If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
SC expressed surprise that no steps were taken for recovery.
The RBI should provide readily accessible summary information on its website about all corporate debt defaulters and the amounts involved.
Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
Tokenisation acts as an additional layer of security as it masks sensitive card data such as the 16-digit account number, expiry date and security code. However, the security level of the app and the customer's mobile itself also needs to be taken into consideration, say experts. Nikhat Hetavkar explains the whole idea of tokenisation, how it is enabled, its impact on card transactions and related security guidelines.
Rajan, as expected, furthered his predecessors' agenda and continued with the same resolution to make India's financial system safer, and direct the economy towards further liberalisation
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Recently, the central bank has asked online cab service provider Uber to rework its billing system to enable two-step authentication system. Following this, many have dubbed the central bank's decision as regressive.
The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit.
The year 2014-15 could well go as one of long-pending financial sector reforms, expected to have a lasting impact.
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.
Priorities include the amendments of the Companies Act and the Motor Vehicle Act
The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
the GDP estimates incorporate new source data and modified compilation techniques
While they have restructured loans, there is still question mark over the success of such a work-out
Key relaxations traced in final regulations.
On resolution of stressed cases, she said ICICI Bank has been taking the lead in several cases and was the first bank to refer a case to NCLT
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
The RBI Governor had earlier cautioned the banks on the risks involved in just hunting for numbers, asking them not to compromise on core objectives of the programme.
The entire 'teaser rate' phenomenon only ended up benefiting lenders and developers at the cost of the loan consumers.
In a letter addressed to Gogia's mother, Madhu Kapur, who holds a 12 per cent stake in YES Bank, the private lender said its board of directors, after extensive deliberations, had unanimously agreed not to accept her recommendation to appoint her daughter on the board.
Now, telcos will be penalised for call drops.
Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
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RBI's move to link loan payment to construction progress is likely to bring down property prices.
In the next few days, use credit/debit cards wherever possible or download your bank's mobile banking app or a mobile wallet.
Rush to offload bad loans indicates a revival in asset-sale market
Government proposes to introduce Priority Sector Lending Certificates (PSLCs) to banks.
'You peel one layer, then another layer, then another, but in the end, you will see that there is no onion inside.' 'This package has been packaged well, but there is nothing much inside the package!'
After capping anonymous cash donations to political parties at Rs 2,000, the government is amending law to make it mandatory for them to file returns on income by December every year or risk losing tax exemption status.
Sources said a few other lenders were also contemplating a move to declare both Kingfisher Airlines and UBHL wilful defaulters.
CEOs of leading banks say third straight rate hike by RBI inevitable, though not desirable.
While some CMs suggested reopening economic activity in phases, others pitched for the extension of the coronavirus lockdown, but with a carefully crafted exit strategy
Chidambaram said banks have been asked to strictly adhere to the norms on gold imports.
Events to keep an eye out for...
Calcutta HC dismisses United Bank of India's decision on technical grounds
Industry experts say that the government needs to further relax FDI norms to attract investors to the sector.
Existing and new customers will find it easier to manage or raise loans as banks start cutting rates.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
The cumulative loss of 20 state-run lenders stood at Rs 14,000 crore during Q4
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