Banking & Bancassurance

India Halved its Poverty Rate Since 1990s, Achieved Over 7% Growth Rate in 15 Years : World Bank

Facts       Oct 16, 2019

  Washington:: India has halved its poverty rate since the 1990s and achieved a seven plus growth rate over the last 15 years, the World Bank said on Tuesday. India is both critical to the success of global development efforts, including eliminating extreme poverty, and as...

YES Bank files complaint with police against 'fake news'

Indian News       Oct 06, 2019

  Mumbai: Yes Bank on Sunday said it has file a police complaint against "fake news and rumours" on social media about its finances, saying there was an attempt to scare depositors.   The bank complained to the Mumbai Police's cyber cell after its promoters cut their...

World's largest banks lagging in sustainable finance: Report

Facts       Oct 03, 2019

Despite pressure from activists, investors and governments, the majority of world's 50 largest banks have not made sustainable finance commitments to respond to the risks of climate change and continue to finance fossil fuels, according to new findings by the World Resources Institute released on...

Europe’s money laundering scandals expand with criminal probe of ABN Amro

International News       Sep 28, 2019

Europe’s widening money laundering scandals took a new turn as ABN Amro Bank NV disclosed a criminal probe over alleged failures to check on clients and report suspicious transactions, a further sign of woe in an industry already struggling to grow profitability.   Shares of the...

Rajnish Kumar,chairman,SBI

SBI shelves IPO plans for general insurance arm

Indian News       Sep 15, 2019

LEH:  The largest lender State Bank has dropped its plan to take its general insurance arm public as there is no need for additional capital now, chairman Rajnish Kumar has said.   Investor interest for its cards business is very high, and SBI Card listing will...

There will not be single job loss due to merger of banks: FM Sitharaman

Indian News       Sep 01, 2019

  New Delhi: Finance minister Nirmala Sitharaman on Sunday allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be removed following the amalgamation.   "Absolutely, ill informed. I want to assure every union in everyone of these...

PSBs consolidation building block for $5 trillion economy: Finance secy

Indian News       Sep 01, 2019

New Delhi: The government's decision to consolidate 10 public sector banks (PSB) into four mega state-owned lenders will act as a building block for achieving $5 trillion economy target, Finance Secretary Rajiv Kumar has said.   "To support next level of growth, the country needed big...

Finance Minister Nirmala Sitharaman

FM unveils merger of 10 govt banks to revive economic growth from 5-yr low

Indian News       Aug 30, 2019

  New Delhi: The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth from a five-year low.   Finance Minister Nirmala Sitharaman, who...

Bank frauds worth Rs 71,500 crore detected in FY19 states RBI report

Indian News       Aug 29, 2019

Mumbai: The number of cases of frauds reported by banks saw a jump of 15 per cent year-on-year basis in 2018-19, with the amount involved increasing by 73.8 per cent in the year, RBI’s annual report showed.   In FY19, banking sector reported 6,801 frauds involving...

Bank recapitalisation unlikely to deliver much, says S&P

Indian News       Aug 27, 2019

  New Delhi: Given the weak credit demand from corporates and the lingering NBFC crisis, just announced recapitlisation of state-run banks will not deliver on the key objectives of higher lending and a recovering in their fortunes, warns a report.   It can be noted that fixed...

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