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The Reserve Bank of India (RBI) has unveiled draft norms for branch authorisation and business correspondents (BCs), introducing a two-tiered classification for BCs and redefining 'banking outlets' to include BC-Banking Outlets (BC-BOs), aiming to expand formal banking presence, particularly in rural areas.
In a move aimed at curbing the mis-selling of financial products, the Reserve Bank of India (RBI) has proposed banning incentives paid to bank staffers by third parties such as insurance companies and mutual fund houses for selling their products and services. It has also proposed that banks must ensure their user interfaces do not deploy "dark patterns" to lure customers.
India's privatisation push, once projected as a cornerstone of economic reform, has suffered another setback, with the Centre set to call off the IDBI Bank stake sale, highlighting the political and structural constraints shaping the country's disinvestment policy, experts say.
Most of the lenders had informed their customers in advance about the strike call given by All India Bank Employees Association (AIBEA), All India Bank Officers' Association (AIBOA), BEFI, INBEF, INBOC and Bank Karmachari Sena Mahasangh (BKSM), and its impact on banking services.
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
Banking operations across the country were affected on Friday as over six lakh employees went on a day-long token strike to protest Reserve Bank's decision to outsource banking activities to external agencies.
'All commercial and banking transactions happen in South Mumbai.'
Dr Sulbha Arora, clinical director and fertility specialist at Nova IVF Fertility, explains everything you need to know about egg freezing in India, including the process, the cost and the risks involved.
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
In all, 14 unions representing bank employees and officers will be supporting the day-long stir.
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
As a result of the strike, cheques amounting to Rs 3000 crore (Rs 30 billion) were pending clearance. Inter-bank transaction through RTGS was also brought to a halt, the statement said.
AIBEA said that on April 19 its officer bearers would meet in Punjab to decide the next course of action.
Unions, which are protesting against FDI in the banking sector, are pressing for various demands.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement. Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
Currently, banks are closed every second and fourth Saturday of a month. Why shouldn't they be shut every Saturday? When most customers carry their banks in their pocket (the app on the mobile phone), there is no need to keep banks open on Saturdays, argues Tamal Bandyopadhyay.
RBL Bank's interim chief executive officer (CEO) and managing director (MD) Rajeev Ahuja on Sunday tried to allay concerns around the health of the bank. He said events during the weekend are not linked to RBL's asset quality. The bank said Vishwavir Ahuja, its managing director (MD) and chief executive officer (CEO), had on Saturday proceeded on leave with immediate effect on medical grounds.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
Postings to places at an altitude above 1,000 metres but less than 1,500 metres, between 1,500 and 3,000 metres, and above 3,000 metres entail different rates of allowances -- the higher the location, the bigger the allowance, reveals Tamal Bandyopadhyay.
The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
While Dhanlaxmi Bank faces governance issues similar to those in Lakshmi Vilas Bank, the financial profile of the Kerala-based bank is better.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
The number of frauds in the banking sector increased over four times in the past five years to 36,075.
"We firmly hold that undermining the central bank is a recipe for disaster and government must desist," All India Reserve Bank Association said in a letter. The association said Acharya's comments about the government's interventionist role vis-a-vis the RBI has created a flutter across the nation. "This is, however, not a sudden outburst, but was waiting to happen due to long simmering discontent," the association said.
Banks have started organising silent demonstration in front of houses of defaulters.
United Bank of India and Andhra Bank employees start organising silent protests.
RBI wants periodic revision of the pensions for its retired employees.
Fintech firm One97 Communications, which owns Paytm brand, on Friday said its loss has widened to Rs 840 crore in the quarter ended June 30, primarily due to continued impact of restrictions on Paytm Payments Bank Ltd. The company had posted a loss of Rs 358.4 crore in the same period a year ago, according to a regulatory filing by the company. The consolidated revenue of Paytm declined 33.48 per cent to Rs 1,639.1 crore during the reported quarter, from Rs 2,464.2 crore in the same period a year ago.
At a time when the asset quality of state-owned banks is deteriorating, the Reserve Bank of India is also planning harsher penalties for wealthy promoters of wilful defaulters.
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees. As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers. The RBI said it has reviewed the 'Deposit Locker/Safe Custody Article Facility provided by the banks' after taking into consideration various developments in the area of banking and technology, nature of consumer grievances and also the feedback received from banks and Indian Banks' Association (IBA).
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
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