In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The interchange fee -- paid by the card-issuing bank when a customer swipes at another bank's ATM, including at white-label ATMs -- may be raised to Rs 20 to Rs 23.
Indian Oil Corporation on Monday said there was no shortage of LPG even as it claimed it was checking against diversion of cooking gas for unauthorised use.
N G Kannan, director (marketing), Indian Oil Corporation, has taken over as the managing director of petro-retailer IBP Co Ltd.
Public sector oil giant Indian Oil Corporation is investing $100 million in its Sri Lankan subsidiary Lanka IOC Ltd during 2004-05 as part of its retail foray in the island country.
Indian Oil Corporation said on Thursday that it would spend Rs 2,400 crore (Rs 24 billion) on overhauling its marketing operations
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
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.
Lenders say settlements will cross over 100 accounts in the March quarter.
The dean said: "She appeared to be relieved from depression after talking to him (husband). There is no restriction imposed on her to talk or to meet anybody."
Principal Kannan said no special treatment will be accorded to Hadiya at the hostel.
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
The circular says even a day's delay in servicing loans would be now taken as a 'default'. And once in default, for loans above Rs 2,000 crore, the banks will have to arrive at a resolution within 180 days, else lenders will have to file an application under the IBC within 15 days.
For banks, the package will limit the burden of provisioning for stressed loans. Besides, the proposed restructuring package for MSMEs with a credit of up to Rs 25 crore is expected to provide a breather to units from this sector.
Employee integration and branch rationalisation are major challenges.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
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