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.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion
Vaiko, who was present in the court, said he never sought any leniency.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
The crackdown on black money has manifested itself in a doubling in outward remittances as black money attempts to leave India.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
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.
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.
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.
The four million expatriate Indians in the six Gulf Cooperation Council states remit an incredible $5 billion annually, a study shows.
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.
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
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.
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.
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.
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.
Ajit Balakrishnan offers a New Year resolution for our policy-makers.
Unified Payments Interface launched to simplify mobile banking.
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.
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.
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,
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.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
India Post may be keen to apply for payment bank licence.
