tool demand.
The second half of the financial year will be an important milestone for ICICI Bank.
Tata had signed a memorandum of understanding with Bangladesh in 2004 for one of the largest foreign direct investment in that country.
The central board of Reserve Bank of India (RBI) has opposed a government move to have control over the central bank's staff-related matters. The proposal to make staff regulations statutory and bring them under the subordinate regulation of Parliament was discussed at RBI's board meeting in Kolkata last week.
The Reserve Bank of India (RBI) has told banks not to charge more than Rs 5 for any cash deposit made at a non-home branch (other than the one where the customer has the account). Some banks charge as much as Rs 110 for such cash deposits.
Two months before the microfinance sector crisis in October, an internal committee of the Reserve Bank of India (RBI) had warned of possible problems in the sector.
Retail customers of banks, who have to pay exorbitant charges and penalties for basic services and pre-payment of loans, are in for some good news. The Reserve Bank of India (RBI) is considering a ceiling on such charges.
At a time when Emami Ltd is hitting the headlines with news on acquisitions and foreign ventures, Aditya V Agarwal, a director and one of the younger scions of the group, shares his thinking with Shine Jacob.
Stung by the public criticism of teaser rates, SBI Chairman O P Bhatt told RBI officials in a post-monetary policy meeting on Friday that only eligible persons are given these loans and the norms are not diluted while extending such loans.
Deposit rates have increased over 100 basis points (bps) in the last ten days, as banks are getting aggressive to mobilise resources to fund the growing demand for loans in the busy season. In the last ten days, at least five government banks have increased deposit rates and more are expected to follow suit.
Reserve Bank of India has stepped up checks on the use of funds borrowed from its liquidity window. The Central bank is keen to see that such funds are not diverted for lending purposes. Net borrowing by banks rose to a record Rs 1,48,490 crore (Rs 1484.90 billion) on Tuesday.
The development holds bilateral significance, as both India and Bangladesh had decided to improve economic ties in a 'win-win' mode during Bangladesh Prime Minister Sheikh Hasina's visit earlier this year.
Banks have been told by the Reserve Bank of India (RBI) to be more transparent and levy reasonable penal charges.
As Air Force One landed in India's financial capital with promises of bonding between the United States and the country in many sectors, one of the key people missing from Barack Obama's 200-member business delegation was, The Dow Chemical Company chief.
Last week, the Indian markets were all about coal. However, amidst the hype over the debut of Coal India Ltd (CIL) on domestic bourses, what was mostly overlooked was the brand new logo of the world's largest coal miner.
The ensuing liquidity crisis has prompted many MFIs to seek a moratorium on loan repayment to banks.MFIs raise 75-80 per cent of their funds via bank borrowings, 15 per cent from equity and another 10 per cent from other sources like cash securities.
Mapping of spreads means effective rates in the base rate system are lower.
At a meeting with the central bank, bankers opposed the entry of new banks, as there were enough players already. Newer entrants would only increase "unnecessary" competition and deplete their margins, top bankers told central bank officials.
Banks are putting up stiff resistance to Reserve Bank of India's move to deregulate the interest rate on savings bank accounts -- the last bastion of administered rates. Banks benefit from low-cost savings deposits.
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