The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
The RBI expects non-food credit growth to pick up marginally to 15 per cent in 2013-14 from 14 per cent achieved in the previous fiscal and deposit mobilisation to be flat at 14 per cent.
Markets ended over 1% lower, snapping a five-day winning streak, amid a sell-off in bank shares after the central bank late Tuesday imposed fresh restrictions on commercial banks' access to cash.
The Small Industries Development Bank of India will soon ink a strategic tie-up agreement with a commercial bank for extending direct credit facilities to the small-scale sector.
The broader markets traded lower with mid-caps and small-caps declining 1-1.3 per cent on the BSE.
Let's take a look at 12 biggest banks in the world, according to recent figures released by The Banker.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
The apex bank held 586.44 tonne of gold as on September 30, of which 294.14 tonne are held overseas in safe custody with the Bank of England and the Bank for International Settlements, while the remaining gold is held domestically
BWith a distracted president brooding in the White House, Pompeo seems to think his day has come. He seems to be pushing a personal agenda before a target audience in America, observes Ambassador M K Bhadrakumar.
Top commercial banks offer 8.5-9 per cent interest rates a year on fixed deposits with maturity of 2-3 years.
The Department of Posts was one of the 11 entities to get the in-principle nod from the Reserve Bank of India in 2015 for setting up a payments bank.
The bank's net interest income, or revenue from borrowers minus interest paid to depositors, rose 15.2 per cent from the previous year to 417.8 billion yuan, according to the company's annual report filed to the Shanghai Stock Exchange.
In 21 banks, including SBI, the government owns majority stake.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
Realty, Capital goods, Bankex among key draggers; HDFC and Sun Pharma bucks trend.
RBI had received 72 applications for small finance bank licences.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
Finance Minister Nirmala Sitharaman has rebutted Congress leaders Rahul Gandhi and Randeep Singh Surjewala's allegations regarding "wilful defaulters, bad loans and write-offs", and stated that they have "attempted to mislead people in a brazen manner".
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
Apex traders' body Federation of Indian Exporters Organisation (FIEO) on Friday demanded extension of the interest subsidy scheme to all sectors with a view to make them globally competitive.
According to ICRA, even in a high-growth scenario, wherein the second half of FY20 sees the incremental bank credit rise to Rs 6.5-7 trn, there will still be a 40-45% year-on-year decline.
'The attempt to build a negative narrative about India's economic performance is disingenuous.' 'For the investors as well as the targeted beneficiaries of welfare schemes, the ground reality is very different,' argues Rajiv Kumar, vice-chairman, NITI Aayog.
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
Retail giant Walmart has the world's largest number of employees.
Home loan consumers shouldn't rejoice yet expecting a cut in their home loan rates, feels Harsh Roongta, CEO, Apnapaisa.com, a day after the banking regulator Reserve Bank of India cut the repo rate by 0.5 per cent.
Infosys has withdrawn all its deposits with State Bank of India, the largest commercial bank in the country, in the just concluded October-December quarter.
PSBs' gross NPA ratio may decline to 12 per cent by March 2019 in the baseline scenario, whereas private banks' gross NPA ratio may decline from 3.7 per cent to 3.2 per cent in March 2019.
The move is aimed at reducing costs and improving efficiency.
The lender, however, is not likely to reduce its base rate to which all loan rates are linked.
As a result of this moratorium, individuals' EMI payments of loans taken will not be deducted from their bank accounts, providing much needed liquidity to borrowers whose income has been disrupted due to the lockdown till May 31.
The Unified Payment Interface could propel banking into a new era
The deal is stuck because the Reserve Bank of India has declined to transfer the branch licences of RBS to HSBC.
The RBI's next policy review is set for Sept. 29.
Banks should strictly observe prudential guidelines while investing in companies undertaking non-financial services activities, RBI said in a draft guidelines on equity investments by scheduled commercial banks in subsidiaries and other companies.
Standard Chartered Bank's aim of expanding its consumer banking business in South Asia was strengthened when it convinced Sanjeeb Chaudhuri to join the bank earlier in July.
The government is considering giving more teeth to Reserve Bank to deal with banking sector problems before permitting private sector entities to float commercial banks.
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