Under the CECA, signed between India and Singapore in June 2005, Singapore has committed to award three qualified full bank (QFB) licences to three Indian banks while India had agreed to give three Singaporean banks free access to the Indian banking
The number of customer complaints per 1,000 accounts, excluding credit cards, for foreign and new private sector banks at 0.61 and 0.33 is higher than that for old private- and public sector banks at 0.05 and 0.07, respectively.
PSBs' gross NPA ratio may decline to 12 per cent by March 2019 in the baseline scenario, whereas private banks' gross NPA ratio may decline from 3.7 per cent to 3.2 per cent in March 2019.
The RBI in November released a framework for large foreign banks with more than 20 branches to convert into wholly owned subsidiaries.
Eminent lawyer and Rashtriya Janata Dal MP Ram Jethmalani on Sunday said he felt "guilty" and "cheated" for helping Prime Minister Narendra Modi who failed to deliver on his promise of bringing back blackmoney stashed abroad.
In New York, the US dollar swung higher against many of its rivals on Wednesday.
Such cold-shoulder by banks also indicates a credit freeze that is hard to overcome, unless the government comes out with credit guarantee schemes for loans given by banks. Since that is not happening, and there is no indication of that too, banks are not willing to listen to RBI prodding.
The partially convertible rupee closed at 61.5350/5450 per dollar compared to 61.54/55 on Wednesday.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Forex dealers said besides selling of the American currency by banks and exporters, easing of norms by Reserve Bank for providing swaps to banks that are borrowing funds overseas and a higher opening in the domestic stock market also buoyed the sentiment.
They are paying a premium of Rs 700 - Rs 1,500 per 10 gm.
In its recent report, the Financial Action Task Force has stated that 1,704 cases of money laundering are currently under probe in India. But the conviction rate in cases of money laundering, which are being probed by the task force, is a shocking three per cent.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
His remark comes hours after the government disclosed before the Supreme Court eight more names, including that of Pradip Burman, one of Dabur India promoters, a bullion trader and a Goa miner against whom it has started prosecution for allegedly stashing black money in foreign banks.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to a Right to Information query filed by Pune-based activist Vihar Durve.
Markets ended lower on Wednesday, amid weak European cues, as investors turned cautious and booked profits ahead of the release of Fed minutes later today and Infosys' first quarter earnings on Friday.
The government on Monday disclosed before the Supreme Court eight more names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and Goa miners against whom it has started prosecution for allegedly stashing blackmoney in foreign banks.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on Monday.
Through these engagements with more than 50 countries, the US is looking to implement information reporting and withholding tax provisions, commonly known as the Foreign Account Tax Compliance Act.
He had revealed confessional statements of three individuals who had used the services of a foreign bank to stash money abroad.
Roy, who has been in jail for over five months, said that he cannot reveal the name of the party and the bank, saying that their confidentiality has to be protected till the deal is signed.
"Our asset quality is sound and not a source of concern at this point. Right now, the concern is how to grow faster", says Ravneet Gill
Claim could be over fee for guarantees given for loans to acquire Novelis.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
Professor R Vaidyanathan, who has written extensively on the issue of black money stashed abroad, tells Rediff.com's Vicky Nanjappa that it's very important for Arvind Kejriwal to reveal his source of information on his latest anti-graft expose.
The bank charged with helping US taxpayers hide $1.2 bn in offshore bank accounts
ICICI Bank on Sunday said there is also enough space for Chinese banks to play a complementing role in the India.
A Delhi court on Saturday rejected the request of arms dealer Abhishek Verma and his wife to surrender in a fresh case registered by the Central Bureau of Investigation against them for allegedly forging a letter of its senior agency official to operate his accounts in foreign banks.
Forex dealers said besides a lower opening in the domestic equity market on fears of a rate hike by the Reserve Bank, higher demand for the American currency from importers put pressure on the rupee but dollar's weakness against other currencies overseas, capped the fall.
The ministry seeks to make lending requirements flexible for banks financing key stalled projects.
'Google and Facebook need to be tamed, their garb of 'Investing in India's future' need to be pulled off,' observes Vibhu Arya.
Indian companies are now more confident about the execution skills of local banks.
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