SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government's policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.
However, despite the surge, the average income of banking correspondents has taken a beating due to the low value of transactions.
India's goal of self-reliance has been paramount in the policy and practice of the country. The COVID-19 crisis gave us lessons on how to speed up efforts in that direction, he said.
The downtime will be over around 8 am on December 16.
Besides, two new entities-- IDFC and Bandhan -- have been given full-fledged banking licence.
'The financial sector's performance in the first two quarters was a revelation.' 'It clearly showed the clean-up had been done in the past one-and-a-half years and that capital brought in was significantly stronger.'
Nominating Das, the Banker magazine, which announced the award, said India's banks have faced a series of challenges, from non-performing loans to issues around fraud. Faced with these challenges, Shaktikanta Das has taken steps to bring banking in India up to standard via a restrained approach to governance.
Under the partnership, IOC's rural petrol pump outlets -- Kisan Seva Kendras -- will act as the bank's Business Correspondents, HDFC Bank said in a statement.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
Keeping in mind the large scale exploitation of the common man across rural India, the Union government has come out with a novel rural banking plan to take all banking services to the doorstep of villagers.
Modernisation of Madrasas is in line with Prime Minister Narendra Modi's plan that he laid out in run-up to Lok Sabha elections in 2014.
Paytm will not be available for download now but there will be no impact on existing users of the app. 'The app was blocked for violation of play policies - a clarification of our policy was released earlier today ahead of the IPL (Indian Premier League) tournament,' Google said in an e-mailed response on Friday.
The department has a network of more than 150,000 post offices across the country.
Trade, transport and hotels form a major part of the country's GDP and these sectors were crippled by the strike
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
Barclays, a global financial services provider, announced the launch of 'Hello Money', a mobile banking service for its customers. The service will enable Barclays' customers access banking services anytime/anywhere on-the-move through mobile phones.Barclays customers can now perform account enquiries and financial transactions by simply dialling *598*1#. They can carry out secure banking transactions like fund transfers, bill payments, requests and other banking services.
The essence of financial inclusion is to ensure that a range of appropriate financial services is available to every individual and enable them to understand and access those services.
Economists praise Das for his pragmatism and willingness to face challenges head on. And in doing so with the finesse of an able administrator.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
Banking services, insurance premium and investment management are likely to cost more.
With telecom and banking majors stepping up mobile banking services, 2011 is poised to be the year that would transform your banking habits - making payments or checking your account balance on your mobile.
Retirement fund body EPFO will provide permanent or universal account numbers on the pattern of core banking services to its over 5 crore active subscribers.
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
The Reserve Bank has cautioned the public not to fall prey to spurious offers made by a fake website in its name offering savings accounts.
Most workplaces, with the exception of essential services and key economic sectors, will be closed. Food establishments, markets and supermarkets, clinics, hospitals, utilities, transport and key banking services will remain open.
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
The prime minister also stressed on the need to transform the landscape of Indian science, technology and innovation, as he assured that the government will ensure the 'Ease of doing Science' and effectively using information technology to reduce red tape.
The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
The board is likely to take up the matter this month.
A trade union leader trying to stop a bus from plying was killed in Ambala as the two-day nationwide strike called by Central trade unions disrupted normal life in many states today and hit banking and transport sectors leaving commuters in the lurch.
Finance Minister Arun Jaitley might next month launch mobile banking services for people not using smartphones.
The Department of Posts was one of the 11 entities to get the in-principle nod from the Reserve Bank of India in 2015 for setting up a payments bank.
Let's take a look at some of the biggest corporate fees paid to investment banks by companies.
Employers are now looking to hire professionals who can demonstrate their skills rather than reel off a catalogue of undirected theoretical qualifications.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
For people at the bottom of the pyramid, which I would rather address as mass market or emerging class; the primary challenge in accessing banking services are not just affordability but applicability and accessibility of services.
'Should the government be in the business of running banks?' 'Particularly when it does not have the fiscal strength to continuously infuse capital into such banks?'
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
