In a note to customers, the country's largest lender State Bank of India said, 'Interest shall continue to accrue on the outstanding portion of the term Loan during the moratorium period'. The accrued interest will be collected by the lender in the form of additional EMIs from those borrowers who opt for the three-month moratorium.
Bank employees body AIBEA, which is a major constituent of the United Forum of Bank Employees' Association that has called a nationwide strike, on Tuesday said Finance Minister P Chidambaram rejecting wage demands of bank employees is "unfortunate" and the strike was forced on them.
Sale of wide-body aircraft will not affect internatinal flights, says Jet
High current account deficit, however, remains a major concern.
Amidst rising demand from banks that they be allowed to increase user fees and limit free ATMs, RBI Deputy Governor K C Chakrabarty said it is "ridiculous" for a bank to charge its own customers for these services.
Mother Nature is indeed beautiful and truly astonishing! These incredible images are some of the top entries for this year's AGORA's #Nature2019 Photo Contest. AGORA is a free-to-use photography app that has been rewarding the world's biggest prizes in global photo contests since 2017. The winner will be announced on September 5, 2019.
Cases of students defaulting on loan payments prompted Indian Bankers Association to review the educational loan scheme. We explore what this means for students.
IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
A committee headed by Anil Swarup has been appointed to re-start 215 large projects worth over Rs 7 lakh crore that have been stalled for various reasons, Finance Minister P Chidambaram said.
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
The All India Bank Employees' Association (AIBEA), which represents the employees of the public-sector banks, has threatened to go on a two-day strike from August 22, against the government's proposed Banking Bill, closure of rural branches and other set of banking sector reforms.
Ecotrail Personal Care, a start-up by sisters Mauli and Grishma Teli, is the only company in India that makes halal cosmetics
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
A section of the public sector banking employees will go on two-day all-India strike from Wednesday to protest against financial sector reforms and outsourcing of jobs.
Borrowers wanting to prepay home loans can look forward to some relief as RBI on Tuesday indicated that it would scrap prepayment penalties charged by banks.
Carbonated soft drinks, bottled water and mobile handsets could become costlier soon.
Anticipating a sudden and huge crowd in bank branches following the announcement of various measures by the government on Friday, the AIBEA said since the number of employees in bank branches are very few, the crowds can pose a big risk for the bank staff as well as for the customers who might be visiting in large numbers.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
The Indian banking sector is poised to become the world's third largest in asset size over the next 14 years.
PSB branches will work fulltime on the 1st and 3rd Saturday.
The government on Monday accepted the recommendation of the A K Khandelwal committee and the Indian Banks Association has agreed to a common recruitment programme for public sector banks that would be conducted by the Institute of Banking Personnel Selection.
Reserve Bank deputy governor Anand Sinha on Wednesday said though bad loans are rising in the system, the central bank does not see it a systemic risk as yet.
The state-owned lender has been contemplating a Rs 20,000 crore (Rs 200 billion) rights issue for nearly a year now, but is yet to get a go-ahead from the government, which owns a 59.40 per cent stake in the bank.
Excerpted from the inaugural address by Dr K C Chakrabarty, Deputy Governor, Reserve Bank of India, at the IBA-DSCI Conference on 'Security Framework in Indian Banks', in Mumbai on April 26.
The country's largest private sector lender ICICI Bank on Tuesday said that it expects the Reserve Bank to continue with calibrated approach to check inflation at its upcoming September 16 monetary policy review.
A Reserve Bank panel has suggested a benchmark floating interest rate, especially or home loans, to bring greater transparency in the pricing of credit.
The government is committed to ensure clearance of the Insurance Amendment Bill, which is expected to allow a higher foreign direct investment in the country's insurance sector, a central government minister said.
"We have to improve the institutional framework of companies... (and) need to give more powers and authority to independent directors. Also, the regulations should be enforced much faster," said Infy board member T V Mohandas Pai. Noting that the Satyam case is an aberration and unlikely to affect the domestic IT industry, Pai said the law needs to be amended to ensure that auditing standards are enforceable.
The Reserve Bank working group, constituted to revisit benchmark prime lending rate (BPLR), is likely to recommend two types of PLRs and may put a ceiling on banks' sub-PLR lending, a source said.
"There has not been much emphasis on ethics (among market participants) as there should have been," Sebi whole- time member, Prashant Saran, said at a Ficci-IBA seminar in Mumbai.
The committee is considering multiple BPLRs for corporates, SMEs and retail borrowers and is likely to meet by mid-September to finalise the recommendations on the BPLR structure. BPLR is the interest rate that commercial banks charge their most credit-worthy customers.
Bank employees will get a lumpsum that should be used to meet financial goals.
Thousands of public sector bank employees across the country now have reason to rejoice.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
Nearly 22 per cent of the cyber attacks which took place in the country last year were on the banking sector.
This meeting assumes importance pursuant to the fiscal stimulus package announced last Sunday mentioning package for housing loans below Rs 20 lakhs (Rs 2 million). The government had earlier said that public sector banks would soon announce a package for borrowers of home loans up to Rs 500,000 and between Rs 500,000 and Rs 20 lakhs (Rs 2 million).
The government in its budget for the current fiscal decided to borrow Rs 4.5 lakh crore (Rs 4.5 trillion) from the market, up from Rs 3.1 lakh crore (Rs 3.1 trillion) in the previous fiscal.
The finance minister said easy access and efficiency in providing banking services will help in revival of businesses which are restarting operations after the lockdown.
An increased level of 'stressed assets' in the banking system could push up the NPA levels of banks, State Bank of India's chairman O P Bhatt, told reporters on the sidelines of a Ficci-IBA organised banking seminar on Thursday.
