Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs.
On Tuesday, the 32-member Parliamentary Committee is understood to have met officials of the Securities and Exchange Board of India, Reserve Bank of India, stock exchanges, various brokers, Unit Trust of India, Life Insurance Corporation and State Bank of India. The committee is expected to meet officials of the finance ministry next week.
The interest money which is not claimed by people due to religious obligations is kept in suspended bank accounts.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
What will be its impact on the banks's balance sheets? Since banks need to provide for 10 per cent of the loans restructured, they would need Rs 50,000 crores to Rs 80,000 crore for this purpose, notes Tamal Bandyopadhyay.
The Finance Ministry has sought comments from stakeholders.
MUDRA Bank will have a corpus of Rs 20,000 crore.
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
Contactless denit and credit cards increases the ease and convenience of transactions.
With the Reserve Bank of India rationalising its guidelines, resident individuals now have the freedom to invest in any listed foreign company.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
Top gainers in the Sensex pack were TCS, Bharti Airtel, Infosys, Axis Bank, L&T, ITC, PowerGrid, HCL Tech and Tata Steel, ending up to 2.39 per cent.
The Reserve Bank of India has asked banks to put in place appropriate systems to check fraudulent withdrawals of Non-Resident Indian deposits.
Rajan said banks have typically become used to reasonably slow moving base rate which gives them time to adjust the deposit cost before they adjust lending.
HDFC Bank, the country's second largest private sector bank, has sought time from the central bank till March 2008 to bring down its capital market exposure within permissible limits.
Banks, through the Indian Banks' Association, have urged RBI and credit information companies to maintain a database of wilful defaulters.
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
In its mid-term review of Annual Policy for FY07, RBI said that this relates to standardised approach for credit risk and the basic indicator approach for operation risk under Basel II.
The Reserve Bank of India's ongoing inspection of the book of accounts of Syndicate Bank is unconnected with last week's arrest of S K Jain, its chairman and managing director.
The Birlas are investing $100 million in the financial services business in fiscal beginning April 1.
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
The promoters, instead, raised it to 63.15 per cent, while reporting they'd brought it down to 28.6 per cent.
Sebi has approved the norms for financial institutions setting up shop at GIF City in Ahmedabad.
Any liquid money that gold replaces for CRR or SLR compliance will allow banks to use this 'extra' cash for lending to borrowers
Do you think such phone calls should stop totally? Does India needs stricter rules on this? How can the offending banks be pulled up? Tell us!\n
India Post may be keen to apply for payment bank licence.
The country's largest lender SBI on Thursday reported a 4.20 per cent decline in consolidated December quarter net at Rs 6,257.55 crore, largely because of a higher base in the year-ago period where it had benefitted from a Rs 4,500 crore one-off income. On a standalone basis, the city-headquartered lender's net profit came in at Rs 5,196.22 crore as against Rs 5,583.36 crore in the year-ago period and Rs 4,574.16 crore in the preceding September quarter. SBI chairman Dinesh Kumar Khara told reporters that the year-ago period had seen the resolution of the Essar Steel loans, resulting in an over Rs 4,000 crore interest income and Rs 500 crore other income benefit.
RBI has also announced new guidelines to price loans from April 1.
Foreign banking major HSBC said on Thursday that it will decide on hiking its 14.6 per cent stake in UTI Bank after the government comes up with a policy on foreign direct investment and voting rights.
Physical KYC takes anywhere between two to five working days to get done, V-KYC, only a few minutes.
The Andhra Pradesh government, in a bid to provide succour to the depositors of the Charminar Coperative Urban Bank in Hyderabad, has decided to seek clarifications on the guidelines issued by Reserve Bank of India for the revival of the bank.\n\n\n\n
The crisis in Indian banking has now reached a point where the NPAs of many public-sector banks are higher than their net worth
'The counting machine beeped, indicating a counterfeit note.' 'When the teller started tearing it, my nephew stopped him and asked him: Under whose authority was he destroying it, how did he know that the note was fake and if a genuine note gets destroyed, how will he be compensated?' Harsh Roongta explains the process if you have a counterfeit note.
These schemes are expected to perform in the next 2-3 years.
Industrial Developemnt Bank of India, the principal lender to the Dabhol Power Company, has finally declared the 2,184 mw power project as a non-performing asset.
