The Reserve Bank of India has opposed the government's move to bring in a law to introduce a new reporting system for inward flow of foreign contributions.
The Gulf countries, a major source of NRI remittances to India, have been experiencing unprecedented growth in the cost of living on the one hand and a steep decline in exchange rates due to most Gulf currencies' peg to the dollar.
The crackdown on black money has manifested itself in a doubling in outward remittances as black money attempts to leave India.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
Widening its probe in the Rs 3,600 crore VVIP chopper deal, the ED has begun a trail of "cash" which is suspected to have been paid as alleged kickbacks.
Bharatiya Janata Party chief Narendra Modi on Tuesday said that the land of tourism like Kerala has turned into "nursery of terrorism", as he accused the Congress-led government of ignoring the state's development agenda.
The private IndusInd Bank plans to enter into strategic tie-ups with foreign banks in the US, UK and South East Asia for its expansion plans.
The Department of Posts will be launching its international money order service in March, which will enable money to be received at any place in the country from select countries within 48-to-72 hours at the most.
Unified Payments Interface launched to simplify mobile banking.
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.
The four million expatriate Indians in the six Gulf Cooperation Council states remit an incredible $5 billion annually, a study shows.
'The Saudis are in the driving seat in navigating the relations with India; they set its compass and calibrate its pace,' points out Ambassador M K Bhadrakumar.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
In a bid to move toward full float of rupee, the Reserve Bank of India on Tuesday announced a slew of measures such as doubling of resident individual remittances to $50,000 per year.\n\n
Global bank HSBC has launched a new money transfer service for Indians living in the Gulf in a bid to boost its share of the multi-billion dollar India remittance pie.
India's foreign exchange reserves grew marginally by $253 million to $141.45 billion for the week ended April 8, 2005.
Kerala floods take a toll on small businesses, NBFCs brace for losses
The Central Bureau of Investigation has started fresh questioning of the cousins of former IAF chief SP Tyagi in the Rs 3,600 crore AgustaWestland VVIP helicopter deal in light of claims by alleged middleman Guido Haschke that he had paid money to them.
Two midcap banking stocks have been on a roll; Centurion BoP on the news of its merger with Lord Krishna Bank merger, and IndusInd Bank, which might be looking at a foreign buyer.
The ICICI Bank, India's largest consumer lender, on Thursday launched commercial operations in Sri Lanka, with an eye on the growing bilateral trade and inward remittances market.
Kotak Mahindra Bank on Monday launched its online remittance service - FundstoHome - for non-resident Indians.
India's foreign exchange reserves grew by $297 million to $141.20 billion for the week ended April one 2005,
In the Anti Money Laundering (AML) Basel Index 2013 India has been ranked 93rd and 70th in 2012 and 2013 respectively out of 140 countries.
Real time gross settlement has turned out to be a bane for banks as they are losing interest in remittances business and their golden goose -- float money -- is being killed.
The statements of the Mukerjeas were recorded by the Enforcement Directorate, which is probing the money laundering angle in the case, while the CBI had only recorded Indrani's statement before a magistrate as per section 164 of the CrPC, they said.
Prime Minister Narendra Modi asked G20 nations to freeze and repatriate unaccounted money hoarded abroad.
Deposits by NRIs with persons other than authorised dealers or banks, out of inward remittances from overseas or by debit to NRE or FCNR(B) accounts, will not be permitted with immediate effect.
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