Just 6.4% of branches owned by new private sector banks are in the rural areas
With over Rs 15,000 crore in deposits, its strategy is a hit for now, but the real test will come when it starts lending to retail and corporate customers in a big way
Following are the highlights of the RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das: Policy repo rate unchanged at 4%; marginal standing facility rate & bank rate too remain unchanged at 4.25%. Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target. GDP growth projection for FY'23 slashed to 7.2% from 7.8%; growth projections based on assumption of crude oil (Indian basket) price at $100 a barrel during FY'23. Inflation forecast hiked to 5.7% for FY'23 from 4.5%.
Sensex catapults 1,241 points and Nifty vaults 382 points in two sessions in a row.
Muthoot Finance Recently received in-principle approval from RBI to set up White Label ATMs. The company has already chalked out setting up 1,000 such ATMs in the first year and another 8,000 in the next two years.
In order to offer a level playing field to co-operative banks, the Reserve Bank of India (RBI) may allow them to use new products for raising funds from the debt market. The co-operative banks could come out with subordinate debt structures like tier-II bonds, tier-III bonds and upper tier-II or perpetual bonds to raise finance.
A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.
The banks are not ready to open accounts of the beneficiaries through the IT-enabled financial inclusion programme, which is running on a pilot basis in various districts of the state. "The panchayat staff do not co-operate with our business correspondents. They do not come forward to endorse the identity of the beneficiaries. How can we open accounts," asked an official from State Bank of Indore.
Maharashtra Speaker Rahul Narvekar will likely disqualify the 16 Shiv Sena MLAs, including Eknath Shinde, who will then be asked to resign as chief minister. 'Once this is done, Ajit dada will be sworn in chief minister.'
The government's plan to tap into India's vast postal system to reach out to the unbanked population by utilising offices across the country as banks is expected to take some shape this year as the proposal has been sent to the Finance Ministry for its nod.
While the corporate sector has benefited from massive capital expenditure, leading to sky-rocketing stock prices, investors would do well to keep an eye on the macroeconomic picture and government finances, not just corporate profits, for signs of trouble, alerts Debashis Basu.
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This means individuals like Vikram Pandit, former Citibank chief, can be a promoter only if he comes back to the country permanently.
The country's gross domestic product (GDP) is likely to grow at 5.8 per cent in the third quarter of fiscal 2022, according to an SBI's research report- Ecowrap. The country's economy expanded by 8.4 per cent in the second quarter of 2021-22, to cross pre-pandemic levels. However, the GDP growth in July-September period was slower than the 20.1 per cent expansion in the previous quarter.
'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'
Just before the elections, the government waived interest on loans up to Rs 300,000 for farmers. But this may not really help small and marginal farmers in the state, who make up for two-thirds of the total and are still dependent on informal channels of credit.
Economist Abhijit Sen, a former Planning Commission member and one of the country's foremost experts on rural economy, died on Monday night. He was 72.
ICICI Bank has 317 branches in hitherto unbanked villages.
Welcoming the launch of the Bharatiya Mahila Bank, India Inc on Wednesday said the initiative will propel women's financial inclusion, encourage female entrepreneurs and empower women in the country.
Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
These banks need to build a significant deposit base to start full-fledged banking.
Banking as we know it will stand on its head in the next 10 years.
The RBI governor's assurance should give investors enough confidence to start believing in the NBFC sector again, say bankers.
The government has appointed a Task Force headed by A Vaidyanathan of Madras Institute of Development Studies, to prepare an action plan for reviving rural cooperative banking institutions.
The entire operation was meant to have a chilling effect on independent journalists, those not completely subservient to the regime, the small section still doing what the Fourth Estate should do -- raising questions to those in power.
The preference for digital banking now cuts across all customer segments.
Union Finance Minister P Chidambaram's proposal about setting up an all-women bank -- first suggested in this year's budget -- received much acclaim.The proposed bank will lend mostly to women and women- run businesses, support women self-help groups and women's livelihood, Chidambaram had said.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
Bajaj Finserv has few opportunities and challenges to overcome in 2015.
Shuvajit was confident of making a huge difference in the lives of people in rural India.
The additional finance will also help the government focus on improving the quality of water supply.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
The RBI 'assured people' that enough cash in small denominations is also available at banks.
The United Nations on Wednesday pared down India's growth forecast by 20 basis points to 5.8 per cent for 2023 calendar year, citing higher interest rates and risks of recession in the developed world weighing on investment and exports. "Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports," it said in its latest World Economic Situation and Prospects report. The report has projected global trade to contract 0.4 per cent and the world economy to grow at 1.9 per cent in 2023.
IndusInd Bank, a private-sector bank in India promoted by the UK-based Hindujas, will launch a $1 billion fund for deployment in the country's infrastructure sector besides its foray into semi-urban and rural areas.
The RBI Governor also reiterated his reservation against repeated loan waivers by various state governments, saying the move distorts credit pricing, thereby also disrupting the credit market.
The finance ministry on Thursday raised concerns over the possible impact of El Nio conditions on India this year, saying if recent forecasts came true, the country could see lower agricultural output and higher inflation. "Some meteorological agencies predict the return of El Nio conditions in India this year. "If these predictions are accurate, then monsoon rains could be deficient, leading to lower agricultural output and higher prices," the ministry said in its monthly economic review.
