'PNB had confirmed compliance with the RBI's prescription in its circular of August 3, 2016, which has now turned out to be factually incorrect,' Minister of State for Finance Shiv Pratap Shukla said in Rajya Sabha on Tuesday.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Indians withdrew about $50 billion from their credit cards, including $26 billion through Visa cards, from ATMs in the country last year, Uttam Naik, deputy country manager, Visa International (South Asia) said on Monday.
The petition was filed in 2003 by NGO Centre for Public Interest Litigation.
It's been 51 days since Prime Minister Narendra Modi took his 'mitron' by surprise when he announced that Rs 1,000 and Rs 500 would no longer be legal tender. What will the PM tell us on 31/12?
The Indian Bank Personnel Selection common written examination for selection of candidates for clerical positions in 19 listed banks in the country is scheduled on November 27, 2011, Sunday. In an online chat with readers, Aziz Manva, head, Testfunda.com addressed reader queries related to cracking the exam. For those who missed the live chat, here's the unedited transcript.
Asks banks to settle for lower margins, boost efficiency.
Valued at $71.2 billion, the bank's market capitalisation is more than that of global banks like Barclays, JP Morgan Chase and Credit Suisse.
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.
Most of the NBFCs do not take public deposits but that does not mean they cannot create systemic risks. The banking system has at least Rs 57,000 crore exposure to IL&FS. Haven't the banks invested public money in IL&FS papers, asks Tamal Bandyopadhyay.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
Rediff.com's A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in one month since demonetisation.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
When contacted whether Letters Rogatory have been sent, CBI sources said "it is in the process".
More than one-third of this amount (Rs 6,000 crore or Rs 60 billion) is likely to go to the country's largest lender, State Bank of India, while the demand for most other banks is less than Rs 1,000 crore (Rs 10 billion) each.
Giving a pat on the back of public sector banks, Finance Minister Pranab Mukherjee on Friday said the Indian banking sector has responded well to difficult global environment by meeting credit needs of the economy.
Draft norms soon, but central bank worried about self-dealing by company promoters.
'The financial sector will be hit even harder than the overall market.' 'The banking sector will eventually be rescued.' 'But it may go into a long downwards spiral before things turn around.' 'Threat or buying opportunity?' asks Devangshu Datta.
The measures to reduce the current account deficit should have focused far more on narrowing the trade imbalance, principally through export facilitation and linked FDI, says Nitin Desai.
A host of lenders, including State Bank of India, IDBI Bank, Indian Bank and Andhra Bank, have lined up meetings of their asset-liability committees this week, to review their lending and deposit rates.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
Accusing Prime Minister Narendra Modi of not keeping the promises made to voters ahead of 2014 Lok Sabha polls, Congress Vice President Rahul Gandhi on Wednesday said that the National Democratic Alliance government was working only for the "rich" while the poor and weaker sections continue to suffer.
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