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.
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 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.
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.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
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,
Kerala floods take a toll on small businesses, NBFCs brace for losses
'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.
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.
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.
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.
Prime Minister Narendra Modi asked G20 nations to freeze and repatriate unaccounted money hoarded abroad.
India Post may be keen to apply for payment bank licence.
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.
The probe is expected to take about three months.
NPA problem to continue for next 2-3 quarters: banks to FinMin
In yet another step to attract foreign money, the Reserve Bank of India (RBI) has allowed non-resident investors to acquire shares of listed Indian companies through stock exchanges under the foreign direct investment (FDI) scheme.
According to Trend Micro's January-March, 2014 Threat Round Up, as law enforcement agencies are slowly being ramped up, cyber criminals are adding more layers to ensure anonymity to conceal their identities to avoid arrest.
Credit rating agency Moody's Investors Services said on Monday that it had upgraded India's country ceiling for foreign currency debt to Ba1, the top of the speculative grade, from Ba2 due to a substantial improvement in the external liquidity.
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
Exporters body FIEO said the slide in rupee, which closed at all-time low of 60.72 against the dollar, was a "serious" matter and asked traders to use derivatives to hedge the currency risk.
Record inflows of over $1.5 billion saw India's foreign exchange reserves cross $102.1 billion for the week ended January 2, 2004.
India's foreign exchange reserves crossed the $100 billion mark during the week ending December 19 and stood at $100.049 billion.
The Reserve Bank of India has allowed investments by NRIs or Persons of Indian Origin in the capital of an entity or a proprietary concern on a non-repatriation basis, subject to certain norms.
The UAE exchange will launch an innovative remittance facility called wallet telephone software in Dubai on January 10 and later extend it to other Gulf countries and India.
As a part of its growth strategy, Dena Bank plans to open at least 40 'Finmarts', which will provide nine kinds of loans, across the country, a top bank official said.
