The Finance Ministry has asked all banks, including private sector lenders, to open branches in locations with population of more than 5,000 in the under-banked districts by September, 2012.
More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, are likely to apply to the Reserve Bank for licence to open banks.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
"We may rope in a consultant for our proposed foray into banking business, if that is required. This will happen after the final guidelines on banking license is out by the Reserve Bank of India (RBI)," Director and Chief Executive of LIC Housing Finance, V K Sharma said.
'Why should my vaccine certificate, which I got paying my own money, have the picture of the prime minister?'
'If she contests it, then these people will have to fight it in court.'
Industry's wait for new bank licences may get a bit longer as the Reserve Bank of India's (RBI's) suggestions to amend the Banking Regulation Act will not be incorporated in the report of the Standing Committee on Finance in the Banking Laws (Amendment) Bill, 2011.
Credit card usage over phone will need an additional security layer from Tuesday, as the RBI has made it mandatory for customers to get a single-use password from their banks for every such transaction.
'The fundamentals look strong, but we will have to see if they translate into actual demand.' 'Because the April-May marriage season didn't see much sales due to the lockdown.'
While a wallet is convenient, payments bank offers interest on deposits and ATM facility.
Reserve Bank of India has slapped a penalty of Rs 500,000 on Citi Group for failing to comply with 'Know Your Customer' guidelines by letting fake stamp scam accused Abdul Karim Telgi and associates to open accounts with the foreign bank.\n\n\n\n
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Maharashtra Chief Minister Uddhav Thackeray on Sunday night announced a statewide curfew in Maharashtra for 15 days from April 14. However, he clarified, essential services were exempt from the curbs.
Both the RBI and the central government should see that the transmission of the rate reduction by the banks happens soon, otherwise the whole exercise is futile, says Subramanian MV.
A strong start-up ecosystem can propel investment, jobs, and demand creation, and for that, substantial growth capital is required.
The Reserve Bank of India has observed that several banks were not complying with the guidelines issued by it on reporting revaluation of foreign currency assets and liabilities, which sometimes led to errors.\n\n
The framework also envisages amendments to the Prevention of Corruption Act to exempt commercial decisions by PSBs from scrutiny by investigating agencies. Both the amendments are likely in the monsoon session of Parliament.
If you fail to carry out any transaction for 24 months through your bank account, it can be frozen.
India is considering allowing new private sector banks, including by industrial houses, and a roadmap for the same could be announced in the annual Union Budget to be presented later this month.
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
Most borrowers may not be aware, but quite a few banks already offer external benchmark linked home loans to favoured borrowers, says Harsh Roongta.
Experts said the rules will help curb market manipulation and money laundering, which could take place during the transfer of shares between residents and NRIs.
The central bank will come out with fresh set of guidelines for companies applying for on-tap bank licence
Leaving behind the luxe life and dapper suits of foreign banks, Puri and his team at the upstart venture shared fizz drinks, wore a footwear brand popular among the middle class, shared a rat-infested space in a yet-to-be gentrified work space to plan and execute it.
RBI to issue discussion paper on new licence conditions this week.
Money is being released and the government knows it will have to front-run private investment.
Replying to supplementaries during Question Hour in Rajya Sabha, minister for micro, small and medium industries Mahavir Prasad said the RBI had in September 8, 2005 issued guidelines relating to debt restructuring mechanism for SMEs, based on the 'policy package for stepping up credit to SMEs' announced by the Centre the same year.
Tata, 78, who retired as Tata Group Chairman nearly four years back, justified his return for "maintaining stability and continuity of leadership" and promised to give the group "a world-class leader" when a fulltime boss is appointed.
Small charges might seem inconsequential. They can pile up, though.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Sarvjit Singh Samra's Capital Local Area Bank offers attractive features.
ECBs may be allowed to put loans upto $ 500 million for rupee expenditure by Indian infrastructure companies under the automatic approval route. At present, such loans need RBI approval. The government may also raise the limit for dollar borrowings for rupee expenditure, which would need RBI approval. So, if a company is borrowing say $ 750 million, it can immediately access foreign funds up to $500 million without prior permission, but will need approval for the rest.
Base rate system set to replace BPLR system for loan rates.
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Reliance, Birla Group, Airtel eye small finance banks.
The macro economic situation and currency depreciation might top the priority list of Reserve Bank of India (RBI) governor-designate Raghuram Rajan.
If you are one among the millions of existing borrowers who are paying a higher interest rate compared to new borrowers of the same bank, make your shift now, before prepayment charges make it more expensive.
Traditionally, financial institutions have operated risk functions in silos. However, the nature of unknown threats today requires industry participants to work together, says Vikram Limaye.
