The Arun Jaitley-led finance ministry reiterated banks should act tough on wilful defaulters.
Rajan said the RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them
The All India Bank Officers Association (AIBOA) on Monday said it has launched a wing to deal with issues faced by those working for private sector lenders.
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Traders say the outlook for the rupee has improved on the back of a sharp narrowing in the current account deficit after government and central bank emergency measures such as curbing gold imports.
So, with the number of free transactions being limited, the account holder needs to prioritise his visits to the bank or ATMs.
The government plans to inject a total Rs 70,000 crore into the lenders over four years
The State Bank of India said on Monday it would launch a gold exchange traded fund in 2008. "We are examining this product in our mutual fund company and we are hopeful we should be able to come out with an ETF next year," O P Bhatt, SBI chairman said at a conference in Mumbai.
Analysts say there is still no visibility of earnings improvement.
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The central bank was seen selling dollars consistently when the rupee would approach the record low of 68.86 hit on August 28.
Top losers in the Sensex pack include Bharti Airtel, Infosys, Asian Paints, RIL, Coal India, HDFC Bank, HDFC, TCS, ONGC and M&M, falling up to 3.09 per cent.
Antigua and Barbuda Prime Minister Gaston Browne has asked neighbouring Dominica, where fugitive businessman Mehul Choksi was caught, to hand the diamantaire over to India directly, local media reported.
Some state-run banks made 10,000-13,000 per cent gains on their holdings in the Multi Commodity Exchange (MCX) after the latter commodity bourse made an impressive listing on Friday.
The Cabinet has approved the amalgamation of privately-owned cash-strapped Nedungadi Bank with leading state-run Punjab National Bank, a government spokesman said
It was trading around Rs 30,638 per 10 grams, the lowest since August 30.
Budget this year has allowed PSBs to bring down govt stake to 51%
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
Foreign currency assets, a key component rose $1.6 bn to $304.9 bn.
Under the recapitalisation package Central Bank of India will get Rs 1,400 crore (Rs 14 billion), while UCO Bank and Vijaya Bank will get Rs 1,200 crore (Rs 12 billion) each, home minister P Chidambaram told reporters after the Cabinet meeting in New Delhi. Under the recapitalisation package Central Bank of India will get Rs 1,400 crore (Rs 14 billion), while UCO Bank and Vijaya Bank will get Rs 1,200 crore (Rs 12 billion) each.
Private lenders have also been expanding their branch and automate teller machine networks aggressively.
The preference for digital banking now cuts across all customer segments.
Bankers back the new bankruptcy code, which would impose debt deadlines on failed firms and foresees up to five years in jail for debtors who conceal property or defraud creditors
Or is there a need to hike their salaries and bring them at par with private sector pay scales?
Kingfisher Airlines has objected to being identified as a 'wilful defaulter' by state-run UCO Bank.
The intervention was spotted when the rupee hit 59.90 to the dollar or below
The dollar's weakness against rivals overseas supported the rupee.
New Delhi has a chance to rid itself of its image as the bully in the subcontinent by helping a neighbour tackle problems that India, for once, has no role in creating. It should grab the opportunity with both hands, suggests Aditi Phadnis.
As news of explosions came in, the rupee initially plunged by over ten paise to Rs 45.97/99 from opening levels of Rs 45.8450/8600
Lending rates have to be sensitive to the policy rate, says RBI.
State-run Union Bank of India on Tuesday said it is hiring 5,000 employees this fiscal, including 300 specialised officers for its micro, small and medium business.
Subhash Shankar Parab, a key accused in the Rs 7,000 crore diamantaire Nirav Modi bank fraud case, was "deported" from Cairo on Tuesday after a long diplomatic and legal process, officials said in New Delhi. A CBI team had gone to Egypt's capital to bring back 50-year-old Parab, who was allegedly kept in illegal confinement in a Cairo suburb by Modi, the fugitive diamantaire, they said. The CBI had been chasing Parab, deputy general manager (finance) in Modi's Firestar Diamond and understood to be a key witness to the Letters of Undertaking (LoU) submitted to the Punjab National Bank (PNB) to siphon off over Rs 7,000 crore, they said.
The government is not in a "crazy rush" to sell everything and it will continue to have a presence in four strategic sectors, including telecom, Finance Minister Nirmala Sitharaman said on Saturday. In strategic sectors, a bare minimum presence of the existing public sector commercial enterprises at the holding company level will be retained under government control. The remaining enterprises in a strategic sector will be considered for privatisation or merger with another PSE or for closure.
Moody's, which cut its FY14 growth estimate to 4.5 per cent recently, said economic growth will be lowest in a decade.
The rupee ended at a 17-month closing high on Monday, helped by strong corporate inflows, but the Reserve Bank of India's steady dollar purchases checked its gains, dealers said.
Ahead of the Budget, the government has achieved almost half the divestment target of Rs 65,000 crore. FY23 divestment receipts are unlikely to be anywhere close to the budgeted target.
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SBI will hold 30 per cent in RIL joint venture
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Dealers cited some dollar selling by state-run banks in the session, which some said may be on behalf of the central bank.
The case against Balaji and his aides pertains to his tenure as the state transport minister in the All India Anna Dravida Munnetra Kazhagam government during 2011-15.
While the first three parts of the operation, codenamed 'Red Spider', dealt with Indian banks (both private and state-run), the fourth part targeted a couple of foreign banks.
The new regulations leave registration capital requirements for wholly foreign-owned banks unchanged
The central bank has been intervening in the foreign exchange market by buying dollars, and this is capping the rupee's gains.
