The ministry seeks to make lending requirements flexible for banks financing key stalled projects.
Demands include 5-day banking, PF to be calculated on total salary and allowances, not only on basic
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
"Since 2014, I have never given him any appointment to meet me and the question of his having met me does not arise," Finance Minister Jaitley said in a Facebook post.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
On the macroeconomic data front, PMI data on manufacturing and services sector will also influence trading
Finance Minister P Chidambaram on Thursday expressed hope that some new bank licences would be issued before March next year.
"Our preliminary estimates show we may have to provide for around Rs 60 billion in the balance sheet for the quarter ending on March. The due date for LoUs amounting to Rs 60 billion is falling in the present quarter. This will be a contingent liability for the bank," said a senior executive, on condition of anonymity.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
Three members will be representatives from the government, and three from the RBI.
Senior citizens are exempted and they can go to any bank branch to exchange notes tomorrow
RBI might further cut rates by 50-75 basis points later.
Nirav Modi and his uncle Mehul Choksi are being investigated by the Enforcement Directorate for allegedly cheating the PNB, the country's second largest lender, to the tune of more than $2 billion.
'The shadow banks are currently facing a liquidity and solvency crisis.' 'The danger is that it could potentially engulf the entire financial system because shadow banks have borrowed huge amount of money from banks, mutual funds, pension funds, and insurance companies.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
The CBI on Wednesday directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged
Bad debt rules are steps in right direction.
Probably in August. We can argue whether RBI is dovishly neutral or neutrally dovish but the telltale signs of at least one more rate cut are strewn all over the policy statement, points out Tamal Bandyopadhyay.
The public-sector lenders were yet to get a formal proposal on sale from HSBC.
Mutual funds have invested nearly Rs 94,500 crore in equities thus far in CY17, compared to Rs 32,000 crore in the year ago period, at a time when foreign investors have turned net sellers of India since August.
RBI has already advised banks to stop selling gold coins.
Kerala floods take a toll on small businesses, NBFCs brace for losses
In a message to public sector banks (PSBs) that only performers will survive, the government, in an unprecedented move, has decided to allocate capital to only nine PSBs.
While seeking responses of various governments, a bench of Justices K S Radhakrishnan and Deepak Misra said it is 'very serious issue.'
Indian banks have travelled a long way from being laid-back, staff-heavy monoliths to tech-savvy entities. The entry of foreign and private banks have completely changed the Indian banking scenario. Take the Rediff Business Quiz and find out how much
Policy with regard to the foreign banks is part of his five pillars of reforms, says RBI Governor.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Cases of students defaulting on loan payments prompted Indian Bankers Association to review the educational loan scheme. We explore what this means for students.
In a rare appearance since shifting base to the United Kingdom, troubled Indian businessman Vijay Mallya was seen having a good time in London as he watched the Indian Premier League final between Royal Challengers Bangalore and Sunrisers Hyderabad on Sunday. In a video gone viral, Mallya senior is seen having a gala time with his son Siddharth along with a few others. The video was posted by Siddharth as he watched the IPL final with his father. Siddharth also mentions about Force India's third place finish in the Monaco Grand Prix, which also took place on Sunday. "Here we are, watching together from London. It doesn't get better than Sergio Perez getting a podium (for Mallya co-owned Force India). Hopefully we can add to what has been an epic day of sports so far," says Mallya junior in the video as he catches the IPL action with his father on the big screen.
Did the transaction fail? Did you receive your money on time?
The critical task facing Indian banking is to quickly improve the risk-assessment capability of the state-owned banks, which account for three-quarters of all banking; and if that fails, then to privatise them.
'I love Vijay. My heart is really broken because I know this is not ideal in the short term for him, but the big picture is really different'
India processes as many as 1.2 billion cheques annually and, therefore, the implementation of this system would drastically cut down the waiting period involved. The system will be implemented nationwide from January 1.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
International claims of Indian banks have risen by 41.15 per cent to Rs 1,49,167 crore (Rs 1491.67 billion) at the end of June 2007 on account of higher exposure to guarantees, derivatives and credit commitments. Exposure of Indian banks to derivatives rose 79 per cent to Rs 13,999 crore (Rs 139.99 billion) at the end of June 2007, as against Rs 7,818 crore (Rs 78.18 billion) in the corresponding period in June 2006, data released by Reserve Bank of India said.
The judge confirmed that the bulk of the evidence submitted by the Indian authorities will be admissible
Aircel executives said the company could offer value to big boys like Airtel or Jio as a low-end mobile services brand
If Indian banks do not fix the right interest rates on deposits, they run the risk of dynamiting the social security of ordinary Indians.
