Commercial banks, charities and governments have set up funds worth hundreds of millions of dollars over the past few years to invest in private farm and food projects in Africa, while several major companies have expanded operations there, the leading financial daily Wall Street Journal said.
Foreign share holding limit in Maruti Suzuki India has reached trigger limit and any further investment by FIIs will be allowed only after RBI's approval.
The Reserve Bank of India has directed commercial banks to accept and exchange all types of soiled and mutilated notes from the general public.
The Reserve Bank on Wednesday cut the repo and reverse repo rates by 50 basis points each with immediate effect.
'We do not know when we will get to the business-as-usual mode.' 'Many borrowers may not be able to pay up.' 'The incidence of cheque bouncing has doubled or even trebled, some lenders say,' says Tamal Bandyopadhyay.
Earlier, the Reserve Bank of India was the approving authority.
The immediate concern for all companies is to prepare themselves - and their vendors and suppliers - for the new GST return filing mechanism, being test piloted from April 1.
A flavour-of-the-season approach does not work in investing, suggests Deepesh Raghaw.
The remittance is limited to 12 transactions a year per sender, with a maximum amount of Rs 50,000 per transaction with a normal transaction fee of Rs 50 for an amount less than Rs 5,000 and Rs 75 for amount above Rs 5,000. It will be implemented by commercial banks under the national electronic fund transfer system.
Three years after IDBI became a bank, Yogesh Agarwal, bank's third chairman and managing director in as many years, is trying to put the pieces in place. After all, as he pointed out in an interview with Business Standard, the erstwhile development financial institution is grappling with a unique situation, where IDBI and the two commercial banks it acquired since 2005 offer loans at different interest rates.
The Reserve Bank on Wednesday said the non-performing assets of banks have gone up for the first time in six years in 2007-08 and the bad loans of new generation private banks and foreign lenders are "more noticeable" due to their aggressive lending to real estate and housing segments.
Commercial banks are moving swiftly to strengthen and expand their operations to service the companies responsible for soaring trade levels between India and China.
Since January this year, RBI has cut the repo rate - at which it lends to commercial banks -- to a gross of 1.25 per cent.
In order to help the cash-strapped mutual funds and NBFCs, RBI allowed banks to avail funds up to 1.5 per cent of their deposits by relaxing their SLR. In addition, banks have been tapping the repo window to raise resources as and when the need arises. The latest data released by RBI also said that, on a year-on-year basis, credit flow from the scheduled commercial banks, including regional rural banks, grew 27.7 per cent to (Rs 26,348.93 billion) as on November 7.
The top performing microfinance institutions the world over are achieving high growth and profitability.
There is no getting away from higher equated monthly installments. The country's second largest commercial bank ICICI Bank and the largest mortgage player HDFC have decided to increase the lending rates.
Making it easier for urban cooperative banks to extend housing loans, the Reserve Bank of India has relaxed the risk provisioning norm for purchase of residential properties up to Rs 30 lakh (Rs 3 million).
RBI cut the repo rate - the rate at which the central bank lends to banks in exchange for government securities for a period ranging from one to three days -by one percentage point after a gap of four years. This move was preceded by RBI reducing the cash reserve ratio - the money that banks keep with central bank - by 250 basis points (one basis point is one-hundredth of a percentage point).
The central intelligence cell of the National Board of Revenue has sent a list of 55 people including Hasina and some charities to all commercial banks and the savings directorate with a direction to freeze their accounts.
Hundreds of such share certificates are currently on sale over the internet, including that of Imperial Bank of India, the oldest and largest commercial bank of the Indian subcontinent that later became the State Bank of India in 1955. Issued in 1953, the certificate for 10 shares of the Imperial Bank of India, is available for Rs 400 at eBay India, the local website of the world's largest online auction giant.
Post office savings deposit, recurring deposit accounts and the senior citizen savings scheme account have shown the highest growth in the current financial year.
The investigative arm of MRTPC has alleged flagrant flouting of the November 2005 RBI guidelines on credit cards by commercial banks like ICICI, HSBC and Citibank.
Soon, farmers in India will be equipped to check out the futures prices of commodities in their villages.
The sub-prime loss-hit Citigroup is on a cost-cutting exercise in its Indian operations. CitiFinancial, its consumer finance unit, which is also reeling under the burden of rising bad loans, is considering closing about 100 of its 450 branches in India.
The approval given to UBS earlier was kept on hold till it completed certain transactions. Now that the bank has completed them, it can start a branch, RBI deputy governor Leeladhar told reporters on the sidelines of a function organised by the Union Bank of India.
The Finance Ministry may introduce a proposal in Budget 2008-09 to allow urban cooperative banks to get tax deductions up to a specified limit for the amount they set aside as provisions for bad loans.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
The country's largest public sector lender State Bank of India on Thursday said that it does not expect the interest rates to go up in the short term.
Sources said Finance Minister P Chidambaram might make an announcement in this connection in Budget 2007-08, as part of his overall strategy for raising long-term finance for infrastructure.
The RBI will take action against, apart from erring auditors, those responsible for wrong information in a bank's financial statements, incorrect certification given by auditors, wrong information given in the Long Form Audit Report, and any other violations of the RBI's rules and regulations on auditing.
With a view to strengthening the banking sector, the Reserve Bank of India has asked the banks to formulate 'stress tests' as part of the risk management exercise to guard against possible danger to their solvency.
Senior officials of the Industrial and Commercial Bank of China (ICBC) have denied a report that three major Chinese banks would acquire a 17 per cent stake in the Standard Chartered bank, the Chinese media reported.
Minister of Commerce & Industry Kamal Nath on Thursday announced a package of wide ranging measures to counter the negative impact of rupee appreciation on India's exports.
Lens on rural transactions. Only 38% of branches of scheduled commercial banks (SCBs) are in rural areas
It is difficult to say if the banking sector will see the worst behind it by March 2020, warns Tamal Bandyopadhyay.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
The commercial banks have begun issuing passbooks and account statements to the customers every month without charging any fees, following the diktat from the Reserve Bank of India.
Reserve Bank of India will announce the Monetary and Credit Policy for 2003-04 on April 29.\n\n\n\n
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
The hike in service charges by commercial banks has come under the Reserve Bank of India lens.
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