The government scheme has a long way to go before its ultimate goals of universal financial inclusion and financial literacy are achieved.
RBI conducts interviews for first lateral hire for CGM post; deputy governors to head four distinct verticals.
India Post may be keen to apply for payment bank licence.
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The first phase would comprise universal access to banking facilities. Under this, basic bank accounts with zero balance, RuPay debit card and financial literacy, will have to be completed in the next one year, officials said.
Risks are increasing with 55 times increase in such transactions over the past three years, says a Assocham-PwC report
The RBI view comes within a fortnight of the sectoral regulator FMC in a report stating that the promoter Shah and promoter company Financial Technologies are not eligible to run the crippled exchange, an order challenged by the group in the Bombay High Court.
Move comes after the country's monetary authority tightened credit norms
The assessment of PMJDY should be done within the context of the programme.
Sahara has ploughed at least Rs 1,500 crore from two of its credit cooperatives into the Aamby Valley resort project
Multiple organisations of different kinds with overlapping goals would be a dream situation for those who believe in competition and innovation.
Because from June 1, 2015, you will have to fork out 14 per cent service tax instead of 12.36 per cent
While some states like Kerala and Telangana were badly hit by the strike, the impact was partial in Punjab, Haryana and Maharashtra
The opposition has attacked the Modi government over the National Democratic Alliance's last full-fledged budget before the 2019 Lok Sabha elections.
With over Rs 15,000 crore in deposits, its strategy is a hit for now, but the real test will come when it starts lending to retail and corporate customers in a big way
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Banking as we know it will stand on its head in the next 10 years.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
As many as 75 million households that do not have access to banking services will be covered and at least one bank account opened for each household, against the earlier proposal of two.
Even as government projects aren't lucrative from a revenue perspective, companies fight with each other to bag the contracts
Non-Performing Assets are a wake-up call for public sector banks.
In an attempt to acquire consumers, banks have been providing a lot of technology-enabled services, which used to be offered free.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
New offerings by banks are changing the way you transact.
KV Kamath has had a tough journey so far.
'There is no difference between the earlier government and the present government.' 'They are all following the economic policy based on the Chicago School of thought.' 'This school of thought says the government should have very little role in governing the country and the majority of the work should be handed over to the private sector.' 'This has not succeeded in the US.' 'Yet, it is being tried here by people like Arvind Subramaniam, Arvind Panagariya, Urjit Patel and Raghuram Rajan.'
We need a change in mindset, says the RBI Governor.
Payment banks may not be viable option to attain financial inclusion.
Most players will need to burn the midnight oil to meet the deadline for creating a bank as well as specific norms set by RBI.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
What is it about Arohan that puts it in the top league of microfinance institutions in the country?
Apart from special services from banks for their wealth management needs, HNIs are now getting offers from insurance companies, too.
IT majr Wipro needs stability at the top deck, say industry watchers.
Move to hasten rollout and, if successful, set a precedent for new banking firms.
Partial dismantling of subsidies, movement towards a more transparent policy on natural resources and moves to make India more inviting for foreign investors, are some of Modi government's big achievements.
India Inc has few leaders who are likely to grab headlines in 2015.
Assessing the shape of the Indian economy just a couple of days ahead of the Union Budget for 2016-17, Saugata Bhatacharya, senior vice president and chief economist, Axis Bank, speaks about his budget wishlist and suggests measures that can help finance minister Arun Jaitley achieve the targeted fiscal deficit of 3.5 per cent of India's gross domestic product.
Ten trade unions with a combined membership of 15 crore workers in public and private sector, including banks and insurance companies, are on a nationwide strike to protest against changes in the labour laws.
